Market Newsdesk

Spruce Biosciences Reports Third Quarter 2020 Financial Results and Provides Corporate Update

–Successful Initiation of Late-Stage CAHmelia Program in Adult Classic CAH–

–FDA and EMA Scientific Advice Support Plans in Pediatric Classic CAH Program–

–IPO Results in Pro Forma Cash and Cash Equivalents of $168.4 Million–

SAN FRANCISCO–(BUSINESS WIRE)–Spruce Biosciences, Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today reported financial results for the third quarter ended September 30, 2020, and provided a corporate update.

Recent Accomplishments and Progress Toward Milestones

• Successful Initiation of the Late-Stage CAHmelia Program in Adult Classic Congenital Adrenal Hyperplasia (CAH). CAHmelia-203 will assess the impact of tildacerfont, a CRF-1 receptor antagonist, on biomarker control and reducing clinical effects of disease in adult classic CAH patients with poor disease control. CAHmelia-204 will assess the effect of tildacerfont on glucocorticoid reduction and the clinical impact of that reduction in adult classic CAH patients with good disease control. Spruce believes that its two-study strategy may allow it to observe more clinically meaningful outcomes with fewer total patients studied. Screening activities are underway and substantial patient interest for participation in both studies has been registered at CAHstudy.com.
  

• Pediatric Scientific Advice Meetings with FDA and European Medicines Agency (EMA) Completed. Spruce completed a scientific advice meeting with the EMA regarding its clinical development program of tildacerfont in children with classic CAH between the ages 2 and 17. Spruce plans to submit a Pediatric Investigational Plan (PIP) to the Pediatric Committee of the EMA regarding a Phase 3 registrational program in pediatrics. Scientific advice received from both the EMA and FDA also support Spruce’s plans to initiate its planned Phase 2 pediatric clinical trial in the second half of 2021.
  

• Successful Completion of Initial Public Offering (IPO). Spruce closed its IPO in October 2020, resulting in net proceeds of $96.3 million, after deducting underwriting discounts and commissions of approximately $7.2 million and before deducting offering related expenses. When including net proceeds from the IPO, pro forma cash and cash equivalents as of September 30, 2020 were $168.4 million.

“The third quarter has been a transformational period for the company, marked by significant accomplishments. We have successfully initiated CAHmelia-203 and CAHmelia-204, our global late-stage development program in adult classic CAH, despite the challenges resulting from the COVID-19 pandemic,” said Richard King, Chief Executive Officer. “With the successful completion of our IPO in October 2020, our strong cash position enables us to fund our CAHmelia program through completion and into applications for approval from regulatory authorities, assuming positive study outcomes. In addition, tildacerfont continues to progress towards evaluation in additional indications, including pediatric classic CAH and a rare form of polycystic ovary syndrome driven by a hyper-responsiveness to elevated levels of adrenocorticotropic hormone. We are focused on executing our clinical development plans and look forward to providing more updates in the future.”

Financial Highlights

Cash and Cash Equivalents: Cash and cash equivalents as of September 30, 2020, were $72.2 million.

Research and Development (R&D) Expenses: R&D expenses consist primarily of pre-clinical, clinical and manufacturing expenses related to the development of tildacerfont. R&D expenses for the three and nine months ended September 30, 2020, were $7.8 million and $18.0 million compared to $2.1 million and $8.0 million for the same periods in 2019, respectively. The overall increase in R&D expenses was primarily related to an increase in clinical development, manufacturing, and personnel costs associated with advancement of tildacerfont into late-stage clinical development.

General and Administrative (G&A) Expenses: G&A expenses consist primarily of personnel costs, legal and other professional fees, insurance, and other administrative costs. G&A expenses for the three and nine months ended September 30, 2020, were $1.8 million and $3.0 million, compared to $0.5 million and $2.0 million for the same periods in 2019, respectively. The overall increase in G&A expenses was primarily driven by an increase in professional fees related to the IPO.

Net Loss: Net loss for the three and nine months ended September 30, 2020, was $9.6 million and $21.2 million, compared to $2.6 million and $9.9 million for the same periods in 2019, respectively.

