Market Newsdesk

November 30, 2020 7:48 am

Profound Medical Announces Changes to its Board of Directors

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound” or the “Company”), the only company to provide customizable, incision-free therapies which combine real-time Magnetic Resonance Imaging (“MRI”), thermal ultrasound and closed-loop temperature feedback control for the radiation-free ablation of diseased tissue, announced today that Linda Maxwell, M.D., has resigned from its Board of Directors and Murielle Lortie, CPA, CA, has been appointed as Dr. Maxwell’s successor, effectively immediately.

Ms. Lortie has an accomplished history of financial leadership success within the global life science industry. She currently serves as Chief Financial Officer of Liminal BioSciences Inc. (“Liminal”), a Nasdaq-listed, clinical-stage biopharmaceutical company. Prior to joining Liminal, Ms. Lortie was Vice President & Chief Financial Officer and Advisor to the CEO, Global Strategy, Mergers & Acquisitions at Pharmascience Inc. Previously, she has held senior positions in finance at Bristol Myers Squibb, including Vice-President of Finance for Bristol Myers Squibb Canada Co. and Global Director of Finance supporting BMS Headquarters.

Ms. Lortie is a Chartered Professional Accountant and member of the Ordre des comptables professionnels agrées du Québec. She holds a Graduate Diploma in Accountancy from Concordia University and a Bachelor of Business Administration Bishop’s University. She has extensive corporate governance experience, previously serving on the Boards of Bellus Health Inc. and Pharmascience Barbados Ltd. & Pharmascience International Ltd. Ms. Lortie is currently a Board member of Finance Executives International (FEI) Canada.

“On behalf of the Board and staff of Profound, I would like to take this opportunity to thank Linda for her many contributions to the Company and wish her all the best in her future endeavours,” commented said Arun Menawat, Profound’s CEO and Chairman. “I am also very pleased to welcome Murielle to our team. She is not only an experienced executive in the life science industry, but also has a breadth of relevant public company and Board experience that should be invaluable as Profound executes the next stages of its growth strategy.”

About Profound Medical Corp.

Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.

Profound is commercializing TULSA-PRO^®, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO^® is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities. TULSA-PRO^® has the potential to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (BPH). TULSA-PRO^® is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration.

Profound is also commercializing Sonalleve^®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve^® has also been approved by the China National Medical Products Administration for the non-invasive treatment of uterine fibroids. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve^® where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.

Forward-Looking Statements

This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, forward-looking statements can be identified by
the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative 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. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry,
regulatory approvals, reimbursement,
economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed.
In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on
Profound
’s
operations, the demand for its products, global supply chains and economic activity in general.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

For further information, please contact:

Stephen Kilmer
Investor Relations
[email protected]
T: 647.872.4849

November 30, 2020 7:48 am

GOLDSTRIKE samples 176 g/t (5.13 oz/ton) gold at McMurdo property, southern British Columbia, Canada

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — Goldstrike Resources Ltd. (GSR.V) (Goldstrike) is pleased to announce that a limited program of prospecting and geochemical surveying in 2020 has confirmed high-grade gold (Au) mineralization at its newly staked McMurdo property in southern British Columbia, Canada.

This includes in situ and float rock samples that assayed up to 175.9 g/t Au (5.13 oz/ton) from its newly expanded “Crown Point” zone. Significant assay results exceeding 10 g/t Au are presented in Table 1.

Table 1: Significant assay results from Crown Point and Decision Creek (>10 g/t Au)

Rock Sample ID	Type	Exposure	Gold (g/t)	Description
1880106	Grab	Outcrop	47.4	20-30cm quartz vein with blebs of pyrite along margin of vein. Approx. 10% pyrite.
1880108	Grab	Outcrop	175.9	2m-wide boudinaged quartz vein with massive pyrite seam along vein margin. Approx. 70% pyrite.
1880115	Grab	Float	76	Quartz vein sample from tailings with patchy massive pyrite blebs. Approx. 60% pyrite.
1880132	Grab	Outcrop	49.7	1.5m-wide boudinaged quartz vein with blebby pyrite. Approx. 20% pyrite.
1880032	Grab	Outcrop	13.3	>2m-wide quartz vein with patchy-massive arsenopyrite and pyrite.

The program, designed to confirm the gold potential of the property, was successful in both extending historical gold showings and discovering new high-grade gold in quartz veins. A total of 33 soil samples and 74 rock grab samples were collected during the program. The results highlight the potential for significant precious metal mineralization in the area.

The Crown Point zone comprises a 400m x 300m area that contains auriferous quartz veins hosted in a micaceous grit unit. This area has been exposed following roughly 700m of glacial retreat since the turn of the 20^th century, which provided company geologists with the opportunity to significantly expand the known historic mineralized zone. The quartz veins range from a few centimetres to 3m in width and contain irregularly disseminated pyritic mineralization throughout. Grab samples from these veins assayed up to 175.9 g/t (5.13 oz/t) Au.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/CROWN_POINT_ZONE_MM.jpg for the 2020 Crown Point sample results map.

The gold bearing quartz veins are hosted in a micaceous grit unit that is repeated ~1,700m to the southeast where known historical gold mine workings occur. These historical workings host gold mineralization analogous to the newly discovered Crown Point gold showings. Both showings are located on the same axial trace of a regional antiform and are within property boundaries. First-pass sampling from the historic workings returned gold assays up to 76 g/t (2.22 oz/ton) Au from pyritic quartz veins, and anomalous gold-in-soil assays up to 88 ppb Au. The similar geological and mineralogical settings of the two showings indicate potential for significant southeastward expansion of the high-grade gold system at Crown Point.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/GOLD_RESULTS_MAP_MM.jpg for the 2020 property-wide sample results map.

This is the first-time modern exploration methods have been employed to identify the gold potential of the McMurdo Property. Based on the strong results from this first-pass program, it is Goldstrike’s opinion that there is excellent potential for additional high-grade gold discoveries.

About McMurdo
:

Location

The McMurdo property is a regional grassroots exploration target, generated in-house by Goldstrike’s exploration team. The property covers 1,728 hectares (4,258 acres) of highly prospective geology located in the northern Purcell Mountain range of southeast British Columbia. The property is located 30 kilometres southeast of Golden, British Columbia and can be accessed via maintained forest service roads or by helicopter based in the nearby town of Golden. It is 100%-owned by Goldstrike Resources with no underlying royalties or payments.

