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View, Inc. Announces Date of First Quarter 2021 Financial Results Conference Call

MILPITAS, Calif., May 03, 2021 (GLOBE NEWSWIRE) — View, Inc. (“View”), a Silicon Valley-based smart window company, today announced the company’s first quarter 2021 financial results will be released after the market close on Wednesday, May 12, 2021.

View, Inc. will host a conference call to discuss its results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time the same day. The live webcast of the call can be accessed at the View, Inc. Investor Relations website at https://investors.view.com, along with the company’s earnings press release.

The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028 for non-U.S. callers). Please ask to join the View, Inc. call. A replay of the conference call will be available until May 19, 2021, at 8:59 p.m. Pacific Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the View, Inc. Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415). The replay access code is 13719178.

About View

View is a technology company and the market leader in smart windows. View Smart Windows use artificial intelligence to automatically adjust in response to the sun and increase access to natural light, to improve people’s health and experience in buildings, while simultaneously reducing energy consumption to mitigate the effects of climate change. Every View installation also includes a smart building platform that consists of power, network, and communication infrastructure. For more information, please visit: www.view.com

Contacts:

For Investors:

Samuel Meehan
[email protected]
408-493-1358

View Media Contact:

Michael Kellner
Treble
415-425-4773
[email protected]



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Amedisys to Open Randolph County Home Health Care Center

BATON ROUGE, La., May 03, 2021 (GLOBE NEWSWIRE) — Amedisys, Inc. (NASDAQ: AMED), a leading provider of quality home health, hospice and personal care, has closed on its acquisition of regulatory assets that allow the Company to conduct home health care operations in Randolph County, N.C.

Under the terms of the agreement, Amedisys acquires the right to operate certified home health care services in Randolph County, N.C., and surrounding areas within a 50-mile radius, including Montgomery County. Amedisys will open a start-up care center to serve patients in the newly acquired service area, which provides access to 31,000 Medicare and Medicare Advantage enrollees.

“We’re honored to be able to offer our compassionate, clinically distinct care to more patients in more places,” stated Home Health President Teonie Aurelio. “Expanding our footprint into this key market further establishes Amedisys as America’s solution for aging in place.”

Amedisys is the second largest provider of home health care in the United States with 320 locations across 33 states and the District of Columbia.

About Amedisys:

Amedisys, Inc. is a leading healthcare at home company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 2,900 hospitals and 78,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With approximately 21,000 employees in 514 care centers within 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 418,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.

Forward-Looking Statements:

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should,” “will” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions, and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking, and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Contact:

Kendra Kimmons
Vice President of Marketing & Communications
225-299-3708
[email protected] 



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AltaLink celebrates one year of injury-free work by employees

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, May 03, 2021 (GLOBE NEWSWIRE) — On March 31, 2021, AltaLink celebrated reaching 365 consecutive days without an employee injury, the longest streak of incident-free days in the company’s history.

“This milestone is thanks to the commitment of our employees to keep themselves, and each other, safe each and every day, often in a variety of challenging conditions,” said Gary Hart, AltaLink’s President and Chief Operating Officer. “This past year, our employees have had to navigate a new world brought on by the COVID-19 pandemic while continuing to provide energy for millions of Albertans. I am very proud of the way the AltaLink team has remained focused on keeping themselves and their fellow employees safe.”

AltaLink employees safely maintain and operate approximately 13,000 kilometres of transmission lines and more than 300 substations, providing millions of Albertans with their electricity every day. The company’s more than 700 employees are committed to safety and focused on being the best energy company in serving customers while delivering sustainable energy solutions.

Approval of $230 million refund to customers highlights AltaLink’s first quarter of 2021

During the first quarter of 2021, AltaLink received approval from the Alberta Utilities Commission for its proposal to refund $230 million to its customers. The refund reduces AltaLink’s portion of electricity rates by more than 26 per cent for the remainder of 2021.

“We’re very proud to be a leader in our industry in finding ways to reduce the overall cost of electricity for our customers,” said Mr. Hart. “Combined with our previous rate levelization and rate reduction efforts, we have delivered more than $1.4 billion in savings to Albertans since 2015.”

The refund is the result of funds previously collected from customers for Future Income Taxes and depreciation. In its decision, the AUC approved a refund of $150 million of Future Income Tax and $80 million of previously accumulated depreciation costs.

In 2017, AltaLink announced its Flat for Five commitment to apply to keep its portion of transmission rates flat from 2018 to 2023. Since that time, AltaLink is the only transmission utility to have reached two consecutive negotiated settlements with industry groups representing Alberta’s largest customers, saving customers more than $130 million.

“AltaLink is committed to helping our customers navigate our challenging economy,” said Mr. Hart. “We will continue to deliver the reliable energy Albertans need while looking for more solutions to reduce costs for our customers.”

AltaLink announces 2021 first quarter results

AltaLink continues to invest in transmission facilities to ensure the reliability of the electricity grid. During the first quarter of 2021, AltaLink invested $66.7 million in its transmission system.

Today, AltaLink, L.P. announced net and comprehensive income of $74.6 million for the three months ended March 31, 2021, compared to $74.0 million for the same period in 2020. Our net and comprehensive income increased slightly due to lower short-term debt cost in the first quarter of 2021. Revenue from operations for the three months ended March 31, 2021, was $234.2 million compared to $228.9 million during the same period in 2020, an increase of $5.3 million. The change is primarily due to recovery of higher depreciation, salvage expenses and losses on disposal of assets.

As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.

AltaLink’s full financial results and management’s discussion and analysis can be found on AltaLink’s website at www.altalink.ca or on SEDAR at www.sedar.com.

Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest electricity transmission provider. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services to customers worldwide.


Significant highlights during the first quarter of 2021

During the three months ended March 31, 2021:

  • AltaLink achieved a significant safety milestone on March 31, 2021, going one full year without an employee safety incident. This milestone is thanks to its employee’s commitment to keeping themselves and each other safe each and every day. To be able to stay safe in the middle of a pandemic, while there is so much uncertainty and change, is exceptional. Employee safety performance as measured by total recordable injury frequency rate was zero, representing zero injuries compared to one injury for the same period in 2020.
  • On March 15, 2021, the AUC issued a decision on AltaLink’s 2021-2023 Tariff Refund Application. The AUC approved a 2021 tariff refund for customers in the amount of $230.0 million, resulting in a net 2021 tariff reduction of $223.5 million.
  • AltaLink’s customer outage duration was six minutes compared to nine minutes for the same period in 2020, which is an improvement in performance despite experiencing over three times the number of weather-related events in 2021 as compared to the first quarter of 2020.
  • AltaLink received the President’s Award, the highest honour an organization can achieve from the United Way of Calgary and Area, for its 2020 campaign’s inspiring commitment and efforts in supporting Calgary. The 2020 campaign raised more than $1.0 million for the first time ever in AltaLink’s history.
  • AltaLink conducted an employee pulse survey on its COVID-19 response and received favourable scores on senior leadership communication through the COVID-19 pandemic, team effectiveness and manager support. The company continued to ensure the ongoing safety of employees and to maintain the transmission of essential and reliable electricity for Albertans and our industrial customers while managing the impacts of the COVID-19 pandemic. AltaLink has had no workplace COVID-19 transmission to date, and it will continue to check in with employees with pulse surveys and mental health support.
  • Customer satisfaction average score was 9.14. AltaLink deferred customer surveys in the first quarter of 2020 due to the impacts of the COVID-19 pandemic. Customer satisfaction of direct customers for the 12 months ended March 31, 2021 was 9.13 compared to 9.23 for the same period in 2020.
  • AltaLink earned net and comprehensive income of $74.6 million compared to $74.0 million for the same period in 2020. Net and comprehensive income increased slightly due to lower short-term debt cost in the first quarter of 2021.
  • Gary Hart assumed the role of President of AltaLink effective January 1, 2021. Mr. Hart is a professional engineer and has been AltaLink’s Executive Vice President and Chief Operating Officer (COO) since 2017. He will retain his role as COO. Scott Thon will remain in his role as the Chief Executive Officer of AltaLink.
  • AltaLink became the first utility in the world to use robotic technology to safely install bird diverters on transmission lines. A new tool called LineFly employs autonomous robotic technology that is carried by an unmanned aerial vehicle to precisely install bird markers at any desired spacing and improves bird safety.
  • On March 19, 2021, the AUC issued its decision on AltaLink’s 2019 Deferral Accounts Reconciliation Application. The AUC approved $128.0 million of the total $128.5 million of capital project additions, disallowing $0.5 million of capital costs.
  • On March 4, 2021, the AUC extended AltaLink’s current return on equity of 8.5% and deemed equity ratio of 37% on a final basis for 2022.
  • AltaLink invested $66.7 million in capital assets compared to $82.8 million for the same period in 2020 to ensure continued reliability of the electricity network.
  • On April 30, 2021, AltaLink filed its 2022-2023 GTA, delivering on the last two years of its commitment to keep rates at or below the 2018 level for customers for the five-year period from 2019 to 2023. The 2022-2023 GTA includes the 2020 deferral accounts reconciliation, which includes the capital deferral account, consisting of four projects with total gross capital additions of $26.2 million, as well as AltaLink’s other deferral accounts for taxes other than income taxes, long-term debt, and annual structure payments.
  • On April 14, 2021, S&P reaffirmed its issuer credit rating and senior secured rating on AltaLink at “A” with a stable outlook.

