Market Newsdesk

March 4, 2021 7:48 am

Equifax Introduces Commercial Real Estate Tenant Risk Assessment Product Suite

New Solution Set Helps Asset Managers and Bankers Better Manage Commercial Real Estate Portfolio Risk

PR Newswire

ATLANTA, March 4, 2021 /PRNewswire/ — Equifax® (NYSE: EFX) today announced a new Commercial Real Estate (CRE) Tenant Risk Assessment product suite designed to help asset managers and bankers better build, manage and maintain CRE portfolios. Built on Equifax commercial credit data, the suite is designed to provide a more complete financial picture of a building’s business tenants for a better understanding of each property’s potential risk and overall performance in a time of economic uncertainty.

“COVID-19 has had a dramatic impact on the Commercial Real Estate industry, with tenant payment behavior and demand for space heavily influenced by social distancing, unemployment, and business stress,” said William Phelan, General Manager of the Equifax United States Information Solutions (USIS) Commercial business. “Whether you’re a banker overseeing a CRE portfolio, an asset manager, or a property manager, it’s become increasingly important to understand the current financial health of buildings and business tenants to prevent losses. The Equifax Commercial Real Estate Tenant Risk Assessment product suite helps you understand which tenants were on sound financial footing before the coronavirus, and better predicts how they will weather the storm.”

According to the National Association of Realtors Research Group’s January 2021 Commercial Real Estate Trends and Outlook, 59% of CRE executives surveyed reported an increase in missed, late, or partial rental payments for office, retail, and industrial space. Staying up-to-date on the financial situations of commercial tenants is a challenge for most CRE owners, and rent delays and tenant losses can be a costly proposition.

The Equifax Commercial Real Estate Tenant Risk Assessment product suite includes a Tenant Risk Assessment Report™ and a cloud-based application on the Equifax Ignite Marketplace. The report and app can be used to evaluate a commercial tenant portfolio for financial stability and flag tenants with increased risk profiles. The tools can also be used to monitor business tenants on a monthly basis to identify changes in payment patterns and analyze tenants’ ability to continue on lease. The suite is supported by an enhancement to the Commercial Credit History Report. The Commercial Credit History Report can include CRE market statistics data for an even more comprehensive view of potential business tenants during the credit decisioning process.

“Smarter insights drive smarter actions,” continued Phelan. “With this new offering, we’re putting data insights that only Equifax can provide at the fingertips of commercial bankers, asset managers, and property owners. We are going beyond building statistics and empowering CRE leaders to identify new business tenants, negotiate lease improvements for tenant retention, and identify potential tenant losses before they occur.”

The Equifax Commercial Real Estate Tenant Risk Assessment suite is available now. For more information, please visit Equifax.com or register to attend the March 4 Market Pulse Webinar: Return to Opportunity for Commercial Real Estate, being held at 2:00 p.m. Eastern Standard Time.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employees, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com

FOR MORE INFORMATION

Kate Walker for Equifax USIS
[email protected]

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SOURCE Equifax Inc.

March 4, 2021 7:48 am

The Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2020 Results

The Marcus Corporation Reports Fourth Quarter and Full Year Fiscal 2020 Results

As recovery from the COVID-19 pandemic continues, the company’s balance sheet and liquidity remain strong

MILWAUKEE–(BUSINESS WIRE)–The Marcus Corporation (NYSE: MCS) today reported results for the fourth quarter and full year fiscal 2020 ended December 31, 2020.

Fourth Quarter Fiscal 2020 Highlights

Total revenues for the fourth quarter of fiscal 2020 were $36,704,000 compared to total revenues of $206,862,000 for the fourth quarter of fiscal 2019.
Operating loss was $55,173,000 for the fourth quarter of fiscal 2020, compared to operating income of $13,379,000 for the prior year quarter.
Net loss attributable to The Marcus Corporation was $39,022,000 for the fourth quarter of fiscal 2020, compared to net earnings attributable to The Marcus Corporation of $7,802,000 for the same period in fiscal 2019.
Net loss per diluted common share attributable to The Marcus Corporation was $1.29 for the fourth quarter of fiscal 2020, compared to net earnings per diluted common share attributable to The Marcus Corporation of $0.25 for the fourth quarter of fiscal 2019.
Adjusted net loss attributable to The Marcus Corporation was $36,913,000 for the fourth quarter of fiscal 2020, compared to Adjusted net earnings attributable to The Marcus Corporation of $10,469,000 for the fourth quarter of fiscal 2019.
Adjusted net loss per diluted common share attributable to The Marcus Corporation was $1.22 for the fourth quarter of fiscal 2020, compared to Adjusted net earnings per diluted common share attributable to The Marcus Corporation of $0.33 for the prior year quarter.
Adjusted EBITDA was a loss of $27,770,000 for the fourth quarter of fiscal 2020, compared to Adjusted EBITDA of $36,710,000 for the comparable prior year period.
Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA reflect adjustments made by the company to eliminate the impact of a nonrecurring income tax adjustment and certain nonrecurring income, expenses and impairment charges during the fourth quarter of fiscal 2020, as well as the unfavorable impact of new theatre preopening expenses, an impairment charge and certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel into Saint Kate^® – The Arts Hotel, during the fourth quarter of fiscal 2019.

Full Year Fiscal 2020 Highlights

Total revenues for fiscal 2020 were $237,688,000 compared to total revenues of $820,863,000 for fiscal 2019.
Operating loss was $178,422,000 for fiscal 2020 compared to operating income of $68,191,000 for fiscal 2019.
Net loss attributable to The Marcus Corporation was $124,843,000 for fiscal 2020, compared to net earnings attributable to The Marcus Corporation of $42,017,000 for fiscal 2019.
Net loss per diluted common share attributable to The Marcus Corporation was $4.13 for fiscal 2020, compared to net earnings per diluted common share attributable to The Marcus Corporation of $1.35 for fiscal 2019.
Adjusted net loss attributable to The Marcus Corporation was $125,087,000 for fiscal 2020, compared to Adjusted net earnings attributable to The Marcus Corporation of $50,278,000 for fiscal 2019.
Adjusted net loss per diluted common share attributable to The Marcus Corporation was $4.13 for fiscal 2020, compared to Adjusted net earnings per diluted common share attributable to The Marcus Corporation of $1.61 for fiscal 2019.
Adjusted EBITDA was a loss of $71,574,000 for fiscal 2020, compared to Adjusted EBITDA of $155,170,000 for fiscal 2019.
Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA reflect adjustments made by the company to eliminate the impact of a favorable income tax adjustment and certain nonrecurring income, expenses and impairment charges during fiscal 2020, as well as the unfavorable impact of new theatre preopening expenses and acquisition and preopening expenses related to the Movie Tavern acquisition, an impairment charge and certain nonrecurring preopening expenses and initial startup losses related to the conversion of the former InterContinental Milwaukee hotel into Saint Kate^® – The Arts Hotel, during fiscal 2019.

“Without question, 2020 was the most challenging year in our history, with the COVID-19 pandemic significantly impacting our businesses and the industries in which we compete,” said Gregory S. Marcus, president and chief executive officer of The Marcus Corporation. “Our team continues to do an outstanding job of responding to every challenge thrown their way, prioritizing the health and safety of each other, our guests and the communities we serve, while innovating new, creative ways to safely and enjoyably return to our theatres, hotels and restaurants. As we ended 2020 and turned the corner into 2021, improving COVID-19 conditions in our markets, significant progress related to the vaccines, along with growing consumer confidence gives us encouragement that better days are ahead. Our strong balance sheet and liquidity provide us with the financial flexibility to sustain operations as the recovery continues in 2021.”

