Market Newsdesk

MONROE, Mich., Dec. 10, 2020 (GLOBE NEWSWIRE) — La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential furniture, today announced the planned retirement of Stephen Krull, Vice President, General Counsel and Secretary, effective August 31, 2021.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy Incorporated, said, “We have been fortunate to have an executive of Steve’s caliber on our team. He has served the company well in numerous capacities, including the challenges associated with navigating our way through the COVID-19 environment and working with me throughout the pandemic on important advocacy efforts to benefit the furniture industry. Additionally, during Steve’s tenure, he built a strong and highly capable legal team within the company and has worked well with our Board of Directors. Steve is well respected throughout the entire La-Z-Boy organization and will be missed by all. We wish him all the best in his well-deserved retirement.”

Krull commented, “La-Z-Boy is a great organization and it has been a privilege to work with so many dynamic leaders in an industry that is evolving rapidly. I look forward to watching the company pursue its omnichannel offering and continue to grow and prosper.”

Krull joined La-Z-Boy in January 2019, and reports to CEO Kurt L. Darrow. He is responsible for managing all legal matters for the company, including corporate securities, compliance, litigation, intellectual property and patents, environmental, M&A, and contracts. He works closely with the La-Z-Boy Board of Directors on corporate governance and other matters and is part of the company’s Leadership Team.

The company anticipates announcing a successor to the role in the coming months.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Generally, forward-looking statements include information concerning expectations, projections or trends relating to our results of operations, financial results, financial condition, strategic initiatives and plans, expenses, dividends, share repurchases, liquidity, use of cash and cash requirements, borrowing capacity, investments, future economic performance, business, and industry and the effect of the novel coronavirus (“COVID-19”) pandemic on our business operations and financial results.

The forward-looking statements in this press release are based on certain assumptions and currently available information and are subject to various risks and uncertainties, many of which are unforeseeable and beyond our control, such as the continuing and developing impact of, and uncertainty caused by, the COVID-19 pandemic. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our fiscal 2020 Annual Report on Form 10-K and other factors identified in our reports filed with the Securities and Exchange Commission. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.

Additional Information

This news release is just one part of La-Z-Boy’s financial disclosures and should be read in conjunction with other information filed with the Securities and Exchange Commission, which is available at: https://lazboy.gcs-web.com/financial-information/sec-filings. Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and quarterly investor conference calls may sign up at: https://lazboy.gcs-web.com/.

Background Information

La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The Wholesale segment includes England, La-Z-Boy, American Drew^®, Hammary^®, and Kincaid^®. The company-owned Retail segment includes 159 of the 355 La-Z-Boy Furniture Galleries^® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture.

The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 355 stand-alone La-Z-Boy Furniture Galleries® stores and 561 independent Comfort Studio® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/. 

Contact: Kathy Liebmann    (734) 241-2438    [email protected]  

ISSAQUAH, Wash., Dec. 10, 2020 (GLOBE NEWSWIRE) — Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the first quarter (twelve weeks) of fiscal 2021, ended November 22, 2020.

Net sales for the first quarter increased 16.9 percent, to $42.35 billion from $36.24 billion last year.

Comparable sales for the first quarter fiscal 2021 were as follows:

		12 Weeks		12 Weeks
				Adjusted*
	U.S.	14.6%		17.0%
	Canada	16.2%		16.8%
	Other International	18.7%		17.7%
	Total Company	15.4%		17.1%
	E-commerce	86.4%		86.2%
*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the quarter was $1,166 million, or $2.62 per diluted share, compared to $844 million, or $1.90 per diluted share, last year. This year’s first quarter included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility of the $10 per share special cash dividend, to the extent received by the Company’s 401(k) plan participants; and $0.17 cents related to stock-based compensation. Last year’s first quarter included a $77 million or $0.17 per diluted share tax benefit related to stock-based compensation. This year’s results reflect an expense for COVID-19 premium wages of $212 million pre-tax or $0.35 per diluted share.

Costco currently operates 803 warehouses, including 558 in the United States and Puerto Rico, 102 in Canada, 39 in Mexico, 29 in the United Kingdom, 27 in Japan, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, December 10, 2020, and is available via a webcast on www.costco.com (click on Investor Relations and “Play Webcast”).

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs), energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, COVID-19 related factors and challenges, including (among others) the duration of the pandemic, the unknown long-term economic impact, reduced shopping due to illness, travel restrictions or financial hardship, shifts in demand away from discretionary or higher-priced products, reduced workforces due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or government mandates, or supply-chain disruptions, capacity constraints of third-party logistics suppliers, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law.

