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The deal represents the fourth major province to ink such an agreement with the Company for its proprietary cannabis line for the Canadian market

LAVAL, QC, April 28, 2021 /PRNewswire/ – Neptune Wellness Solutions, Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT) (TSX: NEPT) has entered into a supply agreement with Alberta Gaming, Liquor and Cannabis (AGLC), the wholesaler and sole online retailer for recreational cannabis in Alberta, for the sale and distribution of Neptune’s proprietary recreational cannabis brand, Mood Ring. 

This is the fourth supply agreement the Company has secured with a provincial cannabis wholesaler, and enables Neptune to sell recreational cannabis products, through its Mood Ring and PanHash brands, to over 1,600 retailers across British Columbia, Alberta, Ontario and Quebec. These four provinces accounted for over 80% of the Canadian cannabis retail sales in 2020, with the AGLC agreement empowering Neptune to rapidly expand in the recreational arena. 

“We are very pleased to announce this supply agreement and the upcoming launch of our Mood Ring products in the Alberta market. Alberta was the early leader in Canadian cannabis store rollout and combined with our previously announced agreements with British Columbia, Ontario and Quebec makes our high quality and affordable cannabis products accessible to over 80% of the Canadian cannabis market to date,” said Michael Cammarata, Chief Executive Officer and President of Neptune.

Alberta is Canada’s second largest market for adult-use cannabis products, trailing only the Ontario market. The agreement authorizes Neptune to supply Mood Ring products to AGLC for sale and wholesale distribution. The products are anticipated to be available for purchase this summer by over 600 licensed private retailers in Alberta and online through AlbertaCannabis.org.

Under the agreement, Neptune will supply AGLC with a range of affordable, sustainable and premium cannabis products under the Mood Ring brand for consumer use. Mood Ring uses Neptune’s proprietary cold ethanol extraction process technology to create full spectrum extracts for the Company’s oil and capsule products, while the Company’s solventless extraction processes are used for Mood Ring’s Hashish products. All cannabis products are manufactured at the Company’s purpose-built facility in Sherbrooke, Quebec.

For more information visit https://www.neptunecorp.com/.

About Neptune Wellness Solutions Inc.
Neptune Wellness Solutions is a diversified and fully integrated health and wellness company.  With a mission to redefine health and wellness, Neptune is focused on building a broad portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled up and down or into adjacent product categories to identify new innovation opportunities, quickly adapt to consumer preferences and demand, and bring new products to market through its mass retail partners and e-commerce channels. Leveraging decades of expertise in extraction and product formulation, Neptune is a leading provider of turnkey product development and supply chain solutions to business customers across several health and wellness verticals, including legal cannabis and hemp, nutraceuticals and white label consumer packaged goods. The Company has a strong position in cannabis and hemp with research, development and commercialization focused on the use of cannabinoids in household products to make them safer, healthier and more effective. Neptune’s corporate headquarters is located in Laval, Quebec, with a 50,000-square-foot production facility located in Sherbrooke, Quebec and a 24,000 square-foot facility located in North Carolina. For additional information, please visit: https://neptunecorp.com/

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the U.S. securities laws and Canadian securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of Neptune to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes”, “belief”, “expects”, “intends”, “projects”, “anticipates”, “will”, “should” or “plans” to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement and the “Cautionary Note Regarding Forward-Looking Information” section contained in Neptune’s latest Annual Information Form (the “AIF”), which also forms part of Neptune’s latest annual report on Form 40-F, and which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml and on the investor section of Neptune’s website at www.neptunecorp.com. All forward-looking statements in this press release are made as of the date of this press release. Neptune does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in Neptune public securities filings with the Securities and Exchange Commission and the Canadian securities commissions. Additional information about these assumptions and risks and uncertainties is contained in the AIF under “Risk Factors”.

Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Neptune Wellness Solutions Inc.

SEATTLE and SAN FRANCISCO, April 28, 2021 /PRNewswire/ — With the Great Reshuffling underway and the prospect of permanent work-from-home arrangements becoming more likely, the popularity of a “digital nomadic lifestyle” is likely to trend upward. This new report from Zillow® and Yelp Inc. (NYSE: YELP) ranks the top U.S. destinations best suited for digital nomads.

Digital nomads are those able to move from location to location, staying connected to work and family digitally, while experiencing new adventures in unfamiliar destinations. Whether looking for a new city or town to experience for one month or six months, digital nomads may be exploring various locations in hopes of eventually making a permanent move.

“It is clear that this past year has caused many to reconsider their housing needs and wants — and sometimes that means not wanting to be tied to one spot for too long,” says Zillow economic data analyst Nicole Bachaud. “Amenity-rich places with a lot of affordable rental units with shorter leasing terms are appealing to many people who no longer have to punch in at the office. More than 1-in-10 Americans have already moved in the past year, but we think the Great Reshuffling is just getting started.”

Nearly 11 million American workers currently describe themselves as digital nomads, an increase of 49% from 2019, according to Independent talent provider MBO Partners’ 2020 State of Independence research study. In 2020, the number of traditional workers working as digital nomads grew 96%, from 3.2 million to 6.3 million, according to the study. 

With National Moving Month right around the corner, Zillow and Yelp analyzed each company’s rich datasets to create a “Digital Nomad Index,” which ranks the top U.S. metros most favorable to the lifestyle.

Each metro earned an index score based on how well it performed across various criteria. Jacksonville, Florida, ranked No. 1 in the U.S. for digital nomads, followed by Austin, Texas. Filling out the top five are Boise, Idaho; Nashville, Tennessee; and Charleston, South Carolina.