Marcus Theatres^®

During the fourth quarter, new state and local restrictions in several markets required the temporary reclosure of several theatres, resulting in 52% of theatres being open as of December 31, 2020. As of the date of this release, many of those restrictions have since been lifted with nearly 70% of theatres now open. The remaining temporarily closed theatres are ready to quickly reopen as additional restrictions are lifted, new films are released on a regular basis and demand returns.

In response to the COVID-19 pandemic, the theatre division introduced Marcus Private Cinema in the fourth quarter. Guests can reserve an entire auditorium for up to 20 people, offering a safe, fun and stress-free social gathering opportunity for a flat fee. As program awareness increased during the first two months of 2021, sales attributable to Marcus Private Cinema have exceeded expectations, helping to partially offset reduced traditional attendance. Moviegoers also continue to enjoy food and beverage experiences, as average concession revenues per person increased over 10% compared to the fourth quarter of fiscal 2019.

“During the fourth quarter and first two months of 2021, theatre attendance has been increasing gradually as we have been able to offer guests a greater number and variety of films, an encouraging sign that moviegoers continue to gain confidence in returning to theatres,” said Rolando Rodriguez, chairman, president and chief executive officer of Marcus Theatres. “We attribute this improvement to our innovative programming, such as Marcus Private Cinema, growing awareness of our safety and sanitation measures, and pent up demand for a return to normalcy. We are very encouraged by the recent record-breaking performance of theatres in markets such as China and Japan, where the impact of the COVID-19 pandemic has lessened. We are also encouraged by the recent news that government-imposed restrictions in New York City, one of the world’s largest movie markets, are beginning to lift. This bodes well for continued recovery in the U.S. as vaccination rates increase and the pandemic recedes.”

While the film release schedule continued to change, several films generated box office interest in the fourth quarter, including “The Croods: A New Age,” “Wonder Woman 1984,” and “The War with Grandpa.” As a greater portion of the population gets vaccinated, demand for out-of-home entertainment is expected to increase with studios beginning to release new high-quality films to theatres. The film slate for the remainder of 2021, which now includes multiple films originally scheduled for 2020, is currently expected to be very strong, particularly during the second half of the year. Just a few highly anticipated films currently scheduled for 2021 include: “Godzilla vs. Kong,” “Black Widow,” “Fast & Furious 9,” “In the Heights,” “Top Gun: Maverick,” “Minions: The Rise of Gru,” “The Suicide Squad,” “The King’s Man,” “A Quiet Place II,” “Death on the Nile,” “Dune,” “No Time To Die,” “Ghostbusters: Afterlife,” Mission Impossible 7,” “West Side Story,” “Spider-Man: No Way Home,” The Untitled Matrix Film, and “Sing 2.” The early list of films scheduled to be released during fiscal 2022 also appears quite strong.

Marcus^® Hotels & Resorts

All eight Marcus Hotels & Resorts company-owned hotels were open as of December 31, 2020, as well as nine out of 10 managed hotels and other properties. The majority of the company’s restaurants and bars were also open. Despite the challenges presented by the pandemic, Marcus Hotels & Resorts’ properties significantly outperformed its segment of the hotel industry and its competitive sets during fiscal 2020.

Demand continues to be driven by the “drive-to leisure” market, with Grand Geneva^® Resort & Spa and Timber Ridge Lodge & Waterpark in Lake Geneva, Wis. experiencing the highest demand among our hotels, particularly on weekends as guests sought outdoor and golf experiences during the summer and ski experiences during the winter. “Across our portfolio, occupancy has continued to increase since the start of the pandemic,” said Michael Evans, president of Marcus Hotels & Resorts. “While the fourth quarter and first quarter are historically the slow point in the year as leisure travel slows over the winter months, we expect the pace of recovery to steadily improve as we head deeper into 2021. It is encouraging that many cultural institutions and sports teams in our markets are transitioning their operations to allow for more in-person guests and spectators. As travel increases and groups begin to plan for future events, our properties are uniquely positioned to capture increased demand.”

Group pace for fiscal 2021 is behind last year, with a large portion of that decline attributed to one-time event bookings in anticipation of Milwaukee hosting the Democratic National Convention in 2020. Many cancelled group bookings due to COVID-19 are rebooking for future dates, including the rescheduled Ryder Cup in September 2021. The division is also experiencing an increase in wedding bookings.

Throughout 2020, the company’s owned or managed hotels were feted by many travel industry awards for exceptional service and amenities, including the coveted Condé Nast 2020 Readers Choice Awards. Saint Kate – The Arts Hotel in Milwaukee was voted the #6 Top Hotel in the Midwest, while The Pfister^® Hotel in Milwaukee was voted the #8 Top Hotel in the Midwest. The Grand Geneva Resort & Spa in Lake Geneva, Wis. was voted the #20 Top Resort in the Midwest and West, and The Garland was voted the #14 Top Hotel in Los Angeles. Additional 2020 “best of” recognitions were received from prestigious organizations such as USA Today, Travel & Leisure, U.S. News, Booking.com, The Knot, AAA and Trip Advisor.

Balance Sheet and Liquidity

Throughout The Marcus Corporation’s 85-year history, the company has prioritized maintaining a strong balance sheet. As of December 31, 2020, the company’s debt-to-capitalization ratio was 37%, which is equal to or lower than the same ratio during seven of the last 10 fiscal year-ends. The company’s liquidity also remains strong, with approximately $227 million in cash and revolving credit availability at year end.

“Our real estate ownership provides a significant advantage to us relative to our peers, as it keeps our monthly fixed lease payments low and provides substantial underlying credit support for our balance sheet,” said Douglas Neis, executive vice president, chief financial officer and treasurer. “It also provides us an opportunity to monetize select real estate if opportunities arise.” In the fourth quarter of fiscal 2020, the company realized proceeds from the sale of two land parcels and a former budget theatre and at year-end the company had letters of intent or contracts to sell several additional pieces of real estate.

In addition to receiving anticipated income tax refunds during the fourth quarter, the company was awarded various state grants, the majority of which was received in January 2021. The company expects to receive additional prior year income tax refunds early in 2021 and recently was awarded and received an additional state grant. Looking ahead, the company anticipates an additional income tax refund later in the year when the fiscal 2020 tax return is filed.

Conference Call and Webcast

The Marcus Corporation management will hold a conference call today, Thursday, March 4, 2021 at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company’s website: www.marcuscorp.com or by dialing 1-574-990-3059 and entering the passcode 7068338.

A telephone replay of the conference call will be available through Thursday, March 11, 2021, by dialing 1-855-859-2056 and entering passcode 7068338. The webcast will be archived on the company’s website until its next earnings release.

Non-GAAP Financial Measures

Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. The company defines Adjusted net earnings (loss) attributable to The Marcus Corporation as net earnings (loss) attributable to The Marcus Corporation adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance and the tax effect related to those items. The company defines Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation as Adjusted net earnings (loss) attributable to The Marcus Corporation divided by diluted weighted average shares outstanding. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes and depreciation and amortization, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. Reconciliations of these measures to the equivalent measures under GAAP are set forth in the attached tables.

Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are key measures used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are useful measures, as they eliminate certain expenses that are not indicative of the company’s core operating performance and facilitate a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted net earnings, Adjusted diluted earnings per share and Adjusted EBITDA are also used by analysts, investors and other interested parties as performance measures to evaluate industry competitors.

Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are non-GAAP measures of the company’s financial performance and should not be considered as alternatives to net earnings (loss) or diluted earnings (loss) per share as a measure of financial performance, or any other performance measure derived in accordance with GAAP and they should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted net earnings (loss) attributable to The Marcus Corporation and Adjusted EBITDA are not intended to be measures of liquidity or free cash flow for management’s discretionary use. In addition, these non-GAAP measures exclude certain non-recurring and other charges. Each of these non-GAAP measures has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted net earnings (loss), Adjusted diluted earnings (loss) per share and Adjusted EBITDA differ among companies in our industries, and therefore Adjusted net earnings (loss), Adjusted diluted earnings (loss) per share and Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About The Marcus Corporation

Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation’s theatre division, Marcus Theatres^®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 1,097 screens at 89 locations in 17 states under the Marcus Theatres, Movie Tavern^® by Marcus and BistroPlex^® brands. The company’s lodging division, Marcus^® Hotels & Resorts, owns and/or manages 18 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects of the COVID-19 pandemic on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the duration of the COVID-19 pandemic and related government restrictions and social distancing requirements and the level of customer demand following the relaxation of such requirements; (3) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (particularly following the COVID-19 pandemic, during which the production of new movie content has essentially ceased and release dates for motion pictures have been postponed), as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets, including but not limited to, those caused by the COVID-19 pandemic; (5) the effects of adverse economic conditions, including but not limited to, those caused by the COVID-19 pandemic, on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the COVID-19 pandemic and the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets once hotels and resorts have more fully reopened; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (11) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (12) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, other incidents of violence in public venues such as hotels and movie theatres or epidemics (such as the COVID-19 pandemic); (13) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders; and (14) our ability to timely and successfully integrate the Movie Tavern operations into our own circuit. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, including developments related to the COVID-19 pandemic, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information, including assumptions about our ability to manage difficulties associated with or related to the COVID-19 pandemic; the assumption that our theatre closures, hotel closures and restaurant closures are not expected to be permanent or to re-occur; the continued availability of our workforce; and the temporary and long-term effects of the COVID-19 pandemic on our business. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION
Consolidated Statements of Earnings (Loss)
(Unaudited)
(in thousands, except per share data)

	14 Weeks			13 Weeks			53 Weeks			52 Weeks
	Ended			Ended			Ended			Ended
	Dec. 31,			Dec. 26,			Dec. 31,			Dec. 26,
	2020			2019			2020			2019
Revenues:
Theatre admissions	$	6,158		$	72,364		$	64,825		$	284,141
Rooms		7,768			24,540			35,386			105,857
Theatre concessions		6,434			59,111			56,711			231,237
Food and beverage		5,202			20,097			24,822			74,665
Other revenues		7,856			21,571			38,742			87,805
		33,418			197,683			220,486			783,705
Cost reimbursements		3,286			9,179			17,202			37,158
Total revenues		36,704			206,862			237,688			820,863

Costs and expenses:
Theatre operations		15,426			68,199			92,232			267,741
Rooms		5,111			10,208			21,243			40,381
Theatre concessions		4,113			21,500			29,747			85,289
Food and beverage		5,399			16,459			26,124			60,812
Advertising and marketing		2,628			6,919			11,074			24,583
Administrative		10,491			18,660			51,046			73,522
Depreciation and amortization		18,484			18,793			75,052			72,277
Rent		6,990			7,012			26,866			26,099
Property taxes		5,556			5,344			23,560			21,871
Other operating expenses		(806	)		9,336			17,288			41,065
Impairment charges		15,199			1,874			24,676			1,874
Reimbursed costs		3,286			9,179			17,202			37,158
Total costs and expenses		91,877			193,483			416,110			752,672

Operating income (loss)		(55,173	)		13,379			(178,422	)		68,191

Other income (expense):
Investment income		357			544			564			1,379
Interest expense		(6,098	)		(2,832	)		(16,275	)		(11,791	)
Other income (expense), net		785			(480	)		(986	)		(1,921	)
Gain (loss) on disposition of property, equipment and other assets		1,155			(880	)		856			(1,149	)
Equity losses from unconsolidated joint ventures		–			(22	)		(1,539	)		(274	)
		(3,801	)		(3,670	)		(17,380	)		(13,756	)

Earnings (loss) before income taxes		(58,974	)		9,709			(195,802	)		54,435
Income taxes (benefit)		(19,952	)		1,855			(70,936	)		12,320
Net earnings (loss)		(39,022	)		7,854			(124,866	)		42,115
Net (earnings) loss attributable to noncontrolling interests		–			52			(23	)		98
Net earnings (loss) attributable to The Marcus Corporation	$	(39,022	)	$	7,802		$	(124,843	)	$	42,017

Net earnings (loss) per common share attributable to The Marcus Corporation – diluted	$	(1.29	)	$	0.25		$	(4.13	)	$	1.35

Weighted average shares outstanding – diluted		31,064			31,363			31,042			31,152

THE MARCUS CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)

	(Unaudited)		(Audited)
	December 31,		December 26,
	2020		2019

Assets:

Cash and cash equivalents	$	6,745	$	20,862
Restricted cash		7,343		4,756
Accounts receivable		6,359		29,465
Government grants receivable		4,913		–
Refundable income taxes		27,934		5,916
Assets held for sale		4,117		–
Other current assets		10,406		18,265
Property and equipment, net		848,328		923,254
Operating lease right-of-use assets		229,660		243,855
Other assets		108,373		112,813

Total Assets	$	1,254,178	$	1,359,186

Liabilities and Shareholders’ Equity:

Accounts payable	$	13,158	$	49,370
Taxes other than income taxes		18,308		20,613
Other current liabilities		65,787		79,189
Short-term borrowings		87,194		–
Current portion of finance lease obligations		2,783		2,571
Current portion of operating lease obligations		19,614		13,335
Current maturities of long-term debt		10,548		9,910
Finance lease obligations		19,744		20,802
Operating lease obligations		230,550		232,111
Long-term debt		193,036		206,432
Deferred income taxes		33,429		48,262
Other long-term obligations		61,304		55,133
Equity		498,723		621,458

Total Liabilities and Shareholders’ Equity	$	1,254,178	$	1,359,186

THE MARCUS CORPORATION
Business Segment Information
(Unaudited)
(In thousands)

	Theatres			Hotels/ Resorts			Corporate Items			Total
14 Weeks Ended December 31, 2020
Revenues	$	14,210		$	22,385		$	109		$	36,704
Operating loss		(42,641	)		(11,426	)		(1,106	)		(55,173	)
Depreciation and amortization		13,215			5,141			128			18,484

13 Weeks Ended December 26, 2019
Revenues	$	143,006		$	63,746		$	110		$	206,862
Operating income (loss)		19,247			(1,393	)		(4,475	)		13,379
Depreciation and amortization		13,284			5,380			129			18,793

53 Weeks Ended December 31, 2020
Revenues	$	132,624		$	104,638		$	426		$	237,688
Operating loss		(121,429	)		(43,885	)		(13,108	)		(178,422	)
Depreciation and amortization		53,460			21,096			496			75,052

52 Weeks Ended December 26, 2019
Revenues	$	557,080		$	263,350		$	433		$	820,863
Operating income (loss)		76,903			10,050			(18,762	)		68,191
Depreciation and amortization		51,202			20,430			645			72,277

Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues.

