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InfuSystem to Present at Craig-Hallum Capital Group and Sidoti & Company Investment Conferences

ROCHESTER HILLS, Michigan, Nov. 16, 2020 (GLOBE NEWSWIRE) — InfuSystem Holdings, Inc. (NYSE American: INFU), (“InfuSystem” or the “Company”), a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers, announced today that Rich DiIorio, Chief Executive Officer and Barry Steele, Chief Financial Officer, will present at the following investor conferences:

  • Craig-Hallum Capital Group 11th Annual Alpha Select Conference
    Tuesday, November 17, 2020
    One-on-one virtual meeting event

A webcast of the Sidoti conference presentation will be posted under the investor relations section of InfuSystem’s website at www.infusystem.com. A replay of the presentation will be available following the event.

Management is scheduled to meet with investors on Tuesday, November 17 and Thursday, November 19, with one-on-one meetings to be held throughout the two days.  Investors interested in arranging one-on-one meetings should contact your conference representative. Conversely, you may also call or email Lytham Partners at 602-889-9700, or [email protected].


About InfuSystem Holdings, Inc.

InfuSystem Holdings, Inc. (NYSE American: INFU), is a leading national health care service provider, facilitating outpatient care for durable medical equipment manufacturers and health care providers. INFU services are provided under a two-platform model. The lead platform is Integrated Therapy Services (“ITS”), providing the last-mile solution for clinic-to-home healthcare where the continuing treatment involves complex durable medical equipment and services. The ITS segment is comprised of the Oncology, Pain Management, and Wound Therapy businesses. The second platform, Durable Medical Equipment Services (“DME Services”), supports the ITS platform and leverages strong service orientation to win incremental business from its direct payor clients. The DME Services segment is comprised of direct payor rentals, pump and consumable sales, and biomedical services and repair.  Headquartered in Rochester Hills, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Massachusetts and Ontario, Canada.


Forward-Looking Statements

Certain statements contained in this press release or made in the virtual conference are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as statements relating to future actions, business plans, objectives and prospects, future operating or financial performance. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “strategy,” “future,” “likely,” variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Forward-looking statements are subject to factors, risks and uncertainties that could cause actual results to differ materially, including, but not limited to the uncertain impact of the COVID-19 pandemic,, our dependence on estimates of collectible revenue, potential litigation, changes in third-party reimbursement processes, changes in law and other risk factors disclosed in the Company’s most recent annual report on Form 10-K and, to the extent applicable, quarterly reports on Form 10-Q. All forward-looking statements made in this press release speak only as of the date hereof. We do not undertake any obligation to update any forward-looking statements to reflect future events or circumstances, except as required by law.

Additional information about InfuSystem Holdings, Inc. is available at

www.infusystem.com

.

# # #



CONTACT:
Joe Dorame, Joe Diaz & Robert Blum
Lytham Partners, LLC
602-889-9700

Posted on

Magic Reports Third Quarter 2020 Financial Results with Both Record-Breaking Revenues of $95 million, reflecting a 11% Year Over Year Growth and Record-Breaking Operating Income of $11 million, reflecting a 30% Year Over Year Growth

Non-GAAP operating income for the third quarter increased 21% year over year to a record breaking $14.2 million

OR YEHUDA, Israel, Nov. 16, 2020 (GLOBE NEWSWIRE) — Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC), a global provider of end-to-end integration and application development platforms solutions and IT consulting services, announced today its financial results for the third quarter and nine-months ended September 30, 2020.

Financial Highlights for the Third Quarter Ended September 30, 2020

  • Revenues for the third quarter increased 11% to a record breaking $94.9 million compared to $85.8 million in the same period last year.
  • Operating income for the third quarter increased 30% to a record breaking $11.0 million compared to $8.5 million in the same period last year.
  • Non-GAAP operating income for the third quarter increased 21% to a record breaking $14.2 million compared to $11.8 million in the same period last year.
  • Net income attributable to Magic’s shareholders for the third quarter increased 43% to a record breaking $7.1 million, or $0.14 per fully diluted share, compared to $5.0 million, or $0.10 per fully diluted share in the same period last year.
  • Non-GAAP net income attributable to Magic’s shareholders for the third quarter increased 17% to a record breaking $9.5 million, or $0.19 per fully diluted share, compared to $8.1 million, or $0.17 per fully diluted share, in the same period last year.

Financial Highlights for the Nine-month Period Ended September 30, 2020

  • Revenues for the nine-months of 2020 increased 14% to $266.6 million compared to $234.7 million in the same period last year.
  • Operating income for the nine-months of 2020 increased 19% to $29.6 million compared to $24.9 million in the same period last year.
  • Non-GAAP operating income for the nine-months of 2020 increased 15% to $37.4 million compared to $32.5 million in the same period last year.
  • Net income attributable to Magic’s shareholders for the nine-months of 2020 increased 23% to $18.7 million, or $0.38 per fully diluted share, compared to $15.1 million, or $0.29 per fully diluted share in the same period last year.
  • Non-GAAP net income attributable to Magic’s shareholders for the nine-months of 2020 increased 23% to $26.9 million, or $0.55 per fully diluted share, compared to $21.8 million, or $0.45 per fully diluted share, in the same period last year.
  • Cash flow from operating activities for the nine-months of 2020 amounted to $41.3 million compared to $32.7 million in the same period last year.
  • As of September 30, 2020, Magic’s net cash, cash equivalents, short and long-term bank deposits and marketable securities amounted to $85.6 million.
  • With the outlook for 2020 improving despite COVID-19 Magic is raising its May 2020 guidance for full year 2020 revenues of between $358 million to $365 million on a constant currency basis, reflecting annual growth of 9.9% to 11.5%, as compared to its prior range of $350 million to $360 million, overall increasing the midpoint of its guidance 1.8%.

Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said:

“Magic delivered strong execution during the quarter on all its fronts as we advance our business globally, signing new business and increasing our revenue from existing customers. Fueled by outstanding strategic performance in Israel and North America we will continue with our proven strategy to enhance our portfolio, organically and through acquisitions in order to offer the best one-stop-shop for digital transformation.”

Conference Call Details

Magic’s management will host a conference call on Monday, November 16, 2020 at 10:00 am Eastern Daylight Time (5:00 p.m. Israel Daylight Time) to review and discuss Magic’s results.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, call the international dial-in number.

NORTH AMERICA: +1-888-668-9141

UK: 0-800-917-5108

ISRAEL: 03-918-0609

ALL OTHERS: +972-3-918-0609

For those unable to join the live call, a replay of the call will be available under the Investor Relations section of Magic’s website, www.magicsoftware.com. 

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP operating income, Non-GAAP net income attributable to Magic’s shareholders and Non-GAAP basic and diluted earnings per share.

Magic believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Magic’s financial condition and results of operations. Magic’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Magic urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Non-GAAP measures used in this press release are included in the financial tables of this release. These non-GAAP measures exclude the following items:

  • Amortization of purchased intangible assets and other related costs;
  • In-process research and development capitalization and amortization;
  • Equity-based compensation expenses;
  • The related tax, non-controlling interests and redeemable non-controlling interests effects of the above items;
  • Change in valuation of contingent consideration related to acquisitions;
  • Acquisition-related costs;

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included in the financial tables of this release.

About Magic Software Enterprises

Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.

For more information, visit www.magicsoftware.com. 

Forward Looking Statements

Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as “will,” “look forward”, “expect,” “believe” and similar expressions are used to identify these forward-looking statements (although not all forward-looking statements include such words). These forward-looking statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in our Annual Report on Form 20-F for the year ended December 31, 2019 and subsequent reports and filings made from time to time with the Securities and Exchange Commission.

Magic® is a registered trademark of Magic Software Enterprises Ltd. All other product and company names mentioned herein are for identification purposes only and are the property of, and might be trademarks of, their respective owners.