“These destinations boast a mix of outdoor adventure and city perks that are appealing to the many young professionals who have transitioned to the nomadic lifestyle due to their new-found ability to work from anywhere,” says Yelp Trend Expert Tara Lewis. “They’re great for digital nomads, and offer a variety of highly rated local businesses and activities these folks are looking for, like shared office spaces, furniture rental, hiking, RV repairs, paddle boarding and more.”

The metros were scored on availability and relative affordability of rental units listed on Zillow that offer lease terms of less than one year, merged with Yelp data measuring consumer demand and the share of particularly curated business categories like vacation rentals, furniture assembly, auto and RV repairs, nightlife, and outdoorsy activities, among others. Yelp identified the places that were strongest in business categories associated with large relative growth during the pandemic, and Zillow pageview data was incorporated to suggest demand for a particular metro.  

A recent Zillow survey finds more than 1 in 10 Americans (11%) say they have already moved in the past year. Yelp’s recent Economic Average report found that the pandemic housing frenzy has continued through the first quarter of 2021, with consumer interest in real estate agents up more than 90% from a year ago in every state. Consumer interest for junk removal services more than doubled in every state as people prepared to move or declutter.

Top 10 U.S Metros for Digital Nomads, According to Yelp and Zillow: 

1.

Jacksonville, Florida

Typical rental rates: $960 per month¹

Taking the top spot is the largest city (by land area) in the continental United States – Jacksonville. With the chance to work and play in the midst of a plethora of beautiful outdoor scenic views in every direction and year-round weather that make almost every day a beach day, Jacksonville could be one of the most popular destinations for digital nomads. Page views to Jacksonville rental listings increased 120% over the same time last year.

Jacksonville is the most affordable metro in Florida for the typical digital nomad.² It’s also one of the top metros for consumer interest in business categories that a digital nomad might need or enjoy: Furniture assembly, shared office spaces, TV mounting, golf lessons, brewery tours, and more.

Local favorites include highly rated gems like Black Sheep Restaurant, Bold Bean Coffee Roasters and Secret Tiki Temple, and vacation getaways like Amelia Island, Ponte Vedra and Jacksonville Beach are a short drive away.

2. 

Austin, Texas

Typical rental rates: $1,323 per month

Austin is home to countless cultural, musical, and artistic amenities making it an ideal place for remote-work nomads looking for a wide variety of options for entertainment.

A panel of economists and real estate experts recently surveyed by Zillow expect Austin to be one of the nation’s hottest housing markets in 2021. Page views to rental listings in Austin are the second highest out of all metros analyzed, up 93% from the first quarter of last year.

With iconic food trucks and breakfast tacos, unique shops, boutiques, and live music, Austin scores the highest on the list for having the highest share of amenities likely sought-after by digital nomads. Local gems like Torchy’s Tacos, Allens Boots and the Elephant Room help make up the heart and soul of Austin, and are among the many highly-rated businesses on Yelp in the area.

In Austin, people can find Elite Austin a furniture rental service where Yelpers rave about the great customer service, and Createscape Coworking, a coworking space known for its abundance of meeting areas. Furniture rental and coworking spaces are key categories to help digital nomads maintain their lifestyles and Austin is among the nation’s top metros for both categories.

3.

Boise, Idaho

Typical rental rates: $1,495 per month

With the Rocky Mountains and plenty of rivers, lakes, and trails nearby, the Boise area offers access to an abundance of scenic work-from-anywhere locales and plenty of easy-to-access outdoorsy activities like skiing and hiking for when it’s time to play.

After hiking through the Boise foothills, it’s an easy walk to Restaurant Row on 8th Street, where residents can find highly rated businesses on Yelp Like Diablo & Sons Saloon, Bitter Creek Alehouse, and Fork. Boise is among the nation’s top metros for categories like RV repair, parking, trailer and RV dealers, and digital nomads can find highly rated businesses like Wandervans and Leisureland RV Center to help them explore the great outdoors.

Boise ranks among the top 20 for the number of available rental units, providing a wide variety of options for nomads who want to jump right into the action. Locals may have recognized the desire of nomads to come to their city, as it also ranks second amongst the metros for the largest year-over-year increase in rental listings offering lease terms less than one year.

4. Nashville, Tennessee
Typical rental rates: $1,369 per month

Located on the Cumberland River in the north central part of the state, Nashville is a digital nomad destination that checks all the boxes. Known for country music, hot chicken and a great shopping scene, “Music City” is home to iconic businesses like Hattie B’s and Prince’s Hot Chicken Shack, Robert’s Western World, and White’s Mercantile.

Page views to rental listings in the metro increased 18.6% compared to the same time last year, indicating continued demand to this popular destination.

5.

Charleston, South Carolina

Typical rental rates: $1,645 per month

Charleston landed in the top 5 in large part because of the immense amount of available rentals, scoring higher than the other six South Carolina metropolitan areas analyzed, which means increased chances of finding a place that fits the digital nomad lifestyle.

Here, people can visit nearby Sullivan’s Island and Folly Beach for some sun and sand, and find amazing restaurants like Leon’s Fine Poultry and Oysters, Husk and Xiao Biscuit.

6.

San Jose, California

Typical rental rates: $2,511 per month

Known as the Silicon Valley hub of technology companies, San Jose also offers digital nomads a bustling international food scene featuring authentic cuisine from India, Ethiopia, Vietnam, and beyond. And it doesn’t hurt having the beach only a short drive away.

