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Heritage Cannabis Enters the U.S. Cannabis Market Through Partnership with 3Fifteen Cannabis

Heritage Cannabis Enters the U.S. Cannabis Market Through Partnership with 3Fifteen Cannabis

  • Definitive agreement to provide extraction expertise to 3Fifteen and launch Heritage branded products in Missouri
  • First agreement under the partnership with Merida Capital Holdings to enter multiple, high growth U.S. cannabis markets

TORONTO–(BUSINESS WIRE)–
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce a five-year partnership with Como Health LLC, doing business as 3Fifteen Primo Cannabis (“3Fifteen”), a rapidly growing cannabis company with five dispensary licenses of which two are in operation and three are in construction phase. 3Fifteen holds one of only 11 manufacturing licenses approved to operate in the state of Missouri, and will contribute the use of the license to the partnership allowing Heritage to produce branded products to be offered to medical cannabis consumers in Missouri.

Under the agreement, Heritage will supply production equipment to 3Fifteen, as well as provide training and supervision of staff on the proprietary methods of extraction and oil production developed by Heritage. The partnership will grant shelf minimums for Heritage’s branded products in 3Fifteen’s Missouri dispensaries which are projected to grow to over USD$21 million in gross revenue by 2022.

Missouri saw its first legalized medical sales in October 2020 and the market has already grown to 80 operating dispensaries that reached nearly USD$32 million in the first six months of sales. Total sales in Missouri are expected to grow to USD $650 million by 2024.

“With strong market growth projected in Missouri, we believe this is the right time to enter the U.S. and with a strategic partner like 3Fifteen, we are creating a blueprint we can use to continue our state-by-state expansion,” stated David Schwede, President of Heritage’s Recreational Cannabis. “With our extraction expertise and inspired branding capabilities, along with 3Fifteen’s impressive market penetration, we expect Heritage’s branded offerings to be in high demand.”

“3Fifteen Primo Cannabis is thrilled to partner with Heritage and to bring their extraction expertise and expansive brand catalog to our Missouri market,” says Jason Corrado, CEO of 3Fifteen. “I can’t wait to see these products in dispensary show cases across the ‘Show Me’ state.”

Today’s announcement is the first definitive agreement signed by Heritage as part of the previously announced expanded relationship with Merida Capital Holdings to enter multiple U.S. cannabis markets. “Our strategy will continue to focus on new high growth markets in partnership with established teams and low barriers to entry,” Schwede continued. “Heritage will continue to add new markets in a purposeful and capital efficient way with a focus on creating value for our shareholders.”

Follow Heritage’s Purefarma, Pura Vida, RAD, Premium 5, and feelgood. brands on Instagram and Facebook for more information.

About Heritage Cannabis Holdings Corp.

Heritage is a leading cannabis products company operating two licensed manufacturing facilities in Canada and offering innovative products to both the medical and recreational legal cannabis markets in Canada and US. The company has an extensive portfolio of high quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood. and ArthroCBD.

ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.

“Clint Sharples”

Clint Sharples

CEO

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information contact:

Kelly Castledine

Tel: 647-660-2560

[email protected]

KEYWORDS: United States North America Canada Missouri

INDUSTRY KEYWORDS: Agriculture Natural Resources Pharmaceutical Alternative Medicine Other Retail Health Specialty Retail

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MESH01 Appoints Tim Penasack as President

MESH01 Taps Seasoned Tech Executive and Strategist Tim Penasack to Navigate Growth and Enterprise-Level Relationships

PORTSMOUTH, N.H., May 04, 2021 (GLOBE NEWSWIRE) — MESH01 announced today the appointment of Tim Penasack as President. Tim brings over 20 years of corporate strategy and business development experience to be leveraged as MESH01 navigates continued growth and deeper relationships with many of the world’s largest and most recognized brands and retailers.

Tim’s proven track record of successful, customer-centric strategy development includes early years as a Strategy Consultant at Accenture before he moved into technology leadership roles including Senior Director, Strategy and Planning at Cisco Systems, and Vice President at Brocade. As VP, Corporate Development at Demandware, Tim’s evidence-based predictions of eCommerce innovation enabled the post-IPO organization and now a subsidiary of Salesforce, to provide its clients with a newly defined competitive advantage in the rapidly evolving eCommerce space, resulting in significant shared success.

“As today’s brands and retailers continue to realize the value of data-driven decision making within product development, the nature of MESH01’s customer relationships is expanding from point and program-level to enterprise-wide solutions,” explains Penasack. “I am joining MESH01 with an incredible amount of energy and excitement for this business and our customers. Rarely does one have the opportunity to lead a category-defining offering validated by such an inspiring brand roster. The opportunity for both MESH01 and its customers is still in its early stages, and I’m eager to partner with our brands and retailers as they transform their processes to continuously bring exceptional product experiences to market.”

About MESH01, LLC

MESH01 brings purpose-built product testing technology, an integrated product tester community and industry expertise to the apparel and footwear, retail and consumer goods industries. Brands and retailers including The North Face, Hanes, Target, L.L.Bean and Walmart use MESH01 to test and inform their product development from concept to product launch by engaging their customers throughout their product development process. Bringing new value to business processes in transformation, MESH01 was named to Unilever’s Foundry 50 in 2016 for its innovative contributions in Data, Insights and Personalization.

For press inquiries dial +1 603.766.0957 or email [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22ee6549-765a-4ed4-b192-c3763f33b459



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Vishay Reports Results for First Quarter 2021

  • Revenues Q1 of $765 million
  • Gross margin Q1 of 26.5%
  • Operating margin Q1 of 12.7%
  • EPS Q1 of $0.49; adjusted EPS $0.46
  • Free Cash for the trailing 12 months Q1 of $211 million
  • Guidance Q2 for revenues of $790 to $830 million at a gross margin of 27.3% plus/minus 60 basis points at Q1 exchange rates.

MALVERN, Pa., May 04, 2021 (GLOBE NEWSWIRE) — Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended April 3, 2021.

Revenues for the fiscal quarter ended April 3, 2021 were $764.6 million, compared to $667.2 million for the fiscal quarter ended December 31, 2020, and $612.8 million for the fiscal quarter ended April 4, 2020. Net earnings attributable to Vishay stockholders for the fiscal quarter ended April 3, 2021 were $71.4 million, or $0.49 per diluted share, compared to $37.6 million, or $0.26 per diluted share, for the fiscal quarter ended December 31, 2020, and $27.2 million, or $0.19 per diluted share, for the fiscal quarter ended April 4, 2020.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability. Adjusted earnings per diluted share, which exclude certain items net of tax and unusual tax items, were $0.46, $0.28, and $0.21 for the fiscal quarters ended April 3, 2021, December 31, 2020, and April 4, 2020, respectively.

Commenting on results for the first quarter 2021, Dr. Gerald Paul, President and Chief Executive Officer stated, “In the first quarter of 2021, the steep upturn of our business that began in October of last year accelerated even further. Quarterly orders and backlog reached all-time highs. Sales in the first quarter of Vishay’s products from distribution to end customers increased 21% over the fourth quarter of last year and inventories of our products at distribution were reduced by $34 million. Virtually all markets are in excellent shape and supply chains have become rather depleted.”

Dr. Paul continued, “Over the next few years, we expect to experience higher growth rates than over the last decade. This expectation is based upon accelerated electrification, such as factory automation, electrical vehicles, and 5G infrastructure. To be well positioned to service our customers and to fully participate in these growing markets, Vishay intends to increase its capital expenditures for expansion in the mid-term. For the year 2021, we expect to invest approximately $225 million in capital expenditures.”

Commenting on the outlook Dr. Paul stated, “For the second quarter 2021 we guide for revenues in the range of $790 to $830 million at a gross margin of 27.3% plus/minus 60 basis points at the exchange rates of Q1 2021.”

A conference call to discuss Vishay’s first quarter financial results is scheduled for Tuesday, May 4, 2021 at 9:00 a.m. ET. The dial-in number for the conference call is 877 589-6174 (+1 706-643-1406, if calling from outside the United States) and the access code is 6669583.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call from 12:05 p.m. ET on Tuesday, May 4, 2021 through 11:59 p.m. ET on Wednesday, May 19 The telephone number for the replay is +1 855-859-2056 (+1 404-537-3406, if calling from outside the United States or Canada) and the access code is 6669583.

About Vishay

Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.™ Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles (“GAAP”), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization (“EBITDA”); adjusted EBITDA; and adjusted EBITDA margin; which are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms “free cash” and “EBITDA” are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company’s intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay’s revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company’s future performance, including statements with respect to forecasted revenues, margins, inventories, product demand, anticipated areas of growth, market segment performance, capital expenditures, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should,” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand because of COVID-19; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech ™ is a trademark of Vishay Intertechnology.

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300

VISHAY INTERTECHNOLOGY, INC.            
Summary of Operations            
(Unaudited – In thousands, except per share amounts)            
             
  Fiscal quarters ended  
  April 3, 2021   December 31, 2020   April 4, 2020  
             
Net revenues $ 764,632     $ 667,180     $ 612,841    
Costs of products sold*   561,683       514,896       465,601    
Gross profit   202,949       152,284       147,240    
Gross margin   26.5 %     22.8 %     24.0 %  
             
Selling, general, and administrative expenses**   105,685       92,272       99,832    
Operating income   97,264       60,012       47,408    
Operating margin   12.7 %     9.0 %     7.7 %  
             
Other income (expense):            
Interest expense   (4,376 )     (7,159 )     (8,552 )  
Loss on early extinguishment of debt   –       (553 )     (2,920 )  
Other   (5,731 )     (5,570 )     198    
Total other income (expense) – net   (10,107 )     (13,282 )     (11,274 )  
             
Income before taxes   87,157       46,730       36,134    
             
Income tax expense   15,514       8,887       8,750    
             
Net earnings   71,643       37,843       27,384    
             
Less: net earnings attributable to noncontrolling interests   208       276       165    
             
Net earnings attributable to Vishay stockholders $ 71,435     $ 37,567     $ 27,219    
             
Basic earnings per share attributable to Vishay stockholders $ 0.49     $ 0.26     $ 0.19    
             
Diluted earnings per share attributable to Vishay stockholders $ 0.49     $ 0.26     $ 0.19    
             
Weighted average shares outstanding – basic   144,968       144,855       144,792    
             
Weighted average shares outstanding – diluted   145,463       145,251       145,295    
             
Cash dividends per share $ 0.095     $ 0.095     $ 0.095    
             
* Includes incremental costs of products sold separable from normal operations directly attributable to the COVID-19 pandemic of $268 and $3,130 for the fiscal quarters ended December 31, 2020 and April 4, 2020, respectively.  
** Includes incremental selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the COVID-19 pandemic of $(580) and $317, for the fiscal quarters ended December 31, 2020 and April 4, 2020, respectively.  