THE MARCUS CORPORATION

Reconciliation of Adjusted net earnings (loss) and Adjusted net earnings (loss) per diluted common share
(Unaudited)
(In thousands, except per share data)
	14 Weeks			13 Weeks			53 Weeks			52 Weeks
	Ended			Ended			Ended			Ended
	Dec. 31,			Dec. 26,			Dec. 31,			Dec. 26,
	2020			2019			2020			2019
Net earnings (loss) attributable to The Marcus Corporation	$	(39,022	)	$	7,802		$	(124,843	)	$	42,017
Add (deduct):
Adjustment to income taxes (a)		(2,651	)					(20,071	)
Acquisition/preopening expenses – theatres (b)		–			439			–			2,475
Preopening expenses – hotels (c)		–			1,296			–			6,830
Property closure/reopening expenses – theatres (d)		1,174						5,804
Property closure/reopening expenses – hotels (e)		230						5,714
Government grants (f)		(6,955	)					(6,955	)
Insurance proceeds (g)		(1,828	)					(1,828	)
Impairment charges (h)		15,199			1,874			24,676			1,874
Joint venture impairment charge (i)		–						811
Return of escrow funds (j)		(1,375	)					(1,375	)
Tax impact of adjustments to net earnings (k)		(1,685	)		(942	)		(7,020	)		(2,918	)
Adjusted net earnings (loss) attributable to The Marcus Corporation	$	(36,913	)	$	10,469		$	(125,087	)	$	50,278

Net earnings (loss) per diluted common share attributable to The Marcus Corporation	$	(1.29	)	$	0.25		$	(4.13	)	$	1.35
Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation	$	(1.22	)	$	0.33		$	(4.13	)	$	1.61

(a)		Reflects a nonrecurring adjustment to income taxes related to net operating loss carrybacks to a higher federal income tax rate year, made as a result of the CARES Act.
(b)		Acquisition and preopening costs incurred related to the Movie Tavern acquisition.
(c)		Preopening costs and initial startup losses incurred related to the conversion of the InterContinental Milwaukee into Saint Kate® – The Arts Hotel.
(d)		Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company’s movie theatres due to the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening theatres.
(e)		Reflects nonrecurring costs (primarily payroll) related to the closure of the company’s hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening hotels.
(f)		Reflects nonrecurring state government grants awarded to our theatres and hotels for COVID-19 relief.
(g)		Reflects nonrecurring net insurance proceeds received for COVID-19 related insurance claims.
(h)		Impairment charges related to intangible assets (trade name) and several theatre locations in fiscal 2020 and a theatre location in fiscal 2019.
(i)		Impairment charge related to an investment in a joint venture
(j)		Reflects receipt of Movie Tavern acquisition escrow funds in conjunction with a negotiated early release of funds.
(k)		Represents the tax effect related to adjustments (b), (c), (d), (e), (f), (g), (h), (i) and (j) to net earnings, calculated using a statutory tax rates of 26.1% for the fiscal 2020 and fiscal 2019 periods.

THE MARCUS CORPORATION

Reconciliation of Net earnings (loss) to Adjusted EBITDA
(Unaudited)
(In thousands)
	14 Weeks			13 Weeks			53 Weeks			52 Weeks
	Ended			Ended			Ended			Ended
	Dec. 31,			Dec. 26,			Dec. 31,			Dec. 26,
	2020			2019			2020			2019
Net earnings (loss) attributable to The Marcus Corporation	$	(39,022	)	$	7,802		$	(124,843	)	$	42,017
Add (deduct):
Investment income		(357	)		(544	)		(564	)		(1,379	)
Interest expense		6,098			2,832			16,275			11,791
Other (income) expense		(785	)		480			986			1,921
(Gain) loss on disposition of property, equipment and other assets		(1,155	)		880			(856	)		1,149
Equity losses from unconsolidated joint ventures		–			22			1,539			274
Net earnings (loss) attributable to noncontrolling interests		–			52			(23	)		98
Income tax expense (benefit)		(19,952	)		1,855			(70,936	)		12,320
Depreciation and amortization		18,484			18,793			75,052			72,277
Share-based compensation expenses (a)		1,099			929			4,385			3,523
Acquisition/preopening expenses – theatres (b)		–			439			–			2,475
Preopening expenses – hotels (c)		–			1,296			–			6,830
Property closure/reopening expenses – theatres (d)		1,174			–			5,804			–
Property closure/reopening expenses – hotels (e)		230			–			5,714			–
Government grants (f)		(6,955	)		–			(6,955	)		–
Insurance proceeds (g)		(1,828	)		–			(1,828	)		–
Impairment charges (h)		15,199			1,874			24,676			1,874
Adjusted EBITDA	$	(27,770	)	$	36,710		$	(71,574	)	$	155,170

(a)		Non-cash charges related to share-based compensation programs.
(b)		Acquisition and preopening costs incurred related to the Movie Tavern acquisition.
(c)		Preopening costs and initial startup losses incurred related to the conversion of the InterContinental Milwaukee into Saint Kate – The Arts Hotel.
(d)		Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company’s movie theatres due to the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening theatres.
(e)		Reflects nonrecurring costs (primarily payroll) related to the closure of the company’s hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic, plus subsequent nonrecurring costs related to reopening hotels.
(f)		Reflects nonrecurring state government grants awarded to our theatres and hotels for COVID-19 relief.
(g)		Reflects nonrecurring net insurance proceeds received for COVID-19 related insurance claims.
(h)		Impairment charges related to intangible assets (trade name) and several theatre locations in fiscal 2020 and a theatre location in fiscal 2019.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005192/en/

For additional information, contact:

Douglas A. Neis

(414) 905-1100

KEYWORDS: United States North America Wisconsin

INDUSTRY KEYWORDS: Entertainment Film & Motion Pictures Theme Parks Theatre Lodging Destinations Travel

MEDIA:

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March 4, 2021 7:48 am

Ceylon Graphite Announces Discovery of New Graphite Veins and Provides Operational Update

VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite”, or “CYL” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce the discovery of new graphite veins on its H1 site and provide an operational update as the Company continues to achieve significant milestones as business activities have returned to planned levels in 2021 post COVID-19 disruptions.

Highlights Include:

Discovery of new graphite veins from the recently commenced drilling at the Company’s H1 site (the Company’s third site in addition to the K1 and M1 mines). Both drills have passed 60 meters depth in the first days of drilling. Samples have been sent to the GSMB for testing.
The Industrial Mining License Category A for the K1 mine has been renewed by the Geological Society and Mines Bureau of the Government of Sri Lanka. Production at the K1 site has restarted.
The primary mine shaft at K1 has been extended by 60 feet to the level of the main veins to enable easier excavation of the graphite and expedite ramp up of production.
The company has purchased a new hydraulic underground core drilling rig to accelerate production ramp up.
Additional updates can be found on the Company website: www.ceylongraphite.com

“We are very excited with this new graphite vein discovery at our H1 site on our first holes, which continues to demonstrate the abundance of vein graphite on our properties and the effectiveness of our exploration methodologies,” stated Bharat Parashar, Chairman and CEO. “With our recent exploration success and continued ramping up of operations, Ceylon is rapidly advancing towards its goal of becoming a leading producer of high-grade, environmentally friendly, natural graphite and a vertically integrated advanced material and technology company.”