CONTACTS:	Costco Wholesale Corporation
	Richard Galanti, 425/313-8203
	Bob Nelson, 425/313-8255
	David Sherwood, 425/313-8239
	Josh Dahmen, 425/313-8254

CO
STCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

	12 Weeks Ended
	November 22, 2020				November 24, 2019
REVENUE
Net sales	$	42,347			$	36,236
Membership fees	861				804
Total revenue	43,208				37,040
OPERATING EXPENSES
Merchandise costs	37,458				32,233
Selling, general and administrative	4,298				3,732
Preopening expenses	22				14
Operating income	1,430				1,061
OTHER INCOME (EXPENSE)
Interest expense	(39		)		(38		)
Interest income and other, net	29				35
INCOME BEFORE INCOME TAXES	1,420				1,058
Provision for income taxes	239				202
Net income including noncontrolling interests	1,181				856
Net income attributable to noncontrolling interests	(15		)		(12		)
NET INCOME ATTRIBUTABLE TO COSTCO	$	1,166			$	844
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	2.63			$	1.91
Diluted	$	2.62			$	1.90
Shares used in calculation (000’s):
Basic	442,952				441,818
Diluted	444,386				443,680

CO
STCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except par value and share data)

(unaudited)

Subject to Reclassification

			November 22, 2020				August 30, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	13,590			$	12,277
Short-term investments			833				1,028
Receivables, net			1,646				1,550
Merchandise inventories			14,901				12,242
Other current assets			1,126				1,023
Total current assets			32,096				28,120
OTHER ASSETS
Property and equipment, net			22,288				21,807
Operating lease right-of-use assets			2,785				2,788
Other long-term assets			3,048				2,841
TOTAL ASSETS			$	60,217			$	55,556
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable			$	17,014			$	14,172
Accrued salaries and benefits			3,586				3,605
Accrued member rewards			1,451				1,393
Deferred membership fees			1,985				1,851
Current portion of long-term debt			96				95
Other current liabilities			8,535				3,728
Total current liabilities			32,667				24,844
OTHER LIABILITIES
Long-term debt, excluding current portion			7,529				7,514
Long-term operating lease liabilities			2,574				2,558
Other long-term liabilities			2,138				1,935
TOTAL LIABILITIES			44,908				36,851
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding			—				—
Common stock $0.01 par value; 900,000,000 shares authorized; 442,955,000 and 441,255,000 shares issued and outstanding			4				4
Additional paid-in capital			6,725				6,698
Accumulated other comprehensive loss			(1,101		)		(1,297		)
Retained earnings			9,232				12,879
Total Costco stockholders’ equity			14,860				18,284
Noncontrolling interests			449				421
TOTAL EQUITY			15,309				18,705
TOTAL LIABILITIES AND EQUITY			$	60,217			$	55,556

MONACO, Dec. 10, 2020 (GLOBE NEWSWIRE) — Scorpio Bulkers Inc. (NYSE: SALT) (the “Company”) announced today that the Company has entered into an agreement with an unaffiliated third party to sell the SBI Zumba, a Kamsarmax bulk carrier built in 2016, for approximately $20 million.  Delivery of the vessel is expected to take place in the first quarter of 2021.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the next generation of wind turbine installation vessels. The Company has recently sold eight vessels and has contracted to sell fifteen additional vessels, all of which are expected to close in the first half of 2021. Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 31 vessels consisting of 26 wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 19 Ultramax vessels), and five time chartered-in Kamsarmax vessels. In addition to its dry bulk fleet, the Company has signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels. The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 1.8 million dwt and all of the Company’s owned and finance leased vessels will have carrying capacities of greater than 60,000 dwt. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact:

Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

Margin Expansion Realized
Across All Segments in 4Q20

Balance Sheet
&
Liquidity
Continue to Improve and
Remain
Strong

~
5
% Increase in Cash Provided by Operati
ng Activities
in FY20

Repaid $35 Million of Bank Debt in 4Q20

HOUSTON, Dec. 10, 2020 (GLOBE NEWSWIRE) — Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2020.

The Company reported the following selected financial results:

		Three Months Ended October 31,				Twelve Months Ended October 31,
		2020		2019		2020		2019
Net Sales		$255.4		$240.4		$851.6		$893.8
Gross Margin		$66.2		$57.2		$192.8		$199.4
Gross Margin %		25.9 %		23.8 %		22.6 %		22.3 %
Net Income (Loss)		$22.2		($30.9)		$38.5		($46.7)
Diluted EPS		$0.68		($0.94)		$1.17		($1.42)
Adjusted Net Income		$22.0		$14.0		$40.7		$31.4
Adjusted Diluted EPS		$0.67		$0.42		$1.24		$0.95
Adjusted EBITDA		$39.4		$34.4		$104.5		$102.7
Adjusted EBITDA Margin %		15.4 %		14.3 %		12.3 %		11.5 %
Cash Provided by Operating Activities		$53.2		$66.3		$100.8		$96.4
Free Cash Flow		$48.2		$58.4		$75.1		$71.5
(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “Our business performed extremely well in the fourth quarter as we continued to effectively navigate the complications and uncertainty of a COVID-19 world. Demand for our products remained strong throughout the quarter, with consolidated net sales increasing 6.3% year-over-year as compared to the fourth quarter of 2019. Volumes during the quarter were especially strong in Europe, and we remain optimistic on the global economic outlook despite the recent worldwide surge in COVID-19 cases.