Press Contact:

Noam Amir
Magic Software Enterprises
[email protected]

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. Dollars in thousands

    September 30,     December 31,  
    2020     2019  
    Unaudited        
ASSETS            
CURRENT ASSETS:            
Cash and cash equivalents   $ 79,395     $ 81,915  
Short-term bank deposits     2,784       6,996  
Marketable securities     1,181       6,600  
Trade receivables, net     99,798       96,694  
Other accounts receivable and prepaid expenses     11,484       12,845  

Total current assets
 		    194,642       205,050  
                 
LONG-TERM RECEIVABLES:                
Severance pay fund     4,248       4,013  
Deferred tax assets     2,280       2,188  
Operating lease right-of-use assets     23,115       14,956  
Other long-term receivables     2,910       3,594  
Other long-term deposits     2,285       2,285  

Total long-term receivables
 		    34,838       27,036  
                 
PROPERTY AND EQUIPMENT, NET     5,910       3,649  
INTANGIBLE ASSETS AND GOODWILL, NET     187,108       168,871  
                 
TOTAL ASSETS   $ 422,498     $ 404,606  
                 
LIABILITIES AND EQUITY                
                 
CURRENT LIABILITIES:                
Short-term debt   $ 10,748     $ 7,079  
Trade payables     11,871       10,990  
Accrued expenses and other accounts payable     37,541       32,619  
Current maturities of operating lease liabilities     2,898       3,833  
Liabilities due to acquisition activities     5,510       3,638  
Deferred revenues and customer advances     8,958       8,724  

Total current liabilities
 		    77,526       66,883  
                 
NON-CURRENT LIABILITIES:                
Long-term debt     18,070       15,540  
Deferred tax liability     14,845       11,069  
Long-term operating lease liabilities     20,220       11,119  
Long-term liabilities due to acquisition activities     9,325       8,613  
Accrued severance pay     5,062       4,770  

Total non-current liabilities
 		    67,522       51,111  
                 
REDEEMABLE NON-CONTROLLING INTERESTS     16,588       21,915  
                 
EQUITY:                
Magic Software Enterprises equity     247,284       247,838  
Non-controlling interests     13,578       16,859  

Total equity
 		    260,862       264,697  
                 
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY   $ 422,498     $ 404,606  

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

U.S. Dollars in thousands (except per share data)

    Three months ended     Nine months ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
             
    Unaudited     Unaudited  
Revenues   $ 94,892     $ 85,843     $ 266,621     $ 234,703  
Cost of Revenues     65,794       58,458       187,914       160,442  
Gross profit     29,098       27,385       78,707       74,261  
Research and development, net     2,316       2,235       6,479       6,277  
Selling, marketing and general and administrative expenses     15,749       16,654       42,607       43,062  
Total operating costs and expenses     18,065       18,889       49,086       49,339  
Operating income     11,033       8,496       29,621       24,922  
Financial expenses, net     (589 )     (622 )     (1,207 )     (828 )
Income before taxes on income     10,444       7,874       28,414       24,094  
Taxes on income     2,039       1,380       6,108       4,897  
Net income   $ 8,405     $ 6,494     $ 22,306     $ 19,197  
Net income attributable to redeemable non-controlling interests     (500 )     (1,045 )     (1,061 )     (3,057 )
Net income attributable to non-controlling interests     (820 )     (491 )     (2,570 )     (995 )
Net income attributable to Magic’s shareholders   $ 7,085     $ 4,958     $ 18,675     $ 15,145  
                                 
Net earnings per share attributable to Magic’s shareholders :                                
Basic   $ 0.15     $ 0.10     $ 0.38     $ 0.29  
Diluted   $ 0.14     $ 0.10     $ 0.38     $ 0.29  
                                 
Weighted average number of shares used in computing net earnings per share                                
Basic     49,031       48,897       48,997       48,888  
Diluted     49,049       48,991       49,046       48,985  

MAGIC SOFTWARE ENTERPRISES LTD.

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

U.S. Dollars in thousands (except per share data)

    Three months ended     Nine months ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
             
    Unaudited     Unaudited  
                         
GAAP gross profit   $ 29,098     $ 27,385     $ 78,707     $ 74,261  
Amortization of capitalized software and acquired technology     1,284       1,246       3,965       3,679  
Amortization of other intangible assets     353       277       889       552  
Non-GAAP gross profit   $ 30,735     $ 28,908     $ 83,561     $ 78,492  
                                 
                                 
GAAP operating income   $ 11,033     $ 8,496     $ 29,621     $ 24,922  
Gross profit adjustments     1,637       1,523       4,854       4,231  
Amortization of other intangible assets     1,757       2,039       4,335       4,859  
Capitalization of software development     (784 )     (876 )     (2,474 )     (3,128 )
Costs related to acquisitions     538       314       1,039       1,294  
Increase in valuation of contingent consideration related to acquisitions             255               255  
Stock-based compensation     –       –       –       75  
Non-GAAP operating income   $ 14,181     $ 11,751     $ 37,375     $ 32,508  
                                 
                                 
GAAP net income attributable to Magic’s shareholders   $ 7,085     $ 4,958     $ 18,675     $ 15,145  
Operating income adjustments     3,148       3,255       7,754       7,586  
Expenses attributed to non-controlling interests and redeemable non-controlling interests     (232 )     (109 )     (407 )     (728 )
Changes in unsettled fair value of contingent consideration related to acquisitions     454       –       1,602       –  
Deferred taxes on the above items     (1,001 )     (25 )     (695 )     (181 )
Non-GAAP net income attributable to Magic’s shareholders   $ 9,454     $ 8,079     $ 26,929     $ 21,822  
                                 
Non-GAAP basic net earnings per share   $ 0.19     $ 0.17     $ 0.55     $ 0.45  
Weighted average number of shares used in computing basic net earnings per share     49,031       48,897       48,997       48,888  
                                 
Non-GAAP diluted net earnings per share   $ 0.19     $ 0.17     $ 0.55     $ 0.45  
Weighted average number of shares used in computing diluted net earnings per share     49,049       48,991       49,046       48,980  


Summary of Non-GAAP Financial Information


U.S. Dollars in thousands (except per share data)

    Three months ended     Nine months ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
    Unaudited     Unaudited     Unaudited     Unaudited  
                                         
Revenues   $ 94,892   100 %   $ 85,843   100 %   $ 266,621   100 %   $ 234,703   100 %
Gross profit     30,735   32.4 %     28,908   33.7 %     83,561   31.3 %     78,492   33.4 %
Operating income     14,181   14.9 %     11,751   13.7 %     37,375   14.0 %     32,508   13.9 %
Net income attributable to Magic’s shareholders     9,454   10.0 %     8,079   9.4 %     26,929   10.1 %     21,822   9.3 %
                                                 
Basic earnings per share   $ 0.19         $ 0.17         $ 0.55         $ 0.45      
Diluted earnings per share   $ 0.19         $ 0.17         $ 0.55         $ 0.45      

MAGIC SOFTWARE ENTERPRISES LTD.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. Dollars in thousands

    For the Nine months ended September 30,  
    2020     2019  
    Unaudited     Unaudited  
             

Cash flows from operating activities:
 		           
             
Net income   $ 22,306     $ 19,197  
Adjustments to reconcile net income to net cash provided   by operating activities:                
Depreciation and amortization     10,096       10,037  
Stock-based compensation     –       75  
Change in deferred taxes, net     (382 )     (758 )
Amortization of marketable securities premium and accretion of discount     57       147  
Net change in operating assets and liabilities:                
Trade receivables, net     5,919       6,307  
Other long-term and short-term accounts receivable and prepaid expenses     158       2,761  
Trade payables     (179 )     (5,540 )
Exchange rate of loans     (44 )     1,712  
Accrued expenses and other accounts payable     3,803       (5,608 )
Deferred revenues     (401 )     4,365  
Net cash provided by operating activities     41,333       32,695  
                 

Cash flows from investing activities:
 		               