This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink’s securities in any jurisdiction, including but not limited to, the United States. AltaLink’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “intends”, “projects”, “plans”, “anticipates”, and similar expressions, are forward looking information that represents management of AltaLink’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink’s filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward looking statements.


For more information please contact:

Investor Relations

Chris Lomore

Vice President, Treasurer
AltaLink Management Ltd.
Phone: 403.828.1521
E-mail:[email protected]		 Media Relations

Scott Schreiner

Vice President, External Engagement
AltaLink Management Ltd.
Phone: 403.880.0275
E-mail: [email protected]



Posted on

SiriusPoint Hires CTO to Lead its Technology Drive

HAMILTON, Bermuda, May 03, 2021 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that Darryl Siry will become Chief Technology Officer, effective immediately.

Mr. Siry will be responsible for SiriusPoint’s global technology function, with a focus on building a modern technology and operating platform to position the company for growth. He is also responsible for standing up an insurtech incubator that will launch new digital products and solutions.

Reporting to Prashanth Gangu, Chief Operating Officer and President of Insurance and Services, Mr. Siry is an experienced technology, marketing and operations executive. He will be working on developing an efficient, effective and scalable operating platform for all SiriusPoint operating entities and maximizing the value of SiriusPoint’s insurtech partnerships and investments.

“We are delighted that Darryl has joined our leadership team,” said Mr. Gangu. “We launched SiriusPoint with a vision and intention of becoming a tech-enabled (re)insurer and driving disruptive change in the industry. Hiring Darryl, an experienced insurance executive with strong entrepreneurial DNA, will accelerate our efforts.”

Chairman and CEO of SiriusPoint, Sid Sankaran, commented: “I am very excited about Darryl’s hire as a step towards our future as an innovative (re)insurer. We are committed to building a strong technology foundation to ensure that SiriusPoint is an industry leader in this regard.”

Mr. Siry joins SiriusPoint from ProSight Specialty Insurance Group, a specialty insurance company, where he served as Chief Technology and Operations Officer. At ProSight, he led a portfolio of initiatives including digital transformation, customer experience and vendor management. He was also responsible for leveraging technology and operations to drive the efficiency and effectiveness of the ProSight Operating platform while delivering awesome customer experiences. As President of ProSightDirect, he launched an Insurtech platform that provided small business professionals with a simple insurance buying experience and a fully online end-to-end servicing platform.

Prior to ProSight, Darryl founded NewsBasis, an online service for PR professionals and journalists targeting small businesses. He also ran Marketing, Sales and Communications during the early growth stage at Tesla when the Roadster was launched. Prior to Tesla, Darryl held various executive roles at Fireman’s Fund / Allianz.

About SiriusPoint

SiriusPoint Ltd. (SiriusPoint) is a top 20 global insurer and reinsurer providing solutions to clients and brokers in almost 150 countries. Bermuda-headquartered with offices around the world, we are listed on the New York Stock Exchange (SPNT). We write a global portfolio of Accident and Health, Property, Liability and Specialty business, combining data and creative thinking to underwrite risks with skill and discipline. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information, please visit www.siriuspt.com

SiriusPoint
Contacts

Investor Relations

Clare Kerrigan, SiriusPoint
[email protected]
+44 7970695959

Media

Sarah Hills, Rein4ce
[email protected] 
+44 7718882011

Forward-Looking Statements

We make statements in this report that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about SiriusPoint Ltd.’s (“SiriusPoint”) intentions to become a tech-enabled (re)insurer, drive disruptive change in the industry, build a modern technology and operating platform and maximize the value of SiriusPoint’s insurtech partnerships and investments.The forward-looking statements are based on the current expectations of the management of SiriusPoint and speak only as of the date of this document and are subject to significant risks and uncertainties outside of our control. You can identify forward-looking statements by the use of forward-looking terminology such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “target,” “continue,” “could,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “should,” “would,” “seeks,” “likely,” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: fluctuation in the results of operations; pandemic or other catastrophic event, such as the ongoing COVID-19 outbreak; the costs, expense and difficulties of the integration of the operations of Third Point Reinsurance Ltd. and Sirius International Insurance Group, Ltd.; loss and loss adjustment expense reserves may be inadequate to cover SiriusPoint’s ultimate liability for losses and as a result its financial results could be adversely affected; SiriusPoint’s investment portfolio may suffer reduced returns or losses; adverse changes in interest rates, foreign currency exchange rates, equity markets, debt markets or market volatility could result in significant losses to SiriusPoint’s investment portfolio; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; SiriusPoint has significant deferred tax assets, which may become devalued if either SiriusPoint does not generate sufficient future taxable income or applicable corporate tax rates are reduced; lack of availability of capital; future strategic transactions such as acquisitions, dispositions, mergers or joint venture; technology breaches; SiriusPoint’s lack of control over the TP Fund and the allocation and performance of TP Fund’s investment portfolio; SiriusPoint’s dependence on Third Point LLC to implement TP Fund’s investment strategy; and Arcadian Risk Capital Ltd.’s ability to, and success at, writing the business indicated, its expansion plans and the Company’s ability to place quota share reinsurance on the portfolio. Discussions of additional risks and uncertainties are contained in SiriusPoint’s filings with the Securities and Exchange Commission (the “SEC”), including risks identified in SiriusPoint’s (f/k/a Third Point Reinsurance Ltd.) Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of SiriusPoint prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other circumstances after the date of this report.

Source: SiriusPoint Ltd.



Posted on

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

PR Newswire

BOSTON, May 3, 2021 /PRNewswire/ — The following Eaton Vance closed-end funds (the “Funds”) announced distributions today as detailed below.


Declaration – 5/3/2021       Ex-Date – 5/12/2021       Record – 5/13/2021       Payable – 5/20/2021

 

Municipal Bond Funds:


Fund


Ticker


Distribution


 Change From Prior Distribution


Closing Market Price – 4/30/21


Distribution Rate at Market Price

Eaton Vance California Municipal Income Trust

CEV

$0.0471

–

$13.35

4.23%

Eaton Vance Municipal Income Trust

EVN

$0.0477

–

$13.73

4.17%

Eaton Vance New York Municipal Income Trust

EVY

$0.0458

–

$14.93

3.68%

 

 

Taxable Funds:


Fund


Ticker


Distribution


 Change From Prior Distribution


Closing Market Price – 4/30/21


Distribution Rate at Market Price

Eaton Vance Senior Income Trust

EVF

$0.0340

–

$6.68

6.11%

Eaton Vance Floating-Rate 2022 Target Term Trust

EFL

$0.0330

($.0.0010)

$9.60

4.13%

Eaton Vance Limited Duration Income Fund

EVV

$0.1000

–

$12.82

9.36%

Eaton Vance 2021 Target Term Trust

EHT

$0.0150

($0.0130)

$9.84

1.83%

 

 

 

Declaration – 5/3/2021       Ex-Date – 5/20/2021       Record – 5/21/2021       Payable – 5/28/2021

 

Municipal Bond Funds:


Fund


Ticker


Distribution


 Change From Prior Distribution


Closing Market Price – 4/30/21


Distribution Rate at Market Price

Eaton Vance California Municipal Bond Fund

EVM

$0.0419

–

$11.84

4.25%

Eaton Vance Municipal Bond Fund

EIM

$0.0496

–

$13.46

4.42%

Eaton Vance Municipal Income 2028 Term Trust

ETX

$0.0709

–

$22.15

3.84%

Eaton Vance National Municipal Opportunities Trust

EOT

$0.0642

–

$22.70

3.39%

Eaton Vance New York Municipal Bond Fund

ENX

$0.0440

–

$12.43

4.25%

Taxable Funds:


Fund


Ticker


Distribution


 Change From Prior Distribution


Closing Market Price – 4/30/21


Distribution Rate at Market Price

Eaton Vance Floating-Rate Income Plus Fund

EFF

$0.0600

$0.0010

$16.42

4.38%

Eaton Vance Floating-Rate Income Trust

EFT

$0.0610

–

$14.15

5.17%

Eaton Vance Senior Floating-Rate Trust

EFR

$0.0650

–

$13.96

5.59%

Eaton Vance Short Duration Diversified Income Fund

EVG

$0.0750

–

$13.30

6.77%

Funds Making Distributions Under a Managed Distribution Plan*:


Fund


Ticker


Distribution


 Change From Prior Distribution


Closing Market Price – 4/30/21


Distribution Rate at Market Price

Eaton Vance Enhanced Equity Income Fund

EOI

$0.0898

–

$17.71

6.08%

Eaton Vance Enhanced Equity Income Fund II

EOS

$0.0988

–

$22.73

5.22%

Eaton Vance Risk-Managed Diversified Equity Income Fund

ETJ

$0.0760

–

$10.93

8.34%

Eaton Vance Tax-Advantaged Dividend Income Fund

EVT

$0.1450

–

$27.24

6.39%

Eaton Vance Tax-Advantaged Global Dividend Income Fund

ETG

$0.1025

–

$20.09

6.12%

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

ETO

$0.1425

–

$28.84

5.93%

Eaton Vance Tax-Managed Buy-Write Income Fund

ETB

$0.1080

–

$16.29

7.96%

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

ETV

$0.1108

–

$15.92

8.35%

Eaton Vance Tax-Managed Buy-Write Strategy Fund

EXD

$0.0708

–

$11.19

7.59%

Eaton Vance Tax-Managed Diversified Equity Income Fund

ETY

$0.0843

–

$13.39

7.55%

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

ETW

$0.0727

–

$10.70

8.15%

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

EXG

$0.0616

–

$9.62

7.68%

* These Funds make distributions in accordance with a managed distribution plan. Under the managed distribution plan, a Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information on payment date of the distribution.  A Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns will cause its net asset value to erode. Investors should not draw any conclusions about a Fund’s investment performance from the amount of its distribution or from the terms of its managed distribution plan. The Fund’s Board may amend or terminate the managed distribution plan at any time without prior notice to Fund shareholders.

The Distribution Rate at Market Price is based on the Fund’s most recent regular distribution per share (annualized) divided by the Fund’s market price at the end of the period. Fund distributions may be affected by numerous factors, including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in a Fund’s distributions at a future time.

A portion of the distributions may be comprised of amounts from sources other than net investment income.  If that is the case, you will be notified in writing.  Further information will be available prior to the payment date at   funds.eatonvance.com.  The final determination of tax characteristics of each Fund’s distributions will occur after the end of the year, at which time it will be reported to the shareholders.

The Funds’ investment adviser is Eaton Vance Management, which is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Through its distinct investment brands Eaton Vance Management, Parametric, Atlanta Capital and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

 

Cision View original content:http://www.prnewswire.com/news-releases/distribution-dates-and-amounts-announced-for-eaton-vance-closed-end-funds-301282500.html

SOURCE Eaton Vance Management

Posted on

Leggett & Platt Reports Record 1Q EBIT And EPS; Increases 2Q Dividend

PR Newswire

CARTHAGE, Mo., May 3, 2021 /PRNewswire/ —

  • 1Q sales increased 10% vs 1Q20, to $1.151 billion
  • 1Q EPS was a first quarter record $.64, an increase of $.31 vs 1Q20 and an increase of $.24 vs adjusted1 EPS in 1Q20
  • Board of Directors increased second quarter dividend $.02 to $.42 per share
  • Increased 2021 guidance: sales of $4.8–$5.0 billion and EPS of $2.55–$2.75
  • Changed methodology for valuing domestic steel-related inventory from LIFO to FIFO

Diversified manufacturer Leggett & Platt reported first quarter 2021 sales of $1.151 billion, a 10% increase versus first quarter last year.

  • Organic sales were up 11%
    • Volume was up 4%; strong demand in residential end markets and Automotive was partially offset by weakness in Aerospace
    • Raw material-related selling price increases of 5% and currency benefit of 2% added to sales growth
  • Divestitures reduced sales by 1% (small operations in Drawn Wire and former Fashion Bed business)

First quarter EBIT was $128 million, a first quarter record. EBIT increased $49 million or 62% from first quarter 2020, and up $37 million or 41% from first quarter 2020 adjusted1 EBIT.

  • EBIT benefited primarily from volume growth, lower fixed costs, and the non-recurrence of an $8 million impairment charge related to a note receivable and a $4 million charge to write off stock associated with a prior year divestiture in first quarter 2020
    • Fixed cost reductions implemented in 2020 reduced 1Q 2021 costs by approximately $20 million
  • EBIT margin was 11.1%, up from 7.5% in the first quarter of 2020 and up from an adjusted1 EBIT margin of 8.7% in that same period

First quarter EPS was $.64, also a first quarter record. EPS increased $.31 versus first quarter 2020 and $.24 versus adjusted1 EPS in first quarter 2020. Improved EBIT was the primary driver of the increase, augmented by a lower tax rate ($.02 per share) and lower interest expense ($.01 per share).


LIFO

Effective January 1, 2021, the Company changed its accounting methodology for valuing its domestic steel-related inventory from a last-in, first-out (LIFO) basis to a first-in, first-out (FIFO) basis. All prior periods presented have been retrospectively adjusted to apply the effects of the change.


CEO COMMENTS

Chairman and CEO Karl Glassman commented, “We had a very strong start to the year, delivering better-than-expected first quarter results thanks to the efforts of an incredible team of more than 20,000 employees who remain focused on servicing our customers and keeping each other safe. We generated record first quarter EBIT, EBITDA, and EPS. Our results demonstrate our agility and resilience in dealing with inflationary pressure and supply chain constraints. Strong demand combined with our disciplined cost control provides us confidence to raise our full year guidance.

“We are also very pleased to be increasing our dividend for the 50th consecutive year, honoring our ongoing commitment to return value to our shareholders. As a result of this commitment over many decades, next year we will become a member of a select group of companies referred to as Dividend Kings.

“Lastly, we’re proud to have issued our inaugural Sustainability Report last month, which signifies our commitment to further enhance responsible environmental, social, and governance (ESG) practices across our global operations.”


DEBT, CASH FLOW, AND LIQUIDITY

  • Net Debt was 2.46x trailing 12-month adjusted1 EBITDA
  • Operating cash flow was a negative $11 million in the first quarter, a decrease of $21 million versus first quarter 2020, primarily from working capital investments to support growth and inflationary impact, which more than offset higher earnings
  • Capital expenditures were $24 million
  • Total liquidity was $1.4 billion


DIVIDEND

  • The Company’s Board of Directors increased second quarter dividend to $.42 
  • Dividend will be paid on July 15, 2021 to shareholders of record on June 15, 2021
  • At an annual indicated dividend of $1.68 per share, the yield is 3.4% based upon Friday’s closing stock price of $49.67 per share, one of the higher yields among the S&P 500 Dividend Aristocrats


2021 GUIDANCE

  • Increased full year 2021 guidance
  • Sales are expected to be $4.8–$5.0 billion, +12% to 17% versus 2020
    • Volume expected to grow mid-to-high-single digits
    • Raw material-related price increases and currency benefit expected to add sales growth
    • Small acquisitions expected to be largely offset by prior year divestitures
  • EPS is expected to be $2.55–$2.75
    • Reflects higher volume and higher metal margin
    • Excludes potential gain from real estate sale that may occur as early as 2Q
  • Based on this guidance framework, EBIT margin should be 11.0% to 11.5%
  • Additional guidance expectations:
    • Depreciation and amortization $195 million
    • Net interest expense $75 million
    • Effective tax rate 23%
    • Fully diluted shares 137 million
    • Operating cash flow approximately $500 million
    • Capital expenditures $150 million
    • Dividends $220 million
  • Prior Guidance:
    • Sales: $4.6–$4.9 billion
    • EPS: $2.30–$2.60


