Market Newsdesk

Digital content revenues increased 57.0%
year-over-year

Net increase in cash of $36.7 million

CHICAGO, March 04, 2021 (GLOBE NEWSWIRE) — Tribune Publishing Company (NASDAQ:TPCO) today announced financial results for the fourth quarter and full year ended December 27, 2020. Unless otherwise noted, amounts and disclosures throughout this earnings release relate to continuing operations and exclude BestReviews LLC.

2020 Full Year Highlights:

• Net increase in cash of $36.7 million compared to December 29, 2019
• Reduced lease obligations by $51.1 million, pension obligations by $3.5 million and a capital lease (classified as debt) by $6.9 million
• Digital-only subscribers increased 30.5% to 436 thousand at the end of the fourth quarter 2020, up from 334 thousand at the end of the fourth quarter 2019
• Digital content revenues increased $16.5 million or 57.0%
• Total operating expenses decreased $138.1 million compared to 2019
• Loss from continuing operations increased to $46.8 million from $7.1 million in 2019 as a result of a non-cash impairment charges of $78.7 million
• Q4 income from continuing operations was $1.4 million, which was an increase of $10.0 million year over year

Terry Jimenez, Tribune Publishing CEO and President, said, “Thanks to the efforts of all our staff and business partners, we continue to make significant progress in mitigating the negative impact of the COVID-19 pandemic and positioning the Company for a successful future. In 2020, we grew our digital-only subscribers to 436 thousand, an increase of 30.5% from last year, and our digital-only revenue grew $16.5 million or 57.0% from the prior year. Due to our prudent focus on expenditures, we were also able to reduce operating expenses by $138.1 million or 14.5% compared to 2019. We also reduced more than $60 million of lease and pension obligations while substantially increasing cash. Despite the challenges the pandemic has presented, we were able to grow Adjusted EBITDA over both the third and fourth quarters compared to the prior-year periods, with fourth quarter Adjusted EBITDA of $27.3 million improving 7.3% over 2019.

Mr. Jimenez continued, “Although 2020 presented challenges for the Company, our employees, our customers and our communities, the steps we took over the course of the year to rationalize our cost structure, significantly reduce future obligations, pursue digital growth and invest in high quality content enabled Tribune to create a platform to succeed for years to come.”

“The journalism our newsrooms produce and the creative solutions our marketing teams deliver will remain core to our success. We are immensely proud of the positive impact our teams have in the communities we serve.”

2020 Fourth Quarter and Full Year Results


Fourth quarter 2020 total revenues were $192.7 million, down $46.7 million or 19.5% compared to $239.3 million for fourth quarter 2019. Advertising revenue continued to face challenges in all categories and declined by $32.7 million. Circulation revenues decreased 3.4% or $3.1 million in the three months ended December 27, 2020, compared to the same period for 2019. Home delivery decreased $6.0 million and single copy decreased $2.6 million. These declines were partially offset by an increase of $5.4 million in digital subscription revenue driven by an increased number of digital subscribers and higher subscription rates per subscriber. Other revenue declined $10.8 million or 25.3%, of which $2.5 million was related to a decline in transition services provided to the California properties compared to the prior year following the expiration of that agreement in the second quarter.

Total operating expenses, including depreciation and amortization, in the fourth quarter of 2020 were $190.9 million, down 22.7%, compared to $246.9 million in the fourth quarter of 2019. Total operating expenses for the full year decreased $138.1 million from the prior-year period. These decreases resulted from the Company’s ongoing strong cost management, including a focus on the reduction of fixed costs.

Income from continuing operations was $1.4 million in the fourth quarter of 2020, compared to a loss of $8.6 million in the fourth quarter of 2019, driven partially by an improvement in revenue declines compared to the prior 2020 quarters and aggressive cost management. For the full year, the Company reported a loss from continuing operations of $46.8 million compared to $7.1 million in 2019

Adjusted EBITDA was $27.3 million in the fourth quarter of 2020, an increase of $1.9 million compared to $25.5 million in the fourth quarter of 2019. Full-year adjusted EBITDA of $71.8 million decreased $14.5 million or 16.8% from 2019.

For the full year ended December 27, 2020, capital expenditures totaled $10.1 million. Cash balance at December 27, 2020, was $98.9 million, which excludes $29.9 million of restricted cash reflected in long-term assets and reflects an increase of $36.7 million from December 29, 2019.

Segment Results


The Company assesses its operating segments in accordance with ASC Topic 280, “Segment Reporting.” Beginning with the first quarter of fiscal 2020, Tribune began managing its business as one business and one reportable segment. The prior periods have been restated to reflect the change in reportable segments.

2021 Outlook


For first quarter of 2021, the Company expects total revenues of $170 million to $172 million and Adjusted EBITDA of $22 million to $23 million.

Pending Acquisition by Alden Global Capital


As announced on February 16, 2021, Tribune has entered into a definitive merger agreement under which affiliates of Alden Global Capital (“Alden”) will acquire all of the outstanding shares of Tribune common stock not currently owned by Alden for $17.25 per share in cash. The Company continues to expect the transaction to close in the second quarter of 2021, subject to, among other things, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the approval of holders of two-thirds of Tribune common stock not owned by Alden, as well as other customary closing conditions. Upon completion of the transaction, Tribune will become a privately held company, and its common stock will no longer be listed on any public market.

Conference Call

In light of the pending transaction, the Company will not be hosting a conference call.

Non-GAAP Financial Information


Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Income (Loss) from continuing operations attributable to Tribune common stockholders, and Adjusted Diluted EPS are not measures presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”) and Tribune Publishing’s use of the terms Adjusted EBITDA, Adjusted Operating expenses, Adjusted Income(Loss) from continuing operations attributable to Tribune common stockholders, and Adjusted Diluted EPS may vary from that of others in the Company’s industry. Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Income (Loss) from continuing operations attributable to Tribune common stockholders, and Adjusted Diluted EPS should not be considered as an alternative to net income (loss), income from operations, operating expenses, net income (loss) per diluted share, revenues or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or liquidity. Further information regarding Tribune Publishing’s presentation of these measures, including a reconciliation of Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Income (Loss) from continuing operations attributable to Tribune common stockholders and Adjusted Diluted EPS to the most directly comparable U.S. GAAP financial measure, is included below in this press release.

Cautionary Statements Regarding Forward-looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based largely on our current expectations and reflect various estimates and assumptions by us. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include, without limitation, the acquisition of the Company by Alden Global Capital may not be completed in a timely manner or at all; the effect of the novel coronavirus (“COVID-19”) and related governmental and economic responses; changes in advertising demand, circulation levels and audience shares; competition and other economic conditions; our ability to develop and grow our online businesses; changes in newsprint price and availability; our ability to maintain data security and comply with privacy-related laws; economic and market conditions that could impact the level of our required contributions to the defined benefit pension plans to which we contribute; decisions by trustees under rehabilitation plans (if applicable) or other contributing employers with respect to multiemployer plans to which we contribute which could impact the level of our contributions; our ability to maintain effective internal control over financial reporting; concentration of stock ownership among our principal stockholders whose interest may differ from those of other stockholders; and other events beyond our control that may result in unexpected adverse operating results. For more information about these and other risks see Item 1A (Risk Factors) of the Company’s most recent Annual Report on Form 10-K and in the Company’s other reports filed with the Securities and Exchange Commission.