                 
Capitalized software development costs     (2,474 )     (3,128 )
Purchase of property and equipment     (2,448 )     (1,057 )
Cash paid in conjunction with acquisitions, net of acquired cash     (16,534 )     (20,889 )
Proceeds from maturity and sale of marketable securities     5,429       2,450  
Proceeds from short-term bank deposits     5,075       5,127  
Investment in marketable securities     –       (202 )
Net cash used in investing activities     (10,952 )     (17,699 )
                 

Cash flows from financing activities:
 		               
                 
Proceeds from exercise of options by employees     229       69  
Issuance of ordinary shares, net     –       (9 )
Dividend paid     (12,502 )     (14,963 )
Dividend paid to non-controlling interests     (6,408 )     (400 )
Dividend paid to redeemable non-controlling interests     (2,013 )     (2,589 )
Purchase of redeemable non-controlling interest     –       (1,237 )
Purchase of non-controlling interest     (18,016 )     –  
Short-term and long-term loans received     9,090       878  
Repayment of short-term and long-term loans     (2,811 )     (7,681 )
Net cash used in financing activities     (32,431 )     (25,932 )
                 
Effect of exchange rate changes on cash and cash equivalents     (470 )     699  
                 
Change in cash and cash equivalents     (2,520 )     (10,237 )
Cash and cash equivalents at the beginning of the year     81,915       87,126  
Cash and cash equivalents at end of the period   $ 79,395     $ 76,889  



Posted on

Manufacturing Industry at High Risk of Severe Impact from COVID-19 Pandemic

Print & publishing, Industrial Equipment, Apparel, and Textile Products among the top 5 most affected sectors

Allentown, PA, Nov. 16, 2020 (GLOBE NEWSWIRE) — The manufacturing industry in the United States is standing at the precipice of severe negative impacts due to COVID-19, according to a new report from the global business intelligence experts, Creditsafe. According to the report, many manufacturers could see a significant decrease in their revenue, which may bring about difficult decisions on how best to navigate these difficult times.  

 

The data shows that the following manufacturing sectors are the most likely to be severely impacted. 

 

  • Printing and Publishing
  • Miscellaneous Manufacturing
  • Industrial Machinery and Equipment
  • Fabricated Metal Products
  • Apparel and Other Textile Products 

 

When combined, these industries represent over half a million businesses across the United States, with over 17% of them expected to experience a severe negative impact from the Coronavirus. 

 

“Manufacturing represents a significant amount of revenue, jobs, and businesses within the US,” comments Matthew Debbage, Creditsafe Americas and Asia’s CEO, “Our research and analysis shows that the 10 most affected states could see a decrease $400 billion from the manufacturing industry alone. This type of impact will have long term effects for the entire country.” 

 

Mandatory closures, changes in buyer behavior, disruptions to the supply chain, amongst other factors, are all contributing to the overall risk that the manufacturing industry is facing. In turn, the industry could cause ripples of its own through a loss of employment, decreases in revenue, and notable delays in production. 

 

The pandemic has caused the U.S., and specifically manufacturers, to look to a more localized supply chain and bring several types of critical manufacturing sectors back to U.S. soil. John Boyd, president of Boyd Co., a corporate relocation consulting firm, says, “The pandemic has made it clear that overextended and risky supply chains can no longer be tolerated. The U.S. pharmaceutical and medical devices sectors—now dangerously concentrated in China—will be the first in line to disinvest there and reinvest back in the U.S. Bi-partisan legislation is being crafted in Washington to encourage this reshoring through tax breaks and other incentives.” 

 

Unfortunately, the return to US-based manufacturing will take time and money. The pandemic may impact $ 400 billion in revenue in 2020. The report describes how States such as Nevada and California are the top two most affected regarding manufacturing, according to Creditsafe. Leaders of these states will have to figure out how to help their local manufacturers survive while attracting new businesses to their regions. 

The outlook of the manufacturing industry is far from certain; one thing is sure, business, as usual, will no longer be enough, and manufacturers, like so many other industries, must find a way to adapt to an ever-evolving economic landscape. 

To learn more about the effects of COVID-19 on the manufacturing industry download the full report for free.

 

 

About Creditsafe USA

Creditsafe is the world’s most used supplier of company credit reports. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from.

Creditsafe’s global database is one of the most rapidly expanding in the industry and also one of the most comprehensive. Each day over 500,000 users around the world leverage the company’s database to gather strategic, insightful business information. Creditsafe’s database is updated over a million times a day with information gathered from thousands of sources. In 99.9% of the cases, reports requested by customers are delivered instantly. Over forty percent of Creditsafe’s customers leverage the company’s internationally reporting capabilities.  

Attachment 



Nathan Kolb
Creditsafe
4342297209
[email protected]

Posted on

Ada S. McKinley Community Services Sees Dramatic Increase of 33% in Youth Referrals to Its Foster Care Program; Boosts Efforts to Recruit Foster Parents

Chicago, Illinois, Nov. 16, 2020 (GLOBE NEWSWIRE) — Ada S. McKinley Community Services, one of the largest human service and education providers in Illinois, is seeing a 33 percent increase in the number of youth cases needing foster parents since the start of the COVID-19 pandemic, and is launching a new effort during the Holiday Season to urge eligible people to become foster parents. With the cancellation of face-to-face meetings and concerns about the spread of the Coronavirus, recruiting traditional and specialized foster parents has become more difficult. 

“We need loving people to open their hearts and homes to help these children. They are the unseen victims of COVID-19 who’ve faced the trauma of being removed from their homes in the midst of the pandemic,” said Jamal Malone, CEO of Ada S. McKinley Community Services. 

“Currently there are not enough licensed foster parents to help the youth who come to us. The foster parents who bring these children into their homes say it’s a rewarding experience to help a child in need,” said Malone.  

Malone assures potential foster parents that very extensive COVID-19 precautions are taken before placing children in homes. Ada S. McKinley Community Services also has a unique history for supporting foster children through other programs including Head Start Early Learning Centers and our nationally renowned College Placement Program which has placed over 70,000 youth in more than 400 U.S. colleges and universities. 

Sandra Minter is a foster parent who strongly encourages potential foster parents to attend an orientation class. She’s serving an eight-year-old girl with special needs, whom Minter describes as “a delight.”

“My third grader faced emotional challenges when I welcomed her to my home, and they are pretty much manageable. She has brought life back into my life. This child is a joy to be with. It’s rewarding just to know I’m helping somebody who needs help and cannot help themselves. All you need is the heart to do it. It’s not hard at all,” said Minter. 

Ada S. McKinley also operates an Emergency Foster Care Shelter on Chicago’s South Side, staffed 24 hours-a-day with professional Foster Parents for emergency placements. The shelter is one of just two emergency shelters in Chicago, and one of only five in Illinois. 

Individuals interested in becoming foster parents can learn more by calling the Ada S. McKinley Community Services’ Foster Parent Recruitment Hotline at 773-602-2660 ext. 3243 or attending online orientation classes scheduled for November 18, 2020 at 11 a.m., December 2, 2020 at 11 a.m., January 13, 2021 at 11 a.m.  

Those interested in donating to Ada S. McKinley can donate via this LINK.  


About Ada S. McKinley Community Services

Ada S. McKinley Community Services is one of Chicago’s largest, most respected and impactful Human Services organizations. Serving more than 7,000 people annually at over 70 program sites in the Chicago metropolitan area, Wisconsin and Indiana, Ada S. McKinley Community Services’ wide-ranging programs fall under the umbrellas of child development and youth, employment and community support, and behavioral health and clinical. The 101-year old nonprofit was founded during the Spanish Flu Pandemic with a mission to serve African American World War I veterans who were denied government services, and to help southern families fleeing to Chicago during the Great Migration. The organization’s mission is to empower, educate and employ people to change lives and strengthen communities. 

For more information and updates on how the agency continues to meet the needs of people affected by the COVID-19 pandemic, please visit www.adasmckinley.org and follow us on Facebook, YouTube, LinkedIn and Instagram. 