Geology

The property is underlain by a thick sequence of Proterozoic marine sedimentary rocks exposed in the core of the northwest trending Purcell Anticlinorium. This anticlinorium is deformed by a complex series of thrust faults and folds running parallel to the northwest-southeast trending axial trace. The rocks exposed on the McMurdo property belong to the Horsethief Creek group and comprise a series of prominent grit and quartzite sedimentary members separated by shales and minor carbonate units. The Cretaceous Battle Range Batholith intrudes the sedimentary rocks approximately 10 km southwest of the property. Gold mineralization occurs mainly as pyritic quartz veins that strike northwest and are steeply dipping to the northeast. The quartz veins are typically confined to the coarser grained grits and quartzites. Replacement style lead-zinc-silver (Pb-Zn-Ag) mineralization is confined to the more finely textured carbonate and shale units.

Refer to this link https://goldstrikeresources.com/wp-content/uploads/McMurdo_Goldstrike_Resources_Presentation_Final_2020.pdf for the 2020 McMurdo presentation.

History

The area was first prospected in the late 1800s for gold and then shortly after for lead, zinc, and silver. The first gold discoveries were made in the early 1890s, and a small stamp mill was built on Decision Creek to treat gold ore obtained from the Burns and Dutchman mining leases. The present McMurdo property covers the former Burns mining leases and quartz-sulphide veins. At about the same time, the Crown Point prospect, comprising lead-zinc-silver replacement style mineralization, was discovered at the headwaters of McMurdo Creek. This prospect was periodically mined until the 1940s with a total of 762 meters of underground workings. Several minor gold showings were also discovered near the former Crown Point mine at this time.

In 1966, West Gate Mines completed the most recent documented exploration program focusing on gold in the area. West Gate’s work consisted of prospecting and re-sampling of historical workings, and recommended diamond drilling to follow up on results.

Commencing in the late 1970s, the area underwent regional exploration over a period of several years for SEDEX-style lead – zinc mineralization. A significant amount of geological, geochemical and geophysical surveying was completed, followed by exploration diamond drilling. Only a small portion of this work was completed on the McMurdo property, and most of the geochemical samples were not assayed for gold.

Message from
the
President

“
The confirmed presence of abundant high-grade gold veins
that have been revealed by glacial recession
,
combined with the lack of
modern-day
gold exploration
techniques
,
shows that the McMurdo property has strong potential for a significant
gold
discovery. With road access to the cla
i
m
block
and
proximity
to the community of Golden BC
,
the economics of
developing a
deposit
are clearly
enhanced.
We are looking forward t
o
advancing this high-grade gold property.
”

ON BEHALF OF THE BOARD

Daithi Mac Gearailt
President and Chief Executive Officer

Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Goldstrike’s Yukon exploration projects and has reviewed and approved the technical information in this release.

For new information from the Company’s programs, please visit Goldstrike’s website at GoldstrikeResources.com and sign up to receive news. For further information, follow Goldstrike’s tweets at Twitter.com/GoldstrikeRes, use the ”Contact” section of our website, or contact us at (604) 681-1820 or at [email protected]

Neither the 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

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting
.
In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Goldstrike has attempted to identify important factors that could affect Goldstrike and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Goldstrike has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Goldstrike does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

November 30, 2020 7:41 am

Esports world champ launches apparel line for a better world

Stephanie “missharvey” Harvey, a 5-time world champion CS:GO player and now an esports exec at CLG has launched ÉLEVEY, her first apparel collection in partnership with Represent

QUEBEC, Nov. 30, 2020 (GLOBE NEWSWIRE) — Sorting through packages of samples, missharvey couldn’t be more excited – her first highly-anticipated apparel project just kicked off, in partnership with Represent, an American creative merchandising agency. “I’ve been working on ÉLEVEY for months,” said Harvey, “it’s a culmination of everything I’ve learned so far – about esports, about myself and about what I stand for.” ÉLEVEY is branded as a Digital Citizenship Company, rooted in promoting healthy interactions online and in the real world. “It’s all about how to be a better person, we tried to put that into apparel, a physical sign of ‘hey, I stand with you, I’m all about making the world a better place,’” Harvey reflects. “ÉLEVEY is about uplifting one another, and putting ourselves into the world as the best digital citizens we can be.”

The first collection called “rose water” features unisex tops, masks, hoodies and jackets designed for comfort and functionality. For Harvey, it’s all about community: “I am committed to my community and to giving back to them – ÉLEVEY is a tool to give back.” An advocate for anti-cyberbullying, Harvey is committing 75% of her mask sales to the Cybersmile Foundation.

Hailing from early days of esports, Harvey still remembers ill-fitting team jerseys and limited branding. “With “rose water” we put comfort first, closely followed by meaning,” says Harvey, “We’re being very strategic in how we position this brand. It’s not about being my fan. It’s about being your own fan.” Combining elements of esports culture, pop fashion and art has been a journey for the ÉLEVEY team. Each garment has been hand-picked by Harvey as meeting a high standard of quality and design. Each design has been engineered for inclusive fit, ranging from XS – 4XL. In the words of missharvey, “We wanted to see designs that would appeal universally to men and women, and still feel and look good without making it gendered.”

CLICK HERE FOR PRESS KIT

ABOUT MISSHARVEY

A five-time world champion in competitive Counter-Strike, and
longtime
female pro-gaming icon, Stephanie “
missharvey
” Harvey is now Counter-Logic Gaming’s Director of Esports Franchise Development and Outreach. Formerly a game designer for Ubisoft Montreal, Stephanie dedicates much of her time raising awareness for healthy gaming habits, gender equality, and online toxicity. She is also currently working with the International Olympic Committee esports group, is a spokesperson for
DreamHack
Montreal and has her own web series on RDS Jeux
Vidéo
, “Vie de Pro”. Her 17 years in esports and 7 years as a developer awarded her a Forbes 30 under 30, BBC 100 women and the title of Canada’s Smartest Person Season 3 on CBC.

CONTACTS

Martin Rufiange (Canada)

Réverbères Média

(514) 519-0218

[email protected]

Jason Moore (USA)

RENOWN Management

310.490.0161

[email protected]

November 30, 2020 7:39 am

New Jersey Resources Provides Update on Strategic Plan to Deliver Predictable, Sustainable Growth and Value Creation

New Jersey Resources Provides Update on Strategic Plan to Deliver Predictable, Sustainable Growth and Value Creation

Outlines Valuable Infrastructure Investments Across Complementary Businesses Driving NJR’s Leadership in Clean Energy Future

Presents Financial Growth Targets, Including Higher Long-Term NFE Growth Rate from FY 2022, and Increased Dividend Growth Rate

Company Management to Discuss Further Details During Investor Webcast Today at 8:30 AM ET

WALL, N.J.–(BUSINESS WIRE)–
New Jersey Resources (NYSE: NJR) (the “company” or “NJR”) today will host a virtual 2020 Analyst Day to provide an update on the Company’s strategic plan and financial growth targets, including:

6-10% long-term annual growth in consolidated net financial earnings per share (NFEPS), a non-GAAP financial measure, beginning in fiscal 2022;
6-10% long-term annual dividend growth;
Approximately 20% growth in annual Cash Flows from Operations (CFFO) from fiscal 2020 to fiscal 2024; and
Approximately 11% rate base Compounded Annual Growth Rate (CAGR) between fiscal 2019 and fiscal 2024 at New Jersey Natural Gas, the company’s regulated utility and largest business segment.

