Market Newsdesk

TORONTO, March 31, 2021 /CNW/ – Boat Rocker Media Inc. (“Boat Rocker” or the “Company”) (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the fourth quarter and year ended December 31, 2020. The Company’s audited financial statements and accompanying notes and Management’s Discussion and Analysis (“MD&A”) for the three-month period and year ended December 31, 2020 are available under the Company’s profile on SEDAR (www.sedar.com). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see “Non-IFRS Measures” below).

Selected Financial Highlights

• Revenue of $55.6 million in Q4 2020 vs $59.4 million in Q4 2019. Full year 2020 revenue of $226.8 million vs $244.2 million in 2019.
• Net loss of $0.4 million in Q4 2020 vs net loss of $6.2 million in Q4 2019. Full year 2020 net loss of $44.0 million vs net loss of $19.5 million in 2019.
• Adjusted EBITDA of $8.3 million in Q4 2020 vs $7.1 million in Q4 2019. Full year 2020 adjusted EBTIDA was $14.3 million vs $32.5 million in 2019.
• On March 24, 2021, the Company successfully completed its Initial Public Offering (“IPO”) raising gross proceeds of $170.1 million. A significant portion of the net proceeds were used to repay all of the Company’s corporate credit facility, resulting in a positive net cash position in excess of $100.0 million.

“Our financial performance for the fourth quarter and fiscal year largely reflects the impact of the COVID-19 pandemic that delayed live-action production and drove increased costs in 2020 but was partially offset by improved performance in our Kids and Family segment, which benefitted from a smoother transition to work-from-home protocols,” said John Young, Chief Executive Officer of Boat Rocker. “The expected delay in delivery dates resulted in a substantial portion of revenues that would have been recognized in 2020 being expected to shift into 2021. With continued robust global demand for content, our strengthened balance sheet in the wake of our recently completed IPO and a strong slate of shows ‘greenlit’ or already in production under enhanced COVID-19 protocols, including approximately $475.0 million in revenue already confirmed and expected to be delivered in the year ahead, Boat Rocker is well positioned to act on an array of both organic and inorganic initiatives to support growth over both the near and longer term.”

COVID-19 Pandemic Update

The COVID-19 pandemic is unprecedented and negatively impacted Boat Rocker’s financial results for the year ended December 31, 2020. The content production industry experienced a temporary pause on live-action production during the second quarter of 2020, which impacted Boat Rocker’s Television segment in both the scripted and unscripted production groups. Expected delivery dates were delayed on several of the Company’s series resulting in a shift of revenue from 2020 into 2021. The Kids and Family segment was the least affected of Boat Rocker’s three segments. More than 200 new employees were hired during the period from March to December 2020 to support the growth in the Company’s animation studio. Revenue earned in the Representation segment was negatively affected as the Company’s clients, mainly on-screen talent, had less opportunity to work.

As jurisdictions began to lift restrictions on large gatherings in the third quarter of 2020, Boat Rocker worked diligently to pioneer and implement leading COVID-19 protocols, which allowed many of the Company’s series to resume production.

Selected Financial Information
 

Financial Review

Q4 2020 revenue was $55.6 million compared with $59.4 million in the same prior year quarter. Full year 2020 revenue decreased by $17.4 million to $226.8 million compared with $244.2 million in the prior year. The decrease for both periods was primarily attributed to declines in the Television and Representation segments, driven by the impact of the COVID-19 pandemic. In the full year 2020, the decrease was partially offset by an increase in the Kids and Family segment which delivered mainly animated content in 2020.

Net loss attributable to shareholders of the Company for the three months ended December 31, 2020 was $2.2 million, compared to $7.1 million in the same period of 2019, a decrease of $4.9 million. The decrease was primarily driven by Canadian Emergency Wage Subsidy (CEWS) funds recognized in the three months ended December 31, 2020. Net loss attributable to shareholders of the Company for the year ended December 31, 2020 was $48.7 million, compared to $23.7 million in 2019, an increase of $25.0 million. The increased loss was mainly driven by the impact of the COVID-19 pandemic on revenue and a goodwill impairment charge of $13.0 million, partially offset by CEWS funds recognized.

Adjusted EBITDA for the three months ended December 31, 2020 was $8.3 million, compared to $7.1 million in the same period of 2019, an increase of $1.2 million. The increase is primarily attributed to funds received from the CEWS and decreases to general and administrative expenses attributed to COVID-19. Adjusted EBITDA for the year ended December 31, 2020 was $14.3 million, compared to $32.5 million in 2019, a decrease of $18.2 million. Adjusted EBITDA for 2020 included the full year impact of operating costs incurred at Platform One Media (now renamed Boat Rocker Studios, Scripted), which was acquired on August 31, 2019. Until delivery of the two scripted series in 2021, Boat Rocker Studios, Scripted will continue to incur operating expenses but not earn any revenue from these series. Adjusted EBITDA is a non-IFRS measure. See “Non-IFRS Measures” below.

The following table presents the Company’s net debt as at December 31, 2020 and 2019.

Net Debt at December 31, 2020 was $90.8 million, up 7.0% from $84.8 million at the end of the prior year. In July 2020, the Company amended its existing corporate credit facility with the Bank of Montreal (“BMO”) and drew down an additional $13.4 million. On March 24, 2021 Boat Rocker completed its IPO, raising gross proceeds of $170.1 million. The Company used $90.5 million of the net proceeds from the IPO to repay all of its term debt under the BMO corporate credit facility. Net Debt, Cash Available for Use, and Cash Required for Use in Productions are non-IFRS measures. See “Non-IFRS Measures” below.

Outlook

As further set out in the Company’s final prospectus dated March 19, 2021 and filed on SEDAR in respect of its IPO (the “Prospectus”), the Company expects 2021 to be a year of significant investment in content, funded in part by a portion of the IPO net proceeds, and is forecasting revenues in 2021 of approximately $700.0 million. This forecast is based on a number of assumptions, as outlined in the Prospectus. Management believes that, in light of the projected significant growth in the demand for content by buyers worldwide, the Company is well-positioned to continue to grow by capitalizing on its competitive strengths and implementing its growth strategies.

Fiscal 2020 Fourth Quarter Conference Call

Boat Rocker will host a conference call to discuss its fiscal 2020 fourth quarter and fiscal year end financial results at 8:30 a.m. EDT on March 31, 2021. The call will be hosted by John Young, CEO, and Michelle Abbott, CFO. To participate in the call, dial (416) 764-8650 or (888) 664-6383 (using the conference ID 94402000). The audio webcast can be accessed at https://www.boatrocker.com/investor-relations/events-and-presentations/default.aspx. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.

