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Scholastic Reports Fiscal 2021 Second Quarter Results

PR Newswire

NEW YORK, Dec. 17, 2020 /PRNewswire/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal second quarter ended November 30, 2020. Scholastic’s school-based distribution channels, particularly its book fairs businesses in the U.S., U.K. and Canada, continued to see significant pressure on revenues due to COVID-impacted delays in school openings and disruptions in school instruction patterns and schedules in the Company’s important back-to-school second quarter. Scholastic’s other major businesses performed well and showed significant improvements in operating income year-over-year. 

Fiscal Second Quarter 2021 Review
(In $ Millions)


In $ millions


Second Quarter


Variance


FY 2021


FY 2020


$


%

Revenues

$406.2

$597.2

($191.0)

(32%)

Operating income (loss)

48.8

105.1

(56.3)

(54%)

   One-time items

5.5

1.9

3.6

–

Operating income (loss), excluding one-time items*

54.3

107.0

(52.7)

(49%)


* Please refer to the non-GAAP financial tables attached

Chairman’s Commentary

“While fiscal second quarter book fairs’ revenues were adversely impacted by COVID, all of Scholastic’s other major businesses, in the U.S. and internationally, showed major improvements in operating income, year-over-year.  These gains, along with a reduction in overhead expense, helped to lessen the impact of the lower fairs’ revenues on Scholastic’s profitability and cash position. Trade’s strong fall frontlist, including the NY Times #1 Bestseller, The Ickabog® by J.K. Rowling, helped propel a 21% increase in trade sales and we ended the quarter with an impressive showing of 10 of our children’s titles on the incredibly competitive AmazonBest Books of 2020 list,” said Richard Robinson, Chairman, President and Chief Executive Officer.  We continued to take major steps to reduce our operating costs, right-size our employee base, and match our inventory purchases to customer demand. If school operations stabilize and business conditions improve in the second half, as expected, the Company’s new lower cost structure should result in higher profit margins and increased cash flow.”

Mr. Robinson continued, “During the quarter, both the economy and our educational systems continued to be upended by the devastating pandemic and schools faced daily challenges in meeting the needs of their students with only one-third of all schools open for in-person learning. As a trusted partner to educators and families all over the world, the passion and commitment of our employees has provided innovative, practical literacy solutions to these partners struggling to keep their children learning and safe. With increased interest in our take-home reading packs, easy-to-use digital programs, including our new “digital-only” classroom magazines, virtual book fairs and ship-to-home options for clubs and fairs, we were able to help teachers and schools to overcome these obstacles, even as our own top line was significantly impacted by the absence of traditional school-based in-person book fairs, here and abroad.”

Mr. Robinson concluded, “Getting all children back into the classroom in the new calendar year, especially for grades K-5, is a top priority of educators across the country and, as they do, Scholastic will be there with our best-selling content, our safe and easy book fairs, and our breakthrough print and digital literacy programs, along with our unyielding commitment to teachers and parents to turn around learning loss and the potential impact on student achievement from months spent away from the classroom.”

Revenues

Second quarter revenue was $406.2 million, a decrease of 32% compared to $597.2 million in the second quarter of 2020, predominantly due to lower sales in the Company’s book fairs operations as schools were unable to host premium in-person book fairs as a result of coronavirus concerns and restrictions. Although book clubs missed its September targets as school opening dates were delayed due to COVID, sales grew stronger in subsequent months as teacher and student engagement increased significantly over the course of the quarter.  Trade publishing revenues remained very strong in the period, driven by bestsellers like Dav Pilkey’sDog Man: Grime and Punishment and J. K. Rowling’s The Ickabog, as well as best-selling series and a growing evergreen backlist of cherished titles, while Education saw increased district sales of its Grab and Go reading packs, mass market gains for workbooks, and improved digital subscription revenues, including sales of Scholastic Literacy Pro®, the Company’s classroom management tool for independent reading. 

Income

Operating income in the second quarter was $48.8 million, compared to operating income of $105.1 million a year ago.  During the quarter, the Company continued to take aggressive actions to pare its operating costs resulting in a $69.5 million reduction in selling, general and administrative expenses, or 33% below the prior year period.  Excluding one-time items in both periods, operating income in the second quarter was $54.3 million, as compared to $107.0 million in the second quarter of the prior fiscal year.

Net income for the current period was $35.1 million, compared to net income in the prior year period of $71.0 million, a reduction of 51%.  Earnings per diluted share in the second fiscal quarter was $1.02 compared to earnings per diluted share of $2.02 in the prior year period. Excluding one-time items, second quarter 2021 earnings per diluted share was $1.15, compared to earnings per diluted share of $2.06 in the second quarter of 2020.

Capital Position and Liquidity

Net cash provided by operating activities was $46.1 million in the current fiscal quarter compared to net cash provided by operating activities of $111.9 million in the second quarter of fiscal 2020. The Company had free cash flow (a non-GAAP liquidity measure defined in the accompanying tables and reconciled to net cash provided) of $30.9 million in the current quarter, compared to free cash flow of $87.7 million a year ago.  The Company’s cost savings initiatives continued to drive overall lower net spending levels as the Company re-aligned its operations and staffing levels to adapt to lower COVID-related customer demand in its book fairs channel in the current quarter.

At quarter-end, the Company’s cash and cash equivalents exceeded total debt by $161.8 million, compared to $261.7 million a year ago. Net cash balances increased by $26.2 million from prior quarter-end. The Company continues to believe that it has sufficient cash reserves to support its FY2021 business plan and has successfully amended its committed credit facility to ensure continued access to necessary liquidity, if needed, throughout the on-going COVID crisis.

Capital expenditures in the second quarter were $10.2 million, significantly below the current period’s depreciation and amortization expense and prior year period outlays of $17.2 million. Capital expenditures in the period were concentrated on targeted enhancements to the Company’s technology platforms and digital services, as well for the relocation and consolidation of certain distribution, warehousing and back-office operations. A number of these investments will serve to lower the Company’s fixed costs of operations in future periods.

The Company also distributed $5.1 million in dividends in the second quarter.

Overall Results
(In $ Millions)

Second Quarter FY2021

As Reported

One-Time Items

Ex. One-Times

Earnings (loss) before taxes

$47.6

($5.5)

$53.1

  Interest (income) expense

1.2

–

1.2

  Depreciation and amortization

17.0

–

17.0

  Amortization of prepublication costs

6.4

–

6.4

Adjusted EBITDA

$72.2

($5.5)

$77.7

Earnings before taxes for the quarter ended November 30, 2020 was $47.6 million compared to earnings before taxes of $104.9 million in the second quarter of the prior fiscal year. Adjusted EBITDA (a non-GAAP performance measure defined in the accompanying tables and reconciled to earnings (loss) before taxes) for the second fiscal quarter of 2021 was a gain of $77.7 million, compared to a gain of $129.3 million in the second quarter of 2020.

Fiscal 2021 Outlook

Scholastic believes that returning all children to the classroom will be a top priority for school districts in the new calendar year, setting the stage for higher levels of engagement and providing motivation for schools to host in-person book fairs and increase their purchases of classroom book collections and other instructional resources.  The Company is cautiously optimistic that, after a ramp-up period in the third fiscal quarter, it should see improved results, especially in its book fairs operations, in the fourth quarter of the fiscal year as schools successfully re-adjust to in-person learning.  And, for those districts continuing to operate in some form of remote learning or hybrid model, the Company’s expanded offering of digital subscription programs should continue to see higher sales.

A strong second half pipeline of new releases will continue to position the trade business for growth, and Scholastic’s growing media and entertainment business, through its production partnerships and the licensing of Scholastic’s content and characters, should continue to complement the Company’s book sales.  The Company has met its previously announced $100 million cost savings target and has identified opportunities for additional savings in the second half of the fiscal year. These cost-cutting actions, along with continued strong performance in the Company’s trade and education businesses, in the U.S. and internationally, should help mitigate the impact of lower expected book fairs revenues in the third quarter. 