“With our talented and capable team, disciplined execution and strong position in the clean energy transition, we are poised to drive long-term value for our shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “As we move ahead, we will focus on growth at our regulated utility, NJNG, and Clean Energy Ventures, CEV. NJNG is as strong as it has ever been, with an approximately 11% rate base CAGR expected between fiscal 2019 and fiscal 2024. CEV will continue to drive growth as we expand and invest beyond New Jersey, action supported by an approximate doubling of our rate of investment in solar initiatives in four years. At the same time, we are taking a number of strategic steps to deliver more predictable and stable net financial earnings across our other complementary businesses. We remain committed to growing our dividend and, following a reset of NFE in fiscal 2021, are projecting an increase in our long-term NFEPS growth rate.”

Complementary Businesses Across NJR Platform

NJNG: Driving an approximately 11% rate base CAGR through strategic infrastructure investments and accelerated infrastructure recovery. NFE contributions from NJNG are expected to be in the 60-70% range on an ongoing basis.

CEV: Investing $850 million over four years to take advantage of the robust solar market. CEV will benefit from NJR’s expertise in public policy and its commitment to further climate goals in New Jersey. To better position CEV for accelerated growth, NJR is pursuing regional market opportunities in the Northeastern U.S., one of the fastest growing solar markets in the country, due to public policy mandates and aggressive clean energy targets.

Storage and Transportation (formerly known as Midstream): Generating stable, fee-based revenue through a portfolio of low-risk infrastructure investments and from long-term capacity commitments with high-quality customers. Storage and Transportation serves constrained or growing end-use markets and offers organic growth opportunities through optimization and expansion. While NJR remains committed to PennEast, any financial contributions from the project are not included in the Company’s long-term NFEPS targets.

Energy Services: Focusing on higher fee-based revenue and benefiting from strong customer relationships and a deep understanding of wholesale energy markets rooted in its natural gas supply management expertise. In years of strong performance, Energy Services has contributed excess cash flows as growth capital for NJR, strengthening the balance sheet and lessening the need for debt and equity issuances. There will be minimal reliance on Energy Services to achieve the Company’s NFEPS targets.

Fiscal 2021 NFE Guidance

Included in NJR’s release today is the Company’s NFE guidance for fiscal 2021. Beginning in fiscal 2021, NJR is adopting a change in the accounting policy for investment tax credits and the expected use of tax equity financing for its solar projects. Principally as a result of the accounting policy change, the Company anticipates fiscal 2021 NFE to be in the range of $1.55 to $1.65 per share. There will be no impact to CEV’s cash flows as a result of this accounting change.

Patrick Migliaccio, Senior Vice President and CFO, said, “Consistent with our strategic plan to generate sustainable growth across our businesses, going forward we will change the way NJR accounts for investment tax credits and we expect to implement tax equity financing for our solar projects. While this results in a short-term decline in net financial earnings in fiscal 2021, these changes provide the foundation for increasing our investment in solar and are expected to result in stable net financial earnings from our CEV business. Following the earnings reset in fiscal 2021, we expect approximately 30% year-over-year growth in NFE in fiscal 2022, with a 6-10% long-term growth rate thereafter. With ample liquidity to support our businesses, no meaningful refinancings in the near term and a strong capital structure, NJR is extremely well-positioned for the future.”

The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2021:

Company	Expected Fiscal 2021 Net Financial Earnings Contribution
New Jersey Natural Gas	65 to 72 percent
Clean Energy Ventures	15 to 20 percent
Storage and Transportation (formerly Midstream)	8 to 10 percent
Energy Services	3 to 4 percent
Home Services and Other	0 to 2 percent

In providing fiscal 2021 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. For further discussion of NFE, please see the explanation below under “Non-GAAP Financial Information.”

Webcast Information

The video webcast of the virtual 2020 Analyst Day, including a copy of the presentation, and a question and answer session, will be broadcast via the internet today at 8:30 a.m. Eastern time and can be accessed at https://investor.njresources.com/events-and-presentations/default.aspx. For those unable to listen to the webcast, an archived version will be available at the same location.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR, or the Company) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s net financial earnings (NFE) guidance for fiscal 2021 through fiscal 2024, as well as NJR’s long-term NFE growth rate, dividend growth, forecasted contribution of business segments to NJR’s NFE from fiscal 2021 through fiscal 2024, NJNG’s rate base compound annual growth rate (CAGR), NJR Clean Energy Ventures’ future capital investment target, the ability to pursue tax equity financing through sale leasebacks of our solar projects, and the impact of a change in accounting policy for investment tax credits (ITCs).

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, https://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information

This release includes the non-GAAP financial measures NFE and NFE per basic share. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found in NJR’s 2020 Form 10-K, Item 7. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss excludes unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

Download our free NJR investor relations app for iPad, iPhone and Android.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005299/en/

Media:

Michael Kinney

732-938-1031

[email protected]

Investor:

Dennis Puma

732-938-1229

[email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Alternative Energy Energy Utilities Oil/Gas

MEDIA:

Logo

November 30, 2020 7:38 am

New Jersey Resources Reports Fourth-quarter and Fiscal 2020 Results

New Jersey Resources Reports Fourth-quarter and Fiscal 2020 Results

Company Separately Announced Fiscal 2021 Guidance and Long-Term NFEPS and Dividend Growth Rate

WALL, N.J.–(BUSINESS WIRE)–
Today, New Jersey Resources (NYSE: NJR) reported results for the fourth quarter and fiscal 2020. Highlights included:

Consolidated net income of $193.9 million for fiscal 2020, compared with $169.5 million in fiscal 2019
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $196.2 million for fiscal 2020, or $2.07 per share, compared with $175.0 million, or $1.96 per share, in fiscal 2019
Increased annual dividend by 6.4 percent to $1.33 per share
NJNG filed a proposal with the BPU to significantly expand its energy efficiency offerings
NJR Clean Energy Ventures (CEV) placed eight commercial solar installations into service and acquired one operating asset, adding 60 megawatts (MW) of total installed capacity in fiscal 2020

Fiscal 2020 net income totaled $193.9 million, or $2.05 per share, compared with $169.5 million, or $1.90 per share, in fiscal 2019. Fourth-quarter net income totaled $43.3 million, or $0.45 per share, compared with $18.1 million, or $0.20 per share, during the same period last year.