About Boat Rocker

Boat Rocker is an independent, integrated global entertainment company that harnesses the power of creativity and commerce to tell stories and build iconic brands for audiences around the world. Boat Rocker Studios (the “Studio”), the Company’s creative engine, creates, produces and distributes award-winning content and franchises across all major genres via its Scripted, Unscripted, and Kids & Family divisions. The Studio distributes and licenses thousands of hours of its own and third-party content worldwide. Boat Rocker owns or invests in companies in the entertainment industry that bolster the company’s strategic and operational goals, including Insight Productions (Unscripted), Jam Filled Entertainment (2D and 3D Animation), Industrial Brothers (Kids & Family Animation) and Untitled Entertainment, a leading global talent management company that represents leading on-screen talent and celebrities. A selection of Boat Rocker’s projects include: Orphan Black (BBC AMERICA, CTV Sci-Fi Channel), Dear…(Apple TV+), Lip Sync Battle (Paramount Network), The Amazing Race Canada (CTV), MasterChef Canada (CTV), The Next Step (Family Channel, CBC), The Loud House (Nickelodeon), Remy & Boo (Universal Kids, CBC), and Dino Ranch (CBC, Disney Junior). Boat Rocker’s subordinate voting shares are listed on the Toronto Stock Exchange under the ticker BRMI. For more information, please visit www.boatrocker.com.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The intent of using non-IFRS measures is to provide investors with supplemental measures of the Company’s operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures, in addition to providing a greater understanding of the Company’s liquidity position and available financial resources. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets, and to determine components of management compensation. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.

Definitions and reconciliations of non-IFRS measures to the relevant reported measures can be found in our MD&A. Such reconciliations can also be found in this press release under the heading reconciliation of non-IFRS measures. The non-IFRS measures the Company uses include: EBTIDA, Adjusted EBITDA, Cash Available for Use, Cash Required for Use in Productions, Free Cash Flow, and Net Debt.

EBITDA is defined as net income or loss before interest, taxes, depreciation and amortization (“EBITDA”).

Adjusted EBITDA is defined as EBITDA adjusted for amortization of non-cash program intangibles, change in fair value of financial liabilities, change in fair value of contingent consideration, share-based compensation, transaction and reorganization costs, goodwill impairment, loss on debt modifications and gain or loss on sale of assets. Adjusted EBITDA is used by management as a measure of the Company’s profitability. For further details refer to the “Reconciliation of non-IFRS measures” section of this press release.

Net Debt is defined as the carrying value of loans and borrowings (excluding interim production financing and convertible debentures), adjusted for the loss on loan modification and loan fees, plus lease liabilities, less Cash Available for Use. Net Debt represents obligations the Company has to fund from its earnings and is viewed by management as a consistent measure of the Company’s liquidity position. In contrast, interim production financing is drawn to bridge the timing between cash inflows from the license fees and production service fees of the buyer, the film and television tax credits earned on valid production expenses, and cash outflows of the production expenses. As such, interim production financing is excluded from management’s calculation of Net Debt. The Company does not include other liabilities in the Net Debt calculation such as: other financial liabilities that are based on estimates and probabilities, rather than specific amounts owing, and liabilities that may not be payable in cash. For further details, refer to the “Liquidity and Capital Resources” section of the Company’s MD&A.

Cash Available for Use is defined as the total cash and cash equivalents of the Company less Cash Required for Use in Productions. Cash Available for Use funds ongoing working capital requirements, principal, and interest payments on corporate demand loans as well as ongoing development and growth efforts and thus is an important liquidity measure that management uses to monitor the business on an ongoing basis.

Cash Required for Use in Productions is defined as cash required for the funding of productions in progress that is not considered by the Company to be available for other uses. The cash is not legally restricted and has not been classified as Restricted Cash on the consolidated statement of financial position. This cash has been provided by buyers and third-party IP owners that have engaged the Company to provide services, as well as banks with whom Boat Rocker has contracted to provide interim production financing. Management uses the amount of Cash Required for Use in Productions to determine the Company’s Cash Available for Use.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such assumptions, risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” and the assumptions discussed under “Outlook” in the final prospectus. Actual results could differ materially from those projected herein. Boat Rocker does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

Reconciliation of non-IFRS financial measures

 

SOURCE Boat Rocker Media Inc.

BRISBANE, Australia, March 31, 2021 /PRNewswire/ — Megaport Limited (ASX: MP1) (“Megaport”), a global leading Network as a Service (NaaS) provider, today announces the launch of Megaport Virtual Edge (MVE), an on-demand vendor-neutral Network Function Virtualization (NFV) service that enables branch-to-cloud connectivity on Megaport’s global Software Defined Network (SDN). With MVE, companies can host network functions such as virtual routers, SD-WAN controllers, and future networking technologies directly on Megaport’s global platform to extend their network functions closer to the edge, in real time, and without the need to deploy hardware.

Transforming Networking at the Edge

MVE is a globally distributed compute and network service in one. The compute aspect of the service enables customers to host NFV instances in locations where they need them, on demand, and manage them in a point-and-click manner. On the network side, MVE’s built-in transit gateway provides a highly scalable access point for connecting networks, via the public internet, to Megaport’s private SDN. Virtualised devices hosted on MVE can utilise the transit gateway to create connections between the Megaport SDN and their own networks, including branch locations, data centres, and private clouds.

At launch, MVE is available in 15 metros across North America, Asia-Pacific, and Europe with 6 additional locations to be available at the end of April. This allows customers more flexibility to deploy virtual devices near concentrations of users to localise traffic and optimise data termination for performance.

Supercharging SD-WAN Connectivity

Many businesses have embraced SD-WAN and internet connections as a means of simplifying their IT connectivity. However, dependence on end-to-end internet connections to key services and resources can impact performance, availability, and security. With MVE, customers can host localised virtual SD-WAN controllers on Megaport’s global platform and reduce the distance data traverses over internet paths from branch locations to critical services in public or private clouds and even other branch locations.

Once connected, customers can access Megaport’s leading ecosystem of more than 700 enabled data centres worldwide and over 360 service providers, including 220+ cloud on-ramps from the world’s leading clouds such as Alibaba Cloud, AWS, Google Cloud, Microsoft Azure, IBM Cloud, Oracle Cloud, and Salesforce.

SD-WAN on MVE Highlights:

• Reduced cloud egress costs to cloud on-ramps when compared to internet rates.
• Better performance with reduced jitter and latency.
• Vendor neutral service that supports SD-WAN technologies from leading providers.
• Highly distributed for localised connections.
• Point-and-click network provisioning to support interconnection between branch locations, data centres, cloud providers, and IT services.
• Real-time provisioning of virtual network infrastructure and interconnections.
• No hardware to ship, install, or manage.
• Unified end-to-end network provisioning and management to transform legacy networks.
• Secure, multi-cloud connections to more than 360 service providers, 700+ enabled data centres and 220+ cloud interconnect points.

