Market Newsdesk

July 7, 2021 4:09 pm

Dominion Energy Schedules Second-Quarter 2021 Earnings Call

PR Newswire

RICHMOND, Va., July 7, 2021 /PRNewswire/ — Dominion Energy (NYSE: D) will host its second-quarter 2021 earnings call at 10 a.m. ET on Friday, Aug. 6, 2021. Management will discuss matters of interest to financial and other stakeholders including recent financial results.

A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.

For individuals that prefer to join via telephone, domestic callers should dial 1-800-341-6228 and international callers should dial 1-334-777-6993. The passcode for the telephonic earnings call is 43821473#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.

A replay of the webcast will be available on the investor information pages by the end of the day Aug. 6. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on Aug. 6. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 13838200.

About Dominion Energy

More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

View original content:https://www.prnewswire.com/news-releases/dominion-energy-schedules-second-quarter-2021-earnings-call-301327250.html

SOURCE Dominion Energy

July 7, 2021 4:08 pm

WD-40 Company Reports Third Quarter 2021 Financial Results

~ Third quarter consolidated net sales grew by 39 percent compared to prior year fiscal quarter

~~ Company reports diluted EPS of $1.52 for the third quarter

PR Newswire

SAN DIEGO, July 7, 2021 /PRNewswire/ — WD-40 Company (NASDAQ:WDFC), a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world, today reported financial results for its third fiscal quarter ended May 31, 2021.

Third Fiscal Quarter Financial Highlights

Total net sales for the third quarter were $136.4 million, an increase of 39 percent compared to the prior year fiscal quarter. Year-to-date total net sales were $372.9 million, an increase of 26 percent compared to the prior year fiscal period.
Translation of the Company’s foreign subsidiary results to U.S. dollars had a favorable impact on sales for the current quarter and year-to-date. On a constant currency basis, total net sales would have been $128.7 million for the third quarter and $359.7 million year-to-date.
Net income for the third quarter was $21.0 million, an increase of 45 percent compared to the prior year fiscal quarter. Year-to-date net income was $61.8 million, an increase of 51 percent from the prior year fiscal period.
Diluted earnings per share were $1.52 in the third quarter, compared to $1.06 per share for the prior year fiscal quarter. Year-to-date diluted earnings per share were $4.48 compared to $2.98 in the prior year fiscal period.
Gross margin was 53.1 percent in the third quarter compared to 54.0 percent in the prior year fiscal quarter. Year-to-date gross margin was 54.9 percent compared to 54.0 percent in the prior year fiscal period.
Selling, general and administrative expenses were up 37 percent in the third quarter to $38.1 million when compared to the prior year fiscal quarter. Year-to-date selling, general and administrative expenses were up 21 percent to $109.6 million compared to the prior year fiscal period.
Advertising and sales promotion expenses were up 39 percent in the third quarter to $6.6 million when compared to the prior year fiscal quarter. Year-to-date advertising and sales promotion expenses were up 16 percent to $17.7 million compared to the prior year fiscal period.

“Our tribe continues to work together through the challenges and opportunities associated with the COVID-19 pandemic,” said Garry Ridge, WD-40 Company’s chairman and chief executive officer. In the third quarter we experienced unprecedented demand for our maintenance products and today we are reporting record net sales of $136.4 million, up 39 percent compared to the third quarter of last year.”

“The post-pandemic era is coming. We do not expect to see sales growth of this magnitude over the long-term, however, we believe that the new end users who have interacted with our products during the pandemic will become permanent users of our maintenance products.”

“To reflect the strong sales results we experienced in the third quarter, we’ve increased our revenue expectations and believe that net sales are likely to be in a range of between $475 million to $490 million for the full fiscal year which reflects year-over-year sales growth of between 16 and 20 percent. As things get back to normal post the pandemic, consumer spending patterns will change again, and we expect consolidated net sales to grow in the mid to high single digits,” Ridge concluded.

Net Sales by Segment (in thousands):

	Three Months Ended May 31,						Nine Months Ended May 31,
	2021		2020		Change		2021		2020		Change
Americas	$	60,046	$	50,094		20%	$	160,390	$	143,672		12%
EMEA		58,587		32,521		80%		163,150		113,519		44%
Asia-Pacific		17,772		15,632		14%		49,329		39,661		24%
Total	$	136,405	$	98,247		39%	$	372,869	$	296,852		26%

Net sales by segment as a percent of total net sales for the third quarter were as follows: for the Americas, 44 percent; for EMEA, 43 percent; and for Asia-Pacific, 13 percent.
Net sales in the Americas increased 20 percent in the third quarter primarily due to higher sales of WD-40 Multi-Use Product in the United States, Latin America and Canada which increased 24 percent,138 percent and 74 percent, respectively. The increase in sales in the United States and Canada was driven by increased demand linked to renovation trends associated with the pandemic. In addition, sales in the corresponding period of the prior fiscal year were negatively impacted by disruptions and lockdowns related to the early stages of the COVID-19 pandemic. The increase in sales in Latin America was primarily due to higher maintenance product sales in Mexico driven by a successful shift to a direct distribution model that the company began late in the third quarter of the prior fiscal year. In addition, sales in Latin America in the corresponding period of the prior fiscal year were negatively impacted by disruptions and lockdowns related to the early stages of the COVID-19 pandemic.
Net sales in EMEA increased 80 percent in the third quarter primarily due to higher sales of maintenance products in both the EMEA direct and distributor markets, which increased 85 percent and 70 percent, respectively. Higher sales of maintenance products in the EMEA direct markets were primarily due to increased sales of WD-40 Multi-Use Product driven by increased demand linked to renovation trends associated with the pandemic, increased sales through the ecommerce channel and increased promotional activities. In addition, sales in the corresponding period of the prior fiscal year were negatively impacted by disruptions and lockdowns related to the early stages of the COVID-19 pandemic. Higher sales of maintenance products in the EMEA distributor markets were primarily attributable to improved economic conditions as a result of reductions in COVID-19 related movement restrictions. Changes in foreign currency exchange rates had a favorable impact on sales for the EMEA segment from period to period. On a constant currency basis, EMEA sales for the third quarter would have increased by 63 percent compared to the prior fiscal year quarter.
Net sales in Asia-Pacific increased 14 percent in the third quarter. Changes in foreign currency exchange rates had a favorable impact on sales for the Asia-Pacific segment. On a constant currency basis, Asia-Pacific would have increased by 5 percent compared to the prior year fiscal quarter primarily due to higher sales of maintenance products in the Asia-Pacific distributor markets and Australia which increased 26 percent and 14 percent, respectively. Higher sales of maintenance products in the Asia-Pacific distributor markets were primarily attributable to improved economic conditions as a result of reductions in COVID-19 related movement restrictions. Higher sales of maintenance products in the Australia were primarily attributable to increased sales of 3-IN-ONE and WD-40 Specialist driven by increased demand linked to renovation trends associated with the pandemic. Partially offsetting these sales increases were lower sales of WD-40 Multi-Use Product in China which decreased 12 percent compared to the prior year fiscal quarter primarily due to a higher level of sales in the third quarter of fiscal year 2020 associated with the timing of COVID-19 restrictions and shipping activities during that period.