Fiscal 2020 NFE totaled $196.2 million, or $2.07 per share, in-line with the previously announced guidance range, compared with $175.0 million, or $1.96 per share, in fiscal 2019. Fourth-quarter NFE totaled $54.7 million, or $0.57 per share, compared with $26.0 million, or $0.29 per share, during the same period last year.

“Thanks to the performance of our talented and dedicated team through an unprecedented global pandemic, we were able to deliver solid results and achieve NFE in-line with our guidance range for fiscal 2020,” said Steve Westhoven, President and CEO of New Jersey Resources. “As reflected in our results, we are committed to serving our customers with safe, reliable, clean energy and reaching our sustainability goals through our diversified portfolio of energy infrastructure investments. With the new financial growth targets that we announced in connection with our Analyst Day today, including raising long-term NFEPS and dividend growth rates, our outlook for the future is strong.”

Key Performance Metrics

	Three Months Ended				Twelve Months Ended
	September 30,				September 30,
($ in Thousands)	2020		2019		2020		2019
Net income	$	43,272	$	18,086	$	193,919	$	169,505
Basic EPS	$	0.45	$	0.20	$	2.05	$	1.90
Net financial earnings	$	54,721	$	25,956	$	196,245	$	174,960
Basic net financial earnings per share	$	0.57	$	0.29	$	2.07	$	1.96

A reconciliation of net income to NFE for the three and twelve months ended September 30, 2020, and 2019, is provided below.

	Three Months Ended				Twelve Months Ended
	September 30,				September 30,
(Thousands)	2020		2019		2020		2019
Net income	$	43,272	$	18,086	$	193,919	$	169,505
Add:
Unrealized loss (gain) on derivative instruments and related transactions	12,183		28,234		(9,644)		2,881
Tax effect	(2,893)		(6,745)		2,296		(711)
Effects of economic hedging related to natural gas inventory	2,216		(7,764)		12,690		4,309
Tax effect	(527)		1,845		(3,016)		(1,024)
Net income to NFE tax adjustment	470		(7,700)		—		—
Net financial earnings	$	54,721	$	25,956	$	196,245	$	174,960

Weighted Average Shares Outstanding
Basic	95,933		89,983		94,798		89,242
Diluted	96,259		90,366		95,107		89,616

Basic earnings per share	$	0.45	$	0.20	$	2.05	$	1.90
Add:
Unrealized loss (gain) on derivative instruments and related transactions	0.13		0.31		(0.10)		0.03
Tax effect	(0.02)		(0.06)		0.02		(0.01)
Effects of economic hedging related to natural gas inventory	0.02		(0.09)		0.13		0.05
Tax effect	(0.01)		0.02		(0.03)		(0.01)
Net income to NFE tax adjustment	—		(0.09)		—		—
Basic net financial earnings per share	$	0.57	$	0.29	$	2.07	$	1.96

NFE is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under “Non-GAAP Financial Information.”

GAAP requires us, during the interim periods, to estimate our annual effective tax rate and use this rate to calculate the year-to-date tax provision. We also determine an annual estimated effective tax rate for NFE purposes and calculate a quarterly tax adjustment based on the differences between our forecasted net income and our forecasted NFE for the fiscal year.

A table detailing net financial (loss) earnings for the three and twelve months ended September 30, 2020, and 2019, is provided below.

Net Financial (Loss) Earnings by Business Unit

	Three Months Ended				Twelve Months Ended
	September 30,				September 30,
(Thousands)	2020		2019		2020		2019
New Jersey Natural Gas	$	(15,258)	$	(18,402)	$	126,902	$	78,062
Clean Energy Ventures	55,840		52,676		53,023		77,473
Storage and Transportation	7,434		3,488		18,311		14,689
Energy Services	1,638		(10,726)		(7,873)		2,918
Home Services and Other	5,109		(1,021)		5,784		1,911
Subtotal	54,763		26,015		196,147		175,053
Eliminations	(42)		(59)		98		(93)
*Total*	$	54,721	$	25,956	$	196,245	$	174,960

COVID-19 Impact Update:

NJR has not made any significant changes to capital programs due to COVID-19. NJNG operations and delivery of natural gas to its approximately 558,000 customers has largely been unaffected by the ongoing pandemic. NJR will continue to closely monitor the potential impacts of the pandemic and will adjust its plan accordingly to ensure the delivery of essential services to customers, while maintaining the safety and health of its employees, customers and communities.

Analyst Day Information:

In a separate announcement, the Company today provided its fiscal 2021 guidance and long-term financial targets. NJR will host a virtual Analyst Day today at 8:30 a.m. ET and the senior leadership team will discuss the Company’s strategic value proposition and long-term financial growth targets, as well as its year-end fiscal 2020 earnings results. The video webcast of the virtual Analyst Day, including a copy of the presentation, and a question and answer session, will be broadcast over the internet and can be accessed at https://investor.njresources.com/events-and-presentations/default.aspx. For those unable to listen to the webcast, an archived version will be available at the same location.

Regulated Business Update:

New Jersey Natural Gas (NJNG)

NJNG reported fiscal 2020 NFE of $126.9 million, compared to NFE of $78.1 million during fiscal 2019. Fourth-quarter net financial loss was $15.3 million, compared with net financial loss of $18.4 million during the same period in fiscal 2019. The increase in both periods was due primarily to increased base rates from NJNG’s rate case settlement in November 2019 and lower operating and maintenance (O&M) expenses.

Customer Growth:

NJNG added 8,349 new customers during fiscal 2020, compared with 9,711 in fiscal 2019. The lower customer growth was due to the effects of the COVID-19 pandemic.

Infrastructure Update:

NJNG’s Infrastructure Investment Program (IIP) is a five-year, $150 million program approved by the New Jersey Board of Public Utilities (BPU) on October 28, 2020. The IIP consists of a series of infrastructure projects designed to support the enhanced safety and reliability of NJNG’s natural gas distribution system. The original filing included an information technology (IT) upgrade component, which NJNG voluntarily withdrew and will seek to recover associated costs in future rate case proceedings.

The Southern Reliability Link (SRL)will diversify supply to our customers by providing a new intrastate feed into the southern end of NJNG’s distribution system. SRL began construction in the first quarter of fiscal 2019 and is projected to be placed in service in 2021. The total cost of SRL is expected to be in the range of $250 million to $270 million. Construction continues on SRL with over 80 percent of the project complete.

