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Fluent Announces Fourth Quarter and Full-Year 2020 Financial Results

  • Q4 2020 revenue of $82.0 million, up 2.5% over Q4 2019

  • Net income of $0.2 million, or $0.00 per share

  • Media margin of $32.0 million, up 21.8% over Q4 2019 and representing 39.0% of revenue

  • Adjusted EBITDA of $11.1 million, representing 13.6% of revenue

  • Adjusted net income of $5.4 million, or $0.07 per share

NEW YORK, March 16, 2021 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance marketing company, today reported results for the fourth quarter and fiscal year ended December 31, 2020.

Ryan Schulke, Fluent’s Chief Executive Officer, commented, “Our fourth quarter results came in at the high end of the ranges we previewed in mid-January. Our results for the quarter and the full year reflect significant strides on the advertiser side of our business, adding and fortifying strategic partnerships with major brands, which in turn enhances the value of Fluent’s brand equity.

To support our sustainable long-term growth strategy, we continue to evolve our media properties, platform and traffic quality. As our industry is evolving rapidly, both commercially and through a regulatory lens, we are leading by example. In 2020, we commenced a Traffic Quality Initiative, to further enhance our value proposition for our clients and position Fluent as an industry leader. We see our commitment to higher quality traffic as the road to sustainable growth, notwithstanding a reduction in our near-term revenue profile during this transition.

Our clients are leaning in for more, and we are recalibrating our media strategy to fundamentally deliver high-value customer acquisition solutions to build value and drive growth for our clients and Fluent.”

Fourth Quarter Highlights

  • Revenue increased 2.5% to $82.0 million, from $80.0 million in Q4 2019  
  • Net income of $0.2 million, or $0.00 per share, compared to net income of $1.0 million, or $0.01 per share   
  • Media margin of $32.0 million, an increase of 21.8% over prior year period and representing 39.0% of revenue  
  • Adjusted EBITDA of $11.1 million, representing 13.6% of revenue  
  • Adjusted net income of $5.4 million, or $0.07 per share

Full-Year 2020 Highlights

  • Revenue increased 10.3% to $310.7 million, from $281.7 million in 2019  
  • Net income of $2.2 million, or $0.03 per share, compared to net loss of $1.7 million, or $0.02 per share  
  • Media margin of $110.4 million, an increase of 18.0% over prior period and representing 35.5% of revenue  
  • Adjusted EBITDA of $41.2 million, an increase of 18.7% over prior period and representing 13.3% of revenue  
  • Adjusted net income $19.7 million, or $0.25 per share

Media margin, adjusted EBITDA and adjusted net income are non-GAAP financial measures, as defined and reconciled below. 

Business Outlook

  • Strategic client relationships driving strong demand on Fluent’s performance marketplace
  • Monetization, as measured by media margin per registration, up two-fold in-year 2020 (Q4 vs. Q1), enabled by investments in technology and analytics; remains robust in Q1 2021
  • Traffic Quality Initiative reducing revenue during transition to higher value strategy
  • Winopoly contact center capability scaling quickly, exceeding expectations

Conference Call

Fluent, Inc. will host a conference call on Tuesday, March 16, 2021 at 4:30 PM ET to discuss its 2020 fourth quarter and full-year financial results. To listen to the conference call on your telephone, please dial (888) 339-0797 for domestic callers, or (412) 317-5248 for international callers. To access the live audio webcast, visit the Fluent website at investors.fluentco.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following completion of the conference call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please dial (877) 344-7529 or (412) 317-0088, with the replay passcode 10153134. The replay will also be available for one week on the Fluent website at investors.fluentco.com. 

About Fluent, Inc.

Fluent (NASDAQ: FLNT) is a leading performance marketing company with expertise in creating meaningful connections between consumers and brands. Leveraging our proprietary first-party database of opted-in consumer profiles, Fluent drives intelligent growth strategies that deliver superior outcomes. Founded in 2010, the company is headquartered in New York City. For more information, visit www.fluentco.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: compliance with a significant number of governmental laws and regulations, including those laws and regulations regarding privacy and data; the outcome of litigation, regulatory investigations or other legal proceedings in which we are involved or may become involved; failure to safeguard the personal information and other data contained in our database; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; unfavorable global economic conditions, including as a result of health and safety concerns around the ongoing COVID-19 pandemic; dependence on our key personnel; dependence on third-party service providers; management of the growth of our operations, including international expansion and the integration of acquired business units or personnel; the impact of the Traffic Quality Initiative, including our ability to replace lower quality consumer traffic with traffic that meets our quality requirements; ability to compete and manage media costs in an industry characterized by rapidly-changing internet media and advertising technology, evolving industry standards, regulatory uncertainty, and changing user and client demands; management of unfavorable publicity and negative public perception about our industry; failure to compete effectively against other online marketing and advertising companies; competition we face for web traffic; dependence on third-party publishers, internet search providers and social media platforms for a significant portion of visitors to our websites; dependence on emails, text messages and telephone calls, among other channels, to reach users for marketing purposes; liability related to actions of third-party publishers; limitations on our or our third-party publishers’ ability to collect and use data derived from user activities; ability to remain competitive with the shift to mobile applications; failure to detect click-through or other fraud on advertisements; impact of increased fulfillment costs; failure to meet our clients’ performance metrics or changing needs; compliance with the covenants of our credit agreement; and the potential for failures in our internal control over financial reporting. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