SEGMENT RESULTS

 – First Quarter 2021 (versus 1Q 2020)

Bedding Products –

  • Trade sales increased 9%
    • Volume increased 2%, primarily from growth in ECS, European Spring, and U.S. Spring
    • Raw material-related selling price increases added 9%
    • Currency benefit increased sales 1%
    • Divestitures reduced sales by approximately 3% (small operations in Drawn Wire and former Fashion Bed business)
  • EBIT increased $36 million, primarily from volume growth, higher metal margin, lower fixed costs, a reduction of bad debt expense, and the non-recurrence of an $8 million impairment charge related to a note receivable in first quarter 2020

Specialized Products –

  • Trade sales increased 10%
    • Volume increased 3%; growth in Automotive and Hydraulic Cylinders was partially offset by weak demand in Aerospace
    • Currency benefit increased sales 6%
    • An Aerospace acquisition completed in January 2021 added 1% to sales
  • EBIT increased $8 million, primarily from volume growth in Automotive and lower fixed costs, partially offset by lower volume in Aerospace

Furniture, Flooring & Textile Products –

  • Trade sales increased 12%
    • Volume increased 8%, driven by strong demand in Geo Components, Home Furniture, and Flooring Products’ residential business
    • Raw material-related selling price increases added 3%
    • Currency benefit increased sales 1%
  • EBIT increased $2 million, primarily from volume growth and lower fixed costs, partially offset by pricing lag associated with passing along higher raw material costs


SLIDES AND CONFERENCE CALL

A set of slides containing summary financial information is available from the Investor Relations section of Leggett’s website at www.leggett.com. Management will host a conference call at 7:30 a.m.Central (8:30 a.m. Eastern) on Tuesday, May 4. The webcast can be accessed from Leggett’s website. The dial-in number is (201) 689-8341; there is no passcode. 

Second quarter results will be released after the market closes on Monday, August 2, 2021, with a conference call the next morning.

FOR MORE INFORMATION: Visit Leggett’s website at www.leggett.com.

COMPANY DESCRIPTION:  Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in most homes and automobiles. The 138-year-old Company is comprised of 15 business units, 20,000 employee-partners, and 135 manufacturing facilities located in 17 countries.  Leggett & Platt is a member of the S&P 500 and the S&P 500 Dividend Aristocrats, and is one of Fortune’s  World’s Most Admired Companies.

Leggett & Platt is the leading U.S.-based manufacturer of: a) bedding components; b) automotive seat support and lumbar systems; c) specialty bedding foams and private label finished mattresses; d) components for home furniture and work furniture; e) flooring underlayment; f) adjustable beds; and g) bedding industry machinery.

FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements,” including, but not limited to, raw material-related price increases; volume growth; acquisition and divestiture activity; the amount of sales, EPS, capital expenditures, depreciation and amortization, net interest expense, fully diluted shares, operating cash flow; our EBIT margin, and effective tax rate, amount of dividends, potential gain from real estate sale, higher metal margins, and currency benefit. Such forward-looking statements are expressly qualified by the cautionary statements described in this provision and reflect only the beliefs of Leggett or its management at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks and uncertainties include: (i) the adverse impact on our sales, earnings, liquidity, cash flow, costs, and financial condition caused by the COVID-19 pandemic which has, in varying degrees, and could continue to materially negatively impact (a) the demand for our products and our customers’ products, growth rates in the industries in which we participate, and opportunities in those industries, (b) our manufacturing facilities’ ability to remain fully operational, obtain necessary raw materials and parts, maintain appropriate labor levels and ship finished products to customers, (c) operating costs related to pay and benefits for our terminated employees, (d) our ability to collect trade and other notes receivables in accordance with their terms, (e) impairment of goodwill and long-lived assets, (f) restructuring-related costs, and (g) our ability to access the commercial paper market or borrow under our revolving credit facility, including compliance with restrictive covenants that may limit our operational flexibility and our ability to timely pay our debt; (ii) the speed at which vaccines for the COVID-19 virus are administered, the percentage of the population vaccinated, and the effectiveness of those vaccines; (iii) the Company’s ability to manage working capital; (iv) increases or decreases in our capital needs, which may vary depending on acquisition or divestiture activity, our working capital needs and capital expenditures; (v) market conditions; (vi) price and product competition from foreign and domestic competitors; (vii) cost and availability of raw materials (including chemicals), labor, and energy costs; (viii) cash generation sufficient to pay the dividend; (ix) cash repatriation from offshore accounts; (x) changing tax rates, increased trade costs, cybersecurity breaches, customer losses and insolvencies, disruption to our steel rod mill, foreign currency fluctuation, the imposition or continuation of anti-dumping duties on innersprings, steel wire rod and mattresses, gain on the sale of real estate; data privacy, climate change and ESG obligations, and litigation risks; and (xi) risk factors in the “Forward-Looking Statements” and “Risk Factors” sections in Leggett’s most recent Form 10-K and Form 10-Q reports filed with the SEC.

CONTACT:   Investor Relations, (417) 358-8131 or [email protected]
Susan R. McCoy, Senior Vice President, Investor Relations
Cassie J. Branscum, Senior Director, Investor Relations
Tarah L. Sherwood, Director, Investor Relations


1 Please refer to the attached tables for Non-GAAP Reconciliations

 


LEGGETT & PLATT


RESULTS OF OPERATIONS 1 


FIRST QUARTER

(In millions, except per share data)


2021


2020


Change

Net trade sales 

$  1,150.9

$  1,045.5

10 %

Cost of goods sold  

903.4

824.8

   Gross profit 

247.5

220.7

12 %

Selling & administrative expenses 

106.3

117.8

(10)%

Amortization

15.8

16.4

Other expense (income), net

(2.3)

7.9

   Earnings before interest and taxes 

127.7

78.6

62 %

Net interest expense

18.4

20.0

   Earnings before income taxes 

109.3

58.6

Income taxes 

21.8

14.5

   Net earnings (loss)

87.5

44.1

Less net income from non-controlling interest

–

–


   Net Earnings (Loss) Attributable to L&P


$       87.5


$       44.1

98 %

Earnings (loss) per diluted share 

Net earnings (loss) per diluted share

$       0.64

$       0.33

94 %

Shares outstanding

   Common stock (at end of period)

133.2

132.3

0.7 %

   Basic (average for period)

136.0

135.4

   Diluted (average for period)

136.3

135.6

0.5 %


CASH FLOW 1 


FIRST QUARTER

(In millions)


2021


2020


Change

Net earnings

$       87.5

$       44.1

Depreciation and amortization

46.1

47.5

Working capital decrease (increase)

(152.5)

(108.1)

Impairments

–

3.5

Other operating activities

8.3

23.4


   Net Cash from Operating Activities


$      (10.6)


$       10.4

(202)%

Additions to PP&E

(24.0)

(24.2)

Purchase of companies, net of cash

(27.3)

–

Dividends paid

(53.0)

(52.7)

Repurchase of common stock, net

(6.7)

(7.6)

Additions (payments) to debt, net

109.2

340.1

Other

(2.7)

(7.8)


   Increase (Decrease) in Cash & Equivalents


$      (15.1)


$     258.2


FINANCIAL POSITION 1


March 31,

(In millions)


2021


2020


Change

Cash and equivalents 

$     333.8

$     505.8

Receivables 

602.9

568.2

Inventories 

801.8

692.3

Other current assets 

50.5

52.5

   Total current assets 

1,789.0

1,818.8

(2)%

Net fixed assets 

775.3

809.5

Operating lease right-of-use assets

154.9

155.3

Goodwill

1,392.5

1,391.4

Intangible assets and deferred costs, both at net

799.9

843.8


   TOTAL ASSETS


$  4,911.6


$  5,018.8

(2)%

Trade accounts payable

$     536.3

$     429.1

Current debt maturities 

50.8

51.2

Current operating lease liabilities

42.8

39.6

Other current liabilities 

365.7

334.8

   Total current liabilities 

995.6

854.7

16 %

Long-term debt

1,952.9

2,415.2

(19)%

Operating lease liabilities

115.4

117.9

Deferred taxes and other liabilities 

391.5

364.6

Equity

1,456.2

1,266.4

15 %


   Total Capitalization 

3,916.0

4,164.1

(6)%


   TOTAL LIABILITIES & EQUITY


$  4,911.6


$  5,018.8

(2)%


1Effective 1/1/21: domestic steel-related inventory valuation methodology changed from LIFO to FIFO; all prior periods presented have been retrospectively adjusted to apply the effects of the change.