“In addition to the lift provided by strong demand during the fourth quarter, our relentless focus on managing working capital and generating cash continued to bear fruit throughout the fiscal year. As a result, we achieved $100.8 million in cash provided by operating activities in 2020, representing an increase of 4.6% as compared to 2019. We generated Free Cash Flow of $75.1 million in 2020, representing a year-over-year increase of over 5%. We also repaid $35 million of bank debt during the fourth quarter, which allowed us to improve our leverage ratio of Net Debt to LTM Adjusted EBITDA to a level well below our original goal of exiting 2020 at 1.0x. Overall, I am extremely pleased with our ability to successfully manage both the challenges and the opportunities presented by the pandemic. Our balance sheet is stronger now than it was prior to COVID-19, and we are well positioned to benefit from future tailwinds in the residential housing industry.”  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Fourth
Quarter
and Fiscal
20
20
Results Summary

The increase in net sales during the three months ended October 31, 2020 was largely due to increased demand for the Company’s products across all operating segments. Conversely, Quanex reported a decrease in net sales for the twelve months ended October 31, 2020, which was primarily attributable to the negative impact of the COVID-19 pandemic on the Company’s results during the second and third quarters of 2020. More specifically, in addition to softer demand in North America and continental Europe during the early stages of the pandemic, Quanex’s two manufacturing facilities in the UK were shut down in compliance with government orders in late March, and manufacturing operations at those plants did not restart until mid-to-late May. However, volume across all segments increased significantly in June, and net sales in July through October exceeded prior year on a consolidated basis.  (See Sales Analysis table for additional information)

The increases in earnings for the three months ended October 31, 2020 were mainly due to higher volumes, improved operating leverage and lower raw material costs. The increases in earnings for the twelve months ended October 31, 2020 were primarily driven by a decrease in selling, general and administrative expenses.

Balance Sheet & Liquidity Update

As of October 31, 2020, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA improved to 0.6x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $268.8 million as of October 31, 2020, consisting of $51.6 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. The program does not have an expiration date or a limit on the number of shares that may be repurchased. The Company repurchased 30,201 shares of common stock for approximately $0.5 million at an average price of $17.89 per share during the three months ended October 31, 2020, and 450,000 shares of common stock for approximately $7.2 million at an average price of $16.07 per share during the twelve months ended October 31, 2020. As of October 31, 2020, approximately $11.2 million remained under the existing share repurchase authorization.

Outlook

George Wilson, President and Chief Executive Officer, stated, “We continue to be optimistic about the economic recovery and our current outlook is positive, especially as regards our end markets. Based on conversations with our customers, the latest macro data, and our research into current market trends, we expect mid-to-high single-digit sales growth in our North American Fenestration segment, low single-digit sales growth in our North American Cabinet Components segment, and mid-single-digit sales growth in our European Fenestration segment. Overall, on a consolidated basis and assuming there is no adverse impact from the ongoing pandemic, we believe this will equate to net sales of approximately $900 million to $920 million, which we expect will generate between $108 million and $118 million in Adjusted EBITDA* in fiscal 2021. Our balance sheet is strong and we intend to concentrate on executing our plan with a continued focus on creating shareholder value.”  

*When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort. Certain items required for such a reconciliation are outside of the Company’s control and/or cannot be reasonably predicted or estimated, such as the provision for income taxes.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, December 11, 2020, at 11:00 a.m. ET (10:00 a.m. CT). To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 4046353, and ask for the Quanex call a few minutes prior to the start time. A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through December 18, 2020. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 4046353.  

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or [email protected].

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures. The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.  