Cisco SD-WAN Cloud Interconnect

Megaport and Cisco have partnered to integrate Cisco SD-WAN Cloud Interconnect with MVE for enterprises that want their SD-WAN controllers to be able to provision on-demand cloud interconnects using Megaport’s SDN. Building a bridge from SD-WAN to Megaport enables software-defined cloud interconnect fabrics with reliable network performance, cost-optimised connectivity, and reduced provisioning time. This provides enterprise IT full control of SD-WAN (overlay fabric) and cloud interconnects (underlay fabric) from the same Cisco SD-WAN controller with the release of vManage 20.5.

Fortune 500 companies with a global presence that use Cisco SD-WAN for consuming multicloud applications can take advantage of Cisco SD-WAN Cloud Interconnect with MVE to enable on-demand provisioning of cloud interconnect with global reach. This capability of the underlay interconnect connectivity, in addition to the SD-WAN overlay, offers unprecedented control and visibility to enterprise IT.

“Cisco’s collaboration with Megaport enables customers to extend their Cisco SD-WAN fabric from site to multiple clouds over a direct, high-performance, and neutral interconnect platform, delivering enhanced performance and security,” said JL Valente, Vice President, Product Management, for Cisco Enterprise Routing, SD-WAN and Cloud Networking. “The integration of Cisco’s new SD-WAN Cloud Interconnect with Megaport Virtual Edge brings together the secure networking capability of Cisco SD-WAN and the programmable, on-demand cloud interconnects offered by Megaport to automate provisioning of high-performance site-to-cloud and site-to-site connectivity.”

“As enterprises and service providers rapidly adopt SD-WAN technology to improve edge network connectivity, the ability for Megaport customers to easily, and in minutes, ‘spin up’ SD-WAN virtual appliances around the world on our platform is a big enabler for global organisations,” said Vincent English, CEO of Megaport. “Having these virtual appliances fully integrated into Megaport’s global Software Defined Network allows customers to optimise their SD-WAN connectivity via a single workflow to improve overall network and application performance at a fraction of the cost of legacy methods.”

Future Support

As a neutral service, additional leading SD-WAN platforms are currently being integrated with MVE.

For more information about Megaport Virtual Edge, please visit megaport.com/mve.

About Megaport

Megaport is a leading provider of Network as a Service (NaaS) solutions. The company’s global Software Defined Network (SDN) helps businesses rapidly connect their network to services via an easy-to-use portal or our open API. Megaport offers agile networking capabilities that reduce operating costs and increase speed to market compared to traditional networking solutions. Megaport partners with the world’s top cloud service providers, including AWS, Microsoft Azure, and Google Cloud, as well as the largest data centre operators, systems integrators and managed service providers in the world. Megaport is an ISO/IEC 27001-certified company and included in the S&P/ASX 200 index.

View original content to download multimedia:http://www.prnewswire.com/news-releases/megaport-launches-megaport-virtual-edge-an-on-demand-nfv-service-with-immediate-support-for-branch-to-cloud-connectivity-with-cisco-sd-wan-cloud-interconnect-301259227.html

SOURCE Megaport

TORONTO, March 31, 2021 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce it has completed a private placement of 4,255,319 common shares, issued at a price of C$2.35 per common share, representing an 8.3% premium to the closing price on March 30, 2021, for gross proceeds of C$10,000,000 with Ausenco Engineering Canada Inc. (“Ausenco”).  Argonaut Gold and Ausenco previously executed a fixed-bid engineering, procurement, construction and commission contract for the construction of the Magino processing facility and other parts of the Magino construction project (see press release dated January 4, 2021) at which time a private placement was contemplated.  The Company intends to use the proceeds for Magino construction activities and general corporate purposes.  

Pete Dougherty, President and CEO of Argonaut stated: “The private placement by Ausenco aligns our respective companies, as we work together to advance and unlock value of the Magino project.  We are very pleased to have a partner with ‘skin in the game’ as we continue to advance Magino’s construction.”

Zimi Meka, CEO and Managing Director of Ausenco commented: “With our intimate knowledge of the Magino project, we are excited to partner with Argonaut in building Canada’s next gold mine.  We are pleased to be a shareholder of Argonaut and look forward to working with Peter and his team to maximise the value of Magino for all shareholders.”

Magino Project Construction Update

Argonaut is also pleased to provide a construction update at its Magino project in Ontario, Canada.  The overall Magino construction project is tracking on schedule and ahead of schedule in relation to logging activities. The Company has secured all long lead items and is actively preparing the site for earthworks, which are expected to commence during the second quarter 2021.

Argonaut is very pleased to report that 100% of the process plant site has been cleared, which allows for earthworks to begin in this area.  Earthworks in the process plant site area will be followed by concrete pouring and steel erection so that the Company is in a position to enclose the process facility building prior to next winter, allowing construction to continue on the recovery plant.

Magino project activities since commencing construction include:

• Logging;
• Pioneering of roads and worksites;
• Earthworks to level the area of the process facility site for preparation of concrete pouring for the foundation;
• Installed construction offices;
• Completed the pad for a 144 person camp;
• Installation of the first 88 person camp units; and
• Placed orders of long lead time equipment.

Cautionary Note Regarding Forward-looking Statements
This press release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold Inc. (“Argonaut” or “Argonaut Gold”). Forward-looking statements and forward-looking information include, but are not limited to statements with respect to the Magino construction project schedule; permitting and legal processes in relation to mining permitting and approvals; estimated production and mine life of the various mineral projects of Argonaut; the ability to obtain permits for operations; synergies; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, risks relating to the availability and timeliness of permitting and governmental approvals; risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Argonaut’s most recent Annual Information Form and in the most recent Management’s Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document.

For further information on the Magino project, please see the report as listed below on the Company’s website or on www.sedar.com:

About Argonaut Gold

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production.  Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA.  The Company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America. 

For more information, contact:

Argonaut Gold Inc.
Dan Symons
Vice President, Corporate Development & Investor Relations
Phone:  416-915-3107
Email: [email protected]

Source: Argonaut Gold Inc.

SOURCE Argonaut Gold Inc.

NEW YORK, March 31, 2021 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies, today announced an exclusive photography and distribution partnership with the Screen Actors Guild Awards®, one of the industry’s most prized accolades, and the only televised awards ceremonies to exclusively honor actors. 

As the official photographer of the SAG Awards on Sunday, April 4, Shutterstock’s world-class photographers and editors will deliver exclusive, high-quality Nominee and Winner portraits, as well as images from the virtual show itself. In the second year of the partnership, Shutterstock will have access to all aspects of the 2022 SAG Awards event — from the red carpet, to never-before-seen images of the green room, as well as celebratory moments from around the venue. Leveraging the unrivaled expertise of Shutterstock’s Editorial team and its speed-to-market strategy, these images will be available to the world in less than one minute from the image being taken.