Net Sales by Product Group (in thousands):

	Three Months Ended May 31,						Nine Months Ended May 31,
	2021		2020		Change		2021		2020		Change
Maintenance products	$	127,374	$	87,859		45%	$	344,446	$	268,676		28%
Homecare and cleaning products		9,031		10,388		(13)%		28,423		28,176		1%
Total	$	136,405	$	98,247		39%	$	372,869	$	296,852		26%

Net sales of maintenance products, which are considered the primary growth focus for the Company, increased 45 percent in the third quarter when compared to the prior year fiscal quarter. This sales increase was primarily attributable to increased sales of WD-40 Multi-Use Product in all three segments driven by increased demand linked to renovation trends associated with the pandemic, improved market conditions due to a reduction of COVID-19 lockdown measures, and increased sales through the ecommerce channel.
Net sales of homecare and cleaning products decreased 13 percent in the third quarter when compared to the prior year fiscal quarter. The Company started to experience an increase in sales of its homecare and cleaning products beginning in the third quarter of fiscal year 2020 due to increased demand for such products as a result of the COVID-19 pandemic. However, sales of homecare and cleaning products have returned to more normal levels due to improvements in public health and safety restrictions related to the pandemic in many regions. The homecare and cleaning products, particularly those in the U.S., are considered harvest brands providing healthy profit returns to the Company and are becoming a smaller part of the business as net sales of multi-purpose maintenance products grow per the execution of the Company’s strategic initiatives.

Dividend Information
As previously announced, WD-40 Company’s board of directors declared on Tuesday, June 15, 2021 a regular quarterly dividend of $0.72 per share payable on July 30, 2021 to stockholders of record at the close of business on July 16, 2021.

Webcast Information
As previously announced, WD-40 Company management will host a live webcast at approximately 5:00 p.m. ET / 2:00 p.m. PT today to discuss these results. Other forward-looking and material information may also be discussed during this call including management’s current view of the business in light of the COVID-19 pandemic. Please visit http://investor.wd40company.com for more information and to view supporting materials.

About WD-40 Company
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company markets a wide range of maintenance products and homecare and cleaning products under the following well-known brands: WD-40®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®.

Headquartered in San Diego, WD-40 Company recorded net sales of $408.5 million in fiscal year 2020 and its products are currently available in more than 176 countries and territories worldwide. WD-40 Company is traded on the NASDAQ Global Select market under the ticker symbol “WDFC.” For additional information about WD-40 Company please visit http://www.wd40company.com.

Forward-Looking Statements
Except for the historical information contained herein, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements.

Our forward-looking statements include, but are not limited to, discussions about future financial and operating results, including: growth expectations for maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing and the costs associated with distribution of our products; plans for and success of product innovation; the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; expected tax rates and the impact of tax legislation and regulatory action; the length and severity of the current COVID-19 pandemic and its impact on the global economy and the Company’s financial results; and forecasted foreign currency exchange rates and commodity prices. Our forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “could,” “may,” “aim,” “anticipate,” “target,” “estimate” and similar expressions.

The Company’s expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company’s expectations, beliefs or forecasts will be achieved or accomplished.

Actual events or results may differ materially from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I―Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2020, and in the Company’s Quarterly Report on Form 10-Q for the period ended May 31, 2021 which the Company expects to file with the SEC on July 7, 2021.

All forward-looking statements included in this press release should be considered in the context of these risks. All forward-looking statements speak only as of July 7, 2021, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.

Table Notes and General Definitions
(1)	The Company markets maintenance products under the WD-40_®, GT85_® and 3-IN-ONE_® brand names. Currently included in the WD-40 brand are the WD-40 Multi-Use Product and the WD-40 Specialist_® and WD-40 BIKE_® product lines.
(2)	The Company markets the following homecare and cleaning brands: X-14_® automatic toilet bowl cleaners, 2000 Flushes_® automatic toilet bowl cleaners, Carpet Fresh_® and no vac_® rug and room deodorizers, Spot Shot_® aerosol and liquid carpet stain removers, 1001_® household cleaners and rug and room deodorizers and Lava_®and Solvol_® heavy-duty hand cleaners.
(3)	The Americas segment consists of the U.S., Canada, Mexico and Latin America.
(4)	The EMEA segment consists of countries in Europe, the Middle East, Africa and India.
(5)	The Asia-Pacific segment consists of Australia, China and other countries in the Asia region.
(6)	Constant currency represents the translation of the current quarter and year-to-date results from the functional currencies of the Company’s subsidiaries to U.S. dollars using the exchange rate in effect for the corresponding periods of the prior fiscal year.

WD-40 COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except share and per share amounts)

	May 31,		August 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	80,362	$	56,462
Trade and other accounts receivable, less allowance for doubtful
accounts of $620 and $362 at May 31, 2021
and August 31, 2020, respectively		104,911		80,672
Inventories		47,768		41,264
Other current assets		7,902		6,756
Total current assets		240,943		185,154
Property and equipment, net		68,968		60,759
Goodwill		96,017		95,731
Other intangible assets, net		7,665		8,633
Operating lease right-of-use assets		9,158		8,168
Deferred tax assets, net		484		464
Other assets		4,652		3,728
Total assets	$	427,887	$	362,637

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	31,307	$	21,676
Accrued liabilities		24,728		21,660
Accrued payroll and related expenses		21,485		14,767
Short-term borrowings		800		800
Income taxes payable		798		1,213
Total current liabilities		79,118		60,116
Long-term borrowings		116,498		113,098
Deferred tax liabilities, net		10,878		11,291
Long-term operating lease liabilities		7,344		6,520
Other long-term liabilities		11,417		11,299
Total liabilities		225,255		202,324

Commitments and Contingencies

Shareholders’ equity:
Common stock ― authorized 36,000,000 shares, $0.001 par value;
19,855,666 and 19,812,685 shares issued at May 31, 2021 and
August 31, 2020, respectively; and 13,707,767 and 13,664,786 shares
outstanding at May 31, 2021 and August 31, 2020, respectively		20		20
Additional paid-in capital		162,240		157,850
Retained earnings		432,230		398,731
Accumulated other comprehensive loss		(23,778)		(28,208)
Common stock held in treasury, at cost ― 6,147,899 shares
at both May 31, 2021 and August 31, 2020		(368,080)		(368,080)
Total shareholders’ equity		202,632		160,313
Total liabilities and shareholders’ equity	$	427,887	$	362,637

WD-40 COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except per share amounts)

	Three Months Ended May 31,				Nine Months Ended May 31,
		2021		2020		2021		2020

Net sales	$	136,405	$	98,247	$	372,869	$	296,852
Cost of products sold		63,947		45,197		168,158		136,657
Gross profit		72,458		53,050		204,711		160,195

