Market Newsdesk

DAYTONA BEACH, Fla., March 03, 2021 (GLOBE NEWSWIRE) — CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced the acquisition of an approximately 183,000 square foot multi-tenant retail property in the West Jordan suburb of Salt Lake City, Utah (the “Property”) for a purchase price of approximately $20.0 million, or $117 per square foot. The purchase price represents a going-in cap rate within the range of the Company’s guidance for initial cash yields.

“We are pleased to be entering the growing Salt Lake City MSA, which represents a new market for CTO, and we’re particularly excited about the strong positioning of this property,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Based on data provided by our third-party data analytics service, we believe this property benefits by being centrally located within a particularly strong retail corridor, representing a great piece of real estate in our growing diversified portfolio.”

The Property, which is 93% occupied and has a weighted-average lease term of approximately 7.9 years, is situated within the Jordan Landing retail corridor and is anchored by At Home, Burlington and Planet Fitness. The Property benefits from a three-mile population of approximately 143,000, average household income of nearly $105,000, and visibility along the UT-154 expressway, which experiences an average of more than 55,000 vehicles per day.

The Property was purchased through a 1031 like-kind exchange using restricted cash generated from the Company’s previously announced property dispositions.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.7 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT (NYSE: PINE).

We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com.

Safe Harbor

Certain statements contained in this press release (other than statements of historical fact) are 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. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.

Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, each as filed with the SEC.

There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact:	Matthew M. Partridge
	Senior Vice President and Chief Financial Officer
	(386) 944-5643
	[email protected]

SANTA PAULA, Calif., March 03, 2021 (GLOBE NEWSWIRE) — Calavo Growers, Inc. (“Calavo”) (“Company”) (Nasdaq-GS: CVGW), a global leader in the avocado and value-added fresh food industries, today announced that its Chief Executive Officer Jim Gibson and Chief Financial Officer Kevin Manion will participate in the following virtual conferences in March 2021:

• D.A. Davidson 4^th Annual Consumer Growth Conference on Thursday, March 11
• 33^rd Annual Roth Conference on Tuesday, March 16

Management will be available for one-on-ones and small group meetings during both events.

About Calavo Growers, Inc.

Calavo Growers, Inc. is a global avocado-industry leader and provider of value-added fresh food serving retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers worldwide. The Company’s Fresh segment procures and markets fresh avocados and select other fresh produce, including tomatoes and papayas. The Renaissance Food Group (RFG) segment creates, markets and distributes a portfolio of healthy, fresh foods, including fresh-cut fruit, fresh-cut vegetables and prepared foods. The Foods segment manufactures and distributes guacamole and salsa. Founded in 1924, Calavo’s fresh food products are sold under the respected Calavo brand name as well as Garden Highway, Chef Essentials and several private label and store brands.

Contact: Financial Profiles, Inc.
Lisa Mueller, Senior Vice President
(310) 622-8231
[email protected]

BROOMFIELD, Colo., March 03, 2021 (GLOBE NEWSWIRE) — Noodles & Company (NASDAQ: NDLS) has promoted three members of its leadership team into expanded roles to drive the Company’s accelerated growth objectives, including system-wide unit growth of at least 7% annually beginning in 2022, average unit volumes of $1.45 million by 2024, and restaurant contribution margin of 20% by 2024.  

Dave Boennighausen, Chief Executive Officer at Noodles & Company, noted: “Our people-oriented strategy, continued operational excellence, and guest focused technological innovation is foundational to achieving our accelerated growth objectives. With these promotions, coupled with our bench strength in marketing and finance, we have built one of the best executive teams in the industry. The Noodles leadership team is strong, aligned and laser-focused on achieving our vision.” 

Brad West has been promoted to Chief Operating Officer.
 
In September 2017, Brad joined Noodles as Executive Vice President of Operations with more than 40 years of operations experience. In his new role as Chief Operating Officer, Brad will continue to oversee the Company’s operations and training organization, as well as broaden his purview to oversee the franchise operations support program and the rollout of new kitchen upgrades. His role will be integral to the success of new unit growth, an area where he has already supported outstanding results with new restaurants being the best performing class in the Company’s history. Brad’s prior experience includes serving as Vice President of Operations at Smoothie King Franchisees, Inc. 

Sue Petersen has been promoted to Executive Vice President of Inclusion, Diversity and People.
 
Sue joined Noodles in February of 2015 as vice president of human resources, and in her expanded role, she will continue to spearhead the Company’s inclusion and diversity initiatives, as well as its total rewards, recruitment, and human resources functions. Sue’s consistent focus on creating a welcoming and supportive environment has improved manager tenure and turnover, outperforming industry benchmarks. Sue’s experience includes over 20 years of human resource and operational leadership roles at brands such as Chipotle, Walgreens and Rock Bottom Restaurants. 

Corey Kline has been promoted to Executive Vice President of Technology.  
 
Corey joined Noodles & Company in September of 2011 and has held leadership roles in the IT function, most recently as Vice President of Information Technology since July of 2016. Corey’s forward-looking approach to technology and governance has been instrumental in building the Company’s robust digital consumer platform as well as spearheading the Company’s efforts around a strong data security & compliance ecosystem. 

About Noodles & Company


Since 1995, Noodles & Company has been serving noodles your way, with noodles and flavors that you know and love to new ones you’re about to discover. From indulgent Wisconsin Mac & Cheese to better-for-you Zoodles, Cauliflower Noodles and Cauliflower Gnocchi, the Company serves a world of flavor in every bowl. Made up of more than 450 restaurants and 8,000 passionate team members, Noodles was named one of the Best Places to Work by the Denver Business Journal for its unique culture built on the value of “Loving Life,” which begins by nourishing and inspiring every team member and guest who walks through the door. To learn more or find the location nearest you, visit www.noodles.com.

Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect the Company’s current views with respect to future events and are based on currently available operating, financial and competitive information. Examples of forward-looking statements include all matters that are not historical facts, such as statements regarding the Company’s future financial performance and system-wide unit growth, including in light of management changes. The Company’s actual results may differ materially from those anticipated in these forward-looking statements due to reasons including, but not limited to those discussed in the Company’s filings with the Securities and Exchange Commission, including in its Annual Report on Form 10-K for the year ended December 29, 2020. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the statements. Also, the forward-looking statements contained herein represent the Company’s estimates and assumptions only as of the date hereof. Unless required by United States federal securities laws, the Company does not intend to update any of these forward-looking statements to reflect circumstances or events that occur after the statement is made.