 


LEGGETT & PLATT


SEGMENT RESULTS 1, 2


FIRST QUARTER

(In millions)


2021


2020


Change


Bedding Products

Net trade sales

$     535.8

$     490.6

9 %

EBIT

63.8

28.3

125 %


EBIT margin


11.9%


5.8%


610 bps



3

Note impairment

–

8.4

Adjusted EBIT

63.8

36.7

74 %


Adjusted EBIT margin


11.9%


7.5%


440 bps

Depreciation and amortization

26.1

26.8

Adjusted EBITDA

89.9

63.5

42 %


Adjusted EBITDA margin


16.8%


12.9%


390 bps


Specialized Products

Net trade sales

$     257.6

$     234.5

10 %

EBIT

35.2

27.7

27 %


EBIT margin


13.7%


11.8%


190 bps

Depreciation and amortization

11.1

11.2

EBITDA

46.3

38.9

19 %


EBITDA margin


18.0%


16.6%


140 bps


Furniture, Flooring & Textile Products

Net trade sales

$     357.5

$     320.4

12 %

EBIT

28.3

26.1

8 %


EBIT margin


7.9%


8.1%


-20 bps

Depreciation and amortization

6.1

6.5

EBITDA

34.4

32.6

6 %


EBITDA margin


9.6%


10.2%


-60 bps


Total Company

Net trade sales

$  1,150.9

$  1,045.5

10 %

EBIT – segments

127.3

82.1

55 %

Intersegment eliminations and other

0.4

(3.5)

EBIT

127.7

78.6

62 %


EBIT margin


11.1%


7.5%


360 bps

 Note impairment 4

–

8.4

 Stock write-off from prior year divestiture 4

–

3.5

Adjusted EBIT 4

127.7

90.5

41 %


Adjusted EBIT margin 4


11.1%


8.7%


240 bps

Depreciation and amortization – segments

43.3

44.5

Depreciation and amortization – unallocated 5

2.8

3.0

Adjusted EBITDA 4

$     173.8

$     138.0

26 %


Adjusted EBITDA margin


15.1%


13.2%


190 bps


LAST SIX QUARTERS 1


2019


2020


2021


Selected Figures (In Millions)


4Q


1Q


2Q


3Q


4Q


1Q

Net trade sales

1,144.9

1,045.5

845.1

1,207.6

1,182.0

1,150.9

Sales growth (vs. prior year)

9 %

(9)%

(30)%

(3)%

3 %

10 %

Volume growth (same locations vs. prior year)

(1)%

(9)%

(29)%

(3)%

3 %

4 %

Adjusted EBIT 4

125.7

90.5

50.3

155.9

156.0

127.7

Cash from operations

251.4

10.4

112.1

261.3

218.8

(10.6)

Adjusted EBITDA (trailing twelve months) 4

689.9

675.7

596.3

610.6

642.1

677.9

(Long-term debt + current maturities – cash and equivalents) / adj. EBITDA 4,6

2.71

2.90

3.23

2.81

2.42

2.46


Organic Sales (Vs. Prior Year) 7


4Q


1Q


2Q


3Q


4Q


1Q

Bedding Products

(10)%

(15)%

(28)%

(1)%

5 %

12 %

Specialized Products

4 %

(11)%

(47)%

(9)%

1 %

9 %

Furniture, Flooring & Textile Products

(2)%

(7)%

(25)%

(2)%

3 %

12 %

     Overall 

(4)%

(12)%

(31)%

(3)%

3 %

11 %


2Segment and overall company margins calculated on net trade sales.


3bps = basis points; a unit of measure equal to 1/100th of 1%.


4Refer to next page for non-GAAP reconciliations.


5Consists primarily of depreciation of non-operating assets.


6EBITDA based on trailing twelve months. 


7Net trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months.

 


LEGGETT & PLATT


RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 1, 12



Non-GAAP
A
djustments

8


2019


2020


2021

(In millions, except per share data)


4Q


1Q


2Q


3Q


4Q


1Q

Goodwill impairment

–

–

25.4

–

–

–

Note impairment

–

8.4

–

–

–

–

Stock write-off from prior year divestiture

–

3.5

–

–

–

–

Restructuring-related charges

2.9

–

2.2

5.7

–

–



Non-GAAP
A
djustments (
P
retax)

9


2.9


11.9


27.6


5.7


–


–

Income tax impact

0.4

(2.9)

(0.2)

(1.3)

–

–


Non-GAAP Adjustments (After Tax)


3.3


9.0


27.4


4.4


–


–

Diluted shares outstanding

135.8

135.6

135.7

136.1

136.2

136.3


EPS Impact of Non-GAAP Adjustments


0.02


0.07


0.20


0.03


–


–



Adjusted EBIT, EBITDA, Margin, and EPS

8


2019


2020


2021

(In millions, except per share data)


4Q


1Q


2Q


3Q


4Q


1Q

Net trade sales

1,144.9

1,045.5

845.1

1,207.6

1,182.0

1,150.9

EBIT (earnings before interest and taxes)

122.8

78.6

22.7

150.2

156.0

127.7

Non-GAAP adjustments (pretax and excluding interest)

2.9

11.9

27.6

5.7

–

–


Adjusted EBIT


125.7


90.5


50.3


155.9


156.0


127.7

EBIT margin

10.7%

7.5%

2.7%

12.4%

13.2%

11.1%


Adjusted EBIT Margin


11.0%


8.7%


6.0%


12.9%


13.2%


11.1%

EBIT

122.8

78.6

22.7

150.2

156.0

127.7

Depreciation and amortization

47.2

47.5

46.5

47.0

48.4

46.1

EBITDA

170.0

126.1

69.2

197.2

204.4

173.8

Non-GAAP adjustments (pretax and excluding interest)

2.9

11.9

27.6

5.7

–

–


Adjusted EBITDA


172.9


138.0


96.8


202.9


204.4


173.8

EBITDA margin

14.8%

12.1%

8.2%

16.3%

17.3%

15.1%


Adjusted EBITDA Margin


15.1%


13.2%


11.5%


16.8%


17.3%


15.1%

Diluted EPS

0.57

0.33

(0.05)

0.79

0.79

0.64

EPS impact of non-GAAP adjustments

0.02

0.07

0.20

0.03

–

–


Adjusted EPS


0.59


0.40


0.15


0.82


0.79


0.64


2019


2020


2021


Net Debt to Adjusted EBITDA 10


4Q


1Q


2Q


3Q


4Q


1Q

Total debt

2,117.6

2,466.4

2,134.3

1,960.2

1,900.2

2,003.7

Less: cash and equivalents

(247.6)

(505.8)

(208.8)

(245.0)

(348.9)

(333.8)

Net debt

1,870.0

1,960.6

1,925.5

1,715.2

1,551.3

1,669.9

Adjusted EBITDA, trailing 12 months

689.9

675.7

596.3

610.6

642.1

677.9


Net Debt / Leggett Reported 12-month Adjusted EBITDA


2.71


2.90


3.23


2.81


2.42


2.46


Net Debt / Leggett and ECS 12-month Pro Forma Adjusted EBITDA 11


2.71


8 Management and investors use these measures as supplemental information to assess operational performance.


9 The non-GAAP adjustments affected various line items on the income statement. Details by quarter: 4Q 2019: $2.9 million other expense.
    1Q 2020: $8.4 million SG&A, $3.5 million other expense.  2Q 2020: ($0.2) COGS, $27.8 million other expense.  3Q 2020: $5.1 million other expense, $0.6 million in COGS.


10 Management and investors use this ratio as supplemental information to assess ability to pay off debt.  These ratios are calculated differently than the Company’s credit
    facility covenant ratio.