VISHAY INTERTECHNOLOGY, INC.        
Consolidated Condensed Balance Sheets        
(In thousands)        
         
  April 3, 2021   December 31, 2020  
  (Unaudited)      
Assets        
Current assets:        
  Cash and cash equivalents $ 643,847     $ 619,874    
  Short-term investments   137,348       158,476    
  Accounts receivable, net   385,238       338,632    
  Inventories:        
    Finished goods   129,310       120,792    
    Work in process   212,273       201,259    
    Raw materials   132,373       126,200    
  Total inventories   473,956       448,251    
         
  Prepaid expenses and other current assets   140,536       132,103    
Total current assets   1,780,925       1,697,336    
         
Property and equipment, at cost:        
  Land   75,339       76,231    
  Buildings and improvements   629,550       641,041    
  Machinery and equipment   2,705,346       2,732,771    
  Construction in progress   94,981       86,520    
  Allowance for depreciation   (2,587,948 )     (2,593,398 )  
    917,268       943,165    
         
Right of use assets   98,001       102,440    
         
Goodwill   157,693       158,183    
         
Other intangible assets, net   64,123       66,795    
         
Other assets   192,552       186,554    
     Total assets $ 3,210,562     $ 3,154,473    

VISHAY INTERTECHNOLOGY, INC.        
Consolidated Condensed Balance Sheets (continued)      
(In thousands)        
         
  April 3, 2021   December 31, 2020  
  (Unaudited)      
         
Liabilities and equity        
Current liabilities:        
  Trade accounts payable $ 206,741     $ 196,203  
  Payroll and related expenses   136,069       141,034  
  Lease liabilities   21,275       22,074  
  Other accrued expenses   197,246       182,642  
  Income taxes   26,715       20,470  
Total current liabilities   588,046       562,423  
         
Long-term debt less current portion   453,213       394,886  
U.S. transition tax payable   125,438       125,438  
Deferred income taxes   1,856       1,852  
Long-term lease liabilities   82,260       86,220  
Other liabilities   103,881       104,356  
Accrued pension and other postretirement costs   287,407       300,113  
Total liabilities   1,642,101       1,575,288  
         
Redeemable convertible debentures   –       170  
         
Equity:        
Vishay stockholders’ equity        
  Common stock   13,271       13,256  
  Class B convertible common stock   1,210       1,210  
  Capital in excess of par value   1,345,284       1,409,200  
  Retained earnings   217,214       138,990  
  Accumulated other comprehensive income (loss)   (11,526 )     13,559  
  Total Vishay stockholders’ equity   1,565,453       1,576,215  
Noncontrolling interests   3,008       2,800  
Total equity   1,568,461       1,579,015  
Total liabilities, temporary equity, and equity $ 3,210,562     $ 3,154,473  

VISHAY INTERTECHNOLOGY, INC.        
Consolidated Condensed Statements of Cash Flows        
(Unaudited – In thousands)    
  Three fiscal months ended  
  April 3, 2021   April 4, 2020  
  (Unaudited)      
Operating activities        
Net earnings $ 71,643     $ 27,384    
Adjustments to reconcile net earnings to        
    net cash provided by operating activities:        
      Depreciation and amortization   42,146       41,520    
      Gain on disposal of property and equipment   (177 )     (45 )  
      Accretion of interest on convertible debt instruments   –       3,637    
      Inventory write-offs for obsolescence   4,784       5,643    
      Loss on early extinguishment of debt   –       2,920    
      Deferred income taxes   901       (3,517 )  
      Other   5,728       3,524    
      Changes in operating assets and liabilities, net of effects of businesses acquired   (67,703 )     (46,588 )  
Net cash provided by operating activities   57,322       34,478    
         
Investing activities        
Purchase of property and equipment   (28,527 )     (24,328 )  
Proceeds from sale of property and equipment   200       53    
Purchase of short-term investments   (12,853 )     (35,463 )  
Maturity of short-term investments   29,519       –    
Other investing activities   347       (1,507 )  
Net cash used in investing activities   (11,314 )     (61,245 )  
         
Financing activities        
Repurchase of convertible debt instruments   (300 )     (19,849 )  
Net proceeds (payments) on revolving credit lines   –       54,000    
Net changes in short-term borrowings   –       85    
Dividends paid to common stockholders   (12,608 )     (12,592 )  
Dividends paid to Class B common stockholders   (1,149 )     (1,149 )  
Cash withholding taxes paid when shares withheld for vested equity awards   (1,963 )     (1,991 )  
Net cash provided by (used in) financing activities   (16,020 )     18,504    
Effect of exchange rate changes on cash and cash equivalents   (6,015 )     (5,167 )  
         
Net increase (decrease) in cash and cash equivalents   23,973       (13,430 )  
         
Cash and cash equivalents at beginning of period   619,874       694,133    
Cash and cash equivalents at end of period $ 643,847     $ 680,703    

VISHAY INTERTECHNOLOGY, INC.            
Reconciliation of Adjusted Earnings Per Share            
(Unaudited – In thousands, except per share amounts)            
  Fiscal quarters ended  
  April 3, 2021   December 31, 2020   April 4, 2020  
             
GAAP net earnings attributable to Vishay stockholders $ 71,435     $ 37,567     $ 27,219    
             
Reconciling items affecting gross profit:            
Impact of the COVID-19 pandemic $ –     $ 268     $ 3,130    
             
Other reconciling items affecting operating income:            
Impact of the COVID-19 pandemic $ –     $ (580 )   $ 317    
             
Reconciling items affecting other income (expense):            
Loss on early extinguishment of debt $ –     $ 553     $ 2,920    
             
Reconciling items affecting tax expense (benefit):            
Change in tax regulation $ (4,395 )   $ –     $ –    
Change in deferred taxes due to early extinguishment of debt   –       (217 )     (1,346 )  
Effects of changes in uncertain tax positions   –       3,751       –    
Tax effects of pre-tax items above   –       (12 )     (1,482 )  
             
Adjusted net earnings $ 67,040     $ 41,330     $ 30,758    
             
Adjusted weighted average diluted shares outstanding   145,463       145,251       145,295    
             
Adjusted earnings per diluted share $ 0.46     $ 0.28     $ 0.21    

VISHAY INTERTECHNOLOGY, INC.            
Reconciliation of Free Cash            
(Unaudited – In thousands)            
  Fiscal quarters ended  
  April 3, 2021   December 31, 2020   April 4, 2020  
Net cash provided by operating activities $ 57,322     $ 125,699     $ 34,478    
Proceeds from sale of property and equipment   200       110       53    
Less: Capital expenditures   (28,527 )     (52,798 )     (24,328 )  
Free cash $ 28,995     $ 73,011     $ 10,203    

VISHAY INTERTECHNOLOGY, INC.            
Reconciliation of EBITDA and Adjusted EBITDA            
(Unaudited – In thousands)            
  Fiscal quarters ended  
  April 3, 2021   December 31, 2020   April 4, 2020  
             
GAAP net earnings attributable to Vishay stockholders $ 71,435     $ 37,567     $ 27,219    
Net earnings attributable to noncontrolling interests   208       276       165    
Net earnings $ 71,643     $ 37,843     $ 27,384    
             
Interest expense $ 4,376     $ 7,159     $ 8,552    
Interest income   (287 )     (385 )     (1,854 )  
Income taxes   15,514       8,887       8,750    
Depreciation and amortization   42,146       42,454       41,520    
EBITDA $ 133,392     $ 95,958     $ 84,352    
             
Reconciling items            
Impact of the COVID-19 pandemic $ –     $ (312 )   $ 3,447    
Loss on early extinguishment of debt   –       553       2,920    
             
Adjusted EBITDA $ 133,392     $ 96,199     $ 90,719    
             
Adjusted EBITDA margin**   17.4 %     14.4 %     14.8 %  
             
** Adjusted EBITDA as a percentage of net revenues            



Posted on

Vulcan Reports First Quarter 2021 Results

Aggregates Business Drives Earnings Growth and Margin Expansion

Strong Execution Supports Improvement in Full Year Outlook

PR Newswire

BIRMINGHAM, Ala., May 4, 2021 /PRNewswire/ — Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended March 31, 2021.

Financial and Operating Highlights:

  • Net earnings were $161 million, or $1.20 per diluted share
  • Sale of reclaimed quarry produced net proceeds of $182 million and pretax gain of $115 million ($85 million after tax, or $0.64 per diluted share)
  • First quarter Adjusted EBITDA was $244 million (excluding gain on land sale), a year-over-year increase of 22 percent
  • Aggregates unit profitability increased 12 percent year-over-year to $4.82 per ton
  • A disciplined approach to leveraging our capital base contributed to an improvement in return on invested capital of 90 basis points to 14.8 percent
  • Full-year 2021 Adjusted EBITDA guidance raised to between $1.380 to $1.460 billion (excluding gain on sale of land)

Tom Hill, Chairman and Chief Executive Officer, said, “Our first quarter results are a testament to the resiliency of our best-in-class aggregates business.  While severe winter weather conditions in February resulted in an uneven start to the year, strong execution from our teams allowed us to drive earnings growth and margin expansion.  As the construction season got underway during March, many of our key markets began to see shipments rebound.  Our four strategic disciplines helped us grow our aggregates cash gross profit by 9 percent to $6.56 per ton.”

Mr. Hill stated, “We continue to see strength in residential construction activity, driven by single-family housing.  Recent growth in highway awards and construction employment trends in our markets also bode well for further recovery in construction activity later in 2021.  Shipments into private nonresidential continue to benefit from heavy industrial projects, such as data centers and warehouses, while leading nonresidential indicators suggest growth opportunities in other categories are on the horizon.  The pricing environment remains positive, and we continue to execute at a high level, positioning us well for 2021.  These trends in the key drivers of our aggregates business lead us to an improved earnings outlook for the remainder of the year.” 

Highlights as of March 31, 2021 include:


First Quarter


Trailing-Twelve Months

Amounts in millions, except per unit data


2021


2020


2021


2020

Total revenues

$1,068.3

$1,049.2

$4,875.9

$4,981.8

Gross profit

$   229.3

$   201.7

$1,309.0

$1,265.9

Aggregates segment

Segment sales

$   894.9

$   868.2

$3,971.0

$4,023.5

Freight-adjusted revenues

$   681.2

$   648.0

$3,040.8

$3,033.6

Gross profit

$   223.6

$   194.1

$1,188.7

$1,155.1

Shipments (tons)

46.4

45.0

209.7

214.9

Freight-adjusted sales price per ton

$   14.67

$   14.39

$   14.50

$   14.12

Gross profit per ton

$     4.82

$     4.31

$     5.67

$     5.38

Asphalt, Concrete & Calcium segment gross profit

$       5.6

$       7.6

$   120.3

$   110.9

Selling, Administrative and General (SAG)

$     88.6

$     86.4

$   361.9

$   366.7

SAG as % of total revenues

8.3%

8.2%

7.4%

7.4%

Earnings from continuing operations before income taxes

$   222.3

$     72.2

$   893.9

$   755.3

Net earnings

$   160.6

$     60.3

$   684.8

$   614.6

Adjusted EBIT

$   143.9

$   105.5

$   965.1

$   897.5

Adjusted EBITDA

$   244.3

$   201.0

$1,366.8

$1,278.4

Earnings from continuing operations per diluted share

$     1.21

$     0.45

$     5.17

$     4.64

Adjusted earnings from continuing operations per diluted share

$     0.69

$     0.47

$     4.91

$     4.71


Segment Results


Aggregates
First quarter segment sales increased 3 percent and gross profit increased 15 percent to $224 million.  Gross profit margin increased 260 basis points due to modest growth in both volume and price as well as effective cost control.  Earnings improvement was widespread across the Company’s footprint.