Although the Company remains optimistic about the prospects of returning children to classrooms and the passage of a COVID stimulus package for schools, given the on-going variability in school instruction patterns and schedules and the possibility of new COVID outbreaks and their potential impact on schools, Scholastic is not providing a financial outlook for fiscal year 2021.

Segment Results

All comparisons detailed in this section refer to operating results for the second quarter ended November 30, 2020 versus the second quarter ended November 30, 2019.

Children’s Book Publishing and Distribution

In $ millions

Second Quarter

2021

2020

$ Change

% Change

Revenue

 Book Clubs

$     66.9

$     85.9

$     (19.0)

(22%)

 Book Fairs

47.7

224.1

(176.4)

(79%)

 Trade

125.7

103.6

22.1

21%

Total revenue

240.3

413.6

(173.3)

(42%)

Operating income / (loss)

37.7

109.6

(71.9)

(66%)

Operating income / (loss), before one-time items*

37.7

109.6

(71.9)

(66%)


* Please refer to the non-GAAP financial tables attached

Second quarter segment revenues fell $173.3 million, or 42%, to $240.3 million, driven by a decline in book fairs held as schools hosted a much reduced number of in-person fairs on-site due to COVID, even as many school customers converted their cancelled fairs to the Company’s new on-line book fair model. Book club’s revenues finished the quarter strong with direct ship-to-home order fulfillment after a slow start in the early back-to-school period. Trade enjoyed a very strong quarter with improved sales levels across all categories – frontlist, backlist, digital, audio, co-editions, and its Klutz® line of book-based activity kits. Major revenue drivers in the period included Dog Man: Grime and Punishment, J.K. Rowling’s The Ickabog, a NY Times #1 Bestseller, and All Because You Matter by Tami Charles, as well as new title releases in best-selling series including The Bad Guys in The One?! (The Bad Guys™ #12), Pig the Slob (Pig the Pug), and Logan Likes Mary Anne! (The Baby-Sitters Club Graphic Novel #8). Segment operating income was $37.7 million, $71.9 million, or 66%, below the prior year period’s level, reflecting the sharp decline in book fair revenues, partially offset by cost savings and other restructuring activities that helped to reduce the Segment’s cost of operations in the current quarter.

Education

In $ millions

Second Quarter

2021

2020

$ Change

% Change

Revenue

$   67.5

$    69.9

$    (2.4)

(3%)

Operating income / (loss)

11.9

6.2

5.7

92%

Operating income / (loss), before one-time items*

11.9

6.2

5.7

92%


* Please refer to the non-GAAP financial tables attached

For the current fiscal quarter, segment revenue was $67.5 million, compared to $69.9 million a year ago, a 3% decrease, predominantly due to lower custom publishing revenues, as expected, as the Company winds down that line of business. While the segment also saw lower sales of its traditional classroom book collections and magazines as many school districts chose to operate remotely, full or part-time, sales of the Company’s Grab and Go take-home book packs to school districts and community-based services were robust in the current quarter.  Additionally, the Company’s line of workbooks and early readers saw increased sales in all channels, with a strong pipeline of orders for the second half of the fiscal year, and digital subscription products, including Scholastic Literacy Pro, F.I.R.S.T.® and BookFlix®, realized a 30% increase in revenues in the aggregate and a 43% increase in bookings, where additional revenue will be recognized in future periods as product is delivered.  Segment operating income was $11.9 million, a $5.7 million, or 92%, improvement versus the prior year period due to product mix and lower operating costs in the current quarter.

International

In $ millions

Second Quarter

2021

2020

$ Change

% Change

Revenue

$   98.4

$   113.7

$   (15.3)

(13%)

Operating income / (loss)

19.2

11.7

7.5

64%

Operating income / (loss), before one-time items*

20.8

11.7

9.1

78%


* Please refer to the non-GAAP financial tables attached

Second quarter segment revenues were $98.4 million, down $15.3 million, or 13%, as compared to the second quarter of fiscal 2020, mainly due to lower book fair events held as a result of COVID restrictions in Canada and the U.K., as well as lower direct-to-home sales in Asia.  The Company’s operations in Australia/New Zealand outperformed the prior year period and the trade publishing business in all of the Company’s international major markets saw increased sales. During the fiscal second quarter, foreign exchange benefited the top line by $2.5 million as a result of the weakening U.S. dollar. International recorded operating income of $19.2 million, a $7.5 million, or 64%, improvement as compared to $11.7 million in the prior period driven by reduced costs and COVID-related wage subsidies in Australia, Canada, and the U.K.  Excluding one-time severance and branch consolidation restructuring charges taken in the current quarter, the segment’s adjusted operating income was $20.8 million, or a $9.1 million improvement versus the prior year period.

Overhead

In $ millions

Second Quarter

2021

2020

$ Change

% Change

Overhead expense

$    20.0

$    22.4

$   2.4

11%

Overhead expense, excluding one-time items*

16.1

20.5

4.4

21%


* Please refer to the non-GAAP financial tables attached

Corporate overhead for the second fiscal quarter was $16.1 million, excluding one-time items of $3.9 million, pre-tax, which compared favorably with the $20.5 million recorded in the prior year period, after excluding $1.9 million in one-time items. The lower overhead expense in the current fiscal quarter was due to favorable staffing levels and lower contracted services, as planned.  Non-recurring items reflected in overhead in the current period included $3.9 million in pre-tax severance associated with the Company’s previously announced cost savings and restructuring programs.

Year-to-Date Results

For the first six months of fiscal 2021, revenue was $621.4 million, compared to $829.8 million in the prior year period, a decrease of $208.4 million, or 25%. The Company reported a net loss per diluted share in the first six months of the fiscal year of $0.14, compared to earnings per diluted share of $0.35 a year ago. Excluding one-time items of $0.39 and $0.13 per diluted share, respectively, the Company’s earnings per diluted share was $0.25 in the first six months of fiscal 2021 versus earnings per diluted share of $0.48 in the prior year period. The unfavorable current period’s results are mainly attributable to lower demand in the Company’s book fairs channels in the U.S., Canada and the U.K. in the first six months of fiscal 2021, due to the global pandemic, partially offset by better operating margins resulting from the Company’s cost savings and restructuring initiatives in the current fiscal year.

Adjusted EBITDA (as defined) for the first six months of fiscal 2021 was a gain of $61.8 million, compared to a gain of $68.3 million in the first six months of fiscal 2020, a decrease of $6.5 million, or 10%.

Net cash provided by operating activities was $20.1 million in the first six months of the current fiscal year compared to net cash provided by operating activities of $14.3 million in the same period last year. The Company had a free cash use (as defined) of $4.0 million in the current fiscal year-to-date, compared to a free cash use of $30.8 million in the prior year period. The current year-to-date’s free cash use includes $26.2 million in capital expenditures and $10.2 million in net prepublication spend.

Dividend

As previously announced, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share on the Company’s Class A and Common Stock for the third quarter of fiscal 2021. The dividend is payable on March 15, 2021 to shareholders of record as of the close of business on January 29, 2021.

Credit Agreement Amendment

The Company has entered into an amendment to its existing credit agreement, including adjustments to, and suspension of, certain covenant thresholds. The revised terms of the amended agreement include temporary covenant relief made available by the Company’s lenders that provides the Company with financial assurance and flexibility as it navigates through the COVID-19 pandemic. Key highlights of the amended terms include the suspension of an interest coverage covenant until after the end of the Company’s fiscal fourth quarter ending May 31, 2021, the addition of a minimum liquidity covenant, the securitization of the Company’s inventory and accounts receivable, and changes in the interest rate and fees during the remaining term of the existing facility, which expires on January 5, 2022, unless terminated earlier by the Company.  In addition, the lenders’ aggregate maximum commitments under the credit agreement have been reduced to $250 million, of which a maximum of $225 million is available until the Company satisfies its original financial covenants and the minimum liquidity covenant that has been added by the amendment. With approximately $357 million of cash on the balance sheet as of November 30, 2020, the Company believes the amended credit agreement provides it with the appropriate level of flexibility to strategically manage the business through this global pandemic.