Operating expenses:
Selling, general and administrative		38,131		27,922		109,586		90,427
Advertising and sales promotion		6,642		4,764		17,673		15,211
Amortization of definite-lived intangible assets		364		552		1,084		1,856
Total operating expenses		45,137		33,238		128,343		107,494

Income from operations		27,321		19,812		76,368		52,701

Other income (expense):
Interest income		21		20		59		73
Interest expense		(615)		(778)		(1,795)		(1,813)
Other income (expense), net		183		27		513		(197)
Income before income taxes		26,910		19,081		75,145		50,764
Provision for income taxes		5,904		4,557		13,325		9,719
Net income	$	21,006	$	14,524	$	61,820	$	41,045

Earnings per common share:
Basic	$	1.53	$	1.06	$	4.50	$	2.98
Diluted	$	1.52	$	1.06	$	4.48	$	2.98

Shares used in per share calculations:
Basic		13,708		13,674		13,694		13,700
Diluted		13,746		13,700		13,727		13,727

WD-40 COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)

	Nine Months Ended May 31,
	2021		2020
Operating activities:
Net income	$	61,820	$	41,045
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		5,266		5,980
Net gains on sales and disposals of property and equipment		(185)		(115)
Deferred income taxes		(512)		(221)
Stock-based compensation		7,885		4,609
Unrealized foreign currency exchange (gains) losses		(529)		30
Provision for bad debts		253		98
Changes in assets and liabilities:
Trade and other accounts receivable		(20,053)		(3,006)
Inventories		(5,101)		(2,433)
Other assets		(1,777)		1,443
Operating lease assets and liabilities, net		11		224
Accounts payable and accrued liabilities		11,000		(2,367)
Accrued payroll and related expenses		6,202		(5,758)
Other long-term liabilities and income taxes payable		(305)		1,227
Net cash provided by operating activities		63,975		40,756

Investing activities:
Purchases of property and equipment		(10,789)		(17,411)
Proceeds from sales of property and equipment		418		321
Net cash used in investing activities		(10,371)		(17,090)

Financing activities:
Treasury stock purchases		–		(16,825)
Dividends paid		(28,321)		(26,840)
Repayments of long-term senior notes		(800)		(800)
Net (repayments) proceeds of revolving credit facility		(50,000)		84,595
Shares withheld to cover taxes upon conversions of equity awards		(3,494)		(2,640)
Net cash used in financing activities		(30,615)		37,490
Effect of exchange rate changes on cash and cash equivalents		911		166
Net increase in cash and cash equivalents		23,900		61,322
Cash and cash equivalents at beginning of period		56,462		27,233
Cash and cash equivalents at end of period	$	80,362	$	88,555

Supplemental disclosure of noncash investing activities:
Accrued capital expenditures	$	1,700	$	454

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SOURCE WD-40 Company

July 7, 2021 4:08 pm

The Andersons, Inc. to Release Second Quarter Results on August 3

PR Newswire

MAUMEE, Ohio, July 7, 2021 /PRNewswire/ — The Andersons, Inc. (Nasdaq: ANDE) will release its financial results for the second quarter of 2021 after 4 p.m. EDT on Tuesday, August 3, 2021. The company will host a webcast on Wednesday, August 4, 2021, at 11 a.m. EDT to discuss the results and provide a company update.

To listen over the phone, please dial 866-439-8514 or 678-509-7568 (participant passcode is 4071499). To watch the webcast, go to https://edge.media-server.com/mmc/p/wsnkx8qk and submit the requested information as directed. A replay of the webcast will be available on the Investors page of www.andersonsinc.com.

About The Andersons, Inc.
Founded in 1947 in Maumee, Ohio, The Andersons, Inc. is a diversified company rooted in agriculture that conducts business in the commodity trading, ethanol, plant nutrient, and rail sectors. Guided by its Statement of Principles, The Andersons strives to provide extraordinary service to its customers, help its employees improve, support its communities, and increase the value of the company. For more information, please visit www.andersonsinc.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-andersons-inc-to-release-second-quarter-results-on-august-3-301327312.html

SOURCE The Andersons, Inc.

July 7, 2021 4:08 pm

Black Knight Completes Top of Mind Acquisition, Adding Robust CRM and Marketing Automation to Integrated Mortgage Technology Ecosystem

Will Help Lender, Originator, Broker and Servicing Clients Further Drive Growth and Increase Customer Retention

PR Newswire

JACKSONVILLE, Fla., July 7, 2021 /PRNewswire/ — Today, Black Knight, Inc. (NYSE:BKI), an award-winning software, data and analytics provider to the mortgage and consumer loan, real estate and capital markets verticals, announced the completion of its acquisition of Top of Mind Networks (Top of Mind). Top of Mind is the creator of Surefire, a mortgage industry-specific customer relationship management (CRM) and marketing automation system.

“Integrating Top of Mind’s capabilities across the Black Knight mortgage technology ecosystem will give our clients even greater competitive advantages,” said Black Knight Chairman and CEO Anthony Jabbour. “Sharing rich, personalized content with customers helps keep lenders top of mind, improving recapture and retention rates. Top of Mind’s advanced CRM and automated marketing workflows are powerful additions to Black Knight’s integrated, end-to-end approach to helping our clients perform better.”

Top of Mind will become part of Black Knight’s Origination Software division and initially be integrated with the Black Knight Empower loan origination system (LOS) and Loan Officer Digital solution. In the future, Black Knight will expand Surefire’s connections with integrations that bring growth, recapture and retention benefits throughout the real estate and mortgage continuum, including Black Knight’s Servicing Digital solution for servicers and Realtor lead development through its Paragon MLS platform.

Key Third Quarter 2021 Financial Metrics

Based on the closing date of July 7, 2021, Black Knight currently expects the Top of Mind transaction to contribute approximately $13 million in incremental revenue in 2021.

Further Details
Further details regarding the acquisition will be discussed on Black Knight’s upcoming second quarter 2021 earnings call in August. The date and time of the earnings call will be announced in mid-July.

About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on Black Knight management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Black Knight undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: changes in general economic, business, regulatory and political conditions, including those resulting from pandemics such as COVID-19, particularly as they affect foreclosures and the mortgage industry; the outbreak of COVID-19 and measures to reduce its spread, including the effect of governmental or voluntary actions such as business shutdowns and stay-at-home orders; security breaches against our information systems or breaches involving our third-party vendors; our ability to maintain and grow our relationships with our clients; our ability to comply with or changes to the laws, rules and regulations that affect our and our clients’ businesses; our ability to adapt our services to changes in technology or the marketplace or achieve our growth strategies; our ability to protect our proprietary software and information rights; the effect of any potential defects, development delays, installation difficulties or system failures on our business and reputation; risks associated with the availability of data; the effects of our existing leverage on our ability to make acquisitions and invest in our business; our ability to successfully consummate, integrate and achieve the intended benefits of acquisitions; risks associated with our investment in Dun & Bradstreet Holdings, Inc. and integrating and achieving the intended benefits of the acquisition of Optimal Blue, LLC; and other risks and uncertainties detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

For more information:
Media:	Investors:
Michelle Kersch	Steve Eagerton
904.854.5043	904.854.3683
[email protected]	[email protected]

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SOURCE Black Knight, Inc.