Aggregates shipments increased 3 percent from the prior year’s first quarter.  Average daily shipping rates were lower year-over-year in February, though higher in January and March.  This cadence was due to winter weather that moved from Texas into parts of the southeast and mid-Atlantic during the month of February.

The pricing environment continues to be positive across the Company’s footprint as demand visibility continues to improve.  For the quarter, freight-adjusted pricing increased 2 percent (mix-adjusted pricing increased 1.3 percent).  Mix-adjusted pricing improved sequentially in March, reflecting recently announced price increases in certain key markets.  Prices are expected to continue to increase sequentially during the remainder of the year. 

Operating efficiency gains helped drive year-over-year declines in freight-adjusted unit cost of sales – down 2 percent in total and 3 percent on a cash basis.  Flexible operating plans and disciplined cost control mitigated the impact of any operational disruptions caused by the uneven start to the year.

Asphalt, Concrete and Calcium
Overall, nonaggregates segments gross profit was collectively $5.6 million compared to $7.6 million in the prior year’s first quarter.  Asphalt segment gross profit was a loss of $3.0 million, as compared to a loss of $2.4 million in the prior year’s first quarter.  The year-over-year decline was driven mostly by the impact of weather conditions in Alabama, Tennessee and Texas.   

First quarter concrete segment gross profit was $7.8 million compared to $9.2 million in the prior year.  Shipments decreased 16 percent versus the prior year, again due to weather in Virginia, and average selling prices increased 3 percent compared to the prior year.

Calcium segment gross profit was $0.9 million, in line with the prior year quarter.


Selling, Administrative and General (SAG) and Other Items

SAG expense was $89 million in the quarter and $362 million on a trailing-twelve month basis.  As a percentage of total revenues, SAG expense remained at 7.4 percent on a trailing-twelve month basis.  The Company remains focused on further leveraging its overhead cost structure.

During the quarter, the Company sold a reclaimed quarry in Southern California.  The transaction resulted in a pretax gain of $115 million, or $0.64 per diluted share.  The Company remains focused on its efforts to maximize the value of its portfolio of quarry operations as they move through their life-cycle of land management.

Other nonoperating income was $6 million, compared to expense of $9 million in the prior year quarter.  The prior year’s results include a foreign currency translation loss of $6 million, resulting from the rapid devaluation of the Mexican peso in March due to the COVID-19 pandemic.


Financial Position, Liquidity and Capital Allocation

Capital expenditures in the first quarter were $71 million, including both core operating and maintenance projects as well as growth projects.  During the fourth quarter of 2020, the Company restarted planned growth projects that were put on hold in the first quarter of 2020 as a result of the pandemic.  For the full year 2021, the Company expects to spend between $450 and $475 million on capital expenditures, including growth projects.  The Company will continue to review its plans and will adjust as needed. 

At March 31, 2021, total debt to trailing-twelve month Adjusted EBITDA was 2.0 times, or 1.4 times on a net debt basis reflecting $891 million of cash on hand.  As planned, the Company paid off approximately $500 million of debt maturities in March.  The Company’s weighted-average debt maturity was 15 years, and its effective weighted-average interest rate was 4.6 percent.

Return on invested capital increased 90 basis points year-over-year to 14.8 percent driven by solid operating earnings growth coupled with disciplined capital management and a balanced approach to growth.


Outlook

Management expectations for 2021 include the following updates:

  • Aggregates shipments to increase between 1 percent and 4 percent compared to 2020
  • An effective tax rate of approximately 23 to 24 percent
  • Earnings from continuing operations of between $4.85 and $5.30 per diluted share, excluding land sale gain
  • Adjusted EBITDA of between $1.380 and $1.460 billion, excluding land sale gain
  • All other aspects of the Company’s expectations for 2021 remain unchanged from those reported as part of its fourth quarter earnings in February.

Mr. Hill concluded, “We remain focused on factors within our control, including pricing and cost actions, both of which will drive further improvement in our industry-leading unit margins.  Our operating plans are underpinned by four strategic disciplines (Commercial and Operational Excellence, Logistics Innovation and Strategic Sourcing), a healthy balance sheet and the engagement of our people.  Our performance clearly demonstrates that a balanced approach to growth, focusing on organic investments, acquisitions, and greenfield developments is the best way to create value for our shareholders.”


Conference Call

Vulcan will host a conference call at 9:00 a.m. CT on May 4, 2021.  A webcast will be available via the Company’s website at www.vulcanmaterials.com.  Investors and other interested parties may access the teleconference live by calling 833-962-1439, or 832-900-4623 if outside the U.S., approximately 10 minutes before the scheduled start.  The conference ID is 6357979.  The conference call will be recorded and available for replay at the Company’s website approximately two hours after the call.


About Vulcan Materials Company

Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation’s largest producer of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.  For additional information about Vulcan, go to www.vulcanmaterials.com.

FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan’s beliefs and expectations, are forward-looking statements.  Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan’s business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; a pandemic, epidemic or other public health emergency, such as the COVID-19 outbreak; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access to capital markets; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, wetlands, greenhouse gas emissions, the definition of minerals, tax policy or international trade; the outcome of pending legal proceedings; pricing of Vulcan’s products; weather and other natural phenomena, including the impact of climate change and availability of water; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of a discontinuation of the London Interbank Offered Rate (LIBOR); volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan’s ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to manage and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan’s products are distributed; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC.  All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.

Table A


Vulcan Materials Company


and Subsidiary Companies

(in thousands, except per share data)



Three Months Ended


Consolidated Statements of Earnings



March 31

(Condensed and unaudited)



2021


2020

Total revenues


$1,068,344

$1,049,242

Cost of revenues


839,077

847,519

Gross profit


229,267

201,723

Selling, administrative and general expenses


88,593

86,430

Gain on sale of property, plant & equipment

and businesses


117,165

999

Other operating expense, net


(8,326)

(3,991)

Operating earnings


249,513

112,301

Other nonoperating income (expense), net


5,913

(9,336)

Interest expense, net


33,118

30,773

Earnings from continuing operations

before income taxes


222,308

72,192

Income tax expense


60,638

12,194

Earnings from continuing operations


161,670

59,998

Earnings (loss) on discontinued operations, net of tax


(1,056)

260

Net earnings


$160,614

$60,258

Basic earnings (loss) per share

Continuing operations


$1.22

$0.45

Discontinued operations


($0.01)

$0.00

Net earnings


$1.21

$0.45

Diluted earnings (loss) per share

Continuing operations


$1.21

$0.45

Discontinued operations


($0.01)

$0.00

Net earnings


$1.20

$0.45

Weighted-average common shares outstanding

Basic


132,749

132,567

Assuming dilution


133,415

133,259

Effective tax rate from continuing operations


27.3%

16.9%

 

Table B


Vulcan Materials Company


and Subsidiary Companies

(in thousands)


Consolidated Balance Sheets



March 31


December 31


March 31

(Condensed and unaudited)



2021


2020


2020


Assets

Cash and cash equivalents


$722,344

$1,197,068

$120,041

Restricted cash


168,595

945

232

Accounts and notes receivable

Accounts and notes receivable, gross


596,006

558,848

601,182

Allowance for doubtful accounts


(2,878)

(2,551)

(3,517)

Accounts and notes receivable, net


593,128

556,297

597,665

Inventories

Finished products


368,758

378,389

403,612

Raw materials


36,095

33,780

33,676

Products in process


4,573

4,555

5,010

Operating supplies and other


31,903

31,861

28,449

Inventories


441,329

448,585

470,747

Other current assets


67,612

74,270

88,095

Total current assets


1,993,008

2,277,165

1,276,780

Investments and long-term receivables


34,265

34,301

57,987

Property, plant & equipment

Property, plant & equipment, cost


9,110,336

9,102,086

8,907,788

Allowances for depreciation, depletion & amortization


(4,746,996)

(4,676,087)

(4,506,700)

Property, plant & equipment, net


4,363,340

4,425,999

4,401,088

Operating lease right-of-use assets, net


421,625

423,128

420,930

Goodwill


3,172,112

3,172,112

3,167,061

Other intangible assets, net


1,114,617

1,123,544

1,083,515

Other noncurrent assets


233,793

230,656

222,021

Total assets


$11,332,760

$11,686,905

$10,629,382


Liabilities

Current maturities of long-term debt


15,436

515,435

25

Trade payables and accruals


255,624

273,080

243,019

Other current liabilities


294,797

259,368

232,632

Total current liabilities


565,857

1,047,883

475,676

Long-term debt


2,772,901

2,772,240

2,785,566

Deferred income taxes, net


733,561

706,050

648,405

Deferred revenue


172,377

174,045

178,568

Operating lease liabilities


397,306

399,582

399,489

Other noncurrent liabilities


554,517

559,775

551,352

Total liabilities


$5,196,519

$5,659,575

$5,039,056


Equity

Common stock, $1 par value


132,664

132,516

132,433

Capital in excess of par value


2,797,687

2,802,012

2,782,738

Retained earnings


3,385,604

3,274,107

2,885,084

Accumulated other comprehensive loss


(179,714)

(181,305)

(209,929)

Total equity


$6,136,241

$6,027,330

$5,590,326

Total liabilities and equity


$11,332,760

$11,686,905

$10,629,382

 

Table C


Vulcan Materials Company


and Subsidiary Companies

(in thousands)



Three Months Ended


Consolidated Statements of Cash Flows



March 31

(Condensed and unaudited)



2021


2020


Operating Activities

Net earnings


$160,614

$60,258

Adjustments to reconcile net earnings to net cash provided by operating activities

Depreciation, depletion, accretion and amortization


100,368

95,480

Noncash operating lease expense


10,528

8,851

Net gain on sale of property, plant & equipment and businesses


(117,165)

(999)

Contributions to pension plans


(2,124)

(2,144)

Share-based compensation expense


7,869

6,716

Deferred tax expense


26,949

19,671

Changes in assets and liabilities before initial

     effects of business acquisitions and dispositions


(16,992)

(99,597)

Other, net


(785)