Attachments 



Michelle Damico
Michelle Damico Communications
312-423-6627
[email protected]

Posted on

CytoDyn Announces Registration of Trademark for VYROLOGIX in Several Countries

       Vyrologix is the proprietary name for leronlimab

VANCOUVER, Washington, Nov. 16, 2020 (GLOBE NEWSWIRE) — CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, today announced that nine of the Company’s trademark applications to register the VYROLOGIX mark have now successfully passed through formal examination. 

In summary, the U.S. and E.U. applications have been allowed, applications in Hong Kong, China and Russia have registered, and the Company’s applications in Australia, Israel, New Zealand and Singapore will each proceed to registration once they have passed through the opposition period unopposed.

Vyrologix (pronounced – vie-ro-loj-iks) is the proprietary name for leronlimab and the trademark is now VYROLOGIX. Final approval of Vyrologix as the proprietary name for leronlimab is conditional on FDA approval of the Company’s Biologics License Application and new drug application. Our recently developed stylized trademark and logo are as follows:

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

CytoDyn Inc.: Media Snippet                                                    

Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, “These multi-national acceptances of our trademark applications further demonstrate our commercial readiness to deliver leronlimab to patients of the world upon regulatory approval. Our team of legal advisors have been working on this important milestone for several months and we have now achieved one of many objectives in several major markets.”

About Coronavirus Disease 2019

CytoDyn completed its Phase 2 clinical trial (CD10) for COVID-19, a double-blinded, randomized clinical trial for mild-to-moderate patients in the U.S. which produced statistically significant results for NEWS2. Enrollment continues in its Phase 2b/3 randomized clinical trial for the severe-to-critically ill COVID-19 population in several hospitals and clinics throughout the U.S., which are identified on the Company’s website under the “Clinical Trial Enrollment” section of the homepage; an interim analysis on the first 195 patients was conducted mid-October and is expected to occur again after enrollment reaches 293 patients.

About Leronlimab (PRO 140)

The FDA has granted a Fast Track designation to CytoDyn for two potential indications of leronlimab for critical illnesses. The first indication is a combination therapy with HAART for HIV-infected patients and the second is for metastatic triple-negative breast cancer. Leronlimab is an investigational humanized IgG4 mAb that blocks CCR5, a cellular receptor that is important in HIV infection, tumor metastases, and other diseases, including NASH. Leronlimab has completed nine clinical trials in over 800 people and met its primary endpoints in a pivotal Phase 3 trial (leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients). 

In the setting of HIV/AIDS, leronlimab is a viral-entry inhibitor; it masks CCR5, thus protecting healthy T cells from viral infection by blocking the predominant HIV (R5) subtype from entering those cells. Leronlimab has been the subject of nine clinical trials, each of which demonstrated that leronlimab could significantly reduce or control HIV viral load in humans. The leronlimab antibody appears to be a powerful antiviral agent leading to potentially fewer side effects and less frequent dosing requirements compared with daily drug therapies currently in use. 

In the setting of cancer, research has shown that CCR5 may play a role in tumor invasion, metastases, and tumor microenvironment control. Increased CCR5 expression is an indicator of disease status in several cancers. Published studies have shown that blocking CCR5 can reduce tumor metastases in laboratory and animal models of aggressive breast and prostate cancer. Leronlimab reduced human breast cancer metastasis by more than 98% in a murine xenograft model. CytoDyn is, therefore, conducting a Phase 1b/2 human clinical trial in metastatic triple-negative breast cancer and was granted Fast Track designation in May 2019.  

The CCR5 receptor appears to play a central role in modulating immune cell trafficking to sites of inflammation. It may be crucial in the development of acute graft-versus-host disease (GvHD) and other inflammatory conditions. Clinical studies by others further support the concept that blocking CCR5 using a chemical inhibitor can reduce the clinical impact of acute GvHD without significantly affecting the engraftment of transplanted bone marrow stem cells. CytoDyn is currently conducting a Phase 2 clinical study with leronlimab to support further the concept that the CCR5 receptor on engrafted cells is critical for the development of acute GvHD, blocking the CCR5 receptor from recognizing specific immune signaling molecules is a viable approach to mitigating acute GvHD. The FDA has granted orphan drug designation to leronlimab for the prevention of GvHD. 

About CytoDyn

CytoDyn is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications based on leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 appears to play a critical role in the ability of HIV to enter and infect healthy T-cells. The CCR5 receptor also appears to be implicated in tumor metastasis and immune-mediated illnesses, such as GvHD and NASH.

CytoDyn has successfully completed a Phase 3 pivotal trial with leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients. The FDA met telephonically with Company key personnel and its clinical research organization and provided written responses to the Company’s questions concerning its recent Biologics License Application (“BLA”) for this HIV combination therapy in order to expedite the resubmission of its BLA filing for this indication.

CytoDyn has completed a Phase 3 investigative trial with leronlimab as a once-weekly monotherapy for HIV-infected patients. CytoDyn plans to initiate a registration-directed study of leronlimab monotherapy indication. If successful, it could support a label extension. Clinical results to date from multiple trials have shown that leronlimab can significantly reduce viral burden in people infected with HIV. No drug-related serious site injection reactions reported in about 800 patients treated with leronlimab and no drug-related SAEs reported in patients treated with 700 mg dose of leronlimab. Moreover, a Phase 2b clinical trial demonstrated that leronlimab monotherapy can prevent viral escape in HIV-infected patients; some patients on leronlimab monotherapy have remained virally suppressed for more than six years.

CytoDyn is also conducting a Phase 2 trial to evaluate leronlimab for the prevention of GvHD and a Phase 1b/2 clinical trial with leronlimab in metastatic triple-negative breast cancer. More information is at www.cytodyn.com. 

Forward-Looking Statements 

This press release contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.  Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Forward-looking statements specifically include statements about leronlimab, its ability to have positive health outcomes, the possible results of clinical trials, studies or other programs or ability to continue those programs, the ability to obtain regulatory approval for commercial sales, and the market for actual commercial sales. The Company’s forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks and uncertainties including: (i) the sufficiency of the Company’s cash position, (ii) the Company’s ability to raise additional capital to fund its operations, (iii) the Company’s ability to meet its debt obligations, if any, (iv) the Company’s ability to enter into partnership or licensing arrangements with third parties, (v) the Company’s ability to identify patients to enroll in its clinical trials in a timely fashion, (vi) the Company’s ability to achieve approval of a marketable product, (vii) the design, implementation and conduct of the Company’s clinical trials, (viii) the results of the Company’s clinical trials, including the possibility of unfavorable clinical trial results, (ix) the market for, and marketability of, any product that is approved, (x) the existence or development of vaccines, drugs, or other treatments that are viewed by medical professionals or patients as superior to the Company’s products, (xi) regulatory initiatives, compliance with governmental regulations and the regulatory approval process, (xii) general economic and business conditions, (xiii) changes in foreign, political, and social conditions, and (xiv) various other matters, many of which are beyond the Company’s control. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.

CYTODYN CONTACTS

Investors:
Michael Mulholland
Office: 360.980.8524, ext. 102
[email protected]

 



Posted on

AIR Worldwide Provides Annual Global View of Risk

Report Highlights Protection Gap When Disaster Strikes

Boston, Nov. 16, 2020 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR) today released its 2020 Global Modeled Catastrophe Losses report, detailing key loss metrics from AIR’s global industry exceedance probability (EP) curve. Based on the report, AIR estimates that the global modeled insured average annual loss from catastrophes worldwide is nearly USD 100 billion. The 1 percent aggregate exceedance probability insured loss (or the 100-year return period loss) is nearly USD 301 billion. The 2020 report derives its loss metrics from the most current suite of global property and crop models from AIR, including new models and updates released during 2020 as well as databases of property values for more than 110 countries; the report excludes losses from AIR’s pandemic, cyber, and casualty models. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

The global aggregate average annual loss (AAL) and exceedance probability loss metrics for 2020 reflect changes in risk based on AIR’s annual review of industry insured values around the world and includes the impact of enhancements to the AIR Earthquake Model for Australia, AIR’s Earthquake and Tropical Cyclone Models for the Caribbean, and updates to the Hurricane and Inland Flood Models for the United States.