The words “believe,” “expect,” “anticipate,” “estimate,” “could,” “should,” “intend,” “may,” “will,” “plan,” “seek” and similar expressions generally identify forward-looking statements. However, such words are not the exclusive means for identifying forward-looking statements, and their absence does not mean that the statement is not forward looking. Whether or not any such forward-looking statements, in fact occur will depend on future events, some of which are beyond our control. Readers are cautioned not to place undue reliance on such forward-looking statements, which are being made as of the date of this press release. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

About Tribune Publishing Company


Tribune Publishing Company (NASDAQ:TPCO) is a media company rooted in award-winning journalism.  Headquartered in Chicago, Tribune Publishing operates local media businesses in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun,  Hartford Courant, South Florida’s Sun Sentinel andOrlando Sentinel, Virginia’s Daily Press and The Virginian-Pilot, and The Morning Call of Lehigh Valley, Pennsylvania. In addition to award-winning local media businesses, Tribune Publishing operates Tribune Content Agency.

Tribune’s unique and valuable content across its brands have earned a combined 65 Pulitzer Prizes and are committed to informing, inspiring and engaging local communities. Tribune’s brands create and distribute content across our media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

Investor Relations Contact:


Amy Bullis
Tribune Publishing Investor Relations
312.222.2102
[email protected]

Media Contact:


Max Reinsdorf
Tribune Publishing Media Relations
847.867.6294
[email protected]

Source: Tribune Publishing

Exhibits:
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Non-GAAP Reconciliations – Income (Loss) from Continuing Operations to Adjusted EBITDA
Non-GAAP Reconciliations – Total Operating Expenses to Adjusted Operating Expenses
Non-GAAP Reconciliations – Net Income (Loss) from Continuing Operations Attributable to Tribune Common Stockholders to Adjusted Income (Loss) from Continuing Operations Attributable to Tribune Common Stockholders and Adjusted Diluted EPS

TRIBUNE PUBLISHING COMPANY

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)

Preliminary

		Three months ended										Year ended
		December 27, 2020					December 29, 2019					December 27, 2020					December 29, 2019
Operating revenues		$	192,650				$	239,344				$	746,250				$	945,777
Operating expenses		190,936					246,949					812,774					950,897
Income (loss) from operations		1,714					(7,605		)			(66,524		)			(5,120		)
Interest income (expense), net		(382		)			21					(773		)			499
Income (loss) on equity investments, net		(700		)			267					(817		)			(2,988		)
Other income (expense), net		131					(220		)			1,368					45
Income (loss) from continuing operations		763					(7,537		)			(66,746		)			(7,564		)
Income tax expense (benefit)		(624		)			1,105					(19,930		)			(434		)
Income (loss) from continuing operations		1,387					(8,642		)			(46,816		)			(7,130		)
Plus: Earnings from discontinued operations, net of taxes		1,076					14,465					15,320					6,886
Net income (loss)		2,463					5,823					(31,496		)			(244		)
Less: Income attributable to noncontrolling interest		2,200					1,788					7,516					4,825
Net income (loss) attributable to Tribune common stockholders		$	263				$	4,035				$	(39,012	)			$	(5,069	)
Basic net income (loss) attributable to Tribune per common share:
Income (loss) from continuing operations		$	(0.02	)			$	(0.59	)			$	(1.50	)			$	(1.05	)
Income (loss) from discontinued operations		0.03					0.41					0.42					0.19
Basic net income (loss) attributable to Tribune per common share		$	0.01				$	(0.18	)			$	(1.08	)			$	(0.85	)
Diluted net income (loss) attributable to Tribune per common share:
Income (loss) from continuing operations		$	(0.02	)			$	(0.59	)			$	(1.50	)			$	(1.05	)
Income (loss) from discontinued operations		0.03					0.41					0.42					0.19
Diluted net income (loss) attributable to Tribune per common share		$	0.01				$	(0.18	)			$	(1.08	)			$	(0.85	)
Weighted average shares outstanding
Basic		36,547					36,038					36,456					35,810
Diluted		36,781					36,038					36,456					35,810

TRIBUNE PUBLISHING COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

Preliminary

		December 27, 2020				December 29, 2019
Assets
Current assets:
Cash		$	98,862			$	54,840
Accounts receivable, net		73,866				99,340
Inventories		4,055				4,820
Prepaid expenses		18,344				15,114
Current assets related to discontinued operations		111,239				19,537
Total current assets		306,366				193,651
Property, plant and equipment, net		48,325				123,891
Other assets
Goodwill		28,146				30,624
Intangible assets, net		50,148				61,517
Software, net		17,503				20,736
Lease right-of-use asset		36,705				99,480
Restricted cash		29,925				37,290
Equity investments		11,354				2,655
Other long-term assets		19,682				17,713
Assets related to discontinued operations		—				94,721
Total other assets		193,463				364,736
Total assets		$	548,154			$	682,278
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		$	28,022			$	43,674
Employee compensation and benefits		33,495				36,238
Deferred revenue		34,620				42,773
Current portion of long-term lease liability		23,914				25,380
Other current liabilities		23,329				24,412
Current liabilities associated with discontinued operations		4,759				2,885
Total current liabilities		148,139				175,362
Non-current liabilities
Long-term lease liability		49,182				98,847
Pension and postretirement benefits payable		16,803				20,338
Long-term debt		—				6,857
Workers’ compensation, general liability and auto insurance payable		20,120				24,192
Other obligations		12,508				8,355
Total non-current liabilities		98,613				158,589
Noncontrolling interest		—				63,501
Stockholders’ equity		301,402				284,826
Total liabilities and stockholders’ equity		$	548,154			$	682,278

TRIBUNE PUBLISHING COMPANY

NON-GAAP RECONCILIATIONS

(In thousands) (Unaudited)

Preliminary

Reconciliation of Income (Loss) from Continuing Operations to
Adjusted EBITDA:

		Three months ended												Year ended
		Dec. 27, 2020					Dec. 29, 2019					% Change		Dec. 27, 2020					Dec. 29, 2019					% Change
Income (loss) from continuing operations		$	1,387				$	(8,642	)			*		$	(46,816	)			$	(7,130	)			*
Income tax expense (benefit)		(624		)			1,105					*		(19,930		)			(434		)			*
Interest income (expense), net		382					(21		)			(1,919.0%)		773					(499		)			*
Loss (gain) on equity investments, net		700					(267		)			*		817					2,988					(72.7%)
Other income (expense), net		(131		)			220					*		(1,368		)			(45		)			*
Income (loss) from operations		1,714					(7,605		)			(122.5%)		(66,524		)			(5,120		)			*
Depreciation and amortization		7,088					11,657					(39.2%)		33,834					44,615					(24.2%)
Impairment		22,730					14,496					*		78,739					14,496					*
Restructuring and transaction costs (1)		(5,256		)			4,832					(208.8%)		20,556					19,191					7.1%
Stock-based compensation		1,064					2,105					(49.5%)		5,198					13,170					(60.5%)
Adjusted EBITDA		$	27,340				$	25,485				7.3%		$	71,803				$	86,352				(16.8%)

* Represents positive or negative change in excess of 100%

(1) – Restructuring and transaction costs include costs related to Tribune’s internal restructuring, such as severance, charges associated with vacated space, costs related to completed and potential acquisitions and a one-time charge related to the Consulting Agreement in 2018. See Note 7 for further information on the Consulting Agreement.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA is a financial measure that is not calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”). Management believes that because Adjusted EBITDA excludes (i) certain non-cash expenses (such as depreciation, amortization, impairment, stock-based compensation, and gain/loss on equity investments)and (ii) expenses that are not reflective of the Company’s core operating results over time (such as restructuring costs, including the employee voluntary separation program and gain/losses on employee benefit plan terminations, litigation or dispute settlement charges or gains, premiums on stock buybacks and transaction-related costs), this measure provides investors with additional useful information to measure the Company’s financial performance, particularly with respect to changes in performance from period to period.  The Company’s management uses Adjusted EBITDA (a) as a measure of operating performance; (b) for planning and forecasting in future periods; and (c) in communications with the Company’s Board of Directors concerning the Company’s financial performance. In addition, Adjusted EBITDA, or a similarly calculated measure, has been used as the basis for certain financial maintenance covenants that the Company was subject to in connection with certain credit facilities. Since not all companies use identical calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and should not be used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance with U.S. GAAP. Instead, management believes Adjusted EBITDA should be used to supplement the Company’s financial measures derived in accordance with U.S. GAAP to provide a more complete understanding of the trends affecting the business.

Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for, or more meaningful than, amounts determined in accordance with U.S. GAAP. Some of the limitations to using non-GAAP measures as an analytical tool are: they do not reflect the Company’s interest income and expense, or the requirements necessary to service interest or principal payments on the Company’s debt; they do not reflect future requirements for capital expenditures or contractual commitments; and although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and non-GAAP measures do not reflect any cash requirements for such replacements.

The Company does not provide a reconciliation of Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for restructuring and transaction costs, stock-based compensation amounts and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

TRIBUNE PUBLISHING COMPANY

NON-GAAP RECONCILIATIONS

(In thousands)

(Unaudited)

Preliminary

Reconciliation of Total Operating Expenses to Adjusted Operating Expenses:

Adjusted operating expenses consist of total operating expenses per the income statement, adjusted to exclude the impact of items listed in the Adjusted EBITDA non-GAAP reconciliation, the additional expenses related to the BestReviews disposition and the impact of the TSA expenses in 2019. Management believes that Adjusted operating expenses is informative to investors as it enhances the investors’ overall understanding of the financial performance of the Company’s business as they analyze current results compared to prior periods.

		Three months ended December 27, 2020													Three months ended December 29, 2019
		GAAP				Adjustments(1)					Adjusted Operating Expenses				GAAP				Adjustments(1)					Adjusted Operating Expenses
Compensation		$	72,632			$	(5,695	)			$	66,937			$	85,459			$	(3,196	)			$	82,263
Newsprint and ink		7,993				—					7,993				12,951				—					12,951
Outside services		65,907				(620		)			65,287				86,115				(3,669		)			82,446
Other operating expenses		14,586				10,507					25,093				36,271				(72		)			36,199
Depreciation and amortization		7,088				(7,088		)			—				11,657				(11,657		)			—
Impairment		22,730				(22,730		)			—				14,496				(14,496		)			—
Total operating expenses		$	190,936			$	(25,626	)			$	165,310			$	246,949			$	(33,090	)			$	213,859

		Year ended December 27, 2020													Year ended December 29, 2019
		GAAP				Adjustments(1)					Adjusted Operating Expenses				GAAP				Adjustments(1)					Adjusted Operating Expenses
Compensation		$	303,027			$	(37,130	)			$	265,897			$	360,779			$	(22,975	)			$	337,804
Newsprint and ink		33,777				(63		)			33,714				56,785				—					56,785
Outside services		267,644				(3,259		)			264,385				326,807				(8,621		)			318,186
Other operating expenses		95,753				14,698					110,451				147,415				(765		)			146,650
Depreciation and amortization		33,834				(33,834		)			—				44,615				(44,615		)			—
Impairment		78,739				(78,739		)			—				14,496				(14,496		)			—
Total operating expenses		$	812,774			$	(138,327	)			$	674,447			$	950,897			$	(91,472	)			$	859,425

(1) – Adjusted operating expenses consist of total operating expenses per the income statement, adjusted to exclude the impact of items listed in the Adjusted EBITDA non-GAAP reconciliation, the additional expenses related to the BestReviews disposition and the impact of the TSA expenses in 2019.

TRIBUNE PUBLISHING COMPANY

NON-GAAP RECONCILIATIONS

(In thousands)

(Unaudited)

Preliminary

Reconciliation of Net Income (Loss) from Continuing Operations Attributable to Tribune Common Stockholders to Adjusted Income (Loss) from Continuing Operations Attributable to Tribune Common Stockholders and Adjusted Diluted EPS:

Adjusted income (loss) from continuing operations attributable to Tribune common stockholders is defined as Net income (loss) from continuing operations attributable to Tribune common stockholders – GAAP excluding the adjustments for restructuring and transaction costs, net of the impact of income taxes.

Net income (loss) from continuing operations attributable to Tribune common stockholders – GAAP consists of Income (loss) from continuing operations per the Consolidated Statements of Income (Loss), less Income attributable to noncontrolling interests and the noncontrolling interest carrying value adjustment as set forth in the Earnings Per Share calculation in the Company’s Form 10-K.

Adjusted Diluted EPS computes Adjusted income (loss) from continuing operations attributable to Tribune common stockholders divided by diluted weighted average shares outstanding.

Management believes Adjusted income (loss) from continuing operations attributable to Tribune common stockholders and Adjusted Diluted EPS are informative to investors as they enhance investors’ overall understanding of the financial performance of the Company’s business as they analyze current results compared to future recurring projections.

		Three months ended
		December 27, 2020								December 29, 2019
		Earnings				Diluted EPS				Earnings				Diluted EPS
Net income (loss) from continuing operations attributable to Tribune common stockholders – GAAP		$	(813	)		$	(0.02	)		$	(21,097	)		$	(0.59	)
Adjustments to operating expenses, net of 27.8% tax
Restructuring and transaction costs		(3,795		)		(0.10		)		21,549				0.60
Adjusted income (loss) from continuing operations attributable to Tribune common stockholders – Non-GAAP		$	(4,608	)		$	(0.12	)		$	452			$	0.01

		Year ended
		December 27, 2020								December 29, 2019
		Earnings				Diluted EPS				Earnings				Diluted EPS
Net loss from continuing operations attributable to Tribune common stockholders – GAAP		$	(54,654	)		$	(1.50	)		$	(37,475	)		$	(1.05	)
Adjustments to operating expenses, net of 27.8% tax
Restructuring and transaction costs		14,841				0.41				13,856				0.39
Adjusted income (loss) from continuing operations attributable to Tribune common stockholders – Non-GAAP		$	(39,813	)		$	(1.09	)		$	(23,619	)		$	(0.66	)

Company to Hold Conference Call and Webcast at 4:30 p.m. Eastern Time on Thursday, March 11, 2021

NEWTOWN, Pa., March 04, 2021 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced that the Company will release its year-end 2020 financial results on Thursday, March 11, 2021, after the market closes. Management will host a conference call and live webcast at 4:30 p.m. ET on the same day to discuss these results and provide an update on its pipeline programs.

Interested parties who wish to participate in the conference call may do so by dialing (855) 428-5741 for domestic and (210) 229-8823 for international callers and using conference ID 3863774. Those interested in listening to the conference call live via the internet may do so by visiting the investors’ page of the company’s website at www.onconova.com and clicking on the webcast link.

A webcast replay will be available on the Onconova website for 90 days following the call by visiting the investor page of the company’s website at www.onconova.com

About Onconova Therapeutics, Inc.

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products to treat cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.