FLUENT, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share data)

(unaudited)

    December 31, 2020     December 31, 2019  
ASSETS:                
Cash and cash equivalents   $ 21,087     $ 18,679  
Accounts receivable, net of allowance for doubtful accounts of $368 and $1,967, respectively     62,669       60,915  
Prepaid expenses and other current assets     2,435       1,921  
Total current assets     86,191       81,515  
Restricted cash     1,480       1,480  
Property and equipment, net     2,201       2,863  
Operating lease right-of-use assets     8,284       9,865  
Intangible assets, net     45,417       55,603  
Goodwill     165,088       164,774  
Other non-current assets     1,559       993  
Total assets   $ 310,220     $ 317,093  
LIABILITIES AND SHAREHOLDERS’ EQUITY:                
Accounts payable   $ 7,692     $ 21,574  
Accrued expenses and other current liabilities     31,568       20,358  
Deferred revenue     1,373       1,140  
Current portion of long-term debt     7,293       6,873  
Current portion of operating lease liability     2,291       2,282  
Total current liabilities     50,217       52,227  
Long-term debt, net     33,283       44,098  
Operating lease liability, net     7,290       9,056  
Other non-current liabilities     2,545       775  
Total liabilities     93,335       106,156  
Contingencies                 
Shareholders’ equity:                
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods     —       —  
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 80,295,141 and 78,642,078, respectively; and Shares outstanding — 76,349,274 and 75,873,679, respectively     40       39  
Treasury stock, at cost — 3,945,867 and 2,768,399 shares, respectively     (9,999 )     (8,184 )
Additional paid-in capital     411,753       406,198  
Accumulated deficit     (184,909 )     (187,116 )
Total shareholders’ equity     216,885       210,937  
Total liabilities and shareholders’ equity   $ 310,220     $ 317,093  
                 

FLUENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share data)

(unaudited)

    Three Months Ended December 31,     Year Ended December 31,  
    2020     2019     2020     2019  
Revenue   $ 81,996     $ 80,011     $ 310,719     $ 281,684  
Costs and expenses:                                
Cost of revenue (exclusive of depreciation and amortization)     56,733       55,905       215,135       194,435  
Sales and marketing (1)     3,040       2,336       11,683       11,545  
Product development (1)     3,403       1,570       12,604       8,055  
General and administrative (1)     12,906       13,687       46,798       48,065  
Depreciation and amortization     3,810       3,675       15,302       13,940  
Goodwill impairment     —       —       817       —  
Write-off of long-lived assets     1       145       1       425  
Total costs and expenses     79,893       77,318       302,340       276,465  
Income from operations     2,103       2,693       8,379       5,219  
Interest expense, net     (1,168 )     (1,628 )     (5,350 )     (6,892 )
Income (loss) before income taxes     935       1,065       3,029       (1,673 )
Income tax expense     (757 )     (109 )     (822 )     (74 )
Net income (loss)   $ 178     $ 956     $ 2,207     $ (1,747 )
Basic and diluted income (loss) per share:                                
Basic   $ 0.00     $ 0.01     $ 0.03     $ (0.02 )
Diluted   $ 0.00     $ 0.01     $ 0.03     $ (0.02 )
Weighted average number of shares outstanding:                                
Basic     78,600,700       79,328,262       78,611,145       79,373,789  
Diluted     79,899,702       79,701,600       79,525,176       79,373,789  
                                 
(1) Amounts include share-based compensation expense as follows:                                
Sales and marketing   $ 163     $ 150     $ 822     $ 971  
Product development     285       89       1,099       889  
General and administrative     98       2,083       3,473       8,481  
Total share-based compensation expense   $ 546     $ 2,322     $ 5,394     $ 10,341  
                                 

FLUENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(unaudited)

