Market Newsdesk

March 3, 2021 4:08 pm

Alta Equipment Group Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release, Conference Call and Webcast

Alta Equipment Group Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release, Conference Call and Webcast

LIVONIA, Mich.–(BUSINESS WIRE)–
Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”), a leading provider of premium material handling and construction equipment and related services, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2020 after the U.S. markets close on Thursday, March 18, 2021. In conjunction with this announcement, Alta management will host a conference call and webcast that afternoon at 5:00 p.m. Eastern Time to discuss and answer questions about the company’s financial results. Prior to the conference call and webcast, Alta will issue a press release and supplementary presentation slides reporting these results on the Investors portion of the company’s website, https://investors.altaequipment.com.

Conference Call Details:

What: Alta Equipment Group Fourth Quarter and Full Year 2020 Earnings Call and Webcast

Date: Thursday, March 18, 2021

Time: 5:00 p.m. Eastern Time

Live call: (844) 543-5487

International: (825) 312-2330

Audio Replay: (800) 585-8367

Passcode: 6818648

Webcast: https://investors.altaequipment.com

The audio replay will be archived through April 1, 2021.

About Alta Equipment Group

Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other material handling and construction equipment. Alta has operated as an equipment dealership for 36 years and has developed a branch network that includes 55 total locations across Michigan, Illinois, Indiana, New England, New York, Virginia and Florida. Alta offers its customers a one-stop-shop for their equipment needs through its broad, industry-leading product portfolio. More information can be found at www.altaequipment.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005929/en/

Investors:

Bob Jones/Taylor Krafchik

Ellipsis

[email protected]

(646) 776-0886

Media:

Glenn Moore

Alta Equipment

[email protected]

(284) 305-2134

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Other Transport Manufacturing Other Manufacturing Transport Engineering

MEDIA:

March 3, 2021 4:08 pm

SilverBow Resources Announces Fourth Quarter and Full Year 2020 Results; 2021 Capital Program and Guidance

SilverBow Resources Announces Fourth Quarter and Full Year 2020 Results;

2021 Capital Program and Guidance

HOUSTON–(BUSINESS WIRE)–
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today announced operating and financial results for the fourth quarter and full year 2020.

Highlights for the fourth quarter include:

Net production averaged 178 million cubic feet of natural gas equivalent per day (“MMcfe/d”), at the high end of guidance; oil and gas sales up 17% quarter-over-quarter driven by improving commodity prices
Reported net income of $9 million, Adjusted EBITDA of $38 million and free cash flow (“FCF”) of $12 million¹, representing five out of the last six quarters with positive FCF. Adjusted EBITDA and FCF are non-GAAP measures defined and reconciled in the tables below
Drilled nine wells and brought online three wells in its prolific Webb County Gas area
Reduced net debt by $24 million from the third quarter of 2020

Highlights for the full year 2020 include:

Net production averaged 183 MMcfe/d (76% natural gas), at the high end of guidance
Reported a net loss of $309 million, Adjusted EBITDA of $146 million and FCF of $61 million¹, representing a FCF yield of approximately 100% based on SilverBow’s market capitalization of $63 million² at year-end 2020
Capital expenditures of $95 million, on an accrual basis, at the low end of the $95-$100 million full year range
Continued capital efficiencies with drilling costs per lateral foot down 32% year-over-year and the number of stages completed per day and proppant pumped per day up 8% and 13%, respectively, year-over-year
General and administrative (“G&A”) expenses decreased $2.2 million year-over-year, with further savings expected to take effect in 2021. Cash interest expense decreased $5.5 million year-over-year
Reduced outstanding long-term debt from $479 million to $430 million, a decrease of 10% year-over-year
Strong balance sheet and liquidity position with $80 million of undrawn capacity on a $310 million senior secured revolving credit facility and a cash balance of $2.1 million at year-end 2020
Year-end 2020 SEC total estimated proved reserves were 1.1 trillion cubic feet of gas equivalent (“Tcfe”) (46% proved developed; 86% natural gas), a Standardized Measure of $513 million and a pre-tax present value of future net cash flows discounted at 10% (“SEC PV-10 Value,” a non-GAAP measure)^{of $526 million at Securities and Exchange Commission (“SEC”) pricing. Utilizing the same reserve database and development schedule, management’s internal estimate of PV-10 value of year-end proved reserves is $851 million³ (“Adjusted PV-10 Value,” a non-GAAP measure), based on flat forward price assumptions of $50 per barrel (“Bbl”) of West Texas Intermediate (“WTI”) oil and $2.75 per thousand cubic feet (“Mcf”) of Henry Hub natural gas}
Completed the year with a total recordable incident rate of 0.00 across employees and contractors

2021 Capital Program and Guidance:

Full year estimated production of 180 – 200 MMcfe/d, growth of 4% year-over-year, with natural gas representing 79% at the midpoint of full year guidance
Full year capital program of $100-$110 million, with flexibility to adjust as commodity prices dictate
Based on its 2021 capital budget, operating plan, and existing service costs, along with strip pricing and hedges as of the date of this report, the Company anticipates full year FCF of $20-$40 million¹
As of February 26, 2021, the Company had 63% of total estimated production volumes hedged for full year 2021, using the midpoint of production guidance. Expected oil production is 91% hedged at $46.91 per barrel and expected gas production is 61% hedged at $2.90 per Mcf

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We demonstrated resilience and resolve during a pivotal year for our industry. The Company took immediate actions early in 2020 to accelerate our free cash flow generation and pay down debt. These actions included production curtailments, capex reductions and unwinding excess oil derivative contracts. Combined with our relentless focus on cost management and production optimization, we generated over $60 million of free cash flow and reduced total debt by roughly $50 million in 2020. In the second quarter of 2020, we closed on the acquisition of producing assets in the Southern gas window of our acreage position and divested non-core interests in Wyoming to supplement our cash balance. Amidst all the disruptions of 2020, we were able to execute on our operational plan while maintaining a high level of safety. To this end, we achieved a milestone, zero recordable incidents for the year, while setting new efficiency records for the Company in both drilling and completions (“D&C”). This time last year, we had just finished our first six-well La Mesa pad which at the time set many Company records from an execution standpoint. I am proud to say that our second six-well La Mesa pad, which we recently brought online, set new Company records in D&C costs and cycle times.”

Mr. Woolverton stated further, “Our outlook is increasingly optimistic as we progress into 2021. Our capital program supports prudent growth with the bulk of our production coming from natural gas. During the first quarter, we expect to realize a significant increase in production as we bring on our second six-well La Mesa pad and our first Austin Chalk test well in our Webb County Gas area. The increase in gas volume aligns with tightening gas markets and strengthening gas prices, with the prompt month up roughly 30% from a year ago. At current prices, we expect full year 2021 free cash flow of $20 to $40 million. Our gas forecast is approximately 40% unhedged, preserving further upside on our gas volumes. We ended 2020 with a leverage ratio⁴ of 2.5x as we focused on free cash flow generation and absolute debt reduction. Going forward, our priorities remain focused on top line growth, further debt paydown and deleveraging our balance sheet, all while living within cash flow.”

OPERATIONS HIGHLIGHTS

During the fourth quarter of 2020, SilverBow drilled eight net wells, completed two net wells and brought two net wells online. For the full year, the Company drilled 19 net wells, completed 15 net wells and brought 15 net wells online. SilverBow’s D&C activity through the first quarter of 2020 was primarily focused on its McMullen Oil assets. At the end of the first quarter, the Company temporarily ceased D&C activity and strategically curtailed production in order to maximize cash flows. These curtailments had the greatest impact on second quarter production, but extended to varying degrees through October. For the full year 2020, curtailments were estimated to average 11 MMcf/d of net gas production and 340 Bbls/d of net oil production, or approximately 8% and 8% of net 2020 production, respectively.

In response to fluctuations in commodity prices, SilverBow refocused its capital budget through the end of the year towards the drilling of high rate of return dry-gas assets. Of the 11 net wells drilled in the first quarter of 2020, eight wells were deferred to the third quarter to turn to sales. All eight of the deferred wells were located in the Company’s McMullen Oil area. In the fourth quarter of 2020, SilverBow commenced the drilling of a nine well program in its Webb County Gas area. In addition to resuming capital activity, all curtailed production volumes were returned to production over the second half of 2020.

In the McMullen Oil area, the Company brought 10 net wells online in 2020. SilverBow maintained focus on efficient asset development, completing four wells with over 10,000 feet of completed lateral length. Two of these four wells averaged nine days from spud to rig release, highlighting the drilling team’s execution excellence. Two wells were brought online during the first quarter of 2020 while the remaining eight wells, as part of SilverBow’s drilled but uncompleted program, were brought online during the third quarter of 2020. All ten wells continue to perform in-line with expectations.

In the La Salle Condensate area, the Company brought three net wells online in 2020. These three wells were developed on a recently acquired land tract adjacent to existing SilverBow acreage. They provided for an opportunistic add-on to that position. The wells continue to perform well and are expected to achieve some of the strongest per well recoveries in the area.

In the Webb County Gas area, the Company brought two net wells online in 2020. Eight net wells were drilled during the fourth quarter of 2020 as part of SilverBow’s renewed focus on its dry gas assets. The drilling program consisted of two Fasken Upper Eagle Ford net wells and six La Mesa net wells. The Fasken wells were drilled, on average, in 9.4 days per well and achieved drilling rates of 1,900 feet per day. The Fasken wells were completed with 2,600 pounds of proppant per foot, achieving an industry leading number of 18 stages per day. These wells were turned to sales in late December and are performing in-line with expectations. The La Mesa wells were drilled, on average, in 9.6 days per well and achieved 2,200 feet per day. The Company completed and brought online the La Mesa wells during the first quarter of 2021.

SilverBow continued to set new Company records in efficiency and safety while also enacting real-time changes to field schedules and capital activity in response to fluctuating commodity prices and the COVID-19 pandemic. SilverBow’s La Mesa project is a recent example of specific drilling efficiency improvements. During the fourth quarter of 2020, the Company drilled its second six-well pad. Compared to the first six-well pad drilled in the fourth quarter of 2019, the three Lower Eagle Ford wells were drilled 26% faster with a 32% reduction in per foot drilling cost and the three Upper Eagle Ford wells were drilled 30% faster with a 26% reduction in per foot drilling cost. These gains were the result of a focus on all aspects of drilling cycle-time variables, engineering designs, quality controls on vendors and active wellsite management.

Across all of its operating areas in 2020, SilverBow drilled 44% more lateral footage per day while lowering the per lateral foot costs by 32% as compared to 2019. The Company completed 8% more stages per day and reduced completion costs per well by 13% as compared to 2019. SilverBow’s demonstrated success in reducing costs is a direct result of its operational and supply teams working with vendors to negotiate prices and logistical considerations for the materials used in its operations.

PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES

SilverBow’s total net production for the fourth quarter of 2020 averaged 178 MMcfe/d, above the midpoint of guidance. Production mix for the fourth quarter of 2020 consisted of 16% crude oil, 11% NGLs, and 73% natural gas. Natural gas comprised 60% of total oil and gas sales for the fourth quarter of 2020, compared to 55% in the fourth quarter of 2019.