Upcoming Virtual Conferences

Ceylon Graphite will be presenting at the following virtual investor conference in the next month and welcomes anyone interested to reach out for meeting requests and/or presentation details.

Mines and Money Online Global Conference
March 23-25, 2021
https://minesandmoney.com/online/march/

Qualified Person

Donald K.D. Baxter, P. Eng. is a Qualified Person under National Instrument 43-101 and has reviewed and approved the geological and technical information provided in this news release.

Ceylon Graphite would also like to announce that further to its press release of January 4, 2021, it has received TSX Venture approval for the amendment of its convertible debentures that were issued on May 23, 2018 (the “Debentures”) and for the issuance of an aggregate of 1,970,624 common shares for the settlement of an aggregate of $325,153 in accrued interest on the Debentures. The Debentures have been amended as follows:

(i)	maturity date has been amended from May 23, 2021 to November 23, 2021.
(ii)	the Company now has the option to redeem the Debentures at any time, on ten (10) days’ notice, without penalty; and
(iii)	interest rate has been increased from 6% to 8%.

In consideration for amending the Debenture, the expiry date of the original warrants has been amended from May 23, 2021 to November 23, 2021 and an additional 1,000,000 warrants will be issued to the holders of the Debentures. These additional warrants will permit the holder thereof to acquire one (1) common share at an exercise price of $0.22 per share for a period of one (1) year from date of issuance.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A license for its K1 site and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.

Further information regarding the Company is available at www.ceylongraphite.com

Bharat Parashar, Chairman and & Chief Executive Officer
[email protected]
Corporate Communications
+1(202)352-6022

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

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and to develop a mine plan, and to commence establishing mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Ceylon Graphite, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various Local Government Licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to reach a final acquisition agreement, inaccurate results from the drilling exercises, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, a failure to comply with environmental regulations and a weakening of market and industry reliance on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.

These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, Ceylon Graphite does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com)

March 4, 2021 7:43 am

Wipro to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $ 1.45 billion

Wipro to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $ 1.45 billion

Wipro to be one of the largest providers of integrated, end-to-end consulting, digital, cloud and IT transformation services at scale

BANGALORE, India & LONDON & NEW YORK–(BUSINESS WIRE)–
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has signed an agreement to acquire Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific.

London-headquartered Capco’s clients include many marquee names in the global financial services industry. Over the past 20 years, the company has worked closely with business leaders, including Boards and C-Suites in the banking, capital markets, wealth, asset management and insurance sectors and is widely acknowledged for its deep domain and consulting expertise, risk and regulatory offerings and thought leadership around key industry technology challenges and opportunities. In addition, Capco services clients in the energy and commodities trading sector.

Capco has an experienced executive team and over 5,000 world-class business and technology consultants based across more than 30 global locations supporting clients through their expert insights, entrepreneurial approach and focus on delivery excellence.

This acquisition will make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry. By combining Wipro’s capabilities in strategic design, digital transformation, cloud, cybersecurity, IT and operations services with Capco’s domain and consulting strength, clients will gain access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation objectives.

Thierry Delaporte, CEO and Managing Director of Wipro Limited said, “We are very excited to welcome Capco’s admirable leadership team and employees, and global clients, to Wipro. Together, we can deliver high-end consulting and technology transformations, and operations offerings to our clients. Wipro and Capco share complimentary business models and core guiding values, and I am certain that our new Capco colleagues will be proud to call Wipro home.”

Lance Levy, CEO of Capco said, “We are incredibly excited to join our new colleagues at Wipro. Together, we will offer bespoke transformational end-to-end solutions, now powered by innovative technology at scale, to create a new leading partner to the financial services industry. We look forward to leveraging the complementary capabilities and similar cultures of both companies to drive industry change and offer exciting opportunities for both our clients, and our people.”

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the quarter ending June 30, 2021.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 190,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

About Capco

Capco is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track transformation initiatives for the banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s ingenuity is brought to life through its Innovation Labs, and award-winning Be Yourself at Work culture and diverse talent. To learn more, visit www.Capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn Instagram, and Xing.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. The conditions caused by the COVID-19 pandemic could decrease technology spending, adversely affect demand for our products, affect the rate of customer spending and could adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, adversely impact our ability to provide on-site consulting services and our inability to deliver our customers or delay the provisioning of our offerings, all of which could adversely affect our future sales, operating results and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005536/en/

Wipro Media Contact:

Purnima Burman

Wipro Limited

[email protected]

Capco Media Contact:

Tim Steele

Capco

[email protected]

KEYWORDS: India United States France United Kingdom North America Asia Pacific Europe New York

INDUSTRY KEYWORDS: Technology Finance Security Consulting Banking Professional Services Software Networks Internet Data Management

MEDIA:

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March 4, 2021 7:38 am

Parsons 2021 Investor Day to Highlight Growth Strategy and Innovative Solutions

PR Newswire

CENTREVILLE, Va., March 4, 2021 /PRNewswire/ — Parsons Corporation (NYSE: PSN), a global leader in defense, intelligence, and critical infrastructure technology and solutions, announced today that it will be hosting a virtual Investor Day on Thursday, March 11, 2021. Parsons executives will present on the company’s vision, strategy, key business initiatives, and financial targets.

To register and attend for Parsons’ Investor Day, please visit: https://investorday.parsons.com/

When: Thursday, March 11, 2021
Time: 9:00 a.m. – 11:30 a.m. ET (6:00 a.m. – 8:30 a.m. PT)
Webcast: https://investorday.parsons.com/

Speakers will include Chuck Harrington, chairman and chief executive officer (CEO), Carey Smith, president and chief operating officer (COO), George Ball, chief financial officer (CFO), and executive vice presidents (EVP) from each of Parsons’ business markets: connected communities; cyber and intelligence; engineered systems; missile defense and C5ISR; mobility solutions; and space and geospatial solutions.

9:00 a.m. – 9:05 a.m. ET – Welcome (Dave Spille – vice president, investor relations)
9:05 a.m. – 9:20 a.m. ET – Strategic Vision (Chuck Harrington – chairman and CEO)
9:20 a.m. – 9:35 a.m. ET – Growth and Operations (Carey Smith – president and COO)
9:35 a.m. – 10:00 a.m. ET – Market Leader Panel and Q&A

Chris Alexander – EVP, engineered systems
Rich Aves – EVP, space and geospatial
Hector Cuevas – EVP, missile defense & C5ISR
Paul Decker – EVP, cyber and intelligence

10:15 a.m. – 10:35 a.m. ET – Market Leader Panel and Q&A

Mark Fialkowski – EVP, mobility solutions
Tom Topolski – EVP, connected communities

10:35 a.m. – 10:50 a.m. ET – Financial Overview (George Ball – chief financial officer)
10:50 a.m. – 11:30 a.m. ET – Executive Q&A (Harrington, Smith, Ball)

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:
Bryce McDevitt
+ 1 703.851.4425
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/parsons-2021-investor-day-to-highlight-growth-strategy-and-innovative-solutions-301240435.html

SOURCE Parsons Corporation

March 4, 2021 7:38 am

Dyne Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Recent Highlights

– Preclinical Data Further Validate FORCE™ Platform; Driving Toward IND Submissions for DM1, DMD and FSHD Programs Between Q4’21 and Q4’22 –

– Recent Appointments to Experienced Leadership Team Strengthen Company’s Clinical Development Capabilities –

– Successful Financings Expected to Provide Cash Runway into the Second Half of 2024 –

WALTHAM, Mass., March 04, 2021 (GLOBE NEWSWIRE) — Dyne Therapeutics, Inc. (Nasdaq: DYN), a muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases, today reported financial results for the fourth quarter and full year 2020 and recent business highlights.