11 The Leggett and ECS pro forma adjusted EBITDA for the 12 months ended December 31, 2019 is presented in the table below. 
     Because the increase in debt from December 31, 2018 to December 31, 2019 was directly attributable to the ECS acquisition, we believe it is more meaningful to
     investors to include ECS’s pre-acquisition EBITDA for the trailing 12 months ended December 31, 2019 in the net debt / 12-month adjusted EBITDA calculation.

ECS pre-acquisition EBITDA from (amounts in millions):

1/1/19 –  1/16/19

Net earnings

(1)

Interest expense

1

Taxes

–

EBIT

–

Depreciation and amortization

1

EBITDA

1

Leggett adjusted EBITDA, trailing 12 months (including ECS from January 16, 2019)

690

ECS pre-acquisition EBITDA

1

Leggett and ECS pro forma adjusted EBITDA, trailing 12 months

691


Net Debt / Leggett and ECS 12-month Pro Forma Adjusted EBITDA


2.71


12Calculations impacted by rounding.

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/leggett–platt-reports-record-1q-ebit-and-eps-increases-2q-dividend-301282499.html

SOURCE Leggett & Platt

Posted on

W. R. Berkley Corporation Names Linda A. Eppolito President of Berkley Oil & Gas

W. R. Berkley Corporation Names Linda A. Eppolito President of Berkley Oil & Gas

GREENWICH, Conn.–(BUSINESS WIRE)–W. R. Berkley Corporation (NYSE: WRB) today announced the appointment of Linda A. Eppolito as president of Berkley Oil & Gas. She succeeds Carol A. Randall, who has been named chairman of the operating unit. The appointments are effective immediately.

Ms. Eppolito joined Berkley Oil & Gas in July 2010, most recently serving as its chief financial officer. She has 27 years of property and casualty insurance industry experience and extensive knowledge within the energy specialty. She is a Certified Public Accountant and holds a Bachelors of Business Administration from Baruch College and an MBA from Houston Baptist University.

Ms. Randall joined Berkley Oil & Gas in 2009 to build, develop and lead the newly formed business. As chairman of Berkley Oil & Gas, she will actively support the team across industry matters that impact our business partners, brokers and insureds and throughout the energy industry.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented on the appointment, “Carol has made a tremendous contribution to our Company. Under her direction, Berkley Oil & Gas has become a leading provider of specialized coverages and risk services to clients in the energy industry. She has also brought great value to the organization on multiple levels beyond Berkley Oil & Gas during her tenure. Carol will to continue to provide her knowledge, expertise and guidance to the operation as well as the broader W. R. Berkley Corporation.

“Linda has been with the group as part of Berkley Oil & Gas since nearly its formation and has partnered closely with Carol in developing this outstanding business. Her knowledge and expertise combined with the strength of the highly skilled team will provide for an extremely smooth transition as well as ensuring a bright future for all stakeholders. We are extremely pleased that Linda has taken on this role.”

For further info about products and services available from Berkley Oil & Gas, please visit https://www.berkleyoil-gas.com.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

Karen A. Horvath

Vice President – External

Financial Communications

(203) 629-3000

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Insurance Human Resources Finance Consulting Banking Accounting Oil/Gas Professional Services Small Business Energy

MEDIA:

Posted on

Extreme Networks Announces Virtual Investor and User Conference Schedule for May and June 2021

PR Newswire

SAN JOSE, Calif., May 3, 2021 /PRNewswire/ — Extreme Networks, Inc. (Nasdaq: EXTR), a cloud-driven networking company, today announced announced its conference schedule for May and June:

  • Extreme Virtual Tech Talk Hosted by B. Riley

    Nabil Bukhari, Chief Technology Officer & Chief Product Officer
    Monday, May 10, 2021
    12:00 PM ET presentation

  • J.P. Morgan 49th Annual Global Technology, Media and Communications Virtual Conference

    Ed Meyercord, President & CEO
    Monday, May 24, 2021
    11:00 AM ET presentation and available for virtual 1×1 meetings throughout the day

  • Extreme Networks Third Annual Connect User Conference

    Wednesday, May 26 to Thursday, May 27, 2021
    Virtual keynotes, technical breakouts and demos open to registered participants.
    Registered investors and analysts will receive additional details for Executive management Q&A sessions in the coming weeks.
    Register at: https://connect.extremenetworks.com/ 

  • Cowen 49th Annual Technology, Media & Telecom Virtual Conference

    Ed Meyercord, President & CEO and Rémi Thomas, CFO
    Tuesday, June 1, 2021
    3:50 PM EDT presentation and available for virtual 1×1 meetings throughout the day

  • Craig-Hallum 18th Annual Institutional Investor Virtual Conference
    Rémi Thomas, CFO
    Wednesday, June 2, 2021
    Available for virtual 1×1 meetings throughout the day

Live webcasts from the conference presentations will be accessible under Events & Presentations on the Investor Relations section of the Extreme Networks’ website at http://investor.extremenetworks.com and will be archived for at least 30 days following the live presentation.

About Extreme Networks:
Extreme Networks, Inc. (EXTR) creates effortless networking experiences that enable all of us to advance. We push the boundaries of technology leveraging the powers of machine learning, artificial intelligence, analytics, and automation. Over 50,000 customers globally trust our end-to-end, cloud-driven networking solutions and rely on our top-rated services and support to accelerate their digital transformation efforts and deliver progress like never before. For more information, visit Extreme’s website or follow us on Twitter, LinkedIn, and Facebook.

Extreme Networks and the Extreme Networks logo are either trademarks or registered trademarks of Extreme Networks, Inc. in the United States and/or other countries.

Cision View original content:http://www.prnewswire.com/news-releases/extreme-networks-announces-virtual-investor-and-user-conference-schedule-for-may-and-june-2021-301282496.html

SOURCE Extreme Networks, Inc.

Posted on

Alkami To Announce First Quarter 2021 Financial Results

PR Newswire

PLANO, Texas, May 3, 2021 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for U.S.-based financial institutions, today announced that it plans to report financial results for its first quarter ended March 31, 2021, on Tuesday, May 11, 2021, after the market closes.

The Company will host a conference call at 5:00 p.m. ET the same day to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 833-607-1667 and internationally at 914-987-7879. A replay will be available at 855-859-2056 or 404-537-3406, using passcode 3774803, and on the Alkami investor relations website.

About Alkami 
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the U.S. that offers digital banking and fraud protection services to more than 225 banks and credit unions. Alkami’s bold investments in people and technology enable remarkable financial institutions to grow confidently, adapt quickly and build thriving digital communities. Alkami was recognized in 2018, 2019 and 2020 as a Deloitte Technology Fast 500 company in North America. 

To learn more about Alkami or to request a demo visit alkami.com. 

Investor Relations Contact

Rhett Butler

[email protected]

Media Relations Contact 
Jennifer Cortez 
[email protected]

Audrey Pennisi


[email protected]
 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/alkami-to-announce-first-quarter-2021-financial-results-301282488.html

SOURCE Alkami Technology, Inc.

Posted on

Ellington Residential Mortgage REIT Reports First Quarter 2021 Results

Ellington Residential Mortgage REIT Reports First Quarter 2021 Results

OLD GREENWICH, Conn.–(BUSINESS WIRE)–
Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today reported financial results for the quarter ended March 31, 2021.

Highlights

  • Net income of $0.1 million, or $0.01 per share.
  • Core Earnings1 of $3.8 million, or $0.31 per share.
  • Book value of $13.22 per share as of March 31, 2021, which includes the effect of a first quarter dividend of $0.28 per share. Economic return of 0.1% for the quarter.
  • Net interest margin2 of 1.96%.
  • Weighted average constant prepayment rate (“CPR”) for the fixed-rate Agency specified pool portfolio of 23.6%.
  • Dividend yield of 9% based on the April 30, 2021 closing stock price of $12.44.
  • Debt-to-equity ratio of 6.8:1 as of March 31, 2021; adjusted for unsettled purchases and sales, the debt-to-equity ratio was 7.0:1.
  • Net mortgage assets-to-equity ratio of 6.2:1 3as of March 31, 2021.
  • Cash and cash equivalents of $52.5 million as of March 31, 2021, in addition to other unencumbered assets of $48.2 million.