Lease operating expenses (“LOE”) were $0.33 per thousand cubic feet of natural gas equivalent (“Mcfe”) for the fourth quarter of 2020. Net G&A expenses were $4.7 million or $0.29 per Mcfe, for the fourth quarter of 2020. After deducting $1.1 million of non-cash compensation expenses, cash G&A expenses were $3.6 million for the fourth quarter of 2020, with a per unit cash cost of $0.22 per Mcfe. Transportation and processing expenses (“T&P”) came in at $0.27 per Mcfe and production and ad valorem taxes were 5.6% of oil and gas revenue for the fourth quarter of 2020. Total production expenses, which include LOE, T&P and production taxes, were $0.78 per Mcfe fourth quarter of 2020. The Company’s total cash operating costs for the quarter, which include total production expenses and cash general and administrative expenses, were $1.00 per Mcfe. As a result of corporate cost initiatives, SilverBow expects to realize approximately $2.0 million of cash G&A savings in 2021.

The Company continues to benefit from strong basis pricing in the Eagle Ford, as well as improved benchmark prices. Crude oil and natural gas realizations in the fourth quarter of 2020 were 91% and 101% of WTI and Henry Hub, respectively, excluding hedging. SilverBow’s average realized natural gas price, excluding the effect of hedging, was $2.68 per Mcf in the fourth quarter of 2020 compared to $1.98 per Mcf in the third quarter of 2020. The average realized crude oil selling price, excluding the effect of hedging, was $38.93 per barrel in the fourth quarter of 2020 compared to $37.45 per barrel in the third quarter of 2020. The average realized NGL selling price in the fourth quarter of 2020 was $15.82 per barrel (37% of WTI benchmark), compared to $12.79 per barrel (31% of WTI benchmark) in the third quarter of 2020.

YEAR-END 2020 RESERVES

SilverBow reported year-end estimated proved reserves of 1.1 Tcfe, a 22% decrease over year-end 2019. Specific highlights from the Company’s year-end reserve report include:

Standardized Measure of $513 million
SEC PV-10 Value (non-GAAP measure) of $526 million
Adjusted PV-10 Value of $851 million³, based on $50 per barrel WTI and $2.75 per Mcf of natural gas

The table below reconciles 2019 reserves to 2020 reserves:

	Total (MMcfe)
Proved reserves as of December 31, 2019	1,420,439
Extensions, discoveries and other additions	31,651
Purchases (sales) of minerals in place	11,005
Revisions of prior reserve estimates:
Reclassification of PUD to unproved under SEC 5-year rule	(224,990	)
Price and performance revisions	(64,890	)
Production	(66,800	)
Proved reserves as of December 31, 2020	1,106,415

Developed reserves accounted for 46% of SilverBow’s total estimated proved reserves at December 31, 2020. Total capital costs incurred during 2020 were $100 million, which included approximately $89 million for development costs, $6 million for leasehold acquisition and prospect costs, and $5 million for property acquisitions.

The SEC prices used for reporting the Company’s year-end 2020 estimated proved reserves, which have been adjusted for basis and quality differentials, were $2.13 per Mcf for natural gas, $11.66 per barrel for natural gas liquids and $37.83 per barrel for crude oil compared to $2.62 per Mcf, $16.83 per barrel, and $58.37 per barrel in 2019. Using the SEC prices, SilverBow’s year-end 2020 reserves had a Standardized Measure of $513 million and a SEC PV-10 Value of $526 million. Based on forward prices of $50 per barrel for WTI oil, $2.75 per Mcf for Henry Hub natural gas and $14.67 per barrel (29% of WTI) for NGL, Adjusted PV-10 Value is $851 million³. Adjusted PV-10 Value utilizes the same reserve database and development schedule per the SEC PV-10 Value.

FINANCIAL RESULTS

SilverBow reported total oil and gas sales of $53.5 million for the fourth quarter of 2020. On a GAAP basis, the Company reported net income of $9.3 million for the fourth quarter of 2020, which includes a net loss on the value of SilverBow’s derivatives portfolio of $5.6 million. For the full year 2020, the Company reported a net loss of $309 million. Due to the effects of realized prices and delayed timing of projects, SilverBow reported non-cash impairment write-downs, on a pre-tax basis, totaling $355.9 million on the Company’s oil and natural gas properties for the full year 2020.

For the fourth quarter of 2020, SilverBow reported Adjusted EBITDA (a non-GAAP measure) of $38.3 million and FCF (a non-GAAP measure) of $12.1 million. For the full year 2020, the Company reported Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) of $171.4 million, which, in accordance with the Leverage Ratio calculation in its Credit Facility, includes gains for the period related to previously unwound derivative contracts totaling $25.1 million.

Capital expenditures incurred during the fourth quarter of 2020 totaled $19.5 million on an accrual basis. For the full year 2020, capital expenditures totaled $95.2 million on an accrual basis.

2021 CAPITAL PROGRAM

SilverBow provided its 2021 capital budget range of $100-$110 million (93% allocated to D&C activity). The budget provides for 20 gross (19 net) operated wells completed, compared to 16 gross (15 net) operated wells completed in 2020. The cadence of quarterly spending in 2021 is expected to be similar to 2020, and supports gas production growth of approximately 8% year-over-year.

In the first quarter of 2021, the Company completed and brought online its second six-well La Mesa pad and completed its first Austin Chalk well. Second and third quarter 2021 development will be staggered from a well count perspective and will focus on SilverBow’s liquids-weighted assets. In the fourth quarter of 2021, the Company will shift back towards gas development. SilverBow’s capital budget assumes the full cost incurrence of nine Fasken wells to be drilled in the fourth quarter of 2021.

2021 GUIDANCE

For the first quarter of 2021, SilverBow is guiding for estimated production of 168 – 179 MMcfe/d, with gas volumes expecting to comprise 130 – 140 MMcf/d. For the full year 2021, the Company is guiding for estimated production of 180 – 200 MMcfe/d, with gas volumes expecting to comprise 142 – 160 MMcf/d or 79% of full year production at the midpoint. SilverBow anticipates full year 2021 FCF of $20 to $40 million¹. Additional detail concerning the Company’s first quarter and full year 2021 financial and operational guidance can be found in the table included with today’s news release below and the most recent Corporate Presentation uploaded to the Investor Relations section of the SilverBow’s website.

HEDGING UPDATE

Hedging continues to be an important element of SilverBow’s strategy to protect cash flow. The Company maintains an active hedging program to provide predictable cash flows while still allowing for flexibility in capturing price increases. In conjunction with unwinding oil derivative contracts related to production periods in 2020 and 2021, SilverBow is amortizing the $38 million of cash inflow it received in discrete amounts for each month over the same time period. The amortized hedge gains will factor into the Company’s calculation of Adjusted EBITDA for covenant compliance purposes through the end of 2021.

As of February 26, 2021, SilverBow had 63% of total estimated production volumes hedged for full year 2021, using the midpoint of production guidance. For 2021, the Company has 92 MMcf/d of natural gas production hedged at an average price of $2.90 per million British thermal units (“MMBtu”), 2,996 barrels per day (“Bbls/d”) of oil hedged at an average price of $46.91 per barrel and 1,477 Bbls/d of natural gas liquids hedged at an average price of $23.94 per barrel. For 2022, SilverBow has 48 MMcf/d of natural gas production hedged at an average price of $2.98 per MMBtu and 1,467 Bbls/d of oil hedged at an average price of $44.96 per barrel. Notably, the Company’s hedges are a combination of swaps and collars with the weighted average price factoring in the ceiling price of the collars.

CAPITAL STRUCTURE AND LIQUIDITY

SilverBow’s liquidity as of December 31, 2020, was $82.1 million, consisting of $2.1 million of cash and $80.0 million of availability under the Company’s credit facility. The Company believes it has sufficient liquidity to meet its obligations for at least the next twelve months and execute its long-term development plans. SilverBow’s net debt was $427.9 million, calculated as total long-term debt of $430.0 million less $2.1 million of cash, a 10% decrease from December 31, 2019. As of January 31, 2021, the Company had 11.9 million total common shares outstanding.

CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION

SilverBow will host a conference call for investors on Thursday, March 4, 2021, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/6756335 and using Conference ID 6756335. After registering, instructions and dial-in information will be provided on how to join the call. A simultaneous webcast of the call may be accessed over the internet by visiting SilverBow’s website at www.sbow.com, clicking on “Investor Relations” and “Events and Presentations” and then clicking on the “Fourth Quarter 2020 Conference Call” link. The webcast will be archived for replay on the Company’s website for 14 days. Additionally, an updated Corporate Presentation will be uploaded to the Investor Relations section of SilverBow’s website before the conference call.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on our website is not part of this release.

FORWARD-LOOKING STATEMENTS

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management’s expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than historical facts included in this press release, including those regarding our strategy, future operations, financial position, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, future free cash flow, capital expenditures, budget, projected costs, prospects, plans and objectives are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “guidance,” “budgeted,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and gas industry and negative impact on demand for oil and gas; the supply of oil and actions by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; shut-in and curtailment of production due to decreases in available storage capacity or other factors; volatility in natural gas, oil and NGL prices; future cash flows and their adequacy to maintain our ongoing operations; liquidity, including our ability to satisfy our short- or long-term liquidity needs; our borrowing capacity and future covenant compliance; operating results; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and gas industry; general economic conditions; opportunities to monetize assets; our ability to execute on strategic initiatives; effectiveness of our risk management activities, including hedging strategy; environmental liabilities; counterparty credit risk; governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas-producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2020. Many of the foregoing risks and uncertainties, as well as risks and uncertainties that are currently unknown to us, are, and will be, exacerbated by the COVID-19 pandemic and any consequent worsening of the global business and economic environment. New factors emerge from time to time, and it is not possible for us to predict all such factors. Should one or more of the risks or uncertainties described in this annual report occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. The Company’s capital program, budget and development plans are subject to change at any time.

All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company’s SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

(Footnotes)

¹ A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of FCF (a non-GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts. Such items could have a significant impact on the Company’s net income (loss).

² Market capitalization is defined as total shares outstanding multiplied by closing share price. As of December 31, 2020, SilverBow had 11,936,679 shares outstanding and a closing share price of $5.31.

³Adjusted PV-10 Value at the presented forward price assumptions is provided to illustrate reserve sensitivities to expectations of commodity prices and does not comply with SEC pricing assumptions. Actual future prices may vary significantly from the flat forward prices used in Adjusted PV-10 Value; therefore, actual revenue and value generated may be more or less than Adjusted PV-10 Value. Neither SEC PV-10 Value nor Adjusted PV-10 Value represent actual cash flows, revenues or production that may be realized from reserves as of December 31, 2020.

⁴ Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure defined and reconciled in the tables included with today’s news release) for the trailing twelve-month period.