    Year Ended December 31,  
    2020     2019  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net income (loss)   $ 2,207     $ (1,747 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depreciation and amortization     15,302       13,940  
Non-cash interest expense     1,407       1,387  
Share-based compensation expense     5,394       10,341  
Goodwill impairment     817       —  
Write-off of long-lived assets     1       425  
Non-cash accrued compensation expense for Put/Call Consideration     1,775       —  
Provision for bad debts     269       2,550  
Deferred income taxes     120       35  
Changes in assets and liabilities:                
Accounts receivable     (1,990 )     (6,978 )
Prepaid expenses and other current assets     (514 )     104  
Other non-current assets     (566 )     (551 )
Operating lease assets and liabilities, net     (176 )     1,473  
Accounts payable     (13,882 )     6,028  
Accrued expenses and other current liabilities     10,026       (1,626 )
Deferred revenue     233       663  
Other     (125 )     (26 )
Net cash provided by operating activities     20,298       26,018  
CASH FLOWS FROM INVESTING ACTIVITIES:                
Business acquisition, net of cash acquired     (1,426 )     (7,246 )
Capitalized costs included in intangible assets     (2,783 )     (2,624 )
Acquisition of property and equipment     (64 )     (2,088 )
Net cash used in investing activities     (4,273 )     (11,958 )
CASH FLOWS FROM FINANCING ACTIVITIES:                
Repayments of long-term debt     (11,802 )     (8,034 )
Repurchase of treasury stock     (1,300 )     (1,792 )
Taxes paid related to net share settlement of vesting of restricted stock units     (515 )     (3,120 )
Debt financing costs     —       (204 )
Net cash used in financing activities     (13,617 )     (13,150 )
Net increase in cash, cash equivalents and restricted cash     2,408       910  
Cash, cash equivalents and restricted cash at beginning of period     20,159       19,249  
Cash, cash equivalents and restricted cash at end of period   $ 22,567     $ 20,159  
                 

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as revenue minus cost of revenue (exclusive of depreciation and amortization) attributable to variable costs paid for media and related expenses. Media margin is also presented as percentage of revenue.

Adjusted EBITDA is defined as net income (loss), excluding (1) income tax expense, (2) interest expense, net, (3) depreciation and amortization, (4) goodwill impairment, (5) write-off of long-lived assets, (6) accrued compensation expense for Put/Call Consideration, (7) share-based compensation expense, (8) acquisition-related costs, (9) restructuring and certain severance costs, (10) certain litigation and other related costs, and (11) one-time items.

Adjusted net income is defined as net income (loss) excluding (1) goodwill impairment, (2) write-off of long-lived assets, (3) accrued compensation expense for Put/Call Consideration, (4) share-based compensation expense, (5) acquisition-related costs, (6) restructuring and certain severance costs, (7) certain litigation and other related costs, and (8) one-time items. Adjusted net income is also presented on a per share (basic and diluted) basis.

Below is a reconciliation of media margin from net income (loss), which we believe is the most directly comparable GAAP measure.

    Three Months Ended December 31,     Year Ended December 31,  
(In thousands)   2020     2019     2020     2019  
Net income (loss)   $ 178     $ 956     $ 2,207     $ (1,747 )
Income tax expense     757       109       822       74  
Interest expense, net     1,168       1,628       5,350       6,892  
Goodwill impairment     —       —       817       —  
Write-off of long-lived assets     1       145       1       425  
Depreciation and amortization     3,810       3,675       15,302       13,940  
General and administrative     12,906       13,687       46,798       48,065  
Product development     3,403       1,570       12,604       8,055  
Sales and marketing     3,040       2,336       11,683       11,545  
Non-media cost of revenue (1)     6,749       2,182       14,837       6,341  
Media margin   $ 32,012     $ 26,288     $ 110,421     $ 93,590  
Revenue   $ 81,996     $ 80,011     $ 310,719     $ 281,684  
Media margin % of revenue     39.0 %     32.9 %     35.5 %     33.2 %

(1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

Below is a reconciliation of adjusted EBITDA from net income (loss), which we believe is the most directly comparable GAAP measure.