About Spruce Biosciences

Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need. Spruce is initially developing its wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy to offer markedly improved disease control and reduce steroid burden for patients suffering from classic congenital adrenal hyperplasia (CAH). Classic CAH is a serious and life-threatening disease with no known novel therapies approved in approximately 50 years.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Spruce’s clinical trials, the regulatory approval path for tildacerfont, the strength of Spruce’s balance sheet and the adequacy of Spruce’s cash position. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Spruce’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Spruce’s business in general, the impact of the COVID-19 pandemic, and the other risks described in Spruce’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Spruce undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Use of Non-GAAP Financial Measure

To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we use the following non-GAAP financial measure: pro forma cash and cash equivalents, which include the net proceeds from the IPO, after deducting underwriting discounts and commissions and before deducting offering related expenses. Management believes the non-GAAP financial measure is helpful to investors to evaluate the company’s financial position. The non-GAAP financial measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts included or excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the section titled “Reconciliation of Non-GAAP Measure” included at the end of this release.

SPRUCE BIOSCIENCES, INC. CONDENSED BALANCE SHEETS (unaudited) (in thousands, except share amounts)
		September 30, 2020				December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents		$	72,158			$	3,924
Prepaid expenses			1,233				215
Other current assets			209				513
Total current assets			73,600				4,652
Restricted cash			216				—
Right-of-use assets			1,869				—
Deferred offering costs			2,347				—
Other assets			453				40
Total assets		$	78,485			$	4,692
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable		$	4,002			$	1,878
Term loan, current portion			1,908				1,252
Accrued expenses and other current liabilities			3,469				265
Accrued compensation and benefits			707				908
Total current liabilities			10,086				4,303
Term loan, net of current portion			2,561				3,193
Lease liability, net of current portion			1,738				—
Other liabilities			95				20
Total liabilities			14,480				7,516
Series A redeemable convertible preferred stock, $0.0001 par value, 28,000,000 shares authorized, issued, and outstanding as of September 30, 2020 and December 31, 2019; liquidation preference of $28,000 as of September 30, 2020 and December 31, 2019			27,813				27,813
Series B redeemable convertible preferred stock, $0.0001 par value, 73,333,330 shares authorized, issued, and outstanding as of September 30, 2020 and 0 shares authorized, issued and outstanding as of December 31, 2019; liquidation value of $88,000 as of September 30, 2020 and $0 as of December 31, 2019			87,633				—
Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 130,518,922 and 41,000,000 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 822,022 and 764,408 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively			1				1
Additional paid-in capital			1,061				664
Accumulated deficit			(52,503	)			(31,302	)
Total stockholders’ equity (deficit)			(51,441	)			(30,637	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)		$	78,485			$	4,692

SPRUCE BIOSCIENCES, INC. CONDENSED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Operating expenses:
Research and development		$	7,769			$	2,107			$	18,040			$	7,969
General and administrative			1,790				457				3,041				2,004
Total operating expenses			9,559				2,564				21,081				9,973
Loss from operations			(9,559	)			(2,564	)			(21,081	)			(9,973	)
Interest expense			(79	)			(5	)			(245	)			(5	)
Other income, net			51				18				125				72
Net loss		$	(9,587	)		$	(2,551	)		$	(21,201	)		$	(9,906	)
Net loss per share, basic and diluted		$	(12.35	)		$	(3.34	)		$	(27.54	)		$	(12.96	)
Weighted-average shares of common stock outstanding, basic and diluted			776,159				764,408				769,766				764,408

SPRUCE BIOSCIENCES, INC. RECONCILIATION OF NON-GAAP MEASURE (unaudited) (in thousands)
		September 30, 2020
Cash and cash equivalents		$	72,158
Adjustments:
Net IPO proceeds after deducting underwriting discounts and commissions and before deducting offering related expenses			96,255
Pro forma cash and cash equivalents		$	168,413

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118006042/en/

Media

Will Zasadny

Canale Communications

(619) 961-8848

[email protected]

[email protected]

Investors

Thomas Hoffmann

Solebury Trout

(646) 378-2931

[email protected]

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical General Health Health Other Health

MEDIA:

Logo

Domo to Present at the Credit Suisse 24th Annual Technology Conference

SILICON SLOPES, Utah–(BUSINESS WIRE)–Domo (Nasdaq: DOMO), provider of the Domo Business Cloud, today announced management will present at the Credit Suisse 24th Annual Technology Conference. The presentation is scheduled for November 30, 2020 at 1:40pm ET.