(Financial Highlights to Follow)

Consolidated Balance Sheets (Unaudited)
SilverBow Resources, Inc. and Subsidiary (in thousands, except share amounts)

	December 31, 2020			December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	2,118		$	1,358
Accounts receivable, net	25,850			36,996
Fair value of commodity derivatives	4,821			12,833
Other current assets	2,184			2,121
Total Current Assets	34,973			53,308
Property and Equipment:
Property and Equipment, Full-Cost Method, including $28,090 and $41,201 of unproved property costs not being amortized	1,343,373			1,247,717
Less – Accumulated depreciation, depletion, amortization and impairment	(801,279		)	(380,728		)
Property and Equipment, Net	542,094			866,989
Right of use assets	4,366			9,374
Fair value of long-term commodity derivatives	281			3,854
Deferred tax asset	—			22,669
Other long-term assets	1,421			3,622
Total Assets	$	583,135		$	959,816
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$	26,991		$	39,343
Fair value of commodity derivatives	8,171			6,644
Accrued capital costs	7,324			17,889
Accrued interest	983			1,397
Current lease liability	3,473			6,707
Undistributed oil and gas revenues	11,098			9,166
Total Current Liabilities	58,040			81,146
Long-term debt	424,905			472,900
Non-current lease liability	951			2,813
Deferred tax liabilities, net	303			1,582
Asset retirement obligations	4,533			4,055
Fair value of long-term commodity derivatives	2,946			1,613
Other long-term liabilities	424			—
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued	—			—
Common stock, $.01 par value, 40,000,000 shares authorized, 12,053,763 and 11,895,032 shares issued and 11,936,679 and 11,806,679 shares outstanding	121			119
Additional paid-in capital	297,712			292,916
Treasury stock held, at cost, 117,084 and 88,353 shares	(2,372		)	(2,282		)
Retained earnings (Accumulated deficit)	(204,428		)	104,954
Total Stockholders’ Equity	91,033			395,707
Total Liabilities and Stockholders’ Equity	$	583,135		$	959,816

Consolidated Statements of Operations (Unaudited)
SilverBow Resources, Inc. and Subsidiary (in thousands, except per-share amounts)

	Year Ended December 31, 2020			Year Ended December 31, 2019
Revenues:
Oil and gas sales	$	177,386		$	288,631

Operating Expenses:
General and administrative, net	22,608			24,851
Depreciation, depletion, and amortization	64,564			95,915
Accretion of asset retirement obligations	354			329
Lease operating expense	21,360			20,763
Workovers	8			628
Transportation and gas processing	20,649			26,968
Severance and other taxes	10,514			13,874
Write-down of oil and gas properties	355,948			—
Total Operating Expenses	496,005			183,328

Operating Income (Loss)	(318,619		)	105,303

Non-Operating Income (Expense)
Net gain (loss) on commodity derivatives	61,304			24,242
Interest expense, net	(31,228		)	(36,561		)
Other income (expense), net	72			90

Income (Loss) Before Income Taxes	(288,471		)	93,074

Provision (Benefit) for Income Taxes	20,911			(21,582		)

Net Income (Loss)	$	(309,382	)	$	114,656

Per Share Amounts:

Basic: Net Income (Loss)	$	(25.99	)	$	9.76

Diluted: Net Income (Loss)	$	(25.99	)	$	9.74

Weighted Average Shares Outstanding – Basic	11,902			11,753

Weighted Average Shares Outstanding – Diluted	11,902			11,778

Consolidated Statements of Operations (Unaudited)
SilverBow Resources, Inc. and Subsidiary (in thousands, except per-share amounts)

	Three Months Ended December 31, 2020			Three Months Ended December 31, 2019
Revenues:
Oil and gas sales	$	53,465		$	69,850

Operating Expenses:
General and administrative, net	4,682			5,705
Depreciation, depletion, and amortization	13,434			25,145
Accretion of asset retirement obligations	91			73
Lease operating expense	5,337			5,689
Workovers	—			15
Transportation and gas processing	4,358			7,051
Severance and other taxes	3,001			2,830
Total Operating Expenses	30,903			46,508

Operating Income (Loss)	22,562			23,342

Non-Operating Income (Expense)
Net gain (loss) on commodity derivatives	(5,580		)	(10,070		)
Interest expense, net	(7,352		)	(9,061		)
Other income (expense), net	22			(80		)

Income (Loss) Before Income Taxes	9,652			4,131

Provision (Benefit) for Income Taxes	304			(2,117		)

Net Income (Loss)	$	9,348		$	6,248

Per Share Amounts:

Basic: Net Income (Loss)	$	0.78		$	0.53

Diluted: Net Income (Loss)	$	0.77		$	0.53

Weighted Average Shares Outstanding – Basic	11,937			11,795

Weighted Average Shares Outstanding – Diluted	12,199			11,804

Consolidated Statements of Cash Flows (Unaudited)
SilverBow Resources, Inc. and Subsidiary (in thousands)

	Year Ended December 31, 2020			Year Ended December 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	(309,382	)	$	114,656
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities-
Write-down of oil and gas properties	355,948			—
Depreciation, depletion, and amortization	64,564			95,915
Accretion of asset retirement obligations	354			329
Deferred income tax expense (benefit)	21,390			(22,101		)
Share-based compensation expense	4,557			6,148
(Gain) Loss on derivatives, net	(61,304		)	(24,242		)
Cash settlements (paid) received on derivatives	78,421			24,631
Settlements of asset retirement obligations	(94		)	(83		)
Write-down of debt issuance cost	557			82
Other	3,061			2,930
Change in operating assets and liabilities-
(Increase) decrease in accounts receivable and other assets	9,011			11,605
Increase (decrease) in accounts payable and accrued liabilities	(977		)	(7,100		)
Increase (decrease) in income taxes payable	(480		)	519
Increase (decrease) in accrued interest	(414		)	(116		)
Net Cash Provided by (Used in) Operating Activities	165,212			203,173
Cash Flows from Investing Activities:
Additions to property and equipment	(114,738		)	(282,660		)
Acquisition of producing properties	(4,544		)	—
Proceeds from (adjustments to) the sale of property and equipment	4,777			(96		)
Payments on property sale obligations	(826		)	(5,112		)
Net Cash Provided by (Used in) Investing Activities	(115,331		)	(287,868		)
Cash Flows from Financing Activities:
Proceeds from bank borrowings	107,000			381,000
Payments of bank borrowings	(156,000		)	(297,000		)
Purchase of treasury shares	(90		)	(412		)
Payments of debt issuance costs	(31		)	—
Net Cash Provided by (Used in) Financing Activities	(49,121		)	83,588

Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	760			(1,107		)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	1,358			2,465
Cash, Cash Equivalents and Restricted Cash at End of Year	$	2,118		$	1,358

Supplemental Disclosures of Cash Flows Information:
Cash paid during period for interest, net of amounts capitalized	$	28,929		$	34,408
Changes in capital accounts payable and capital accruals	$	(19,365	)	$	(21,584	)

Definition of Non-GAAP Measures as Calculated by the Company (Unaudited)

The following non-GAAP measures are presented in addition to financial statements as SilverBow believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and useful in comparing investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company’s financial or operating performance presented in accordance with GAAP. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure or measures is presented below. These measures may not be comparable to similarly titled measures of other companies.

Adjusted EBITDA: The Company presents Adjusted EBITDA attributable to common stockholders in addition to reported net income (loss) in accordance with GAAP. Adjusted EBITDA is calculated as net income (loss) plus (less) depreciation, depletion and amortization, accretion of asset retirement obligations, interest expense, impairment of oil and natural gas properties, net losses (gains) on commodity derivative contracts, amounts collected (paid) for commodity derivative contracts held to settlement, income tax expense (benefit); and share-based compensation expense. Adjusted EBITDA excludes certain items that SilverBow believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDA is used by the Company’s management and by external users of SilverBow’s financial statements, such as investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. It is also used to assess SilverBow’s ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA is important as it is considered among the financial covenants under the Company’s First Amended and Restated Senior Secured Revolving Credit Agreement with JPMorgan Chase Bank, National Association, as administrative agent, and certain lenders party thereto (as amended, the “Credit Agreement”), a material source of liquidity for SilverBow. Please reference the Company’s 2020 Form 10-K for discussion of the Credit Agreement and its covenants.

Adjusted EBITDA for Leverage Ratio: Adjusted EBITDA for Leverage Ratio is calculated as Adjusted EBITDA (defined above) plus amortization of derivative contracts, in accordance with the covenant compliance calculations under SilverBow’s Credit Agreement. The Company believes that Adjusted EBITDA for Leverage Ratio is useful to investors because it reflects the last twelve months EBITDA used by the administrative agent for SilverBow’s Credit Facility in the calculation of its leverage ratio covenant.

Cash General and Administrative Expenses: Cash general and administrative expenses is a non-GAAP measure calculated as net general and administrative costs less share-based compensation. The Company reports cash G&A expenses because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period. In addition, SilverBow believes cash G&A expenses are used by analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas industry to allow for analysis of G&A spend without regard to stock-based compensation which can vary substantially from company to company. Cash G&A expenses should not be considered as an alternative to, or more meaningful than, total G&A expenses.

Free Cash Flow:Free cash flow is calculated as Adjusted EBITDA (defined above) plus (less) monetized derivative contracts, cash interest expense, capital expenditures and current income tax (expense) benefit. The Company believes that free cash flow is useful to investors and analysts because it assists in evaluating the Company’s operating performance, and the valuation, comparison, rating and investment recommendations of companies within the oil and gas industry. SilverBow uses this information as one of the bases for comparing its operating performance with other companies within the oil and gas industry. Free cash flow should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.

Net Debt: Net debt is calculated as the total principal amount of second lien notes plus borrowings on the Company’s Credit Facility less cash and cash equivalents.

Total Cash Operating Costs: Total Cash Operating Costs are calculated as lease operating expenses plus transportation and processing expenses plus production taxes plus cash G&A expenses (non-GAAP). SilverBow believes that Total Cash Operating Costs are useful to investors because it reflects both the production expenses and overhead costs incurred from period to period. The Company believes Total Cash Operating Costs to be a true representation of its cost structure.

Calculation of Adjusted EBITDA and Free Cash Flow (Unaudited)

SilverBow Resources, Inc. and Subsidiary (in thousands, except share amounts)

The below tables provide the calculation of Adjusted EBITDA and Free Cash Flow for the following periods (in thousands).

Three Months Ended

December 31, 2020

Three Months Ended

December 31, 2019

Net Income (Loss)

$

9,348

$

6,248

Plus:

Depreciation, depletion and amortization

$

13,434

$

25,145

Accretion of asset retirement obligations

91

73

Interest expense

7,352

9,061

Derivative (gain)/loss

5,580

10,070

Derivative cash settlements collected/(paid) ⁽¹⁾

1,143

8,035

Income tax expense/(benefit)

304

(2,117

)

Share-based compensation expense

1,054

1,057

Adjusted EBITDA

$

38,306

$

57,572

Plus:

Monetized derivative contracts

$

—

$

—

Cash interest expense, net

(6,639

)

(8,236

)

Capital expenditures ⁽²⁾

(19,541

)

(54,243

)

Current income tax (expense)/benefit

—

(250

)

Free Cash Flow

$

12,126

$

(5,157

)

Adjusted EBITDA

$

38,306

$

57,572

Amortization of derivative contracts

9,239

—

Adjusted EBITDA for Leverage Ratio ⁽³⁾

$

47,545

$

57,572

(1) This includes accruals for settled contracts covering commodity deliveries during the period where the actual cash settlements occur outside of the period.

(2) Excludes proceeds/(payments) related to the divestiture/(acquisition) of oil and gas properties and equipment, outside of regular way land and leasing costs.

(3) Adjusted EBITDA for Leverage Ratio includes $9.2 million of proceeds from the amortization of previously unwound derivative contracts for the fourth quarter of 2020.