    Three Months Ended December 31,     Year Ended December 31,  
(In thousands)   2020     2019     2020     2019  
Net income (loss)   $ 178     $ 956     $ 2,207     $ (1,747 )
Income tax expense     757       109       822       74  
Interest expense, net     1,168       1,628       5,350       6,892  
Depreciation and amortization     3,810       3,675       15,302       13,940  
Goodwill impairment     —       —       817       —  
Write-off of long-lived assets     1       145       1       425  
Accrued compensation expense for Put/Call Consideration     591       —       1,775       —  
Share-based compensation expense     546       2,322       5,394       10,341  
Acquisition-related costs     22       35       173       483  
Restructuring and certain severance costs     50       1,596       615       1,956  
Certain litigation and other related costs     4,022       1,044       8,715       2,135  
One-time items     —       17       —       185  
Adjusted EBITDA   $ 11,145     $ 11,527     $ 41,171     $ 34,684  
                                 

Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable GAAP measure.

    Three Months Ended December 31,     Year Ended December 31,  
(In thousands, except share data)   2020     2019     2020     2019  
Net income (loss)   $ 178     $ 956     $ 2,207     $ (1,747 )
Goodwill impairment     —       —       817       —  
Write-off of long-lived assets     1       145       1       425  
Accrued compensation expense for Put/Call Consideration     591       —       1,775       —  
Share-based compensation expense     546       2,322       5,394       10,341  
Acquisition-related costs     22       35       173       483  
Restructuring and certain severance costs     50       1,596       615       1,956  
Certain litigation and other related costs     4,022       1,044       8,715       2,135  
One-time items     —       17       —       185  
Adjusted net income   $ 5,410     $ 6,115     $ 19,697     $ 13,778  
Adjusted net income per share:                                
Basic   $ 0.07     $ 0.08     $ 0.25     $ 0.17  
Diluted   $ 0.07     $ 0.08     $ 0.25     $ 0.17  
Adjusted weighted average number of shares outstanding:                                
Basic     78,600,700       79,328,262       78,611,145       79,373,789  
Diluted     79,899,702       79,701,600       79,525,176       80,280,293  

We present media margin, adjusted EBITDA and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under US GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain severance costs associated with department-specific reorganizations and certain litigation and other related costs associated with legal matters outside the ordinary course of business, including costs and accruals related to the NY AG and FTC matters. Items are considered one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. Adjusted EBITDA for the year ended December 31, 2019 excluded as one-time items $0.2 million of costs associated with the move of our corporate headquarters. There were no other material adjustments for one-time items in the periods presented.

Adjusted net income, as defined above, and the related measure of adjusted net income per share exclude certain items that are recognized and recorded under US GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. Adjusted net income for the year ended December 31, 2019 excluded as one-time items $0.2 million of costs associated with the move of our corporate headquarters. There were no other material adjustments for one-time items in the periods presented. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the US GAAP measure of net income (loss).

Media margin, adjusted EBITDA, adjusted net income and adjusted net income per share are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, net income (loss) as indicators of operating performance. None of these metrics are presented as measures of liquidity. The way we measure media margin, adjusted EBITDA and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Contact Information: 

Investor Relations
Fluent, Inc.
(917) 310-2070
[email protected] 



Posted on

Pioneer Natural Resources To Present at Simmons Energy Virtual Conference

Pioneer Natural Resources To Present at Simmons Energy Virtual Conference

DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) today announced that Chief Executive Officer Scott Sheffield, will participate in a Fireside Discussion at Simmons Energy Virtual Conference on Monday, March 22, at 9:45 a.m. CDT.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Pioneer Natural Resources Contacts:

Investors-

Neal Shah – 972-969-3900

Tom Fitter – 972-969-1821

Michael McNamara – 972-969-3592

Greg Wright – 972-969-1770

Media and Public Affairs-

Tadd Owens – 972-969-5760

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

MEDIA:

Posted on

City National Bank Appoints John H. Bai Chief Financial Officer

Bai Joins from RBC to Succeed Christopher J. Carey

LOS ANGELES, March 16, 2021 (GLOBE NEWSWIRE) — City National Bank, America’s Premier Private and Business Bank®, today announced that John H. Bai will join the company as chief financial officer, effective May 1. Bai will report to Kelly Coffey, chief executive officer of City National, and Rod Bolger, CFO of Royal Bank of Canada. Christopher J. Carey, currently the CFO of City National, is retiring from the role.

As CFO, Bai will oversee the finance, accounting and treasury functions at City National, as well as asset and liability management, corporate development, insurance, corporate real estate, and banking operations and investment services. He will also serve as a member of the company’s Executive Committee and Strategy and Planning Committee.

“John is a seasoned financial leader with more than 25 years of broad financial services experience and a strong track record of success,” said Coffey. “City National is a growth company, and I am confident that John’s considerable expertise, leadership and skills will help us continue our trajectory as we grow to serve our clients even better. I also want to thank Chris for his friendship and leadership over the past two years since I joined the bank. He is a true team player.”