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)
		Three Months Ended October 31,								Twelve Months Ended October 31,
			2020				2019				2020				2019
Net sales		$	255,405			$	240,369			$	851,573				893,841
Cost of sales			189,164				183,128				658,750				694,420
Selling, general and administrative			26,889				23,826				89,707				101,292
Restructuring charges			145				89				622				370
Depreciation and amortization			11,378				12,428				47,229				49,586
Asset impairment charges			–				44,622				–				74,600
Operating income (loss)			27,829				(23,724	)			55,265				(26,427	)
Interest expense			(935	)			(2,029	)			(5,245	)			(9,643	)
Other, net			164				(345	)			280				116
Income (loss) before income taxes			27,058				(26,098	)			50,300				(35,954	)
Income tax expense			(4,906	)			(4,850	)			(11,804	)			(10,776	)
Net income (loss)		$	22,152			$	(30,948	)		$	38,496			$	(46,730	)
Earnings (loss) per common share, basic		$	0.68			$	(0.94	)		$	1.18			$	(1.42	)
Earnings (loss) per common share, diluted		$	0.68			$	(0.94	)		$	1.17			$	(1.42	)
Weighted average common shares outstanding:
Basic			32,608				32,893				32,689				32,960
Diluted			32,811				32,893				32,821				32,960
Cash dividends per share		$	0.08			$	0.08			$	0.32			$	0.32

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		October 31, 2020				October 31, 2019
ASSETS
Current assets:
Cash and cash equivalents		$	51,621			$	30,868
Accounts receivable, net			88,287				82,946
Inventories, net			61,181				67,159
Prepaid and other current assets			6,217				9,353
Total current assets			207,306				190,326
Property, plant and equipment, net			184,104				193,600
Operating lease right-of-use assets			51,824				–
Goodwill			146,154				145,563
Intangible assets, net			93,068				107,297
Other assets			9,129				8,324
Total assets		$	691,585			$	645,110
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	77,335			$	63,604
Accrued liabilities			38,289				39,221
Income taxes payable			6,465				6,183
Current maturities of long-term debt			692				746
Current operating lease liabilities			7,459				–
Total current liabilities			130,240				109,754
Long-term debt			116,728				156,414
Noncurrent operating lease liabilities			44,873				–
Deferred pension and postretirement benefits			10,923				13,322
Deferred income taxes			19,116				19,363
Liabilities for uncertain tax positions			522				556
Other liabilities			13,424				15,514
Total liabilities			335,826				314,923
Stockholders’ equity:
Common stock			373				374
Additional paid-in-capital			253,458				254,673
Retained earnings			213,517				185,703
Accumulated other comprehensive loss			(33,024	)			(33,817	)
Treasury stock at cost			(78,565	)			(76,746	)
Total stockholders’ equity			355,759				330,187
Total liabilities and stockholders’ equity		$	691,585			$	645,110

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
	Twelve Months Ended October 31,
		2020				2019
Operating activities:
Net income (loss)	$	38,496			$	(46,730	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		47,229				49,586
Stock-based compensation		879				2,045
Deferred income tax		(189	)			3,260
Loss on the disposition of capital assets		–				732
Asset impairment charge		–				74,600
Other, net		1,689				2,176
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(5,766	)			574
Decrease in inventory		6,119				3,797
Decrease (increase) in other current assets		2,896				(2,014	)
Increase in accounts payable		15,922				8,124
Decrease in accrued liabilities		(3,156	)			(6,760	)
Increase in income taxes payable		237				3,416
(Decrease) increase in deferred pension and postretirement benefits		(2,775	)			2,531
(Decrease) increase in other long-term liabilities		(236	)			513
Other, net		(549	)			522
Cash provided by operating activities		100,796				96,372
Investing activities:
Capital expenditures		(25,726	)			(24,883	)
Proceeds from disposition of capital assets		502				1,324
Cash used for investing activities		(25,224	)			(23,559	)
Financing activities:
Borrowings under credit facilities		114,500				83,500
Repayments of credit facility borrowings		(154,000	)			(136,000	)
Repayments of other long-term debt		(1,027	)			(1,526	)
Common stock dividends paid		(10,534	)			(10,644	)
Issuance of common stock		3,626				3,287
Payroll tax paid to settle shares forfeited upon vesting of stock		(454	)			(330	)
Purchase of treasury stock		(7,233	)			(9,551	)
Cash used for financing activities		(55,122	)			(71,264	)
Effect of exchange rate changes on cash and cash equivalents		303				316
Increase in cash and cash equivalents		20,753				1,865
Cash and cash equivalents at beginning of period		30,868				29,003
Cash and cash equivalents at end of period	$	51,621			$	30,868

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)
The following table reconciles the Company’s calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
		Three Months Ended October 31,				Twelve Months Ended October 31,
		2020		2019		2020		2019
Cash provided by operating activities		53,235		$66,336		$100,796		$96,372
Capital expenditures		(5,053)		(7,899)		(25,726)		(24,883)
Free Cash Flow		$48,182		$58,437		$75,070		$71,489