In addition to the exclusive Nominee and Winner portrait offering, Shutterstock will have exclusive access to all SAG Awards events, as well as archival content showcasing iconic and historical imagery from the SAG Awards over the past four years.

“The SAG Awards are renowned for being one of the most glamorous and highly anticipated awards ceremonies celebrating artists, and Shutterstock is thrilled to partner with the Screen Actors Guild to capture the moments that captivate audiences,” said Candice Murray, VP of Editorial at Shutterstock. “Shutterstock Editorial is synonymous with striking visual storytelling due to our unparalleled community of contributors, and it’s an honor to highlight the exceptional work of these artists and creatives on a global scale.”

“Whether live or virtual, the SAG Awards strives to authentically connect their audiences to the action and excitement at one of the industry’s most lauded events for actors,” said SAG Awards Executive Producer, Kathy Connell. “We are delighted to partner with Shutterstock, to ensure these pivotal photographic moments are captured seamlessly and are accessible to fans in real-time all over the world.”

Tune in to watch the 27th Annual Screen Actors Guild Awards, which will be simulcast on TNT and TBS on Sunday, April 4, 2021 at 9 p.m. (ET) / 6 p.m. (PT). An encore will air on TNT at 11 p.m. (ET) / 8 p.m. (PT).

About Shutterstock

Shutterstock, Inc. (NYSE: SSTK), is a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies. Directly and through its group subsidiaries, Shutterstock’s comprehensive collection includes high-quality licensed photographs, vectors, illustrations, videos and music. Working with its growing community of over 1.6 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 360 million images and more than 21 million video clips available.

Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The Company also owns Bigstock, a value-oriented stock media offering; Shutterstock Studios, an end-to-end custom creative shop; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for the world’s media; Amper Music, an AI-driven music platform; and TurboSquid, a leading 3D content marketplace.

For more information, please visit www.shutterstock.com and follow Shutterstock on Twitter and on Facebook.

About the 27th Annual Screen Actors Guild Awards®

The 27th Annual Screen Actors Guild Awards®, presented by SAG-AFTRA with Screen Actors Guild Awards, LLC will be produced by Avalon Harbor Entertainment, Inc. and Hazy Mills Productions and will be simulcast live on TNT and TBS on Sunday, April 4, 2021, at 9 p.m. (ET) / 6 p.m. (PT). SAG Awards Executive Producers are Kathy Connell, Sean Hayes, and Todd Milliner. For more information about the SAG Awards®, SAG-AFTRA, TNT and TBS, visit sagawards.org/about.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/shutterstock-announced-as-exclusive-photography-and-distribution-partner-for-the-27th-annual-screen-actors-guild-awards-301259193.html

SOURCE Shutterstock, Inc.

NEW YORK, March 31, 2021 /PRNewswire/ — Yext, Inc. (NYSE: YEXT), the Answers Search Company, and Wilkes University, a private college in Pennsylvania, today announced their collaboration to deliver accurate, up-to-date information to students and faculty on Wilkes.edu with Yext Answers, Yext’s revolutionary search product.

While redesigning its website, its main channel for engagement with potential students, Wilkes University prioritized incorporating advanced, more modern search because its legacy experience wasn’t powerful enough to understand nuanced queries beyond a handful of FAQs. With search activity on the rise due to the COVID-19 pandemic, Wilkes University selected Yext Answers, an advanced search experience powered by natural language processing (NLP) and Bidirectional Encoder Representations from Transformers (BERT) technology, to deliver official answers to questions about COVID-19 safety protocols, virtual tours, tuition, admissions, programs of study, financial aid, and more.

Using search intelligence from Yext Answers, Wilkes University was able to identify the information that its most frequent site visitors, including prospective students, enrolled students, and faculty, were asking for, and used it to inform the site’s ongoing redesign. It took the Wilkes team just 20 days to load 80 academic programs onto its Answers experience, and 25 days to launch 176 searchable FAQs. Two months after implementing Answers, the university saw a 54% click-through rate on site search results.

“Yext Answers has really helped us better understand what students are searching for — and what their expectations are,” said Mandy Pennington, Director of Digital Marketing at Wilkes University. “By providing students with accurate answers and updates about COVID-19 and beyond, we’re creating an infinitely better experience for them.”

“The COVID-19 pandemic has shown that just being digital-first doesn’t cut it — you have to be digital best,” said David Rudnitsky, President and Chief Revenue Officer at Yext. “By implementing a modern search solution with Yext Answers, Wilkes University is differentiating itself from other educational institutions by meeting students where they primarily are this year — online — with the answers they need to make important decisions.”

Learn more about Wilkes University’s success with Answers here.

About Yext
The ultimate source for official answers about a business online should be the business itself. However, when consumers ask questions on company websites, too often they are left in the dark with wrong answers. Yext (NYSE: YEXT), the Search Experience Cloud, solves this problem by organizing a business’s facts so it can provide official answers to consumer questions — wherever people search. Starting with the company website, then extending across search engines and voice assistants, businesses around the world, like T-Mobile, Jaguar Land Rover, BBVA USA, and Kiehl’s — as well as organizations like the U.S. State Department and World Health Organization — trust Yext to radically improve the search experience on their websites and across the entire search ecosystem.

Yext’s mission is to help businesses and organizations around the world deliver official answers everywhere people search. Yext has been named a Best Place to Work by Fortune and Great Place to Work®, as well as a Best Workplace for Women. Yext is headquartered in New York City with offices in Amsterdam, Berlin, Chicago, Dallas, Geneva, London, Miami, Milan, Paris, San Francisco, Shanghai, Tokyo, and the Washington, D.C. area.

About Wilkes University

Wilkes University is a private, independent, non-sectarian institution of higher education dedicated to academic and intellectual excellence through mentoring in the liberal arts, sciences and professional programs. Founded in 1933, Wilkes is on a mission to create one of the nation’s finest doctoral universities, offering all of the programs, activities and opportunities of a large university in the intimate, caring and mentoring environment of a small college, open to all who show promise. The Brookings Institution ranked Wilkes 14th in the nation for middle-class mobility. In addition to 45 majors, Wilkes offers 24 master’s degree programs and five doctoral/terminal degree programs, including the doctor of philosophy in nursing, doctor of nursing practice, doctor of education, doctor of pharmacy, and master of fine arts in creative writing.

CONTACT: Amanda Kontor, [email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/wilkes-university-delivers-a-modern-search-experience-to-students-with-yext-answers-301259182.html

SOURCE Yext, Inc.

TORONTO, March 31, 2021 /CNW/ – An overwhelming majority of Canadians (98%) say their self-care habits are here to stay in a post-pandemic world, according to a Scotiabank Survey. Most Canadians (79%) are partaking in at least one self-care activity since the pandemic began and nearly 60% of those are spending an average of $282 on self-care in the past 12 months.