Additional Information

To supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations including, as noted above, “Adjusted EBITDA” and “Free Cash Use”. Please refer to the non-GAAP financial tables attached to this press release for supporting details on one-time items and the use of non-GAAP financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.

Investor Conference Call

The Company will hold a conference call to discuss its results at 4:30 p.m. ET today, December 17, 2020. Scholastic’s Chairman, President and CEO, Richard Robinson, and Kenneth Cleary, the Company’s Chief Financial Officer, will moderate the call.

The conference call and accompanying slides will be webcast and accessible through the Investor Relations section of Scholastic’s website, www.scholastic.com. Participation by telephone will be available by dialing (877) 654-5161 from within the U.S. or +1 (678) 894-3064 internationally. Shortly following the call, an archived webcast and accompanying slides from the conference call will also be posted to the Company’s investor relations webpage at www.investor.scholastic.com. An audio-only replay of the call will be available by dialing (855) 859-2056 from within the U.S. or +1 (404) 537-3406 internationally, and entering access code 4347558. The recording will be available through Thursday, December 24, 2020.

About Scholastic

For 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world’s largest publisher and distributor of children’s books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children’s media. The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children’s learning and literacy, both in school and at home. With 15 international operations and exports to 165 countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online. Learn more at www.scholastic.com.

Forward-Looking Statements

This news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including those arising from the continuing impact of COVID-19 related measures taken by governmental authorities, school administrators, or suppliers or customers which may curtail or otherwise adversely affect certain of the Company’s business operations, and the conditions of the children’s book and educational materials markets generally and acceptance of the Company’s products within those markets, and other risks and factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.

SCHL: Financial

 

Table 1


 Scholastic Corporation 


 Consolidated Statements of Operations 


(Unaudited)


 (In $ Millions, except per share data) 

THREE MONTHS ENDED

SIX MONTHS ENDED

11/30/20

11/30/19

11/30/20

11/30/19

Revenues

$406.2

$597.2

$621.4

$829.8

Operating costs and expenses:

Cost of goods sold

199.3

264.3

322.5

401.4

Selling, general and administrative expenses  (1)

140.2

209.7

272.3

375.6

Bad debt expense

2.1

2.7

3.5

4.3

Depreciation and amortization

15.8

15.4

31.3

30.8

Total operating costs and expenses

357.4

492.1

629.6

812.1

Operating income (loss)

48.8

105.1

(8.2)

17.7

Interest income (expense), net

(1.2)

0.0

(2.4)

0.7

Other components of net periodic benefit (cost) 

(0.0)

(0.2)

(0.2)

(0.6)

Gain (loss) on sale of assets and other (2)

(0.0)

–

6.6

–

Earnings (loss) before income taxes

47.6

104.9

(4.2)

17.8

Provision (benefit) for income taxes (3)

12.4

33.8

0.4

5.2

Net income (loss)

35.2

71.1

(4.6)

12.6

Less: Net income (loss) attributable to noncontrolling interest

0.1

0.1

0.1

0.1

Net income (loss) attributable to Scholastic Corporation

$35.1

$71.0

($4.7)

$12.5

Basic and diluted earnings (loss) per share of Class A and Common Stock (4)

Basic

$1.02

$2.04

($0.14)

$0.36

Diluted

$1.02

$2.02

($0.14)

$0.35

Basic weighted average shares outstanding

34,345

34,774

34,315

34,849

Diluted weighted average shares outstanding

34,407

35,112

34,438

35,151


(1)

In the three and six months ended November 30, 2020, the Company recognized pretax severance of $5.2 and $17.2, respectively, and pretax branch consolidation costs of $0.3. In the three and six months ended November 30, 2019, the Company recognized  pretax severance of $0.9 and $3.7, respectively, and pretax settlement charges of $1.0 and $2.5, respectively.


(2)

In the six months ended November 30, 2020, the Company recognized pretax gain on the sale of its Danbury facility of $6.6. 


(3)

In the three and six months ended November 30, 2020, the Company recognized a benefit for income taxes in respect to one-time pretax charges of $1.2 and $4.3, respectively. In the three and six months ended November 30, 2019, the Company recognized a benefit for income taxes in respect to one-time pretax charges of $0.5 and $1.7, respectively.


(4)

Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating earnings per share based on numbers rounded to millions may not yield the results as presented.

 

 

Table 2


 Scholastic Corporation 


 Segment Results 


(Unaudited)


 (In $ Millions) 

THREE MONTHS ENDED

SIX MONTHS ENDED

11/30/20

11/30/19

Change

11/30/20

11/30/19

Change

Children’s Book Publishing and Distribution

Revenues

     Book Clubs

$66.9

$85.9

($19.0)

(22%)

$72.7

$93.9

($21.2)

(23%)

     Book Fairs

47.7

224.1

(176.4)

(79%)

60.9

251.6

(190.7)

(76%)

     Consolidated Trade

125.7

103.6

22.1

21%

197.6

177.7

19.9

11%

Total revenues

240.3

413.6

(173.3)

(42%)

331.2

523.2

(192.0)

(37%)

Operating income (loss)

37.7

109.6

(71.9)

(66%)

8.5

67.9

(59.4)

(87%)

Operating margin

15.7%

26.5%

2.6%

13.0%

Education

Revenues

67.5

69.9

(2.4)

(3%)

121.1

118.3

2.8

2%

Operating income (loss)

11.9

6.2

5.7

92%

9.7

(7.2)

16.9

Operating margin

17.6%

8.9%

8.0%

–

International 

Revenues

98.4

113.7

(15.3)

(13%)

169.1

188.3

(19.2)

(10%)

Operating income (loss)

19.2

11.7

7.5

64%

24.4

8.0

16.4

Operating margin

19.5%

10.3%

14.4%

4.2%

Overhead expense 

20.0

22.4

2.4

11%

50.8

51.0

0.2

0%

Operating income (loss) 

$48.8

$105.1

($56.3)

(54%)

($8.2)

$17.7

($25.9)

 

 

Table 3


 Scholastic Corporation 


 Supplemental Information 


 (Unaudited) 


 (In $ Millions) 


 Selected Balance Sheet Items 

11/30/20

11/30/19

Continuing Operations

Cash and cash equivalents

$356.6

$277.8

Accounts receivable, net

304.7

325.1

Inventories, net

306.5

357.8

Accounts payable

165.5

188.9

Accrued royalties

60.1

54.7

Lines of credit and current portion of long-term debt

19.8

13.5

Long-term debt

175.0

2.6

Total debt

194.8

16.1

Total finance lease liabilities

12.0

11.8

Net debt (cash) (1)

(161.8)

(261.7)

Total stockholders’ equity

1,187.9

1,261.3


 Selected Cash Flow Items 

THREE MONTHS ENDED

SIX MONTHS ENDED

11/30/20

11/30/19

11/30/20

11/30/19

Net cash provided by (used in) operating activities

$46.1

$111.9

$20.1

$14.3

Add:

Net proceeds from sale of assets

0.0

0.0

12.3

0.0

Less:

Additions to property, plant and equipment

10.2

17.2

26.2

30.7

Pre-publication expenditures

5.0

7.0

10.2

14.4

Free cash flow (use) (2)

$30.9

$87.7

($4.0)

($30.8)


(1)

Net debt (cash) is defined by the Company as lines of credit and short-term debt plus long-term-debt, net of cash and cash equivalents. The Company utilizes this non-GAAP financial measure, and believes it is useful to investors, as an indicator of the Company’s effective leverage and financing needs.