San Jose is the most expensive metro on this list, but also features the third-highest inventory levels for rental units offering lease terms less than one year.

7.

Fort Collins, Colorado

Typical rental rates: $1,795 per month

Situated beside the Cache la Poudre River at the base of the Rocky Mountains, Fort Collins boasts a fantastic array of craft breweries, a vibrant biking culture, and access to beautiful natural areas. Most notably home to New Belgium Brewing Company, Horsetooth Reservoir, and Noosa Yoghurt, attractions that are just the tip of the iceberg of what this city has to offer.

“Colorado’s craft beer Capital” offers plenty of great vibes in the area packed with outdoor recreational opportunities and sunshine most of the year — the perfect combination for the digital nomad.

8.

Asheville, North Carolina

Typical rental rates: $1,782 per month

“Tucked peacefully in the Appalachian mountains, Asheville is truly a hidden gem. From live bluegrass at the Orange Peel to culinary masterpieces at Tupelo Honey, and adventures along the Blue Ridge Parkway, it’s easy to see why people are drawn to this destination,” says Lewis.

The median list price for relevant rentals in Asheville rose 8% year-over-year, signaling increasing demand in the area.

9.

Las Vegas, Nevada

Typical rental rates: $1,275 per month

Las Vegas boasts the second highest affordability index score out of all the other metros on our list. More than just the neon lights of the Strip, there is plenty to see and experience in Sin City. From hiking trails in Red Rock Canyon, to shopping at Downtown Summerlin to exploring the Arts District of Downtown Las Vegas.

10.

Salt Lake City, Utah

Typical rental rates: $1,761 per month

Salt Lake City is most-popular for its accessibility to some of the world’s most-popular ski runs and other outdoor recreation activities, like hiking, biking, camping and fishing, all within 30 minutes of the city.

From bike trails in Millcreek Canyon, to four seasons of world-class outdoor adventures at highly rated destinations like Solitude; nomads have endless options to live life to the fullest, just outside their back door.

Methodology:
The Digital Nomad Index is designed to highlight cities best suited for the lifestyle based on a mix of factors pertinent to those in the community. The collection of Yelp indicators and Zillow variables were each given 50% of the overall weight for the final index. Scores reflect data from Q1 2020 to Q1 2021. The metro in each state that ranked highest in the index was considered for inclusion in the final list.

Zillow analyzed five main variables:

• Year-over-year inventory of rentals with leasing terms less than 1 year
• Year-over-year pageviews of rentals with leasing terms less than 1 year
• Typical affordability of rentals with leasing terms less than 1 year
• Typical inventory counts of rentals with leasing terms less than 1 year
• Year-over-year price growth of rentals with leasing terms less than 1 year

Yelp started by finding U.S. metros that had the most positive change in consumer actions—page views, reviews, photos—in the 12-month period between March 2020 and February 2021, compared to the previous 12 months, to identify places that had experienced the biggest relative growth during the pandemic, including from digital nomads. Yelp then filtered out places that had already been on the upswing before the pandemic—namely, that had experienced the biggest increases in the prior 12-month period, March 2019 to February 2020, compared to March 2018 through February 2019.

Then we identified business categories that had grown the most in the cities with the biggest pandemic-era growth, and curated those categories most likely to be associated with digital nomads. We then ranked the 600 largest U.S. metro areas outside the 30 largest by the share of consumer actions and businesses that are in those business categories, reflecting metros with the most amenities sought after by digital nomads.

About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter.

As the most-visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.

Zillow Group’s brands, affiliates and subsidiaries include Zillow®; Zillow Offers®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Zillow Homes, Inc.; Trulia®; Out East®; StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

About Yelp Inc.:

Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos and review content, Yelp provides a one-stop local platform for consumers to discover, connect and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment or purchase. Yelp was founded in San Francisco in July 2004. Since then, Yelp has taken root in major metros in more than 30 countries.

¹Reflects February 2021 ZORI for rentals with lease less than 1 year.
²This analysis assumes digital nomads make an annual household income of roughly $90,000, representing the median household income of those working jobs likely to be remotable.

 

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SOURCE Zillow; Yelp Inc.

HOUSTON, Texas and VANCOUVER, Canada, April 28, 2021 /PRNewswire/ – ESSA Pharma Inc. (Nasdaq: EPIX) (“ESSA” or the “Company”), a clinical-stage pharmaceutical company focused on developing novel therapies for the treatment of prostate cancer, today announced that the Company has entered into a clinical trial collaboration and supply agreement with Bayer to evaluate ESSA’s lead product candidate, EPI-7386, a first-in-class N-terminal domain androgen receptor inhibitor, in combination with Bayer’s androgen receptor inhibitor, darolutamide, in patients with metastatic castration-resistant prostate cancer (“mCRPC”).

Under the terms of the agreement, Bayer may sponsor and conduct a Phase 1/2 study to evaluate the safety, pharmacokinetics and efficacy of the combination of EPI-7386 and darolutamide in mCRPC patients. ESSA will supply EPI-7386 for the trial and will retain all rights to EPI-7386. The clinical study is expected to start in 2021.