A live webcast of the conference presentation will be available on the Domo Investor Relations website at http://www.domo.com/IR.

About Domo

Domo is the Business Cloud, empowering organizations of all sizes with BI leverage at cloud scale, in record time. With Domo, BI-critical processes that took weeks, months or more can now be done on-the-fly, in minutes or seconds, at unbelievable scale. For more information about how Domo (Nasdaq: DOMO) helps its customers go fast, go big and go bold, visit www.domo.com. You can also follow Domo on Twitter, Facebook and LinkedIn.

Domo, Domo Business Cloud and Domo is the Business Cloud are registered trademarks of Domo, Inc.

Domo Disclosure Channels to Disseminate Information

Domo investors and others should note that we announce material information to the public about our company, products and services, and other issues through a variety of means, including Domo’s website, press releases, SEC filings, blogs and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We intend to use the Domo Facebook page, the Domo LinkedIn page, the Domo blog, the @Domotalk Twitter account and the @JoshJames Twitter account as a means of disclosing information about the Company and its services and for complying with the disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, we encourage investors and others to monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described here may be updated from time to time as listed on our investor relations webpage.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118006040/en/

Media –

Julie Kehoe

[email protected]

Investors –

Peter Lowry

[email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Software Technology Data Management

MEDIA:

Logo

NRG Energy Recognizes Business Customers During Inaugural Excellence in Energy Awards

PRINCETON, N.J.–(BUSINESS WIRE)–
NRG Energy, Inc. (NSYE: NRG) honored its top energy customers in efficiency, sustainability and community through the inaugural Excellence in Energy Awards held on November 18, 2020.

The Excellence in Energy Awards identifies customers by industry that demonstrate a strong commitment to planning and implementation of sustainability and energy efficiency goals and are also engaged in the community. With the launch of these awards, NRG is applauding the energy achievements and milestones of its customers.

“Our customers inspire us every day at NRG,” said Robert Gaudette, Senior Vice President of NRG Energy, Inc. “This event is dedicated to them. We want to recognize our customers for their effort in optimizing their energy solutions and giving back to the community. The awards are about celebrating the ways organizations are taking charge of their energy future and moving toward more multi-faceted approaches benefiting them and their communities.”

NRG is honored to announce its first Excellence in Energy Award winners.

Sustainability

Each organization demonstrated a significant and measurable environmental impact.

• Archdiocese of Galveston-Houston
• Bank of America
• City of Houston

Energy Efficiency

Organizations were recognized for achieving success with new technologies, solutions, and upgrades resulting in energy reduction or savings.

• Dallas Independent School District
• Houston Methodist Hospital

Community

Organizations were recognized for their achievements in community involvement.

• Investment Corporation of America
• YMCA Dallas Metropolitan

As a winner of the Excellence in Energy Awards, organizations further demonstrate and certify their excellence as an energy leader responsible with energy consumption and a good neighbor in the community.

Customers, brokers and account managers were invited to submit essay submissions outlining the achievements of the customers based on three categories: Community, Sustainability and Energy Efficiency. To be eligible, candidates needed to be a Reliant Energy or NRG Energy customer categorized as a large business with an active supply contract. Large business Sustainability and Energy Efficiency customers were also eligible.

Congratulations to all the organizations making advances on their energy journeys. NRG is already committed to recognizing excellence again in November 2021 for the next “Excellence in Energy” event.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118006038/en/

Investors:

Kevin L. Cole, CFA

609.524.4526

[email protected]

Media:

Candice Adams

609.524.5428

[email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Other Energy Utilities Oil/Gas Coal Alternative Energy Energy Nuclear

MEDIA:

Posted on November 18, 2020 4:08 pm

JPMorgan Chase & Co. Declares Quarterly Coupon on Alerian MLP Index ETN

JPMorgan Chase & Co. Declares Quarterly Coupon on Alerian MLP Index ETN

NEW YORK–(BUSINESS WIRE)–
JPMorgan Chase & Co. announced today the quarterly coupon amount for the Alerian MLP Index ETN (NYSE Arca: AMJ). The table below summarizes the coupon amount for the Alerian MLP Index ETN (the “Notes”).