(2)

Free cash flow (use) is defined by the Company as net cash provided by or used in operating activities (which includes royalty advances) and cash acquired through acquisitions and from sale of assets, reduced by spending on property, plant and equipment and prepublication costs. The Company believes that this non-GAAP financial measure is useful to investors as an indicator of cash flow available for debt repayment and other investing activities, such as acquisitions. The Company utilizes free cash flow as a further indicator of operating performance and for planning investing activities.

 

 

Table 4


 Scholastic Corporation 


 Consolidated Statements of Operations – Supplemental 


 Excluding One-Time Items 


(Unaudited)


 (In $ Millions, except per share data) 

THREE MONTHS ENDED

Reported

One-time

Excluding

Reported

One-time

Excluding

11/30/20

items

One-time items

11/30/19

items

One-time items

Revenues

$406.2

$0.0

$406.2

$597.2

$0.0

$597.2

Operating costs and expenses:

Cost of goods sold

199.3

–

199.3

264.3

–

264.3

Selling, general and administrative expenses (1)

140.2

(5.5)

134.7

209.7

(1.9)

207.8

Bad debt expense

2.1

–

2.1

2.7

–

2.7

Depreciation and amortization

15.8

–

15.8

15.4

–

15.4

Total operating costs and expenses

357.4

(5.5)

351.9

492.1

(1.9)

490.2

Operating income (loss)

48.8

5.5

54.3

105.1

1.9

107.0

Interest income (expense), net

(1.2)

–

(1.2)

0.0

–

0.0

Other components of net periodic benefit (cost) 

(0.0)

–

(0.0)

(0.2)

–

(0.2)

Gain (loss) on sale of assets and other (2)

(0.0)

–

(0.0)

–

–

–

Earnings (loss) before income taxes

47.6

5.5

53.1

104.9

1.9

106.8

Provision (benefit) for income taxes (3)

12.4

1.2

13.6

33.8

0.5

34.3

Net income (loss)

35.2

4.3

39.5

71.1

1.4

72.5

Less: Net income (loss) attributable to noncontrolling interest

0.1

–

0.1

0.1

–

0.1

Net income (loss) attributable to Scholastic Corporation

$35.1

$4.3

$39.4

$71.0

$1.4

$72.4

Diluted earnings (loss) per share

$1.02

$0.13

$1.15

$2.02

$0.04

$2.06

SIX MONTHS ENDED

Reported

One-time

Excluding

Reported

One-time

Excluding

11/30/20

items

One-time items

11/30/19

items

One-time items

Revenues

$621.4

$0.0

$621.4

$829.8

$0.0

$829.8

Operating costs and expenses:

Cost of goods sold 

322.5

–

322.5

401.4

–

401.4

Selling, general and administrative expenses (1)

272.3

(17.5)

254.8

375.6

(6.2)

369.4

Bad debt expense

3.5

–

3.5

4.3

–

4.3

Depreciation and amortization

31.3

–

31.3

30.8

–

30.8

Total operating costs and expenses

629.6

(17.5)

612.1

812.1

(6.2)

805.9

Operating income (loss)

(8.2)

17.5

9.3

17.7

6.2

23.9

Interest income (expense), net

(2.4)

–

(2.4)

0.7

–

0.7

Other components of net periodic benefit (cost) 

(0.2)

–

(0.2)

(0.6)

–

(0.6)

Gain (loss) on sale of assets and other (2)

6.6

–

6.6

–

–

–

Earnings (loss) before income taxes

(4.2)

17.5

13.3

17.8

6.2

24.0

Provision (benefit) for income taxes (3)

0.4

4.3

4.7

5.2

1.7

6.9

Net income (loss)

(4.6)

13.2

8.6

12.6

4.5

17.1

Less: Net income (loss) attributable to noncontrolling interest

0.1

–

0.1

0.1

–

0.1

Net income (loss) attributable to Scholastic Corporation

($4.7)

$13.2

$8.5

$12.5

$4.5

$17.0

Diluted earnings (loss) per share

($0.14)

$0.39

$0.25

$0.35

$0.13

$0.48


(1)

In the three and six months ended November 30, 2020, the Company recognized pretax severance of $5.2 and $17.2, respectively, and pretax branch consolidation costs of $0.3. In the three and six months ended November 30, 2019, the Company recognized  pretax severance of $0.9 and $3.7, respectively, and pretax settlement charges of $1.0 and $2.5, respectively.


(2)

In the six months ended November 30, 2020, the Company recognized pretax gain on the sale of its Danbury facility of $6.6. 


(3)

In the three and six months ended November 30, 2020, the Company recognized a benefit for income taxes in respect to one-time pretax charges of $1.2 and $4.3, respectively. In the three and six months ended November 30, 2019, the Company recognized a benefit for income taxes in respect to one-time pretax charges of $0.5 and $1.7, respectively.

 

 

Table 5


 Scholastic Corporation 


 Consolidated Statements of Operations – Supplemental 


 Adjusted EBITDA 


(Unaudited)


 (In $ Millions) 

THREE MONTHS ENDED

11/30/20

11/30/19

Earnings (loss) before income taxes as reported

$47.6

$104.9

One-time items before income taxes

5.5

1.9

Earnings (loss) before income taxes excluding one-time items

53.1

106.8

Interest (income) expense

1.2

(0.0)

Depreciation and amortization(1)

17.0

15.9

Amortization of prepublication costs

6.4

6.6

Adjusted EBITDA(2)

$77.7

$129.3

SIX MONTHS ENDED

11/30/20

11/30/19

Earnings (loss) before income taxes as reported

($4.2)

$17.8

One-time items before income taxes

17.5

6.2

Earnings (loss) before income taxes excluding one-time items

13.3

24.0

Interest (income) expense

2.4

(0.7)

Depreciation and amortization(1)

33.4

32.0

Amortization of prepublication costs

12.7

13.0

Adjusted EBITDA(2)

$61.8

$68.3


(1)

For the three and six months ended November 30, 2020, amounts include depreciation of $0.8 and $1.6, respectively, recognized in cost of goods sold, amortization of deferred financing costs of $0.1 and $0.2, respectively, and amortization of capitalized cloud software of $0.3 and $0.3, respectively, recognized in selling, general and administrative expenses. For the three and six months ended November 30, 2019, amounts include depreciation of $0.5 and $1.1, respectively, recognized in cost of goods sold, amortization of deferred financing costs of $0.0 and $0.1, respectively, and amortization of capitalized cloud software of $0.0 and $0.0, respectively, recognized in selling, general and administrative expenses. 


(2)

Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-time items, before interest, taxes, depreciation and amortization. The Company believes that Adjusted EBITDA is a meaningful measure of operating profitability and useful for measuring returns on capital investments over time as it is not distorted by unusual gains, losses, or other items.

 

 

Table 6


 Scholastic Corporation 


 Segment Results – Supplemental 


 Excluding One-Time Items 


(Unaudited)


 (In $ Millions) 

THREE MONTHS ENDED

Reported

One-time

Excluding

Reported

One-time

Excluding

11/30/20

items

One-time items

11/30/19

items

One-time items

Children’s Book Publishing and Distribution

Revenues

Book Clubs

$66.9

$66.9

$85.9

$85.9

Book Fairs

47.7

47.7

224.1

224.1

Consolidated Trade

125.7

125.7

103.6

103.6

Total Revenues

240.3

240.3

413.6

413.6

Operating income (loss)

37.7

–

37.7

109.6

–

109.6

Operating margin

15.7%

15.7%

26.5%

26.5%

Education

Revenues

67.5

67.5

69.9

69.9

Operating income (loss)

11.9

–

11.9

6.2

–

6.2

Operating margin

17.6%

17.6%

8.9%

8.9%

International 

Revenues

98.4

98.4

113.7

113.7

Operating income (loss) (1)

19.2

1.6

20.8

11.7

–

11.7

Operating margin

19.5%

21.1%

10.3%

10.3%

Overhead expense  (2)

20.0

(3.9)

16.1

22.4

(1.9)

20.5

Operating income (loss) 