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
Reconciliation of Adjusted Net Income and Adjusted EPS		Three Months Ended October 31, 2020									Three Months Ended October 31, 2019									Twelve Months Ended October 31, 2020									Twelve Months Ended October 31, 2019
		Net Income				Diluted EPS					Net Income				Diluted EPS					Net Income				Diluted EPS					Net (Loss) Income				Diluted EPS
Net income (loss) as reported		$	22,152			$	0.68				$	(30,948	)		$	(0.94	)			$	38,496			$	1.17				$	(46,730	)		$	(1.42	)
Reconciling items from below			(168	)			(0.01	)				44,963				1.36					2,218				0.07					78,155				2.37
Adjusted net income and adjusted EPS		$	21,984			$	0.67				$	14,015			$	0.42				$	40,714			$	1.24				$	31,425			$	0.95
Reconciliation of Adjusted EBITDA		Three Months Ended October 31, 2020									Three Months Ended October 31, 2019									Twelve Months Ended October 31, 2020									Twelve Months Ended October 31, 2019
		Reconciliation									Reconciliation									Reconciliation									Reconciliation
Net income (loss) as reported		$	22,152								$	(30,948	)							$	38,496								$	(46,730	)
Income tax expense			4,906									4,850									11,804									10,776
Other, net			(164	)								345									(280	)								(116	)
Interest expense			935									2,029									5,245									9,643
Depreciation and amortization			11,378									12,428									47,229									49,586
EBITDA			39,207									(11,296	)								102,494									23,159
Reconciling items from below			145									45,727									2,020									79,504
Adjusted EBITDA		$	39,352								$	34,431								$	104,514								$	102,663
Reconciling Items		Three Months Ended October 31, 2020									Three Months Ended October 31, 2019									Twelve Months Ended October 31, 2020									Twelve Months Ended October 31, 2019
		Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items					Income Statement				Reconciling Items
Net sales		$	255,405			$	–				$	240,369			$	–				$	851,573			$	–				$	893,841			$	–
Cost of sales			189,164				–					183,128				–					658,750				–					694,420				–
Selling, general and administrative			26,889				–					23,826				(1,016	)	(1 )			89,707				(1,398	)	(1 )			101,292				(4,534	)	(1 )
Restructuring charges			145				(145	)	(2 )			89				(89	)	(2 )			622				(622	)	(2 )			370				(370	)	(2 )
Asset impairment charges			–				–					44,622				(44,622	)				–				–					74,600				(74,600	)	(3 )
EBITDA			39,207				145					(11,296	)			45,727					102,494				2,020					23,159				79,504
Depreciation and amortization			11,378				–					12,428				(192	)				47,229				(968	)	(4 )			49,586				(192	)
Operating income (loss)			27,829				145					(23,724	)			45,919					55,265				2,988					(26,427	)			79,696
Interest expense			(935	)			–					(2,029	)			–					(5,245	)			–					(9,643	)			–
Other, net			164				(333	)	(5 )			(345	)			451		(5 )			280				57		(5 )			116				384		(5 )
Income (loss) before income taxes			27,058				(188	)				(26,098	)			46,370					50,300				3,045					(35,954	)			80,080
Income tax expense			(4,906	)			20		(6 )			(4,850	)			(1,407	)	(6 )			(11,804	)			(827	)	(6 )			(10,776	)			(1,925	)	(6 )
Net income (loss)		$	22,152			$	(168	)			$	(30,948	)		$	44,963				$	38,496			$	2,218				$	(46,730	)		$	78,155
Diluted earnings (loss) per share		$	0.68								$	(0.94	)							$	1.17								$	(1.42	)
(1) Transaction and advisory fees, $1.4 million related to executive severance charges in the twelve months ended 2020, $0.8 million related to the loss on the sale of a plant in the three and twelve months ended 2019, and $2.3 million of severance charges related to a reorganization and executive severance in the twelve months ended 2019.
(2) Restructuring charges relate to the closure of manufacturing plant facilities.
(3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.
(5) Foreign currency transaction losses (gains).
(6) Impact on a with and without basis.