NYSE Arca Ticker	Registered Issue Name	Declaration Date	Ex-Date	Record Date	Payment Date	Coupon Amount1 per Note	Current Yield2
AMJ	Alerian MLP Index ETN	November 18, 2020	November 27, 2020	November 30, 2020	December 8, 2020	$0.3354	9.9%

The Notes are subject to a maximum issuance limitation of 129,000,000 Notes, which may cause the Notes to trade at a premium relative to the indicative note value. Investors that pay a premium for the Notes could incur significant losses if that investor sells its notes at a time when some or all of the premium is no longer present.

1) As defined in the Market-Making Supplement, dated April 8, 2020, for the Notes.

You may access this market making supplement as follows:

https://www.sec.gov/Archives/edgar/data/19617/000095010320007243/dp125818_424b2-aemsupp.htm

2) “Current Yield” equals the current Coupon Amount annualized and divided by the closing price of the Notes on November 17, 2020, and rounded to one decimal place for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the Notes.

The Notes are senior, unsecured obligations of JPMorgan Chase & Co.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investment suitability must be determined individually for each investor, and the Notes may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.

Investors should consult with their own advisors as to these matters.

JPMorgan Chase & Co. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates.

Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and this offering.

You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorganChase & Co., any agent or any dealer participating in this offering will arrange to send you the prospectus, the prospectus supplement, the product supplement and the pricing supplement if you so request by calling toll-free 800-576-3529.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118006030/en/

JPMorgan Alerian ETN team

1-800-576-3529

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

MEDIA:

Logo

Shoe Carnival Reports Third Quarter Fiscal 2020 Results

Reports Record Quarterly Net Income, Diluted Net Income Per Share and Gross Profit

Reports Comparable Store Sales Increase of 0.9 Percent

EVANSVILLE, Ind.–(BUSINESS WIRE)–
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately priced footwear and accessories, today reported results for the third quarter and nine months ended October 31, 2020.

Third Quarter Highlights

• Net sales were $274.6 million
• Net income and diluted net income per share were all-time records of $14.7 million and $1.03 per share, respectively
• Gross profit increased $3.0 million to a record $87.8 million and gross profit margin increased 110 basis points to 32 percent compared to the third quarter of fiscal 2019
• Comparable store sales increased 0.9 percent, on top of a 3.5 percent comparable store sales increase in the third quarter of fiscal 2019
• E-commerce sales increased over 150 percent compared to the third quarter of fiscal 2019
• Membership in our Shoe Perks customer loyalty program approached 10 percent growth compared to the prior year bringing total membership in the program to nearly 26 million
• Cash and cash equivalents were $46.7 million with no outstanding debt as of October 31, 2020

“Our strong fiscal third quarter results clearly demonstrated the strength and dedication of our team’s ability to execute on our strategic initiatives. We achieved same store sales growth and delivered the most profitable quarter in Shoe Carnival’s history, despite the extended back-to-school season. This would not have been possible without the hard work of our Shoe Carnival team members, our incredibly solid vendor partnerships, and dedicated customers,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

“Our disciplined focus on financial flexibility and the strength of our business model continue to fuel our market leading performance notwithstanding the ongoing disruption caused by the global pandemic. We are excited about our market share gains in the quarter and believe our enduring competitive advantages position us for future growth,” concluded Mr. Sifford.

Third Quarter Financial Results

The Company reported net sales of $274.6 million for the third quarter, which was flat compared to the third quarter of fiscal 2019. Comparable store sales increased 0.9 percent. E-commerce sales increased over 150 percent and represented more than 13 percent of total sales in the third quarter of fiscal 2020.

Gross profit margin for the third quarter of fiscal 2020 increased to 32.0 percent compared to 30.9 percent in the third quarter of fiscal 2019. Merchandise margin increased 1.6 percent and buying, distribution and occupancy expenses increased 0.5 percent as a percentage of net sales compared to the third quarter of fiscal 2019. The increase in merchandise margin was primarily due to lower promotional activity during the quarter. The increase in buying, distribution and occupancy costs as a percentage of sales was primarily due to higher distribution expense.