“For regions and perils covered by catastrophe models, the protection gap represents not only potential business growth opportunities for the insurance industry to offer essential protection to vulnerable home- and business-owners, but a responsibility to act,” said Bill Churney, president at AIR Worldwide. “Understanding the protection gap can also help governments assess the risks to their citizens and critical infrastructure, and develop risk-informed emergency management, hazard mitigation, and public risk financing strategies to enhance global resilience and reduce the ultimate costs from catastrophic events.”

The report provides both global insured and insurable loss estimates based on AIR’s global suite of models; the difference between covered (insured) and eligible (insurable) exposures suggests areas of potential profitable growth in markets already identified as vulnerable to catastrophic events. Examination of economic and insured losses reveals how wide the protection gap is and how sizable losses can be for societies following a devastating catastrophe.
The year 2020 opened with the most powerful earthquake Puerto Rico had experienced since 1918—the last time the island updated its earthquake preparedness plan. Also in January, numerous bushfires continued to burn across Australia. Since the second half of 2019, the fires had scorched more than 10 million hectares (~25 million acres).

In June, one of the costliest natural disasters ever in Canada struck on June 13: the Calgary hailstorm. August brought the Complex Fire, which became the largest wildfire in California’s history and the first-ever “gigafire,” so called because it burned more than 1 million acres. On August 10, a derecho caused widespread catastrophic damage in the Midwest, bringing heavy rainfall, hurricane-force winds as well as significant hail in some locations.

The Atlantic hurricane season has brought record-breaking number of named storms impacting the entire coastline from eastern Texas near the Louisiana border to the western Florida Panhandle.

“The ability for the global (re)insurance industry, financial institutions, governments, and non-governmental organizations to prepare for large losses before they occur is critical to continued solvency and resilience,” said Rob Newbold, executive vice president at AIR Worldwide. “With the insight provided by AIR’s global suite of models, companies can pursue profitable expansion in a market that is ever-more connected, and amid regulatory environments that are increasingly rigorous. These holistic analytics can give insurers and reinsurers greater confidence that the risk they’ve assumed is risk they can afford to take.”

Download the 2020Global Modeled Catastrophe Losses report here: https://airww.co/GlobalEP2020

About AIR Worldwide

AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, supply chain disruptions, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

###



For more information, contact:
Kevin Long
AIR Worldwide
01-617-267-6645
[email protected]

Posted on

China Yuchai Announces Selected Unaudited Data for the Third Quarter of 2020

PR Newswire

SINGAPORE, Nov. 16, 2020 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”), a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited (“GYMCL”), announced today selected preliminary unaudited data for the third quarter and the first nine months ended September 30, 2020 and 2019.  The financial information presented herein is reported using International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. 

China Yuchai has previously announced that it will only announce six month and annual financial results in the future.  However, the Company is announcing these selected preliminary third quarter and nine month results to provide investors with a timely update, giving consideration to the business uncertainty caused by the impact of the COVID-19 pandemic.


Three Months Ended September 30,


2020


2019

Revenue

RMB 5.4 Billion

RMB 3.3 Billion

Unit Sales

118,488

70,140

Net earnings attributable to China Yuchai’s shareholders

RMB 108.4 Million

RMB 50.3 Million


First Nine Months Ended September 30,


2020


2019

Revenue

RMB 15.4 Billion

RMB 12.3 Billion

Unit Sales

331,670

281,499

Net earnings attributable to China Yuchai’s shareholders

RMB 414.1 Million

RMB 395.3 Million

About China Yuchai International

China Yuchai International Limited, through its subsidiary, GYMCL, engages in the manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, marine and agriculture applications in China.  GYMCL also produces diesel power generators. The engines produced by GYMCL range from diesel to natural gas and hybrid engines.  Through its regional sales offices and authorized customer service centers, GYMCL distributes its engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China.  Founded in 1951, GYMCL has established a reputable brand name, strong research and development team and significant market share in China with high-quality products and reliable after-sales support.   In 2019, GYMCL sold 376,148 engines and is recognized as a leading manufacturer and distributor of engines in China. For more information, please visit http://www.cyilimited.com.

Safe Harbor Statement

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. China Yuchai cautions that this data involves risks and uncertainties, and actual full results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in China Yuchai’s Form 20-Fs under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. Among others, if the COVID-19 pandemic is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected due to a deteriorating market for automotive sales, an economic slowdown in China and abroad, a potential weakening of the financial condition of our customers, or other factors that we cannot foresee. Recent performance may not be indicative of future performance. This data is applicable only as of the date it is made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:

Investor Relations
Kevin Theiss
Tel: +1-212-521-4050
Email: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/china-yuchai-announces-selected-unaudited-data-for-the-third-quarter-of-2020-301173479.html

SOURCE China Yuchai International Limited

Posted on

Medley Management Inc. Reports Third Quarter 2020 Results

PR Newswire

NEW YORK, Nov. 16, 2020 /PRNewswire/ — Medley Management Inc. (NYSE: MDLY) (“MDLY” or the “Company”) today reported its financial results for its third quarter ended September 30, 2020. All share and per share results reflect the 1-for-10 reverse stock split which was effective on October 30, 2020.

Summary

  • Fee earning assets under management were $1.7 billion as of September 30, 2020
  • Total assets under management were $3.4 billion as of September 30, 2020
  • Total revenues were $8.3 million for the three months ended September 30, 2020 and $24.8 million for the nine months ended September 30, 2020
  • U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.19 for Q3 2020
  • Core Net Loss Per Share was $0.16 for Q3 2020


Results of Operations for the Three Months Ended September 30, 2020

Total revenues were $8.3 million for the three months ended September 30, 2020 compared to $11.5 million for the same period in 2019. Revenues consisted of $7.9 million of management fees and other revenue and $0.4 million of investment income. The decrease in total revenues was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a reduction in leverage and change in portfolio valuations.

Total expenses from operations were $7.6 million for the three months ended September 30, 2020 compared to $12.5 million for the same period in 2019. The variance was attributed to a $3.1 million decrease in compensation and benefits expense and a$1.8 million decrease in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount and decline in stock compensation expense. The decrease in other expenses was due primarily to a decrease in professional fees, primarily driven by lower costs associated with our terminated merger with Sierra Income Corporation (“Sierra”). General and administrative expenses also declined as a result of headcount reduction, employees working remotely and restrictions on travel and other expenses due to the impact of the continuing COVID-19 pandemic.

Total other expenses, net were $2.7 million for the three months ended September 30, 2020 and consisted of $2.5 million of interest expense and $0.2 million of other expenses. Total other expenses, net were $0.9 million for the three months ended September 30, 2019 and consisted of $2.9 million of interest expense, $1.8 million of other income and $0.2 million of dividend income. Of the $1.8 million of other income, $2.0 million relates to an unrealized gain on shares held of MCC. During the three months ended September 30, 2020, we did not hold any shares of MCC, resulting in no unrealized gains or losses recorded in the period.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $1.7 million for the three months ended September 30, 2020 compared to a net loss of $3.3 million for the same period in 2019. Medley Management Inc.’s net loss per share was $0.19 for the three months ended September 30, 2020 compared to a net loss per share of $0.86 for the same period in 2019.

Pre-Tax Core Net Loss was $1.0 million for the three months ended September 30, 2020 compared to $0.9 million for the same period in 2019. Core Net Loss Per Share was $0.16 for the three months ended September 30, 2020, compared to $0.18 for the same period in 2019. Core EBITDA was $1.7 million for the three months ended September 30, 2020 compared to $2.1 million for the same period in 2019.