“City National has an incredible story and a compelling client-first business model,” said Bai. “I look forward to joining the team and helping City National continue to grow.”

Prior to joining City National, Bai served as CEO and president of RBC’s Direct Investing team, Canada’s second-largest online brokerage, serving clients who prefer to manage their own investments. Prior to his current role, Bai was the head of RBC’s Wealth Management Finance division, overseeing teams in Canada, the UK, Singapore and Hong Kong. Before that, he led RBC’s Enterprise Performance Management team, overseeing management reporting, forecasting and planning, enterprise-level capital management, enterprise-wide initiatives and macro stress testing. Previous roles include nine years as a senior portfolio manager at Fiera Capital Corporation, a global independent asset management firm, and before that, nearly two years at RBC in Strategy & Corporate Development. He is also a chartered accountant who trained at PwC, and a chartered financial analyst.

Since 2010, Bai has served as chair of the board of CODE Inc. Foundation, which supports Canada’s leading education and literacy-focused international development agency.

Carey has stepped down from his former role after 17 years at the bank. He has helped the bank successfully navigate not only the current financial crisis brought about by the pandemic, but also the Great Recession. He also played a key role in the bank’s merger with RBC in 2015, and he has helped the organization maintain a strong and consistent growth trajectory since he first joined in 2004.

He will remain chair and CEO of RBC US Group Holdings LLC, the intermediate holding company for Royal Bank of Canada’s U.S. operations, including RBC Capital Markets–U.S., RBC Wealth Management–U.S., RBC Global Asset Management–U.S., RBC Bank (Georgia) and City National Bank.

“Chris has been an important member of our senior management team and instrumental in our success and growth for the past 17 years, especially in our years with RBC,” said Russell Goldsmith, chairman of City National. “He has provided invaluable service to our organization and has been a trusted advisor to me, the Board of Directors and so many other colleagues. I wish him great success in this next chapter of his career as chair and CEO of RBC US Group Holdings LLC.”

With 35 years of experience as an executive in the banking industry, Carey joined City National from Cincinnati-based Provident Financial Group Inc. Carey also serves on the board of BrightLine, a provider of advanced TV technology for over-the-top and smart TV advertising opportunities. Passionate about supporting the community, Carey serves on the advisory board for Shatterproof, a national nonprofit organization dedicated to ending the devastation that addiction causes families. In addition, he serves on the board of the United Way of Greater Los Angeles, chairs the organization’s Audit Committee and was formerly chair of the board. He also serves on the L.A. Business Leaders Task Force on Homelessness.

For an image of Bai, go to:
https://www.cnb.com/content/dam/media_newsroom/images/John-Bai.jpg

About City National Bank

With $75.8 billion in assets, City National Bank provides banking, investment and trust services through locations in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C., and Miami*. In addition, the company and its investment affiliates manage or administer $86.3 billion in client investment assets.

City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 34 other countries.

For more information about City National, visit the company’s website at cnb.com.

*City National Bank does business in Miami and the state of Florida as CN Bank.

Media Contact:

Jennifer Harlan, City National Bank, 917-322-0994
[email protected]



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IIROC Trading Resumption – AF.P

Canada NewsWire

VANCOUVER, BC, March 16, 2021 /CNW/ – Trading resumes in:

Company: AF2 Capital Corp.

TSX-Venture Symbol: AF.P

All Issues: Yes

Resumption (ET): 9:30 AM 3/17/2021

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

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MediaAlpha Files Registration Statement for Secondary Offering

PR Newswire

HAMILTON, Bermuda, March 16, 2021 /PRNewswire/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that MediaAlpha, Inc. (“MediaAlpha”) has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) for a proposed secondary offering of up to 7,000,000 shares (not including shares subject to the underwriters’ option to purchase additional shares) of its Class A common stock by certain selling stockholders. Of such shares, White Mountains expects to offer 3,122,460 shares (not including shares subject to the underwriters’ option to purchase additional shares) of Class A common stock in the offering. MediaAlpha is not offering any shares of Class A common stock in the offering.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About White Mountains

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.  

CONTACT:
  Todd Pozefsky 
(203) 458-5807

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SOURCE White Mountains Insurance Group, Ltd.

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First Internet Bancorp to Pay Cash Dividend

First Internet Bancorp to Pay Cash Dividend

FISHERS, Ind.–(BUSINESS WIRE)–
The Board of Directors of First Internet Bancorp (the “Company”) (Nasdaq: INBK) has declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on April 15, 2021 to shareholders of record at the close of business on March 31, 2021.