(5,761)

Net cash provided by operating activities


$169,262

$82,475


Investing Activities

Purchases of property, plant & equipment


(100,650)

(142,650)

Proceeds from sale of property, plant & equipment


186,497

2,536

Other, net


25

9,872

Net cash provided by (used for) investing activities


$85,872

($130,242)


Financing Activities

Payment of current maturities and long-term debt


(500,006)

(6)

Settlements of interest rate derivatives


0

(19,863)

Purchases of common stock


0

(26,132)

Dividends paid


(49,085)

(45,100)

Share-based compensation, shares withheld for taxes


(12,086)

(15,064)

Other, net


(1,031)

(301)

Net cash used for financing activities


($562,208)

($106,466)

Net decrease in cash and cash equivalents and restricted cash


(307,074)

(154,233)

Cash and cash equivalents and restricted cash at beginning of year


1,198,013

274,506

Cash and cash equivalents and restricted cash at end of period


$890,939

$120,273

 

Table D


Segment Financial Data and Unit Shipments

(in thousands, except per unit data)



Three Months Ended



March 31



2021


2020


Total Revenues

Aggregates 1


$894,909

$868,226

Asphalt 2


147,167

139,789

Concrete 


81,359

94,765

Calcium 


2,060

2,026

Segment sales


$1,125,495

$1,104,806

Aggregates intersegment sales


(57,151)

(55,564)

Total revenues


$1,068,344

$1,049,242


Gross Profit

Aggregates


$223,638

$194,131

Asphalt


(2,991)

(2,435)

Concrete 


7,768

9,213

Calcium 


852

814

Total


$229,267

$201,723


Depreciation, Depletion, Accretion and Amortization

Aggregates


$80,808

$77,136

Asphalt


9,095

8,734

Concrete 


3,952

4,082

Calcium 


39

49

Other


6,474

5,479

Total


$100,368

$95,480


Average Unit Sales Price and Unit Shipments


Aggregates

Freight-adjusted revenues 3


$681,155

$648,033

Aggregates – tons


46,437

45,048

Freight-adjusted sales price 4


$14.67

$14.39


Other Products

Asphalt Mix – tons


2,217

2,057

Asphalt Mix – sales price


$56.78

$58.51

Ready-mixed concrete – cubic yards


613

734

Ready-mixed concrete – sales price


$131.52

$127.91

Calcium – tons


75

73

Calcium – sales price


$27.64

$27.56


1 Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery

      costs that we pass along to our customers, and service revenues related to aggregates.


2 Includes product sales, as well as service revenues from our asphalt construction paving business.


3 Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and immaterial

      other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.


4 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.

 

Appendix 1


1.   Reconciliation of Non-GAAP Measures

Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes immaterial other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:


Aggregates Segment Freight-Adjusted Revenues

(in thousands, except per ton data)



Three Months Ended



March 31



2021


2020


Aggregates segment

Segment sales


$894,909

$868,226

Less:      
Freight & delivery revenues 1


197,226

205,707

                Other revenues


16,528

14,486

Freight-adjusted revenues


$681,155

$648,033

Unit shipment – tons


46,437

45,048

Freight-adjusted sales price


$14.67

$14.39


1At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote

  distribution sites.

 

Aggregates segment incremental gross profit flow-through rate is not a GAAP measure and represents the year-over-year change in gross profit divided by the year-over-year change in segment sales excluding freight & delivery (revenues and costs). We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. Reconciliation of this metric to its nearest GAAP measure is presented below:


Aggregates Segment Incremental Gross Profit Margin in Accordance with GAAP

(dollars in thousands)



Three Months Ended



March 31



2021


2020


Aggregates segment

Gross profit


$223,638

$194,131

Segment sales


$894,909

$868,226

Gross profit margin


25.0%

22.4%

Incremental gross profit margin


110.6%


Aggregates Segment Incremental Gross Profit Flow-through Rate (Non-GAAP)

(dollars in thousands)



Three Months Ended



March 31



2021


2020


Aggregates segment

Gross profit


$223,638

$194,131

Segment sales


$894,909

$868,226

Less:       
Freight & delivery revenues 1


197,226

205,707

    Segment sales excluding freight & delivery


$697,683

$662,519

Gross profit margin excluding freight & delivery


32.1%

29.3%

Incremental gross profit flow-through rate


83.9%


1At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote

  distribution sites.

 

GAAP does not define “Aggregates segment cash gross profit” and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. Aggregates segment cash gross profit per ton is computed by dividing Aggregates segment cash gross profit by tons shipped. Reconciliation of this metric to its nearest GAAP measure is presented below:


Aggregates Segment Cash Gross Profit

(in thousands, except per ton data)



Three Months Ended



March 31



2021


2020


Aggregates segment

Gross profit


$223,638

$194,131

Depreciation, depletion, accretion and amortization


80,808

77,136

     Aggregates segment cash gross profit


$304,446

$271,267

Unit shipments – tons


46,437

45,048

Aggregates segment cash gross profit per ton


$6.56

$6.02

 

Appendix 2


Reconciliation of Non-GAAP Measures (Continued)

GAAP does not define “Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA) and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below:


EBITDA and Adjusted EBITDA

 

(in thousands)



Three Months Ended



TTM



March 31



March 31



2021


2020



2021


2020

Net earnings


$160,614

$60,258


$684,836

$614,621

Income tax expense


60,638

12,194


204,247

136,699

Interest expense, net


33,118

30,773


136,738

126,839

(Earnings) loss on discontinued operations, net of tax


1,056

(260)


4,831

3,945

EBIT


$255,426

$102,965


$1,030,652

$882,104

Depreciation, depletion, accretion and amortization


100,368

95,480


401,694

380,895

EBITDA


$355,794

$198,445


$1,432,346

$1,262,999

    Gain on sale of real estate and businesses, net


(114,695)

0


(114,695)

(9,289)

    Property donation


0

0


0

10,847

    Charges associated with divested operations


336

0


7,271

3,033

    Business development 1


385

1,060


6,659

2,808

    COVID-19 direct incremental costs


2,468

648


11,990

648

    Pension settlement charge


0

0


22,740

0

    Restructuring charges


0

868


465

7,325

Adjusted EBITDA


$244,288

$201,021


$1,366,776

$1,278,371

    Depreciation, depletion, accretion and amortization


(100,368)

(95,480)


(401,694)

(380,895)

Adjusted EBIT


$143,920

$105,541


$965,082

$897,476

Adjusted EBITDA margin


22.9%

19.2%


28.0%

25.7%


1Represents non-routine charges or gains associated with acquisitions including the cost impact of purchase accounting inventory valuations.

Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted earnings per share (EPS) from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:


Adjusted Diluted EPS from Continuing Operations (Adjusted Diluted EPS)



Three Months Ended



TTM



March 31



March 31



2021


2020



2021


2020

Diluted EPS from continuing operations


$1.21

$0.45


$5.17

$4.64

     Items included in Adjusted EBITDA above


(0.62)

0.02


(0.36)

0.07

     Alabama NOL carryforward valuation allowance


0.10

0.00


0.10

0.00

Adjusted Diluted EPS


$0.69

$0.47


$4.91

$4.71

   

Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation to its nearest GAAP measure is presented below:


Net Debt to Adjusted EBITDA

(in thousands)



March 31



2021


2020


Debt

Current maturities of long-term debt


$15,436

$25

Long-term debt


2,772,901

2,785,566

Total debt


$2,788,337

$2,785,591

Less: Cash and cash equivalents and restricted cash


890,939

120,273

Net debt


$1,897,398

$2,665,318

Trailing Twelve Months (TTM) Adjusted EBITDA


$1,366,776

$1,278,371

Total debt to TTM Adjusted EBITDA


 2.0x 

 2.2x 

Net debt to TTM Adjusted EBITDA


 1.4x 

 2.1x 

   

Appendix 3


Reconciliation of Non-GAAP Measures (Continued)

We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company’s ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:


Return on Invested Capital

 

(dollars in thousands)



TTM



March 31



2021


2020

Adjusted EBITDA


$1,366,776

$1,278,371

Average invested capital 1

    Property, plant & equipment


$4,383,447

$4,314,098

    Goodwill


3,171,102

3,166,018

    Other intangible assets


1,108,672

1,081,741

    Fixed and intangible assets


$8,663,221

$8,561,857

    Current assets


$1,968,479

$1,263,843

    Less: Cash and cash equivalents


822,231

108,702

    Less: Current tax


17,110

17,985

    Adjusted current assets


1,129,138

1,137,156

    Current liabilities


839,612

573,944

    Less: Current maturities of long-term debt


308,071

24

    Less: Short-term debt


0

63,100

    Adjusted current liabilities


531,541

510,820

    Adjusted net working capital


$597,597

$626,336

Average invested capital


$9,260,818

$9,188,193

Return on invested capital


14.8%

13.9%

 


1Average invested capital is based on a trailing 5-quarters.

 

The following reconciliation to the mid-point of the range of 2021 Projected EBITDA excludes adjustments (as noted in Adjusted EBITDA above) as they are difficult to forecast (timing or amount). Due to the difficulty in forecasting such adjustments, we are unable to estimate their significance. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:


2021 Projected EBITDA

(in millions)

Mid-point

Net earnings

$680

Income tax expense

210

Interest expense, net of interest income

130

Depreciation, depletion, accretion and amortization

400

Projected EBITDA

$1,420

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/vulcan-reports-first-quarter-2021-results-301283031.html

SOURCE Vulcan Materials Company

Posted on

Gilat Reports First Quarter 2021 Results

PETAH TIKVA, Israel, May 04, 2021 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter of 2021.

F
irst
Quarter
Financial Highlights

  • R
    evenues
    of
    $
    4
    4
    .
    7
    million versus $47.7 million in Q1 2020 and up from $42.6 million in the previous quarter;
  • GAAP operating
    loss
    of
    $
    3.7
    million versus operating loss of $10.8 million in Q1 2020 and an operating income of $62.7 million in Q4 2020; GAAP operating income in Q4 2020 included income related to the legal settlement with Comtech, net of related expenses, of $64.8 million;
  • N
    on
    -GAAP operating loss
    of
    $
    3.8
    million, compared with operating loss of $7.6 million in Q1 2020, and an operating loss of $1.6 million in the previous quarter;
  • GAAP net
    loss
    of
    $
    5.
    1
    million, or loss of $0.09 per diluted share, compared with net loss of $11.8 million, or loss of $0.21 per diluted share in Q1 2020 and net income in the previous quarter of $62.4 million, or income of $1.12 per share; GAAP net income in the previous quarter included $64.8 million income related to the settlement with Comtech, net of related expenses;
  • N
    on-GAAP net loss
    of
    $
    5.
    2
    millio
    n, or loss of $0.09 per diluted share, compared with net loss of $8.6 million, or loss of $0.15 per diluted share in Q1 2020, and compared with a net loss of $1.9 million, or loss of $0.03 per share, as reported in the previous quarter;  
  • A
    djusted EBITDA
    loss of
    $
    1
    .
    4
    million compared with adjusted EBITDA loss of $5.0 million in Q1 2020; and adjusted EBITDA of $1.1 million in the previous quarter;

Management Commentary

Adi Sfadia,
Gilat’s
CEO, commented: “We continue to see strong momentum across all our business units, with the exception of the IFC market segment, which is yet to show a recovery. We believe that this growth trend will continue during 2021 and expect to show sequential quarterly growth throughout the year and increasing profitability. Looking further out, 2022 is expected to show significant improvement both in revenue and profitability with the pick-up in IFC, Cellular Backhaul and NGSO.