Year Ended

December 31, 2020

Year Ended

December 31, 2019

Net Income (Loss)

$

(309,382)

$

114,656

Plus:

Depreciation, depletion and amortization

64,564

95,915

Accretion of asset retirement obligations

354

329

Interest expense

31,228

36,561

Write-down of oil and gas properties

355,948

—

Derivative (gain)/loss

(61,304)

(24,242)

Derivative cash settlements collected/(paid) ⁽¹⁾

39,424

24,808

Income tax expense/(benefit)

20,911

(21,582)

Share-based compensation expense

4,557

6,148

Adjusted EBITDA

$

146,300

$

232,593

Plus:

Monetized derivative contracts

$

38,310

$

—

Cash interest expense, net

(28,929)

(34,408)

Capital expenditures ⁽²⁾

(95,241)

(261,662)

Current income tax (expense)/benefit

480

(519)

Free Cash Flow

$

60,920

$

(63,996)

Adjusted EBITDA

$

146,300

$

232,593

Amortization of derivative contracts

25,075

—

Adjusted EBITDA for Leverage Ratio ⁽³⁾

$

171,375

$

232,593

(1) This includes accruals for settled contracts covering commodity deliveries during the period where the actual cash settlements occur outside of the period.

(2) Excludes proceeds/(payments) related to the divestiture/(acquisition) of oil and gas properties and equipment, outside of regular way land and leasing costs.

(3) Adjusted EBITDA for Leverage Ratio includes $25.1 million of proceeds from the amortization of previously unwound derivative contracts for the full year 2020.

Calculation of Cash General & Administrative Expenses (Unaudited)

SilverBow Resources, Inc. and Subsidiary (in thousands, except per unit amounts)

The below tables provide the calculation of cash G&A for the following periods (in thousands).

Three Months Ended

December 31, 2020

Three Months Ended

December 31, 2019

General and administrative, net

$

4,682

$

5,705

Less: Share-based compensation expense

1,054

1,057

Cash general and administrative, net

$

3,628

$

4,648

General and administrative, net (per Mcfe)

$

0.29

$

0.26

Less: Share-based compensation expense (per Mcfe)

0.07

0.04

Cash general and administrative, net (per Mcfe)

$

0.22

$

0.22

Year Ended

December 31, 2020

Year Ended

December 31, 2019

General and administrative, net

$

22,608

$

24,851

Less: Share-based compensation expense

4,557

6,148

Cash general and administrative, net

$

18,051

$

18,703

General and administrative, net (per Mcfe)

$

0.34

$

0.29

Less: Share-based compensation expense (per Mcfe)

0.07

0.07

Cash general and administrative, net (per Mcfe)

$

0.27

$

0.22

Calculation of Standardized Measure of Discounted Future Net Cash Flows

The following table provides a reconciliation between the Standardized Measure (the most directly comparable financial measure calculated in accordance with U.S. GAAP) and SEC PV-10 Value of the Company’s proved reserves:

As of December 31,

(in millions)

2020

2019

2018

Standardized Measure of Discounted Future Net Cash Flows

$

513

$

868

$

994

Adjusted for: Future income taxes (discounted at 10%)

13

108

134

SEC PV-10 Value

$

526

$

976

$

1,128

Production Volumes & Pricing (Unaudited)

SilverBow Resources, Inc. and Subsidiary

Year Ended

December 31, 2020

Year Ended

December 31, 2019

Production volumes:

Oil (MBbl) ⁽¹⁾

1,521

1,605

Natural gas (MMcf)

50,988

64,388

Natural gas liquids (MBbl) ⁽¹⁾

1,114

1,717

Total (MMcfe)

66,800

84,320

Oil, Natural gas and Natural gas liquids sales:

Oil

$

57,651

$

92,833

Natural gas

105,234

170,558

Natural gas liquids

14,500

25,241

Total

$

177,386

$

288,631

Average realized price:

Oil (per Bbl)

$

37.89

$

57.84

Natural gas (per Mcf)

2.06

2.65

Natural gas liquids (per Bbl)

13.02

14.70

Average per Mcfe

$

2.66

$

3.42

(1) Oil and NGLs are converted at the rate of one barrel of oil equivalent to six Mcf

Three Months Ended

December 31, 2020

Three Months Ended

December 31, 2019

Production volumes:

Oil (MBbl) ⁽¹⁾

428

438

Natural gas (MMcf)

11,970

16,114

Natural gas liquids (MBbl) ⁽¹⁾

299

467

Total (MMcfe)

16,332

21,543

Oil, Natural gas and Natural gas liquids sales:

Oil

$

16,672

$

24,391

Natural gas

32,065

38,617

Natural gas liquids

4,728

6,841

Total

$

53,465

$

69,850

Average realized price:

Oil (per Bbl)

$

38.93

$

55.70

Natural gas (per Mcf)

2.68

2.40

Natural gas liquids (per Bbl)

15.82

14.65

Average per Mcfe

$

3.27

$

3.24

(1) Oil and NGLs are converted at the rate of one barrel of oil equivalent to six Mcf

First Quarter 2021 & Full Year 2021 Guidance

Guidance

1Q 2021

FY 2021

Production Volumes:

Oil (Bbls/d)

3,350 – 3,450

3,200 – 3,400

Natural Gas (MMcf/d)

130 – 140

142 – 160

NGLs (Bbls/d)

2,950 – 3,050

3,100 – 3,300

Total Reported Production (MMcfe/d)

168 – 179

180 – 200

Product Pricing :

Crude Oil NYMEX Differential ($/Bbl)

($4.00) – ($1.00)

N/A

Natural Gas NYMEX Differential ($/Mcf)

$0.01 – $0.05

N/A

Natural Gas Liquids (% of WTI)

35% – 39%

N/A

Operating Costs & Expenses:

Lease Operating Expenses ($/Mcfe)

$0.38 – $0.42

$0.34 – $0.38

Transportation & Processing ($/Mcfe)

$0.31 – $0.35

$0.32 – $0.36

Production Taxes (% of Revenue)

5.0% – 5.6%

4.9% – 5.4%

Cash G&A, net ($MM)

$4.0 – $4.5

$16.0 – $17.0

*A forward-looking estimate of net G&A expenses is not provided with the forward-looking estimate of cash G&A (a non-GAAP measure) because the items necessary to estimate net G&A expenses are not accessible or estimable at this time without unreasonable efforts. Such items could have a significant impact on net G&A expenses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005920/en/

Jeff Magids

Director of Finance & Investor Relations

(281) 874-2700, (888) 991-SBOW

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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Posted on March 3, 2021 4:08 pm
LENSAR to Hold Fourth Quarter and Full Year 2020 Financial Results and Business Update Conference Call on Wednesday, March 10, 2021

LENSAR to Hold Fourth Quarter and Full Year 2020 Financial Results and Business Update Conference Call on Wednesday, March 10, 2021

ORLANDO, Fla.–(BUSINESS WIRE)–
LENSAR, Inc. (NASDAQ: LNSR) (“LENSAR” or “the Company”), a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, today announced that the Company’s fourth quarter and full year 2020 financial results will be released before market open on Wednesday, March 10, 2021. LENSAR’s management will host a conference call and webcast at 8:30 am ET on Wednesday, March 10, 2021 to discuss the financial results and recent corporate highlights.

To participate by telephone, please dial (833) 312-1363 (Domestic) or (236) 712-2498 (International). The conference ID number is 1061836. To access the live webcast, please go to the Investors section of LENSAR’s website at www.lensar.com. Following the live webcast, an archived version of the call will be available on the website.

About LENSAR

LENSAR is a commercial-stage medical device company focused on designing, developing and marketing an advanced femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Its LENSAR Laser System incorporates a range of proprietary technologies designed to assist the surgeon in obtaining better visual outcomes, efficiency and reproducibility by providing advanced imaging, simplified procedure planning, efficient design and precision.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company’s assets and business are disclosed under the heading “Risk Factors” contained in the Company’s Form 10 Registration Statement, as amended, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking statement except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005919/en/

Thomas R. Staab, II, CFO

[email protected]

Lee Roth / Cameron Radinovic

Burns McClellan for LENSAR

[email protected] / [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Optical Health Surgery Medical Devices

MEDIA:

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Posted on March 3, 2021 4:08 pm
Tandem Diabetes Care Announces Upcoming Virtual Conference Presentations

Tandem Diabetes Care Announces Upcoming Virtual Conference Presentations

SAN DIEGO–(BUSINESS WIRE)–
Tandem Diabetes Care, Inc. (NASDAQ: TNDM), a leading insulin delivery and diabetes technology company, today announced that management will present a company update at the following virtual investor conferences:

Barclays Global Healthcare Conference on Wednesday, March 10, 2021 at 3:00pm Eastern Time (12:00pm Pacific Time), and

Oppenheimer’s 31^st Annual Healthcare Conference on Wednesday, March 17, 2021 at 2:30pm Eastern Time (11:30am Pacific Time).

The Company update presentations will be webcast live, and an archive recording will be available for 30 days. The link to the live webcast and archive will be accessible on Tandem Diabetes Care’s Investor Center website located at http://investor.tandemdiabetes.com in the “Events & Presentations” section.

About Tandem Diabetes Care, Inc.

Tandem Diabetes Care, Inc. (www.tandemdiabetes.com) is a medical device company dedicated to improving the lives of people with diabetes through relentless innovation and revolutionary customer experience. The Company takes an innovative, user-centric approach to the design, development and commercialization of products for people with diabetes who use insulin. Tandem’s flagship product, the t:slim X2™ insulin pump, is capable of remote software updates using a personal computer and features integrated continuous glucose monitoring. Tandem is based in San Diego, California.

Tandem Diabetes Care is a registered trademark and t:slim X2 is a trademark of Tandem Diabetes Care, Inc.

Follow Tandem Diabetes Care on Twitter @tandemdiabetes; use #tslimX2, and $TNDM.

Follow Tandem Diabetes Care on Facebook at www.facebook.com/TandemDiabetes.

Follow Tandem Diabetes Care on LinkedIn at https://www.linkedin.com/company/tandemdiabetes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005913/en/

Media Contact:

Steve Sabicer

714-907-6264

[email protected]

Investor Contact:

Susan Morrison

858-366-6900 x7005

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Diabetes Health Medical Devices

MEDIA:

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Posted on March 3, 2021 4:08 pm
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Year Ended December 27, 2020

Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Year Ended December 27, 2020

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the quarter and year ended December 27, 2020.

Fourth Quarter 2020 Financial Summary Compared to Fourth Quarter 2019

Total revenues were $201.1 million, a decrease of 33.6%, primarily due to the impacts of the COVID-19 pandemic including related state and local dining room restrictions;

Comparable restaurant revenue decreased 29.0%;

Off-premise sales increased 131.8% and comprised 43.9% of total food and beverage sales, with approximately 80% of off-premise orders driven through digital channels;

Net loss was $39.3 million compared to net loss of $7.7 million;

GAAP loss per diluted share was $2.53 compared to GAAP loss per diluted share of $0.60;

Adjusted loss per diluted share was $1.79 compared to adjusted loss per diluted share of $0.36 (see Schedule I);

Adjusted EBITDA was a loss of $6.4 million compared to adjusted EBITDA of $26.7 million (see Schedule III); and

The Company received $49.4 million in cash tax refunds, including interest, and expects to generate approximately $16 million of additional cash refunds within the next twelve months.

Paul J. B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “2020 was a challenging year for our Team Members, for the Communities and Guests that we serve, and for our business. However, not only did Red Robin persevere, we took advantage of the opportunity created by the pandemic to improve our Guest experience and strengthen our enterprise business model. We implemented our Total Guest Experience hospitality model, optimized our management labor structure, simplified our menu, and renegotiated our lease portfolio, all of which will enable us to generate more than 100 basis points of incremental enterprise-level margin improvement when we return to pre-COVID sales volumes. In the first quarter of 2021, we also secured a second amendment to our credit facility, which provides increased near-term flexibility as we continue to de-lever our balance sheet and strategically position the brand for the future.”