Selling, general and administrative expenses for the third quarter of fiscal 2020 increased $1.0 million to $67.6 million. As a percentage of net sales, these expenses increased to 24.7 percent compared to 24.3 percent in the third quarter of fiscal 2019.

Net income for the third quarter of fiscal 2020 was $14.7 million, or $1.03 per diluted share. For the third quarter of fiscal 2019, the Company reported net income of $13.7 million, or $0.94 per diluted share.

Nine Month Financial Results

Net sales for the first nine months of fiscal 2020 were $722.9 million compared to $796.7 million in the first nine months of fiscal 2019. Comparable store sales decreased 8.8 percent for the first nine months of fiscal 2020. The decrease in sales was due to temporary store closures in the first half of the year due to the global pandemic.

Net income for the first nine months of fiscal 2020 was $8.5 million, or $0.60 per diluted share, compared to net income of $39.4 million, or $2.66 per diluted share, for the first nine months of fiscal 2019. Included in the first nine months of fiscal 2019 was a tax benefit of approximately $1.9 million, or $0.13 per diluted share, associated with the vesting of equity-based compensation that was recorded in the first quarter of fiscal 2019.

The gross profit margin for the first nine months of fiscal 2020 was 27.9 percent compared to 30.4 percent in the same period last year. Selling, general and administrative expenses for the first nine months decreased $2.0 million to $190.5 million. As a percentage of net sales, these expenses increased to 26.3 percent compared to 24.2 percent in the first nine months of fiscal 2019 primarily due to the deleveraging effect of lower sales.

Fiscal 2020 Earnings Outlook

We continue to closely monitor and manage the impact of the COVID-19 pandemic and take action to maintain financial flexibility and keep our employees and customers safe. The COVID-19 pandemic is expected to continue to affect macroeconomic conditions and consumer spending in the retail sector. Considerable uncertainty exists surrounding the impact the pandemic may have on the Company’s sales and operations for the remainder of the fiscal year, including during the peak holiday shopping period. As a result, the Company is not providing guidance for fiscal year 2020.

Store Openings and Closings

One new store was opened in the third quarter of fiscal 2020 and no stores were closed. For the first nine months of fiscal 2020, the Company has opened three stores and closed 12 stores. The Company expects a total of four store openings and 13 store closings during fiscal 2020 compared to one store opening and six store closings in fiscal 2019.

Share Repurchase Program

As of October 31, 2020, the Company had $43.1 million available for future repurchases under its share repurchase program. Due to the volatility this year, no shares have been repurchased in fiscal 2020, and the Company does not anticipate repurchasing any shares in fiscal 2020 but will continue to reevaluate further share repurchases on an ongoing basis.

Conference Call

Today, at 4:30 p.m. Eastern Time, the Company will host a conference call to discuss the third quarter results. Participants can listen to the live webcast of the call by visiting Shoe Carnival’s Investors webpage at www.shoecarnival.com. While the question-and-answer session will be available to all listeners, questions from the audience will be limited to institutional analysts and investors. A replay of the webcast will be available on the Company’s website beginning approximately two hours after the conclusion of the conference call and will be archived for one year.