“We are delighted to collaborate with Bayer to explore the potential clinical role of EPI-7386 in combination with Bayer’s darolutamide in patients with metastatic castration-resistant prostate cancer, who have progressed on androgen deprivation therapy,” said Dr. David R. Parkinson, Chief Executive Officer, ESSA Pharma Inc. “Combining our two therapies will simultaneously target both ends of the androgen receptor, and potentially allow for a more potent approach to suppressing androgen activity. We look forward to investigating the combination of these therapies and their potential role together in the treatment of prostate cancer.”

About EPI-7386
EPI-7386 is an investigational, highly-selective, oral, small molecule inhibitor of the N-terminal domain of the androgen receptor. EPI-7386 is currently being studied in a Phase 1 clinical trial (NCT04421222) in men with metastatic castration-resistant prostate cancer (“mCRPC”) whose tumors have progressed on current standard-of-care therapies. The Phase I clinical trial of EPI-7386 began in Q3 of 2020 following FDA allowance of the IND and Health Canada acceptance. The U.S. FDA has granted Fast Track designation to EPI-7386 for the treatment of adult male patients with mCRPC resistant to standard-of-care treatment. ESSA retains all rights to EPI-7386 worldwide.

About ESSA Pharma Inc.
ESSA is a clinical-stage pharmaceutical company focused on developing novel and proprietary therapies for the treatment of patients with prostate cancer. For more information, please visit www.essapharma.com and follow us on Twitter under @ESSAPharma.

About Prostate Cancer
Prostate cancer is the second-most commonly diagnosed cancer among men and the fifth most common cause of male cancer death worldwide (Globocan, 2018). Adenocarcinoma of the prostate is dependent on androgen for tumor progression and depleting or blocking androgen action has been a mainstay of hormonal treatment for over six decades. Although tumors are often initially sensitive to medical or surgical therapies that decrease levels of testosterone, disease progression despite castrate levels of testosterone can lead to metastatic castration-resistant prostate cancer (“mCRPC”). The treatment of mCRPC patients has evolved rapidly over the past ten years. Despite these advances, many patients with mCRPC fail or develop resistance to existing treatments, leading to continued disease progression and limited survival rates.

Forward-Looking Statement Disclaimer
This release contains certain information which, as presented, constitutes “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and/or applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses expected future business and financial performance, containing words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions and includes, but is not limited to, statements regarding the sponsorship by Bayer of a Phase 1/2 combination study, the anticipated start date in 2021 of the clinical study, the potential results of the study and  other statements surrounding the Company’s clinical evaluation of EPI-7386.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or predict, and which may cause ESSA’s actual results, performance or achievements to be materially different from those expressed or implied thereby. Such statements reflect ESSA’s current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by ESSA as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. In making forward looking statements, ESSA may make various material assumptions, including but not limited to (i) the accuracy of ESSA’s financial projections; (ii) obtaining positive results of clinical trials; (iii) obtaining necessary regulatory approvals; and (iv) general business, market and economic conditions.

Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein and in ESSA’s Annual Report on Form 10-K dated December 15, 2021 under the heading “Risk Factors”, a copy of which is available on ESSA’s profile on  EDGAR at www.sec.gov, and as otherwise disclosed from time to time on ESSA’s SEDAR profile www.sedar.com.Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable Canadian and United States securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.

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SOURCE ESSA Pharma Inc

VANCOUVER, BC, April 28, 2021 /PRNewswire/ – WELL Health Technologies Corp. (TSXV: WELL) (the “Company” or “WELL“), a company focused on consolidating and modernizing clinical and digital assets within the primary healthcare sector, today announced that it has filed its Notice of an Intention to Make a Normal Course Issuer Bid (“NCIB“) with the Toronto Stock Exchange (“TSX“). The NCIB remains subject to approval by the TSX.

WELL believes that share purchases pursuant to the NCIB will contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders.  In the event that WELL believes that its common shares begin trading in a price range that does not adequately reflect their underlying value based on WELL’s business prospects and strong financial position, WELL may purchase shares pursuant to the NCIB.  Depending upon future price movements and other factors, WELL believes that its outstanding common shares represent an attractive investment and a desirable use of a portion of its corporate funds.

At the opening of the stock market on today’s date, the Company is expected to have 195,161,273 common shares issued and outstanding. Under the NCIB, if approved by the TSX, the Company may acquire up to an aggregate of 4,879,031 common shares over the next 12-month period, representing approximately 2.5% of the issued and outstanding common shares of the Company. 

Purchases subject to this NCIB will be carried out pursuant to open market transactions through the facilities of the TSX and any other available markets and alternative trading systems in Canada by a broker on behalf of the Company in accordance with applicable regulatory requirements.  All common shares purchased by the Company under the NCIB will be returned to treasury and cancelled.

To the knowledge of the Company, no director, senior officer or other insider of the Company or any of their associates currently intends to sell any common shares under this bid.  However, sales by such persons through the facilities of the TSX or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases.   The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased. The commencement and termination dates for this NCIB will be announced once the NCIB has been approved by the TSX.

WELL HEALTH TECHNOLOGIES CORP.