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
		NA Fenestration				EU Fenestration				NA Cabinet Components				Unallocated Corp & Other				Total
Three months ended October 31, 2020
Net sales		$	141,983			$	56,823			$	57,465			$	(866	)		$	255,405
Cost of sales			105,323				36,725				47,546				(430	)			189,164
Gross Margin			36,660				20,098				9,919				(436	)			66,241
Gross Margin %			25.8	%			35.4	%			17.3	%							25.9	%
Selling, general and administrative			12,883				6,739				5,270				1,997				26,889
Restructuring charges			67				–				78				–				145
Depreciation and amortization			5,243				2,423				3,593				119				11,378
Operating income (loss)			18,467				10,936				978				(2,552	)			27,829
Depreciation and amortization			5,243				2,423				3,593				119				11,378
EBITDA			23,710				13,359				4,571				(2,433	)			39,207
Restructuring charges			67				–				78				–				145
Adjusted EBITDA		$	23,777			$	13,359			$	4,649			$	(2,433	)		$	39,352
Adjusted EBITDA Margin %			16.7	%			23.5	%			8.1	%							15.4	%
Three months ended October 31, 2019
Net sales		$	143,183			$	43,794			$	54,266			$	(874	)		$	240,369
Cost of sales			107,316				29,997				46,319				(504	)			183,128
Gross Margin			35,867				13,797				7,947				(370	)			57,241
Gross Margin %			25.0	%			31.5	%			14.6	%							23.8	%
Selling, general and administrative			13,215				5,532				4,925				154				23,826
Restructuring charges			89				–				–				–				89
Depreciation and amortization			6,846				2,176				3,276				130				12,428
Asset impairment charges			–				–				44,622				–				44,622
Operating income (loss)			15,717				6,089				(44,876	)			(654	)			(23,724	)
Depreciation and amortization			6,846				2,176				3,276				130				12,428
EBITDA			22,563				8,265				(41,600	)			(524	)			(11,296	)
Asset impairment charges			–				–				44,622				–				44,622
LIFO inventory reserve adjustment			–				–				–				250				250
Transaction and advisory fees			–				–				–				766				766
Restructuring charges			89				–				–				–				89
Adjusted EBITDA		$	22,652			$	8,265			$	3,022			$	492			$	34,431
Adjusted EBITDA Margin %			15.8	%			18.9	%			5.6	%							14.3	%
Twelve months ended October 31, 2020
Net sales		$	483,415			$	161,054			$	210,099			$	(2,995	)		$	851,573
Cost of sales			371,811				108,781				179,804				(1,646	)			658,750
Gross Margin			111,604				52,273				30,295				(1,349	)			192,823
Gross Margin %			23.1	%			32.5	%			14.4	%							22.6	%
Selling, general and administrative			47,845				22,729				18,738				395				89,707
Restructuring charges			295				–				327				–				622
Depreciation and amortization			23,555				9,468				13,732				474				47,229
Operating income (loss)			39,909				20,076				(2,502	)			(2,218	)			55,265
Depreciation and amortization			23,555				9,468				13,732				474				47,229
EBITDA			63,464				29,544				11,230				(1,744	)			102,494
Transaction and advisory fees			–				–				–				55				55
Executive severance charges			–				–				–				1,343				1,343
Restructuring charges			295				–				327				–				622
Adjusted EBITDA		$	63,759			$	29,544			$	11,557			$	(346	)		$	104,514
Adjusted EBITDA Margin %			13.2	%			18.3	%			5.5	%							12.3	%
Twelve months ended October 31, 2019
Net sales		$	503,837			$	164,997			$	229,644			$	(4,637	)		$	893,841
Cost of sales			386,194				114,136				197,263				(3,173	)			694,420
Gross Margin			117,643				50,861				32,381				(1,464	)			199,421
Gross Margin %			23.3	%			30.8	%			14.1	%							22.3	%
Selling, general and administrative			50,454				22,976				18,839				9,023				101,292
Restructuring charges			370				–				–				–				370
Depreciation and amortization			27,054				8,845				13,178				509				49,586
Asset impairment charges			–				–				74,600				–				74,600
Operating income (loss)			39,765				19,040				(74,236	)			(10,996	)			(26,427	)
Depreciation and amortization			27,054				8,845				13,178				509				49,586
EBITDA			66,819				27,885				(61,058	)			(10,487	)			23,159
Asset impairment charges			–				–				74,600				–				74,600
Transaction and advisory fees			–				–				–				1,467				1,467
Reorganization and executive severance			–				–				–				2,301				2,301
Loss on sale of plant			–				–				–				766				766
Restructuring charges			370				–				–				–				370
Adjusted EBITDA		$	67,189			$	27,885			$	13,542			$	(5,953	)		$	102,663
Adjusted EBITDA Margin %			13.3	%			16.9	%			5.9	%							11.5	%