“As a testament to the strong momentum we are seeing, I am very pleased to report that we entered a mega strategic agreement valued at tens of millions of dollars, including a potential for significant project expansions, with a large government corporation in Asia Pacific. I believe that we will see additional large strategic transactions in the near future.

“In light of the many opportunities we see ahead of us, we are investing significant R&D efforts in order to capture these opportunities and accelerate our future growth. We expect that NGSO, IFC and Cellular Backhaul will be the main market segments that will drive this growth during 2021 and beyond, and we also see strong potential for the defense business to support our growth in a more meaningful way than it has done in the past.

“We made positive progress during the first quarter in our strategic growth areas of NGSO and Cellular Backhaul. We received additional orders for a LEO constellation, where our gateway Solid State Power Amplifiers (SSPAs) have been selected as the solution of choice. On the Cellular Backhaul front, we received a multi-million-dollar expansion and follow-on orders from Tier-1 mobile operators around the globe including in Japan, Australia, Europe and South America.

“In addition, we have made great progress in Peru with the government’s acceptance for the operational phase in the Cusco region, bringing us significantly closer to our goal of recurring revenue of over $50M in Peru.”

Key Recent Announcements

  • Gilat Enters Strategic Agreement Valued at Tens of Millions of Dollars with a Large Government Corporation in Asia Pacific
  • Gilat Achieves Critical Milestone in Peru with Approval to Enter Operational Phase, Unlocking Access to Recurring Revenue of Multi Million Dollars per Annum
  • Tier-1 Telco in Latin America Awards Gilat Over $3M to Provide Broadband Connectivity in Support of Bridging the Digital Divide
  • Gilat Receives Over $5M for Cellular Backhaul Expansion from Tier-1 Mobile Network Carrier in Japan
  • Gilat Awarded Over $20 Million in Orders for Support of Low Earth Orbit Constellation
  • SES Selected Gilat to Enable Tier-1 4G/LTE MNO in Brazil to Provide Broadband Connectivity for Education
  • Telespazio Selects Gilat to Supply Enterprise Connectivity in Brazil for a Multinational Leading Energy Company
  • Gilat Announces Appointment of Isaac Angel as Chairman of the Board
  • Gilat’s In-Flight Connectivity High-Power Transceiver Successfully Tested by Global Eagle Entertainment for DO-160G Certification
  • Gilat Launches Next Generation VSAT Family Supporting 5G Networks and LEO/MEO Constellations

Conference
C
all
D
etails

Gilat’s management will discuss its first quarter 2021 results and business achievements and participate in a questions and answers session:

Date: Tuesday, May 4, 2021
Start: 9:30 AM ET / 4:30 PM IT
Dial-in: US: 1-866-744-5399
  International: +972-3-918-0610

 

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: www.veidan-stream.com/gilatq1-2021.html

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

Non-GAAP Measures

The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Non-GAAP financial measures mainly exclude the effect of stock based compensation, amortization of purchased intangibles, lease incentive amortization, litigation expenses, income related to trade secrets claims, restructuring and reorganization costs, merger, acquisition and related litigation expense (income), net and initial recognition of deferred tax asset with respect to carry-forward losses.

Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company’s Operating income and Adjusted EBITDA is presented in the attached summary financial statements.

Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid-State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, Cellular Backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words
“
estimate
”
,
“
project
”
,
“
intend
”
,
“
expect
”
,
“
believe
”
and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; changes in general economic and business conditions, inability to maintain market acceptance to
Gilat
’
s
products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for
Gilat
’
s
products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company
’
s proprietary technology and risks associated with
Gilat
’
s
international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with
Gilat
’
s
business, reference is made to
Gilat
’
s
reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
[email protected]

Ehud Helft
GK Investor & Public Relations
[email protected]
+1 646 688 3559

       
GILAT SATELLITE NETWORKS LTD.      
CONSOLIDATED STATEMENTS OF OPERATIONS      
U.S. dollars in thousands (except share and per share data)      
  Three months ended
 
   
March 31,
 
    2021       2020  
   
  Unaudited
       
Revenues $ 44,713     $ 47,673  
Cost of revenues   32,356       38,787  
       
Gross profit   12,357       8,886  
       
Research and development expenses   8,111       7,634  
Less – grants   184       272  
Research and development expenses, net   7,927       7,362  
Selling and marketing expenses   5,004       5,066  
General and administrative expenses   3,083       4,818  
Merger, acquisition and related litigation expenses   –       2,405  
       
Total operating expenses   16,014       19,651  
       
Operating loss   (3,657 )     (10,765 )
       
Financial expenses, net   (1,192 )     (972 )
       
Loss before taxes on income   (4,849 )     (11,737 )
       
Taxes on income   247       18  
       
Net loss $ (5,096 )   $ (11,755 )
       
Basic loss per share $ (0.09 )   $ (0.21 )
       
Diluted loss per share $ (0.09 )   $ (0.21 )
       
Weighted average number of shares used in computing loss per share      
Basic   56,031,343       55,493,258  
Diluted   56,031,343       55,493,258  
       

GILAT SATELLITE NETWORKS LTD.          
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS  
FOR COMPARATIVE PURPOSES                      
U.S. dollars in thousands (except share and per share data)          
  Three months ended   Three months ended
  March 31, 2021   March 31, 2020
  GAAP   Adjustments   Non-GAAP   GAAP   Adjustments   Non-GAAP
       
  Unaudited   Unaudited
                       
Gross profit $ 12,357       66     $ 12,423     $ 8,886       62     $ 8,948  
Operating expenses   16,014       169       16,183       19,651       (3,106 )     16,545  
Operating loss   (3,657 )     (103 )     (3,760 )     (10,765 )     3,168       (7,597 )
Loss before taxes on income   (4,849 )     (103 )     (4,952 )     (11,737 )     3,168       (8,569 )
Net loss   (5,096 )     (103 )     (5,199 )     (11,755 )     3,168       (8,587 )
                       
Basic loss per share $ (0.09 )   $ –     $ (0.09 )   $ (0.21 )   $ 0.06     $ (0.15 )
Diluted loss per share $ (0.09 )   $ –     $ (0.09 )   $ (0.21 )   $ 0.06     $ (0.15 )
                       
                       
Weighted average number of shares used in computing loss per share                      
Basic   56,031,343           56,031,343       55,493,258           55,493,258  
Diluted   56,031,343           56,031,343       55,493,258           55,493,258  
                       
                       
                       
  Three months ended   Three months ended
          March 31, 2021


 		                    March 31, 2020


 		       
      Unaudited           Unaudited    
                       
GAAP net loss     $ (5,096 )           $ (11,755 )    
                       
Gross profit                      
Non-cash stock-based compensation expenses           61                         57      
Amortization of intangible assets related to acquisition transactions           5                         5      
        66               62      
Operating expenses (income)                          
Non-cash stock-based compensation expenses           (220 )                   366      
Amortization of intangible assets related to acquisition transactions           51                     51      
Trade secrets and other litigation expenses       –               11      
Merger, acquisition and related litigation expenses           –                         2,405      
Restructuring and re-organization costs       –               273      
        (169 )             3,106      
                       
Non-GAAP net loss     $ (5,199 )           $ (8,587 )    
                       

GILAT SATELLITE NETWORKS LTD.      
SUPPLEMENTAL INFORMATION      
U.S. dollars in thousands      
       
       
ADJUSTED EBITDA:      
       
   Three months ended 
   
March 31,
 
    2021       2020  
   
  Unaudited
       
GAAP operating loss $ (3,657 )   $ (10,765 )
Add (deduct):      
Non-cash stock-based compensation expenses   (159 )     423  
Trade secrets and other litigation expenses   –       11  
Restructuring and re-organization costs   –       273  
Merger, acquisition and related litigation expenses   –       2,405  
Depreciation and amortization (*)   2,385       2,664  
               
Adjusted EBITDA $ (1,431 )   $ (4,989 )
       
(*) Including amortization of lease incentive      
       
SEGMENT REVENUE:      
       
   Three months ended 
   
March 31,
 
    2021       2020  
   
  Unaudited
       
Fixed Networks $ 25,302     $ 23,011  
Mobility Solutions   11,079       19,201  
Terrestrial Infrastructure Projects   8,332       5,461  
       
Total revenue $ 44,713     $ 47,673  
       

GILAT SATELLITE NETWORKS LTD.      
CONSOLIDATED BALANCE SHEETS      
U.S. dollars in thousands      
       
  March 31,   December 31,
   2021     2020 
  Unaudited   Audited
       
ASSETS      
       
CURRENT ASSETS:      
Cash and cash equivalents $ 48,905     $ 88,754  
Restricted cash   26,642       27,162  
Trade receivables, net   27,820       27,976  
Contract assets   46,060       41,573  
Inventories   33,339       31,304  
Other current assets   18,832       16,637  
       
Total current assets   201,598       233,406  
       
LONG-TERM ASSETS:      
Long-term restricted cash   12       42  
Severance pay funds   6,414       6,665  
Deferred taxes   18,778       19,295  
Operating lease right-of-use assets   4,478       4,879  
Other long term receivables   8,339       7,797  
       
Total long-term assets   38,021       38,678  
       
PROPERTY AND EQUIPMENT, NET   76,612       77,172  
       
INTANGIBLE ASSETS, NET   971       1,082  
       
GOODWILL   43,468       43,468  
       

TOTAL ASSETS
 		$ 360,670     $ 393,806  
       
GILAT SATELLITE NETWORKS LTD.      
CONSOLIDATED BALANCE SHEETS (Cont.)      
U.S. dollars in thousands      
       
  March 31,   December 31,
   2021     2020 
  Unaudited   Audited
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
       
CURRENT LIABILITIES:      
Current maturities of long-term loans $ –     $ 4,000  
Trade payables   21,428       20,487  
Accrued expenses   47,465       46,387  
Advances from customers and deferred revenues   35,404       26,244  
Operating lease liabilities   1,678       1,911  
Dividend payable   –       35,003  
Other current liabilities   16,161       13,322  
       