Per:     “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL

WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health.  As such, WELL owns and operates 27 primary healthcare clinics in both Canada and the US, operates a multi-national digital Electronic Medical Records (EMR) business serving thousands of healthcare clinics and health systems of all sizes, operates a multi-national portfolio of telehealth services which includes one of the largest telehealth service providers in Canada.  WELL is also a provider of digital health, billing and cybersecurity related technology solutions.  WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy.  WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL”.   To access the Company’s telehealth service, visit: tiahealth.com, and for corporate information, visit: www.well.company.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, without limitation, the expectation that, if the NCIB is approved by the TSX, the Company will conduct a Normal Course Issuer Bid and purchase the maximum number of common shares permissible thereunder as described in this news release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies.  The Company assumes that the NCIB will be approved by the TSX; however, there can be no assurance that approval will be obtained and the timing for such approval. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. WELL’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL ‘s control, and undue reliance should not be placed on such statements.  Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the NCIB, including that: the TSX may not approve the NCIB; WELL’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; risks inherent in the primary healthcare sector in general; that future results may vary from historical results; and that market competition may affect the outcome of the business, results and financial condition of WELL.  Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

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SOURCE WELL Health Technologies Corp.

DUBLIN, April 28, 2021 /PRNewswire/ — Alkermes plc (Nasdaq: ALKS) today reported financial results for the first quarter of 2021.

“Our first quarter results reflect solid execution against our strategy to grow revenues and actively manage our cost structure. As the country begins to see signs of recovery from the pandemic, we believe we are well-positioned to efficiently manage our business and to achieve our long-term profitability targets,” commented Iain Brown, Chief Financial Officer of Alkermes. “Today, we are reiterating our financial expectations for 2021, as we continue to position VIVITROL^® and ARISTADA^® for long-term growth, prepare for the anticipated launch of LYBALVI™, advance the clinical development program for nemvaleukin and invest in our neuroscience and oncology development pipeline.”

Quarter Ended March 31, 2021 Financial Results

Revenues

• Total revenues for the quarter were $251.4 million. This compared to $246.2 million for the same period in the prior year.
• Net sales of proprietary products for the quarter were $130.0 million, compared to $129.7 million for the same period in the prior year.
• Net sales of VIVITROL were $74.5 million, compared to $78.8 million for the same period in the prior year, representing a decrease of approximately 5%, primarily due to COVID-19-related disruptions.
• Net sales of ARISTADAⁱ were $55.4 million, compared to $51.0 million for the same period in the prior year, representing an increase of approximately 9%.
• Manufacturing and royalty revenues for the quarter were $119.8 million, compared to $116.3 million for the same period in the prior year.
• Manufacturing and royalty revenues from RISPERDAL CONSTA^®, INVEGA SUSTENNA^®/XEPLION^® and INVEGA TRINZA^®/TREVICTA^® were $75.7 million, compared to $82.2 million for the same period in the prior year.
• Manufacturing and royalty revenues from VUMERITY^® were $13.4 million, compared to $1.7 million for the same period in the prior year.

Costs and Expenses

• Total operating expenses for the quarter were $267.9 million, compared to $283.6 million for the same period in the prior year.
• Cost of Goods Manufactured and Sold were $41.0 million, compared to $47.2 million for the same period in the prior year.
• Research and Development (R&D) expenses were $92.3 million, compared to $93.3 million for the same period in the prior year.
• Selling, General and Administrative (SG&A) expenses were $125.2 million, compared to $133.4 million for the same period in the prior year.

Profitability

• Net loss according to generally accepted accounting principles in the U.S. (GAAP) was $22.4 million for the quarter, or a basic and diluted GAAP loss per share of $0.14. This compared to GAAP net loss of $38.7 million, or a basic and diluted GAAP loss per share of $0.24, for the same period in the prior year.
• Non-GAAP net income was $17.8 million for the quarter, or a non-GAAP basic and diluted earnings per share of $0.11. This compared to non-GAAP net income of $1.7 million, or a non-GAAP basic and diluted earnings per share of $0.01 for the same period in the prior year.

Balance Sheet

• At March 31, 2021, the company recorded cash, cash equivalents and total investments of $627.4 million, compared to $659.8 million at Dec. 31, 2020, driven primarily by the company’s operating results and changes in working capital. The company’s total debt outstanding as of March 31, 2021 was $297.7 million, following the March 2021 refinancing of the company’s term loan, which extended its maturity date to March 2026.

Financial Expectations for 2021

Alkermes reiterates its financial expectations for 2021, and the assumptions underlying such expectations, as set forth in its press release dated Feb. 11, 2021.

“We are intensely focused on increasing Alkermes’ value through the combination of scientific and business excellence. The first few months of 2021 were highlighted by important advancements in our nemvaleukin immuno-oncology program, including receipt of orphan drug designation for mucosal melanoma, initiation of ARTISTRY-6, a phase 2 trial to further evaluate nemvaleukin’s monotherapy utility in melanoma, entry into a clinical trial and supply agreement with MSD (a tradename of Merck & Co., Inc. Kenilworth, NJ, USA) in platinum-resistant ovarian cancer, and achievement of the first partial response in platinum-resistant ovarian cancer in the ARTISTRY-2 subcutaneous dosing study. At our recent Investor Day, we also introduced new assets from our pipeline, including our CoREST-selective HDAC inhibitor program, our orexin 2 receptor agonist program and our platform of engineered cytokines, including our tumor-targeted, split IL-12 fusion protein,” said Richard Pops, Chief Executive Officer of Alkermes. “Coupled with expected growth of our commercial portfolio, including the potential launch of LYBALVI™ and growth of VUMERITY^®, and a focus on efficiency, cost management and strong governance, we have the potential to drive significant growth and value creation in 2021 and beyond.”