$48.8

$5.5

$54.3

$105.1

$1.9

$107.0

SIX MONTHS ENDED

Reported

One-time

Excluding

Reported

One-time

Excluding

11/30/20

items

One-time items

11/30/19

items

One-time items

Children’s Book Publishing and Distribution

Revenues

Book Clubs

$72.7

$72.7

$93.9

$93.9

Book Fairs

60.9

60.9

251.6

251.6

Consolidated Trade

197.6

197.6

177.7

177.7

Total Revenues

331.2

331.2

523.2

523.2

Operating income (loss)

8.5

–

8.5

67.9

–

67.9

Operating margin

2.6%

2.6%

13.0%

13.0%

Education

Revenues

121.1

121.1

118.3

118.3

Operating income (loss)

9.7

–

9.7

(7.2)

–

(7.2)

Operating margin

8.0%

8.0%

–

–

International 

Revenues

169.1

169.1

188.3

188.3

Operating income (loss) (1)

24.4

2.6

27.0

8.0

–

8.0

Operating margin

14.4%

16.0%

4.2%

4.2%

Overhead expense  (2)

50.8

(14.9)

35.9

51.0

(6.2)

44.8

Operating income (loss) 

($8.2)

$17.5

$9.3

$17.7

$6.2

$23.9


(1)

In the three and six months ended November 30, 2020, the Company recognized pretax severance of $1.3 and $2.3, respectively, and branch consolidation costs of $0.3.


(2)

In the three and six months ended November 30, 2020, the Company recognized pretax severance of $3.9 and $14.9, respectively. In the three and six months ended November 30, 2019, the Company recognized pretax severance of $0.9 and $3.7, respectively, and pretax settlement charges of $1.0 and $2.5, respectively.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/scholastic-reports-fiscal-2021-second-quarter-results-301195585.html

SOURCE Scholastic Corporation

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National Storage Affiliates Trust Announces Addition of New PRO

National Storage Affiliates Trust Announces Addition of New PRO

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–
National Storage Affiliates Trust (NYSE: NSA), today announced that it has entered into definitive agreements to add Blue Sky Self Storage (“Blue Sky”), a strategic partnership between Argus Professional Storage Management and GYS Development LLC, as a Participating Regional Operator (PRO). Blue Sky and its affiliates own and/or manage over 150 self storage facilities, primarily located across the western and southern United States. Management expects that Blue Sky’s initial managed portfolio will consist of seven properties that will be acquired by NSA by the end of the first quarter 2021, following the satisfaction of customary closing conditions. The remaining properties in the Blue Sky portfolio will become part of NSA’s growing captive pipeline as candidates for future acquisition.

Tamara Fischer, President and Chief Executive Officer, commented, “We’re very excited to add Blue Sky to the NSA platform, which will return the number of active PROs to ten after the 2020 retirement of our SecurCare PRO and its integration into NSA’s corporate management team. Blue Sky’s large owned and third-party managed portfolio, which is predominantly in secondary markets, will significantly enhance our already robust acquisition pipeline. Further, Blue Sky brings an extensive network of industry relationships that will be beneficial to our growth going forward.”

Blue Sky is led by Lee Fredrick, Ben Vestal and Michael Perry, who have extensive experience in acquisition, development and management of self storage properties. Mr. Fredrick and Mr. Vestal have both been active in the self storage and broader real estate industry for more than 20 years, and Mr. Perry previously served as the Vice President of Acquisitions for NSA, playing a key role in NSA’s rapid external growth during the early years after NSA’s initial public offering.

Upcoming Industry Conference

NSA management is scheduled to participate in the KeyBanc Virtual Self Storage Investor Forum on January 7, 2021.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a real estate investment trust headquartered in Denver, Colorado, focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.

National Storage Affiliates Trust

Investor/Media Relations

George Hoglund, CFA

Vice President – Investor Relations

720.630.2160

[email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Other Construction & Property Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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Arcos Dorados to Host a Virtual Investor Update

Arcos Dorados to Host a Virtual Investor Update

MONTEVIDEO, Uruguay–(BUSINESS WIRE)–
Arcos Dorados Holdings Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America’s largest restaurant chain and the world’s largest independent McDonald’s franchisee, today announced that it will host a virtual Investor Update on Thursday, January 21, 2021.

During the webcast, the Company’s senior management will share an update on recent trends and strategic priorities, heading into the Full Revival phase of its plan.

Details to connect will be provided prior to the event date on the events section of the Company’s investor relations webpage: www.arcosdorados.com/ir.

About Arcos Dorados

Arcos Dorados is the world’s largest independent McDonald’s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 Latin American and Caribbean countries and territories with more than 2,200 restaurants, operated by the Company or by its sub-franchisees, that together employ over 100 thousand people (as of 09/30/2020). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its Scale for Good to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the investors section of its website: www.arcosdorados.com/ir.

Investor Relations Contact

Dan Schleiniger

VP of Investor Relations

Arcos Dorados

[email protected]

Media Contact

David Grinberg

VP of Corporate Communications

Arcos Dorados

[email protected]

KEYWORDS: South America Uruguay

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

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ACCO Brands Closes PowerA Acquisition

ACCO Brands Closes PowerA Acquisition

LAKE ZURICH, Ill.–(BUSINESS WIRE)–
ACCO Brands Corporation (NYSE: ACCO) today announced that it has closed the acquisition of PowerA, a leading provider of third-party video gaming controllers, power charging solutions and headsets. PowerA has a multi-year track record of partnering with the leading gaming platforms and title publishers in the console gaming industry.

“The addition of PowerA represents a major step in our continuing strategy to transition the company into a faster growing, consumer-focused business. After the acquisition, more than 50 percent of our sales will come from consumer, school, and technology products, which will offer faster growing market demand over the next several years. We are very excited to have PowerA become a part of ACCO Brands,” commented Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands.

Details of the transaction can be found on www.accobrands.com. Please refer to the following links: press release and presentation slides.

About ACCO Brands Corporation

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Barrilito®, Derwent®, Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Mead®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, Wilson Jones®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

About PowerA

PowerA creates innovative accessory products that enhance the world’s best video game and mobile technology experiences. A brand that has become known for high standards and quality manufacturing, PowerA delivers safe, feature-rich accessories to meet all gaming consumer segments. Accessories include console game controllers, power charging solutions, gaming audio headsets and a wide collection of other accessories. PowerA products are available across the globe at major retailers and e-commerce partners, including North America, Europe, Australia, and Latin America. To learn more, visit PowerA.com.

Forward-Looking Statements

Statements contained in this earnings release, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, operating strategies and similar matters, including without limitation, statements about the benefits of the proposed acquisition of PowerA, future financial and operating results and other statements relating to PowerA that are not historical facts; are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the company’s securities.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: our ability to realize the growth opportunities, synergies and other potential benefits of acquiring PowerA and to successfully integrate it with our existing business; the risks associated with the additional indebtedness incurred to finance the acquisition, including debt service obligations; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2020, and in other reports we file with the Securities and Exchange Commission.

Christine Hanneman

Investor Relations

(847) 796-4320

Julie McEwan

Media Relations

(937) 974-8162

KEYWORDS: Illinois Washington United States North America

INDUSTRY KEYWORDS: Mobile/Wireless Technology Electronic Games Office Products Entertainment Home Goods Audio/Video Hardware Retail Consumer Electronics

MEDIA:

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Asure Software, Inc. Announces Public Offering of Common Stock

AUSTIN, Texas, Dec. 17, 2020 (GLOBE NEWSWIRE) — Asure Software, Inc. (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, today announced that it intends to offer and sell newly issued shares of its common stock in an underwritten public offering. Asure is expected to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock sold by Asure in connection with the offering.

Roth Capital Partners is acting as the sole book-running manager for the offering. The offering is subject to market conditions.