Results of Operations for the Nine Months Ended September 30, 2020

Total revenues were $24.8 million for the nine months ended September 30, 2020 compared to $38.2 million for the same period in 2019. Revenues consisted of $26.1 million of management fees and other revenue and $1.3 million of investment loss. The decrease was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a decline in portfolio valuations, a reduction in leverage, and a decline in investment income due to equity losses and reversal of previously recorded carried interest.

Total expenses from operations were $28.8 million for the nine months ended September 30, 2020 compared to $34.8 million for the same period in 2019. The decrease was due primarily to a decline in compensation and benefits as a result of lower average headcount and discretionary bonuses, offset in part by an increase in professional fees. Included in total expenses are costs associated with our terminated merger of $3.5 million for each of the nine months ended September 30, 2020 and 2019.

Total other expenses, net were $13.4 million for the nine months ended September 30, 2020 and consisted of $8.0 million of interest expense and $5.6 million of other expenses, offset in part by $0.1 million of dividend income. Total other expenses, net were $8.3 million for the nine months ended September 30, 2019 and consisted of $8.6 million of interest expense, $0.6 million of other expenses, offset by $0.9 million of dividend income. The increase of $5.6 million in other expenses was due primarily to the revaluation of our revenue share payable.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $15.9 million for the nine months ended September 30, 2020 compared to $4.8 million for the same period in 2019. Medley Management Inc.’s net loss per share was $3.39 for the nine months ended September 30, 2020 compared to $1.32 for the same period in 2019.

Pre-Tax Core Net Income (Loss) was $(11.7) million for the nine months ended September 30, 2020 compared to $0.7 million for the same period in 2019. Core Net Loss Per Share was $1.88 for the nine months ended September 30, 2020, compared to Core Net Income Per Share of $0.13 for the same period in 2019. Core EBITDA was $(3.3) million for the nine months ended September 30, 2020 compared to $9.8 million for the same period in 2019.

Investor Contact:

Sam Anderson

Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777

Media Contact:

Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170



Key Performance Indicators:


For the Three Months Ended
September 30,
(unaudited)


For the Nine Months Ended
September 30,
(unaudited)


2020


2019


2020


2019

(dollars in thousands, except AUM, share and per share amounts)


Consolidated Financial Data:

Pre-Tax (Loss) Income

$

(2,015)

$

(1,881)

$

(17,431)

$

(4,989)

Net loss attributable to Medley Management Inc. and
non-controlling interests in Medley LLC

$

(1,696)

$

(3,312)

$

(15,854)

$

(4,848)

Net loss per Class A common stock

$

(0.19)

$

(0.86)

$

(3.39)

$

(1.32)

Net Income Margin (1)

(20.4)

%

(28.7)

%

(64.0)

%

(12.7)

%

Weighted average shares – Basic and Diluted

639,216

589,933

631,620

583,449


Non-GAAP Data:

Pre-Tax Core Net Income (Loss) (2)

$

(1,038)

$

(926)

$

(11,748)

$

656

Core Net Income (Loss) (2)

$

(837)

$

(987)

$

(10,749)

$

378

Core EBITDA (3)

$

1,677

$

2,123

$

(3,259)

$

9,830

Core Net Income (Loss) Per Share (4)

$

(0.16)

$

(0.18)

$

(1.88)

$

0.13

Core Net Income Margin (5)

(7.0)

%

(5.4)

%

(26.5)

%

1.2

%

Pro-Forma Weighted Average Shares Outstanding (6)

3,560,303

3,450,758

3,495,108

3,333,909


Other Data (at period end, in millions):

AUM

$

3,408

$

4,271

$

3,408

$

4,271

Fee Earning AUM

$

1,670

$

2,320

$

1,670

$

2,320

 

(1)

Net Income Margin equals Net income (loss) attributable to Medley Management Inc. and non-controlling interests in
Medley LLC divided by total revenue.

(2)

Pre-Tax Core Net Income is calculated as Core Net Income before income taxes. Core Net Income reflects net income (loss)  
attributable to Medley Management Inc. and non-controlling interests in Medley LLC adjusted to exclude reimbursable
expenses associated with the launch of funds, stock-based compensation associated with restricted stock units that were
granted in connection with our IPO, non-recurring expenses associated with strategic initiatives, such as our terminated
merger with Sierra, other non-core items and the income tax expense associated with the foregoing adjustments. Please refer
to the reconciliation of Core Net Income to Net income (loss) attributable to Medley Management Inc. and non-controlling
interests in Medley LLC in Exhibit B for additional details.

(3)

Core EBITDA is calculated as Core Net Income before interest expense, income taxes, depreciation and amortization. Please
refer to the reconciliation of Core EBITDA to Net income (loss) attributable to Medley Management Inc. and non-controlling
interests in Medley LLC in Exhibit B for additional details.

(4)

Core Net Income Per Share is calculated as Core Net Income, adjusted for the income tax effect of assuming that all of our
pre-tax earnings were subject to federal, state and local corporate income taxes, divided by Pro-Forma Weighted Average
Shares Outstanding (as defined below). We assume that all of our pre-tax earnings are subject to federal, state and local
corporate income taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 44.0%
and 33.0% for 2020 and 2019, respectively. The rate differential in 2020 from 2019 is attributed to the tax benefit from the
CARES Act which allows for the current year carryback of net operating losses to years in which the Federal rate was 34.0%
rather than the current rate of 21.0%. Please refer to the calculation of Core Net Income Per Share in Exhibit C for additional
details.

(5)

Core Net Income Margin equals Core Net Income Per Share divided by total revenue per share.

(6)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up
to 2,673,516 and 2,631,658 vested and unvested LLC Units for 2,673,516 and 2,631,658 shares of Class A common stock at the beginning of each of the periods ended 2020 and 2019, respectively, as well as the vesting of the weighted average number of restricted stock units granted to employees and directors during each of the periods presented.

 



Fee Earning AUM

The table below presents the quarter-to-date roll forward of our total fee earning AUM:


% of Fee Earning AUM


Permanent
Capital
Vehicles


Long-dated
Private Funds
and SMAs


Total


Permanent
Capital
Vehicles


Long-dated
Private
Funds
and SMAs

(Dollars in millions)

Ending balance, June 30, 2020

$

983

$

674

$

1,657

59

%

41

%

Commitments

—

25

25

Capital reduction

(14)

—

(14)

Distributions

—

(14)

(14)

Change in fund value

26

(10)

16

Ending balance, September 30, 2020

$

995

$

675

$

1,670

60

%

40

%

 

Total fee earning AUM increased by $13.0 million, or 0.8%, to $1.7 billion as of September 30, 2020 compared to June 30,
2020, due primarily to permanent reductions in leverage during the period.

 

The table below presents the year-to-date roll forward of our total fee earning AUM:


% of Fee Earning AUM


Permanent
Capital
Vehicles


Long-dated
Private Funds
and SMAs


Total


Permanent
Capital
Vehicles


Long-dated
Private
Funds
and SMAs

(Dollars in millions)

Ending balance, December 31, 2019

$

1,361

$

777

$

2,138

64

%

36

%

Commitments

(91)

59

(32)

Capital reduction

(106)

—

(106)

Distributions

(21)

(90)

(111)

Change in fund value

(148)

(71)

(219)

Ending balance, September 30, 2020

$

995

$

675

$

1,670

60

%

40

%

 

Total fee earning AUM decreased by $468.0 million, or 22%, to $1.7 billion as of September 30, 2020 compared to
December 31, 2019, due primarily to changes in fund value, distributions and debt repayments representing capital reductions.


About Medley

Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.4 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) (TASE:MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, Medley has provided capital to over 400 companies across 35 industries in North America.(1)

Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the NYSE under the symbols (NYSE:MDLX) and (NYSE:MDLQ).


Forward-Looking Statements

Statements included herein may contain “forward-looking statements.” Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission, including those described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements made herein speak only as of the date of this press release.