Recent Events:

Nemvaleukin alfa (“nemvaleukin”, formerly referred to as ALKS 4230)

• In March 2021, nemvaleukin, the company’s investigational engineered interleukin-2 (IL-2) variant immunotherapy, was granted orphan drug designation for the treatment of mucosal melanoma by the U.S. Food and Drug Administration (FDA).
• In April 2021, the company entered into a clinical trial collaboration and supply agreement with MSD (a tradename of Merck & Co., Inc. Kenilworth, NJ, USA) for a planned phase 3 study to evaluate nemvaleukin in combination with KEYTRUDA^® (pembrolizumab), in comparison to investigator choice chemotherapy in patients with platinum-resistant ovarian cancer. The study is planned to initiate in the second half of 2021.
• In April 2021, the company initiated ARTISTRY-6, a global phase 2 study evaluating the anti-tumor activity, safety and tolerability of intravenous nemvaleukin monotherapy in patients with mucosal melanoma. The study also includes a cohort of patients with advanced cutaneous melanoma who will receive subcutaneous (SC) nemvaleukin with intent to establish monotherapy proof-of-concept with SC dosing.

Psychiatry

• In April 2021, the company presented new research from its psychiatry portfolio at the 2021 Congress of the Schizophrenia International Research Society (SIRS), which took place virtually April 17-21, 2021. The company’s presentations included new exploratory analyses from its phase 3 ENLIGHTEN-2 study of LYBALVI.

Corporate

• In March 2021, Alkermes held a virtual Investor Day to discuss the company’s research and development strategy and portfolio, including updates from its nemvaleukin development program and introduction of new preclinical neuroscience and immuno-oncology programs. The company also provided an update on the implementation of its Value Enhancement Plan announced in December 2020.

Conference Call

Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. BST) on Wednesday, April 28, 2021, to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes’ website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call will be available from 11:00 a.m. ET (4:00 p.m. BST) on Wednesday, April 28, 2021, through Wednesday, May 5, 2021, and may be accessed by visiting Alkermes’ website or by dialing +1 877 660 6853 for U.S. callers and +1 201 612 7415 for international callers. The replay conference ID is 13718854.

About Alkermes plc

Alkermes plc is a fully-integrated, global biopharmaceutical company developing innovative medicines in the fields of neuroscience and oncology. The company has a portfolio of proprietary commercial products focused on addiction and schizophrenia, and a pipeline of product candidates in development for schizophrenia, bipolar I disorder, neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, Alkermes plc has an R&D center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. For more information, please visit Alkermes’ website at www.alkermes.com.

Non-GAAP Financial Measures

This press release includes information about certain financial measures that are not prepared in accordance with GAAP, including non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Non-GAAP net income (loss) adjusts for one-time and non-cash charges by excluding from GAAP results: share-based compensation expense; amortization; depreciation; non-cash net interest expense; certain other one-time or non-cash items; and the income tax effect of these reconciling items.

The company’s management and board of directors utilize these non-GAAP financial measures to evaluate the company’s performance. The company provides these non-GAAP measures of the company’s performance to investors because management believes that these non-GAAP financial measures, when viewed with the company’s results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share should not be considered measures of our liquidity.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.

Note Regarding Forward-Looking Statements

Certain statements set forth in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company’s expectations concerning future financial and operating performance, business plans or prospects, including the expected drivers of future growth and value creation and the company’s ability to efficiently manage its business and achieve its long-term profitability targets; the potential therapeutic and commercial value of the company’s marketed and development products; the potential approval of the new drug application (NDA) for LYBALVI; expectations concerning the company’s future development activities, including plans and expected timing for initiation of a phase 3 study to evaluate nemvaleukin in combination with KEYTRUDA, and investment in the company’s neuroscience and oncology development pipeline; and expectations concerning the company’s commercial activities, including preparations for the anticipated launch of LYBALVI. The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: the company’s management of its cost structure may not yield the intended results; the company may not be able to achieve its targeted profitability metrics in a timely manner or at all; the impacts of the ongoing COVID-19 pandemic and continued efforts to mitigate its spread on the company’s business, results of operations or financial condition, including impacts on healthcare systems and on patient and healthcare provider access to the company’s commercial products and impacts on the regulatory agencies with which the company interacts in the development, review, approval and commercialization of its medicines; the unfavorable outcome of litigation, including so-called “Paragraph IV” litigation and other patent litigation, related to our products or products using our proprietary technologies, which may lead to competition from generic drug manufacturers; data from clinical trials may be interpreted by the FDA in different ways than we interpret it; the FDA may not agree with our regulatory approval strategies or components of our filings for our products, including our clinical trial designs, conduct and methodologies and the adequacy of the data and other information included in our submissions to support the FDA’s requirements for approval; clinical development activities may not be completed on time or at all; the results of the company’s development activities may not be positive, or predictive of final results from such activities, results of future development activities or real-world results; regulatory submissions may not occur or be submitted in a timely manner; the FDA or regulatory authorities outside the U.S. may make adverse decisions regarding the company’s products, including the NDA for LYBALVI; the company and its licensees may not be able to continue to successfully commercialize their products; there may be a reduction in payment rate or reimbursement for the company’s products or an increase in the company’s financial obligations to government payers; the company’s products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2020 and in subsequent filings made by the company with the U.S. Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release.

VIVITROL^® is a registered trademark of Alkermes, Inc.; ARISTADA^® and ARISTADA INITIO^® are registered trademarks of Alkermes Pharma Ireland Limited; LYBALVI^TM is a trademark of Alkermes Pharma Ireland Limited; KEYTRUDA^® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA; RISPERDAL CONSTA^®, INVEGA SUSTENNA^®, XEPLION^®, INVEGA TRINZA^® and TREVICTA^® are registered trademarks of Johnson & Johnson; and VUMERITY^® is a registered trademark of Biogen Inc., used by Alkermes under license.