NJNG has submitted its response to the New Jersey Department of Environmental Protection (DEP) regarding the suspension of permits for certain sections of SRL’s construction. Following a comprehensive review process of our drilling plans for the remainder of the project, the DEP reinstated our permits, allowing us to fully proceed with our construction plans.

Safety Acceleration and Facilities Enhancement (SAFE) II is the five-year, $158 million program approved by the BPU in September 2016 to replace the remaining unprotected bare steel main and associated services in NJNG’s distribution system. In fiscal 2020, NJNG invested $56.5 million to replace 70 miles of unprotected bare steel main and services.

The New Jersey Reinvestment in System Enhancement (NJ RISE) programis a $102.5 million investment program comprised of six projects related to storm hardening and mitigation. During the fourth-quarter of fiscal 2020, construction began on a new regulator station, the final portion of the North Seaside Reinforcement project. Construction is expected to be completed by the end of calendar year 2020.

The SAFE II and NJ RISE programs are eligible for annual rate increases. On March 31, 2020, NJNG filed its annual petition with the BPU, requesting a rate increase of approximately $7.4 million for the recovery of the related capital costs through June 30, 2020. NJNG updated the filing in July 2020 to reflect the actual results through June 30, 2020, reducing the rate increase to $7.1 million. The BPU approved the filing and the new rates became effective on October 1, 2020.

BGSS Incentive Programs:

BGSS incentive programs contributed $9.5 million to utility gross margin in fiscal 2020, compared with $8.4 million during the same period in fiscal 2019. The higher results were due to improved margins in off-system sales and storage incentive programs, which were partially offset by a decrease in capacity release volume.

Energy-Efficiency Programs:

The SAVEGREEN Project^®, NJNG’s energy-efficiency program, invested $30.8 million during fiscal 2020 to help customers with energy-efficiency upgrades for their homes and businesses. NJNG recovered $10.3 million of its SAVEGREEN investment in fiscal 2020.

On September 25, 2020, NJNG filed a petition with the BPU for an additional three-year SAVEGREEN program consisting of approximately $127 million of direct investment, $113 million in financing options, and $23 million in O&M expenses, effective July 1, 2021.

Storage and Transportation

Storage and Transportation, formerly known as the Midstream reporting segment, reported fiscal 2020 NFE of $18.3 million, compared with $14.7 million during fiscal 2019. Fourth-quarter NFE were $7.4 million, compared with $3.5 million during the same period in fiscal 2019. The increase in NFE for both periods was due to incremental operating income from Leaf River and Adelphia Gateway, partially offset by increased O&M and interest expense related to the acquisition and operations of those assets.

Infrastructure Updates:

Adelphia Gateway – On October 5, 2020, Adelphia Gateway received a Partial Notice to Proceed from the Federal Energy Regulatory Commission (FERC) to begin construction. The construction includes the conversion of 50 miles of the existing 84-mile pipeline from oil to natural gas to bring much-needed supply to constrained markets in the Philadelphia region.

PennEast – On January 30, 2020, PennEast filed with FERC an abbreviated application for amendment of its Certificate of Public Convenience and Necessity, requesting a phased-in approach to the PennEast project. The first phase of the project would include construction of the pipeline in Pennsylvania with interconnections within the state. Also, on January 30, 2020, FERC issued a declaratory order related to the ruling by the Third Circuit, supporting PennEast.

On February 18, 2020, PennEast filed a petition for writ of certiorari with the U.S. Supreme Court seeking to overturn the September 10, 2019 Third Circuit decision vacating the New Jersey Federal District Court’s December 13, 2018 condemnation order blocking pipeline construction.

On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to express his views regarding the issues presented in the petition for writ of certiorari.

On August 3, 2020, FERC issued a positive environmental assessment for Phase I of the project, finding no significant environmental impact.

Unregulated Businesses Update:

Clean Energy Ventures (CEV)

CEV reported fiscal 2020 NFE of $53.0 million, compared with NFE of $77.5 million in fiscal 2019. The decrease in NFE was due to fewer Investment Tax Credits (ITCs) recognized on projects placed in service and the absence of contributions from the wind portfolio, which was sold during fiscal 2019. Fourth-quarter NFE were $55.8 million, compared with NFE of $52.7 million during the same period in fiscal 2019. The increase in NFE was due to higher SREC sales.

Solar Investment Update:

In fiscal 2020, CEV placed eight commercial solar projects into service and acquired one operational asset, adding 60 MWs, increasing CEV’s total installed capacity to over 350 MW.

The Sunlight Advantage^®, CEV’s residential solar leasing program, added 481 customers in fiscal 2020 and now serves over 8,600 residential and small-midsize commercial customers in New Jersey.

Energy Services

Energy Services reported fiscal 2020 net financial loss of $(7.9) million, compared to NFE of $2.9 million for the same period last fiscal year. The decrease in NFE for fiscal 2020 was due primarily to challenging market conditions created by unusually warm weather on the U.S. east coast last winter compounded by operational issues on a key interstate pipeline. Fourth-quarter NFE was $1.6 million, compared with a net financial loss of $(10.7) million during the same period last year. The increase in NFE for the fourth quarter was due to lower demand charges and increased natural gas pricing volatility leading to more market opportunities compared to the same period last year.

Home Services and Other Operations

Home Services and Other Operations reported fiscal 2020 NFE of $5.8 million compared to NFE of $1.9 million for the same period in fiscal 2019. Fourth-quarter NFE were $5.1 million, compared with net financial loss of $1.0 million during the same period in fiscal 2019. The increase in both periods was due to lower O&M expenses and an income tax benefit associated with the revaluation of certain deferred state tax liabilities.

Effective Tax Rate:

NJR’s annual effective tax rate increased to (3.7) percent in fiscal 2020 from (28.7) percent in fiscal 2019. In the fourth quarter of fiscal 2020, NJR recognized $37.1 million related to tax credits, net of deferred taxes, compared with $56.8 million during the same period last year.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile, while continuing to invest capital in regulated and unregulated energy projects.

During fiscal 2020, capital expenditures were $499.1 million, of which $333.9 million were related to NJNG, compared with capital expenditures of $531.4 million, of which $372.1 million were related to NJNG, during the same period of fiscal 2019.