July 7, 2021 4:08 pm

Codexis Earns Milestone Payment from GlaxoSmithKline

REDWOOD CITY, Calif., July 07, 2021 (GLOBE NEWSWIRE) — Codexis, Inc. (Nasdaq: CDXS), a leading enzyme engineering company enabling the promise of synthetic biology, announced it earned a significant milestone payment related to the licensing of its proprietary CodeEvolver® protein engineering platform technology to GlaxoSmithKline (GSK). This milestone marks the advancement of the commercialization of an enzyme, generated using CodeEvolver under the licensing agreement, that is engineered to improve a key step in the manufacturing process for a currently undisclosed drug. The milestone, which was expected in the second half of 2021, was recorded as revenue in the second quarter.

“Codexis is proud that our CodeEvolver platform continues to offer robust value to GSK,” said John Nicols, President and CEO of Codexis. “As our first platform licensing partner, it is gratifying to see the value of our relationship with GSK continue to grow. This milestone reinforces our confidence that CodeEvolver licensing backend economics will become a significant and growing long term revenue source as our platform partners – currently three of the world’s leading pharmaceutical companies – continue to commercialize their CodeEvolver developed enzymes.”

About Codexis

Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver® platform to discover and develop novel, high performance enzymes and novel biotherapeutics. Codexis enzymes have applications in the sustainable manufacturing of pharmaceuticals, food, and industrial products; in the creation of the next generation of life science tools; and as gene therapy and biologic therapeutics. The Company’s unique performance enzymes drive improvements such as: reduced energy usage, waste generation and capital requirements; higher yields; higher fidelity diagnostics; and more efficacious therapeutics. Codexis enzymes enable the promise of synthetic biology to improve the health of people and the planet. For more information, visit www.codexis.com.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators; Codexis’ dependence on a limited number of products and customers; and potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021, and in Codexis’ Quarterly Report on Form 10-Q filed with the SEC on May 7, 2021, including under the caption “Risk Factors,” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Investor Relations Contact:

Argot Partners
Stephanie Marks/Carrie McKim
[email protected]
(212) 600-1902

July 7, 2021 4:08 pm

Kinnate Biopharma Inc. to Participate in the William Blair Biotech Focus Conference 2021

SAN FRANCISCO and SAN DIEGO, July 07, 2021 (GLOBE NEWSWIRE) — Kinnate Biopharma Inc. (Nasdaq: KNTE) (“Kinnate”), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, today announced that its Chief Executive Officer Nima Farzan will participate in the William Blair Biotech Focus Conference 2021, being held virtually from July 14-15, 2021.

Event: William Blair Biotech Focus Conference 2021

Panel: “Next Generation Small Molecules in Oncology”
Location: Virtual
Date: Thursday, July 15, 2021
Time: 9:00 AM ET/ 6:00 AM PT

Members of the Kinnate management team will also host investor meetings during the conference.

A live webcast of the William Blair panel discussion will be available in the Investors and Media section of the Kinnate website at www.kinnate.com. A webcast replay will also be available on this website shortly after conclusion of the event for 30 days.

About Kinnate

Kinnate is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Kinnate’s mission is to expand the reach of targeted therapeutics by developing products for underserved populations. Kinnate utilizes its deep expertise in structure-based drug discovery, translational research, and patient-driven precision medicine, which it refers to as the Kinnate Discovery Engine, to develop targeted therapies. Based in San Francisco and San Diego, California, the Kinnate team is composed of drug discovery experts supported by a distinguished group of scientific advisors. For more information, please visit www.kinnate.com.

Forward Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements include, without limitation, Kinnate’s expected investor conference participation. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are also intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. Such expectations and projections may never materialize or may prove to be incorrect. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors, including risks related to operating as a preclinical-stage biopharmaceutical company with a limited operating history; our ability to raise additional capital to finance our operations; our ability to discover, advance through the preclinical and clinical development of, obtain regulatory approval for and commercialize our product candidates; the novel approach we are taking to discover and develop drugs; our ability to timely file and obtain approval of investigational new drug applications for our planned clinical trials; the potential for any clinical trial results to differ from our preclinical trial results; negative impacts of the COVID-19 pandemic on our business, including planned clinical trials and ongoing and planned preclinical trials; competition in our industry; regulatory developments in the United States and other countries; our ability to attract, hire and retain highly skilled executive officers and employees; difficulties in managing our growth; our ability to protect our intellectual property; reliance on third parties to conduct our preclinical studies and any future clinical trials, and to manufacture our product candidates; general economic and market conditions; and other risks.

These and other risks, uncertainties, assumptions and other factors are further described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 that we have filed with the Securities and Exchange Commission (the “SEC”), as well as in our subsequent filings we make with the SEC. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Investors should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our forward-looking statements speak only as of the date of this release, and except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason in the future.

Contacts:

Investors:
Patti Bank
Westwicke, an ICR Company
415-513-1284
[email protected]

Media:
Colin Sanford
203-918-4347
[email protected]

July 7, 2021 4:08 pm

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

WALTHAM, Mass., July 07, 2021 (GLOBE NEWSWIRE) — Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in targeted C3 therapies, today announced that the company approved the grant of equity awards to one new employee with a grant date of July 1, 2021, as equity inducement awards outside of the company’s 2017 Stock Incentive Plan (but under the terms of the 2020 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 8,000 shares of Apellis common stock and 4,000 restricted stock units (RSUs). The options have an exercise price of $67.80, which is equal to the closing price of Apellis common stock on July 1, 2021, the grant date of the options. One-fourth of the shares underlying the employee options will vest on the one year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ continued employment with Apellis on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee’s continued employment on each vesting date.

About Apellis

Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that is committed to leveraging courageous science, creativity, and compassion to deliver life-changing therapies. Leaders in targeted C3 therapies, we aim to develop transformative therapies for a broad range of debilitating diseases that are driven by excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology. For more information, please visit www.apellis.com.

Apellis Forward-Looking Statement

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the implications of preliminary clinical data. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: whether the company’s clinical trials will be fully enrolled and completed when anticipated; whether preliminary or interim results from a clinical trial will be predictive of the final results of the trial; whether results obtained in preclinical studies and clinical trials will be indicative of results that will be generated in future clinical trials; whether pegcetacoplan will successfully advance through the clinical trial process on a timely basis, or at all; whether the results of the company’s clinical trials will warrant regulatory submissions and whether pegcetacoplan will receive approval from the FDA or equivalent foreign regulatory agencies for GA, PNH, CAD, C3G, IC-MPGN, ALS or any other indication when expected or at all; whether, if Apellis’ products receive approval, they will be successfully distributed and marketed; and other factors discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 2, 2020 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact:

Argot Partners
[email protected]
+1 212.600.1902

July 7, 2021 4:08 pm

Saratoga Investment Corp. Announces Fiscal First Quarter 2022 Financial Results

NEW YORK, July 07, 2021 (GLOBE NEWSWIRE) — Saratoga Investment Corp. (NYSE:SAR) (“Saratoga Investment” or “the Company”), a business development company (“BDC”), today announced financial results for its 2022 fiscal first quarter.