Onconova’s novel, proprietary multi-kinase inhibitor ON 123300 is planned to begin a dose-escalation and expansion Phase 1 trial in the U.S. in the first half of 2021, and a dose-escalation and expansion Phase 1 trial is currently underway in China.

Onconova’s product candidate oral rigosertib is currently in a dose-escalation and expansion Phase 1 investigator-initiated study targeting patients with KRAS+ lung adenocarcinoma in combination with nivolumab. In addition, Onconova has commenced preclinical work investigating rigosertib in COVID-19.

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

Contact information

Company Contact:

Avi Oler
Onconova Therapeutics, Inc.
267-759-3680
[email protected] 
https://www.onconova.com/contact/

Investor Contact:

LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected] 

EINDHOVEN, The Netherlands, March 04, 2021 (GLOBE NEWSWIRE) — As part of its ongoing capital return program, NXP Semiconductors N.V. (NASDAQ: NXPI) today announced that its board of directors has approved the payment of an interim dividend and the adoption of a new 2021 share repurchase authorization. The actions are based on the significant strength of the NXP capital structure, and the board’s confidence in the company’s ability to drive long-term growth and strong cash flow.

The board of directors has approved the payment of an interim dividend of $0.5625 per ordinary share for the first quarter of 2021. The interim dividend reflects an increase of 50 percent from the prior quarterly dividend and will be paid in cash on April 5, 2021 to shareholders of record as of March 15, 2021.

Additionally, consistent with NXP’s historic policy of returning excess cash to shareholders, the board of directors has also approved a new $2 billion 2021 share repurchase program. The new $2 billion share repurchase authorization is in addition to $640 million remaining for repurchase under the previously authorized share repurchase program.

Taxation – Cash Dividends

Cash dividends will be subject to the deduction of Dutch dividend withholding tax at the rate of 15 percent, which may be reduced in certain circumstances. Non-Dutch resident shareholders, depending on their circumstances, may be entitled to a full or partial refund of Dutch dividend withholding tax. If you are uncertain as to the tax treatment of any dividends, consult your tax advisor.

About NXP Semiconductors


NXP Semiconductors N.V. enables secure connections for a smarter world, advancing solutions that make lives easier, better, and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the automotive, industrial & IoT, mobile, and communication infrastructure markets. Built on more than 60 years of combined experience and expertise, the company has approximately 29,000 employees in more than 30 countries and posted revenue of $8.61 billion in 2020. Find out more at www.nxp.com.

Forward-looking Statements


This document includes forward-looking statements which include statements regarding NXP’s interim dividend for the fourth quarter of 2020. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: the duration and spread of the COVID-19 outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume; market demand and semiconductor industry conditions; the ability to successfully introduce new technologies and products; the end-market demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to our established supply chains; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity; the ability to meet the combination of corporate debt service, research and development and capital investment requirements; the ability to accurately estimate demand and match manufacturing production capacity accordingly or obtain supplies from third-party producers; the access to production capacity from third-party outsourcing partners; any events that might affect third-party business partners or NXP’s relationship with them, including the outbreak of COVID-19 or the requirements to suspend activities with customers or suppliers because of changing import and export regulations; the ability to secure adequate and timely supply of equipment and materials from suppliers; the ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; the ability to form strategic partnerships and joint ventures and to successfully cooperate with alliance partners; the ability to win competitive bid selection processes to develop products for use in customers’ equipment and products; the ability to achieve targeted efficiencies and cost savings; the ability to successfully hire and retain key management and senior product architects; and, the ability to maintain good relationships with our suppliers. In addition, this document contains information concerning the semiconductor industry and NXP’s business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, NXP’s markets and product areas may develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

For further information, please contact:

Investors:  Jeff Palmer [email protected] +1 408 518 5411

Media: Jacey Zuniga [email protected] +1 512 895 7398

NXP-Corp

LA JOLLA, Calif., March 04, 2021 (GLOBE NEWSWIRE) — INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), a clinical-stage immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results for the year ended December 31, 2020 and provided a business update.

“A key highlight since our last quarterly update is the updated interim data announced from our ongoing Phase 1b study evaluating XPro1595 in Alzheimer’s disease in January,” stated RJ Tesi, M.D., chief executive officer of INmune Bio. “These data demonstrate that XPro1595 decreases neuroinflammation using multiple biomarkers of inflammation in patients with Alzheimer’s disease. We also gained insight into the consequences of decreasing neuroinflammation in these patients for extended period of time which includes decrease in biomarkers on neurodegeneration and improvement of biomarkers of synaptic function. We remain committed to initiating a Phase 2 study later this year.

“Our Phase 2 trial of Quellor for the treatment of for pulmonary complications patients with COVID-19 continues to enroll patients. While the emergence of safe and effective vaccines appears to be having an impact on infection and hospitalization rates, effective treatment of serious complications remains a significant unmet need. Both the TRD program with XPro1595 and the INKmune program to treat patients with high-risk MDS will begin to enroll patients once the pandemic is better controlled in the US and UK, respectively. We look forward to data from these important studies.

“Finally, we strengthened our balance sheet by raising an additional $28.4 million of net proceeds from the sale of 1,439,480 shares of common stock at an average price of $20.17 through our ATM during January and February 2021, which provides additional capital to fund the Company into 2022.”

Recent Corporate Highlights

DN-TNF Platform Highlights:

• Announced interim Phase 1b data demonstrating that XPro1595 decreased biomarkers of neuroinflammation and neurodegeneration, as measured by multiple analytic platforms in patients with Alzheimer’s disease.
  • Data supports initiation of a blinded, randomized, placebo-controlled Phase 2 study in 2021 to explore the clinical impact of XPro1595 in patients with Alzheimer’s disease.
  • The biomarker data was presented during a Key Opinion Leader webinar on January 21, 2021, a replay of which can be accessed here.
• Announced that the first patient has been dosed in the company’s Phase 2 trial of Quellor™ for pulmonary complications in COVID-19 patients.

Financial Highlights:

• Subsequent to the end of the fourth quarter, raised a net of approximately $28.4 million from the sale of 1,439,480 shares of common stock through a pre-existing open sale market agreement (At-the-Market, or ATM) at an average price of $20.17 per share.

Upcoming Milestones:

• Report on the first 100 patients enrolled in the company’s Quellor trial in COVID-19 which will provide proof-of-concept and inform a “go/no go” decision by the Data Safety Monitoring Board (DSMB).
• Additional data from the Phase 1b Alzheimer’s disease program.
• Initiate XPro1595 Phase 2 program for Alzheimer’s disease in patients with neuro-inflammation.
• Initiate XPro1595 Phase 2 program for treatment resistant depression.
• Initiate Phase 1 program with INKmune™ for high-risk MDS.

The company plans additional clinical trials after the COVID-19 pandemic has been controlled. The exact timing of these trials cannot be predicted at this time.

• LIVNate Phase 2 program for NASH.
• INB03 Phase 2 program for MUC4 expressing cancer.

Financial Results for the Year Ended December 31, 2020:

Net loss attributable to common stockholders for the year ended December 31, 2020 was approximately $12.1 million, compared to approximately $7.7 million for the year ended December 31, 2019.

Research and development expense totaled approximately $5.9 million for the year ended December 31, 2020, compared to approximately $3.3 million during the year ended December 31, 2019.

General and administrative expense was approximately $6.3 million for the year ended December 31, 2020, compared to approximately $6.0 million during the year ended December 31, 2019.