The Scotiabank self-care survey asked Canadians about their sentiment toward their financial, mental, and physical well-being over the past twelve months, and the self-care activities that support their overall well-being.

Canadians 18-34 years of age significantly outspend others for self-care activities ($395), compared with $255 among 35-54-year-olds, and $220 among those ages 55+. Over three-quarters (79%) of Canadians partook in at least one self-care activity during the pandemic. The most popular activities were baking and cooking (50%), home workouts (41%), and online shopping (34%).

While spending on self-care has helped Canadians manage their overall well-being throughout the pandemic, when it comes to their financial well-being, Canadians are also feeling optimistic. More than two-thirds of Canadians (68%) feel good about their financial health over the past 12 months; however, one-in-three (32%) Canadians rate their financial health this past year as fair or poor. 

While millennials indicated they spend nearly twice as much on self-care activities than those 55+, they also spend more time worrying about their finances.

Regionally, Quebecers (77%) feel the best about their financial health over the past 12 months, compared with 64% of Ontarians and 62% of Albertans.  The average spend on self-care activities is highest in Alberta($367) and lowest in the Atlantic provinces ($176).

“Spending on things that improve your self-care has been an essential coping strategy since the pandemic began, but it’s important Canadians look after their financial well-being in addition to their physical and mental wellness,” said D’Arcy McDonald, Senior Vice President, Deposits, Investments & Payments at Scotiabank. “This past year many Canadians have been able to increase their savings but as we see lockdown restrictions ease and spending increase once again, we want Canadians to keep up with the strong money habits they developed during lockdown.”

Scotiabank Financial Self-Care Checklist

• 
  Automate and Save
  
  The past year has reinforced the importance of savings. 79% of respondents to the 2020 Scotiabank Money Readiness Poll said they are being more cautious with their spending and 61% of them said they are setting money aside for an emergency. A healthy financial buffer can help reduce stress by being prepared for unexpected expense. As the world starts to reopen, maintain good habits by automating monthly savings deposits from each paycheck and ensure your savings are growing in a high-interest account or GIC. 
• 
  Invest in yourself
  
  Have all the headlines about the market piqued your interest in investing? Check your bank account features and take advantage of free trades. Scotiabank’s Ultimate Package for example offers customers 10 free equity trades at Scotia ITRADE ® in their first year, and five free equity trades every year after.*
• 
  Spend Smart and Reward Yourself
  
  Before you order takeout, buy a new shirt, or pick-up your next coffee to-go, ask yourself if your bank account is helping you make the most of your everyday spending. Does your account give you benefits and features, help you minimize account fees or offer you the ability to earn and redeem points like Scotia Rewards®? 

Methodology: From February 22^nd to February 23^rd, 2021 an online survey of 1,511 randomly selected Canadian adults who are Maru Voice Canada panelists was conducted on behalf of Scotiabank by Maru/Blue. The results of this study have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at January 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

WARSAW, Ind., March 31, 2021 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced key updates to the Company’s Executive Leadership Team. Lori Winkler has been appointed as Chief Human Resources Officer (CHRO). Additionally, Sang Yi has been promoted to Group President, Asia Pacific (APAC). 

Lori Winkler Appointment as Chief Human Resources Officer

Ms. Winkler joined Zimmer Biomet in 2020 as Group Vice President of Human Resources for the Global Businesses Group, and has been serving as interim CHRO since January 2021. In her new role, Ms. Winkler will report to Zimmer Biomet President and CEO Bryan Hanson.

“Lori has been an integral part of leading our HR, talent acquisition and culture initiatives at Zimmer Biomet since she joined the team last year,” said Mr. Hanson.  “I’m excited to see what she’s able to achieve in her new role, guiding our current and future team members as we continue to advance our Mission to alleviate pain and improve the quality of life for people around the world.”

Prior to joining Zimmer Biomet, Ms. Winkler served as a Worldwide Vice President of Human Resources in the Cardinal Health Medical Segment, where she was responsible for 10,000 employees in over 70 countries. Before that, she served as the Global Head of Human Resources for Finance and Procurement at Johnson & Johnson (J&J). In this role, Ms. Winkler was the HR leader for the Chief Financial Officer (CFO) of J&J and a member of the CFO’s senior staff, responsible for 6,000 employees worldwide. During her tenure at J&J, she served on a number of Global Management Boards as the HR leader for integrated, commercial businesses as well as large scale global functions, including the Corporate Office of Science and Technology, Research and Development and Corporate Affairs.

Ms. Winkler received a Master of Science in Human Resources Development from Barry University, a Bachelor of Arts in Communications from Florida Atlantic University and an Executive Leadership Coaching Certification from Georgetown University.

Sang Yi Promotion to Group President, Asia Pacific

Mr. Yi joined the Company in March 2013 as Senior Vice President, Asia Pacific and was appointed President, Asia Pacific effective June 2015.  He will continue to report to Mr. Hanson and be responsible for the sales, marketing and distribution of products in the Asia Pacific region. In his expanded role, he will also oversee channel management and portfolio rationalization activities outside of the U.S. 

“Over the years, Sang has continued to demonstrate an innate ability to drive our business forward and deliver results for the APAC region,” said Mr. Hanson. “It’s that executional excellence that makes him a great fit to lead our ex-U.S. channel management and portfolio rationalization strategy.”

Before joining the Company, Mr. Yi served as Vice President and General Manager of St. Jude Medical for Asia Pacific and Australia from 2005 to 2013.  Prior to that, he held several leadership positions over a 10-year period with Boston Scientific Corporation, ultimately serving as Vice President for North Asia.  Mr. Yi holds a Bachelor of Science in Electrical Engineering from the University of South Florida.

About the Company

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare.  We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; office-based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products.

We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues.  Together with healthcare professionals, we help millions of people live better lives.

We have operations in more than 25 countries around the world and sell products in more than 100 countries.  For more information, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.

ZBH-Corp

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/zimmer-biomet-announces-key-updates-to-companys-executive-leadership-team-301259087.html

SOURCE Zimmer Biomet Holdings, Inc.

NEW YORK, March 31, 2021 /PRNewswire/ — Wolf Popper LLP is investigating claims on behalf of investors in MSG Networks Inc. (NYSE: MSGN) concerning the proposed transaction undertaken by MSG Networks’ controlling shareholder, Madison Square Garden Entertainment Corp. (NYSE: MSGE). Under the terms of the proposed transaction, MSG Networks shareholders would receive 0.172 shares of MSG Entertainment common stock for each share of Class A and Class B MSG Networks common stock they hold. As of March 30, 2021, the implied deal price to MSG Networks shareholders is $14.13 per share, which is below MSG Networks’ 52-week high stock price of $20.61 and below Macquarie Capital’s $20.00 per share price target.