About Shoe Carnival

Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering customers a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of November 18, 2020, the Company operates 383 stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on The Nasdaq Stock Market, LLC under the symbol SCVL. Shoe Carnival’s press releases and annual report are available on the Company’s website at www.shoecarnival.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: the duration and spread of the COVID-19 outbreak, mitigating efforts deployed by government agencies and the public at large, and the overall impact from such outbreak on the operations of our stores, economic conditions, financial market volatility, consumer spending and our supply chain and distribution processes; general economic conditions in the areas of the continental United States in which our stores are located and the impact of the ongoing economic crisis in Puerto Rico on sales at, and cash flows of, our stores located in Puerto Rico; the effects and duration of economic downturns and unemployment rates; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to generate increased sales at our stores; our ability to successfully navigate the increasing use of online retailers for fashion purchases and the impact on traffic and transactions in our physical stores; the success of the open-air shopping centers where our stores are located and its impact on our ability to attract customers to our stores; our ability to attract customers to our e-commerce website and to successfully grow our e-commerce sales; the potential impact of national and international security concerns on the retail environment; changes in our relationships with key suppliers; our ability to control costs and meet our labor needs in a rising wage environment; changes in the political and economic environments in, the status of trade relations with, and the impact of changes in trade policies and tariffs impacting, China and other countries which are the major manufacturers of footwear; the impact of competition and pricing; our ability to successfully manage and execute our marketing initiatives and maintain positive brand perception and recognition; our ability to successfully manage our current real estate portfolio and leasing obligations; changes in weather, including patterns impacted by climate change; changes in consumer buying trends and our ability to identify and respond to emerging fashion trends; the impact of disruptions in our distribution or information technology operations; the effectiveness of our inventory management; the impact of natural disasters, other public health crises, political crises, civil unrest, and other catastrophic events on our stores and our suppliers, as well as on consumer confidence and purchasing in general; risks associated with the seasonality of the retail industry; the impact of unauthorized disclosure or misuse of personal and confidential information about our customers, vendors and employees, including as a result of a cyber-security breach; our ability to manage our third-party vendor relationships; our ability to successfully execute our business strategy, including the availability of desirable store locations at acceptable lease terms, our ability to open new stores in a timely and profitable manner, including our entry into major new markets, and the availability of sufficient funds to implement our business plans; higher than anticipated costs associated with the closing of underperforming stores; the inability of manufacturers to deliver products in a timely manner; the impact of regulatory changes in the United States and the countries where our manufacturers are located; the resolution of litigation or regulatory proceedings in which we are or may become involved; continued volatility and disruption in the capital and credit markets; future stock repurchases under our stock repurchase program and future dividend payments; and other factors described in the Company’s SEC filings, including the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. Forward-looking statements can be identified by, among other things, the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,” “anticipates,” “intends” or the negative of any of these terms, or comparable terminology, or by discussions of strategy or intentions. Given these uncertainties, we caution investors not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We disclaim any obligation to update any of these factors or to publicly announce any revisions to the forward-looking statements contained in this press release to reflect future events or developments.

Financial Tables Follow

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
		Thirteen				Thirteen				Thirty-nine				Thirty-nine
		Weeks Ended				Weeks Ended				Weeks Ended				Weeks Ended
		October 31, 2020				November 2, 2019				October 31, 2020				November 2, 2019
Net sales		$	274,579			$	274,645			$	722,868			$	796,676
Cost of sales (including buying, distribution and occupancy costs)			186,818				189,911				521,038				554,707
Gross profit			87,761				84,734				201,830				241,969
Selling, general and administrative expenses			67,598				66,584				190,530				192,537
Operating income			20,163				18,150				11,300				49,432
Interest income			(2	)			(163	)			(95	)			(580	)
Interest expense			119				34				293				155
Income before income taxes			20,046				18,279				11,102				49,857
Income tax expense			5,368				4,553				2,554				10,426
Net income		$	14,678			$	13,726			$	8,548			$	39,431
Net income per share:
Basic		$	1.04			$	0.95			$	0.61			$	2.71
Diluted		$	1.03			$	0.94			$	0.60			$	2.66
Weighted average shares:
Basic			14,090				14,404				14,057				14,544
Diluted			14,266				14,556				14,225				14,826
Cash dividends declared per share		$	0.090			$	0.085			$	0.265			$	0.250

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		October 31,				February 1,				November 2,
		2020				2020				2019
ASSETS
Current Assets:
Cash and cash equivalents		$	46,740			$	61,899			$	33,707
Accounts receivable			8,435				2,724				2,470
Merchandise inventories			274,264				259,495				298,002
Other			10,727				5,529				10,868
Total Current Assets			340,166				329,647				345,047
Property and equipment – net			63,434				67,781				69,147
Deferred income taxes			6,283				7,833				7,678
Other noncurrent assets			11,802				8,106				3,692
Operating lease right-of-use assets			201,658				215,007				222,148
Total Assets		$	623,343			$	628,374			$	647,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	50,897			$	60,665			$	66,089
Accrued and other liabilities			25,346				18,695				22,052
Current portion of operating lease liabilities			48,984				43,146				42,481
Total Current Liabilities			125,227				122,506				130,622
Long-term portion of operating lease liabilities			179,335				194,108				202,138
Deferred compensation			14,600				13,345				13,220
Other			964				1,052				984
Total Liabilities			320,126				331,011				346,964
Total Shareholders’ Equity			303,217				297,363				300,748
Total Liabilities and Shareholders’ Equity		$	623,343			$	628,374			$	647,712

SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Thirty-nine				Thirty-nine
		Weeks Ended				Weeks Ended
		October 31, 2020				November 2, 2019
Cash Flows From Operating Activities
Net income		$	8,548			$	39,431
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			12,034				12,652
Stock-based compensation			2,881				5,207
Loss on retirement and impairment of assets, net			2,427				767
Deferred income taxes			1,550				1,944
Non-cash operating lease expense			31,087				30,932
Other			494				1,111
Changes in operating assets and liabilities:
Accounts receivable			(5,711	)			(1,251	)
Merchandise inventories			(14,769	)			(40,463	)
Operating leases			(26,673	)			(34,306	)
Accounts payable and accrued liabilities			(2,544	)			17,173
Other			(9,154	)			(5,165	)
Net cash provided by operating activities			170				28,032
Cash Flows From Investing Activities
Purchases of property and equipment			(10,083	)			(15,081	)
Other			194				8
Net cash used in investing activities			(9,889	)			(15,073	)
Cash Flow From Financing Activities
Borrowings under line of credit			24,903				20,000
Payments on line of credit			(24,903	)			(20,000	)
Proceeds from issuance of stock			152				148
Dividends paid			(3,856	)			(4,466	)
Purchase of common stock for treasury			0				(30,915	)
Shares surrendered by employees to pay taxes on restricted stock			(1,736	)			(11,040	)
Net cash used in financing activities			(5,440	)			(46,273	)
Net decrease in cash and cash equivalents			(15,159	)			(33,314	)
Cash and cash equivalents at beginning of period			61,899				67,021
Cash and cash equivalents at end of period		$	46,740			$	33,707

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005997/en/

Cliff Sifford

Vice Chairman and Chief Executive Officer, or

W. Kerry Jackson

Senior Executive Vice President, Chief Financial and Administrative Officer and Treasurer

7500 East Columbia Street

Evansville, IN 47715

www.shoecarnival.com

(812) 867-4034

KEYWORDS: Indiana United States North America

INDUSTRY KEYWORDS: Other Retail Online Retail Discount/Variety Specialty Women Fashion Men Retail Family Consumer Teens

MEDIA:

Posted on November 18, 2020 4:08 pm

Amplify Energy Announces Successful Borrowing Base Reaffirmation

HOUSTON, Nov. 18, 2020 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it has completed the regularly scheduled semi-annual redetermination of its revolving credit facility (“RCF”) borrowing base and entered into an amendment to its credit agreement. The redetermination reaffirmed the borrowing base at $260 million. The next regularly scheduled borrowing base redetermination is expected to occur in April 2021.

As of October 30, 2020, Amplify had total net debt of $243 million, with $260 million outstanding under the credit facility and $17 million of cash on hand.

Martyn Willsher, Amplify’s Interim Chief Executive Officer and Chief Financial Officer commented, “With today’s redetermination holding the borrowing base flat at $260 million, the Company is well positioned to continue improving its liquidity position and leverage profile going forward. This was an excellent outcome, which demonstrates the sustainable value of our long-lived, low-decline asset base and the success of our disciplined commodity hedging program. We could not have realized this result without the support of our bank group and the exceptional work of our employees, who have worked tirelessly to reduce costs and increase free cash flow during the ongoing COVID-19 pandemic and resulting depressed commodity price environment.”

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, offshore California, East Texas / North Louisiana and South Texas. For more information, visit www.amplifyenergy.com.

Investor Relations Contacts

Martyn Willsher – Interim CEO & CFO
(832) 219-9047
[email protected]

Jason McGlynn – VP, Business Development
(832) 219-9055
[email protected]

Posted on November 18, 2020 4:08 pm

Visa Inc. to Participate in Upcoming Investor Conferences

Visa Inc. to Participate in Upcoming Investor Conferences

SAN FRANCISCO–(BUSINESS WIRE)–
Visa Inc. (NYSE: V) today announced its participation in the following investor conferences.

On Tuesday, December 1, Oliver Jenkyn, Group President & Regional President for North America, will present at the virtual Wells Fargo Securities TMT Summit. The discussion will begin at 12:00 p.m. Eastern Time and last for approximately 30 minutes.