Media Contact: Danielle Moore; [email protected]

HOUSTON, March 03, 2021 (GLOBE NEWSWIRE) — Salarius Pharmaceuticals, Inc. (Nasdaq: SLRX), a clinical-stage biopharmaceutical company developing potential new medicines for patients with pediatric cancers, solid tumors, and other cancers, today announced that it has commenced an underwritten public offering of shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with the public offering.

A shelf registration statement on Form S-3 (File No. 333-231010) relating to the shares was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on May 17, 2019. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained be obtained at the SEC’s website at www.sec.gov or from Ladenburg Thalmann & Co. Inc., Attn: Prospectus Department, 640 Fifth Avenue, New York, NY 10019 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Salarius Pharmaceuticals, Inc.

Salarius Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing cancer therapies for patients in need of new treatment options. Salarius’ lead candidate, seclidemstat, is being studied as a potential treatment for pediatric cancers, solid tumors and other cancers with limited treatment options. Seclidemstat is currently in a Phase 1/2 clinical trial for relapsed/refractory Ewing sarcoma, for which it has received Fast Track Designation, Orphan Drug Designation and Rare Pediatric Disease Designation from the U.S. Food and Drug Administration. Salarius is also developing seclidemstat for several cancers with high unmet medical need, with a second clinical study in advanced solid tumors, including prostate, breast, and ovarian cancers. Salarius has received financial support from the National Pediatric Cancer Foundation to advance the Ewing sarcoma clinical program and was also the recipient of a Product Development Award from the Cancer Prevention and Research Institute of Texas (CPRIT). For more information, please visit salariuspharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the Private Securities Litigation Reform Act of 1995, including statements that relate to the offering, the expected completion of the offering, and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions, the impact of the COVID-19 pandemic, and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Salarius is contained in the sections captioned “Risk Factors” in the preliminary prospectus supplement and the accompanying prospectus related to the public offering filed with the SEC, including the documents incorporated by reference therein. Salarius disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact

Tiberend Strategic Advisors, Inc.
Maureen McEnroe, CFA/Miriam Weber Miller (investors)
(212) 375-2664/ 2694
[email protected]/[email protected]

Johanna Bennett (media)
(212) 375-2686
[email protected]

FRISCO, TX, March 03, 2021 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (NYSE:CRK) (“Comstock” or the “Company”) announced today the pricing of its private placement of 6.75% senior notes due 2029 in the aggregate principal amount of $250.0 million (the “Notes”).  The Notes were sold at 103% of par.  The offering is expected to close on March 4, 2021, subject to customary closing conditions. 

The aggregate net proceeds from the sale of the Notes are expected to be approximately $253.0 million, after deducting the initial purchasers’ discount and other offering expenses, and the Company intends to use such proceeds to fund an anticipated increase in the aggregate maximum tender amount in the Company’s existing tender offers for a portion of the Company’s 7.5% Senior Notes due 2025 and 9.75% Senior Notes due 2026 and pay fees and expenses in connection therewith.

The Notes offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.  The senior unsecured notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. 

This press release is being issued pursuant to Rule 135c under the Securities Act ‎ and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Comstock Resources

Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas.  The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.  The Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss important risk factors that could affect the Company’s business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date.  Comstock does not undertake any obligation to revise or update publicly any forward-looking statement.

Ron Mills
Vice President - Finance and Investor Relations
Comstock Resources
972-668-8834
[email protected]

NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2021 on its investor relations website. A data sheet showing the monthly volumes and quarterly capture rates can be found at: http://ir.nasdaq.com/financials/volume-statistics.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, the impact of the COVID-19 pandemic on our business, operations, results of operations, financial condition, workforce or the operations or decisions of our customers, suppliers or business partners, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at

http://ir.nasdaq.com

and the SEC’s website at

www.sec.gov

. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Nasdaq Media Relations Contact:

Joseph Christinat
+1.646.441.5121
[email protected]                    

Nasdaq Investor Relations Contact:

Ed Ditmire, CFA
+1.212.401.8737
[email protected]

NDAQF 

– Fourth Quarter 2020 Gross Profit Improves 49% Quarter over Quarter –

– Adjusted EBITDA positive for the Fourth Quarter and Full Year 2020 –

TORONTO, March 03, 2021 (GLOBE NEWSWIRE) — Points International Ltd. (TSX: PTS) (Nasdaq: PCOM) (Points or the Company), the global leader in powering loyalty commerce, is reporting financial results for the fourth quarter ended December 31, 2020.

Unless otherwise noted, all comparisons are on a year-over-year basis and all amounts are in USD. The complete 2020 Audited Consolidated Financial Statements and fourth quarter and full year Management’s Discussion & Analysis, including segmented results, are available at www.sedar.com and www.sec.gov.

Fourth Quarter 2020 Financial Summary

	For the three months ended
(in millions USD)	December 31, 2020			September 30, 2020			December 31, 2019
Total Revenue	$ 56.4			$37.4			$107.0
Gross Profit	$ 8.5			$5.7			$17.6
Net Income/(Loss)	($ 0.7		)	($2.5		)	$2.8
Adjusted EBITDA1	$ 0.4			($1.1		)	$7.2

Management Commentary

“Our financial results in the fourth quarter reinforce our business model’s resiliency as well as the value of our Loyalty Commerce Platform,” said Rob MacLean, CEO of Points. “We delivered sequential improvements across all key financial metrics and generated positive cash flow during the quarter. While conditions surrounding the pandemic still challenge both our overall transaction levels and visibility, we continue to outperform the broader travel category by a considerable margin, further strengthening our conviction that loyalty will play a vital role in travel’s recovery.