The Dolan family—which is led by James L. Dolan, the executive chairman and CEO of MSG Entertainment and also the executive chairman of MSG Networks—controls both companies through its ownership of each company’s Class B shares. However, despite its controlling ownership position, the Dolan family is not requiring that the deal be approved by a majority of unaffiliated MSG Networks shareholders.

According to Wolf Popper partner Carl Stine, “There doesn’t appear to be any rationale for the deal except to line the pockets of the Dolan family at the expense of MSG Networks’ public shareholders.”

Wolf Popper is investigating potential claims on behalf of investors in MSG Networks concerning the transaction. MSG Networks shareholders seeking more information about the transaction or Wolf Popper’s investigation can contact Mr. Stine at (212) 451-9631 or [email protected].

Wolf Popper has extensive experience representing investors in mergers and acquisition investigations and lawsuits. Eight Wolf Popper attorneys were named Super Lawyers or Rising Stars in the 2020 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area. View Wolf Popper attorney biographies at www.wolfpopper.com.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
845 Third Avenue
New York, NY 10022
Telephone: (221) 759-4600

Toll Free Tel.: (877) 370-7703
Toll Free Fax: (877) 370-7704
Email: [email protected] 

View original content:http://www.prnewswire.com/news-releases/wolf-popper-llp-investigates-the-proposed-acquisition-of-msg-networks-inc-by-its-controlling-shareholder-madison-square-garden-entertainment-corp-301259144.html

SOURCE Wolf Popper LLP

• Strong Fiscal 2021 performance with sales growth of 6.3%, comparable store sales growth of 3.2%, gross margin of 43.8% of sales and the opening of 65 net new stores
• Long-term store target increased to 2,000 locations in Canada by 2031
• Quarterly dividend increase of 7.0% to $0.0503 per common share; active resumption of share buybacks in Fiscal 2022

MONTREAL, March 31, 2021 /PRNewswire/ – Dollarama Inc. (TSX: DOL) (“Dollarama” or the “Corporation”) today reported its financial results for the fourth quarter and fiscal year ended January 31, 2021.

“In Fiscal 2021, we achieved solid results in a truly unprecedented year, which reconfirmed the resilience of our business model and the relevance of our offering to Canadians from all walks of life. Our store teams and business leaders came together quickly to implement new operating procedures to protect customers and staff in order to provide Canadians with convenient and affordable access to everyday essentials throughout the pandemic,” stated Neil Rossy, President and CEO.

“In the fourth quarter, historically our highest sales period of the year, our strong sales momentum was interrupted by the introduction of more stringent public health measures in several provinces in the month of December. These stricter measures resulted in an abrupt and sustained decline in store traffic and sales through to fiscal year-end. With such restrictions gradually lifted starting in February, strong sales momentum returned in Fiscal 2022 and has remained quarter to date, as consumers continue to recognize the value and convenience of shopping at Dollarama.”

“Based on our historical performance, our hard-earned position as a weekly shopping destination for Canadian families, and a careful evaluation of market potential and dynamics, we are increasing our long-term growth target in Canada to 2,000 stores by 2031,” concluded Mr. Rossy.

Fiscal 2021 Fourth Quarter Results Highlights (
Compared to Fiscal 2020 Fourth Quarter Results)

• Sales increased by 3.6% to $1,103.7 million;
• Comparable store sales⁽¹⁾ (excluding temporarily closed stores) decreased 0.2%;
• Gross margin⁽¹⁾ was 45.5% of sales, compared to 44.7% of sales;
• EBITDA⁽¹⁾ decreased by 0.7% to $326.9 million, or 29.6% of sales, compared to 30.9% of sales;
• Operating income decreased by 3.8% to $256.1 million, or 23.2% of sales, compared to 25.0% of sales;
• Incremental direct costs related to COVID-19 measures amounted to $23.8 million;
• Diluted net earnings per common share was $0.56, compared to $0.57; and
• The Corporation opened 23 net new stores compared to 20 net new stores.

Fiscal 2021 Results Highlights (Compared to Fiscal 2020 Results)

• Sales increased by 6.3% to $4,026.3 million;
• Comparable store sales⁽¹⁾ (excluding temporarily closed stores) grew 3.2%;
• Gross margin⁽¹⁾ was 43.8% of sales, compared to 43.6% of sales;
• EBITDA⁽¹⁾ increased by 1.8% to $1,130.6 million, or 28.1% of sales, compared to 29.3% of sales;
• Operating income decreased by 0.8% to $861.0 million, or 21.4% of sales, compared to 22.9% of sales;
• Incremental direct costs related to COVID-19 measures amounted to $84.0 million;
• Diluted net earnings per common share increased by 1.7%, to $1.81 from $1.78; and
• The Corporation opened 65 net new stores, compared to 66 net new stores.

All comparative figures in this press release are for the fourth quarter and fiscal year ended January 31, 2021 compared to the fourth quarter and fiscal year ended February 2, 2020. All financial information presented in this press release has been prepared in accordance with generally accepted accounting principles in Canada (“GAAP”) as set out in the CPA Canada Handbook – Accounting under Part I, which incorporates International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Throughout this press release, EBITDA, EBITDA margin, total debt and net debt, which are referred to as “non-GAAP measures”, are used to provide a better understanding of the Corporation’s financial results. For a full explanation of the Corporation’s use of non-GAAP measures, please refer to footnote 1 of the “Selected Consolidated Financial Information” section of this press release.

Throughout this press release, all references to “Fiscal 2020” are to the Corporation’s fiscal year ended February 2, 2020 and to “Fiscal 2021” are to the Corporation’s fiscal year ended January 31, 2021.

Fiscal 2021 Fourth Quarter Financial Results

Sales in the fourth quarter of Fiscal 2021 increased by 3.6% to $1,103.7 million, compared to $1,065.2 million in the fourth quarter of Fiscal 2020. Sales growth was driven by growth in the total number of Dollarama stores over the past 12 months (from 1,291 stores on February 2, 2020 to 1,356 stores on January 31, 2021).

The ongoing COVID-19 pandemic continued to impact Dollarama’s sales and consumer shopping patterns in the fourth quarter of Fiscal 2021. Historically, the Corporation’s highest sales results occur during the fourth quarter, with December representing the highest proportion of sales. The Corporation entered the quarter with a strong momentum with comparable store sales of 7.0% for the five-week period ended December 6, 2020 compared to the corresponding period of the previous fiscal year. However, the introduction of more stringent measures by provincial authorities in the month of December, including lockdowns, stricter in–store capacity limits in Ontario, Quebec and Alberta, and the temporary ban on the sale of non-essential items in Quebec, where approximately 30% of the Corporation’s stores are located, negatively impacted in-store traffic and sales for the remainder of the quarter or, in the case of the ban in Quebec, until such measure was lifted on February 8, 2021. This is despite a strong increase in the sale of seasonal products compared to the corresponding period of the previous fiscal year, the majority of which were recorded earlier in the quarter than historically.