The declaration and amount of any future cash dividends will be subject to the sole discretion of the Board of Directors and will depend upon many factors, including the Company’s results of operations, financial condition, capital requirements, regulatory and contractual restrictions, business strategy and other factors deemed relevant by the Board of Directors.

About First Internet Bancorp

First Internet Bancorp is a bank holding company with assets of $4.2 billion as of December 31, 2020. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The Bank provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally as well as commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services in select geographies. First Internet Bancorp’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK” and is a component of the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about the Bank, including its products and services, is available at www.firstib.com.

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

[email protected]

Media

Nicole Lorch

Executive Vice President and Chief Operating Officer

(317) 532-7906

[email protected]

KEYWORDS: United States North America Indiana

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Illinois American Water Investing over $10 Million in Peoria Water System

Illinois American Water Investing over $10 Million in Peoria Water System

Work includes over 23,000 feet of water main, new booster station and new elevated storage tank

PEORIA, Ill.–(BUSINESS WIRE)–
Illinois American Water is investing over $10 million to upgrade the Peoria area water system. Work includes a new booster station, elevated storage tank and over 23,000 feet of water main.

Booster Station Project

Construction to replace an existing booster station located in Bartonville near Enterprise Drive will begin this spring. The booster station will include the addition of backup power to provide continuity of service. Variable frequency drive (VFD) motors will also be installed to improve efficiency.

Trip Barton, engineering manager, said, “VFD motors vary pumping output to match current demands, rather than pumping at one constant speed. This technology reduces energy use and decreases environmental impact.”

Elevated Storage Tank

Construction on a new 150,000 gallon elevated storage tank at Lake Camelot will also kick off this spring. The current storage tank was originally constructed in the 1970s. It will remain in service while the new tank is built.

Barton said, “Work includes additional pipe looping for resilience and the elimination of several dead-end connections which can at times impact the taste and color of tap water. These improvements will help us deliver the best product possible.”

Water Main Replacement

Over 23,000 feet, or 4.5 miles, of water main will be replaced across the Peoria area water system. Motorists should use caution in construction areas and obey traffic signs, detour routes and flaggers. A map of projects can be viewed here- www.bit.ly/WaterMainReplacementPeoria.

Eric Larson, senior manager of operations, explained the company has a process in place to decrease customer impact during construction. He said, “We understand construction in customers’ neighborhoods can cause a temporary inconvenience. Our priority is to work as safely and as quickly as possible. There’s nothing more important than the safety of our employees and contract employees. We thank our customers for their understanding as we upgrade the water system.”

Larson added that the upgrades include larger-sized water mains to support water flow and pressure for water quality and fire protection. He said, “By planning water main replacements we can address leaks and avoid water waste. This is a safer alternative for our customers and employees than waiting until an emergency occurs.”

Customers affected by a main replacement project will be notified via a letter about the impact and any necessary steps. The letter will include a local contact for questions. In addition, Illinois American Water and the contractor(s) on the projects will provide continuous updates as work occurs. These updates may be provided via door hangers as well as via Illinois American Water’s customer notification system which contacts customers via phone and text, or email based on customer preferences. Customers are encouraged to update their contact information via the company’s self-service portal at www.amwater.com or by calling the customer service center at 800-422- 2782.

About Illinois American Water – Illinois American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 1.3 million people. American Water also operates a customer service center in Alton and a quality control and research laboratory in Belleville. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to help make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

Media: Karen Cotton, External Affairs Manager, 309.566-4126 or [email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Other Energy Environment Utilities Energy Finance

MEDIA:

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Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust Announce Conditional Tender Offers and Conditional Distribution Rate Increases; Eaton Vance New York Municipal Income Trust Announces Conditional Tender Offer

PR Newswire

BOSTON, March 16, 2021 /PRNewswire/ — Eaton Vance Floating-Rate Income Trust (NYSE: EFT), Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) and Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (each, a “Fund” and, collectively, the “Funds”) today announced that their Boards of Trustees (the “Board”) have taken the actions described below.

Conditional Tender Offers.  The Board has authorized a conditional cash tender offer for up to 25% of each Fund’s outstanding common shares at a price per share equal to 99% of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires.  The tender offer is conditioned on shareholder approval of the relevant Fund’s new investment advisory agreement with Eaton Vance Management, the Funds’ investment adviser, at the upcoming joint special meeting of shareholders to be held on March 19, 2021 or an adjournment thereof.  