The shares of common stock are being offered pursuant to an effective shelf registration statement that Asure previously filed with the Securities and Exchange Commission (SEC). The offering will be made only by means of the written prospectus supplement and the accompanying prospectus that form a part of the registration statement. An electronic preliminary prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC and when filed, will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, Attn: Equity Capital Markets, via telephone at (800) 678-9147 or via e-mail at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Asure being offered, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

The forward looking statements in this press release, including with respect to the proposed offering, are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. Actual results could differ materially from those indicated by forward-looking statements because of various risks and uncertainties, including those described in the preliminary prospectus supplement and the accompanying prospectus and in Asure’s other filings and reports filed with the SEC. When used in this press release, the words “may,” “could,” “believes,” “plans,” “expects,” “will,” “intends,” “estimates” and “anticipates” and similar expressions are intended to identify forward-looking statements. Except as required by law, Asure is not obligated to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events.

CONTACT:

Jeff Houston
Corporate Development
(512) 437-2349
[email protected]



Posted on

“One Pack of TAAT™, Please!”: TAAT™ Performs Positively in First Week of Retail Sales to Legal-Aged Smokers in Ohio

After an order for more than CAD $150,000 of TAAT™ Original, Smooth, and Menthol arrived in Ohio on Friday December 11, 2020, the Company’s distributors in Ohio have begun fulfilling pre-orders of TAAT™ from tobacco retailer accounts. As this order has been paid for in full, the Company is now “post-revenue”. In the first week of availability at retail, legal-aged smokers who have purchased TAAT™ in Ohio have provided positive feedback about the product, many highlighting the similar taste and smoking experience to a tobacco cigarette. The Company has also added a Store Locator feature to its TryTAAT landing page, which will be updated as its wholesalers place TAAT™ in additional stores on their respective distribution routes.

LAS VEGAS and VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that its flagship product TAAT™ is now available for purchase by legal-aged smokers in Ohio at numerous tobacco retail stores across the state. In a press release dated December 11, 2020, the Company announced that an order of TAAT™ invoiced at over CAD $150,000, which has been paid for in full, had arrived at a distributor’s warehouse in Ohio. This shipment of TAAT™, which contains master cases of the product in its Original, Smooth, and Menthol varieties, is now being delivered to tobacco retailers across Ohio through distributors’ established routing paths. Distributors continue to fill pre-orders of TAAT™ from Ohio-based tobacco retailers, in addition to engaging with other tobacco retailer accounts who could be interested in potentially carrying TAAT™. Further, the Company has sustained its sales efforts throughout the state of Ohio to procure additional points of sale for TAAT™ as it seeks to gain market share in the tobacco industry.

Legal-aged smokers who used TAAT™ for the first time after purchasing the product in Ohio this week have provided positive feedback regarding the experience of smoking TAAT™, noting the similar taste to a tobacco cigarette, despite TAAT™ containing no tobacco. Operators of stores currently carrying TAAT™ in Ohio have stated that their customers are demonstrating enthusiasm towards TAAT™ as an innovative alternative to smoking tobacco cigarettes. All three varieties of TAAT™ are sold at retail in Ohio for USD $3.99 per 20-stick pack, with a limited-time “Buy one, get one” promotion allowing any legal-aged smoker who purchases a pack of TAAT™ to receive a second pack at no extra cost.

As deliveries of TAAT™ continue throughout the state of Ohio, the Company intends to strengthen its in-store presence through the strategic placement of new in-store graphics and pricing displays designed to align with promotional signage used by incumbent brands of tobacco cigarettes. The Company has also added a Store Locator feature to its TryTAAT landing page (pictured below), which will be updated on a regular basis as more points of sale are added, assisting legal-aged smokers in locating tobacco retailers in Ohio that are currently carrying TAAT™.

The Store Locator feature can be accessed on the TryTAAT website by clicking on this link: https://trytaat.com/store-locator/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6ea1a94-126a-410d-8d2d-f0a7c9a142ab

Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c8803e0-7891-4173-82cd-1f66af97645e

Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39e368eb-0d9b-4e88-913c-760f2867e57c

Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

“I am very excited for TAAT™ to be a post-revenue company, now that our first six-figure order has been paid for and the product is on the shelves of stores in Ohio”, said Setti Coscarella, Chief Executive Officer of the Company. “We are thankful for all of the hard work by our management and the TAAT™ production team in Las Vegas to bring TAAT™ from a prototype in Spring 2020 to being manufactured at a commercial scale and on the shelves of tobacco retailers in Ohio just a matter of months later. I believe this is a testament to the dedication of everybody involved with a shared objective of creating a viable product that can compete against the offerings of ‘Big Tobacco’ firms, allowing legal-aged smokers to keep the experiences they enjoy while leaving nicotine behind.”

TAAT™ Chief Revenue Officer Tim Corkum said, “The placement of TAAT™ on the shelves of tobacco retailers in Ohio is not only an accomplishment in and of itself, it is also a brilliant opportunity for us to gather empirical consumer data which could help to guide us in making business decisions as the launch of TAAT™ continues in the United States. Early-stage retailers of TAAT™ in Ohio have provided excellent anecdotes about the product’s positive reception among legal-aged smokers. Between our distributors, our Key Accounts Manager in Ohio, and the TAAT™ management team, we have been dedicated to planning and executing this launch in an effort to make it a success. We have achieved great momentum so far, and I believe that momentum can be carried into the new year as we work towards our objective of capturing market share in the USD $814 billion global tobacco industry.”

On behalf of the Board of Directors of the Company,

TAAT™ LIFESTYLE & WELLNESS LTD.

“Setti Coscarella”

Setti Coscarella, CEO and Director

For further information, please contact:

TAAT™ Investor Relations
1-833-TAAT-USA (1-833-822-8872)
[email protected]

THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

About TAAT™ Lifestyle & Wellness Ltd.

The Company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, TAAT™ is launching in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.

For more information, please visit http://taatglobal.com.

References

1
British American Tobacco – The Global Market

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Potential placement and performance of TAAT™ in additional tobacco retailers in Ohio. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.

This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by TAAT™ Lifestyle & Wellness Ltd. can be found under the Company’s profile on http://sedar.com.



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Vir Biotechnology and GSK Announce Start of NIH-Sponsored ACTIV-3 Trial Evaluating VIR-7831 in Hospitalized Adults with COVID-19

– Randomized, placebo-controlled, multicenter, global Phase 3 trial will investigate the safety and efficacy of VIR-7831 in hospitalized adults with COVID-19 –

SAN FRANCISCO and LONDON, Dec. 17, 2020 (GLOBE NEWSWIRE) — Vir Biotechnology, Inc. (Nasdaq: VIR) and GlaxoSmithKline plc (LSE/NYSE: GSK) today announced that the first patient has been dosed in a new sub-trial of the National Institutes of Health’s (NIH) Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) Program Phase 3 clinical trial. This trial is designed to evaluate the safety and efficacy of VIR-7831 for the treatment of hospitalized adults with COVID-19. VIR-7831 (also known as GSK4182136) is a fully human anti-SARS-CoV-2 (Severe Acute Respiratory Syndrome coronavirus-2) investigational monoclonal antibody that was selected based on its potential to neutralize the virus, kill infected cells, provide a high barrier to resistance and achieve high concentrations in the lungs (one of the major sites of infection).

ACTIV-3 is one of several ongoing trials in the NIH’s ACTIV program, an NIH led public-private partnership designed to accelerate development of the most promising treatments and vaccine candidates for COVID-19. ACTIV-3 has been designed as a “master protocol” that allows for the simultaneous evaluation of multiple investigational therapeutics as they become available, but within the same clinical trial structure, across multiple trial sites.

George Scangos, Ph.D., chief executive officer of Vir, said: “Recent data suggest that the neutralizing activity of antibodies may be insufficient to protect hospitalized adults from the most severe consequences of COVID-19. We are hopeful that the differentiating factors and broad anti-coronavirus activity of VIR-7831 may allow it to help those patients and add to our preparedness for related coronaviruses that could emerge in the future.”