Summary Financial Information

The Company’s summarized financial information is as follows:

		For the quarter ended and as of May 31, 2021	For the quarter ended and as of February 28, 2021	For the quarter ended and as of May 31, 2020
		($ in thousands except per share)
AUM		677,773	554,313	482,947
NAV		320,345	304,186	281,631
NAV per share		28.70	27.25	25.11
Investment Income		16,816	16,215	13,297
Net Investment Income per share		0.23	0.38	0.80
Adjusted Net Investment Income per share		0.56	0.52	0.51
Earnings per share		1.88	0.83	(2.02	)
Dividends per share (declared)		0.44	0.43	0.40
Return on Equity	– last twelve months	19.4%	5.0%	9.9%
	– annualized quarter	27.0%	12.3%	(30.9)%
Originations		119,166	80,233	38,999
Repayments		14,941	79,330	9,350

“Reflecting upon our strong Fiscal 2022 first quarter performance versus the challenges of the same quarter in 2021, we are reminded of how resilient Saratoga and our portfolio companies have been in overcoming the challenges last year as well as transitioning well to the current substantial ramp-up in market activity. Our NAV per share of $28.70 is our highest level yet, and we continue to believe Saratoga is well positioned for potential future economic challenges and opportunities,” said Christian L. Oberbeck, Chairman, Chief Executive Officer and President of Saratoga Investment. “Our results this quarter highlight the strength of our financial position and portfolio performance. Our quarterly metrics include LTM return on equity of 19.4%, adjusted NII per share of $0.56, and a 5.3% NAV per share quarterly growth of $1.45 per share. In these times of continued recovery from the COVID-19 pandemic, we believe balance sheet strength, liquidity and NAV preservation continues to be paramount, both for our portfolio companies and our BDC. Our current capital structure at quarter-end was strong, with $320 million of equity supporting $173 million of long-term covenant-free non-SBIC debt, $168 million of long-term covenant free SBIC debentures, and $39 million drawn on our credit facility. Our quarter-end regulatory leverage of 251% provides substantial cushion above our 150% requirement, and in addition to the $6 million we had available through our Madison revolving credit facility, we had $20 million of quarter-end cash to support our existing portfolio companies, and $131 million of available SBIC II facilities to finance new opportunities, all of which are expected to be highly accretive to earnings. In addition, in March we issued $50 million of new unsecured bonds at 4.375%, both adding new liquidity and reducing our existing cost of capital. Also in June, and reflecting our current strong portfolio performance, the Board of Directors decided to increase our quarterly dividends by a further 1c per share and declare a 44c per share dividend for the quarter ended May 31, 2021.”

“While we continue to remain highly discerning with our originations in the current high transaction volume environment, we closed numerous attractive investments this quarter setting gross and net origination records for Saratoga and our AUM reached a record level of $678 million as of May 31, 2021. We continue to bring new platform investments into the portfolio, with investments in four new companies added this fiscal quarter, in addition to continued follow-ons in existing borrowers with strong business models and balance sheets, all totaling $119 million invested in the fiscal quarter, outpacing repayments of $15 million. Our credit quality remained at a high level at quarter-end, with 93% of credits rated in our highest category and only one remaining non-accrual. With almost $19 million of realized and unrealized gains and appreciation this quarter, we have more than recovered all of last year’s Q1 unrealized depreciation on the overall portfolio. With 76% of our investments at quarter-end in first lien debt and generally supported by strong enterprise values and balance sheets in industries that have historically performed well in stressed situations, we believe our portfolio is well structured. We remain confident in our portfolio companies, experienced management team, high underwriting standards and time-tested investment strategy. We believe our team will be able to continue to steadily grow portfolio size and maintain differentiated credit quality and investment performance over the long-term.”

Discussion of Financial Results for the Quarter ended May 31, 2021:

As of May 31, 2021, Saratoga Investment’s assets under management (“AUM”) was $677.8 million, an increase of 40.4% from $482.9 million as of May 31, 2020, and an increase of 22.3% from $554.3 million as of February 28, 2021. This past quarter, $119.2 million in originations was offset by $14.9 million of repayments and amortizations. In addition, the fair value of the portfolio increased by $1.9 million realized gains and $16.8 million unrealized appreciation, representing an increase of 3.4% to the overall portfolio, driven by the impact of changes to market spreads, EBITDA multiples and/or revised portfolio company performance on the quarter-end valuations. Saratoga Investment’s portfolio remains strong, with 76.2% of the portfolio in first liens, and a continued high level of investment quality in loan investments, with 92.9% of its loans this quarter at its highest internal rating. This quarter’s originations include four investments in new platforms, and nine follow-ons in existing portfolio companies, including drawdowns on committed facilities. Since Saratoga Investment took over the management of the BDC, $573.3 million of repayments and sales of investments originated by Saratoga Investment have generated a gross unlevered IRR of 16.5%.

For the three months ended May 31, 2021, total investment income of $16.8 million increased by $3.5 million, or 26.5%, compared to $13.3 million for the three months ended May 31, 2020. This increased investment income was generated from an investment base that has grown by 40.4% since last year. In addition, this quarter’s investment income was up by $0.6 million, or 3.7%, on a quarter-over-quarter basis from $16.2 million for the quarter ended February 28, 2021, primarily due to the investment base growing by 22.3%. The full period impact of the increased investment base and resulting interest income is not yet fully reflected this quarter due to the timing of net originations, while last quarter also included the non-recurring release of the $0.9 million interest reserve for the Roscoe Medical investment that returned to accrual status.

As compared to both the three months ended May 31, 2020 and February 28, 2021, adjusted net investment income increased by $0.5 million, or 8.4%, from $5.8 million to $6.3 million. The $3.5 million increase in investment income was offset by (i) increased interest expense resulting from the various new Notes Payable issued during the past year and quarter, (ii) increased base and incentive management fees generated from the management of this larger pool of investments, and (iii) as compared to the quarter ended May 31, 2020, increased total expenses, excluding interest and debt financing expenses, base management fees and incentive fees and income tax benefit, that increased from $1.4 million to $1.9 million. Total expenses, excluding interest and debt financing expenses, base management fees and incentive fees and income tax benefit, for the quarter ended February 28, 2021, was $2.5 million.

Net investment income on a weighted average per share basis was $0.23 for the quarter ended May 31, 2021. Adjusted for the incentive fee accrual related to net capital gains, the net investment income on a weighted average per share basis was $0.56. This compares to adjusted net investment income per share of $0.52 for the quarter ended February 28, 2021, and $0.51 for the quarter ended May 31, 2020, reflecting increases of $0.04 per share and $0.05 per share, respectively. During these periods, weighted average common shares outstanding remained relatively unchanged at 11.2 million shares.