Murphy concluded, “There is no doubt that increased dining restrictions during the fourth quarter in California, Colorado, Oregon, and Washington had a significant, negative impact to our topline momentum. However, we are bullish as we look to the future reopening of these markets, which represented almost 40% of our 2019 restaurant sales. We are very encouraged by our recent sales trajectory, and as capacity restrictions loosen in these Western markets, we believe our geographic mix will drive sales growth that outpaces the industry. In addition, we are confident that the continued rollout of Donatos®, which we expect will generate over $60 million in annual pizza sales by 2023, higher off-premise sales, record Guest satisfaction scores, and other Company sales drivers will augment our strengthening business results and create and grow long-term value for our shareholders.”

Fourth Quarter 2020 Operating Results

Total revenues, which primarily include Company-owned restaurant revenue and franchise royalties, decreased $101.9 million to $201.1 million in the fourth quarter of 2020, from $302.9 million in the fourth quarter of 2019. Restaurant revenue decreased $101.2 million due to a $78.2 million decrease in comparable restaurant revenue⁽¹⁾and a $23.0 million decrease primarily from closed restaurants. The decrease in comparable restaurant revenue was driven by restaurants operating at limited occupant capacity for dining rooms that were opened during the quarter, off-premise only restaurants with closed dining rooms, or closed restaurants due to the COVID-19 pandemic. Restaurants which offered Donatos® in the fourth quarter outperformed non-Donatos® restaurants with similar indoor dining restrictions by over 500 basis points, partially offsetting the decline in comparable restaurant revenue.

System-wide restaurant revenue, which includes $49.9 million of restaurant revenue reported by our franchisees, for the fourth quarter of 2020 totaled $245.4 million, compared to $361.6 million for the fourth quarter of 2019.

Comparable restaurant revenue⁽¹⁾decreased 29.0% in the fourth quarter of 2020 compared to the same period a year ago, driven by a 28.8% decrease in Guest count and a 0.2% decrease in average Guest check. The decrease in average Guest check resulted from a 2.9% decrease in menu mix and a 0.3% decrease from higher discounts, partially offset by a 3.0% increase in pricing. The decrease in menu mix was primarily driven by lower sales of beverages and Finest burgers as a result of limited dining room capacity at reopened restaurants and operating off-premise only at restaurants with closed dining rooms.

Net loss was $39.3 million for the fourth quarter of 2020 compared to net loss of $7.7 million for the same period a year ago. Adjusted net loss (a non-GAAP financial measure) was $27.8 million for the fourth quarter of 2020 compared to adjusted net loss of $4.7 million for the same period a year ago (see Schedule I).

Restaurant-level operating profit as a percentage of restaurant revenue (a non-GAAP financial measure) was 6.2% in the fourth quarter of 2020 compared to 18.9% in the same period a year ago. The decrease was primarily due to sales deleverage, higher hourly wages and benefits costs, and costs driven by higher off-premise sales, partially offset by pricing, favorable commodity costs, and lower janitorial and maintenance costs. Schedule II of this earnings release defines restaurant-level operating profit, discusses why it is a useful metric for investors, and reconciles this metric to loss from operations and net loss, the most directly comparable GAAP metrics.

⁽¹⁾

Comparable restaurants are those Company-owned restaurants that have operated five full quarters during the period presented, and such restaurants are only included in the comparable metrics if they have operated for the entirety of both periods presented.

Restaurant Revenue Performance

Twelve Weeks Ended

December 27, 2020

December 29, 2019

Average weekly sales per unit:

Company-owned – Total

$

38,464

$

52,983

Company-owned – Comparable⁽¹⁾

39,045

54,563

Franchised units – Comparable⁽¹⁾

$

40,617

$

57,492

Total operating weeks:

Company-owned units

5,084

5,601

Franchised units

1,231

1,145

Other Results

General and administrative costs were $16.4 million, or 8.2% of total revenues, in the fourth quarter of 2020, compared to $19.3 million, or 6.4% of total revenues, in the same period a year ago. The decrease was primarily driven by a decrease in Team Member salaries and wages from the reduction in force, travel and entertainment costs, and professional services and legal fees, partially offset by higher Team Member benefit costs.

Selling expenses were $7.9 million, or 3.9% of total revenues, in the fourth quarter of 2020, compared to $16.5 million, or 5.4% of total revenues, during the same period a year ago. The decrease was primarily driven by a reduction in national and local media spend.

Other charges in the fourth quarter of 2020 included $6.9 million of restaurant closure costs, $6.2 million of restaurant asset impairment, $1.9 million of litigation contingencies, and $0.6 million of COVID-19 related costs related to the purchase of personal protective equipment for our Team Members and Guests and emergency sick pay provided to restaurant Team Members.

The tax benefit for the twelve weeks ended December 27, 2020 was $3.2 million, compared to a tax expense of $7.3 million for the twelve weeks ended December 29, 2019. The increase in tax benefit for the twelve weeks ended December 27, 2020 is primarily due to a decrease in income, partially offset by the recognition of $8.7 million of additional valuation allowance during the quarter. The Company was able to carry back federal net operating losses and receive $49.4 million in cash tax refunds during the year ended December 27, 2020, including interest, and expects to generate approximately $16 million of additional net operating loss cash tax refunds within the next 12 months.

Financial Highlights for the Fiscal Year Ended December 27, 2020 Compared to the Fiscal Year Ended December 29, 2019

Total revenues for the fiscal year ended December 27, 2020 were $868.7 million, a decrease of $446.3 million from the fiscal year ended December 29, 2019, primarily due to the COVID-19 pandemic, including limited occupant capacity as we reopen dining rooms, operating an off-premise only model at our restaurants with closed dining rooms, and closed restaurants. GAAP loss per diluted share was $19.29 in 2020 compared to GAAP loss per diluted share of $0.61 in 2019, and adjusted loss per diluted share was $11.33 compared to adjusted earnings per diluted share of $0.62 in the prior year. See Schedule I for a reconciliation of adjusted (loss) earnings per diluted share (each, a non-GAAP financial measure) to GAAP net loss and GAAP loss per diluted share. Off-premise sales, including take-out, delivery, and catering, increased 136.2% during 2020, now comprising 41.1% of total food and beverage sales. For fiscal year 2020, comparable restaurant revenue⁽¹⁾ decreased 28.5%, and comparable restaurant Guest count decreased 27.7% compared to 2019.

Restaurant Portfolio

The following table details restaurant unit data for Company-owned and franchised locations for the periods indicated:

Twelve Weeks Ended

Fifty-two Weeks Ended

December 27, 2020

December 29, 2019

December 27, 2020

December 29, 2019

Company-owned:

Beginning of period

444

471

454

484

Sold to franchisees⁽³⁾

—

(12

)

—

(12

)

Closed during the period⁽²⁾

(1

)

(5

)

(11

)

(18

)

End of period

443

454

443

454

Franchised:

Beginning of period

103

90

102

89

Opened during the period

—

—

1

1

Acquired from corporate⁽³⁾

—

12

—

12

End of period

103

102

103

102

Total number of restaurants

546

556

546

556

⁽²⁾

In addition to the permanent closures during the twelve and fifty-two weeks ended December 27, 2020, 12 Company-owned restaurants that remained closed due to the COVID-19 pandemic as of December 27, 2020, may be reopened in 2021. Of the 24 temporarily closed Company-owned restaurants at the beginning of the fourth fiscal quarter, 11 restaurants have been reopened and one restaurant has been permanently closed during the twelve weeks ended December 27, 2020.

⁽³⁾

During the fourth quarter of 2019, the Company sold 12 restaurants located in British Columbia, Canada to a franchisee.

⁽¹⁾

Comparable restaurants are those Company-owned restaurants that have operated five full quarters during the period presented, and such restaurants are only included in the comparable metrics if they have operated for the entirety of both periods presented.

Balance Sheet and Liquidity

As of December 27, 2020, the Company had total debt of $170.6 million, of which $9.7 million was classified as current. The Company made net repayments of $45.4 million on its Amended and Restated Credit Agreement (the “credit facility”) during the fourth quarter of 2020. As of December 27, 2020, the Company had outstanding borrowings under its credit facility of $169.8 million, in addition to amounts issued under letters of credit of $8.7 million, and liquidity of approximately $128.0 million including cash on hand and available borrowing capacity under its credit facility.

Due to the prolonged nature of the pandemic, the Company entered into the Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) on February 25, 2021. The Second Amendment provides increased financial flexibility in the near-term, as we continue to de-lever our balance sheet. The Company obtained a waiver of certain financial covenants through July 11, 2021, followed by the introduction of more favorable covenant levels through the second quarter of 2022. As of the end of the second fiscal period ending February 21, 2021, the Company had approximately $122 million in liquidity, including cash on hand and available borrowing capacity under its credit facility. This liquidity amount includes the impact of a one-time cash payment of $8.5 million, during the first quarter of 2021 associated with a legal settlement.

COVID-19 Business Update

As of February 28, 2021, the Company had 441 total (comparable and non-comparable) restaurants. 12 Company-owned restaurants remained temporarily closed due to the COVID-19 pandemic as of February 28, 2021 and may be reopened in 2021.

Net comparable restaurant revenue and average weekly net sales per Company-owned restaurant for the Company’s 28 day accounting periods through the second period of fiscal year 2021 and the most recent week ended February 28, 2021 are as follows:

Period Ended⁽²⁾

Company-owned Restaurants⁽³⁾

1-Nov

29-Nov

27-Dec

24-Jan

21-Feb⁽⁴⁾

28-Feb⁽⁵⁾

Net comparable restaurant revenues

(15.4)%

(28.8)%

(39.5)%

(27.0)%

(22.4)%

(13.3)%

Average weekly net sales per restaurant

$42,509

$38,941

$35,716

$39,702

$41,624

$50,226

Number of comparable Company-owned restaurants⁽¹⁾

412

412

412

413

411

411

⁽¹⁾

Comparable restaurants are those Company-owned restaurants that have operated five full fiscal quarters as of the period presented. Restaurant count shown is as of the end of the period presented.

⁽²⁾

The periods ended November 1, November 29, and December 27, 2020 comprise the Company’s fourth fiscal quarter. The periods ended January 24, 2021 and February 21, 2021, and the week ended February 28, 2021, fall within our first fiscal quarter of 2021, and amounts presented for the periods are preliminary and subject to closing adjustments. The first fiscal quarter of 2021 is comprised of the four accounting periods ended April 18, 2021.

⁽³⁾

Sales performance was negatively impacted in the fourth quarter of 2020 by rising COVID-19 cases resulting in new restrictions lowering or suspending dining room capacity and full restaurant closures being concentrated in our highest performing states of California, Colorado, Oregon, and Washington. Additionally, the prior year sales amounts in the comparable base included higher holiday season sales volume.

⁽⁴⁾

Period includes the impact of reduced traffic due to winter weather in February of approximately 2% to 3%. Results for this period also include the impact of reopening indoor dining rooms in jurisdictions that require lower capacity than the existing base of restaurants.

⁽⁵⁾

Period represents the results of the first week of our third fiscal period.

Restaurants with Open Indoor Dining Rooms

As of February 28, 2021, the Company had reopened 372 total (comparable and non-comparable) indoor dining rooms with limited capacity, representing approximately 87% of currently open Company-owned restaurants. Notably, these restaurants have on average maintained off-premise comparable sales that are more than two times what we generated before the pandemic after reopening dining rooms.