Dr. Hal Barron, chief scientific officer and president R&D, GSK, said: “With new infection and hospitalization rates reaching record highs, the world needs multiple options to help combat this pandemic. We are developing solutions to fight this virus, from prevention through treatment, to provide relief from COVID-related illness. Our treatment option, VIR-7831, which has a high barrier to resistance and has the potential to neutralize the virus and kill infected cells, could allow this treatment to be effective for patients in hospital settings, where other antibodies have so far not shown an impact.”

In addition to the Phase 3 ACTIV-3 trial, VIR-7831 is also being evaluated in the global Phase 2/3 COMET-ICE (COVID-19 Monoclonal antibody Efficacy Trial – Intent to Care Early) trial for the early treatment of COVID-19 in adults at high risk of hospitalization. The Phase 3 part of the COMET-ICE trial is assessing the safety and efficacy of a single intravenous (IV) infusion of VIR-7831 or placebo in approximately 1,300 non-hospitalized participants globally. The primary efficacy endpoint is the proportion of adults who have progression of COVID-19 as defined by the need for hospitalization or death within 29 days of randomization. The COMET clinical development program for VIR-7831 also includes a planned Phase 3 trial for the prevention of symptomatic infection.

ACTIV-3 Clinical Trial Design
The ACTIV-3 trial arm evaluating VIR-7831 will initially compare 300 participants who have been hospitalized with mild to moderate COVID-19 with fewer than 13 days of symptoms, who will receive either VIR-7831 or placebo. Participants also will receive standard care for COVID-19, including the FDA-approved antiviral remdesivir. Five days after dosing, participants’ clinical status will be assessed, based on need for supplemental oxygen, mechanical ventilation, or other supportive care. If the VIR-7831 treatment arm appears to have a positive benefit:risk profile, the trial will enroll an additional 700 participants, including those who are more severely ill (i.e., adults with organ failure requiring mechanical support, or COVID-19-associated dysfunction of organs other than the lungs). Trial participants will be followed for 90 days following enrollment to analyze their response to treatment. The primary efficacy endpoint is the participants’ sustained recovery for 14 days after release from the hospital.

About VIR-7831 / GSK4182136

VIR-7831 (GSK4182136) is a monoclonal antibody for which preclinical data suggest its ability to neutralize SARS-CoV-2 live virus in vitro and in vivo. The antibody binds to an epitope on SARS-CoV-2 that is shared with SARS-CoV-1 (also known as SARS), indicating that the epitope is highly conserved, which may make it more difficult for resistance to develop. VIR-7831/GSK4182136 has been engineered with the potential to enhance lung bioavailability and have an extended half-life.

About the Vir and GSK Collaboration
In April 2020, Vir and GSK entered into a collaboration to research and develop solutions for coronaviruses, including SARS-CoV-2, the virus that causes COVID-19. The collaboration uses Vir’s proprietary monoclonal antibody platform technology to accelerate existing and identify new anti-viral antibodies that could be used as therapeutic or preventive options to help address the current COVID-19 pandemic and future outbreaks. The companies will leverage GSK’s expertise in functional genomics and combine their capabilities in CRISPR screening and artificial intelligence to identify anti-coronavirus compounds that target cellular host genes. They will also apply their combined expertise to research SARS-CoV-2 and other coronavirus vaccines.

About Vir Biotechnology
Vir Biotechnology is a clinical-stage immunology company focused on combining immunologic insights with cutting-edge technologies to treat and prevent serious infectious diseases. Vir has assembled four technology platforms that are designed to stimulate and enhance the immune system by exploiting critical observations of natural immune processes. Its current development pipeline consists of product candidates targeting SARS-CoV-2, hepatitis B virus, influenza A, human immunodeficiency virus and tuberculosis. For more information, please visit www.vir.bio.

About GSK

GSK is a science-led global healthcare company with a special purpose: to help people do more, feel better, live longer. For further information please visit www.gsk.com/about-us.

Vir Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “plan,” “potential,” “aim,” “promising” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Vir’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding the potential benefits of VIR-7831 in treating hospitalized patients with COVID-19, the potential benefits of participating in the ACTIV-3 trial, the ability of using a combination of a potent effector function and neutralization capabilities in enhancing the efficacy of monoclonal antibodies to treat hospitalized patients, the efficacy and safety of a single intravenous (IV) infusion of VIR-7831, Vir’s plans around the evaluation of interim analyses and the expected timing of clinical study results for VIR-7831, the ability of VIR-7831 to prevent symptomatic infection, the clinical trial design around ACTIV-3 as well as statements around the potential benefits of Vir and GSK’s collaboration in addressing the current COVID-19 pandemic and future outbreaks of the disease. Many factors may cause differences between current expectations and actual results, including delays or failures in planned patient enrollment or retention, clinical site activation rates or clinical trial enrollment rates that are lower than expected, unexpected safety or efficacy data observed during preclinical or clinical studies, challenges in the treatment of hospitalized patients, difficulties in collaborating with other companies or government agencies, challenges in accessing manufacturing capacity, successful development and/or commercialization of alternative product candidates by our competitors, changes in expected or existing competition, delays in or disruptions to our business or clinical trials due to the COVID-19 pandemic, geopolitical changes or other external factors, and unexpected litigation or other disputes. 

GSK Cautionary Statement Regarding Forward-Looking Statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D “Risk Factors” in the company’s Annual Report on Form 20-F for 2019 and as set out in GSK’s “Principal risks and uncertainties” section of the Q2 Results and any impacts of the COVID-19 pandemic.

Registered in England & Wales:

No. 3888792

Registered Office:

980 Great West Road
Brentford, Middlesex
TW8 9GS



Vir Biotechnology Contacts:

Investors
Neera Ravindran, M.D.
VP, Head of Investor Relations & Strategic Communications
[email protected] 
+1 415 506 5256

Media
Cara Miller
VP, Corporate Communications
[email protected]
+1 415 941 6746 

GSK Contacts:

Media:
Simon Steel  +44 (0) 20 8047 5502  (London)
Tim Foley  +44 (0) 20 8047 5502  (London)
Kristen Neese  +1 804 217 8147  (Philadelphia)
Kathleen Quinn  +1 202 603 5003  (Washington DC)

Analysts/Investors:
Sarah Elton-Farr  +44 (0) 20 8047 5194  (London)
Sonya Ghobrial  +44 (0) 7392 784784  (Consumer)
Danielle Smith  +44 (0) 20 8047 0932  (London)
James Dodwell  +44 (0) 20 8047 2406  (London)
Jeff McLaughlin  +1 215 751 7002  (Philadelphia)
Frannie DeFranco  +1 215 751 4855  (Philadelphia)

Posted on

Aurora Spine Plans A Major Multicenter Study of its ZIP™ Interspinous Fixation Device for Relief of Back Pain

Company announces initiation of new clinical study beginning Q1 2021

CARLSBAD, Calif., Dec. 17, 2020 (GLOBE NEWSWIRE) — Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSXV: ASG), a designer and manufacturer of innovative medical devices, today announced plans to commence a multicenter study of its ZIP™ Interspinous Fixation device for patients suffering from back pain due to symptomatic degenerative disc disease.

Aurora recently conducted an advanced training session and cadaver lab that introduced leading neurosurgical, orthopedic and pain management physicians to the ZIP™ implant. With more than 5,000 procedures already completed worldwide, ZIP™ is safe and effective in an outpatient setting. The company is launching a multicenter, prospective clinical study to investigate the efficacy of the ZIP™ device managing low back pain and improving quality of life in patients suffering from symptomatic degenerative disc.

“The ZIP study is an important milestone for Aurora as we are committed to helping patients experiencing chronic back pain by advancing the benefits of the ZIP-Screwless™ procedure through vigorous clinical research,” said Trent J. Northcutt, President and CEO of Aurora Spine, Inc. “This multicenter study is designed to demonstrate reproducible outcomes in the real world through vigorous science and attention to quality of life. We are excited to pursue this evidence-based pathway. We continue to be very pleased with the enthusiasm of our clinical investigators,” said Northcutt. “Site selection has commenced, and we are appreciative of all the support from our stellar group of physicians across the country to bring this pivotal, minimally invasive technology to market. We believe there is a significant population of patients who will benefit from the ZIP-Screwless procedure once this important study is completed.”