Total current liabilities   122,136       147,354  
       
LONG-TERM LIABILITIES:      
Accrued severance pay   6,875       7,136  
Long-term advances from customers   307       1,890  
Operating lease liabilities   2,847       2,985  
Other long-term liabilities   396       631  
       
Total long-term liabilities   10,425       12,642  
       
SHAREHOLDERS’ EQUITY:      
Share capital – ordinary shares of NIS 0.2 par value   2,704       2,647  
Additional paid-in capital   928,410       928,626  
Accumulated other comprehensive loss   (6,463 )     (6,017 )
Accumulated deficit   (696,542 )     (691,446 )
       
Total shareholders’ equity   228,109       233,810  
       

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 		$ 360,670     $ 393,806  
       

GILAT SATELLITE NETWORKS LTD.      
CONSOLIDATED STATEMENTS OF CASH FLOWS      
U.S. dollars in thousands      
       
   
Three months ended
 
   
March 31,
 
    2021       2020  
   
  Unaudited

Cash flows from operating activities:
 		     
Net loss $ (5,096 )   $ (11,755 )
Adjustments required to reconcile net income      
 to net cash provided by (used in) operating activities:      
Depreciation and amortization   2,330       2,604  
Capital loss from disposal of property and equipment   –       (33 )
Stock-based compensation of options   (159 )     423  
Accrued severance pay, net   (10 )     43  
Deferred income taxes, net   518       634  
Decrease (increase) in trade receivables, net   (1,933 )     13,607  
Increase in contract assets   (4,487 )     (4,851 )
Decrease (increase) in other assets (including short-term, long-term      
 and deferred charges)   (220 )     1,673  
Increase in inventories   (2,212 )     (6,635 )
Increase in trade payables   950       2,375  
Increase (decrease) in accrued expenses   969       (1,652 )
Increase (decrease) in advance from customer and deferred revenues   7,688       (2,827 )
Increase in current and non current liabilities   2,003       2,811  
Net cash provided by (used in) operating activities   341       (3,583 )
       

Cash flows from investing activities:
 		     
Purchase of property and equipment   (1,483 )     (951 )
Net cash used in investing activities   (1,483 )     (951 )
       

Cash flows from financing activities:
 		     
Dividend payment   (35,003 )     –  
Repayment of long-term loans   (4,000 )     (4,096 )
Net cash used in financing activities   (39,003 )     (4,096 )
       
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (254 )     (695 )
       
Decrease in cash, cash equivalents and restricted cash   (40,399 )     (9,325 )
       
Cash, cash equivalents and restricted cash at the beginning of the period   115,958       101,969  
       
Cash, cash equivalents and restricted cash at the end of the period $ 75,559     $ 92,644  
       



Posted on

Comscore Announces New Agreement with Lightbox OOH Video Network for Digital Out-of-Home Measurement

PR Newswire

RESTON, Va., May 4, 2021 /PRNewswire/ — Comscore (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media, today announced an agreement with Lightbox OOH Video Network, a leading digital out-of-home media company, to provide out-of-home (OOH) audience measurement. Under the agreement, Lightbox will receive digital ad impressions, reach estimates and audience profiles reported by month. This custom solution, available now for all brands, will become eligible for inclusion in Comscore’s Plan Metrix® planning tool.

Lightbox is a digital out-of-home network that reaches audiences at scale in environments along the consumer journey with 100% video. While it is the largest video network in shopping and lifestyle destinations, the company has significantly expanded into new environments under the leadership of CEO Greg Glenday. Its network now includes all U.S. WeWork locations and Lightbox Unlimited, powered by FrontRunner, a flexible digital product that transforms commercial window fronts into video displays.  

With the new agreement, Lightbox becomes the first company to utilize Comscore’s emerging OOH solution. Comscore recently announced its expansion into OOH measurement, forging alliances with DPAA and the Out of Home Advertising Association of America (OAAA) and accelerating product development to incorporate OOH measurement into its industry-leading cross-platform product suite.

“It’s finally time for digital out-of-home to behave like an actual digital medium,” said Greg Glenday, CEO, Lightbox. “At Lightbox, our largest client partners want to buy our audiences and it’s past time for us to make that easier for them. Comscore is the measurement solution the clients asked for, and we’re thrilled to partner with them to innovate in this space. Companies like Comscore planting a flag in digital out-of-home is why analysts are so bullish on the future growth of our industry.”

Comscore continues to execute on its vision to measure outdoor, cinema, and place-based advertising platforms, such as those found in retail spaces, business and medical offices, entertainment venues and transportation hubs.

Measured OOH audiences will be made available to advertisers and agencies through Comscore Plan Metrix® Multi-Platform and existing APIs. Plan Metrix® combines consumers’ desktop and mobile behavior with detailed information about their lifestyles, interests, attitudes, demographics, and behaviors for a unified digital view. Digital out-of-home networks will be treated as any other digital publisher, giving hundreds of agencies access to its audiences.

“We are thrilled that Lightbox has turned to us for their measurement needs,” said Gary Warech, Executive Vice President, Comscore. “Our charter subscribers will help shape the way digital out-of-home is planned and bought for a long time to come. Lightbox is an essential voice to have at that table.”

“For more than 20 years, the media ecosystem has relied on Comscore’s stable, granular measurement to achieve better business outcomes, and we are excited to now begin executing on our vision to incorporate out-of-home into our holistic cross-platform approach,” said Bill Livek, CEO, Comscore. “Consumers are increasingly spending more time outside, giving brands a prime opportunity to engage with relevant audiences. Comscore is ready to help marketers optimize their OOH campaigns with advanced audience insights.” 

About Comscore
Comscore (NASDAQ: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry’s emerging, third-party source for reliable and comprehensive cross-platform measurement. For more information, visit comscore.com.

About Lightbox
Lightbox is a leading digital out-of-home video network that leverages technology and creativity to connect advertisers with millions of consumers in the real world. The premium video network offers national scale with hyper-local execution via 10,000+ can’t-miss, audio-available screens in shopping destinations, city streets, and WeWork locations across North America.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/comscore-announces-new-agreement-with-lightbox-ooh-video-network-for-digital-out-of-home-measurement-301282797.html

SOURCE Comscore

Posted on

WOW! Reports First Quarter 2021 Results

Record High-Speed Data Revenue of $152.7 million, up 12% from the first quarter of 2020

PR Newswire

ENGLEWOOD, Colo., May 4, 2021 /PRNewswire/ — WideOpenWest, Inc. (“WOW!” or the “Company”) (NYSE: WOW), one of the nation’s leading broadband providers, with an efficient, high-performing network that passes more than three million residential, business and wholesale consumers, today announced financial and operating results for the first quarter ended March 31, 2021.


First Quarter 2021 Highlights


 (1)

  • Total Revenue of $286.3 million; Net Income of $9.6 million; Diluted Earnings Per Share of $0.11
  • HSD Revenue totaled $152.7 million, an increase of $16.1 million, or 12% compared to first quarter of 2020
  • Added 10,000 HSD RGUs
  • Adjusted EBITDA was $112.4 million an increase of $13.3 million, or 13% compared to the first quarter of 2020
  • Adjusted EBITDA margin of 39.3% compared to 34.8% for the quarter ended March 31, 2020
  • Free Cash Flow totaled $18.3 million

(1)


Refer to “Non-GAAP Financial Measures” “Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures, “and Subscriber Information” in this Press Release for definitions and information related to Adjusted EBITDA, Free Cash Flow and reconciliation of non-GAAP measures to the closest comparable GAAP measures and why our management thinks it is beneficial to present such non-GAAP measures.

“Our first quarter results included our 6th consecutive quarter of record HSD revenue up 12% from the same period last year to $152.7 million,” said Teresa Elder, WOW!’s CEO. “I’m especially proud of how WOW!’s employees continue to put our customers and communities first in developing and supporting programs that ensure affordable broadband access.”

“Our HSD revenue increased both, year-over-year and sequentially, driving our Adjusted EBITDA and Adjusted EBITDA margins higher as we continue to successfully execute our broadband-first strategy,” said John Rego, WOW!’s CFO. “Our leverage ratio, another key metric that we are very focused on, also improved significantly, ending the quarter at 5.0x, reflecting the continued growth of Adjusted EBITDA.”


Revenue

Total Revenue was $286.3 million for the quarter ended March 31, 2021, up $1.8 million, or 1%, as compared to the corresponding period in 2020.

Total Subscription Revenue for the quarter ended March 31, 2021, was $267.8 million, up $3.2 million, or 1%, as compared to the corresponding period in 2020. The increase was driven by an increase in average revenue per unit (“ARPU”) as HSD customers upgrade to higher speed offerings coupled with an increase in volume attributable exclusively to the addition of HSD Subscribers. These increases were partially offset by a shift in service offering mix, as the Company continues to experience a reduction in Video and Telephony RGUs.

Other Business Services Revenue totaled $6.2 million for the quarter ended March 31, 2021, down $0.3 million as compared to the corresponding period in 2020. The decrease is primarily due to a decrease in data center revenue.

Other Revenue totaled $12.3 million for the quarter ended March 31, 2021, down $1.1 million as compared to the corresponding period in 2020, primarily due to a decrease in line assurance revenue.


Costs and Expenses

Operating Expenses (excluding Depreciation and Amortization) totaled $138.0 million for the quarter ended March 31, 2021, down $10.5 million, or 7%, compared to the corresponding period in 2020 primarily due to lower direct expenses, specifically programming expense, which aligns with the reduction in Video RGUs between periods. Selling, General, and Administrative expenses totaled $45.2 million for the quarter ended March 31, 2021, down $1.6 million, or 3%, compared to the corresponding period in 2020 primarily due to a decrease in restructuring and insurance expenses, partially offset by an increase in marketing expenses. 


Net Income and Earnings Per Share

Net Income for the quarter ended March 31, 2021, was $9.6 million, compared to $0.1 million the quarter ended March 31, 2020. Diluted Earnings Per Share for the quarter ended March 31, 2021, was $0.11, compared to Diluted Earnings Per Share of $0.00 for the quarter ended March 31, 2020.


Adjusted EBITDA

Adjusted EBITDA for the quarter ended March 31, 2021, was $112.4 million, an increase of $13.3 million, compared to the corresponding period in 2020. Adjusted EBITDA margin was 39.3% for the quarter ended March 31, 2021 as compared to 34.8% for the quarter ended March 31, 2020.


Subscribers

WOW! reported Total Subscribers of 859,200 as of March 31, 2021, an increase of 21,200, or 3%, compared to March 31, 2020, up 8,600 compared to December 31, 2020. HSD RGUs totaled 823,800 as of March 31, 2021, an increase of 26,200, or 3%, compared to March 31, 2020, up 10,000 compared to December 31, 2020.


E


dge-Outs

Edge-Out Projects reached a total of 194,600 homes passed and 48,800 Subscribers since inception.

The 2019 Edge-Out projects include 8,500 Subscribers, which represents 17.3% penetration on such nodes. The 2020 Edge-Out projects include 1,100 Subscribers, which represents 17.7% penetration on such nodes. 