“Despite the challenging macro environment, we continued to execute on our core growth drivers in 2020. We broadened our geographic reach by adding new partnerships with Qatar Airways, Ethiopian Airlines, and Caribbean Airlines during the year. In addition, we deepened several long-standing partnerships, including new services launched with Delta’s Skymiles program, Air Canada’s Aeroplan, and the United Mileage Plus program. Our business development success in 2020 positions us well for 2021, and I am extremely proud of our team’s dedication to executing on our strategy and supporting our partners throughout this difficult time for our industry.

“As our travel and hospitality partners continue adapting to the evolving landscape and prepare for a broader recovery, they are capitalizing on the near and long-term value of their loyalty programs. Certain travel operators have already begun expanding their loyalty programs to offer benefits outside of travel and create further optionality in how members can flexibly earn and redeem miles. In line with these trends, we have leveraged the inherent adaptability of our own platform to support our partners, and we believe we can continue to enable them to diversify their revenue streams and drive loyalty member engagement through continued expansion of our Loyalty Commerce Network. Investments aimed at launching new services, more aggressive expansion into new verticals and continued focus on our data, automation and machine learning initiatives will continue to position us very well in the coming recovery.”

MacLean concluded: “With Points now entering its 21^st year of operations, I am proud of the resilience and flexibility that both our team and our platform have demonstrated this year. We remain well capitalized to see through the pandemic, and we have made the most of our operating environment over the past 12 months. We will continue to seize new revenue opportunities as we further build our pipeline, expand current partnerships and optimize our in market services.”

Fourth Quarter 2020 Financial Results

Total revenue in the fourth quarter was $56.4 million compared to $107.0 million in the prior year quarter. Principal revenue was $51.3 million compared to $98.2 million, and other partner revenue was $5.1 million compared to $8.9 million.

Gross profit in the fourth quarter was $8.5 million compared to $17.6 million in the prior year quarter. The decrease in gross profit was primarily driven by the lingering impacts of COVID-19 across the business, partially offset by stronger promotional activity with current partners, as well as the impact of new partnerships and services launched throughout the year.

Adjusted operating expenses² in the fourth quarter decreased to $8.2 million compared to $10.6 million in the prior year quarter. During the fourth quarter, Points recognized $1.2 million in wage subsidies under the Canada Emergency Wage Subsidy program, which was recorded as an offset to employment costs. In addition, reduced discretionary spending and prudent cost management in response to the pandemic also contributed to lower adjusted operating expenses during the quarter.

Net loss in the fourth quarter was $0.7 million or $(0.05) per share, compared to net income of $2.8 million or $0.20 per share in the prior year quarter.

Adjusted EBITDA¹ in the fourth quarter was $0.4 million compared to $7.2 million in the prior year quarter. The decline was primarily due to lower levels of transaction volumes as a result of COVID-19.

At December 31, 2020, total funds available³ were $79.1 million compared to $86.8 million as at December 31, 2019 and up from $68.2 million as at September 30, 2020. This total includes the Company’s $15.0 million outstanding balance on its credit facility at year-end.

¹ Adjusted EBITDA (Earnings before income tax expense, depreciation and amortization, foreign exchange, finance costs and equity-settled share-based compensation) is considered by management to be a useful supplemental measure when assessing financial performance. Management also believes that Adjusted EBITDA is an important indicator of the Company’s ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. See Performance Indicators and Non-GAAP Financial Measures section of Management’s Discussion and Analysis.
² Adjusted operating expenses consist of employment expenses excluding equity-settled share-based compensation, marketing and communications, technology services and other operating expenses. Adjusted operating expense is not a measure of financial performance under IFRS and should not be considered a substitute for total operating expenses, which we believe to be the most directly comparable IFRS measure. See Non-GAAP Financial Measures.
³ Total funds available is defined as cash and cash equivalents, cash held in trust, and funds receivable from payment processors.

Conference Call

Points will hold a conference call today at 4:30 p.m. Eastern time to discuss its fourth quarter and full year 2020 results, followed by a question-and-answer session.

Date: Wednesday, March 3, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0784
International dial-in number: 1-201-689-8560
Conference ID: 13716398

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the Events section of Points International’s IR site here.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through March 17, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13716398

About Points International Ltd.

Points
, (TSX: PTS) (Nasdaq: PCOM) is a trusted partner to the world’s leading loyalty programs, leveraging its unique Loyalty Commerce Platform to build, power, and grow a network of ways members can get and use their favourite loyalty currency. Our platform combines insights, technology, and resources to make the movement of loyalty currency simpler and more intelligent for nearly 60 reward programs worldwide. Founded in 2000, Points is headquartered in Toronto with teams operating around the globe.

For more information, visit Points.com.

Caution Regarding Forward-Looking Statements

This press release contains or incorporates forward-looking statements within the meaning of United States securities legislation, and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”). These forward-looking statements include or relate to but are not limited to, among other things, plans we have implemented in response to the COVID-19 pandemic and its expected impact on us (including with respect to: cost saving measures that have been implemented, our capitalization and our ability to deliver on our long-term goals), our financial performance, our growth strategies (including our ability to grow the number of loyalty program partners, cross-selling existing partners, and retain and grow existing loyalty program partner deployments), our business pipeline and ability to sign and launch new loyalty program partnerships, and our beliefs on the long-term sustainability of the loyalty industry and the ability of our partners to leverage the products and services we offer in advance of an economic recovery, the role of the loyalty industry in the recovery of the travel industry, the competitive environment in which we operate, other objectives, strategic plans and business development goals, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as “may,” “will,” “expects,” “anticipates,” “continue,” “intends,” “plans,” “believes,” “estimates” or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.

Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance and are subject to important risks and uncertainties that are difficult to predict. Certain material assumptions or estimates are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Undue reliance should not be placed on such statements. In particular, uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies, economic activity, and all elements of the travel and hospitality industry may have a significant and materially adverse impact on our business. In addition, the risks, uncertainties and other factors that may impact the results expressed or implied in such forward-looking statements include, but are not limited to: (i) airline or travel industry disruptions, such as an airline insolvency and continued airline consolidation; (ii) our dependence on a limited number of large clients for a significant portion of our consolidated revenue; (iii) our reliance on contractual relationships with loyalty program partners that are subject to termination and renegotiation; (iv) our exposure to significant liquidity risk if we fail to meet contractual performance commitments; (v) our ability to convert our pipeline of prospective partners or launch new products with new or existing partners as expected or planned; (vi) our dependence on various third-parties that provide certain solutions in our Platform Partners segment that we market to loyalty program partners; (vii) the fact that our operations are conducted in multiple jurisdictions and in multiple currencies and as such dramatic fluctuations in exchange rates of the foreign currencies can have a dramatic effect on our financial results and (viii) the risk of an event of default under our senior secured credit facility. These and other important risk factors that could cause actual results to differ materially are discussed in Points’ annual information form, Form 40-F, annual and interim management’s discussion and analysis (“MD&A”), and annual and interim financial statements and the notes thereto. These documents are available at www.sedar.com and www.sec.gov. The forward-looking statements contained in this press release are made as at the date of this release and, accordingly, are subject to change after such date. Except as required by law, Points does not undertake any obligation to update or revise any forward-looking statements made or incorporated in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

The Company’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Management uses certain non-GAAP measures, which are defined in the appropriate sections of this press release, to better assess the Company’s underlying performance. These measures are reviewed regularly by management and the Company’s Board of Directors in assessing the Company’s performance and in making decisions about ongoing operations. In addition, we use certain non-GAAP measures to determine the components of management compensation. We believe that these measures are also used by investors as an indicator of the Company’s operating performance. Readers are cautioned that these terms are not recognized GAAP measures and do not have a standardized GAAP meaning under IFRS and should not be construed as alternatives to IFRS terms, such as net income. Refer to “Performance Indicators and Non-GAAP Financial Measures” section of the Company’s Q4 2020 MD&A for reconciliation to, and description of the Company’s non-GAAP financial measures.

Investor Relations Contact

Sean Mansouri, CFA
Gateway Investor Relations
1-949-574-3860
[email protected]

 

Points International Ltd.
Key Financial Measures and Schedule of Non-GAAP Reconciliations
Reconciliation of Gross Profit to Contribution [1]
Expressed in thousands of United States dollars
		For the three months ended					For the year ended
		Dec 31, 2020		Dec 31, 2019			Dec 31, 2020		Dec 31, 2019
Gross Profit		$	8,484	$	17,589		$	35,003	$	65,455
Less:
	Direct adjusted operating expenses [2]		4,478		6,503			18,147		24,539
Contribution		$	4,006	$	11,086		$	16,856	$	40,916
[1] Contribution is defined as gross profit less direct adjusted operating expenses. Contribution is considered by Management to be a useful supplemental measure when assessing financial performance. Management believes that Contribution is an important indicator of the Company’s segment profitability. However, Contribution is not a recognized measure of profitability under IFRS.
[2] Direct adjusted operating expenses is defined as expenses which are directly attributable to each operating segment. Direct adjusted operating expenses is not a measure of financial performance under IFRS.

Contribution by Line of Business
Expressed in thousands of United States dollars
		For the three months ended							For the year ended
		Dec 31, 2020			Dec 31, 2019				Dec 31, 2020			Dec 31, 2019
Loyalty Currency Retailing
Total revenue		$	55,066		$	103,966			$	211,200		$	391,045
Gross profit			7,379			14,746				29,597			56,013
Direct adjusted operating expenses			2,954			3,714				11,243			13,830
Contribution			4,425			11,032				18,354			42,183
Platform Partners
Total revenue			1,017			2,003				5,030			7,577
Gross profit			832			1,826				4,299			6,912
Direct adjusted operating expenses			566			979				2,377			3,871
Contribution			266			847				1,922			3,041
Points Travel
Total revenue			275			1,038				1,157			2,555
Gross profit			273			1,017				1,107			2,530
Direct adjusted operating expenses			958			1,810				4,527			6,838
Contribution		$	(685	)	$	(793	)		$	(3,420	)	$	(4,308	)

Reconciliation of Net Income to Adjusted EBITDA [3]
Expressed in thousands of United States dollars
		For the three months ended							For the year ended
		Dec 31, 2020			Dec 31, 2019				Dec 31, 2020			Dec 31, 2019
Net (Loss) Income		$	(683	)	$	2,758			$	(5,357	)	$	11,889
Income tax (recovery) expense			(486	)		1,475				(1,460	)		5,155
Finance costs			252			48				843			211
Depreciation and amortization			1,178			1,269				4,859			4,668
Foreign exchange (gain) loss			(375	)		(7	)			(671	)		401
Equity-settled share-based payment expense			476			1,650				3,129			5,172
Impairment charges			–			–				1,798			–
Prior year tax rebate, net of fees			–			–				–			(6,027	)
Adjusted EBITDA		$	362		$	7,193			$	3,141		$	21,469
[3] Adjusted EBITDA is a non-GAAP financial measure, which is defined as earnings before income tax expense, finance costs, depreciation and amortization, equity-settled share-based payment expense, foreign exchange and other one-time costs or benefits such as impairment charges and a tax rebate related to prior periods. Management believes that adjusted EBITDA is an important indicator of the Company’s ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure.

Reconciliation of Total Operating Expenses to Adjusted Operating Expenses [4]
Expressed in thousands of United States dollars
			For the three months ended							For the year ended
			Dec 31, 2020			Dec 31, 2019				Dec 31, 2020			Dec 31, 2019
Total Operating Expenses			$	9,507		$	13,489			$	41,356		$	49,108
Subtract (add):
	Depreciation and amortization			1,178			1,269				4,859			4,668
	Foreign exchange (gain) loss			(375	)		(7	)			(671	)		401
	Equity-settled share-based payment expense			476			1,650				3,129			5,172
	Impairment charges			–			–				1,798			–
Adjusted Operating Expenses			$	8,228		$	10,577			$	32,241		$	38,867
[4] Adjusted operating expenses consists of employment expenses excluding equity-settled share-based payment expense, marketing & communications, technology services, and other operating expenses. Adjusted operating expenses is not a measure of financial performance under IFRS and should not be considered a substitute for total operating expenses, which we believe to be the most directly comparable IFRS measure.