“2020 was a transformational year for Dyne. We delivered validating data for our FORCE™ platform and programs, further strengthened our exceptional team with the addition of highly experienced leaders and completed our IPO. Together with earlier financings in 2020 and the follow-on public offering completed in January 2021, we have raised more than $550 million, which we expect to support us into the second half of 2024. We begin 2021 focused on driving our DM1, DMD and FSHD programs to the clinic as we pursue our goal of delivering potentially life-transforming therapies to people living with serious muscle diseases,” said Joshua Brumm, president and chief executive officer of Dyne.

Recent Highlights

In January 2021, Dyne announced new preclinical data from its myotonic dystrophy type 1 (DM1) program demonstrating robust RNA knockdown of toxic human nuclear DMPK, the genetic basis of the disease. To assess the ability of its lead DM1 candidate to reduce toxic human nuclear DMPK RNA, Dyne developed an innovative hTfR1/DMSXL mouse model that expresses the human TfR1 (hTfR1) and carries a human DMPK gene that represents a severe DM1 phenotype with more than 1,000 CTG repeats. In this model, two doses (2 x 10 mg/kg) of Dyne’s candidate resulted in significant toxic human nuclear DMPK knockdown at 14 days: 60 percent in the heart; 56 percent in the diaphragm; 54 percent in the tibialis anterior and 39 percent in the gastrocnemius. In the study, Dyne’s candidate was well tolerated. Dyne expects to share data from the hTfR1/DMSXL model at a scientific meeting during 2021.
The Company further strengthened its leadership team with the appointment of Wildon Farwell, M.D., MPH, as chief medical officer, announced separately today, and Ashish Dugar, Ph.D., MBA, as senior vice president, global head of medical affairs, in February 2021.

In January 2021, Dyne completed its follow-on public offering of 6,000,000 shares of its common stock at a public offering price of $28.00 per share. Gross proceeds of the offering before deducting the underwriting discount and commissions and offering expenses were approximately $168 million. Dyne expects its cash, cash equivalents and marketable securities as of December 31, 2020, together with the net proceeds from the January 2021 public offering, will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2024.

Upcoming Scientific & Investor Conference Presentations

Dyne is scheduled to participate in the 2021 MDA Virtual Clinical & Scientific Conference. Romesh Subramanian, Ph.D., chief scientific officer, will present as part of the panel “Therapeutic Considerations for Dominant Neuromuscular Diseases,” and Oxana Beskrovnaya, Ph.D., senior vice president, head of research, will participate in the “Non-viral Delivery in Neuromuscular Disease” session. Both presentations will take place on March 15, 2021 and will be available to registered attendees at: https://mdavirtualconference.org/.
Dr. Beskrovnaya also intends to present on Dyne’s FORCE platform during the virtual 7^th Cold Spring Harbor Laboratory meeting on Nucleic Acid Therapies on March 24, 2021, which is accessible to registered participants at: https://meetings.cshl.edu/meetings.aspx?meet=NAT&year=21.
Mr. Brumm and Dr. Subramanian are scheduled to participate in a virtual fireside chat during Stifel’s 3^rd Annual CNS Day on April 1, 2021 at 10:30 am ET. A live webcast will be available in the Investors & Media section of Dyne’s website at https://investors.dyne-tx.com/investors-and-media and a replay will be accessible for 90 days following the presentation.

Fourth Quarter and Full Year 2020 Financial Results

Cash position: Cash, cash equivalents and marketable securities were $345.3 million as of December 31, 2020. Additionally, in January 2021, Dyne completed a public offering of common stock, with gross proceeds totaling approximately $168 million.

Research and development (R&D) expenses: R&D expenses were $22.1 million and $4.3 million for the quarters ended December 31, 2020 and 2019, respectively. R&D expenses were $45.2 million and $11.0 million for the years ended December 31, 2020 and 2019, respectively.

General and administrative (G&A) expenses: G&A expenses were $6.5 million and $1.2 million for the quarters ended December 31, 2020 and 2019, respectively. G&A expenses were $13.4 million and $2.8 million for the years ended December 31, 2020 and 2019, respectively.

Net loss: Net loss for the quarter ended December 31, 2020 was $28.6 million, or $0.64 per basic and diluted share. This compares with a net loss of $5.4 million, or $2.10 per basic and diluted share, for the quarter ended December 31, 2019. Net loss for the year ended December 31, 2020 was $59.4 million, or $4.13 per basic and diluted share. This compares with a net loss of $14.9 million, or $6.08 per basic and diluted share, for the year ended December 31, 2020.

About Dyne Therapeutics

Dyne Therapeutics is building a leading muscle disease company dedicated to advancing innovative life-transforming therapeutics for people living with genetically driven diseases. With its proprietary FORCE™ platform, Dyne is developing modern oligonucleotide therapeutics that are designed to overcome limitations in delivery to muscle tissue seen with other approaches. Dyne’s broad portfolio of therapeutic candidates for serious muscle diseases includes programs for myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD). For more information, please visit https://www.dyne-tx.com/, and follow us on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Dyne’s strategy, future operations, prospects, plans, objectives of management, the expected timeline for submitting investigational new drug applications and achieving proof-of-concept data readouts and the sufficiency of its cash resources, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Dyne may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and Dyne’s ability to submit investigational new drug applications; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials; uncertainties related to Dyne’s ability to obtain sufficient cash resources to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements for the anticipated periods; the impact of the COVID-19 pandemic on Dyne’s business and operations; as well as the risks and uncertainties identified in Dyne’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in subsequent filings Dyne may make with the SEC. In addition, the forward-looking statements included in this press release represent Dyne’s views as of the date of this press release. Dyne anticipates that subsequent events and developments will cause its views to change. However, while Dyne may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Dyne’s views as of any date subsequent to the date of this press release.