Excluding temporarily closed stores, comparable store sales for the full fourth quarter of Fiscal 2021 declined by 0.2%, compared to the fourth quarter of Fiscal 2020, reflecting a 27.0% increase in average transaction size and a 21.4% decrease in the number of transactions.

Gross margin was 45.5% of sales in the fourth quarter of Fiscal 2021, compared to 44.7% of sales in the fourth quarter of Fiscal 2020. Gross margin as a percentage of sales is higher primarily due to changes in the sales mix, including higher sales of higher margin items, such as seasonal products.

General, administrative and store operating expenses (“SG&A”) for the fourth quarter of Fiscal 2021 totaled $186.1 million, compared to $155.7 million for the fourth quarter of Fiscal 2020. This increase reflects incremental costs of $23.8 million, representing 215 basis points, primarily for additional in-store hours to ensure the execution of COVID-19 protocols and the one-time gratitude bonus paid to store employees in December 2020. SG&A for the fourth quarter of Fiscal 2021 represented 16.9% of sales, compared to 14.6% of sales for the fourth quarter of Fiscal 2020.

For the fourth quarter of Fiscal 2021, the Corporation’s 50.1% share of Dollarcity’s net earnings for the period from October 1, 2020 to December 31, 2020, was $10.5 million, compared to $8.6 million for the same period last year. The Corporation’s investment in Dollarcity is accounted for as a joint arrangement using the equity method.

Financing costs decreased by $2.4 million, from $25.2 million for the fourth quarter of Fiscal 2020 to $22.8 million for the fourth quarter of Fiscal 2021, mainly due to a lower average borrowing rate on debt.

Net earnings totaled $173.9 million, or $0.56 per diluted common share, in the fourth quarter of Fiscal 2021, compared to $178.7 million, or $0.57 per diluted common share, in the fourth quarter of Fiscal 2020. Earnings were adversely impacted by lower comparable store sales as a result of restrictions imposed by provincial governments on retailers, and by direct costs related to COVID–19 measures. These were partially offset by higher margins, lower financing costs and a higher equity pickup from Dollarcity’s net earnings.

Fiscal 2021 Financial Results

Sales in Fiscal 2021 increased by 6.3% to $4,026.3 million, compared to $3,787.3 million in Fiscal 2020. Sales growth was driven by growth in comparable store sales and in the total number of Dollarama stores over the past 12 months (from 1,291 stores on February 2, 2020 to 1,356 stores on January 31, 2021). This is despite government-imposed restrictions on retailers, including some mandatory store closures in the first and second quarters of Fiscal 2021 and other measures impacting store traffic and operating hours to curb the spread of COVID–19.

Excluding stores temporarily closed in the context of the COVID–19 pandemic, comparable store sales grew 3.2% in Fiscal 2021, over and above a 4.3% growth in Fiscal 2020. Comparable store sales growth for Fiscal 2021 consisted of a 29.1% increase in average transaction size and a 20.1% decrease in the number of transactions. Comparable store sales growth was driven by increased demand for certain product categories, including certain seasonal product categories, household and cleaning products, health and hygiene essentials and food products, but this positive effect was partially offset by government-imposed restrictions on retailers, including the ban on the sale of non-essential items in Quebec during the fourth quarter of Fiscal 2021 as well as reduced operating hours and in-store capacity limits. 

Gross margin was 43.8% of sales in Fiscal 2021, compared to 43.6% of sales in Fiscal 2020. Gross margin is slightly higher due to a change in sales mix, with higher sales of higher margin items, including seasonal products. Gross margin for Fiscal 2021 includes $2.9 million incremental direct costs related to COVID-19 measures implemented throughout Dollarama’s operations, including in its logistics chain. Gross margin includes sales made by the Corporation to Dollarcity, as principal, which represented approximately 1% of the Corporation’s total sales in Fiscal 2021, and a nominal markup margin. Consequently, these sales had a minimal impact on gross margin in Fiscal 2021 and Fiscal 2020.

SG&A for Fiscal 2021 totaled $654.0 million, an 18.5% increase over $551.7 million for Fiscal 2020. SG&A for Fiscal 2021 represented 16.2% of sales, compared to 14.6% of sales for Fiscal 2020. This increase reflects incremental costs of $81.1 million, representing 200 basis points, for additional in-store hours to ensure the execution of COVID-19 protocols, temporary wage increases in place between March 23 and August 2, 2020 and the one-time gratitude bonus paid in December 2020. Incremental costs were partially offset by higher labour productivity in stores due to the processing of a lower number of larger transactions and less packaway of seasonal inventory as a result of stronger sales for summer, Halloween and Christmas products.

For Fiscal 2021, the Corporation’s 50.1% share of Dollarcity’s net earnings for the period from January 1, 2020 to December 31, 2020 (a 52-week period) was $19.7 million. For Fiscal 2020, an amount of $10.3 million was recorded as Dollarama’s share of Dollarcity’s net earnings for the period from August 14, 2019, the date of Dollarama’s acquisition of its interest in Dollarcity, to December 31, 2019, the end date of Dollarcity’s fiscal year (a 19.5-week period). The Corporation’s investment in Dollarcity is accounted for as a joint arrangement using the equity method.

Financing costs decreased by $5.0 million, from $100.6 million for Fiscal 2020 to $95.6 million for Fiscal 2021, due to a lower average borrowing rate on debt.

Net earnings totaled $564.3 million, or $1.81 per diluted common share, for Fiscal 2021, compared to $564.0 million, or $1.78 per diluted common share, for Fiscal 2020. Net earnings for Fiscal 2021 reflect higher sales, improved gross margin, lower financing costs and a higher equity pickup from Dollarcity’s net earnings, this time for a full 12-month period, partially offset by incremental COVID–19 direct costs. Earnings per common share were also positively impacted by the repurchase of shares through the Corporation’s normal course issuer bid over the past 12 months.

New Long-term Store Target

Following a careful evaluation of the market potential for Dollarama stores across Canada and the continued relevance of Dollarama’s business model, management believes that the Corporation can profitably grow its Canadian store network to approximately 2,000 stores over the next 10 years, or by 2031, with an average new store capital payback period of approximately two years. This is an increase from Dollarama’s previously disclosed long-term store target of 1,700 stores in Canada by 2027.

Factors taken into consideration in its evaluation, among others, included census and household income data, the current competitive retail landscape, the real estate landscape, rates of per capita store penetration, historical performance of comparable and new stores, and the current real estate pipeline.