Points International Ltd.
Consolidated Statements of Financial Position
Expressed in thousands of United States dollars
As at December 31		2020			2019
ASSETS
Current assets
	Cash and cash equivalents	$	73,070		$	69,965
	Cash held in trust	280			2,534
	Funds receivable from payment processors	5,795			14,302
	Accounts receivable	3,559			21,864
	Prepaid taxes	1,760			194
	Prepaid expenses and other assets	3,075			2,153
Total current assets		$	87,539		$	111,012
Non-current assets
	Property and equipment	1,529			2,371
	Right-of-use assets	1,862			3,060
	Intangible assets	12,130			12,806
	Goodwill	5,681			7,130
	Deferred tax assets	3,087			2,105
	Other assets	202			216
Total non-current assets		$	24,491		$	27,688
Total assets		$	112,030		$	138,700
LIABILITIES
Current liabilities
	Accounts payable and accrued liabilities	$	5,766		$	13,766
	Income taxes payable	489			2,326
	Payable to loyalty program partners	50,629			78,270
	Current portion of lease liabilities	1,156			1,323
	Current portion of other liabilities	847			797
	Current portion of long term debt	3,500			–
Total current liabilities		$	62,387		$	96,482
Non-current liabilities
	Long term debt	11,500			–
	Lease liabilities	1,136			2,209
	Other liabilities	57			95
	Deferred tax liabilities	1,731			722
Total non-current liabilities		$	14,424		$	3,026
Total liabilities		$	76,811		$	99,508
SHAREHOLDERS’ EQUITY
	Share capital	49,251			45,799
	Contributed surplus	1,795			–
	Accumulated other comprehensive income	623			184
	Accumulated deficit		(16,450	)		(6,791	)
Total shareholders’ equity		$	35,219		$	39,192
Total liabilities and shareholders’ equity		$	112,030		$	138,700

Points International Ltd.
Consolidated Statements of Comprehensive (Loss) Income
Expressed in thousands of United States dollars, except per share amounts
For the year ended December 31					2020			2019
REVENUE
		Principal		$	196,905		$	374,484
		Other partner revenue			20,482			26,693
Total Revenue				$	217,387		$	401,177
		Direct cost of revenue			182,384			335,722
Gross Profit				$	35,003		$	65,455
OPERATING EXPENSES
		Employment costs			24,659			31,860
		Marketing and communications			1,220			1,608
		Technology services			2,767			2,577
		Depreciation and amortization			4,859			4,668
		Foreign exchange (gain) loss			(671	)		401
		Other operating expenses			6,724			7,994
		Impairment charges			1,798			–
Total Operating Expenses				$	41,356		$	49,108
		Finance and other income			(379	)		(908	)
		Finance costs			843			211
(LOSS) INCOME BEFORE INCOME TAXES				$	(6,817	)	$	17,044
		Income tax (recovery) expense			(1,460	)		5,155
NET (LOSS) INCOME				$	(5,357	)	$	11,889
OTHER COMPREHENSIVE INCOME
		Items that will subsequently be reclassified to profit or loss:
		Unrealized gain on foreign exchange derivatives designated as cash flow hedges			215			556
		Income tax effect			(57	)		(147	)
		Reclassification to net income of loss on foreign exchange derivatives designated as cash flow hedges			384			550
		Income tax effect			(102	)		(146	)
		Foreign currency translation adjustment			(1	)		17
Other comprehensive income for the period, net of income tax				$	439		$	830
TOTAL COMPREHENSIVE (LOSS) INCOME				$	(4,918	)	$	12,719
(LOSS) EARNINGS PER SHARE
		Basic (loss) earnings per share		$	(0.41	)	$	0.87
		Diluted (loss) earnings per share		$	(0.41	)	$	0.86

Points International Ltd.
Consolidated Statements of Changes in Shareholders’ Equity
	Attributable to equity holders of the Company
Expressed in thousands of United States dollars except number of shares	Share Capital					Contributed Surplus			Accumulated other comprehensive income (loss)			Accumulated deficit			Total shareholders’ equity
	Number of Shares		Amount
Balance at December 31, 2019	13,241,516		$	45,799		$	–		$	184		$	(6,791	)	$	39,192
Net loss	–		–			–			–			(5,357		)	(5,357		)
Other comprehensive income, net of tax	–		–			–			439			–			439
Total comprehensive loss	–		–			–			439			(5,357		)	(4,918		)
Effect of share-based payments expense	–		–			3,129			–			–			3,129
Share issuances – options exercised	53,374		483			(416		)	–			–			67
Settlement of RSUs	–		3,207			(4,416		)	–			–			(1,209		)
Shares repurchased and cancelled	(67,483	)	(238		)	(804		)	–			–			(1,042		)
Reclassification within equity [5]	–		–			4,302			–			(4,302		)	–
Balance at December 31, 2020	13,227,407		$	49,251		$	1,795		$	623		$	(16,450	)	$	35,219
Balance at December 31, 2018	14,111,864		$	53,886		$	4,446		$	(646	)	$	(16,676	)	$	41,010
Net income	–		–			–			–			11,889			11,889
Other comprehensive income, net of tax	–		–			–			830			–			830
Total comprehensive income	–		–			–			830			11,889			12,719
Effect of share-based payments expense	–		–			5,172			–			–			5,172
Share issuances – options exercised	2,338		28			(7		)	–			–			21
Settlement of RSUs	–		1,504			(4,626		)	–			–			(3,122		)
Shares purchased and held in trust	–		(6,350		)	–			–			–			(6,350		)
Shares repurchased and cancelled	(872,686	)	(3,269		)	(4,985		)	–			(2,004		)	(10,258		)
Balance at December 31, 2019	13,241,516		$	45,799		$	–		$	184		$	(6,791	)	$	39,192
[5] The Corporation has adopted a policy that when contributed surplus is in debit balance, an equivalent amount is reclassified from contributed surplus to accumulated deficit for financial statement presentation purposes. For the year ended December 31, 2020, $4,302 was reclassified (2019 – nil).