As of December 31, 2020, the Company had cash and cash equivalents of approximately $22.0 million and no debt. Subsequent to December 31, 2020, the company raised a net of approximately $28.4 million at an average price of $20.17 per share from its pre-existing ATM facility.

As of March 4, 2021, the Company had approximately 14.9 million common shares outstanding.

Earnings Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

Date: Thursday, March 4, 2021
Time: 4:30 PM Eastern Time
Participant Dial-in: 877-407-0784
Participant Dial-in (international): 201-689-8560

Live Webcast Link: http://public.viavid.com/index.php?id=143196

A transcript will follow approximately 24 hours from the scheduled call. A replay will also be available through March 11 by dialing 1-844-512-2921 or 1-412-317-6671 (international) and entering PIN no. 13715561.

About XPro1595

XPro1595 is a next-generation inhibitor of tumor necrosis factor (TNF) that is currently in clinical trial and acts differently than currently existing TNF inhibitors in that it neutralizes soluble TNF (sTNF), without affecting trans-membrane TNF (tmTNF) or TNF receptors. XPro1595 could have substantial beneficial effects in patients with neurologic disease by decreasing neuroinflammation. For more information about the importance of targeting neuroinflammation in the brain to improve cognitive function and restore neuronal communication visit this section of the INmune Bio’s website. 

About INmune Bio, Inc.

INmune Bio, Inc

. is a publicly traded (NASDAQ: INMB), clinical-stage biotechnology company focused on developing treatments that target the innate immune system to fight disease. INmune Bio has two product platforms that are both in clinical trials. The DN-TNF product platform utilizes dominant-negative technology to selectively neutralize soluble TNF, a key driver of innate immune dysfunction and mechanistic target of many diseases. DN-TNF is in clinical trial to determine if it can treat for COVID-19 complications (Quellor™), cancer (INB03™), Alzheimer’s and treatment resistant depression (XPro595), and NASH (LIVNate™). The Natural Killer Cell Priming Platform includes INKmune™ aimed at priming the patient’s NK cells to eliminate minimal residual disease in patients with cancer. INmune Bio’s product platforms utilize a precision medicine approach for the treatment of a wide variety of hematologic malignancies, solid tumors and chronic inflammation. To learn more, please visit www.inmunebio.com.

Forward Looking Statements

Clinical trials are in early stages and there is no assurance that any specific outcome will be achieved. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. INB03™, XPro1595, LIVNate, Quellor™ and INKmune are still in clinical trials or preparing to start clinical trials and have not been approved and there cannot be any assurance that they will be approved or that any specific results will be achieved. Our two platforms are beginning clinical trials and there cannot be any assurance of the success of these trials. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to produce more drug for clinical trials; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

INmune Bio Contact: 

David Moss, CFO (858) 964-3720
[email protected]

Investor Contact:

Chuck Padala
LifeSci Advisors
(646) 627-8390
[email protected]

Media Contact:

Meredith Sosulski, Ph.D.
LifeSci Communications
(929) 469-3851
[email protected]

The following table summarizes our results of operations for the periods indicated:

INMUNE BIO, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

		December 31, 2020				December 31, 2019
ASSETS
CURRENT ASSETS
Cash		$	21,966,883			$	6,995,525
Research and development tax credit receivable			1,686,065				568,139
Other tax receivable			112,684				77,225
Prepaid expenses			220,090				97,623
Prepaid expenses – related party			–				26,266
TOTAL CURRENT ASSETS			23,985,722				7,764,778
Operating lease – right of use asset – related party			156,214				191,543
Acquired in-process research and development intangible assets			16,514,000				16,514,000
TOTAL ASSETS		$	40,655,936			$	24,470,321
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	1,518,113			$	401,989
Accounts payable and accrued liabilities – related parties			33,664				290,102
Deferred liabilities			190,612				–
Operating lease, current liability – related party			33,873				8,288
TOTAL CURRENT LIABILITIES			1,776,262				700,379
Long-term operating lease liability – related party			126,286				160,164
TOTAL LIABILITIES			1,902,548				860,543
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding			–				–
Common stock, $0.001 par value, 200,000,000 shares authorized, 13,481,283 and 10,770,948 shares issued and outstanding, respectively			13,481				10,771
Additional paid-in capital			72,104,539				44,833,703
Common stock issuable			–				50,000
Accumulated other comprehensive income (loss)			10,708				(8,515	)
Accumulated deficit			(33,375,340	)			(21,276,181	)
TOTAL STOCKHOLDERS’ EQUITY			38,753,388				23,609,778
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	40,655,936			$	24,470,321

INMUNE BIO, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		2020				2019
REVENUE		$	10,916			$	–
OPERATING EXPENSES
General and administrative			6,321,097				6,016,056
Research and development			5,917,495				3,281,945
Gain on waiver of common stock issuable			–				(1,542,000	)
Total operating expenses			12,238,592				7,756,001
LOSS FROM OPERATIONS			(12,227,676	)			(7,756,001	)
OTHER INCOME
Other income			128,517				77,688
Total other income			128,517				77,688
NET LOSS		$	(12,099,159	)		$	(7,678,313	)
Net loss per common share – basic and diluted		$	(1.01	)		$	(0.75	)
Weighted average number of common shares outstanding – basic and diluted			11,988,492				10,272,641
COMPREHENSIVE LOSS
Net loss		$	(12,099,159	)		$	(7,678,313	)
Other comprehensive (income) loss – foreign currency translation			19,223				(15,044	)
Total comprehensive loss		$	(12,079,936	)		$	(7,693,357	)

INMUNE BIO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

		2020				2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(12,099,159	)		$	(7,678,313	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			3,112,004				4,096,538
Gain on waiver of common stock issuable			–				(1,542,000	)
Changes in operating assets and liabilities:
Research and development tax credit receivable			(1,117,926	)			24,076
Other tax receivable			(35,459	)			(39,843	)
Joint development cost receivable			–				17,989
Prepaid expenses			(122,467	)			(82,071	)
Prepaid expenses – related party			26,266				(26,266	)
Accounts payable and accrued liabilities			1,116,124				(151,232	)
Accounts payable and accrued liabilities – related parties			(40,677	)			19,557
Deferred liabilities			190,612				–
Operating lease liability – related party			27,036				(23,091	)
Net cash used in operating activities			(8,943,646	)			(5,384,656	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from sale of common stock			24,907,781				12,209,021
Purchase of common stock			(1,012,000	)			–
Net cash provided by financing activities			23,895,781				12,209,021
Impact on cash from foreign currency translation			19,223				(15,044	)
NET INCREASE IN CASH			14,971,358				6,809,321
CASH AT BEGINNING OF YEAR			6,995,525				186,204
CASH AT END OF YEAR		$	21,966,883			$	6,995,525
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes		$	–			$	–
Cash paid for interest expense		$	–			$	–
NONCASH INVESTING AND FINANCING ACTIVITIES:
Capital contribution		$	215,761			$	–
Cashless exercise of warrants		$	2			$	–
Issuance of common stock issuable		$	50,000			$	3,084,000
Issuance of warrants to placement agents		$	–			$	247,452

 

ANDOVER, Mass., March 04, 2021 (GLOBE NEWSWIRE) — Mercury Systems Inc. (NASDAQ: MRCY, www.mrcy.com), a leader in trusted, secure mission-critical technologies for aerospace and defense, announced it was selected by NASA’s Jet Propulsion Laboratory (JPL) to provide solid-state data recorders (SSDRs) for NASA’s Earth Surface Mineral Dust Source Investigation (EMIT) science mission. The Earth Imaging Spectrometer instrument containing Mercury’s SSDRs is scheduled for launch to the International Space Station (ISS) in 2022.