 (tables follow)

 

ⁱ The term “ARISTADA” as used in this press release refers to ARISTADA and ARISTADA INITIO^®, unless the context indicates otherwise.

Alkermes Contacts:
For Investors: Sandy Coombs      +1 781 609 6377
For Media:      Katie Joyce   +1 781 249 8927

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SOURCE Alkermes plc

PITTSBURGH, April 28, 2021 /PRNewswire/ — Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights:

• Consolidated revenues totaled $49.8 million, a 2% sequential increase over fourth quarter 2020;
• The Company’s Data and Analytics Services segment reported a strong bookings performance during the quarter, despite flat revenues as compared to the previous quarter;
• Customer demand improved as the COVID-19 situation recovers in North America and drives our S,G&A investments to capture anticipated future revenues;
• The IT Staffing Services segment added a record 99 consultants-on-billing, an increase of 9% during the quarter, as the demand for its services continued to increase;
• Consolidated gross margins increased 50-basis points on a year-over-year basis;
• GAAP diluted earnings per share were $0.10 in the first quarter of 2021 versus $0.16 in the first quarter of 2020;
• Non-GAAP diluted earnings per share were $0.19 in the first quarter of 2021 versus $0.23 in the first quarter of 2020.

First Quarter Results: 

Revenues for the first quarter of 2021 totaled $49.8 million, compared to $50.4 million during the corresponding quarter last year.  Gross profits in the first quarter of 2021 were $12.8 million, compared to $12.7 million in the same quarter of 2020. GAAP net income for the first quarter of 2021 totaled $1.2 million or $0.10 per diluted share, compared to $1.9 million or $0.16 per diluted share during the same period last year. Non-GAAP net income for the first quarter of 2021 was $2.2 million or $0.19 per diluted share, compared to $2.7 million or $0.23 per diluted share in the first quarter of 2020.

Activity levels at the Company’s Data and Analytics Services segment were flat during the quarter when compared to last quarter, despite a much stronger bookings performance.  Project delays materially impacted first quarter results in terms of revenues, gross margins and bottom-line results. Demand for the Company’s IT Staffing Services segment increased materially during the quarter, with a 9% expansion in billable-consultants, which essentially offset the billable headcount decline the Company experienced during the pandemic-impacted first-half of 2020.

Vivek Gupta, the Company’s President and Chief Executive Officer stated “While customers continued to be cautious in starting new projects in the data and analytics space, our IT Staffing Services segment saw a material increase in new assignment opportunities during the quarter. The increase in D&A bookings, particularly in the latter part of the quarter, gives us confidence that the Data and Analytics segment is well positioned for meaningful growth for the year.”

Further commenting on the data & analytics marketplace, Paul Burton, the Chief Executive of the Company’s Data & Analytics Services segment, said, “We are seeing encouraging signs that customers are becoming more comfortable commencing new projects. We believe this trend, combined with pent-up global demand, positions the segment for strong revenue growth for the remainder of the year as compared to 2020.”  

Commenting on the Company’s financial position, Jack Cronin, Mastech Digital’s Chief Financial Officer, stated, “At March 31, 2021 we had cash balances on hand of $7.2 million, no borrowings under our revolving credit facility, and cash availability of approximately $25 million.”

About Mastech Digital, Inc.:

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services.  The Company offers Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital First approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA with offices across the U.S., Canada, EMEA, India and ASEAN.

Use of Non-GAAP Measures:

This press release contains non-GAAP financial measures to supplement our financial results presented on a GAAP basis. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in the attached financial tables.

We believe that providing non-GAAP net income and non-GAAP diluted earnings per share offers investors useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating our business. Additionally, management uses these non-GAAP financial measures in evaluating the Company’s performance.

Specifically, the non-GAAP financial measures contained herein exclude the following expense items:

Amortization of acquired intangible assets: We amortize intangible assets acquired in connection with our June 2015 acquisition of Hudson IT, our July 2017 acquisition of the services division of InfoTrellis, Inc. and our October 2020 acquisition of AmberLeaf Partners. We exclude these amortization expenses in our non-GAAP financial measures because we believe it allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.

Stock-based compensation expenses: We incur material recurring expense related to non-cash, stock-based compensation. We exclude these expenses in our non-GAAP financial measures because we believe that it provides investors with meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under ASC 718, we believe that providing non-GAAP financial measures that exclude these expenses allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates comparison of our results with other periods.

Forward-Looking Statements:

Certain statements contained in this release are forward-looking statements based on management’s expectations, estimates, projections and assumptions.  Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to (i) projections of revenues, earnings, and cash flow, and (ii) statements regarding the expected benefits to the Company from the completion of the AmberLeaf acquisition. These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change.  These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Therefore, actual future results and trends may differ materially from what is forecasted in forward-looking statements due to a variety of factors, including, without limitation, the level of market demand for the Company’s services, the highly competitive market for the types of services offered by the Company, the impact of competitive factors on profit margins, market conditions that could cause the Company’s customers to reduce their spending for its services, the Company’s ability to create, acquire and build new lines of business, to attract and retain qualified personnel, reduce costs and conserve cash, the extent to which the Company’s business is adversely affected by the impacts of the COVID-19 pandemic and governmental responses to limit the further spread of COVID-19 and other risks that are described in more detail in the Company’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2020.