Dollarcity Update

At its year ended December 31, 2020, Dollarcity had 264 stores with 145 locations in Colombia, 52 in El Salvador and 67 in Guatemala, including 24 net new stores opened in the fourth quarter. This compares to a total of 228 stores as at December 31, 2019. Dollarcity was recognized as an essential business in all three countries of operations at the outset of the pandemic and all stores remained open throughout Dollarcity’s fourth quarter. Despite temporary disruptions to its new store opening plans in 2020 due to the pandemic, Dollarcity’s long-term growth objective of 600 stores by 2029 in its three current countries of operation, and its plans to imminently enter the Peruvian market, remain unchanged.

Normal Course Issuer Bid

The Corporation’s current normal course issuer bid allows for the repurchase for cancellation of up to 15,548,326 common shares, representing 5.0% of the common shares issued and outstanding as at the close of markets on June 30, 2020, during the 12-month period from July 7, 2020 to July 6, 2021.

No common shares were repurchased for cancellation under the normal course issuer bid during the first three quarters of Fiscal 2021 as the Corporation chose to preserve liquidity due to the uncertainty related to the COVID-19 pandemic. In the fourth quarter of Fiscal 2021, the Corporation repurchased 1,621,708 common shares at a weighted average price of $53.67 per common share, for a total cash consideration of $87.0 million.

As at January 31, 2021, the Corporation’s adjusted net-debt-to-EBITDA ratio was 2.68 times, a 29 basis point improvement compared to Fiscal 2020 year-end. Barring factors outside of its control due to COVID-19, the Corporation intends to actively resume share repurchases under its normal course issuer bid in Fiscal 2022 while maintaining the adjusted net-debt-to-EBITDA ratio within the 2.75 to 3.00 times range.

Dividend

On March 31, 2021, the Corporation announced that its Board of Directors had approved a 7.0% increase of the quarterly cash dividend for holders of common shares, from $0.047 to $0.0503 per common share. This dividend is payable on May 7, 2021 to shareholders of record at the close of business on April 16, 2021. The dividend is designated as an “eligible dividend” for Canadian tax purposes.

Outlook

Due to the continued uncertainty related to COVID-19, the Corporation is limiting guidance for Fiscal 2022 to the following key metrics:

These guidance ranges for Fiscal 2022 are based on a number of assumptions, including the following:

• the number of signed offers to lease and store pipeline for the next 12 months;
• the absence of COVID-related restrictions on construction activities in the provinces where new store openings are planned; and
• the capital budget for Fiscal 2022 for new store openings, maintenance capital expenditures, and transformational capital expenditures (the latter being mainly related to information technology projects).

Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to, risks related to the ongoing COVID–19 pandemic, which may slow down store openings or which may prompt the Corporation to hold off on planned capital expenditures in order to preserve liquidity. This guidance, including the various underlying assumptions, is forward-looking and should be read in conjunction with the cautionary statement on forward-looking statements.

Forward-Looking Statements

Certain statements in this press release about our current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

Forward-looking statements are based on information currently available to management and on estimates and assumptions made by management regarding, among other things, general economic conditions and the competitive environment within the retail industry in Canada and in Latin America, in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the factors which are discussed in greater detail in the “Risks and Uncertainties” section of the Corporation’s annual management’s discussion and analysis for Fiscal 2021 available on SEDAR at www.sedar.com.

These factors are not intended to represent a complete list of the factors that could affect the Corporation or Dollarcity; however, they should be considered carefully. The purpose of the forward-looking statements is to provide the reader with a description of management’s expectations regarding the Corporation’s and Dollarcity’s financial performance and may not be appropriate for other purposes. Readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as at March 31, 2021 and management has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Conference Call

Dollarama will hold a conference call to discuss its Fiscal 2021 fourth quarter and annual results today, March 31, 2021 at 10:30 a.m. (ET). Financial analysts are invited to ask questions during the call. Other interested parties may participate in the call on a listen-only basis. The live audio webcast is accessible through Dollarama’s website at https://www.dollarama.com/en-CA/corp/events-presentations.

About Dollarama

Dollarama is a recognized Canadian value retailer offering a broad assortment of consumable products, general merchandise and seasonal items both in-store and online. Our 1,356 locations across Canada provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Select products are also available, by the full case only, through our online store at www.dollarama.com. Our quality merchandise is sold at select, fixed price points up to $4.00.

Dollarama also owns a 50.1% interest in Dollarcity, a growing Latin American value retailer. Dollarcity offers a broad assortment of consumable products, general merchandise and seasonal items at select, fixed price points up to US$3.00 (or the equivalent in local currency) in El Salvador and Guatemala and up to the equivalent of US$4.00 in local currency in Colombia through its 264 conveniently-located stores.

www.dollarama.com

Selected Consolidated Financial Information 

 

 

 

 

View original content:http://www.prnewswire.com/news-releases/dollarama-reports-fourth-quarter-and-fiscal-year-2021-results-increases-long-term-store-target-in-canada-301259189.html

SOURCE Dollarama Inc.

MCLEAN, Va., March 31, 2021 /PRNewswire/ — Southern National Bancorp of Virginia, Inc. (the “Company”) (NASDAQ: SONA), the parent of Sonabank, today announced that it has changed its corporate name and will now be known as Primis Financial Corp.  In addition, as previously disclosed, Sonabank, the Company’s wholly-owned bank subsidiary, has also changed its name to Primis Bank effective today. 

The Company also announced that its trading symbol on the Nasdaq Global Market has changed from “SONA” to “FRST”. Trading under the new trading symbol will begin at market opening today, March 31, 2021. The Company’s common stock will continue to be listed on NASDAQ and no action is required from current shareholders in relation to the change in the trading symbol.  The CUSIP number for the Company’s common stock will change to 74167B 109. If a shareholder holds Company shares in a certificated form, the shareholder will need to surrender the certificate to the Company’s transfer agent Computershare to have the certificated shares converted to book entry form with the Company’s new CUSIP. The Company will provide notice in the coming days to shareholders holding certificated shares to facilitate that conversion process.

Commenting on the name change, Dennis J. Zember, Jr., President and CEO of the Company, said, “Rebranding our Company was a logical decision once the board and the executive team committed to a new vision.  The new vision centers around being innovative in the way we deliver more meaningful results to our customers and our shareholders, and doing so in a culture that is exciting and infectious.  Our staff’s effort to make this vision a reality deserves a first class brand like we have with Primis.”

About Primis Financial Corp.

As of December 31, 2020, Primis Financial Corp., formerly known as Southern National Bancorp of Virginia, Inc., had $3.09 billion in total assets, $2.44 billion in total loans and $2.43 billion in total deposits. Primis Bank, the Company’s banking subsidiary and formerly known as Sonabank, provides a range of financial services to individuals and small and medium sized businesses through forty-two full-service branches in Virginia and Maryland and through certain internet and mobile applications.

Primis Financial Corp., NASDAQ Symbol FRST
Website: www.primisbank.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/southern-national-bancorp-of-virginia-inc-is-now-primis-financial-corp-301259066.html

SOURCE Primis Financial Corporation