The EMIT mission maps the surface mineralogy of arid dust source regions and aids in improving forecasts of the role of mineral dust in the warming or cooling of the Earth’s atmosphere. By accurately mapping the composition of areas that produce mineral dust, EMIT will advance the understanding of dust’s effects to the Earth system and to human populations now and in the future. For more information, please visit https://earth.jpl.nasa.gov/emit.

“Developing high-tech electronics that survive launch and extended-lifetime operation in space is no easy task,” said Chris Opoczynski, vice president and general manager, Mercury Data. “Mercury’s solid-state data recorders are purpose-built to support the need for ultra-reliable and agile radiation-tolerant storage devices. This focus on reliability and agility is part of our commitment to reducing our customers’ program risk and cost with our portfolio of state-of-the-art, secure, space-qualified products utilizing our industry-leading commercial technology.”

For more than 35 years, Mercury has held an unsurpassed leadership position in the design and manufacture of space-qualified components and assemblies for defense primes, government agencies, the scientific community and commercial customers. The company has delivered more than 20,000 space-qualified devices with no in-flight failures. Its custom microelectronics solutions are radiation-tolerant and purpose-built to operate in the harsh environment of space, on more than 65 satellite and launch vehicle programs, including every Mars Rover expedition.

Operating at the intersection of high-tech and defense, Mercury Systems is the leader in making trusted, secure mission-critical technologies profoundly more accessible. Our work is inspired by our Purpose of delivering Innovation That Matters, By and For People Who Matter, to make the world a safer, more secure place for all. For more information, visit the solid-state data recorder product page or contact Mercury at (866) 627-6951 or [email protected].

Mercury Systems – Innovation That Matters®

Mercury Systems is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Headquartered in Andover, Mass., the Company delivers solutions that power a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. The Company envisions, creates and delivers innovative technology solutions purpose-built to meet customers’ most-pressing high-tech needs, including those specific to the defense community. To learn more, visit mrcy.com, or follow us on Twitter.

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described herein and to fiscal 2021 business performance and beyond and the Company’s plans for growth and improvement in profitability and cash flow. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of epidemics and pandemics such as COVID, effects of any U.S. federal government shutdown or extended continuing resolution, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. Government’s interpretation of, federal export control or procurement rules and regulations, market acceptance of the Company’s products, shortages in components, production delays or unanticipated expenses due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings, or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, increases in interest rates, changes to industrial security and cyber-security regulations and requirements, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended July 3, 2020. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

CONTACT

Robert McGrail, Director of Corporate Communications
Mercury Systems Inc.
+1 (978) 967-1366 | [email protected]

Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa6c60f9-c47d-4e69-8775-5f243124636c

SAN RAMON, Calif., March 04, 2021 (GLOBE NEWSWIRE) — CooperCompanies (NYSE: COO) today announced financial results for its fiscal first quarter ended January 31, 2021.

• Revenue increased 5% year-over-year to $680.5 million. CooperVision (CVI) revenue up 4% to $507.0 million, and CooperSurgical (CSI) revenue up 8% to $173.5 million.
• GAAP diluted earnings per share $42.31, up $40.49 from last year’s first quarter.
• Non-GAAP diluted earnings per share $3.17, up $0.48 or 18% from last year’s first quarter. See “Reconciliation of Selected GAAP Results to Non-GAAP Results” below.

Commenting on the results, Al White, Cooper’s President and CEO said, “We’ve started the year on a positive note, and we’re excited about our momentum. Both our businesses performed well, delivering strong operational performance with robust earnings and cash flow. With improved visibility, we are initiating fiscal 2021 guidance and are enthusiastic about our prospects for the remainder of the year, and into the future.”

First Quarter Operating Results

• Revenue of $680.5 million, up 5% from last year’s first quarter, up 3% in constant currency.
• Gross margin of 66% compared with 66% in last year’s first quarter. On a non-GAAP basis, gross margin was 68%, up from 67% last year driven by favorable product mix at CooperSurgical and currency.
• Operating margin of 20% compared with 17% in last year’s first quarter. On a non-GAAP basis, operating margin was 27%, up from 25% last year driven by higher revenue and gross margin.
• Interest expense of $6.4 million compared with $11.6 million in last year’s first quarter driven by lower interest rates and lower average debt.
• Net debt outstanding at quarter end was $1,695.5 million (total debt of  $1,814.6 million less quarter-end cash and cash equivalents of $119.1 million). Adjusted leverage ratio (net debt over adjusted EBITDA) of 2.1x.
• Cash provided by operations of $147.7 million offset by capital expenditures of $55.9 million resulted in free cash flow of $91.8 million.

First Quarter CooperVision (CVI) Operating Results

• Revenue of $507.0 million, up 4% from last year’s first quarter, up 1% in constant currency.
• Revenue by category:

										Constant Currency
		(In millions)				% of CVI Revenue		%chg		%chg
		1Q21				1Q21		y/y		y/y
	Toric	$	162.3			32%		5%		2%
	Multifocal	57.7				11%		11%		7%
	Single-use sphere	146.0				29%		6%		2%
	Non single-use sphere, other	141.0				28%		1%		(2)%
	Total	$	507.0			100%		4%		1%

• Revenue by geography:

										Constant Currency
		(In millions)				% of CVI Revenue		%chg		%chg
		1Q21				1Q21		y/y		y/y
	Americas	$	200.4			40%		6%		6%
	EMEA	188.8				37%		1%		(4)%
	Asia Pacific	117.8				23%		8%		3%
	Total	$	507.0			100%		4%		1%

First Quarter CooperSurgical (CSI) Operating Results

• Revenue of $173.5 million, up 8% from last year’s first quarter, up 7% in constant currency.
• Revenue by category:

										Constant Currency
		(In millions)				% of CSI Revenue		%chg		%chg
		1Q21				1Q21		y/y		y/y
	Office and surgical products	$	103.5			60%		5%		5%
	Fertility	70.0				40%		12%		10%
	Total	$	173.5			100%		8%		7%

Other

• In January 2021, the company repurchased $24.8 million of common stock, roughly 69.6 thousand shares, under the existing share repurchase program at an average share price of $356.61. The program has $334.8 million of remaining availability and no expiration date.

Fiscal Year 2021 Guidance


We continue to monitor and evaluate the scope, duration and impact of the ongoing COVID-19 pandemic on our operations and financial results. While we still view resurgences as a significant risk factor to our outlook, we are now providing fiscal year 2021 guidance.  Details are summarized as follows:

• Fiscal 2021 total revenue $2,800 – $2,845 million (12% to 14% constant currency)
  • CVI revenue $2,090 – $2,120 million (9% to 11% constant currency)
  • CSI revenue $710 – $725 million (19% to 22% constant currency)
• Fiscal 2021 non-GAAP diluted EPS $12.90 – $13.10

Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets, and other exceptional or unusual income or gains and charges or expenses including acquisition, integration and manufacturing related costs which we may incur as part of our continuing operations.

With respect to the Company’s guidance expectations, the Company has not reconciled non-GAAP diluted earnings per share guidance to GAAP diluted earnings per share due to the inherent difficulty in forecasting acquisition-related, integration and restructuring charges and expenses, which are reconciling items between the non-GAAP and GAAP measure. Due to the unknown effect, timing and potential significance of such charges and expenses that impact GAAP diluted earnings per share, the Company is not able to provide such guidance.