Additional terms and conditions of each tender offer will be set forth in the associated Fund offering materials and additional press releases, as applicable.  If the number of shares tendered in a tender offer exceeds the maximum amount of the tender offer, the Fund will purchase shares from tendering shareholders on a pro rata basis (disregarding fractional shares).  Accordingly, there is no assurance that a Fund will purchase all of a shareholder’s tendered common shares in a tender offer.  A Fund may determine not to accept shares tendered in the tender offer under various circumstances, as will be set forth in the offering materials. 

EFT and EFR Conditional Distribution Rate Increase.  EFT and EFR also announced today that, if shareholders approve the new investment advisory agreement at the upcoming joint special meeting of shareholders, EFT and EFR will increase their regular monthly distributions on common shares to $0.0775 and $0.0813 per share, respectively, representing an increase of approximately 25 percent from the March 2021 distributions of $0.0620 and $0.0650 per share, respectively.  The distribution increases will commence with the first monthly distribution announced following shareholder approval of the relevant Fund’s new investment advisory agreement.  By raising the Funds’ regular monthly distributions, the Board seeks to enhance long-term shareholder value.

Fund distributions may include amounts from sources other than net investment income.  When that is estimated to be the case, shareholders will be notified on a monthly basis.  The final determination of the tax character of Fund distributions will occur after the end of each calendar year, at which time that determination will be reported to shareholders.  Fund distributions in any period may be more or less than the net return earned by the Fund on 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 a Fund’s net assets and net asset value per share to decline.

For its fiscal year beginning on June 1, 2020 through February 28, 2021, EFT has distributed $0.549 per share, which is estimated to be sourced from ordinary income.  If EFT had adopted the conditional distribution rate increase on June 1, 2020 and the condition described above had been satisfied, its distributions for the fiscal year to date through February 28, 2021 on a pro forma basis would have been approximately $0.698 per share, an estimated 79% percent of which would have been sourced from ordinary income and an estimated 21% from return of capital. 

For its fiscal year beginning on November 1, 2020 through February 28, 2021, EFR has distributed $0.26 per share, which is estimated to be sourced from ordinary income.  If EFR had adopted the conditional distribution rate increase on November 1, 2020 and the condition described above had been satisfied, its distributions for the fiscal year to date through February 28, 2021 on a pro forma basis would have been approximately $0.325 per share, an estimated 80% of which would have been sourced from ordinary income and an estimated 20% from return of capital. 

Investors should not draw any conclusions about a Fund’s investment performance from the amount of its distributions.  Fund distributions may be affected by numerous factors, including changes in Fund performance, the cost of leverage, portfolio holdings, realized and projected returns, and other factors. There can be no assurance that future Board action, an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distributions at a future time.

Eaton Vance Corp. was acquired by Morgan Stanley on March 1, 2021.  Its Eaton Vance Management, Parametric, Atlanta Capital and Calvert investment affiliates are now part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

About the Funds

Except pursuant to a tender offer, common shares of the Funds are available for purchase or sale only through secondary market trading at their current market price. Shares of closed-end funds (such as each Fund) often trade at a discount from their net asset value. The market price of a closed-end fund’s 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 a 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. Shares of each Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Each Fund is not a complete investment program and you may lose money investing in the Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully a Fund’s investment objective, risks, charges and expenses. 

This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of a Fund.  The Funds have not commenced the conditional tender offers described in this release.  Each tender offer will be made only if the condition described above is satisfied, and only by an offer to purchase, a related letter of transmittal and other documents filed with the SEC as exhibits to a tender offer statement on Schedule TO, with all such documents available on the SEC’s website at www.sec.gov.  For a tender offer, the Fund will also make available to shareholders without charge the offer to purchase and the letter of transmittal.  Shareholders should read these documents carefully, as they would contain important information about the tender offer. 

This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds. Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com.

Statements in this press release that are not historical facts may be forward-looking statements as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

Investor Contact: (800) 262-1122

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SOURCE Eaton Vance Management

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Bally’s Corporation Awarded Temporary Sports Wagering Permit In Virginia

Marks Bally’s Entry into 13th State

Further Expands Company’s National Sports Betting Presence into Attractive Virginia Gaming Market

PR Newswire

PROVIDENCE, R.I., March 16, 2021 /PRNewswire/ — Bally’s Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it has been issued a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. The temporary permit provides Bally’s with significant opportunities to showcase its best-in-class sports betting platform, augment its player database through the addition of Virginia-based sports fans, and contribute to the Company’s goal of becoming the leader in the U.S. sports betting market.

The announcement also marks Bally’s entry into the attractive Virginia gaming market, expanding the Company’s national presence into 13 states once all pending acquisitions are completed, including CO, DE, IL, IA, IN, LA, MO, MS, NJ, NV, PA, RI, and VA. Such market access and licensure are subject to legalization and required approvals by regulatory authorities in each jurisdiction.