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
	Three Months Ended								Twelve Months Ended
	October 31, 2020				October 31, 2019				October 31, 2020				October 31, 2019
NA Fenestration:
United States – fenestration	$	125,522			$	127,027			$	427,616			$	439,536
International – fenestration		9,301				7,631				28,585				31,106
United States – non-fenestration		5,500				4,771				19,279				17,061
International – non-fenestration		1,660				3,754				7,935				16,134
	$	141,983			$	143,183			$	483,415			$	503,837
EU Fenestration (1) :
International – fenestration	$	46,699				37,599			$	134,432				139,638
International – non-fenestration		10,124				6,195				26,622				25,359
	$	56,823			$	43,794			$	161,054			$	164,997
NA Cabinet Components :
United States – fenestration	$	3,381			$	3,235			$	11,842			$	13,144
United States – non-fenestration		53,641				50,516				196,479				214,211
International – non-fenestration		443				515				1,778				2,289
	$	57,465			$	54,266			$	210,099			$	229,644
Unallocated Corporate & Other:
Eliminations	$	(866	)		$	(874	)		$	(2,995	)		$	(4,637	)
	$	(866	)		$	(874	)		$	(2,995	)		$	(4,637	)
Net Sales	$	255,405			$	240,369			$	851,573			$	893,841
(1) Reflects $2.2 million and $0.6 million gains in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2020, respectively.

 

NEW YORK, Dec. 10, 2020 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT) a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to our clients and liquidity to the global markets, announced that Akshata Puri and Kayla Mortello have both won awards from Women in Finance Americas. These prestigious awards honor highly accomplished women whose entrepreneurial spirit and leadership have made a unique contribution to the industry.

Both based in New York and nominated by their peers, Akshata serves as a Product Manager for US ATS Venues and Kayla is a Senior ETF Operations Analyst.  

Akshata, who took home the Excellence in Trading Platform Award, manages Virtu’s US ATS products, including its flagship POSIT Alert, and services clients seeking to access Virtu’s liquidity. Beginning her career as an intern with ITG in 2008, her role has evolved from technology to business leader. Akshata holds a MS Computer and Information Science from the University of Pennsylvania and recently completed her MBA in Finance, Behavioral Science and Marketing Management from University of Chicago Booth School of Business, which required her to travel between NYC and Chicago every weekend for three years.

Kayla, who won the Rising Star award, joined Virtu as a junior analyst in 2017 and quickly emerged as a dynamic leader within the global ETF Operations team. Today, she and her team manage several key aspects of Virtu’s ETF execution and post-trade efforts to help manage the firm’s capital usage and exposure to risk. Kayla strategically understood that coding would be an important tool to expand her career opportunities and to better assist the firm—and having no prior experience—she taught herself this critical skill, which has proven invaluable to her role in automating systems and processes. She is also involved in the recruitment and the training of new hires, as well as serving as a mentor to interns and new hires.

“Both Akshata and Kayla are entrusted with some of the most challenging projects, both internally and externally facing, demonstrating how critical they are to the firm,” said Douglas Cifu, Co-Founder and Chief Executive Officer, Virtu Financial. “They are true examples of tenacity, client advocacy and self-initiative, serving as strong role models at Virtu and in our industry.”

“Akshata and Kayla represent the embodiment of excellence at Virtu, clearly demonstrated by their drive, actions and positive attitudes,” said Steve Cavoli, Global Head of Execution Services. “Highly valued by their peers and clients, they are true assets to Virtu and well deserving of their respective awards.”

Additional Virtu Financial women shortlisted for a Women in Finance Americas 2020 award: Christine Ma, Head of North American Client Coverage for Analytics; Diane Neligan, Client Relationship Manager; Ramona Espinosa, Senior Manager of US Clearing Operations and Erin Stanton, Global Head of Analytics Client Services and Coverage. The firm extends its gratitude and appreciation to all these women for the examples they set at Virtu and the financial services industry.

About Women in Finance Awards

Women in Finance (WIF) award winners were nominated by readers of MarketsMedia.com and TradersMagazine.com, and shortlists and winners were determined by the editorial staffs and WIF Advisory Board. The methodology in selecting nominees and then winners for Women in Finance reflects an extensive set of criteria and is based solely on the opinion of market participants.

About Virtu Financial, Inc.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Contact:
Investor Relations	Media Relations
Deborah Belevan, IRC, CPA	Andrew Smith
[email protected]	[email protected]

SAN JOSE, Calif., Dec. 10, 2020 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of November 30, 2020, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.

1.	Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of November 30, 2020, the Fund’s investment in Pivotal consisted of 38,090,506 shares of common stock equivalents (CDI’s) and represented approximately 29.1% of the Fund’s estimated total investments.*
2.	IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver intra-operative radiation to cancer patients. As of November 30, 2020, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 21.7% of the Fund’s estimated total investments.*
3.	Wrightspeed, Inc. is a supplier of electric drivetrains for medium-duty trucks. As of November 30, 2020, the Fund’s investment in Wrightspeed consisted of 60,802,795 shares of preferred and common stock plus debt securities and warrants to purchase additional shares, and represented approximately 20.3% of the Fund’s estimated total investments.*
4.	Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of November 30, 2020, the Fund’s investment in Revasum consisted of 46,834,340 shares of restricted and unrestricted common stock and common stock equivalents and represented approximately 13.2% of the Fund’s estimated total investments.*
5.	SVXR, Inc. is a manufacturer of automated X-ray inspection tools for the semiconductor and microelectronics industries. As of November 30, 2020, the Fund’s investment in SVXR consisted of 8,219,454 shares of preferred stock and represented approximately 5.3% of the Fund’s estimated total investments.*