Points International Ltd.
Consolidated Statements of Cash Flows
Expressed in thousands of United States dollars
For the year ended December 31			2020			2019
Cash flows from operating activities
Net (loss) income for the period		$	(5,357	)	$	11,889
Adjustments for:
	Depreciation of property and equipment		1,292			1,211
	Amortization of right-of-use assets		1,081			1,164
	Amortization of intangible assets		2,486			2,293
	Unrealized foreign exchange loss		1,122			394
	Equity-settled share-based payment transactions		3,129			5,172
	Finance costs		843			211
	Deferred income tax (recovery) expense		(130	)		969
	Impairment charges		1,798			–
Derivative contracts designated as cash flow hedges			599			1,106
Changes in cash held in trust			2,254			(2,034	)
Changes in non-cash balances related to operations			(13,331	)		2,200
Interest paid			(812	)		(211	)
Net cash (used in) provided by operating activities		$	(5,026	)	$	24,364
Cash flows from investing activities
Acquisition of property and equipment			(450	)		(1,231	)
Additions to intangible assets			(1,837	)		(1,147	)
Net cash used in investing activities		$	(2,287	)	$	(2,378	)
Cash flows from financing activities
Proceeds from long term debt			40,000			–
Repayment of long term debt			(25,000	)		–
Payment of lease liabilities			(1,293	)		(1,229	)
Proceeds from exercise of share options			67			21
Shares repurchased and cancelled			(1,042	)		(10,258	)
Purchase of share capital held in trust			–			(6,350	)
Taxes paid on net settlement of RSUs			(1,209	)		(3,122	)
Net cash provided by (used in) financing activities		$	11,523		$	(20,938	)
Effect of exchange rate fluctuations on cash held			(1,105	)		(214	)
Net increase in cash and cash equivalents		$	3,105		$	834
Cash and cash equivalents at beginning of the period		$	69,965		$	69,131
Cash and cash equivalents at end of the period		$	73,070		$	69,965
Interest Received		$	365		$	930
Taxes Paid		$	(1,852	)	$	(1,601	)
Amounts received for interest and paid in taxes were reflected as operating cash flows in the consolidated statements of cash flows.

TUSTIN, Calif., March 03, 2021 (GLOBE NEWSWIRE) — Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that its Board of Directors has declared a quarterly cash dividend payment on the Company’s 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”).

The quarterly dividend on the Series E Preferred Stock is payable on April 1, 2021 to holders of record at the close of business on March 15, 2021.

The quarterly dividend payment on the Series E Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from January 1, 2021 through March 31, 2021. The Series E Preferred Stock is listed on the NASDAQ Capital Market and trades under the ticker symbol “CDMOP”.

About
 
Avid Bioservices, Inc.

Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 28 years of experience producing monoclonal antibodies and recombinant proteins, Avid’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com

Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
[email protected]

Tim Brons (Media)
Vida Strategic Partners
415-675-7402
[email protected]

BILLERICA, Mass., March 03, 2021 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS) announced today financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter 2020 Summary

• Total revenue of $16.7 million, a decrease of 16% year-over-year on a reported basis and 17% on a constant currency basis.
• Product revenue of $16.5 million, a decrease of 16% year-over-year on a reported basis and 17% on a constant currency basis. Product revenue increased 3% over the third quarter of 2020.
   – U.S. product revenue of $14.4 million, a decrease of 16% year-over-year.
   – Rest-of-world product revenue of $2.1 million, a decrease of 16% year-over-year on a reported basis and 22% on a constant currency basis.
• Royalty and licensing revenue of $0.2 million, an increase of 4% year-over-year.
• Gross margin of 47%, a decrease of 180 basis points year-over-year.
• Total operating expenses remained flat year-over-year.

Year End 2020 Summary

• Total revenue of $68.8 million, a decrease of 11% year-over-year on a reported and constant currency basis.
• Product revenue of $58.5 million, a decrease of 24% year-over-year on a reported and constant currency basis.
   – U.S. product revenue of $50.7 million, a decrease of 24% year-over-year
   – Rest-of-world product revenue of $7.8 million, a decrease of 18% year-over-year on a reported basis and 19% on a constant currency basis.
• Royalty and licensing revenue of $10.2 million, an increase of 1,210% year-over-year, as a result of our $9.6 million settlement and license agreement with Zimmer Biomet in the second quarter of 2020.
• Gross margin of 49%, an increase of 160 basis points year-over-year, was driven primarily by the increase in royalty and licensing revenue in 2020.
• Total operating expenses decreased 5% year-over-year.

2021 Expected Product Launch Highlights

• Cordera™ Match Hip Launch Rollout
• Stryker Patient-Specific Guides Launch
• New standard knee offering launch

“Though the COVID-19 pandemic continues to create uncertainty in orthopedic procedure levels, Conformis has remained committed to the continuation of our new product development schedule. As such, we expect 2021 to be an exciting year in regards to new product offerings, especially our new total knee system. While this system can be used in the in-patient and out-patient settings, we are particularly focused on the ambulatory care setting,” said Mark Augusti, President and Chief Executive Officer. “Our recently completed $85 million capital raise gives us the flexibility to drive our growth strategy.”

	Three Months Ended December 31,						Increase/(decrease)
($, in thousands)	2020			2019			$ Change				% Change			% Change
											(as reported)			(constant currency)
United States	$	14,439		$	17,225		$	(2,786	)		(16	)	%	(16	)	%
Rest of world		2,093			2,506			(413	)		(16	)	%	(22	)	%
Product revenue		16,532			19,731			(3,199	)		(16	)	%	(17	)	%
Royalty and licensing revenue		165			158			7			4		%	4		%
Total revenue	$	16,697		$	19,889		$	(3,192	)		(16	)	%	(17	)	%

Fourth Quarter 2020 Financial Results

Total revenue for the three-month period ended December 31, 2020 decreased $3.2 million to $16.7 million, or 16% year-over-year on a reported basis and 17% on a constant currency basis. Total revenue in each of the fourth quarter of 2020 and 2019 includes royalty and licensing revenue of $0.2 million, related to patent license agreements.

Product revenue decreased $3.2 million to $16.5 million, or 16% year-over-year on a reported basis and 17% on a constant currency basis. U.S. product revenue decreased $2.8 million to $14.4 million, or 16% year-over-year, and rest-of-world product revenue decreased $0.4 million to $2.1 million, or 16% year-over-year on a reported basis and 22% on a constant currency basis. Conformis Hip System sales for the fourth quarter of 2020, which were all in the United States, were up 5% to $0.6 million.