Net comparable restaurant revenue and average weekly net sales per Company-owned restaurant with reopened indoor dining rooms for the Company’s 28 day accounting periods through the second period of fiscal year 2021 and the most recent week ended February 28, 2021 is as follows:

Period Ended⁽²⁾

Reopened Company-owned Restaurant Indoor Dining Rooms⁽³⁾

1-Nov

29-Nov

27-Dec

24-Jan

21-Feb⁽⁴⁾

28-Feb⁽⁵⁾

Net comparable restaurant revenues

(13.7)%

(20.7)%

(23.3)%

(8.1)%

(16.3)%

(9.1)%

Average weekly net sales per restaurant

$42,778

$39,041

$40,578

$44,354

$41,998

$51,150

Number of comparable Company-owned restaurants⁽¹⁾

362

245

236

299

354

360

⁽¹⁾

Net sales performance for Company-owned restaurants with reopened indoor dining rooms for the full period presented. Restaurant count is as of the end of the period presented.

⁽²⁾

The periods ended November 1, November 29, and December 27, 2020 comprise the Company’s fourth fiscal quarter. The periods ended January 24, 2021 and February 21, 2021, and the week ended February 28, 2021, fall within our first fiscal quarter of 2021, and amounts presented for the periods are preliminary and subject to closing adjustments. The first fiscal quarter of 2021 is comprised of the four accounting periods ended April 18, 2021.

⁽³⁾

Sales performance was negatively impacted in the fourth quarter of 2020 by rising COVID-19 cases resulting in new restrictions lowering or suspending dining room capacity and full restaurant closures being concentrated in our highest performing states of California, Colorado, Oregon, and Washington. Additionally, the prior year sales amounts in the comparable base included higher holiday season sales volume.

⁽⁴⁾

Period includes the impact of reduced traffic due to winter weather in February of approximately 2% to 3%. Results for this period also include the impact of reopening indoor dining rooms in jurisdictions that require lower capacity than the existing base of restaurants.

⁽⁵⁾

Period represents the results of the first week of our third fiscal period.

We expect that the recovery of our West Coast restaurants will provide significant average comparable restaurant revenue benefits as the dining rooms continue to reopen. As of our fiscal second period, the majority of our restaurants in our West Coast market were open at limited capacity or had closed dining rooms. The restaurants in these states had average weekly net sales per restaurant as presented in the table below:

State

Restaurant Count

February 21, 2021⁽¹⁾

Fiscal Year 2019

Change

California

64

$

38,855

$

63,586

(38.9

)%

Oregon

15

39,816

70,119

(43.2

)

Washington

38

$

48,062

$

73,326

(34.5

)%

⁽¹⁾

Amounts presented for this period are preliminary and subject to closing adjustments.

We also expect to see continued benefits from outdoor seating expansion of approximately 16 to 24 incremental seats at restaurants where jurisdictions and weather allow, representing approximately 10% incremental seating capacity on average per restaurant.

Business Growth Initiatives

We believe Donatos® will generate annual Company pizza sales of more than $60 million and profitability of more than $25 million by 2023, when we expect to have completed our rollout to approximately 400 Company-owned restaurants. In 2021, we plan to add Donatos® to approximately 120 restaurants, bringing the total number of Company-owned restaurants that offer Donatos® to approximately 200 by the end of the year. We expect restaurants with Donatos® to drive incremental flow-through of $45 thousand in the second year, yielding a three to four year payback period. First year startup costs include pre-opening expense of $12 thousand, required first year marketing investments of $30 thousand, and capital of $145 thousand per restaurant.

As we look ahead to a post-pandemic operating environment, we are preparing our Team Members with a “Ready-Set-Reopen” training playbook to ensure a great experience as our Guests return to our dining rooms. This prescriptive guide addresses short, medium, and long term actions required to continue building satisfaction with our Guests and guides best practices for resuming the operation of our indoor dining rooms at 100% capacity.

We also have several technology solutions we plan to roll out in late 2021, including website enhancements and a new Red Robin mobile app. These initiatives are cost-effective channels to engage on a direct and personalized level with our Guests. Our technology platforms are expected to grow revenue through higher order conversion and increased Guest frequency, while driving additional Royalty™ participation. Additionally our new loyalty platform will allow us to better segment our Guests and target marketing campaigns in a more meaningful way.

Our off-premise execution enhancements support our ability to retain off-premise food and beverage sales of more than twice pre-pandemic levels while operating at 100% indoor capacity. In the fourth quarter of 2019, off-premise sales comprised approximately 14% of total food and beverage sales.

Outlook for 2021 and Guidance Policy

The Company provides guidance as it relates to selected information related to the Company’s financial and operating performance, and such measures may differ from year to year. Due to the uncertainty caused by the on-going COVID-19 pandemic, limited guidance is being provided for fiscal year 2021.

The Company currently expects the following in 2021:

We expect that the recovery of our Western markets which represent a meaningful portion of our portfolio, pent up demand for casual dining, higher average Guest check with increasing on-premise dining, and industry restaurant closures will drive significant comparable restaurant revenue growth in 2021.

We also currently expect that the combination of enterprise pricing, outdoor seating capacity expansions, restoration of full operating hours, and Donatos® expansion will generate incremental growth of mid-to-high single digit comparable restaurant revenue in 2021 beyond the benefits associated with the recovery; and

We expect capital expenditures of $45 million to $55 million, including continued investment in maintaining our restaurants and infrastructure with maintenance and systems capital, Donatos® expansion to approximately 120 restaurants, digital guest and operational technology solutions, and off-premise execution enhancements.

Investor Conference Call and Webcast

Red Robin will host an investor conference call to discuss its fourth quarter and full year 2020 results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (412) 317-6026. A replay will be available from approximately two hours after the end of the call and can be accessed by dialing (412) 317-6671; the conference ID is 10152151. The replay will be available through Wednesday, March 10, 2021.

The call will be webcast live and later archived from the Company’s website at www.redrobin.com under the investor relations section.

About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)

Red Robin Gourmet Burgers, Inc. (www.redrobin.com), is a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., and under the trade name, Red Robin Gourmet Burgers and Brews. We believe nothing brings people together like burgers and fun around our table, and no one makes moments of connection over craveable food more memorable than Red Robin. We serve a variety of burgers and mainstream favorites to Guests of all ages in a casual, playful atmosphere. In addition to our many burger offerings, Red Robin serves a wide array of salads, appetizers, entrees, desserts, signature beverages and Donatos® pizza at select locations. It’s now easy to enjoy Red Robin anywhere with online ordering available for to-go, delivery and catering. There are more than 540 Red Robin restaurants across the United States and Canada, including those operating under franchise agreements. Red Robin… YUMMM®!

Forward-Looking Statements

Forward-looking statements in this press release regarding the Company’s future performance, demand and business recovery, growth drivers, long-term value creation, revenue and comparable revenue growth, sales and profitability including sales trajectory, off-premise sales, incrementality, enterprise margin improvement, preliminary results including net comparable restaurant revenue and average weekly net sales per restaurant, NOL cash tax refunds, capital expenditures including restaurant maintenance and infrastructure and rollout of Donatos® to additional locations and timing thereof, digital guest and operational technology solutions, and off-premise execution enhancements, and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as “expect,” “believe,” “anticipate,” “intend,” “plan,” “project,” “could,” “should,” “will,” or “estimate,” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: the impact of COVID-19 on our results of operations, supply chain, and liquidity; the effectiveness of the Company’s strategic initiatives, including alternative labor models, service, and operational improvement initiatives; our ability to train and retain our workforce for service execution; the effectiveness of the Company’s marketing strategies and promotions; menu changes and pricing strategy; the anticipated sales growth, costs, and timing of the Donatos® expansion; the implementation, rollout, and timing of new technology solutions; our ability to achieve revenue and cost savings from off-premise sales and other initiatives; competition in the casual dining market and discounting by competitors; changes in consumer spending trends and habits; changes in the cost and availability of key food products, distribution, labor, and energy; general economic conditions, including changes in consumer disposable income, weather conditions, and related events in regions where our restaurants are operated; the adequacy of cash flows and the cost and availability of capital or credit facility borrowings; the impact of federal, state, and local regulation of the Company’s business; changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wages, consumer health and safety, health insurance coverage, nutritional disclosures, and employment eligibility-related documentation requirements; costs and other effects of legal claims by Team Members, franchisees, customers, vendors, stockholders, and others, including negative publicity regarding food safety or cyber security; and other risk factors described from time to time in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission.

RED ROBIN GOURMET BURGERS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Twelve Weeks Ended

Fifty-two Weeks Ended

December 27, 2020

December 29, 2019

December 27, 2020

December 29, 2019

Revenues:

Restaurant revenue

$

195,549

$

296,757

$

854,136

$

1,289,521

Franchise royalties, fees, and other revenue

5,501

6,188

14,579

25,493

Total revenues

201,050

302,945

868,715

1,315,014

Costs and expenses:

Restaurant operating costs (exclusive of depreciation

and amortization shown separately below):

Cost of sales

43,244

68,285

198,487

303,404

Labor

77,175

102,476

332,827

456,778

Other operating

39,883

43,594

164,468

186,476

Occupancy

23,007

26,378

99,521

111,798

Depreciation and amortization

19,504

20,703

87,557

91,790

General and administrative

16,439

19,345

72,493

90,446

Selling

7,900

16,507

34,329

65,532

Pre-opening costs and acquisition costs

51

—

296

319

Other charges

15,587

4,110

153,883

21,598

Total costs and expenses

242,790

301,398

1,143,861

1,328,141

(Loss) income from operations

(41,740

)

1,547

(275,146

)

(13,127

)

Other expense:

Interest expense, net and other

777

1,907

8,406

9,110

Loss before income taxes

(42,517

)

(360

)

(283,552

)

(22,237

)

Income tax (benefit) provision

(3,187

)

7,342

(7,484

)

(14,334

)

Net loss

$

(39,330

)

$

(7,702

)

$

(276,068

)

$

(7,903

)

Loss per share:

Basic

$

(2.53

)

$

(0.60

)

$

(19.29

)

$

(0.61

)

Diluted

$

(2.53

)

$

(0.60

)

$

(19.29

)

$

(0.61

)

Weighted average shares outstanding:

Basic

15,540

12,931

14,314

12,959

Diluted

15,540

12,931

14,314

12,959

RED ROBIN GOURMET BURGERS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

December 27, 2020

December 29, 2019

Assets:

Current Assets:

Cash and cash equivalents

$

16,116

$

30,045

Accounts receivable, net

16,510

22,372

Inventories

23,802

26,424

Income tax receivable

16,662

5,308

Prepaid expenses and other current assets

13,818

21,338

Total current assets

86,908

105,487

Property and equipment, net

427,033

518,013

Right of use assets, net

425,573

426,248

Goodwill

—

96,397

Intangible assets, net

24,714

29,975

Other assets, net

10,511

61,460

Total assets

$

974,739

$

1,237,580

Liabilities and Stockholders’ Equity:

Current Liabilities:

Accounts payable

$

20,179

$

33,040

Accrued payroll and payroll related liabilities

27,653

35,221

Unearned revenue

50,138

54,223

Current portion of lease obligations

55,275

42,699

Current portion of long-term debt

9,692

—

Accrued liabilities and other

39,617

29,403

Total current liabilities

202,554

194,586

Long-term debt

160,952

206,875

Long-term portion of lease obligations

465,233

465,435

Other non-current liabilities

25,287

10,164

Total liabilities

854,026

877,060

Stockholders’ Equity:

Common stock; $0.001 par value: 45,000 shares authorized; 20,449 and 17,851 shares issued; 15,548 and 12,923 shares outstanding as of December 27, 2020 and December 29, 2019

20

18

Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding as of December 27, 2020 and December 29, 2019

—

—

Treasury stock, 4,901 and 4,928 shares, at cost as of December 27, 2020 and December 29, 2019

(199,908

)

(202,313

)

Paid-in capital

243,407

213,922

Accumulated other comprehensive loss, net of tax

(4

)

(4,373

)

Retained earnings

77,198

353,266

Total stockholders’ equity

120,713

360,520

Total liabilities and stockholders’ equity

$

974,739

$

1,237,580

Schedule I

Reconciliation of Non-GAAP Results to GAAP Results

(In thousands, except per share data, unaudited)

In addition to the results provided in accordance with Generally Accepted Accounting Principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements which present the twelve and forty weeks ended December 27, 2020, and December 29, 2019 net loss and basic and diluted loss per share, excluding the effects of goodwill impairment, restaurant asset impairment, litigation contingencies, board and stockholder matters costs, restaurant closure and refranchising costs (gains), severance and executive transition costs, COVID-19 related costs, executive retention costs, and related income tax effects. The Company believes the presentation of net loss and loss per share exclusive of the identified item gives the reader additional insight into the ongoing operational results of the Company. This supplemental information will assist with comparisons of past and future financial results against the present financial results presented herein. Income tax effect of reconciling items was calculated based on the change in the total tax provision calculation after adjusting for the identified item. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP.