Reconciliation of Selected GAAP Results to Non-GAAP Results


To supplement our financial results and guidance presented on a GAAP basis, we use non-GAAP measures that we believe are helpful in understanding our results. The non-GAAP measures exclude costs which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the factors management uses in planning and forecasting for future periods. We believe it is useful for investors to understand the effects of these items on our consolidated operating results. Our non-GAAP financial measures may include the following adjustments, and as appropriate, the related income tax effects and changes in income attributable to noncontrolling interests:

• We exclude the effect of amortization and impairment of intangible assets from our non-GAAP financial results. Amortization of intangible assets will recur in future periods; however, the amounts are affected by the timing and size of our acquisitions. Impairment of intangible assets is a non-recurring cost.
• We exclude the effect of acquisition and integration expenses and the effect of restructuring expenses from our non-GAAP financial results. Such expenses generally diminish over time with respect to past acquisitions; however, we generally will incur similar expenses in connection with any future acquisitions. We incurred significant expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition and integration expenses include direct effects of acquisition accounting, such as inventory fair value step-up and items such as personnel costs for transitional employees, other acquired employee related costs and integration related professional services. Restructuring expenses include items such as employee severance, product rationalization, facility and other exit costs.
• We exclude other exceptional or unusual charges or expenses and gains or income. These can be variable and difficult to predict, such as COVID related charges, certain litigation expenses and product transition costs, and are not what we consider as typical of our continuing operations. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
• We report revenue growth using the non-GAAP financial measure of constant currency so that revenue results may be evaluated excluding the effect of foreign currency rate fluctuations. To present this information, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year.
• We define the non-GAAP measure of free cash flow as cash provided by operating activities less capital expenditures. We believe free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, buyback common stock or to fund dividend payments. Management uses free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods.
• We define the non-GAAP measure of net debt as total debt less cash and cash equivalents. We believe net debt is useful for investors to be helpful in evaluating our financial leverage.  Management uses net debt as a measure of our financial leverage. Net debt should not be considered as an alternative to debt determined in accordance with GAAP and should be reviewed in conjunction with our consolidated condensed balance sheets.
• We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing operations.
• We exclude the effects of non-cash deferred tax assets related to intra-group transfer of non-inventory assets.

THE COOPER COMPANIES, INC. AND SUBSIDIARIES Reconciliation of Selected GAAP Results to Non-GAAP Results (In millions, except per share amounts) (Unaudited)
		Three Months Ended January 31,
		2021										2021					2020									2020
		GAAP					Adjustment					Non-GAAP					GAAP				Adjustment					Non-GAAP
Cost of sales		$	229.8				$	(10.8	)		A	$	219.0				$	219.7			$	(8.4	)		A	$	211.3
Operating expense excluding amortization		$	282.6				$	(3.9	)		B	$	278.7				$	280.5			$	(7.4	)		B	$	273.1
Amortization of intangibles		$	34.7				$	(34.7	)		C	$	—				$	34.9			$	(34.9	)		C	$	—
Other (income) expense, net		$	(12.5	)			$	11.5			D	$	(1.0	)			$	2.1			$	—				$	2.1
Provision for income taxes		$	26.3				$	12.5			E	$	38.8				$	6.9			$	7.6			E	$	14.5
Income tax effects related to intra-group intangible asset transfers		$	(1,987.9	)			$	1,969.1			F	$	(18.8	)			$	—			$	—				$	—
Diluted earnings per share		$	42.31				$	(39.14	)			$	3.17				$	1.82			$	0.87				$	2.69
Weighted average diluted shares used		$	49.7									$	49.7				$	49.7								$	49.7

A	Fiscal 2021 GAAP cost of sales includes $10.8 million of costs primarily related to integration and other manufacturing related costs, resulting in fiscal 2021 GAAP gross margin of 66% as compared to fiscal 2021 non-GAAP gross margin of 68%. Fiscal 2020 GAAP cost of sales includes $8.4 million of costs primarily related to integration and other manufacturing related costs, resulting in fiscal 2020 GAAP gross margin of 66% as compared to fiscal 2020 non-GAAP gross margins of 67%.
B	Fiscal 2021 and 2020 GAAP operating expense comprised of $3.9 million and $7.4 million, respectively, primarily related to acquisition and integration activities and European Medical Devices Regulation (MDR) implementation costs.
C	Amortization expense was $34.7 million and $34.9 million for the fiscal 2021 and 2020 periods, respectively. Items A, B, and C resulted in fiscal 2021 GAAP operating margin of 20% as compared to fiscal 2021 non-GAAP operating margin of 27%, and fiscal 2020 GAAP operating margin of 17% as compared to fiscal 2020 non-GAAP operating margin of 25%.
D	Fiscal 2021 other income, net includes gains and losses on our minority investments, primarily an $11.5 million gain due to CooperVision’s acquisition of all of the remaining equity interest of a privately-held medical device company in January 2021.
E	Fiscal 2021 and 2020 amounts represent the net change in the provision for income taxes that arise primarily from the impact of the above adjustments.
F	An income tax benefit was excluded related to the recognition of a deferred tax asset that resulted from an intra-group transfer of intellectual property and goodwill to a UK subsidiary.

Conference Call and Webcast


The Company will host a conference call today at 5:00 PM ET to discuss its fiscal first quarter 2021 results and current corporate developments. The live dial-in number for the call is 855-643-4430 (U.S.) / 707-294-1332 (International). The participant passcode for the call is “Cooper”. A simultaneous webcast of the call will be available through the “Investor Relations” section of the CooperCompanies website at http://investor.coopercos.com and a transcript of the call will be archived on this site for a minimum of 12 months. A recording of the call will be available beginning at 8:00 PM ET on March 4, 2021 through March 11, 2021. To hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406 (International) and enter code 266737.

About CooperCompanies


CooperCompanies (“Cooper”) is a global medical device company publicly traded on the NYSE (NYSE: COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, Calif., Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com.

Forward-Looking Statements


This earnings release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements of which are other than statements of historical fact, including our Fiscal 2021 Guidance and all statements regarding the expected impact of the ongoing COVID-19 pandemic on our business are forward looking. In addition, all statements regarding anticipated growth in our net sales and anticipated market conditions, planned product launches and expected results of operations are forward-looking. To identify these statements look for words like “believes,” “outlook,” “probable,” “expects,” “may,” “will,” “should,” “could,” “seeks,” “intends,” “plans,” “estimates” or “anticipates” and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.

Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: the effects of the ongoing COVID-19 pandemic and related economic disruptions and new governmental regulations on our business, results of operations, cash flow and financial condition, including but not limited to the potential impact on our sales, operations and supply chain; adverse changes in the global or regional general business, political and economic conditions, including the impact of continuing uncertainty and instability of certain countries, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items, including but not limited to, the ongoing COVID-19 pandemic, and escalating global trade barriers including additional tariffs, by countries such as China; adverse changes in global political and economic conditions, and related uncertainty caused by the United Kingdom’s (UK) withdrawal from the European Union (EU) and its potential impact on, among other things, the movement of goods and materials in our supply chain, additional regulatory approvals and requirements, and increased tariffs and duties; changes in tax laws or their interpretation and changes in statutory tax rates, including but not limited to, the U.S., the United Kingdom and other countries may affect our taxation of earnings recognized in foreign jurisdictions and/or negatively impact our effective tax rate; foreign currency exchange rate and interest rate fluctuations including the risk of fluctuations in the value of foreign currencies or interest rates that would decrease our net sales and earnings; our existing and future variable rate indebtedness and associated interest expense is impacted by rate increases, which could adversely affect our financial health or limit our ability to borrow additional funds; acquisition-related adverse effects including the failure to successfully obtain the anticipated net sales, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period, required regulatory approvals for an acquisition not being obtained or being delayed or subject to conditions that are not anticipated, adverse impacts of changes to accounting controls and reporting procedures, contingent liabilities or indemnification obligations, increased leverage and lack of access to available financing (including financing for the acquisition or refinancing of debt owed by us on a timely basis and on reasonable terms); compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information, such as HIPAA and the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation requirements in Europe, including but not limited to those resulting from data security breaches; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development, distribution facilities or raw material supply chain due to the ongoing COVID-19 pandemic, integration of acquisitions, man-made or natural disasters, cybersecurity incidents or other causes; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development or distribution facilities due to technological problems, including any related to our information systems maintenance, enhancements or new system deployments, integrations or upgrades; market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry including the contact lens industry specifically and the medical device or pharmaceutical industries generally, including but not limited to the EU Medical Devices Regulation (MDR), and the EU In Vitro Diagnostic Medical Devices Regulation (IVDR); legal costs, insurance expenses, settlement costs and the risk of an adverse decision, prohibitive injunction or settlement related to product liability, patent infringement or other litigation; limitations on sales following product introductions due to poor market acceptance; new competitors, product innovations or technologies, including but not limited to, technological advances by competitors, new products and patents attained by competitors, and competitors’ expansion through acquisitions; reduced sales, loss of customers and costs and expenses related to product recalls and warning letters; failure to receive, or delays in receiving, regulatory approvals for products; failure of our customers and end users to obtain adequate coverage and reimbursement from third-party payors for our products and services; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill, other intangible assets and idle manufacturing facilities and equipment; the success of our research and development activities and other start-up projects; dilution to earnings per share from acquisitions or issuing stock; impact and costs incurred from changes in accounting standards and policies; environmental risks, including increasing environmental legislation and the broader impacts of climate change; and other events described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2020, as such Risk Factors may be updated in quarterly filings.

We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.

Contact:

Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
[email protected]

THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(In millions)
(Unaudited)

	January 31, 2021				October 31, 2020
ASSETS
ASSETS
Current assets:
Cash and cash equivalents	$	119.1			$	115.9
Trade receivables, net	461.2				435.4
Inventories	570.5				570.4
Other current assets	146.6				152.5
Total current assets	1,297.4				1,274.2
Property, plant and equipment, net	1,305.1				1,281.9
Operating lease right-of-use assets	270.3				260.2
Goodwill	2,553.3				2,447.3
Other intangibles, net	1,358.6				1,289.0
Deferred tax assets	2,031.2				80.1
Other assets	106.0				104.8
Total assets	$	8,921.9			$	6,737.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	400.7			$	409.3
Other current liabilities	560.6				595.1
Total current liabilities	961.3				1,004.4
Long-term debt	1,413.9				1,383.9
Deferred tax liabilities	21.6				25.8
Long-term tax payable	164.9				162.0
Operating lease liabilities	246.0				236.8
Accrued pension liability and other	124.3				99.8
Total liabilities	2,932.0				2,912.7
Stockholders’ equity	5,989.9				3,824.8
Total liabilities and stockholders’ equity	$	8,921.9			$	6,737.5

THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)

	Three Months Ended January 31,
	2021			2020
Net sales	680.5			646.2
Cost of sales	229.8			219.7
Gross profit	450.7			426.5
Selling, general and administrative expense	261.2			258.3
Research and development expense	21.4			22.2
Amortization of intangibles	34.7			34.9
Operating income	133.4			111.1
Interest expense	6.4			11.6
Other (income) expense, net	(12.5	)		2.1
Income before income taxes	139.5			97.4
(Benefit) provision for income taxes	(1,961.6	)		6.9
Net income attributable to Cooper stockholders	2,101.1			90.5
Earnings per share – diluted	42.31			1.82
Number of shares used to compute diluted earnings per share	49.7			49.7

WEST PALM BEACH, Fla., March 04, 2021 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Mortgage Corporation (“PMC”) has closed its previously announced offering of $400 million aggregate principal amount of 7.875% Senior Secured Notes due 2026 (the “PMC Notes”). The PMC Notes are guaranteed on a senior secured basis by the Company and PHH Corporation (“PHH”), the parent company of PMC and subsidiary of the Company.

The Company also announced the completion of its previously announced private placement of $199.5 million aggregate principal amount of Ocwen senior secured second lien notes (the “Second Lien Notes”) to funds managed by Oaktree Capital Management, L.P.

Glen A. Messina, President and CEO of Ocwen, said, “We continue to make significant progress in enhancing our capital structure through the successful completion of these transactions. Refinancing our existing corporate debt while improving our overall maturity profile will enable greater financial flexibility to invest in continued growth in our originations and servicing businesses. The strong level of investor interest, particularly from new investors, in our debt issuance is a testament to the successful transformation of our business, which is driving improved profitability, record originations volume and a cost-competitive platform that is well positioned for future growth and profitability.”

The net proceeds from the PMC Notes will be used, together with the net proceeds from the Second Lien Notes, to repay in full $498 million of indebtedness, including PMC’s Senior Secured Term Loan, all of PHH’s outstanding 6.375% senior unsecured notes due 2021 and PMC’s 8.375% senior secured second lien notes due 2022. The remaining proceeds are expected to be used for general corporate purposes, including to accelerate growth of Ocwen’s origination and servicing business.

The PMC Notes and the Second Lien Notes are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The PMC Notes were sold only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For additional information, please see the Company’s Form 8-K filed with the Securities and Exchange Commission on March 4, 2021.

About Ocwen Financial Corporation

Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website (www.ocwen.com).

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our ability to deploy the proceeds of the Second Lien Notes in suitable investments at appropriate returns; uncertainty relating to the future impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators, as well as the impacts on borrowers and the economy generally; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; increased servicing costs based on increased borrower delinquency levels or other factors; our ability to collect anticipated tax refunds, including on the timeframe expected; the future of our long-term relationship and remaining servicing agreements with New Residential Investment Corp. (NRZ); our ability to continue to improve our financial performance through cost re-engineering efforts and other actions; our ability to continue to grow our origination business and increase our origination volumes in a competitive market and uncertain interest rate environment; uncertainty related to claims, litigation, cease and desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), and the Department of Justice or the Department of Housing and Urban Development (HUD); adverse effects on our business as a result of regulatory investigations, litigation, cease and desist orders or settlements and related responses by key counterparties, including lenders, the GSEs and Ginnie Mae; our ability to comply with the terms of our settlements with regulatory agencies, as well as general regulatory requirements, and the costs of doing so; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to interpret correctly and comply with financial and other requirements of regulators, the GSEs and Ginnie Mae, as well as those set forth in our debt and other agreements; our ability to comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings; as well as other risks and uncertainties detailed in Ocwen’s reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2020 and current and quarterly reports since such date. Anyone wishing to understand Ocwen’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION CONTACT:

Investors:	Media:
June Campbell	Dico Akseraylian
T: (856) 917-3190	T: (856) 917-0066
E: [email protected]	E: [email protected]