Total gross profit decreased $1.9 million to $7.8 million, or 47% of revenue, in the fourth quarter of 2020, compared to $9.7 million, or 49% of revenue, in the fourth quarter of 2019. The 180 basis point decrease in gross margin year-over-year was driven primarily by lower volume and cancelled case inventory expense.

Total operating expenses remained flat year-over-year.

Net loss was $6.6 million, or $0.08 per basic share, in the fourth quarter of 2020, compared to a net loss of $5.4 million, or $0.08 per basic share, for the same period last year. Net loss in the fourth quarter of 2020 included foreign currency exchange income of $1.7 million compared to foreign currency exchange income of $0.9 million in the same period last year. Net loss per basic share calculations assume weighted average basic shares outstanding of 80.0 million for the fourth quarter of 2020, compared to 65.5 million for the same period last year.

	Twelve Months Ended December 31,						Increase/(decrease)
($, in thousands)	2020			2019			$ Change				% Change			% Change
											(as reported)			(constant currency)
United States	$	50,736		$	67,151		$	(16,415	)		(24	)	%	(24	)	%
Rest of world	7,804			9,498			(1,694		)		(18	)	%	(19	)	%
Product revenue	58,540			76,649			(18,109		)		(24	)	%	(24	)	%
Royalty and licensing revenue	10,221			780			9,441				1,210		%	1,210		%
Total revenue	$	68,761		$	77,429		$	(8,668	)		(11	)	%	(11	)	%

Fiscal Year 2020 Financial Results

Total revenue for the year ended December 31, 2020 decreased $8.7 million to $68.8 million, or 11% year-over-year on a reported and constant currency basis. Total revenue includes royalty and licensing revenue of $10.2 million for the year ended 2020 and $0.8 million for the year ended 2019 related to patent license agreements. The increase in royalty and licensing revenue was driven by $9.6 million in revenue recognized in the second quarter under the settlement and license agreement with Zimmer Biomet.

Product revenue decreased $18.1 million to $58.5 million, or 24% year-over-year on a reported and constant currency basis. U.S. product revenue decreased $16.4 million to $50.7 million, or 24% year-over-year, and rest-of-world product revenue decreased $1.7 million to $7.8 million, or 18% year-over-year on a reported basis and 19% on a constant currency basis. Conformis Hip System sales for 2020, which were all in the United States, were up 26.1% to $2.5 million.

Total gross profit decreased $3.0 million to $33.7 million, or 49% of revenue, in 2020, compared to $36.7 million, or 47% of revenue, in 2019. The 160 basis point increase in gross margin year-over-year was primarily driven by the $9.6 million licensing revenue recognized as a result of the settlement and license agreement with Zimmer Biomet, offset by lower volume and cancelled case inventory expense during the year.

Total operating expenses decreased $3.0 million to $58.8 million, or 5% year-over-year. The decrease in expenses was primarily driven by lower variable expenses as a result of the decline in revenue as well as lower travel and marketing-related expenses.

Net loss was $24.3 million, or $0.34 per basic share for 2020, compared to a net loss of $28.5 million, or $0.44 per basic share, for 2019. Net loss included foreign currency exchange income of $3.2 million in 2020, compared to foreign currency exchange loss of $0.7 million in 2019. Net loss per basic share calculations assume weighted average basic shares outstanding of 71.7 million for 2020, compared to 64.1 million for 2019.

As of December 31, 2020, cash and cash equivalents totaled $28.7 million, compared to $26.4 million as of December 31, 2019.

Outlook

Historically, we see a drop in first quarter revenue compared to the preceding fourth quarter as many health plans reset on January 1. In addition, we have continued to experience pressure on our business from reduced elective procedures into 2021. Accordingly, we expect our first quarter product revenue to be in the range of $13.0 million to $14.0 million. We believe this pressure will continue through the second quarter, but that we may see elective volumes improve in the third quarter as vaccines become more widely available.

Note on Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain information regarding the Company’s financial results or projected financial results on a non-GAAP “constant currency basis.” This information estimates the impact of changes in foreign currency rates on the translation of the Company’s current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the adjusted current or projected local currency results and translating them into U.S. dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on the Company’s results or business. Non-GAAP information is not a substitute for, and is not superior to, information presented on a GAAP basis. Company management uses these non-GAAP measures internally to measure operational performance.

Webcast

As previously announced, Conformis will conduct a webcast today at 4:30 PM Eastern Time. Management will discuss financial results and strategic matters. The webcast will be live at https://edge.media-server.com/mmc/p/z2dhee2u.

The archive of the webcast will be available on the Company’s website for 30 days.

About Conformis, Inc.

Conformis is a medical technology company that uses its proprietary iFit® Image-to-Implant® technology platform to develop, manufacture, and sell joint replacement implants and instruments that are individually sized and shaped, which we refer to as personalized, individualized, or sometimes as customized, to fit each patient’s unique anatomy. Conformis offers a broad line of sterile, personalized knee and hip implants and single-use instruments delivered to hospitals and ambulatory surgical centers. In clinical studies, the Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints.

For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at http://ir.conformis.com/.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release about our future expectations, plans and prospects, including statements about the impact of the novel coronavirus (COVID-19) pandemic and the actions we are taking and planning in response, our planned launch of a new program aimed at developing a knee replacement offering targeted at hospital outpatient and ambulatory surgery centers, the anticipated timing of our product launches, whether or when restrictions on elective surgeries will be relaxed and demand for procedures will increase, and our financial position and results, total revenue, product revenue, gross margin, operations and growth, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these terms or other and similar expressions are intended to identify forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including risks related to the novel coronavirus pandemic and the response to the pandemic; whether our cash resources will be sufficient to fund our continuing operations for the periods anticipated; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of our public filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