Non-GAAP Financial Measures

We make reference to certain non-GAAP financial measures in this press release. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP is contained in the exhibits attached hereto.

Non-GAAP measures used by management include Pre-Tax Core Net Income (Loss), Core Net Income (Loss), Core EBITDA, Core Net Income (Loss) Per Share and Core Net Income Margin. Management believes that these measures provide analysts, investors and management with helpful information regarding our underlying operating performance and our business, as they remove the impact of items management believes are not reflective of underlying operating performance. These non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; and for evaluating the effectiveness of operational strategies. Additionally, we believe these non-GAAP measures provide another tool for investors to use in comparing our results with other companies in our industry, many of whom use similar non-GAAP measures. There are limitations associated with the use of non-GAAP financial measures as compared to the use of the most directly comparable U.S. GAAP financial measure and these measures supplement and should be considered in addition to and not in lieu of the results of operations discussed below. Furthermore, such measures may be inconsistent with measures presented by other companies.

This press release does not constitute an offer for any Medley fund.


Available Information

Medley Management Inc.’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available at www.mdly.com.

(1) Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively,  “Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of September 30, 2020.


Exhibit A. Consolidated Statements of Operations of Medley Management Inc.


For the Three Months Ended September 30,
(unaudited)


For the Nine Months Ended September 30, 
(unaudited)


2020


2019


2020


2019

 (in thousands, except share and per share data)


Revenues

Management fees

$

6,275

$

9,607

$

19,807

$

30,728

Other revenues and fees

1,635

2,621

6,269

7,731

Investment income (loss):

Carried interest

(3)

(142)

83

651

Other investment income (loss), net

419

(550)

(1,384)

(922)

Total Revenues

8,326

11,536

24,775

38,188


Expenses

Compensation and benefits

4,040

7,090

17,119

22,069

General, administrative and other expenses

3,599

5,403

11,682

12,763

Total Expenses

7,639

12,493

28,801

34,832


Other Income (Expense)

Dividend income

—

182

137

942

Interest expense

(2,535)

(2,874)

(7,950)

(8,646)

Other (expenses) income, net

(167)

1,768

(5,592)

(641)

Total other expenses, net

(2,702)

(924)

(13,405)

(8,345)

Loss before income taxes

(2,015)

(1,881)

(17,431)

(4,989)

Benefit from income taxes

(320)

(188)

(1,637)

(281)

Net Loss

(1,695)

(1,693)

(15,794)

(4,708)

Net income attributable to redeemable non-controlling
interests and non-controlling interests in consolidated
subsidiaries

1

1,619

60

140

Net loss attributable to non-controlling interests in
Medley LLC

(1,574)

(2,796)

(13,788)

(4,078)

Net Loss Attributable to Medley Management Inc.

$

(122)

$

(516)

$

(2,066)

$

(770)


Net Loss Per Share of Class A Common Stock:

Basic

$

(0.19)

$

(0.86)

$

(3.39)

$

(1.32)

Diluted

$

(0.19)

$

(0.86)

$

(3.39)

$

(1.32)

Weighted average shares outstanding – Basic and Diluted

639,216

589,933

631,620

583,449

 

 


Exhibit B. Reconciliation of Core Net Income (Loss) and Core EBITDA to Net Income (Loss) Attributable to Medley
Management Inc. and Non-controlling Interests in Medley LLC


For the Three Months Ended September 30,
(unaudited)


For the Nine Months Ended September 30,
(unaudited)


2020


2019


2020


2019

(in thousands)

Net loss attributable to Medley Management Inc.

$

(122)

$

(516)

$

(2,066)

$

(770)

Net loss attributable to non-controlling interests in
Medley LLC

(1,574)

(2,796)

(13,788)

(4,078)

Net loss attributable to Medley Management Inc. and non-
controlling interests in Medley LLC

$

(1,696)

$

(3,312)

$

(15,854)

$

(4,848)

Reimbursable fund startup expenses

—

22

1

283

IPO date award stock-based compensation

—

282

—

555

Expenses associated with strategic initiatives

992

2,070

3,519

3,486

Other non-core items:

     Severance expense

(14)

200

2,103

1,462

Other

—

—

120

—

Income tax expense on adjustments

(119)

(249)

(638)

(560)

Core Net Income (Loss)

$

(837)

$

(987)

$

(10,749)

$

378

Interest expense

2,535

2,874

7,950

8,647

Income taxes

(201)

61

(999)

278

Depreciation and amortization

180

175

539

527

Core EBITDA

$

1,677

$

2,123

$

(3,259)

$

9,830

 

 

 


Exhibit C. Calculation of Core Net Income (Loss) Per Share


For the Three Months Ended September 30,
(unaudited)


For the Nine Months Ended September 30, 
 (unaudited)


2020


2019


2020


2019

(in thousands, except share and per share amounts)


Numerator

Core Net Income (Loss)

$

(837)

$

(987)

$

(10,749)

$

378

Add: Income taxes

(201)

61

(999)

278

Pre-Tax Core Net Income (loss)

$

(1,038)

$

(926)

$

(11,748)

$

656


Denominator

Class A common stock

639,216

589,933

631,620

583,449

Conversion of LLC Units and restricted LLC Units to
Class A common stock

2,673,516

2,631,664

2,655,031

2,538,974

Restricted Stock Units

247,571

229,161

208,457

211,486

Pro-Forma Weighted Average Shares Outstanding (1)

3,560,303

3,450,758

3,495,108

3,333,909

Pre-Tax Core Net Income (Loss) Per Share

$

(0.29)

$

(0.27)

$

(3.36)

$

0.20

Less: corporate income taxes per share (2)

0.13

0.09

1.48

(0.07)

Core Net Income (Loss) Per Share

$

(0.16)

$

(0.18)

$

(1.88)

$

0.13

 

(1)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up
to 2,673,516 and 2,631,658 vested and unvested LLC Units for 2,673,516 and 2,631,658 shares of Class A common stock at
the beginning of each of the periods ended 2020 and 2019, respectively, as well as the vesting of the weighted average
number of restricted stock units granted to employees and directors during each of the periods presented.

(2)

Assumes that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining
corporate income taxes, we used a combined effective corporate tax rate of 44.0% and 33.0% for 2020 and 2019, respectively.
The rate differential in 2020 from 2019 is attributed to the tax benefit from the CARES Act which allows for the current year
carryback of net operating losses to years in which the Federal rate was 34.0% rather than the current rate of 21.0%.

 

 


Exhibit D. Reconciliation of Net Income Margin to Core Net Income Margin


For the Three Months Ended
September 30,
(unaudited)


For the Nine Months Ended
September 30, 
(unaudited)


2020


2019


2020


2019

Net Income Margin

(20.4)

%

(28.7)

%

(64.0)

%

(12.7)

%

Reimbursable fund startup expenses (1)

—

%

0.2

%

—

%

0.7

%

IPO date award stock-based compensation (1)

—

%

2.4

%

—

%

1.5

%

Expenses associated with strategic initiatives (1)

11.9

%

17.9

%

14.2

%

9.1

%

Other non-core items: (1)

Severance expense

(0.2)

%

1.7

%

8.5

%

3.8

%

Other

—

%

—

%

0.5

%

—

%

Provision for income taxes (1)

(3.8)

%

(1.6)

%

(6.6)

%

(0.7)

%

Corporate income taxes (2)

5.5

%

2.7

%

20.9

%

(0.6)

%

Core Net Income Margin

(7.0)

%

(5.4)

%

(26.5)

%

1.2

%

 

(1)

Adjustments to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC to
calculate Core Net Income are presented as a percentage of total revenue.

(2)

Assumes that all our pre-tax earnings, including adjustments above, are subject to federal, state and local corporate income
taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 44.0% and 33.0% for the
three and nine months ended September 30, 2020 and 2019, respectively. The rate differential in 2020 from 2019 is attributed
to the tax benefit from the CARES Act which allows for the current year carryback of net operating losses to years in which
the Federal rate was 34.0% rather than the current rate of 21.0%.