“This therapy is a great opportunity to continue to bridge the gap between spine surgeons and pain management for our patients,” said Steven Falowski, M.D., Director of Functional Neurosurgery at Argires-Marotti Neurosurgical Associates of Lancaster, PA. “The launch of this collaborative study will give the ability to produce published clinical outcomes utilizing a minimally invasive option to treat spinal pathology, potentially preventing a more invasive open surgical approach in the future or even give a viable treatment option to those who were not invasive surgical candidates.”

Vipul Mangal, M.D., an interventional pain specialist from National Spine & Pain Centers, has adopted this therapy in his patients as a minimally invasive alternative approach. Dr. Mangal commented, “This device has been revolutionary in my practice as a minimally invasive device to significantly improve function and pain for my patients with back pain. I am excited to be part of the study and to train others so that we can continue to advance therapies that relieve pain and restore function.”

About Aurora Spine

Aurora Spine is focused on bringing new solutions to the spinal implant market through a series of innovative, minimally invasive, regenerative spinal implant technologies.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” in Aurora Spine’s final prospectus (collectively, “forward-looking information”). Forward-looking information in this news release includes information concerning the proposed use and success of the company’s products in surgical procedures. Aurora Spine cautions investors of Aurora Spine’s securities about important factors that could cause Aurora Spine’s actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact:

Aurora Spine Corporation

Trent Northcutt
President and Chief Executive Officer
(760) 424-2004

Chad Clouse
Chief Financial Officer
(760) 424-2004

www.aurora-spine.com



www.aurorapaincare.com 

Adam Lowensteiner
LYTHAM PARTNERS, LLC
Phoenix | New York
Telephone: 646-829-9700
[email protected]



Posted on

VistaGen Therapeutics Announces Proposed Underwritten Public Offering

SOUTH SAN FRANCISCO, Calif., Dec. 17, 2020 (GLOBE NEWSWIRE) — VistaGen Therapeutics, Inc. (NASDAQ: VTGN), a biopharmaceutical company committed to developing a new generation of medicines with potential to go beyond the current standard of care for anxiety, depression and other central nervous system (CNS) disorders, today announced that it commenced an underwritten public offering of units consisting of its common stock, par value $0.001 per share (the “Common Stock”), and its Series D convertible preferred stock (the “Series D Preferred Stock”). All securities to be sold in the offering are to be sold by VistaGen. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Series D Preferred Stock will be initially convertible into a specified number of shares of Common Stock at any time at the option of the holder, provided that no such conversion will be permitted until VistaGen’s stockholders approve an amendment to its articles of incorporation increasing the number of authorized shares of Common Stock in an amount sufficient to permit the conversion in full of the Series D Preferred Stock.

VistaGen intends to use the net proceeds from the offering for research, development and manufacturing and regulatory expenses associated with continuing development of PH94B, PH10, AV-101, and potential drug candidates to expand its CNS pipeline and for other working capital and general corporate purposes.

Jefferies LLC and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering.

The public offering will be made pursuant to a shelf registration statement on Form S-3 (File No. 333-234025), previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective on October 7, 2019. The securities may be offered only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting: Jefferies LLC by mail at Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY, 10022 or by telephone at +1 877-547-6340, or by email at [email protected] or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606 or by email at [email protected] or by telephone at +1 800-621-0687.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About VistaGen

VistaGen Therapeutics, Inc. is a biopharmaceutical company committed to developing and commercializing innovative medicines with potential to go beyond the current standard of care for anxiety, depression and other CNS disorders. Each of VistaGen’s three drug candidates has a differentiated potential mechanism of action, has been well-tolerated in all clinical studies to date and has therapeutic potential in multiple CNS markets.

Forward-Looking Statements

Certain of the statements made in this press release are forward-looking, such as those, among others, relating to our expectations regarding the completion of the proposed public offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not we will be able to raise capital through the sale of shares of Common Stock and preferred stock, market and other conditions and the impact of the COVID-19 pandemic, general economic, industry or political conditions in the United States or internationally. There can be no assurance that we will be able to complete the proposed public offering on the anticipated terms, or at all. We will need to raise additional capital to fund our operations and may be unable to raise capital when needed, which would force us to delay, reduce or eliminate our product development programs or commercialization efforts. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Other risks and uncertainties include, but are not limited to, issues related to: adverse healthcare reforms and changes of laws and regulations; manufacturing and marketing risks, including risks related to the COVID-19 pandemic, which may include, but are not limited to, unavailability of or delays in delivery of raw materials for manufacture of its CNS drug candidates and difficulty in conducting clinical trials; inadequate and/or untimely supply of one or more of its CNS drug candidates to meet demand; entry of competitive products; and other technical and unexpected hurdles in the development, manufacture and commercialization of its CNS drug candidates, as well as those risks more fully discussed in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended March 31, 2020, and in our most recent Quarterly Report on Form 10-Q for the quarter and six months ended September 30, 2020, as well as discussions of potential risks, uncertainties, and other important factors in our other filings with the SEC. Our SEC filings are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements represent our views only as of the issuance of this release and should not be relied upon as representing our views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements.

Company Contact

Mark A. McPartland VistaGen Therapeutics Inc.
Phone: +1 (650) 577-3600
Email: [email protected]

Source: VistaGen Therapeutics, Inc.

 



Posted on

Texas Roadhouse Appoints Jerry Morgan President

LOUISVILLE, Ky., Dec. 17, 2020 (GLOBE NEWSWIRE) — Texas Roadhouse, Inc. (NasdaqGS: TXRH) announced today that Regional Market Partner Jerry Morgan has been promoted to President of the Louisville-based restaurant company, effective January of 2021.

Morgan, who will relocate to Louisville, will report directly to Kent Taylor who will continue to serve as Chief Executive Officer and Chairman of the Board. Taylor had assumed the role of President when the role was vacated in June of 2019.

Taylor commented, “Going from three jobs to two, will allow me to focus my additional time, energy, and creativity on our future growth, such as establishing Bubba’s 33 and Jaggers as segment leaders and expanding our retail initiatives, including Butcher Shop and our new Margarita Mix. I also want to expand our To-Go operations and have several other ideas that I think will propel Texas Roadhouse into the next decade.”

A 23-year veteran of Texas Roadhouse, Morgan has more than 35 years of restaurant management experience with Texas Roadhouse, Bennigan’s and Burger King.

Morgan started his Texas Roadhouse career in 1997 as Managing Partner of the company’s first restaurant in Texas. He earned the company’s most prestigious award, Managing Partner of the Year, in 2001 and was promoted to Market Partner later that year.

In 2015, Morgan was named Regional Market Partner, where he was responsible for overseeing more than 120 restaurants in 14 states.

Taylor continued, “Jerry brings great operational focus and leadership to an already stellar executive leadership team and is a perfect balance to our awesome field operations led by our Chief Operating Officer, Doug Thompson, and our Regional Market Partners.”

Both Morgan and Thompson along with Chief Financial Officer Tonya Robinson and a few other Louisville-based executives will report to Taylor. 

Taylor added, “Jerry will spend his first few months listening, learning and serving alongside our folks at the Support Center in Louisville.”

Morgan commented, “I look forward to joining the amazing Support Center family, which does such an outstanding job of serving our operators. I have learned firsthand that hospitality just happens to be the name of our industry. It’s not just what we do. What we do best is to be great teammates, build relationships, and have a passion for serving others. Let’s go Roadhouse.”

About the Company
Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 630 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.

Contacts:

Investor Relations

Michael Bailen
(502) 515-7298

Media

Travis Doster
(502) 638-5457