CONFORMIS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2020				2019					2020				2019
		(unaudited)								(unaudited)
Revenue
Product	$	16,532			$	19,731				$	58,540			$	76,649
Royalty and licensing		165				158					10,221				780
Total revenue		16,697				19,889					68,761				77,429
Cost of revenue		8,898				10,233					35,046				40,692
Gross profit		7,799				9,656					33,715				36,737
Operating expenses
Sales and marketing		6,226				7,283					22,646				28,514
Research and development		3,345				3,055					11,939				12,457
General and administrative		5,900				5,112					24,244				20,895
Total operating expenses		15,471				15,450					58,829				61,866
Loss from operations		(7,672	)			(5,794	)				(25,114	)			(25,129	)
Other income and expenses
Interest income		10				74					76				330
Interest expense		(604	)			(579	)				(2,373	)			(2,942	)
Foreign currency exchange transaction income (loss)		1,669				876					3,160				(692	)
Total other income (expenses)		1,075				371					863				(3,304	)
Loss before income taxes		(6,597	)			(5,423	)				(24,251	)			(28,433	)
Income tax provision		25				10					42				45
Net loss	$	(6,622	)		$	(5,433	)			$	(24,293	)		$	(28,478	)
Net loss per share
Basic and diluted	$	(0.08	)		$	(0.08	)			$	(0.34	)		$	(0.44	)
Weighted average common shares outstanding
Basic and diluted		79,972,586				65,520,222					71,699,615				64,122,455

CONFORMIS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
	December 31, 2020				December 31, 2019
Assets	(unaudited)
Current Assets
Cash and cash equivalents	$	28,673			$	26,394
Accounts receivable, net	8,515				11,066
Royalty and licensing receivable	1,256				165
Inventories	12,585				12,074
Prepaid expenses and other current assets	2,315				2,815
Total current assets	53,344				52,514
Property and equipment, net	12,240				13,356
Operating lease right-of-use assets	5,215				5,853
Other Assets
Restricted cash	462				462
Other long-term assets	239				211
Total assets	$	71,500			$	72,396
Liabilities and stockholder’s equity
Current liabilities
Accounts payable	$	4,918			$	6,920
Accrued expenses	7,213				7,135
Operating lease liabilities	1,620				1,469
Advance on research and development	3,168				2,331
Contract liability	14,000				—
Total current liabilities	30,919				17,855
Other long-term liabilities	—				1,500
Contract liability	—				12,000
Long-term debt, less debt issuance costs	25,003				19,623
Operating lease liabilities	4,206				5,071
Total liabilities	60,128				56,049
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.00001 par value:
Authorized: 5,000,000 shares authorized at December 31, 2020 and December 31, 2019; no shares issued and outstanding as of December 31, 2020 and December 31, 2019	—				—
Common stock, $0.00001 par value:
Authorized: 200,000,000 shares authorized at December 31, 2020 and December 31, 2019; 95,546,577 and 70,427,400 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	1				1
Additional paid-in capital	543,809				521,356
Accumulated deficit	(528,438		)		(504,145		)
Accumulated other comprehensive loss	(4,000		)		(865		)
Total stockholders’ equity	11,372				16,347
Total liabilities and stockholders’ equity	$	71,500			$	72,396

CONTACT:
Investor Relations
[email protected]
(781) 374-5598

MIAMI, March 03, 2021 (GLOBE NEWSWIRE) — NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced today that it has closed its previously announced private offering of $575 million aggregate principal amount of its 5.875% Senior Notes due 2026 (the “NCLC Notes”). The NCLC Notes form part of the same series as the $850 million aggregate principal amount of 5.875% Senior Notes due 2026 issued on December 18, 2020 and will be guaranteed by certain of NCLC’s subsidiaries on a senior unsecured basis.

NCL Finance, Ltd. (“NCL Finance”), a subsidiary of NCLC, has also closed its previously announced private offering of $525 million aggregate principal amount of its 6.125% Senior Notes due 2028 (the “NCL Finance Notes” and, collectively with the NCLC Notes, the “Notes”). The NCL Finance Notes will be guaranteed by NCLC and certain of NCLC’s subsidiaries on a senior unsecured basis.

NCLC and NCL Finance expect to use the net proceeds from the offerings to fully repay the aggregate principal amounts outstanding under two of NCLC’s senior secured credit facilities, together with accrued but unpaid interest thereon, and to pay any related transaction premiums, fees and expenses, with the remainder of the net proceeds from the offerings to be used for general corporate purposes.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension, our ability to weather the impacts of the novel coronavirus (“COVID-19”) pandemic, our expectations regarding the resumption of cruise voyages and the timing for such resumption of cruise voyages, the implementation of and effectiveness of our health and safety protocols, operational position, demand for voyages, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of:

• the spread of epidemics, pandemics and viral outbreaks and specifically, the COVID-19 pandemic, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price;
• our ability to comply with the U.S. Centers for Disease Control and Prevention (“CDC”) Framework for Conditional Sailing Order and any additional or future regulatory restrictions on our operations and to otherwise develop enhanced health and safety protocols to adapt to the pandemic’s unique challenges once operations resume and to otherwise safely resume our operations when conditions allow;
• coordination and cooperation with the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and security of guests, crew and the communities visited and the implementation of any such precautions;
• our ability to work with lenders and others or otherwise pursue options to defer, renegotiate or refinance our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises;
• our future need for additional financing, which may not be available on favorable terms, or at all, and may be dilutive to existing shareholders;
• our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements;
• the accuracy of any appraisals of our assets as a result of the impact of COVID-19 or otherwise;
• our success in reducing operating expenses and capital expenditures and the impact of any such reductions;
• our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends relating to such election;
• trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto;
• the unavailability of ports of call;
• future increases in the price of, or major changes or reduction in, commercial airline services;
• adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;
• adverse incidents involving cruise ships;
• adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;
• any further impairment of our trademarks, trade names or goodwill;
• breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;
• changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs;
• mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;
• the risks and increased costs associated with operating internationally;
• fluctuations in foreign currency exchange rates;
• overcapacity in key markets or globally;
• our expansion into and investments in new markets;
• our inability to obtain adequate insurance coverage;
• pending or threatened litigation, investigations and enforcement actions;
• volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
• our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;
• our reliance on third parties to provide hotel management services for certain ships and certain other services;
• our inability to keep pace with developments in technology;
• changes involving the tax and environmental regulatory regimes in which we operate; and
• other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 pandemic. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made.

We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Andrea DeMarco
(305) 468-2339
[email protected]

Jessica John
(786) 913-2902