 

 


Exhibit E. Consolidated Balance Sheets of Medley Management Inc.


As of


September 30, 2020
(unaudited)


December 31, 2019

(in thousands)


Assets

Cash and cash equivalents

$

6,048

$

10,558

Investments, at fair value

9,637

13,287

Management fees receivable

5,799

8,104

Right-of-use assets under operating leases

 

5,206

6,564

Other assets

12,021

10,283

Total Assets

$

38,711

$

48,796


Liabilities, Redeemable Non-controlling Interests and Equity

Liabilities

Senior unsecured debt, net

$

118,958

$

118,382

Loans payable, net

10,000

10,000

Due to former minority interest holder, net

7,233

8,145

Operating lease liabilities

 

7,420

8,267

Accounts payable, accrued expenses and other liabilities

27,080

22,835

Total Liabilities

170,691

167,629

Redeemable Non-controlling Interests

—

(748)

Equity

Class A common stock

7

6

Class B common stock

—

—

Additional paid in capital

16,657

13,835

Accumulated deficit

(24,796)

(22,960)

Total stockholders’ deficit, Medley Management Inc.

(8,132)

(9,119)

Non-controlling interests in consolidated subsidiaries

(477)

(391)

Non-controlling interests in Medley LLC

(123,371)

(108,575)

Total Deficit

(131,980)

(118,085)

Total Liabilities, Redeemable Non-controlling Interests and Equity

$

38,711

$

48,796

 

 

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SOURCE Medley Management Inc.

Posted on

COVID-19 High Performance Computing Consortium Enters New Phase Focused on Helping Researchers to Identify Potential Therapies for Patients

Second phase of operation will prioritize research projects with potential to help patients within the next six months

PR Newswire

ARMONK, N.Y., Nov. 16, 2020 /PRNewswire/ — The COVID-19 High Performance Computing (HPC) Consortium, a unique public-private effort to make supercomputing power available to researchers working on projects related to COVID-19, today announced that it has entered into a new phase of operation focused on helping researchers to identify potential near term therapies for patients afflicted by the virus.

In this new phase, the Consortium plans to sharpen its focus on research projects that hold the potential to help improve patient outcomes within a six-month timeframe. This transition is due in part to the fact that there is now a greater volume of COVID-19 data available, creating more possibilities to potentially help patients than when the Consortium was launched in March 2020.

Created by IBM, The White House, and the US Department of Energy, the HPC Consortium brings together computing resources, software and services to help researchers everywhere better understand COVID-19, its treatments and potential cures. The Consortium has 43 members and has received more than 175 research proposals from researchers in more than 15 countries.

In its second phase of operation, the Consortium is particularly, though not exclusively, interested in projects focused on:

  • Understanding and modeling patient response to the virus using large clinical datasets
  • Learning and validating vaccine response models from multiple clinical trials
  • Evaluating combination therapies using repurposed molecules
  • Epidemiological models driven by large multi-modal datasets

“In just eight months, we’ve brought together an unprecedented scale of computing power to support COVID-19 research, and dozens of projects have already utilized these resources,” said Dario Gil, Director of IBM Research. “At this stage, the Consortium partners believe that our combined computing resources now hold the potential to benefit patients in the near-term, as well as offering the potential for longer-term scientific breakthroughs.”

“The Department of Energy is proud to play a significant role towards ending COVID-19,” said Under Secretary for Science Paul Dabbar. “The second phase of the COVID-19 High Performance Computing Consortium can potentially provide tangible results to those affected by the virus, and we look forward to delivering these results to the American people.”

To learn more about the new phase of operation, click here.

Since its launch, the HPC Consortium has attracted new members from industry, government and academia worldwide. As a result, the Consortium’s computing capacity has almost doubled to 600 petaflops, from 330 petaflops in March. Together, the Consortium has helped support more than 90 research projects including:

  • Understanding How Long Breath Droplets Linger: This research from a team at Utah State University simulated the dynamics of aerosols indoors, offering insight into how long breath droplets linger in the air. They found that droplets from breathing linger in the air much longer than previously thought, due to their small size when compared to droplets from coughing and sneezing.
  • Understanding How COVID-19 Impacts Different Populations Research from a team at Iowa State University on so-called orphan genes could help better understand why African Americans are more vulnerable to COVID-19. They found that a little-studied gene, F8A2, is expressed more in African Americans than European Americans in every tissue studied. Since the gene is believed to be involved in endosome mobility, this could affect COVID-19 infection.
  • Researching Drug Repurposing For Potential Treatments: A project from a team at Michigan State University screened data from about 1,600 FDA-approved drugs to see if there are possible combinations that could help treat COVID-19. They found promise in at least two FDA-approved drugs: proflavine, a disinfectant against many bacteria, and chloroxine, another antibacterial drug.
  • Examining the Potential of Indian Medicinal Plants: Research from India’s Novel Techsciences screened plant-derived natural compounds from 55 Indian medicinal plants to identify compounds with anti-viral properties that could be used against eight SARS-CoV-2 proteins. They found that phytochemicals from plants Withania somnifera and Azadirachta indica show multi-potency against different coronavirus proteins, meaning that they could help fight multi-drug resistance that may arise as the virus evolves

About the HPC Consortium

The COVID-19 High Performance Computing (HPC) Consortium, https://covid19-hpc-consortium.org, is a unique private-public effort spearheaded by the White House Office of Science and Technology Policy, the U.S. Department of Energy and IBM (NYSE: IBM) to bring together federal government, industry, and academic leaders who are volunteering free compute time and resources on their world-class machines. To learn more about the Consortium, or to request to join the Consortium, please click here.

Media Contact

Hugh Collins

[email protected] 

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SOURCE IBM

Posted on

IGEN’s Nimbo Tracking signs New Dealership Groups in Southern California

PR Newswire

LAKE ELSINORE, Calif., Nov. 16, 2020 /PRNewswire/ — IGEN Networks Corporation (OTCQB: IGEN) (CSE: IGN), and its wholly-owned subsidiary Nimbo Tracking a leading innovator of consumer automotive  IT services, today announced the signing of Dealership Agreements with Nissan and Ford Franchise Dealerships located in the Southern California region, with an initial Pre-Load or Total Lot Activation of approximately 700 new vehicles.  Nimbo Tracking Inventory Management System will enable timely and accurate inventory management of all new vehicles along with creating a profit center for marketing Nimbo Tracking products and services to consumers purchasing new vehicles.  

VP & GM Abel Sierra of IGEN Networks Corp stated, “This is our first Pre-Load deployments over the T-Mobile Network.  It will set a precedent with the T-Mobile Business sales channels under the “Sell-With” program as each Dealership deployment generates monthly residual revenues and activations.  Combined with our existing Dealership group deployments, we have closed the gap for the number of automotive activations since the start of the COVID pandemic.  Combined with the T-Mobile IoT Market Place and the Hyperion Partner channels, we are now marketing the IGEN Product Line through all of T-Mobile’s Business channels.” 

About IGEN Networks Corporation

IGEN Networks Corporation creates software services for the consumer automotive and asset management industries. The solutions enable consumers and customers to mitigate risk, protect their families, improve productivity and actively manage their automotive and commercial assets.

IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit: www.igennetworks.net

Forward-Looking Statements

This news release may contain forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases “goal”, “commitment”, “guidance”, “expects”, “would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”, “intend”, and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN’s expectations regarding its business, customer base, strategy and prospects, and IGEN’s confidence in the cash flow generation of its business. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN’s reliance on key personnel; IGEN’s ability to maintain and enhance its brand; and difficulties in forecasting IGEN’s financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN’s forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

IGEN Networks Corporation
Neil G. Chan
[email protected]
1(855)912-5378

 

 

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SOURCE IGEN Networks Corporation