Contact:

Dyne Therapeutics
Amy Reilly
[email protected]
857-341-1203

Dyne Therapeutics, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)

	Three Months Ended December 31,						Year Ended December 31,
		2020			2019			2020			2019
Operating expenses:
Research and development	$	22,098		$	4,259		$	45,200		$	11,040
General and administrative		6,502			1,211			13,447			2,786
Total operating expenses		28,600			5,470			58,647			13,826
Loss from operations		(28,600	)		(5,470	)		(58,647	)		(13,826	)
Other (expense) income		(49	)		67			(790	)		(1,033	)
Net loss	$	(28,649	)	$	(5,403	)	$	(59,437	)	$	(14,859	)
Net loss per share—basic and diluted	$	(0.64	)	$	(2.10	)	$	(4.13	)	$	(6.08	)
Weighted-average common shares outstanding used in net loss per share—basic and diluted		45,058,494			2,567,007			14,395,955			2,442,872

Dyne Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)

	December 31,		December 31,
	2020		2019
Assets
Cash, cash equivalents and marketable securities	$	345,314	$	14,632
Other assets		8,020		1,804
Total assets	$	353,334	$	16,436
Liabilities and Stockholders’ Equity
Liabilities		10,967		2,400
Stockholders’ equity		342,367		14,036
Total liabilities and stockholders’ equity	$	353,334	$	16,436

March 4, 2021 7:38 am

Solid Biosciences Reports Inducement Grant to New Chief Legal Officer

CAMBRIDGE, Mass., March 04, 2021 (GLOBE NEWSWIRE) — Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company focused on advancing meaningful therapies for Duchenne muscular dystrophy (Duchenne), today announced the grant of an inducement award to its newly appointed Chief Legal Officer, Erin Brennan. The grant was approved by a majority of the independent directors of the Company on February 25, 2021 as an inducement material to Ms. Brennan entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant to Ms. Brennan consisted of an option to purchase up to 325,000 shares of common stock. The option has an exercise price of $8.52 per share, the closing price per share of Solid Biosciences’ common stock as reported by Nasdaq on March 1, 2021. The option has a ten-year term and vests in four equal annual installments on each one-year anniversary of Ms. Brennan’s employment start date until the fourth anniversary of Ms. Brennan’s start date, subject to Ms. Brennan’s continued service with the Company through the applicable vesting dates.

About Solid Biosciences

Solid Biosciences is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, our mandate is simple yet comprehensive – work to address the disease at its core by correcting the underlying mutation that causes Duchenne with our lead gene therapy candidate, SGT-001. For more information, please visit www.solidbio.com.

Investor Contact:
David Carey
FINN Partners
212-867-1768
[email protected]

Media Contact:
Erich Sandoval
FINN Partners
917-497-2867
[email protected]

March 4, 2021 7:36 am

Marizyme Announces New Distribution and Channel Partnership for Chilean Market with Abdera

PR Newswire

JUPITER, Fla., March 4, 2021 /PRNewswire/ — Marizyme, Inc. (OTCQB:MRZM), a publicly traded global biotechnology company developing products to reduce the burden of ischemia-reperfusion injury in tissue grafting, organ transplant, and other surgical indications, announced today that it has entered into a supply and distribution agreement with Abdera Financial, Inc., a Chilean based distributor, to distribute Marizyme’s DuraGraft® product in Chile, with potential expansion into other countries and regions of the South American market.

Dr. Neil J. Campbell, Marizyme’s CEO, President and Board Member, said, “The agreement with Abdera in Chile is both strategic and tactical to set up a market channel, KOL establishment for the South American market and customer support for Marizyme’s product line starting with DuraGraft and has the potential to follow on with future platform products.”

“We are excited to partner with Marizyme and bring this pivotal product DuraGraft to the Chilean health care market,” said Konrad Ziller, Managing Director for Abdera. “DuraGraft will enhance coronary artery bypass grafting (CABG) surgical outcomes by significantly reducing major adverse cardiac events such as repeat revascularization and myocardial infarction, providing better patient care, and potentially lowering the impact on the overall cost of health care in CABG procedures.”

About Abdera, Inc.

Abdera Financial, Inc. is a Chile based distributor with access to the Chilean market to supply and distribute health care and life science products. Abdera has a long and established track record in the successful certification, distribution and marketing of medical and health care products.

About Marizyme, Inc.

Marizyme is an integrated life sciences company dedicated to the acquisition, development and commercialization of therapies that minimize mortality and costs in the acute care space. The Company’s flagship product, DuraGraft®, is an intra-operative vascular graft storage solution that inhibits endothelial damage and leads to improved clinical outcomes by reducing the incidence of complications associated with vein graft failure in bypass surgery. DuraGraft enhances coronary artery bypass grafting (CABG) surgical outcomes by significantly reducing major adverse cardiac events such as repeat revascularization and myocardial infarction. DuraGraft is approved for use in the EU and several Asian countries but is not yet approved for use in the U.S. Marizyme is also focused on the development and marketing of products based on its clinically tested and previously patented protease-based therapeutic Krillase® platform. Krillase is not approved for use in the U.S. For more information about Marizyme, visit www.marizyme.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements, including those relating to Marizyme’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. The Company has made every reasonable effort to ensure the information and assumptions on which these statements are based are current, reasonable, and complete. However, a variety of factors, many of which are beyond the Company’s control, affect the Company’s operations, performance, business strategy and results and there can be no assurances that the Company’s actual results will not differ materially from those indicated herein. Additional written and oral forward-looking statements may be made by the Company from time to time. Forward-looking statements may be identified using forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, including those risks set forth in the Company’s risk factor disclosure in the reports that Marizyme files with the Securities and Exchange Commission (SEC File No. 000-53223), uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

CONTACT

Tiberend Strategic Advisors, Inc.
Investors
Miriam Weber Miller
212-375-2694
[email protected]

Media
Ingrid Mezo
646-604-5150
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/marizyme-announces-new-distribution-and-channel-partnership-for-chilean-market-with-abdera-301240433.html

SOURCE Marizyme, Inc.

March 4, 2021 7:34 am

RPT Realty Announces Formation of New Net Lease Retail Real Estate Platform with Sovereign Wealth Fund GIC, Zimmer and Monarch

The platform will target the acquisition of over $1.2 billion of net lease retail assets with a focus on essential and high credit quality tenants

The initial investment portfolio is to be seeded with 42 single-tenant, net lease retail assets from RPT valued at $151 million
RPT will retain a 6.4% equity interest in the platform, participate in new investments and earn fees as the manager of the platform

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) — RPT Realty (NYSE: RPT) (“RPT” or the “Company”), a publicly traded real estate investment trust that owns and operates a portfolio of open-air shopping destinations principally located in top U.S. markets, today announced the formation of a new core net lease retail real estate platform (the “Platform”) with GIC Private Limited (“GIC”), Zimmer Partners (“Zimmer”) and Monarch Alternative Capital LP (“Monarch”).

GIC, Zimmer, Monarch and RPT have committed to fund $470 million in the Platform over the next three years for approved acquisitions, including the initial investment portfolio that is to be seeded by RPT. The Platform will target the acquisition of over $1.2 billion of strategic assets, creating a scalable, stable-growth investment platform.

Leveraging RPT’s operational expertise and tenant relationships, the Platform will seek to acquire net lease retail assets, including assets that have been sub-divided from a select set of currently owned RPT open-air centers as well as future RPT acquisitions. As a result, the Platform will facilitate the bifurcation of RPT owned shopping center revenues by segregating tenant cash flows based on growth profiles, retail use and credit, while allowing RPT to retain the tenant synergies of the separated components.