Net investment income yield as a percentage of average net asset value (“Net Investment Income Yield”) was 3.3% for the quarter ended May 31, 2021. Adjusted for the incentive fee accrual related to net capital gains, the Net Investment Income Yield was 8.0%. In comparison, adjusted Net Investment Income Yield was 7.7% and 7.9% for the quarters ended February 28, 2021, and May 31, 2020, respectively.

Net Asset Value (“NAV”) was $320.3 million as of May 31, 2021, an increase of $16.1 million from $304.2 million as of February 28, 2021, and an increase of $38.7 million from $281.6 million as of May 31, 2020.

For the three months ended May 31, 2021, $2.6 million of net investment income, $1.9 million of realized gains and $16.8 million of net unrealized appreciation on investments were earned, partially offset by $0.2 million deferred tax expense on net unrealized depreciation and $4.8 million dividends declared. In addition, $0.9 million of stock dividend distributions were made through the Company’s dividend reinvestment plan (“DRIP”), and 40,000 shares were repurchased during the three months, at a cost of $1.0 million and an average price of $25.09 per share. For the quarter ended May 31, 2021, there was no activity related to the ATM offerings.

NAV per share was $28.70 as of May 31, 2021, compared to $27.25 as of February 28, 2021, and $25.11 as of May 31, 2020.

For the three months ended May 31, 2021, NAV per share increased by $1.45 per share, or 5.3%, reflecting the $0.23 per share net investment income and $1.66 per share net realized gains and net unrealized appreciation, offset by the $0.43 dividend declared and $0.01 per share net dilutive impact of the DRIP share issuances, mostly offset by the share repurchase plan.
This is the highest level of NAV per share since Saratoga took over the management of the Company, and reflects the thirteenth increase in NAV per share over the past sixteen quarters.

Return on equity for the last twelve months ended May 31, 2021, was 19.4 %, compared to 9.9% for the comparable period last year.

Earnings per share for the quarter ended May 31, 2021, was $1.88, compared to earnings per share of $0.83 for the quarter ended February 28, 2021, and $(2.02) for the quarter ended May 31, 2020.

Investment portfolio activity for the quarter ended May 31, 2021:

Cost of investments made during the period: $119.2 million, including investments in four new portfolio companies.
Principal repayments during the period: $14.9 million.

Additional Financial Information

For the fiscal quarter ended May 31, 2021, Saratoga Investment reported net investment income of $2.6 million, or $0.23 on a weighted average per share basis, and a net realized and unrealized gain on investments of $18.5 million, or $1.66 on a weighted average per share basis, resulting in a net increase in net assets from operations of $21.0 million, or $1.88 on a weighted average per share basis. The $18.5 million net gain on investments was comprised of $16.8 million in net unrealized appreciation on investments and $1.9 million net realized gain on investments, offset by $0.2 million of net change in provision for deferred taxes on unrealized appreciation on investments.

The $1.9 million net realized gain reflects the sale of the Company’s Village Realty equity investment. The $16.8 million net unrealized appreciation reflects (i) the $1.8 million reversal of previously recognized appreciation on the Village Realty realization and (ii) a 3.4% increase in the total value of the remaining portfolio, primarily related to improvements in market spreads, EBITDA multiples and/or revised portfolio company performance – therefore, all of the net reduction in the value of the non-CLO portfolio in the first quarter of last year has been more than reversed since May 31, 2020, and the overall portfolio fair value is now 3.2% above cost. Included in this net unrealized appreciation is $4.0 million of net unrealized appreciation in the Company’s CLO investment. This is compared to the fiscal quarter ended May 31, 2020, with net investment income of $9.0 million, or $0.80 on a weighted average per share basis, and a net realized and unrealized loss on investments of $31.7 million, or $2.82 on a weighted average per share basis, resulting in a net decrease in net assets from operations of $22.7 million, or ($2.02) on a weighted average per share basis. The $31.7 million net loss on investments consisted of $32.0 million in net unrealized depreciation, offset by $0.3 million deferred tax benefit on unrealized depreciation on investments.

Total expenses, excluding interest and debt financing expenses, base management fees, incentive management fees and deferred taxes, increased from $1.4 million for the quarter ended May 31, 2020, to $1.9 million for the quarter ended May 31, 2021, but remained unchanged at 1.1% of average total assets.

Portfolio and Investment Activity

As of May 31, 2021, the fair value of Saratoga Investment’s portfolio was $677.8 million (excluding $20.0 million in cash and cash equivalents), principally invested in 43 portfolio companies and one collateralized loan obligation fund (“CLO”). The overall portfolio composition consisted of 76.2% of first lien term loans, 3.7% of second lien term loans, 0.3% of unsecured term loans, 7.9% of subordinated notes in a CLO and 11.9% of common equity.

For the fiscal quarter ended May 31, 2021, Saratoga Investment invested $119.2 million in four new and nine existing portfolio companies and had $14.9 million in one repayment and amortization, resulting in net investments of $104.3 million for the quarter.

As of May 31, 2021, the weighted average current yield on Saratoga Investment’s portfolio based on fair values was 8.6%, which was comprised of a weighted average current yield of 9.4% on first lien term loans, 12.0% on second lien term loans, 0.0% on unsecured term loans, 13.3% on CLO subordinated notes and 0.0% on equity interests.

Liquidity and Capital Resources

As of May 31, 2021, Saratoga Investment had $39.0 million outstanding under its $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC. At the same time, Saratoga Investment had $124.0 million SBA debentures outstanding in its SBIC I license, $44.0 million SBA debentures outstanding in its SBIC II license, $103.1 million of listed baby bonds issued, a new unsecured unlisted institutional issuance of $50.0 million and two unlisted issuances of $5.0 million and $15.0 million, respectively, and an aggregate of $20.0 million in cash and cash equivalents.

With $6.0 million available under the credit facility and the $20.0 million of cash and cash equivalents as of May 31, 2021, Saratoga Investment has a total of $26.0 million of undrawn borrowing capacity and cash and cash equivalents for new investments or to support its existing portfolio companies in the BDC. In addition, Saratoga Investment has $131.0 million in undrawn SBA debentures from the most recently approved SBIC II license to finance new SBIC-eligible portfolio companies. During the quarter, the Company dropped down another $15.0 million into its SBIC II license, increasing its capital there from $69.0 million to $84.0 million. Availability under the Madison credit facility can change depending on portfolio company performance and valuation. In addition, certain follow-on investments in SBIC I and the BDC will not qualify for SBIC II funding. As of quarter-end, Saratoga Investment had $15.2 million of committed undrawn lending commitments and $39.8 million of discretionary funding commitments.

On March 10, 2021, the Company issued $50.0 million aggregate principal amount of 4.375% fixed-rate Notes due in 2026 for net proceeds of $49.0 million after deducting underwriting commissions of approximately $1.0 million. Offering costs incurred were approximately $0.2 million.