Capital Expenditures

Capital Expenditures, on a reported basis, totaled $59.3 million for the quarter ended March 31, 2021, representing a $1.3 million, or 2%, increase compared to the quarter ended March 31, 2020. The increase is primarily related to network enhancements focused on increasing bandwidth capacity, standardization and reliability to meet the needs of our customers. These increases are partially offset by decreased expenditures related to customer premise equipment (“CPE”) and edge-outs. Capital Expenditures for the quarter ended March 31, 2021 equates to 21% of Total Revenue for the quarter ended March 31, 2021.


Liquidity and Leverage

As of March 31, 2021, the total outstanding amount of long-term debt and finance lease obligations was $2.3 billion, and cash and cash equivalents were $36.1 million. Total Net Leverage as of March 31, 2021, was 5.01X on a LTM Adjusted EBITDA basis, down from 5.18X at December 31, 2020, and undrawn revolver capacity totaled $235.6 million. Free Cash Flow was $18.3 million for the quarter ended March 31, 2021.


Second Quarter and Full Year Guidance

 


Q2 2021


Full Year 2021

Total Revenue

$280.0 – $283.0 million

$1,118.0 – $1,121.0 million

HSD Revenue

$154.0 – $157.0 million

$629.0 – $632.0 million

Adjusted EBITDA

$110.0 – $113.0 million

$458.0 – $462.0 million

HSD net additions

3,500 – 5,500

28,000 – 32,000


Webcast

WOW! will host a webcast on Tuesday, May 4, 2021, at 8:00 a.m. Eastern to discuss the financial and operating results contained in this press release. The conference call and webcast will be broadcast live on the Company’s investor relations website at ir.wowway.com. Those parties interested in participating can use the information as follows:

Call Date:

Tuesday, May 4, 2021

Call Time:

8:00 a.m. Eastern

Dial In:

(833) 312-1362

International:

(236) 714-2635

Conf. ID:

2995846

A replay of the call will be available on May 4, 2021, at 11:00 a.m. ET, on the investor relations website or by telephone. To access the telephone replay, which will be available until June 2, 2021, at 11:59 p.m. ET, please dial (800) 585-8367 or (416) 621-4642 and use conference ID 2995846.

 

 


WIDEOPENWEST, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(unaudited)

 


March 31, 


December 31, 


2021


2020


(in millions, except share data)

Assets

Current assets

Cash and cash equivalents

$

36.1

$

12.4

Accounts receivable—trade, net of allowance for doubtful accounts of $9.1 and $8.6, respectively

58.5

69.5

Accounts receivable—other, net

3.0

3.7

Prepaid expenses and other

39.7

29.2

Total current assets

137.3

114.8

Right-of-use lease assets—operating

23.6

24.9

Property, plant and equipment, net

1,098.3

1,100.3

Franchise operating rights

785.5

785.5

Goodwill

408.8

408.8

Intangible assets subject to amortization, net

2.0

2.1

Other non-current assets

49.6

50.6

Total assets

$

2,505.1

$

2,487.0

Liabilities and stockholders’ deficit

Current liabilities

Accounts payable—trade

$

47.1

$

43.8

Accrued interest

3.6

4.0

Current portion of long-term lease liability—operating

6.6

6.5

Accrued liabilities and other

86.6

98.6

Current portion of long-term debt and finance lease obligations

38.4

37.5

Current portion of unearned service revenue

46.3

45.5

Total current liabilities

228.6

235.9

Long-term debt and finance lease obligations, net of debt issuance costs —less current portion

2,243.2

2,228.5

Long-term lease liability—operating

19.9

21.3

Deferred income taxes, net

202.1

200.6

Other non-current liabilities

13.3

13.1

Total liabilities

2,707.1

2,699.4

Commitments and contingencies

Stockholders’ deficit:

Preferred stock, $0.01 par value, 100,000,000 shares authorized; 0 shares issued and outstanding

—

—

Common stock, $0.01 par value, 700,000,000 shares authorized; 95,853,288 and 95,187,161 issued as
of March 31, 2021 and December 31, 2020, respectively; 87,116,738 and 86,847,797 outstanding as of
March 31, 2021 and December 31, 2020, respectively

1.0

1.0

Additional paid-in capital

336.9

333.8

Accumulated other comprehensive loss

(2.2)

(6.5)

Accumulated deficit

(450.4)

(460.0)

Treasury stock at cost, 8,736,550 and 8,339,364 shares as of March 31, 2021 and December 31, 2020,
respectively

(87.3)

(80.7)

Total stockholders’ deficit

(202.0)

(212.4)

Total liabilities and stockholders’ deficit

$

2,505.1

$

2,487.0

               

 


WIDEOPENWEST, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(unaudited)

 


Three months ended


March 31, 


2021


2020


(in millions, except per share data)

Revenue:

HSD

$

152.7

$

136.6

Video

93.3

103.4

Telephony

21.8

24.6

Total subscription services revenue

267.8

264.6

Other business services

6.2

6.5

Other

12.3

13.4

Total revenue

286.3

284.5

Costs and expenses:

Operating (excluding depreciation and amortization)

138.0

148.5

Selling, general and administrative

45.2

46.8

Depreciation and amortization

61.8

55.8

245.0

251.1

Income from operations

41.3

33.4

Other income (expense):

Interest expense

(31.4)

(33.5)

Gain on sale of assets, net

—

0.3

Other income, net

0.6

0.7

Income before provision for income tax

10.5

0.9

Income tax expense

(0.9)

(0.8)

Net income

$

9.6

$

0.1

Basic and diluted earnings per common share

      Basic

$

0.12

$

0.00

      Diluted

$

0.11

$

0.00

Weighted-average common shares outstanding

      Basic

82,031,043

81,037,633

      Diluted

85,629,983

81,536,813

 

 


WIDEOPENWEST, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS


(unaudited)

 


Three months ended


March 31, 


2021


2020


(in millions)

Cash flows from operating activities:

Net income

$

9.6

$

0.1

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

61.8

55.8

Deferred income taxes

0.2

(0.1)

Provision for doubtful accounts

2.9

7.3

Gain on sale of assets, net

—

(0.3)

Amortization of debt issuance costs and discount

1.2

1.2

Non-cash compensation

3.1

2.7

Other non-cash items

(0.1)

—

Changes in operating assets and liabilities:

Receivables and other operating assets

(0.7)

(12.2)

Payables and accruals

(0.4)

(2.1)

Net cash provided by operating activities

$

77.6

$

52.4

Cash flows from investing activities:

Capital expenditures

$

(59.3)

$

(58.0)

Other investing activities

0.4

(1.1)

Net cash used in investing activities

$

(58.9)

$

(59.1)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

$

31.0

$

41.0

Payments on long-term debt and finance lease obligations

(19.4)

(17.8)

Purchase of shares

(6.6)

(0.7)

Net cash provided by financing activities

$

5.0

$

22.5

Increase in cash and cash equivalents

23.7

15.8

Cash and cash equivalents, beginning of period

12.4

21.0

Cash and cash equivalents, end of period

$

36.1

$

36.8

Supplemental disclosures of cash flow information:

Cash paid during the periods for interest

$

30.7

$

31.4

Cash paid during the periods for income taxes, net

$

—

$

—

Non-cash operating activities:

Operating lease additions

$

0.1

$

2.4

Non-cash financing activities:

Finance lease additions

$

2.8

$

1.2

Capital expenditure accounts payable and accruals

$

17.0

$

13.8

 


About WOW!

WOW! is a leading broadband services provider offering high-speed data (“HSD”), cable television (“Video”), and digital telephony (“Telephony”) services to residential and business customers.  Our vision is connecting people to their world through the WOW! experience: reliable, easy, and pleasantly surprising, every time. For more information, please visit www.wowway.com.


Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release that are not historical facts contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements represent our goals, beliefs, plans and expectations about our prospects for the future and other future events. Forward-looking statements include all statements that are not historical fact and can be identified by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “anticipate,” “expect,” “believe,” “estimate,” “plan,” “project,” “predict,” “potential,” or the negative of these terms. Although these forward-looking statements reflect our good-faith belief and reasonable judgment based on current information, these statements are qualified by important factors, many of which are beyond our control that could cause our actual results to differ materially from those in the forward-looking statements. These factors and other risks that could cause our actual results to differ materially are set forth in the section entitled “Risk Factors” in our Annual Report filed on Form 10-K with the Securities and Exchange Commission (“SEC”) and other reports subsequently filed with the SEC. Given these uncertainties, you should not place undue reliance on any such forward-looking statements. The forward-looking statements included in this report are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.


Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this release, including Adjusted EBITDA and Free Cash Flow. These terms, as defined herein, are not intended to be considered in isolation, as a substitute for, or superior to, the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These terms may vary from the use of similar terms by other companies in our industry due to different methods of calculation and therefore are not necessarily comparable.

We believe that these non-GAAP measures enhance an investor’s understanding of our financial performance. We believe that these non-GAAP measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We believe that these non-GAAP measures provide investors with useful information for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake Capital Expenditures. We use these non-GAAP measures for business planning purposes and in measuring our performance relative to that of our competitors. We believe these non-GAAP measures are measures commonly used by investors to evaluate our performance and that of our competitors.

Adjusted EBITDA eliminates the impact of expenses that do not relate to overall business performance and is defined by WOW! as net income (loss) before interest expense, income taxes, depreciation and amortization (including impairments), impairment losses on intangibles and goodwill, management fees to related party, write-off of any asset, loss on early extinguishment of debt, integration and restructuring expenses and all non–cash charges and expenses (including stock compensation expense) and certain other income and expenses. Adjusted EBITDA should not be considered as an alternative to net income (loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating performance, operating cash flows or liquidity.

Free Cash Flow is defined as Net Cash Provided by Operating Activities less Capital Expenditures. Free Cash Flow presents the cash generated or used by the business in a given period.

Refer to “Reconciliations of GAAP Measures to Non-GAAP Measures” and the accompanying tables below for a reconciliation of Adjusted EBITDA to Net Income, and Net Cash Provided by Operating Activities to Free Cash Flow which are most directly comparable to their corresponding GAAP financial measure.


Subscriber Information

The Company uses the terms defined below throughout this release.

Homes passed are reported as the number of serviceable addresses, such as single residence homes, apartments and condominium units, and businesses passed by our broadband network and listed in our database.

We deliver multiple services to our customers, as such we report Total Subscribers as the number of Subscribers who receive at least one of our HSD, Video or Telephony services, without regard to which or how many services they subscribe. We define each of the individual HSD Subscribers, Video Subscribers and Telephony Subscribers as a Revenue Generating Unit (“RGU”).