“Bally’s is pleased to receive the temporary sports wagering permit from the Virginia Lottery,” said George Papanier, President and Chief Executive Officer of Bally’s Corporation. “This represents another step in our evolution to become the leading omnichannel gaming provider in the U.S., and we look forward to providing a first-class experience for sports fans across Virginia.”

The Commonwealth of Virginia legalized sports betting in July 2020, making it the 21st state to allow sports betting. With a population of 8.6 million people, recent projections estimate that Virginia’s legal sports books could produce as much as $412 million in handle annually, representing approximately $61.8 million in tax revenue.1Virginia’s proximity to major professional sports franchises and devoted sports fan base make the Commonwealth a natural center for sports betting.

About Bally’s Corporation

Bally’s Corporation currently owns and manages 11 casinos across seven states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 5,900 employees, the Company’s operations include 13,260 slot machines, 459 game tables and 2,941 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer’s Casino & Hotel (Rock Island, IL), and MontBleu Resort Casino & Spa (Lake Tahoe, NV), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally’s will own and manage 15 casinos across 11 states. Bally’s also maintains a multi-year market access partnership with Elite Casino Resorts, through which it provides mobile sports betting in Iowa. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY.”

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally’s plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally’s current expectations and assumptions. Although Bally’s believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally’s expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally’s does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally’s control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

  • uncertainties surrounding the COVID-19 pandemic, including limitations on Bally’s operations, increased costs, changes in customer attitudes, impact on Bally’s employees and the ongoing impact of COVID-19 on general economic conditions;
  • unexpected costs, difficulties integrating and other events impacting Bally’s recently completed and proposed acquisitions and Bally’s ability to realize anticipated benefits;
  • risks associated with Bally’s rapid growth, including those affecting customer and employee retention, integration and controls;
  • risks associated with the impact of the digitalization of gaming on Bally’s casino operations, Bally’s expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally’s new interactive businesses generally;
  • the very substantial regulatory restrictions applicable to Bally’s, including costs of compliance;
  • restrictions and limitations in agreements governing Bally’s debt could significantly affect Bally’s ability to operate our business and our liquidity; and
  • other risks identified in Part I. Item 1A. “Risk Factors” of Bally’s Annual Report on Form 10–K for the fiscal year ended December 31, 2019 as filed with SEC on March 13, 2020 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not to place undue reliance on Bally’s forward-looking statements.

Investor Contact

Steve Capp

Executive Vice President and Chief Financial Officer
401-475-8564
[email protected] 

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
[email protected] 

1
Source: VirginiaCasinos.com

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SOURCE Bally’s Corporation

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Callon Petroleum Announces CFO Retirement

PR Newswire

HOUSTON, March 16, 2021 /PRNewswire/ — Callon Petroleum Company (NYSE: CPE) (“Callon” or the “Company”) today announced that, due to personal and health reasons, Senior Vice President and Chief Financial Officer James “Jim” Ulm, II will retire in May 2021. The Company has commenced a search for a successor to Mr. Ulm, who will continue in an advisory role to the Company after his retirement to assist with the transition of the new CFO.

“Over the past several years, I have been fortunate to work alongside Callon’s talented and dedicated team as we have taken steps to strengthen our status as a leading operator in the Permian and Eagle Ford Shale and position the company to deliver meaningful long-term value to its stakeholders,” said Mr. Ulm. “While this is a difficult decision, I have determined that it is in Callon’s and my family’s best interests to take time to focus on my personal life at this stage of my career.”

Joe Gatto, President and Chief Executive Officer, commented “I am grateful to Jim who, since joining Callon in 2017, has helped us grow the business through a series of acquisitions which are the cornerstone of the scaled development model that we operate today. These initiatives have created a visible path to sustainable free cash flow generation which was clearly demonstrated in 2020. With Jim’s guidance, we have made great strides in strengthening our financial profile over the past twelve months, having successfully improved our liquidity and absolute debt position despite challenging market conditions. We will continue to build on these initiatives in 2021 and beyond. The entire organization is deeply appreciative for Jim’s enduring contributions to Callon and wish him, Shelley and their family all the best.”

About Callon Petroleum Company

Callon Petroleum is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.

This news release is posted on the Company’s website at www.callon.com and will be archived there for subsequent review under the “News” link on the top of the homepage.

Contact:

Mark Brewer

Director of Investor Relations
Callon Petroleum Company
[email protected]
1-281-589-5200

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SOURCE Callon Petroleum Company