On March 16, 2017, Saratoga Investment entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which Saratoga may offer for sale, from time to time, up to $30.0 million of its common stock through an ATM offering. Subsequent to this, BB&T Capital Markets and B. Riley FBR, Inc. were also added to the agreement. On July 11, 2019, the amount of common stock to be offered through this offering was increased to $70.0 million, and on October 8, 2019, the amount of common stock to be offered through this offering was further increased to $130.0 million. As of May 31, 2020, the Company sold 3,992,018 shares for gross proceeds of $97.1 million at an average price of $24.77 for aggregate net proceeds of $95.9 million (net of transaction costs). During the three months ended May 31, 2020, there was no activity related to the ATM offering.

Portfolio and Liquidity Update:

Subsequent to quarter-end, Saratoga Investment has executed approximately $84.8 million of new originations in three new portfolio companies and three follow-ons, and had repayments of approximately $105.6 million in four exits and realizations, for a net reduction in investments of $20.8 million. There is currently $18.5 million drawn on our credit facility.

Dividend

On May 27, 2021, Saratoga Investment announced that its Board of Directors declared a quarterly dividend of $0.44 per share for the fiscal quarter ended May 31, 2021, payable on June 29, 2021, to all stockholders of record at the close of business on June 15, 2021.

In fiscal year 2022, the Company also declared a quarterly dividend of $0.43 per share for the fiscal quarter ended February 28, 2021. In fiscal year 2021, the Company declared quarterly dividends of $0.42 per share for the quarter ended November 30, 2020, $0.41 per share for the quarter ended August 31, 2020 and $0.40 per share for the quarter ended May 31, 2020, for total dividends in fiscal year 2021 of $1.23 per share. Total dividends declared for the fiscal years ended February 29, 2020 and February 28, 2019, were $2.21 per share and $2.06 per share, respectively.

Shareholders have the option to receive payment of dividends in cash or receive shares of common stock, pursuant to the Company’s DRIP.

Share Repurchase Plan

In fiscal year 2015, the Company announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published financial statements. During fiscal year 2017, the share repurchase plan was increased to 600,000 shares of common stock, and during fiscal years 2018, 2019 and 2020, this share repurchase plan was extended for another year at the same level of approval through January 15, 2021. On May 4, 2020, the Board of Directors increased the share repurchase plan to 1.3 million shares of common stock. During the three months ended May 31, 2021, the Company purchased 40,000 shares of common stock, at the average price of $25.09 for approximately $1.0 million pursuant to this repurchase plan.

Saratoga Investment made no purchases of common stock in the open market during the current fiscal year.

2022 Fiscal First Quarter Conference Call/Webcast Information

When:	Thursday, July 8, 2021, 10:00 a.m. Eastern Time (ET)

Call:	Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada). A replay of the call will be available from 1:00 p.m. ET on Thursday, July 8, 2021, through 1:00 p.m. ET on Thursday, July 15, 2021, by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 4949327.

Webcast:	Interested parties may access a simultaneous webcast of the call and find the Q1 2022 presentation by going to the “Events & Presentations” section of Saratoga Investment Corp.’s investor relations website, http://ir.saratogainvestmentcorp.com/events-presentations

About Saratoga Investment Corp.

Saratoga Investment is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $650 million collateralized loan obligation (“CLO”) fund. It also owns 100% of the Class F-R-3 and subordinated notes of the CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.

Forward Looking Statements

Statements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic’s impact on the U.S. and global economy, as well as those described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Saratoga Investment Corp. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law.

Financials

PART I. FINANCIAL INFORMATION

Saratoga Investment Corp.
Consolidated Statements of Assets and Liabilities

	May 31, 2021			February 28, 2021
	(unaudited)
ASSETS
Investments at fair value
Non-control/Non-affiliate investments (amortized cost of $546,808,095 and $471,328,212, respectively)	$	550,875,264		$	469,946,494
Affiliate investments (amortized cost of $34,774,328 and $17,331,707, respectively)		39,872,709			19,367,740
Control investments (amortized cost of $75,078,830 and $61,353,761, respectively)		87,024,892			64,998,481
Total investments at fair value (amortized cost of $656,661,253 and $550,013,680, respectively)		677,772,865			554,312,715
Cash and cash equivalents		317,932			18,828,047
Cash and cash equivalents, reserve accounts		19,659,681			11,087,027
Interest receivable (net of reserve of $588,904 and $1,152,086, respectively)		6,622,330			4,223,630
Due from affiliate		2,600,000			2,719,000
Management fee receivable		852,876			34,644
Other assets		848,278			947,315
Total assets	$	708,673,962		$	592,152,378

LIABILITIES
Revolving credit facility	$	39,000,000		$	–
Deferred debt financing costs, revolving credit facility		(715,161	)		(639,983	)
SBA debentures payable		168,000,000			158,000,000
Deferred debt financing costs, SBA debentures payable		(3,397,674	)		(2,642,622	)
6.25% Notes Payable 2025		60,000,000			60,000,000
Deferred debt financing costs, 6.25% notes payable 2025		(1,581,383	)		(1,675,064	)
7.25% Notes Payable 2025		43,125,000			43,125,000
Deferred debt financing costs, 7.25% notes payable 2025		(1,319,867	)		(1,401,307	)
7.75% Notes Payable 2025		5,000,000			5,000,000
Deferred debt financing costs, 7.75% notes payable 2025		(225,397	)		(239,222	)
4.375% Notes Payable 2026		50,000,000			–
Deferred debt financing costs,		(1,205,274	)		–
6.25% Notes Payable 2027		15,000,000			15,000,000
Deferred debt financing costs, 6.25% notes payable 2027		(469,585	)		(476,820	)
Base management and incentive fees payable		10,727,948			6,556,674
Deferred tax liability		2,180,727			1,922,664
Accounts payable and accrued expenses		1,986,517			1,750,267
Interest and debt fees payable		1,763,342			2,645,784
Directors fees payable		92,000			70,500
Due to manager		368,013			279,065
Excise tax payable		–			691,672
Total liabilities		388,329,206			287,966,608

NET ASSETS
Common stock, par value $0.001, 100,000,000 common shares
authorized, 11,159,995 and 11,161,416 common shares issued and outstanding, respectively		11,160			11,161
Capital in excess of par value		304,784,840			304,874,957
Total distributable earnings (deficit)		15,548,756			(700,348	)
Total net assets		320,344,756			304,185,770
Total liabilities and net assets	$	708,673,962		$	592,152,378
NET ASSET VALUE PER SHARE	$	28.70		$	27.25

Asset Coverage Ratio		251.0	%		347.1	%

Saratoga Investment Corp.
Consolidated Statements of Operations
(unaudited)