Twelve Weeks Ended

Fifty-two Weeks Ended

December 27, 2020

December 29, 2019

December 27, 2020

December 29, 2019

Net loss as reported

$

(39,330

)

$

(7,702

)

$

(276,068

)

$

(7,903

)

Goodwill impairment

—

—

95,414

—

Restaurant asset impairment

6,161

1,030

26,940

15,094

Restaurant closure and refranchising costs (gains)

6,856

1,430

19,846

(1,187

)

Litigation contingencies

1,940

—

6,440

—

Board and stockholder matter costs

51

798

2,504

3,261

COVID-19 related costs

579

—

1,858

—

Severance and executive transition

—

492

881

3,450

Executive retention

—

360

—

980

Income tax effect

(4,053

)

(1,069

)

(40,010

)

(5,615

)

Adjusted net (loss) income

$

(27,796

)

$

(4,661

)

$

(162,195

)

$

8,080

Basic loss per share:

Net loss as reported

$

(2.53

)

$

(0.60

)

$

(19.29

)

$

(0.61

)

Goodwill impairment

—

—

6.67

—

Restaurant asset impairment

0.40

0.08

1.88

1.16

Restaurant closure and refranchising costs (gains)

0.44

0.11

1.39

(0.09

)

Litigation contingencies

0.12

—

0.45

—

Board and stockholder matter costs

—

0.06

0.17

0.25

COVID-19 related costs

0.04

—

0.13

—

Severance and executive transition

—

0.04

0.06

0.26

Executive retention

—

0.03

—

0.08

Income tax effect

(0.26

)

(0.08

)

(2.79

)

(0.43

)

Adjusted (loss) earnings per share – basic

$

(1.79

)

$

(0.36

)

$

(11.33

)

$

0.62

Diluted loss per share:

Net loss as reported

$

(2.53

)

$

(0.60

)

$

(19.29

)

$

(0.61

)

Goodwill impairment

—

—

6.67

—

Restaurant asset impairment

0.40

0.08

1.88

1.16

Restaurant closure and refranchising costs (gains)

0.44

0.11

1.39

(0.09

)

Litigation contingencies

0.12

—

0.45

—

Board and stockholder matter costs

—

0.06

0.17

0.25

COVID-19 related costs

0.04

—

0.13

—

Severance and executive transition

—

0.04

0.06

0.26

Executive retention

—

0.03

—

0.08

Income tax effect

(0.26

)

(0.08

)

(2.79

)

(0.43

)

Adjusted (loss) earnings per share – diluted

$

(1.79

)

$

(0.36

)

$

(11.33

)

$

0.62

Weighted average shares outstanding

Basic

15,540

12,931

14,314

12,959

Diluted⁽¹⁾

15,540

12,931

14,314

13,049

⁽¹⁾

For the fifty-two weeks ended December 29, 2019, the impact of dilutive shares is included in the calculation as the adjustments to GAAP net loss for the period resulted in adjusted net income. For diluted shares reported on the consolidated statement of operations, the impact of dilutive shares is excluded due to the reported GAAP net loss for the period.

Schedule II

Reconciliation of Non-GAAP Restaurant-Level Operating Profit to (Loss) Income

from Operations and Net Loss

(In thousands, unaudited)

The Company believes restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenue minus restaurant-level operating costs, excluding restaurant impairment and closure costs. The measure includes restaurant-level occupancy costs that include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance, and other property costs, but excludes depreciation related to restaurant equipment, buildings, and leasehold improvements. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general, and administrative costs, and therefore excludes costs associated with selling, general, and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because, similar to depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative, to loss from operations or net loss as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies in the Company’s industry. The table below sets forth certain unaudited information for the twelve and forty weeks ended December 27, 2020 and December 29, 2019, expressed as a percentage of total revenues, except for the components of restaurant-level operating profit that are expressed as a percentage of restaurant revenue.

Twelve Weeks Ended

Fifty-two Weeks Ended

December 27, 2020

December 29, 2019

December 27, 2020

December 29, 2019

Restaurant revenues

$

195,549

97.3

%

$

296,757

98.0

%

$

854,136

98.3

%

$

1,289,521

98.1

%

Restaurant operating costs⁽¹⁾:

Cost of sales

43,244

22.1

68,285

23.0

198,487

23.2

303,404

23.5

Labor

77,175

39.5

102,476

34.5

332,827

39.0

456,778

35.4

Other operating

39,883

20.4

43,594

14.7

164,468

19.3

186,476

14.5

Occupancy

23,007

11.8

26,378

8.9

99,521

11.7

111,798

8.7

Restaurant-level operating profit

12,240

6.2

%

56,024

18.9

%

58,833

6.8

%

231,065

17.9

%

Add – Franchise royalties, fees, and other revenue

5,501

2.7

%

6,188

2.0

%

14,579

1.7

%

25,493

1.9

%

Deduct – other operating:

Depreciation and amortization

19,504

9.7

20,703

6.8

87,557

10.1

91,790

7.0

General and administrative expenses

16,439

8.2

19,345

6.4

72,493

8.3

90,446

6.9

Selling

7,900

3.9

16,507

5.4

34,329

4.0

65,532

5.0

Pre-opening & acquisition costs

51

—

—

—

296

—

319

—

Other charges

15,587

7.8

4,110

1.4

153,883

17.7

21,598

1.6

Total other operating

59,481

29.6

%

60,665

20.0

%

348,558

40.1

%

269,685

20.5

%

(Loss) income from operations

(41,740

)

(20.8

)%

1,547

0.5

%

(275,146

)

(31.7

)%

(13,127

)

(1.0

)%

Interest expense, net and other

777

0.4

1,907

0.6

8,406

1.0

9,110

0.7

Income tax (benefit) provision

(3,187

)

(1.6

)

7,342

2.4

(7,484

)

(0.9

)

(14,334

)

(1.1

)

Total other

(2,410

)

(1.2

)

9,249

3.1

922

0.1

(5,224

)

(0.4

)

Net loss

$

(39,330

)

(19.6

)%

$

(7,702

)

(2.5

)%

$

(276,068

)

(31.8

)%

$

(7,903

)

(0.6

)%

⁽¹⁾

Excluding depreciation and amortization, which is shown separately.

Certain percentage amounts in the table above do not total due to rounding as well as the fact that components of restaurant-level operating profit are expressed as a percentage of restaurant revenue and not total revenues.

Schedule III

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

(In thousands, unaudited)

The Company defines EBITDA as net loss before interest expense, income taxes, and depreciation and amortization. EBITDA and adjusted EBITDA are presented because the Company believes investors’ understanding of its performance is enhanced by including these non-GAAP financial measures as a reasonable basis for evaluating its ongoing results of operations excluding the effects of goodwill impairment, restaurant asset impairment, litigation contingencies, board and stockholder matters costs, restaurant closure and refranchising costs (gains), severance and executive transition costs, COVID-19 related costs, and executive retention costs. EBITDA and adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered as alternatives to net loss or cash flow from operations, as determined by GAAP, and the Company’s calculation thereof may not be comparable to that reported by other companies in its industry or otherwise. Adjusted EBITDA further adjusts EBITDA to reflect the additions and eliminations shown in the table below. The use of adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to the Company’s performance based on its GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance. Adjusted EBITDA as presented may not be comparable to other similarly-titled measures of other companies, and the Company’s presentation of adjusted EBITDA should not be construed as an inference that its future results will be unaffected by excluded or unusual items. The Company has not provided a reconciliation of its adjusted EBITDA outlook to the most comparable GAAP measure of net loss. Providing net loss guidance is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net loss, including asset impairments and income tax valuation adjustments. The reconciliations of adjusted EBITDA to net loss for the historical periods presented below are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance.

Twelve Weeks Ended

Fifty-two Weeks Ended

December 27, 2020

December 29, 2019

December 27, 2020

December 29, 2019

Net loss as reported

$

(39,330

)

$

(7,702

)

$

(276,068

)

$

(7,903

)

Interest expense, net

1,047

2,245

9,012

10,141

Income tax (benefit) provision

(3,187

)

7,342

(7,484

)

(14,334

)

Depreciation and amortization

19,504

20,703

87,557

91,790

EBITDA

$

(21,966

)

$

22,588

$

(186,983

)

$

79,694

Goodwill impairment

$

—

$

—

$

95,414

$

—

Restaurant asset impairment

6,161

1,030

26,940

15,094

Restaurant closure and refranchising costs (gains)

6,856

1,430

19,846

(1,187

)

Litigation contingencies

1,940

—

6,440

—

Board and stockholder matter costs

51

798

2,504

3,261

COVID-19 related costs

579

—

1,858

—

Severance and executive transition

—

492

881

3,450

Executive retention

—

360

—

980

Adjusted EBITDA

$

(6,379

)

$

26,698

$

(33,100

)

$

101,292

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005893/en/

For media relations questions:

Danielle Paleafico, Coyne PR

(973) 588-2000

For investor relations questions:

Raphael Gross, ICR

(203) 682-8253

KEYWORDS: United States North America Colorado

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

MEDIA:

Posted on March 3, 2021 4:08 pm
BlackRock Announces Reverse Stock Split for iShares Gold Trust

BlackRock Announces Reverse Stock Split for iShares Gold Trust

NEW YORK–(BUSINESS WIRE)–
BlackRock announced today a 1 for 2 reverse stock split for the iShares Gold Trust (NYSE Arca: IAU), which will be effective on May 24, 2021, at market open.

“Since its inception in 2005, IAU has provided investors with a convenient, cost-effective access to physical gold. We are now seeing a shift in IAU’s investor base and in how the product is being used- expanding into a long-term buy and hold investor strategy, as well as a tool for tactical investment in gold,” said Chad Slawner, U.S. Head of iShares Product for BlackRock. “As a leader in providing access to precious metals through commodity exchange traded products, BlackRock is committed to delivering quality investment solutions that best meet clients’ needs.”