First Quarter 2021 Results

“Despite rising long-term interest rates, a steepening yield curve, and increased interest rate volatility during the first quarter, EARN’s book value was stable, and Core Earnings remained strong. Although most Agency RMBS prices declined during the quarter, performance across subsectors diverged sharply. The increase in interest rates led to reduced expectations for prepayment rates, which boosted performance of higher-coupon RMBS, put downward pressure on pay-ups for prepayment-protected specified pools, and caused significant price declines for lower coupon RMBS in the face of heightened extension risk,” said Laurence Penn, Chief Executive Officer and President.

“Gains on our interest rate hedges and interest-only securities, together with net interest income, more than offset net realized and unrealized losses in the portfolio. Given the opportunities presented by wider yield spreads during the quarter, we used our strong balance sheet to add some attractively priced pools, which increased our leverage incrementally.

“Looking forward, while prepayment speeds remain elevated, we are seeing signs that the prepayment wave may be abating. In this environment, it’s critical to be mindful of both the prepayment risks and the extension risks that are present in the market. We believe that such a rapidly shifting market plays to our strengths, where asset selection and risk management will continue to drive performance. Finally, we will continue to deploy a dynamic and adaptive hedging strategy to protect book value.”

____________________

1 Core Earnings is a non-GAAP financial measure. See “Reconciliation of Core Earnings to Net Income (Loss)” below for an explanation regarding the calculation of Core Earnings.

2 Net interest margin excludes the effect of the Catch-up Premium Amortization Adjustment.

3 The Company defines its net mortgage assets-to-equity ratio as the net aggregate market value of its mortgage-backed securities (including the underlying market values of its long and short TBA positions) divided by total shareholders’ equity. As of March 31, 2021 the market value of the Company’s mortgage-backed securities and its net short TBA position was $1.20 billion and $(186.4) million, respectively, and total shareholders’ equity was $163.1 million.

Financial Results

The following table summarizes the Company’s portfolio of RMBS as of March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

December 31, 2020

(In thousands)

Current

Principal

 

Fair Value

 

Average

Price(1)

 

Cost

 

Average

Cost(1)

 

Current

Principal

 

Fair Value

 

Average

Price(1)

 

Cost

 

Average

Cost(1)

Agency RMBS(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15-year fixed-rate mortgages

$

113,924

 

 

$

120,774

 

 

$

106.01

 

 

$

118,491

 

 

$

104.01

 

 

$

77,578

 

 

$

83,159

 

 

$

107.19

 

 

$

80,144

 

 

$

103.31

 

20-year fixed-rate mortgages

40,845

 

 

41,981

 

 

102.78

 

 

42,441

 

 

103.91

 

 

42,559

 

 

44,763

 

 

105.18

 

 

44,247

 

 

103.97

 

30-year fixed-rate mortgages

868,413

 

 

933,001

 

 

107.44

 

 

907,057

 

 

104.45

 

 

763,563

 

 

834,881

 

 

109.34

 

 

799,360

 

 

104.69

 

ARMs

17,509

 

 

18,442

 

 

105.33

 

 

17,998

 

 

102.79

 

 

19,459

 

 

20,442

 

 

105.05

 

 

19,981

 

 

102.68

 

Reverse mortgages

58,960

 

 

64,164

 

 

108.83

 

 

62,516

 

 

106.03

 

 

61,653

 

 

67,474

 

 

109.44

 

 

65,494

 

 

106.23

 

Total Agency RMBS

1,099,651

 

 

1,178,362

 

 

107.16

 

 

1,148,503

 

 

104.44

 

 

964,812

 

 

1,050,719

 

 

108.90

 

 

1,009,226

 

 

104.60

 

Non-Agency RMBS

12,835

 

 

10,370

 

 

80.79

 

 

8,572

 

 

66.79

 

 

23,140

 

 

17,612

 

 

76.11

 

 

15,369

 

 

66.42

 

Total RMBS(2)

1,112,486

 

 

1,188,732

 

 

106.85

 

 

1,157,075

 

 

104.01

 

 

987,952

 

 

1,068,331

 

 

108.14

 

 

1,024,595

 

 

103.71

 

Agency IOs

n/a

 

15,897

 

 

n/a

 

16,508

 

 

n/a

 

n/a

 

13,049

 

 

n/a

 

15,434

 

 

n/a

Total mortgage-backed securities

 

 

$

1,204,629

 

 

 

 

$

1,173,583

 

 

 

 

 

 

$

1,081,380

 

 

 

 

$

1,040,029

 

 

 

 
(1) Represents the dollar amount (not shown in thousands) per $100 of current principal of the price or cost for the security.
(2) Excludes Agency IOs.

The Company’s Agency RMBS holdings increased by 12% to $1.178 billion as of March 31, 2021, from $1.051 billion as of December 31, 2020. Over the same period, the Company’s non-Agency RMBS holdings decreased by 41% to $10.4 million, from $17.6 million, as the Company continued to monetize gains in this sector in the first quarter.

Driven primarily by increased borrowings related to the larger Agency RMBS portfolio, the Company’s debt-to-equity ratio, adjusted for unsettled purchases and sales, increased to 7.0:1 as of March 31, 2021, as compared to 6.1:1 as of December 31, 2020. Similarly, the Company’s net mortgage assets-to-equity ratio increased to 6.2:1 as of March 31, 2021 as compared to 5.6:1 as of December 31, 2020. Substantially all of the Company’s borrowings were secured by specified pools as of March 31, 2021.

During the quarter, long-term interest rates increased, actual and implied volatility rose, and the yield curve steepened. As a result, Agency RMBS durations extended and yield spreads widened, and most Agency RMBS prices declined sharply, particularly for lower coupon RMBS, which had the greatest declines. The price declines in lower coupon RMBS generated significant losses in the Company’s long TBA portfolio, which was concentrated in lower coupons. The increase in long-term interest rates also reduced the demand for prepayment protection, which caused prepayment protected specified pools to further underperform. Because the Company’s long investment portfolio is concentrated in prepayment-protected specified pools, this underperformance was a further drag on results for the quarter. Meanwhile, the rise in long-term interest rates drove net gains on the Company’s interest rate hedges and Agency interest-only securities, which along with net carry from the portfolio, more than offset the net losses on the Company’s long Agency RMBS holdings.

The declining pay-ups on the Company’s existing specified pool investments, together with the Company’s focus on low pay-up specified pools for its additional purchases during the quarter, caused the average pay-ups on the Company’s specified pools to decline to 1.61% as of March 31, 2021, as compared to 2.40% as of December 31, 2020. Pay-ups are price premiums for specified pools relative to their TBA counterparts.

During the quarter, the Company continued to hedge interest rate risk through the use of interest rate swaps and short positions in TBAs, U.S. Treasury securities, and futures. Similar to the prior two quarters, the Company ended the first quarter with a small net short overall TBA position on a notional basis while maintaining a small net long overall TBA position as measured by 10-year equivalents. Ten-year equivalents for a group of positions represent the amount of 10-year U.S. Treasury securities that would be expected to experience a similar change in market value under a standard parallel move in interest rates.

Non-Agency RMBS yield spreads continued to tighten during the quarter and in response the Company continued to opportunistically reduce the size of this portfolio, which generated net realized gains. The Company expects to continue to vary its allocation to non-Agency RMBS as market opportunities change over time.

Net interest margin and core earnings decreased quarter over quarter. These decreases were primarily driven by lower asset yields.

Reconciliation of Core Earnings to Net Income (Loss)

Core Earnings consists of net income (loss), excluding realized and change in net unrealized gains and (losses) on securities and financial derivatives, and excluding, if applicable, any non-recurring items of income or loss. Core Earnings also excludes the effect of the Catch-up Premium Amortization Adjustment on interest income. The Catch-up Premium Amortization Adjustment is a quarterly adjustment to premium amortization triggered by changes in actual and projected prepayments on the Company’s Agency RMBS (accompanied by a corresponding offsetting adjustment to realized and unrealized gains and losses). The adjustment is calculated as of the beginning of each quarter based on the Company’s then-current assumptions about cashflows and prepayments, and can vary significantly from quarter to quarter. Core Earnings includes net realized and change in net unrealized gains (losses) associated with periodic settlements on interest rate swaps.