During fiscal 2020, cash flows from operations were $213.5 million, compared with $194.1 million during the same period of fiscal 2019. The increase was primarily due to increased margin at NJNG from increased base rates.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFE guidance for fiscal 2021 through fiscal 2024, as well as NJR’s long-term NFEPS growth rate, dividend growth, forecasted contribution of business segments to NJR’s NFE from fiscal 2021 through fiscal 2024, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as SRL, NJ RISE II and SAFE II, CEV’s future capital investment target, NJR’s environmental sustainability and clean energy goals, emissions reduction strategies, initiatives and targets and our investments in infrastructure, renewables and emerging technologies, the ability to construct and operate the Adelphia Gateway Pipeline project, and construct SRL and the PennEast pipeline project, as well as the ongoing COVID-19 pandemic and its impact on NJR’s liquidity, business operations, financial condition, results of operations or cash flows.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR’s operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2020 Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

New Jersey Natural Gas, NJR’s principal subsidiary,operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.

Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of over 350 megawatts, providing residential and commercial customers with low-carbon solutions.

Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.

Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

www.njresources.com.

Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

Download our free NJR investor relations app for iPad, iPhone and Android.

NJR-E

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

September 30,

(Thousands, except per share data)

2020

2019

2020

2019

OPERATING REVENUES

Utility

$

84,548

$

88,626

$

729,923

$

710,793

Nonutility

315,496

390,455

1,223,745

1,881,252

Total operating revenues

400,044

479,081

1,953,668

2,592,045

OPERATING EXPENSES

Gas purchases

Utility

26,789

39,629

275,831

320,256

Nonutility

220,304

345,690

1,022,805

1,716,098

Related parties

1,535

1,493

6,083

7,948

Operation and maintenance

79,425

73,843

278,143

268,141

Regulatory rider expenses

1,993

1,778

34,529

33,937

Depreciation and amortization

30,136

24,438

119,894

91,730

Total operating expenses

360,182

486,871

1,737,285

2,438,110

OPERATING INCOME

39,862

(7,790)

216,383

153,935

Other income (expense), net

13,618

5,817

23,878

11,273

Interest expense, net of capitalized interest

17,180

9,439

67,597

47,082

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

36,300

(11,412)

172,664

118,126

Income tax benefit

(2,852)

(25,897)

(6,944)

(37,751)

Equity in earnings of affiliates

4,120

3,601

14,311

13,628

NET INCOME

$

43,272

$

18,086

$

193,919

$

169,505

EARNINGS PER COMMON SHARE

Basic

$

0.45

$

0.20

$

2.05

$

1.90

Diluted

$

0.45

$

0.20

$

2.04

$

1.89

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

95,933

89,599

94,798

89,242

Diluted

96,259

89,600

95,107

89,616

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

Three Months Ended

Twelve Months Ended

September 30,

September 30,

(Thousands)

2020

2019

2020

2019

NEW JERSEY RESOURCES

A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows:

Net income

$

43,272

$

18,086

$

193,919

$

169,505

Add:

Unrealized loss (gain) on derivative instruments and related transactions

12,183

28,234

(9,644)

2,881

Tax effect

(2,893)

(6,745)

2,296

(711)

Effects of economic hedging related to natural gas inventory

2,216

(7,764)

12,690

4,309

Tax effect

(527)

1,845

(3,016)

(1,024)

Net income to NFE tax adjustment

470

(7,700)

—

—

Net financial earnings

$

54,721

$

25,956

$

196,245

$

174,960

Weighted Average Shares Outstanding

Basic

95,933

89,599

94,798

89,242

Diluted

96,259

89,600

95,107

89,616

A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial earnings per share is as follows:

Basic earnings per share

$

0.45

$

0.20

$

2.05

$

1.90

Add:

Unrealized loss (gain) on derivative instruments and related transactions

$

0.13

$

0.31

$

(0.10)

$

0.03

Tax effect

$

(0.02)

$

(0.06)

$

0.02

$

(0.01)

Effects of economic hedging related to natural gas inventory

$

0.02

$

(0.09)

$

0.13

$

0.05

Tax effect

$

(0.01)

$

0.02

$

(0.03)

$

(0.01)

Net income to NFE tax adjustment

$

—

$

(0.09)

$

—

$

—

Basic NFE per share

$

0.57

$

0.29

$

2.07

$

1.96

NATURAL GAS DISTRIBUTION

A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows:

Operating revenues

$

84,548

$

88,626

$

729,923

$

710,793

Less:

Gas purchases

29,113

41,953

287,307

336,489

Regulatory rider expense

1,993

1,778

34,529

33,937

Utility gross margin

$

53,442

$

44,895

$

408,087

$

340,367

CLEAN ENERGY VENTURES

A reconciliation of net income to net financial earnings is as follows:

Net income

$

55,370

$

60,376

$

53,023

$

77,473

Add:

Net income to NFE tax adjustment

470

(7,700)

—

—

Net financial earnings

$

55,840

$

52,676

$

53,023

$

77,473

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30,

September 30,

(Thousands)

2020

2019

2020

2019

ENERGY SERVICES

The following table is a computation of financial margin:

Operating revenues

$

212,760

$

317,678

$

1,030,419

$

1,742,791

Less: Gas purchases

220,882

345,735

1,024,579

1,719,519

Add:

Unrealized loss (gain) on derivative instruments and related transactions

12,723

28,251

(8,583)

1,195

Effects of economic hedging related to natural gas inventory

2,216

(7,764)

12,690

4,309

Financial margin

$

6,817

$

(7,570)

$

9,947

$

28,776

A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows:

Operating (loss) income

$

(12,216)

$

(34,074)

$

(11,651)

$

2,211

Add:

Operation and maintenance expense

4,055

5,974

17,368

20,943

Depreciation and amortization

39

43

123

118

Subtotal

(8,122)

(28,057)

5,840

23,272

Add:

Unrealized loss (gain) on derivative instruments and related transactions

12,723

28,251

(8,583)

1,195

Effects of economic hedging related to natural gas inventory

2,216

(7,764)

12,690

4,309

Financial margin

$

6,817

$

(7,570)

$

9,947

$

28,776

A reconciliation of net income to net financial earnings is as follows:

Net (loss) income

$

(9,753)

$

(26,309)

$

(11,008)

$

(1,268)

Add:

Unrealized loss (gain) on derivative instruments and related transactions

12,723

28,251

(8,583)

1,195

Tax effect

(3,021)

(6,749)

2,044

(294)

Effects of economic hedging related to natural gas

2,216

(7,764)

12,690

4,309

Tax effect

(527)

1,845

(3,016)

(1,024)

Net financial earnings (loss)

$

1,638

$

(10,726)

$

(7,873)

$

2,918

HOME SERVICES AND OTHER

A reconciliation of net income to net financial earnings is as follows:

Net income (loss)

$

5,109

$

(1,035)

$

5,784

$

1,637

Add:

Unrealized loss on derivative instruments and related transactions

—

20

—

381

Tax effect

—

(6)

—

(107)

Net financial earnings (loss)

$

5,109

$

(1,021)

$

5,784

$

1,911

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

September 30,

(Thousands, except per share data)

2020

2019

2020

2019

NEW JERSEY RESOURCES

Operating Revenues

Natural Gas Distribution

$

84,548

$

88,626

$

729,923

$

710,793

Clean Energy Ventures

77,014

60,392

102,617

98,099

Energy Services

212,760

317,678

1,030,419

1,742,791

Storage and Transportation

12,717

—

44,728

—

Home Services and Other

13,376

12,997

51,017

50,902

Sub-total

400,415

479,693

1,958,704

2,602,585

Eliminations

(371)

(612)

(5,036)

(10,540)

Total

$

400,044

$

479,081

$

1,953,668

$

2,592,045

Operating (Loss) Income

Natural Gas Distribution

$

(12,703)

$

(17,255)

$

173,412

$

111,189

Clean Energy Ventures

60,633

44,513

34,452

36,488

Energy Services

(12,216)

(34,074)

(11,651)

2,211

Storage and Transportation

5,436

(1,390)

12,451

(4,049)

Home Services and Other

(2,673)

(408)

3,062

4,785

Sub-total

38,477

(8,614)

211,726

150,624

Eliminations

1,385

824

4,656

3,311

Total

$

39,862

$

(7,790)

$

216,383

$

153,935

Equity in Earnings of Affiliates

Storage and Transportation

$

4,703

$

3,866

$

15,903

$

15,832

Eliminations

(583)

(265)

(1,592)

(2,204)

Total

$

4,120

$

3,601

$

14,311

$

13,628

Net (Loss) Income

Natural Gas Distribution

$

(15,258)

$

(18,402)

$

126,902

$

78,062

Clean Energy Ventures

55,370

60,376

53,023

77,473

Energy Services

(9,753)

(26,309)

(11,008)

(1,268)

Storage and Transportation

7,434

3,488

18,311

14,689

Home Services and Other

5,109

(1,035)

5,784

1,637

Sub-total

42,902

18,118

193,012

170,593

Eliminations

370

(32)

907

(1,088)

Total

$

43,272

$

18,086

$

193,919

$

169,505

Net Financial (Loss) Earnings

Natural Gas Distribution

$

(15,258)

$

(18,402)

$

126,902

$

78,062

Clean Energy Ventures

55,840

52,676

53,023

77,473

Energy Services

1,638

(10,726)

(7,873)

2,918

Storage and Transportation

7,434

3,488

18,311

14,689

Home Services and Other

5,109

(1,021)

5,784

1,911

Sub-total

54,763

26,015

196,147

175,053

Eliminations

(42)

(59)

98

(93)

Total

$

54,721

$

25,956

$

196,245

$

174,960

Throughput (Bcf)

NJNG, Core Customers

17.6

19.5

97.0

108.4

NJNG, Off System/Capacity Management

34.1

34.8

118.4

123.8

Energy Services Fuel Mgmt. and Wholesale Sales

121.6

148.4

526.7

584.9

Total

173.3

202.7

742.1

817.1

Common Stock Data

Yield at September 30

4.9

%

2.8

%

4.9

%

2.8

%

Market Price at September 30

$

27.02

$

45.22

$

27.02

$

45.22

Shares Out. at September 30

95,949

89,999

95,949

89,999

Market Cap. at September 30

$

2,592,547

$

4,069,755

$

2,592,547

$

4,069,755

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30,

September 30,

(Thousands, except customer and weather data)

2020

2019

2020

2019

NATURAL GAS DISTRIBUTION

Utility Gross Margin

Operating revenues

$

84,548

$

88,626

$

729,923

$

710,793

Less:

Gas purchases

29,113

41,953

287,307

336,489

Regulatory rider expense

1,993

1,778

34,529

33,937

Total Utility Gross Margin

$

53,442

$

44,895

$

408,087

$

340,367

Utility Gross Margin, Operating Income and Net Income

Residential

$

30,408

$

24,899

$

275,033

$

224,597

Commercial, Industrial & Other

8,190

7,330

57,929

50,553

Firm Transportation

10,416

8,549

60,199

51,069

Total Firm Margin

49,014

40,778

393,161

326,219

Interruptible

1,675

1,620

5,455

5,750

Total System Margin

50,689

42,398

398,616

331,969

Off System/Capacity Management/FRM/Storage Incentive

2,753

2,497

9,471

8,398

Total Utility Gross Margin

53,442

44,895

408,087

340,367

Operation and maintenance expense

47,448

46,727

162,792

171,198

Depreciation and amortization

18,697

15,423

71,883

57,980

Operating (Loss) Income

$

(12,703)

$

(17,255)

$

173,412

$

111,189

Net (Loss) Income

$

(15,258)

$

(18,402)

$

126,902

$

78,062

Net Financial (Loss) Earnings

$

(15,258)

$

(18,402)

$

126,902

$

78,062

Throughput (Bcf)

Residential

3.4

3.0

44.6

46.0

Commercial, Industrial & Other

0.6

0.7

8.2

9.7

Firm Transportation

1.6

1.6

13.3

13.7

Total Firm Throughput

5.6

5.3

66.1

69.4

Interruptible

12.0

14.2

30.9

39.0

Total System Throughput

17.6

19.5

97.0

108.4

Off System/Capacity Management

34.1

34.8

118.4

123.8

Total Throughput

51.7

54.3

215.4

232.2

Customers

Residential

497,779

486,474

497,779

486,474

Commercial, Industrial & Other

28,735

28,992

28,735

28,992

Firm Transportation

31,604

32,107

31,604

32,107

Total Firm Customers

558,118

547,573

558,118

547,573

Interruptible

29

32

29

32

Total System Customers

558,147

547,605

558,147

547,605

Off System/Capacity Management*

19

21

19

21

Total Customers

558,166

547,626

558,166

547,626

*The number of customers represents those active during the last month of the period.