	For the three months ended
	May 31, 2021			May 31, 2020
INVESTMENT INCOME
Interest from investments
Interest income:
Non-control/Non-affiliate investments	$	11,236,737		$	9,955,562
Affiliate investments		340,512			398,370
Control investments		1,854,985			1,133,584
Payment-in-kind interest income:
Non-control/Non-affiliate investments		176,766			581,946
Affiliate investments		–			46,223
Control investments		77,675			34,782
Total interest from investments		13,686,675			12,150,467
Interest from cash and cash equivalents		522			11,796
Management fee income		818,232			634,572
Structuring and advisory fee income		1,301,875			313,306
Other income		1,008,686			187,000
Total investment income		16,815,990			13,297,141

OPERATING EXPENSES
Interest and debt financing expenses		4,340,912			2,563,876
Base management fees		2,758,908			2,160,528
Incentive management fees expense (benefit)		5,262,536			(1,858,310	)
Professional fees		507,061			386,888
Administrator expenses		693,750			556,250
Insurance		86,318			67,726
Directors fees and expenses		92,000			60,000
General & administrative		490,651			350,814
Income tax expense (benefit)		27,919			(8,945	)
Total operating expenses		14,260,055			4,278,827
NET INVESTMENT INCOME		2,555,935			9,018,314

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments:
Non-control/Non-affiliate investments		1,910,141			8,480
Affiliate investments		–			–
Control investments		–			–
Net realized gain (loss) from investments		1,910,141			8,480
Net change in unrealized appreciation (depreciation) on investments:
Non-control/Non-affiliate investments		5,448,887			(24,422,894	)
Affiliate investments		3,062,348			(2,444,252	)
Control investments		8,301,342			(5,083,223	)
Net change in unrealized appreciation (depreciation) on investments		16,812,577			(31,950,369	)
Net change in provision for deferred taxes on unrealized (appreciation) depreciation on investments		(230,144	)		267,740
Net realized and unrealized gain (loss) on investments		18,492,574			(31,674,149	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,048,509		$	(22,655,835	)

WEIGHTED AVERAGE – BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	1.88		$	(2.02	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC AND DILUTED		11,170,045			11,217,545

Supplemental Information Regarding Adjusted Net Investment Income, Adjusted Net Investment Income Yield and Adjusted Net Investment Income per share

On a supplemental basis, Saratoga Investment provides information relating to adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share, which are non-GAAP measures. These measures are provided in addition to, but not as a substitute for, net investment income, net investment income yield and net investment income per share. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or reversal attributable to realized and unrealized gains. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year. In addition, Saratoga Investment accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. All capital gains incentive fees are presented within net investment income within the Consolidated Statements of Operations, but the associated realized and unrealized gains and losses that these incentive fees relate to, are excluded. As such, Saratoga Investment believes that adjusted net investment income, adjusted net investment income yield and adjusted net investment income per share is a useful indicator of operations exclusive of any capital gains incentive fee expense or reversal attributable to gains. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income, net investment income yield to adjusted net investment income yield and net investment income per share to adjusted net investment income per share for the quarters ended May 31, 2021, and May 31, 2020.


	For the three months ended May 31,
		2021		2020

Net Investment Income	$	2,555,935	$	9,018,314
Changes in accrued capital gains incentive fee expense/(reversal)		3,698,220		(3,250,239	)
Adjusted net investment income		6,254,155		5,768,075
Net investment income yield		3.3%		12.3%
Changes in accrued capital gains incentive fee expense/(reversal)		4.7%		(4.4%)
Adjusted net investment income yield ⁽¹⁾		8.0%		7.9%
Net investment income per share	$	0.23	$	0.80
Changes in accrued capital gains incentive fee expense/(reversal)	$	0.33		($0.29	)
Adjusted net investment income per share⁽²⁾	$	0.56	$	0.51

(1)	Adjusted net investment income yield is calculated as adjusted net investment income divided by average net asset value.
(2)	Adjusted net investment income per share is calculated as adjusted net investment income divided by weighted average common shares outstanding.

Contact: Henri Steenkamp
Saratoga Investment Corp.
212-906-7800

Roland Tomforde
Broadgate Consultants
212-232-2222

July 7, 2021 4:08 pm

Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

SEATTLE, July 07, 2021 (GLOBE NEWSWIRE) — Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved a new employment inducement grant of stock options to purchase 25,733 shares of common stock with a grant date of June 30, 2021 (the “Inducement Grants”) for a new employee.

The stock options approved under the Inducement Grant were issued on terms substantially similar to Chinook’s 2015 Equity Incentive Plan and have an exercise price per share equal to $14.12, the closing price per share of Chinook’s common stock on the grant date. The stock options vest over four years, with 25% vesting on the employee’s start date and 1/36^th of the remaining shares vesting monthly thereafter, subject to the employee’s continued employment on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.

The Company granted the stock options as a material inducement to this employee for entering into employment with Chinook Therapeutics, Inc. in accordance with Nasdaq listing Rule 5635(c)(4).

About Chinook Therapeutics, Inc.

Chinook Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision medicines for kidney diseases. Chinook’s product candidates are being investigated in rare, severe chronic kidney disorders with opportunities for well-defined clinical pathways. Chinook’s lead program is atrasentan, a phase 3 endothelin receptor antagonist for the treatment of IgA nephropathy and other proteinuric glomerular diseases. BION-1301, an anti-APRIL monoclonal antibody is being evaluated in a phase 1b trial for IgA nephropathy. In addition, Chinook is advancing CHK-336, an oral small molecule LDHA inhibitor for the treatment of primary hyperoxaluria, as well as research programs for other rare, severe chronic kidney diseases. Chinook is building its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with differentiating mechanisms of action against key kidney disease pathways. To learn more, visit www.chinooktx.com.

Contact:

Noopur Liffick
Vice President, Investor Relations & Corporate Communications
[email protected]
[email protected]

July 7, 2021 4:08 pm

WEYCO Group, Inc. Second Quarter 2021 Earnings Conference Call

Milwaukee, WI, July 07, 2021 (GLOBE NEWSWIRE) — WEYCO Group, Inc. (NASDAQ: WEYS), a global marketer of footwear, plans to announce second quarter 2021 financial results after the close on Tuesday, August 3, 2021. Additionally, Thomas W. Florsheim, Jr., Chairman and CEO, will host a conference call on Wednesday, August 4, 2021, at 11:00 a.m. Eastern Time to discuss the financial results in more detail.

To participate in the call, you will first need to pre-register online. Pre-registration takes only a few minutes and you may pre-register at any time, including up to and after the call start time. To pre-register, please go to: http://www.directeventreg.com/registration/event/6067510. The pre-registration process will provide the conference call phone number and a passcode required to enter the call.

A replay will be available for one year beginning about two hours after the completion of the call at the following webcast link: https://edge.media-server.com/mmc/p/kqqsrvgf. Alternatively, the conference call will be available by visiting the investor relations section of Weyco Group’s website at www.weycogroup.com.

Weyco Group, Inc. designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. The Company’s products can be found in leading footwear, department, and specialty stores, as well as on e-commerce websites worldwide. Weyco Group also operates Florsheim concept stores in the United States and Australia, as well as in a variety of international markets.

Investor Relations Contact
John Wittkowske (414) 908-1880
[email protected]