On Wednesday, December 2, Vasant Prabhu, Vice Chairman and Chief Financial Officer, will present at the virtual Credit Suisse 24th Annual Technology Conference. The discussion will begin at 11:30 a.m. Eastern Time and last for approximately 40 minutes.

Listen-only audio webcasts and replays will be accessible for 30 days on the Investor Relations website at http://investor.visa.com.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa,visa.com/blog and @VisaNews.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005935/en/

Investor Relations: Mike Milotich, 650-432-7644, [email protected]

Media Relations: Andy Gerlt, 650-432-2990, [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Telecommunications Finance Banking Accounting Professional Services Technology Online Retail Retail

MEDIA:

Posted on November 18, 2020 4:08 pm

180 Degree Capital Corp. Reports +7.4% Growth and $2.90 Per Share NAV as of September 30, 2020, and Developments From Q4 2020

MONTCLAIR, N.J., Nov. 18, 2020 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of September 30, 2020, and additional developments from the fourth quarter of 2020. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

“Q3 2020 continued off of our strong performance in Q2 2020,” said Kevin M. Rendino, Chief Executive Officer of 180. “Our investments in public companies produced strong gains that were offset in part by weakness in our investments in private companies. On the public side, our gross total return of +25.4% was solid on an absolute return basis and in relation to the Russell Microcap Index total return of +3.7% and the Russell Microcap Value Index total return of +3.0%. On the private side, the decline of 10.6% muted the strong contributions of our public portfolio. The combination of the two asset classes led to a +7.4% growth of our NAV.”

“We are also pleased with the +23.5% gross performance during Q3 2020 of our separately managed account,” added Daniel B. Wolfe, President of 180. “If this period was as of the end of 2020, the return net of fees would be +16.9% and generate approximately $1.8 million in carried interest for 180. Thus far through Q4 2020, our public portfolio has given back some of our gains from the prior quarter. The gross total return of our public portfolio for Q4 2020 and for the year through November 17, 2020, was -2.7% and +4.6%, respectively.¹ We remind investors that it remains too early to know where 180’s NAV and the performance of our separately managed account will end up as of the end of the year.”

Review of Q
3
2020

	Q 3 20 20
Stock Price	$1.74 -> $1.89 (+8.6%)
Net Asset Value per Share (“ NAV ”)	$2.70 -> $2.90 (+7.4%)
Stock Price / NAV	64% -> 65%
Cash + Securities of Public Companies *	$44.6 million -> $55.4 million (+24.2%)

*Net of unsettled trades as of the end of the period.

• Public portfolio gross total return was +25.4% versus the Russell Microcap Index of +3.7%. Public portfolio increased in value by approximately $11.3 million, or $0.36 per share.
• Private portfolio decreased in value by approximately $4.3 million, or $0.14 per share.

Q
4
2020 Development
s

• Public portfolio gross total return in Q4 2020 through November 17, 2020 was 2.7%, or -$1.5 million (-$0.05/share). The Russell Microcap Index and the Russell Microcap Value Index total returns during the same period were +17.4% and +21.1%, respectively.
• Public portfolio gross total return year to date through November 17, 2020 was +4.6%, or +$2.3 million (+$0.07/share). The Russell Microcap Index and the Russell Microcap Value Index total returns during the same period were +8.1% and -2.0%, respectively.

Mr. Rendino and Daniel Wolfe, President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Thursday, November 19, 2020, at 9am Eastern Time, to discuss the results from Q3 2020 and the developments during Q4 2020. The call can be accessed by phone at (712) 770-4598 passcode 415049 or via the web at https://www.freeconferencecall.com/wall/180degreecapital. Additionally, slides that will be referred to during the presentation can be found on 180’s investor relations website at https://ir.180degreecapital.com/ir-calendar.

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
180 Degree Capital Corp.
973-746-4500

Forward-Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company’s securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company’s business and other significant factors that could affect the Company’s actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.

¹ Gross total return calculation based on the closing prices on November 17, 2020, or time-based volume weighted prices per share, as applicable, for securities of publicly traded companies owned by 180. This gross total return may be materially different as of the end of the fourth quarter of 2020. 180 is an internally managed registered closed-end fund that has a substantial portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors. Past performance is not an indication of future results.