Once implemented, the reverse stock split will raise the share price of IAU and decrease the number of outstanding shares. The total value of shares outstanding and the total value of a shareholder’s investment in the fund will not be affected by the reverse split. As a result of the reverse split, a shareholder potentially could hold a fractional share, which cannot trade on the Exchange. A shareholder’s proportional fractional shares will be redeemed for cash and paid to the shareholder’s brokerage account of record. Such redemption may have tax implications for those shareholders, and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares.

As of February 26, 2021, IAU has $29.1bn in AUM. On May 24, 2021, the iShares Gold Trust will have a new CUSIP:

NYSE Arca Ticker IAU – Current CUSIP: 464285105; New CUSIP: 464285204

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 900+ exchange traded funds (ETFs) and $2.67 trillion in assets under management as of December 31, 2020, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock, trusted to manage more money than any other investment firm.¹

This information must be preceded or accompanied by a current prospectus. Investors should read it carefully before investing. Click here for a current prospectus.

The iShares Gold Trust is not a standard ETF. The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

Investing involves risk, including possible loss of principal. Because shares of the Trust are intended to reflect the price of the gold held by the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns. Commodities’ prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.

Shares of the Trust are intended to reflect, at any given time, the market price of gold owned by the Trust at that time less the Trust’s expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by such shares. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.

This material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

Prepared by BlackRock Investments, LLC, member FINRA.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

¹ Based on $8.68 trillion in AUM as of 12/31/20

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005831/en/

Soogyung Jordan

[email protected]

646.276.5403

Federico Serrano

[email protected]

646.352.2218

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Posted on March 3, 2021 4:08 pm
Bunge Launches Unprecedented Program to Monitor Soybean Crops from its Indirect Supply Chain in the Brazilian Cerrado

Bunge Launches Unprecedented Program to Monitor Soybean Crops from its Indirect Supply Chain in the Brazilian Cerrado

The program will support grain dealers and producers as they adapt to market demands, through the use of monitoring systems, such as satellite and farm-scale images;

Bunge will be the first global company to foster mass action in the Cerrado region to track indirect purchases of soybeans, offering extensive benefits to the entire supply chain;

The Company expects to reach 100% monitoring of its indirect soybeans purchases by 2025, aligned with its global commitment of deforestation-free supply chains.

ST. LOUIS–(BUSINESS WIRE)–
Bunge launched an unprecedented initiative to share best practices with grain dealers about traceability and monitoring of soybeans crops linked to its indirect supply chain in the Cerrado region, one of the high-risk areas of deforestation in Brazil.Dubbed Bunge Sustainable Partnership, the program will help partners implement supply chain verification systems, including satellite and farm-scale images. Dealers can adopt independent imaging services or use Bunge’s geospatial monitoring structure at no cost. The initiative is part of Bunge’s global non-deforestation policy with a public and voluntary commitment to reaching deforestation-free value chains worldwide by 2025.

Bunge already has 100% traceability to the farm for its direct purchases and in the Brazilian Cerrado region alone, the Company monitors more than 8,000 farms, reaching a total of 11.6 million hectares (28.6 million acres), which accounts for 96% of the soybeans purchased directly in this region. With the engagement of grain dealers through the Bunge Sustainable Partnership, the Company expects to reach 100% of traceability and monitoring of its indirect purchases in the next four years. Bunge currently traces and monitors approximately 30% of its indirect purchases.

“We recognize the important role we can play in our industry. This unprecedented initiative is a way for Bunge to share with its supply chain the best practices we use to build value chains that are traceable and verifiable. We value our partnership with dealers and producers to make our supply chains increasingly productive and sustainable and we believe that solutions at-scale and with long-term impacts are only possible when all partners in the value chain, from farmers to customers, are involved and engaged,” says Rob Coviello, Bunge’s Chief Sustainability Officer and Government Affairs.

The company will share its experience, methodologies and tools with partner dealers interested in implementing or improving the social and environmental evaluation of their suppliers (farmers). For monitoring, which involves verifying soybean crops by satellite images, dealers may choose to contract their own systems or use Bunge’s structure free of charge. The pilot program is being carried out in partnership with Agrícola Alvorada, and data from the properties the dealer buy soybeans from have already been included in Bunge’s satellite monitoring cycle for this year.

“Bunge’s support and expertise in monitoring and tracking is critical to the overall improvement of our supply chain. It accelerated our adaptation to market demands,” says Jarbas Weis, managing director of Agrícola Alvorada.

Farm-scale monitoring

Bunge is the only company in the sector that uses data from Brazil’s Rural Environmental Registry (CAR) at this scale to obtain accurate information about the dimensions of the properties and their borders in Brazil. This enables the observation of land-use changes more accurately on each of the monitored properties, which is otherwise not possible with limited GPS coordinates. This new offering would allow grain dealers to use the same model to monitor their suppliers.

“Grain dealers play an important role in our industry by giving market access to small and medium-sized farmers. By helping them implement traceability and monitoring systems and tools, we are doing our part to contribute to the entire sector,” explains Roberto Marcon, Bunge’s Origination Director.

Under its global non-deforestation commitment, Bunge also takes several actions to encourage sustainable agriculture, from special financing lines to mapping areas already open and suitable for soybean expansion. The most recent example is the AgroApp Bunge, an app that works as a hub of information and tools to support sustainable production, to address sustainability-related issues and to offer overall support to farmers. Through this communication channel, farmers have easy access via mobile devices to CAR data on their properties, which contributes to the property’s overall environmental and biodiversity management.

About Bunge

At Bunge (www.bunge.com, NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across more than 350 facilities located in more than 40 countries.

Website Information

We routinely post important information for investors on our website, www.bunge.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005821/en/

Media Contact:

Bunge News Bureau

Bunge

636-292-3022

[email protected]

Investor Contact:

Ruth Ann Wisener

Bunge Limited

636-292-3014

[email protected]

KEYWORDS: United States South America North America Brazil Missouri

INDUSTRY KEYWORDS: Satellite Agriculture Natural Resources Environment Technology Supply Chain Management Food/Beverage Retail

MEDIA:

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Posted on March 3, 2021 4:08 pm
SpartanNash Announces Greg Molloy to Fill VP, Environmental Health and Safety Role

SpartanNash Announces Greg Molloy to Fill VP, Environmental Health and Safety Role

GRAND RAPIDS, Mich.–(BUSINESS WIRE)–
SpartanNash (Nasdaq: SPTN) today announced that Greg Molloy has been named Vice President, Environmental Health and Safety, effective March 1. He will be responsible for developing and leading strategic initiatives in the areas of Health, Safety and Environmental sustainability to ensure companywide compliance with all safety and environmental laws and regulations.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005728/en/

Greg Molloy (Photo: Business Wire)

Mr. Molloy will report to Executive Vice President and Chief Human Resources Officer Yvonne Trupiano.

“One of SpartanNash’s key initiatives in 2021 is improving our associate experience through initiatives related to safety and retention. Mr. Molloy’s leadership will be paramount to achieving these goals,” President and Chief Executive Officer Tony Sarsam said. “As we continue to build a people-first safety culture, his track record of creating comprehensive programs to deliver compliance and safety results and experience ensuring safety measures and awareness are embedded throughout business processes will enable and empower our success at SpartanNash.”

Previously, Mr. Molloy served as Group Manager, Corporate SH&E for Nestle USA, leading environmental, health and safety programs for more than 70 sites and 9,000 employees. He previously served as Corporate Director, Risk and EHS for Dreyer’s Grand Ice Cream, building and turning around the safety performance of the largest packaged ice cream company in the world. Prior to Dreyer’s, Mr. Molloy also served as Manager of Safety for General Mills.

Mr. Molloy earned an MBA in Industrial Relations from McMaster University and a bachelor’s in Economics from the University of Waterloo. In addition, he holds Canadian Registered Safety Professional (CRSP), Management System Implementation (ISO 14001, OSHAS 18001), Continuous Improvement (TPM), and Ammonia Refrigeration (PSM/RMP) certifications.

About SpartanNash

SpartanNash (Nasdaq: SPTN) is a Fortune 400 company whose core businesses include distributing grocery products to a diverse group of independent and chain retailers, its corporate-owned retail stores and U.S. military commissaries and exchanges; as well as operating a premier fresh produce distribution network. SpartanNash serves customer locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Honduras, Iraq, Kuwait, Bahrain, Qatar and Djibouti. SpartanNash currently operates 154 supermarkets, primarily under the banners of Family Fare, Martin’s Super Markets, D&W Fresh Market, VG’s Grocery and Dan’s Supermarket. Through its MDV military division, SpartanNash is a leading distributor of grocery products to U.S. military commissaries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005728/en/

Meredith Gremel, Vice President, Corporate Affairs & Communications, 616-878-2830

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Supermarket Retail Other Retail Food/Beverage

MEDIA:

Photo

Greg Molloy (Photo: Business Wire)

Posted on March 3, 2021 4:08 pm
Floor & Decor Holdings, Inc. Announces Participation in the Bank of America Consumer and Retail Technology Conference

Floor & Decor Holdings, Inc. Announces Participation in the Bank of America Consumer and Retail Technology Conference

ATLANTA–(BUSINESS WIRE)–
Floor & Decor Holdings, Inc. (NYSE: FND) today announced that the Company is scheduled to present at the Bank of America Consumer and Retail Technology Conference 2021 on Wednesday, March 10, 2021, at 2:30 pm Eastern Time.

The audio portion of the presentation will be webcast live over the internet and can be accessed on the Company’s Investor Relations website, ir.flooranddecor.com. An online archive will be available on that site following the presentation.

About Floor & Decor Holdings, Inc.

Floor & Decor is a multi-channel specialty retailer operating 133 warehouse-format stores and two design centers across 31 states at the end of the fourth quarter of fiscal 2020. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate/luxury vinyl plank, and natural stone along with decorative and installation accessories, at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005639/en/

Investor Contact:

Wayne Hood

Vice President of Investor Relations

678-505-4415

[email protected]

or

Matt McConnell

Senior Manager of Investor Relations

770-257-1374

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Retail Home Goods Professional Services Finance

MEDIA:

Posted on March 3, 2021 4:08 pm
Biocept Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Biocept Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

SAN DIEGO–(BUSINESS WIRE)–
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, today announced that it has granted inducement stock options to purchase an aggregate of 38,250 shares of its common stock to six new employees. These inducement stock options have a grant date of February 28, 2021, and were granted as inducements material to the new employees entering into employment with Biocept in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement stock options have an exercise price of $6.03 per share, the closing price of Biocept’s common stock on February 26, 2021 (which is the last date preceding the grant date on which the closing price of Biocept’s common stock was reported), are non-qualified stock options, have a ten-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employee’s continued service with Biocept through the applicable vesting dates. The inducement stock options are subject to the terms and conditions of Biocept’s Amended and Restated 2013 Equity Incentive Plan.

About Biocept

Biocept, Inc. is a molecular diagnostics company developing and commercializing assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company uses its proprietary technology to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with cancer. The Company’s patented Target Selector™ molecular diagnostic technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in circulating tumor DNA (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient’s disease and therapeutic options. Additionally, Biocept is offering nationwide COVID-19 polymerase chain reaction (PCR) testing to support public health efforts during this unprecedented pandemic. For additional information, please visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005253/en/

Investor Contact:

LHA Investor Relations

Jody Cain

[email protected]

310-691-7100

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Biotechnology Health Oncology Medical Devices

MEDIA:

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