While we take appropriate steps to ensure subscriber information is presented on a consistent and accurate basis at any given balance sheet date, we periodically review our policies in light of the variability we may encounter across our different markets due to the nature and pricing of products and services and billing systems. Accordingly, we may from time to time make appropriate adjustments to our subscriber information based on such reviews.


 


WIDEOPENWEST, INC. AND SUBSIDIARIES


Reconciliations of GAAP Measures to Non-GAAP Measures


(unaudited)

The following table provides a reconciliation of Adjusted EBITDA to Net Income for the quarter ended March 31, 2021 and 2020:


Three months ended


March 31, 


2021


2020


(in millions)

Net Income

$

9.6

$

0.1

Depreciation and amortization

61.8

55.8

Interest expense

31.4

33.5

Gain on sale of assets, net

—

(0.3)

Non-recurring professional fees, M&A integration and restructuring expense

6.2

7.2

Non-cash stock compensation

3.1

2.7

Other income, net

(0.6)

(0.7)

Income tax expense

0.9

0.8

Adjusted EBITDA

$

112.4

$

99.1

  

The following table provides a reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow for the quarter ended March 31, 2021 and 2020:

 


Three months ended


March 31,


2021


2020


(in millions)

Net Cash Provided by Operating Activities

$

77.6

$

52.4

Less: Capital Expenditures

(59.3)

(58.0)

 Free Cash Flow

$

18.3

$

(5.6)

 


WIDEOPENWEST, INC. AND SUBSIDIARIES


Capital Expenditures and Subscriber Information


(unaudited)

The following table provides additional information regarding our Capital Expenditures for the three months ended March 31, 2021 and 2020: 

 


Three months ended


March 31,


2021


2020


(in millions)

Customer premise equipment

$

30.6

$

34.8

Scalable infrastructure

12.4

5.8

Line extensions

4.9

5.6

Support capital and other

11.4

11.8

Total

$

59.3

$

58.0

Capital expenditures included in total related to:

Edge-outs

$

1.4

$

3.1

Business services

$

5.0

$

5.6

 

The following table provides an unaudited summary of our subscriber information:

 


March 31,


June 30,


September 30,


December 31,


March 31.


2020


2020


2020


2020


2021

Homes Passed

3,235,200

3,237,700

3,242,400

3,248,600

3,251,900

Total Subscribers

838,000

844,500

846,300

850,600

859,200

HSD RGUs

797,600

805,600

808,900

813,800

823,800

Video RGUs

365,800

351,700

328,000

308,200

290,900

Telephony RGUs

190,900

188,100

182,000

177,000

172,800

Total RGUs

1,354,300

1,345,400

1,318,900

1,299,000

1,287,500


Additional Information Available on Website:

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which will be posted on of our investor relations website at ir.wowway.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available on our website.


Contact:


Andrew Posen

Vice President, Head of Investor Relations
303-927-4935
[email protected]

Debra Havins

Senior Director, Corporate Communications
720-527-8214
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/wow-reports-first-quarter-2021-results-301282506.html

SOURCE WideOpenWest, Inc.

Posted on

Laird Superfood to Acquire Picky Bars, LLC Expanding Position in Attractive Healthy Snacks Category

Laird Superfood to Acquire Picky Bars, LLC Expanding Position in Attractive Healthy Snacks Category

Central-Oregon Based Picky Bars, LLC Aligned in Mission & Authenticity

Transaction Expected to be Net Income (Loss) Accretive in 2022

Management to Host Prepared Remarks at 8:30 am ET Today

SISTERS, Ore.–(BUSINESS WIRE)–
Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood” or the “Company”) today announced that on May 3, 2021 it entered into a definitive agreement to purchase all of the equity interests of fellow Central-Oregon based Picky Bars, LLC, innovators in the healthy snack industry focused on nutritionally balanced, real-food products to fuel performance, for a total purchase price of $12.0 million in cash and stock subject to a customary post-closing working capital adjustment. The transaction closed simultaneously with execution. The transaction represents an acquisition multiple of approximately 1.2x estimated 2022 revenue. Laird Superfood expects the transaction to be supportive of its path to an improving gross margin profile and accretive to the net income (loss) of Laird Superfood in 2022 and beyond. In 2021, the Company does not expect the transaction to have any meaningful impact on the Company’s net income (loss) per share.

Picky Bars’ product portfolio includes the namesake Picky Bar as well as Performance Oatmeal, Performance Granola, Pancakes and Drizzle(TM) nut-butter, with best-in-class direct-to-consumer distribution to a loyal fanbase. Picky Bars’ direct-to-consumer platform includes the Picky Club, a monthly subscription box and loyalty program.

The transaction is aligned with Laird Superfood’s strategic goals, specifically the addition of unique and innovative daily-use products across the Company’s omnichannel platform, and the acquisition of highly complementary assets such as a recurring direct-to-consumer customer base. Laird Superfood’s strategic goals prioritize a shared product ethos supporting high athletic performance, authenticity and environmental sustainability.

Paul Hodge, Chief Executive Officer of Laird Superfood said, “We are so excited to welcome Picky Bars into the Laird family. Founded by three incredible athletes who are true to their mission and vision, Picky Bars aligns with our core values of trust and authenticity and our product ethos prioritizing high performance and sustainability, not just for athletes, but for everyone in everyday life. This is an exceptional foundation to build on the many synergies we anticipate from this acquisition, starting with the immediate expansion of our brand platform in the massive Bars and Snacks category, where we believe consumers are increasingly “picky” and seek whole food, healthier bar choices as well as sustainable options. Picky also has a line of Performance Breakfast products including Performance Oatmeal, Granola and Pancakes, which are exciting and additive to the Laird Superfood morning ritual.”

Hodge continued, “Other immediate synergies include the cross-selling opportunities across both direct-to-consumer platforms, as we believe these incredible products will resonate particularly well with our existing and loyal customer base, as well as the wholesale opportunity, as we intend to leverage our existing relationships of over 7,000 retail doors to accelerate placement of Picky products on shelf. Lastly, we are excited about augmenting the Laird Superfood brand platform with a snack bar price point which supports expansion into new retail segments like convenience and drug stores, further extending that brand platform to yet another new audience.”

Management’s Prepared Remarks

Management will host prepared remarks today at 8:30 am ET to discuss the transaction. Listeners may access the webcast at the investor relations portion of the website at https://investors.lairdsuperfood.com/.

About Laird Superfood (NYSE American: LSF)

Laird Superfood, Inc.creates award-winning, plant-based superfood products that are both delicious and functional. The Company’s products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world’s most prolific big-wave surfer, Laird Hamilton. Laird Superfood’s offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

About Picky Bars

Picky Bars creates real food products to “fuel the pursuit of life’s potential.” Founded in 2010 in the home kitchens of professional endurance athletes, Jesse Thomas, Lauren Fleshman, and Stephanie Rothstein Bruce, Picky Bars were created to provide a nutritionally balanced, real-food fuel option that is easy to digest and built for performance. Since then, the product line has expanded to include Performance Oatmeal, Granola, Pancakes, and a nut butter topping called Drizzle. Through wholesome products, great service, and some quirky humor, Picky Bars strives to support and inspire athletes of all levels to reach for their goals and live life to the fullest. All products are designed and tested on the trails around Picky HQ in Bend, Oregon.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future results, events, operations, services, product development and potential, future marketing partnerships, and statements regarding future performance. Forward-looking statements are generally identified by the words “will”, “shall”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in the business of the Company, its customers and its partners, as those discussed or identified in the public filings with the SEC by the Company, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s periodic reports. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements.

ICR

Ashley DeSimone & Reed Anderson

646.677.1827

KEYWORDS: United States North America Oregon

INDUSTRY KEYWORDS: Retail Fitness & Nutrition Health Food/Beverage

MEDIA:

Posted on

Clearside Biomedical to Report First Quarter 2021 Financial Results and Provide Corporate Update on Monday, May 17, 2021

ALPHARETTA, Ga., May 04, 2021 (GLOBE NEWSWIRE) — Clearside Biomedical, Inc. (NASDAQ:CLSD), a biopharmaceutical company dedicated to developing and delivering treatments that restore and preserve vision for people with serious back of the eye diseases, announced today that its first quarter 2021 financial results will be reported on Monday, May 17, 2021 after the close of the financial markets. Management will host a webcast and conference call at 4:30 p.m. Eastern Time to discuss the results and provide a corporate update.

The live and archived webcast may be accessed on the Clearside website under the Investors section: Events and Presentations. The live call can be accessed by dialing (844) 263-8310 (domestic) or (213) 358-0959 (international) and entering conference code: 1488886. An archive of the webcast will be available for three months.

About Clearside Biomedical

Clearside Biomedical, Inc. is a biopharmaceutical company dedicated to developing and delivering treatments that restore and preserve vision for people with serious back of the eye diseases. Clearside’s proprietary SCS Microinjector® targets the suprachoroidal space (SCS®) and offers unique access to the macula, retina and choroid where sight-threatening disease often occurs. The Company’s SCS injection platform is an inherently flexible, in-office, non-surgical procedure, intended to provide targeted delivery to the site of disease and to work with both established and new formulations of medications. For more information, please visit www.clearsidebio.com.

Investor and Media Contacts:

Jenny Kobin
Remy Bernarda
[email protected]
(678) 430-8206

Source: Clearside Biomedical, Inc.



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BioNTech to Report First Quarter 2021 Financial Results and Operational Update on May 10, 2021

Mainz,
Germany,
Ma
y 4
, 2021
(GLOBE NEWSWIRE) – BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) will announce its financial results for the first quarter 2021 on Monday, May 10th, 2021. BioNTech invites investors and the general public to join a conference call and webcast with investment analysts on the same day at 8.00 a.m. EDT (2.00 p.m. CEST) to report its financial results and provide a corporate update for the first quarter 2021.

The slide presentation and audio of the webcast will be available via this link.

To participate in the conference call, please dial the following numbers ten minutes prior to the start and provide the Conference ID:

United States international: +1 646 741 3167
United States domestic (toll-free): +1 877 870 9135
Germany: +49 (0) 692 2222 625
Conference ID: 8724098


Participants may also access the slides and the webcast of the conference call via the “Events & Presentations” page of the Investor Relations section of the Company’s website at https://biontech.de/. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company’s website for 30 days following the call.

About BioNTech

Biopharmaceutical New Technologies is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. Its broad portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies, innovative chimeric antigen receptor T cells, bi-specific checkpoint immuno-modulators, targeted cancer antibodies and small molecules. Based on its deep expertise in mRNA vaccine development and in-house manufacturing capabilities, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Bayer Animal Health, Genentech, a member of the Roche Group, Regeneron, Genevant, Fosun Pharma, and Pfizer.

For more information, please visit www.BioNTech.de.

BioNTech Contacts

Investor Relations

Sylke Maas, Ph.D.
+49 (0)6131 9084 1074
[email protected]

Media Relations

Jasmina Alatovic
+49 (0)6131 9084 1513
[email protected]