The Fund also announced that as of November 30, 2020, the estimated total investments* of the Fund were approximately $102 million, or $14.78 per share, including cash and cash equivalents of approximately $0.02 per share. As of that date, the Fund’s top five holdings constituted 89.7% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of December 31, 2020, will be available in the Fund’s annual report filing on Form 10-K in March 2021.

*Total investments are estimated as of November 30, 2020, and represent the value of the Fund’s total investments as of September 30, 2020, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since September 30, 2020. For the purposes of calculating the percentage of estimated total investments represented by each investment, the value of each holding is determined by either: (1) the purchase price, (2) the market value for public securities, less any discounts taken due to restrictions on the stock, or (3) the September 30, 2020, fair value of each security, as determined under procedures approved by our Board of Directors. The estimated total investments figure does not reflect net asset value because actual and estimated liabilities (such as estimated tax liabilities and performance fees, accrued vendor service fees and other liabilities) are not deducted.

About Firsthand Technology Value Fund

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Unlike most business development companies, the Fund is taxed as a corporation rather than a Regulated Investment Company under federal tax laws, based on the composition of its assets. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.

Contact:

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
[email protected]

DENVER, Dec. 10, 2020 (GLOBE NEWSWIRE) — QEP Resources, Inc. (NYSE: QEP) (the “Company”) announced today that members of the Company’s senior management will participate in the upcoming MKM Partners Virtual Conference on Wednesday, December 16, 2020, at 11:50am ET (9:50 am MT). A link to the webcast will be available at www.qepres.com. Attendees should log in to the webcast approximately 15 minutes prior to the presentation’s start time.

About QEP Resources

QEP Resources, Inc. (NYSE: QEP) is an independent crude oil and natural gas exploration and production company focused in two regions of the United States: the Southern Region (primarily in Texas) and the Northern Region (primarily in North Dakota). For more information, visit QEP’s website at: www.qepres.com.

Contact

William I. Kent, IRC
Director, Investor Relations
303-405-6665

SAN RAMON, Calif., Dec. 10, 2020 (GLOBE NEWSWIRE) — CooperCompanies (NYSE:COO) announced today that A. Thomas Bender and Allan E. Rubenstein, M.D. have decided to retire and will not stand for re-election at the Annual Meeting of Stockholders in March 2021. Both men have held multiple board roles spanning decades, and their guidance has been instrumental in the success of the CooperCompanies. They have helped position the company for many years of future success.

“I want to say a huge thank you to Tom and Allan for their years of service to the company. We are extremely grateful for their valuable contributions in helping shape Cooper into the fantastic company it is today,” said Al White, President and CEO. “I’d also like to especially recognize Tom for his past CEO leadership at Cooper. He has been a driving force for Cooper, and the entire eye-care space, where he has been active for many decades. His enthusiasm, customer-centric style and passion for our business have been instrumental in creating the global, multi-billion-dollar company that we are today.”

Mr. Bender joined CooperVision in 1991 as President and Chief Operating Officer. He spearheaded a comprehensive restructuring of the business, which resulted in a dramatic improvement in company performance and set the stage for a sustained period of growth, innovation, and international expansion. Mr. Bender has served on the CooperCompanies Board since 1994 and was elected Chairman in July 2002. He also served as President and CEO of CooperCompanies from May 1995 until his retirement in October 2007.

Dr. Rubenstein is retiring after 29 years of service to the company, during which he chaired multiple initiatives that enhanced both the strategic direction and clinical efficacy of the Cooper portfolio. His scientific background, combined with his focus on leveraging new technologies, has helped CooperCompanies develop a range of products that align with significant health and wellness trends.

Dr. Rubenstein has served on the CooperCompanies Board as Vice Chairman and Lead Director since July 2002. He previously served as Chairman of the Board from July 1994 to July 2002 and Acting Chairman of the Board from April 1993 to June 1994. Dr. Rubenstein is a Clinical Professor of Neurology and Pediatrics at New York University Langone Medical Center. He is also Medical Director Emeritus of the Children’s Tumor Foundation and a consultant to the National Institutes of Health, the U.S. Food and Drug Administration and the U.S. Department of Defense.

About CooperCompanies

CooperCompanies (“Cooper”) is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, CA, Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com.

Contact:
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
[email protected]