For more information, contact:


Donna Kijowski

Manager, Investor Relations,
Mastech Digital, Inc.,
888.330.5497

 

 

 

 

 

 

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SOURCE Mastech Digital, Inc.

BLOOMFIELD HILLS, Mich., April 28, 2021 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today reported the highest first quarter revenue, income from continuing operations, and earnings per share in company history. For the three months ended March 31, 2021, the company reported a 253.7% increase in income from continuing operations attributable to common shareholders to $182.5 million and a 253.1% increase in related earnings per share to $2.26. This compares to income from continuing operations attributable to common shareholders of $51.6 million, or $0.64 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.05 in the first quarter of 2021. Total revenue increased 15.3% to $5.8 billion from $5.0 billion in the prior year.

Retail Automotive Operational Highlights

• New and Used retail automotive same-store unit sales increased 5.5%
• New +18.8%: U.S. +25.5%; U.K. +7.8%
• Used -3.6%: U.S. +14.5%; U.K. -18.2%
• Retail automotive same-store revenue and gross profit increased 19.2%
• Retail automotive same-store variable gross profit per unit retailed increased 25.3%  

Commenting on the company’s results, Chairman Roger Penske said, “We had outstanding performance across our business during the first quarter. I am particularly pleased with the continued expense discipline driving a 990-basis point improvement in selling, general and administrative expense as a percent of gross profit. Despite our dealership showrooms being closed in the U.K. for the entire first quarter due to COVID restrictions, we used our online tools to deliver 40,000 new and used vehicles in the U.K. market. Importantly, new same-store units in the U.K. increased 7.8% compared to the U.K. market which declined 12%.” Penske continued, “Further, our commercial truck dealerships improved their profitability by 101% while the earnings from our investment in Penske Transportation Solutions increased 295% demonstrating the strength of the company’s diversified business model.”

CarShop Used Vehicle SuperCenters

Penske Automotive Group operates seventeen CarShop Used Vehicle SuperCenters in the U.S. and U.K. During the first quarter, the company renamed its U.S.-based Used Vehicle SuperCenters from CarSense to CarShop to align with the existing eleven U.K.-based CarShop Used Vehicle SuperCenters, forming one global CarShop brand. For the three months ended March 31, 2021, retail unit sales decreased by 30.1% to 11,395 while revenue decreased by 20.6% to $242.6 million, principally due to a 43% decline in used unit sales in the U.K. as a result of COVID-related government-mandated showroom closures, partially offset by a 25% increase in used unit sales in the U.S. during the quarter.

Retail Commercial Truck Dealerships

For the three months ended March 31, 2021, earnings before taxes increased 101% to $27.5 million compared to $13.7 million in the same period last year, return on sales was 6.3%, and fixed cost absorption was 125%. The 101% increase in earnings before taxes was principally driven by an increase in used truck unit sales coupled with improved gross margin from new and used truck sales.  

On April 13, 2021, the company announced that it had completed its acquisition of Kansas City Freightliner (“KCFL”) which is expected to add approximately $450 million in annualized revenue and increase our medium and heavy-duty commercial truck dealership count to 29 locations throughout the U.S. and Canada.

Penske Transportation Solutions Investment

Penske Transportation Solutions (“PTS”) is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. The company has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three months ended March 31, 2021, the company recorded $53.7 million in earnings compared to $13.6 million for the same period last year. The 295% increase in the first quarter was principally driven by improved operating results across PTS’ full-service leasing, rental, and logistics and a reduction in operating expenses.

Corporate Development and Liquidity

As mentioned above, we acquired “KCFL” in April 2021. In addition, in January, we opened our second Porsche dealership in the Washington D.C. market, which is expected to generate $50 million in annualized revenue. We also have an Audi dealership under construction in Southern California and a Honda dealership under construction in Texas. Both are expected to open by the end of the year and collectively generate approximately $100 million in annualized revenue.

Further, we expect to open two CarShop Used Vehicle SuperCenter locations in the second quarter and an additional two locations by the end of 2021. We are targeting 40 locations, 150,000 in unit sales, and $100 million of earnings before taxes in the CarShop Used Vehicle SuperCenter operations by the end of 2023.

As we look out across the next three years, we are targeting organic and acquisition growth, coupled with operating efficiencies to drive income from continuing operations before taxes to at least $1 billion by the end of 2023 which compares to $708 million last year.

As of March 31, 2021, the company had available liquidity under its various credit agreements of approximately $1.1 billion. Approximately $171 million remains available to repurchase shares under the company’s existing share repurchase program.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2021 on Wednesday, April 28, 2021, at 2:00 p.m.Eastern Daylight Time. To listen to the conference call, participants must dial (866) 394-1455 [International, please dial (516) 575-8644] using access code 6999373. The call will also be simultaneously broadcast over the Internet through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2021 financial results has been posted to the company’s website. To access the presentation or to listen to the company’s webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe and distributes commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000 and 3000 indexes and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, amortization (“EBITDA”).The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company’s disclosures and provide a meaningful presentation of the company’s results from its core business operations excluding the impact of items not related to the company’s ongoing core business operations and improve the period-to-period comparability of the company’s results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s liquidity, assessment of business conditions, and expected future operating results and growth plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, the duration, severity, and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group’s business, markets, conditions, and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10-K for the year ended December 31, 2020, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Inquiries should contact:

 

 

 

 

 

 

 

 

 

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)

The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three months ended March 31, 2021, and 2020:

 

 

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SOURCE Penske Automotive Group, Inc.