The Platform is to be seeded with 42 single-tenant, net lease retail assets (the “Initial Seed”) that have been or will be created by RPT upon the subdivision of certain parcels from its existing open-air shopping centers located in top 40 metropolitan areas. The Initial Seed was valued at $151 million and represents only 6% of RPT’s fourth quarter 2020 annualized base rent. The Initial Seed is expected to close in phases. RPT will retain a 6.4% stake in the Platform, will maintain day-to-day management of the portfolio and will earn management, leasing and construction fees. Additionally, RPT will invest up to $70 million in preferred equity that will be a component of Zimmer and Monarch’s equity commitment and will not be a direct obligation of the Platform. The formation of the Platform will create a durable fee income stream and enhance the efficiency of RPT’s existing general and administrative expenses as committed capital is deployed. The Company intends to use the proceeds from the initial seeding of assets to opportunistically accelerate its portfolio expansion into higher-growth and lower risk markets and to reduce leverage.

To date, the Platform has received commitments for a $175 million secured credit facility, subject to final loan documentation. The Platform expects to close on the syndication of the facility in March of 2021, subject to the satisfaction of certain conditions. The facility will include an accordion feature that allows the Platform to increase future potential commitments up to a total capacity of $500 million.

Brian Harper, President and Chief Executive Officer of RPT Realty, said, “We believe the current dislocation in the open-air retail sector compared to the triple-net lease sector has created unique investment opportunities based on our extensive analysis. Retail is a prime driver of the U.S. economy, whether delivered through ‘brick and mortar’ or online, and both require a strong infrastructure to drive results. The current market disruption has further highlighted the need to service the entire retail distribution chain without regard to the specific form of distribution. We believe this Platform is our first step in recognizing this paradigm shift and should enable us to capitalize on these strategic opportunities and position the Company to continue creating significant value for our shareholders. It will also provide RPT with a greater competitive advantage in growing our portfolio of assets in an accretive manner. It’s a win-win for shareholders and our new Platform’s investors.”

Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said, “As a long-term investor, we believe there are opportunities in the retail net lease sector to acquire high-quality assets with strong tenant credit at attractive pricing. We expect to create value in identifying pricing inefficiencies between different tenant and property types within the retail sector. We are pleased to grow our strategic partnership with RPT, and look forward to scaling the joint venture together.”

Steven Frankel, Principal and Head of Real Estate at Zimmer, said, “The current retail real estate environment is fast moving and at an important crossroads. We chose to partner with RPT because of their commitment to operational excellence and demonstrated ability to capitalize on strategic opportunities. We are excited about the possibilities.”

Ian Glastein, Managing Principal at Monarch, said, “Through our long-standing approach of identifying attractive risk-adjusted investment opportunities across asset classes and working with experienced and accomplished partners, it became evident to us that partnering with the RPT team provides the ability to accomplish both of these goals. Given significant dislocations throughout the market and strong underlying investment merits of the platform, we believe that formation of this partnership is an ideal way for Monarch to continue to strategically invest in the retail real estate sector. We look forward to contributing our opportunistic, credit and structuring expertise to help generate strong returns for our partnership.”

For additional details, an investor presentation regarding the Platform is available on our website at investors.rptrealty.com/financial-reports/investor-presentations.

About RPT Realty

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company’s shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company’s retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the Company, par value $0.01 per share (the “common shares”) are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 2020, our property portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing 11.9 million square feet of gross leasable area. As of December 31, 2020, the Company’s pro-rata share of the aggregate portfolio was 92.8% leased. For additional information about the Company please visit rptrealty.com.

About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg or follow us on LinkedIn.

About Monarch Alternative Capital LP

Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $9 billion in assets under management. Monarch focuses primarily on opportunistic and distressed situations across corporate debt, real estate, special situations, and other market segments. Monarch draws on the skills and experience of its employees across its offices in New York and London. For more information, please visit www.monarchlp.com.

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as ended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations, plans or beliefs concerning future events and may be identified by terminology such as “may,” “will,” “should,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” “predict” or similar terms. Although the forward-looking statements made in this document are based on our good faith beliefs, reasonable assumptions and our best judgment based upon current information, certain factors could cause actual results to differ materially from those in the forward-looking statements. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to predict or control. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our success or failure in implementing our business strategy; economic conditions generally and in the commercial real estate and finance markets specifically; the cost and availability of capital, which depends in part on our asset quality and our relationships with lenders and other capital providers; risks associated with bankruptcies or insolvencies or general downturn in the businesses of tenants; the potential adverse impact from tenant defaults generally or from the unpredictability of the business plans and financial condition of the Company’s tenants, which are heightened as a result of the COVID-19 pandemic; changes in governmental regulations, tax rates and similar matters; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including in particular those set forth under “Risk Factors” in our latest annual report on Form 10-K, which you should interpret as being heightened as a result of the numerous and ongoing adverse impacts of COVID-19. Given these uncertainties, you should not place undue reliance on any forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.

Investor Contact:

RPT Realty
Vin Chao
Senior Vice President of Finance
[email protected]
(212) 221-1752

Media Contact:

Prosek Partners (on behalf of RPT Realty)
Mike Geller
Partner
[email protected]
(646) 818-9018

March 4, 2021 7:33 am

KITS Eyecare Adds Digital Ultra-Thin Progressive Lens Manufacturing Capabilities For Customers

Canada NewsWire

Marks entry into US$8 billion market and one of the fastest growing segments in optical
KITS digital progressives will launch to customers at a revolutionary price point of $199 compared to industry average of $800

VANCOUVER, BC, March 4, 2021 /CNW/ – KITS Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a digital eyecare platform based in Vancouver, British Columbia today announced it will begin offering “ultra thin” “digital” progressive lenses to customers on all its web properties. KITS customers can order optical products with digital progressive lenses today at industry leading pricing of $199(US$149) and expect to receive them in just a few days after completing an order online.

The demand for progressive lenses has grown rapidly as more people suffer from presbyopia; a condition in which the eye’s lens stiffens with age making it difficult to read at close range. Presbyopia affected nearly 1.7 billion people globally in 2011 and soared to 2.1 billion in 2020. In the US alone, it grew from nearly 111 million in 2013 to approximately 123 million in 2020.

Progressive lenses provide two points of focus. The majority of the lens is dedicated to a prescription for distance vision, while the lower section of the lens transitions into a separate prescription for reading at close range. KITS’ digitally manufactured ultra-thin progressive lenses blend both to create a single prescription appearance.

“Progressive lenses offer the most natural form of vision correction available for patients with presbyopia. We are thrilled to offer progressive lenses to KITS customers who deserve optical products with a high degree of design and functionality at industry leading prices. This is a large and high-growth market and with the ability to manufacture progressive eyeglasses, we look forward to providing incredible value to our customers as well as shareholders,” said Joseph Thompson, COO of KITS.

Progressive lenses have a higher average selling price than traditional lenses and carry higher margins, making them the profit core of the category. Traditional optical retailers typically charge $800(US$599) to $1200(US$899) for equivalent digital progressive lenses. KITS is able to offer progressives at just $199(US$149) along with better service times by taking advantage of vertical integration to drive production efficiencies, dramatically lowering time and costs, which are in turn passed on to our customers.

“This has the ability to dramatically improve the life time value of our customers and more deeply entrench our loyal customers with us.” said Sabrina Liak, CFO of Kits. KITS maintains one of the largest inventories of contact lenses, including over 400 styles in glasses and 90,000 frames in stock including KITS’ own premium quality brand and other designer styles including Tom Ford, Ray Ban, Oakley, Gucci and many more.

About KITS:

KITS is a rapidly growing, digital eyecare platform providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, virtual try-on for glasses, and an integrated online vision test. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.KITS.com.

SOURCE KITS Eyecare Ltd.