Core Earnings is a supplemental non-GAAP financial measure. The Company believes that Core Earnings provides information useful to investors because it is a metric that the Company uses to assess its performance and to evaluate the effective net yield provided by the portfolio. Moreover, one of the Company’s objectives is to generate income from the net interest margin on the portfolio, and Core Earnings is used to help measure the extent to which this objective is being achieved. In addition, the Company believes that presenting Core Earnings enables its investors to measure, evaluate and compare its operating performance to that of its peer companies. However, because Core Earnings is an incomplete measure of the Company’s financial results and differs from net income (loss) computed in accordance with GAAP, it should be considered as supplementary to, and not as a substitute for, net income (loss) computed in accordance with GAAP.

The following table reconciles, for the three-month periods ended March 31, 2021 and December 31, 2020, the Company’s Core Earnings to the line on the Company’s Consolidated Statement of Operations entitled Net Income (Loss), which the Company believes is the most directly comparable GAAP measure:

 

 

Three-Month Period Ended

(In thousands except share amounts)

 

March 31, 2021

 

December 31, 2020

Net Income (Loss)

 

$

127

 

 

$

7,394

 

Adjustments:

 

 

 

 

Net realized (gains) losses on securities

 

(3,081

)

 

(862

)

Change in net unrealized (gains) losses on securities

 

10,308

 

 

2,259

 

Net realized (gains) losses on financial derivatives

 

5,150

 

 

(2,395

)

Change in net unrealized (gains) losses on financial derivatives

 

(8,215

)

 

(2,338

)

Net realized gains (losses) on periodic settlements of interest rate swaps

 

(386

)

 

(648

)

Change in net unrealized gains (losses) on accrued periodic settlements of interest rate swaps

 

(51

)

 

267

 

Negative (positive) component of interest income represented by Catch-up Premium Amortization Adjustment

 

(70

)

 

559

 

Subtotal

 

3,655

 

 

(3,158

)

Core Earnings

 

$

3,782

 

 

$

4,236

 

Weighted Average Shares Outstanding

 

12,343,542

 

 

12,336,088

 

Core Earnings Per Share

 

$

0.31

 

 

$

0.34

 

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT is a mortgage real estate investment trust that specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets, with a primary focus on residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government Agency or a U.S. government-sponsored enterprise. Ellington Residential Mortgage REIT is externally managed and advised by Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern Time on Tuesday, May 4, 2021, to discuss its financial results for the quarter ended March 31, 2021. To participate in the event by telephone, please dial (877) 437-3698 at least 10 minutes prior to the start time and reference the conference ID number 9695976. International callers should dial (810) 740-4679 and reference the same conference ID number. The conference call will also be webcast live over the Internet and can be accessed via the “For Our Shareholders” section of the Company’s web site at www.earnreit.com. To listen to the live webcast, please visit www.earnreit.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, the Company also posted an investor presentation, that will accompany the conference call, on the Company’s website at www.earnreit.com under “For Our Shareholders—Presentations.”

A dial-in replay of the conference call will be available on Tuesday, May 4, 2021, at approximately 2:00 p.m. Eastern Time through Tuesday, May 18, 2021 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 585-8367 and enter the conference ID number 9695976. International callers should dial (404) 537-3406 and enter the same conference ID number. A replay of the conference call will also be archived on the Company’s web site at www.earnreit.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company’s beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include, without limitation, the Company’s beliefs regarding the current economic and investment environment, the Company’s ability to implement its investment and hedging strategies, the Company’s future prospects and the protection of the Company’s net interest margin from prepayments, volatility and its impact on the Company, the performance of the Company’s investment and hedging strategies, the Company’s exposure to prepayment risk in the Company’s Agency portfolio, and statements regarding the drivers of the Company’s returns. The Company’s results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company’s control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company’s securities, changes in mortgage default rates and prepayment rates, the Company’s ability to borrow to finance its assets, changes in government regulations affecting the Company’s business, the Company’s ability to maintain its exclusion from registration under the Investment Company Act of 1940 and other changes in market conditions and economic trends, including changes resulting from the economic effects related to the COVID-19 pandemic, and associated responses to the pandemic. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed on March 16, 2021 which can be accessed through the link to the Company’s SEC filings under “For Our Shareholders” on the Company’s website (www.earnreit.com) or at the SEC’s website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports we file with the SEC, including reports on Forms 10-Q, 10-K and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

ELLINGTON RESIDENTIAL MORTGAGE REIT

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

Three-Month Period Ended

 

 

March 31, 2021

 

December 31, 2020

(In thousands except share amounts)

 

 

 

 

INTEREST INCOME (EXPENSE)

 

 

 

 

Interest income

 

$

6,535

 

 

$

6,174

 

Interest expense

 

(781

)

 

(716

)

Total net interest income

 

5,754

 

 

5,458

 

EXPENSES

 

 

 

 

Management fees to affiliate

 

614

 

 

626

 

Professional fees

 

271

 

 

199

 

Compensation expense

 

177

 

 

175

 

Insurance expense

 

86

 

 

82

 

Other operating expenses

 

317

 

 

318

 

Total expenses

 

1,465

 

 

1,400

 

OTHER INCOME (LOSS)

 

 

 

 

Net realized gains (losses) on securities

 

3,081

 

 

862

 

Net realized gains (losses) on financial derivatives

 

(5,150

)

 

2,395

 

Change in net unrealized gains (losses) on securities

 

(10,308

)

 

(2,259

)

Change in net unrealized gains (losses) on financial derivatives

 

8,215

 

 

2,338

 

Total other income (loss)

 

(4,162

)

 

3,336

 

NET INCOME (LOSS)

 

$

127

 

 

$

7,394

 

NET INCOME (LOSS) PER COMMON SHARE:

 

 

 

 

Basic and Diluted

 

$

0.01

 

 

$

0.60

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

12,343,542

 

 

12,336,088

 

CASH DIVIDENDS PER SHARE:

 

 

 

 

Dividends declared

 

$

0.28

 

 

$

0.28

 

 

ELLINGTON RESIDENTIAL MORTGAGE REIT

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

 

 

As of

 

 

March 31, 2021

 

December 31, 2020(1)

(In thousands except share amounts)

 

 

 

 

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

52,500

 

 

$

58,166

 

Mortgage-backed securities, at fair value

 

1,204,629

 

 

1,081,380

 

Other investments, at fair value

 

289

 

 

292

 

Due from brokers

 

57,375

 

 

47,798

 

Financial derivatives–assets, at fair value

 

11,415

 

 

2,791

 

Reverse repurchase agreements

 

98,904

 

 

—

 

Receivable for securities sold

 

2,192

 

 

—

 

Interest receivable

 

4,132

 

 

4,114

 

Other assets

 

651

 

 

270

 

Total Assets

 

$

1,432,087

 

 

$

1,194,811

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

LIABILITIES

 

 

 

 

Repurchase agreements

 

$

1,106,724

 

 

$

1,015,245

 

Payable for securities purchased

 

146,181

 

 

—

 

Due to brokers

 

3,456

 

 

1,064

 

Financial derivatives–liabilities, at fair value

 

7,093

 

 

6,630

 

Dividend payable

 

3,456

 

 

3,456

 

Accrued expenses

 

811

 

 

918

 

Management fee payable to affiliate

 

614

 

 

626

 

Interest payable

 

613

 

 

470

 

Total Liabilities

 

1,268,948

 

 

1,028,409

 

SHAREHOLDERS’ EQUITY

 

 

 

 

Preferred shares, par value $0.01 per share, 100,000,000 shares authorized; (0 shares issued and outstanding, respectively)

 

—

 

 

—

 

Common shares, par value $0.01 per share, 500,000,000 shares authorized; (12,343,542 and 12,343,542 shares issued and outstanding, respectively)

 

123

 

 

123

 

Additional paid-in-capital

 

229,680

 

 

229,614

 

Accumulated deficit

 

(66,664

)

 

(63,335

)

Total Shareholders’ Equity

 

163,139

 

 

166,402

 

Total Liabilities and Shareholders’ Equity

 

$

1,432,087

 

 

$

1,194,811

 

SUPPLEMENTAL PER SHARE INFORMATION

 

 

 

 

Book Value Per Share

 

$

13.22

 

 

$

13.48

 

(1) Derived from audited financial statements as of December 31, 2020.

 

Investors:

Investor Relations

Ellington Residential Mortgage REIT

(203) 409-3773

[email protected]

or

Media:

Amanda Klein or Kevin FitzGerald

Gasthalter & Co.

for Ellington Residential Mortgage REIT

(212) 257-4170

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Construction & Property REIT

MEDIA:

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