Degree Days

Actual

46

11

4,254

4,506

Normal

30

30

4,586

4,552

Percent of Normal

153.3

%

36.7

%

92.8

%

99.0

%

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30,

September 30,

(Thousands, except customer, SREC and megawatt)

2020

2019

2020

2019

CLEAN ENERGY VENTURES

Operating Revenues

SREC sales

$

69,301

$

55,215

$

81,134

$

75,101

TREC sales

1,384

—

1,384

—

Wind electricity sales and other

—

—

—

5,177

Solar electricity sales and other

3,676

2,800

9,930

8,818

Sunlight Advantage

2,653

2,377

10,169

9,003

Total Operating Revenues

$

77,014

$

60,392

$

102,617

$

98,099

Depreciation and Amortization

$

8,426

$

8,744

$

37,855

$

32,997

Operating Income

$

60,633

$

44,513

$

34,452

$

36,488

Income Tax Provision (Benefit)

$

6,028

$

(9,888)

$

(32,404)

$

(48,921)

Net Income

$

55,370

$

60,376

$

53,023

$

77,473

Net Financial Earnings

$

55,840

$

52,676

$

53,023

$

77,473

Solar Renewable Energy Certificates Generated

251,016

211,352

389,716

311,803

Solar Renewable Energy Certificates Sold

388,407

294,780

408,100

363,600

Transition Renewable Energy Certificates Generated and Transferred

9,270

—

9,270

—

Solar Megawatts Eligible for ITCs

6.9

25.4

53.5

60.1

Solar Megawatts Under Construction

8.1

8.1

8.1

8.1

ENERGY SERVICES

Operating Income

Operating revenues

$

212,760

$

317,678

$

1,030,419

$

1,742,791

Less:

Gas purchases

220,882

345,735

1,024,579

1,719,519

Operation and maintenance expense

4,055

5,974

17,368

20,943

Depreciation and amortization

39

43

123

118

Operating (Loss) Income

$

(12,216)

$

(34,074)

$

(11,651)

$

2,211

Net (Loss) Income

$

(9,753)

$

(26,309)

$

(11,008)

$

(1,268)

Financial Margin

$

6,817

$

(7,570)

$

9,947

$

28,776

Net Financial Earnings (Loss)

$

1,638

$

(10,726)

$

(7,873)

$

2,918

Gas Sold and Managed (Bcf)

121.6

148.4

526.7

584.9

STORAGE AND TRANSPORTATION

Operating Revenues

$

12,717

$

—

$

44,728

$

—

Equity in Earnings of Affiliates

$

4,703

$

3,866

$

15,903

$

15,832

Operation and Maintenance Expense

$

4,460

$

1,388

$

21,862

$

4,043

Other Income, Net

$

927

$

911

$

7,328

$

7,345

Interest Expense

$

2,838

$

555

$

13,124

$

2,185

Income Tax Provision (Benefit)

$

794

$

(656)

$

4,247

$

2,254

Net Income

$

7,434

$

3,488

$

18,311

$

14,689

HOME SERVICES AND OTHER

Operating Revenues

$

13,376

$

12,997

$

51,017

$

50,902

Operating (Loss) Income

$

(2,673)

$

(408)

$

3,062

$

4,785

Other Income (Expense), Net

$

6,929

$

(296)

$

5,177

$

(542)

Net Income (Loss)

$

5,109

$

(1,035)

$

5,784

$

1,637

Net Financial Earnings (Loss)

$

5,109

$

(1,021)

$

5,784

$

1,911

Total Service Contract Customers at September 30

107,224

108,980

107,224

108,980

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005295/en/

Media:

Michael Kinney

732-938-1031

[email protected]

Investor:

Dennis Puma

732-938-1229

[email protected]

KEYWORDS: United States North America New Jersey

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

MEDIA:

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Posted on November 30, 2020 7:38 am
CSI Partners with Featurespace for Anti-Money Laundering Solution to Combat Financial Crime

CSI Partners with Featurespace for Anti-Money Laundering Solution to Combat Financial Crime

PADUCAH, Ky.–(BUSINESS WIRE)–
To empower its customers in the fight against financial crime, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, has partnered with Featurespace™, a leading provider of Enterprise Financial Crime prevention software, to launch a holistic anti-money laundering (AML) solution: WatchDOG^® AML.

WatchDOG AML protects against financial crime by identifying suspicious activity in real-time with an enterprise transaction monitoring system. Using customizable machine learning models that utilize Featurespace’s award-winning Adaptive Behavioral Analytics, WatchDOG AML reduces false positives while predicting and adapting to new threats through anomaly detection. This allows banks and payments providers to detect more suspicious activity as it happens, while also reducing the number of genuine transactions declined.

“As criminals relentlessly target financial systems, organizations require cutting-edge technology for fraud detection and risk management,” said Kurt Guenther, CSI’s group president of Business Solutions. “By partnering with Featurespace, we’re providing our customers with a powerful AML solution that leverages the latest in machine learning to fight illicit activity and ensure compliance.”

WatchDOG AML supplies a comprehensive view of risk by analyzing human behavior to detect suspicious activity while maximizing efficiency with automatically prioritized alerts.

“The ability to understand genuine customer behavior allows banks and credit unions to more accurately detect anomalies and additional suspicious activity so that only the most worthwhile alerts are passed along for review, while also reducing false positives and bringing more financial crime to light,” said Dave Excell, founder and president of Featurespace. “By using our Adaptive Behavioral Analytics, CSI’s WatchDOG AML helps financial institutions drive down risk by monitoring transactions, and also helps the industry take another step forward in the fight against this global problem.”

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

About Featurespace – www.featurespace.com

Featurespace™ is the world leader in enterprise financial crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.

ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005047/en/

Laura Sewell

For CSI

270-349-9212

Haleigh Tomasek

For CSI

678-781-7208

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Security Technology Software Finance Banking

MEDIA:

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Posted on November 30, 2020 7:36 am
ZoomInfo Announces Secondary Offering of Shares of Class A Common Stock

ZoomInfo Announces Secondary Offering of Shares of Class A Common Stock

VANCOUVER, Wash.–(BUSINESS WIRE)–
ZoomInfo Technologies Inc. (“ZoomInfo”) today announced that certain selling stockholders of ZoomInfo, including investment funds affiliated with TA Associates (“TA”), The Carlyle Group (“Carlyle”) and 22C Capital LLC (together with TA and Carlyle, the “Selling Stockholders”) have commenced an underwritten public offering of 12,500,000 shares of ZoomInfo’s Class A common stock pursuant to a registration statement filed with the Securities and Exchange Commission. Additionally, the Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of ZoomInfo’s Class A common stock.

ZoomInfo is not selling any shares of Class A common stock in the offering, will not receive any of the proceeds from the sale and will bear the costs associated with the sale of such shares, other than the underwriting discounts.

J.P. Morgan and Morgan Stanley are acting as the joint lead book-running managers for the offering.

The proposed offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (866) 803-9204 or by email at [email protected]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ZoomInfo

ZoomInfo (NASDAQ: ZI) is a leading go-to-market intelligence platform for sales and marketing teams. Its go-to-market intelligence platform delivers comprehensive and high-quality intelligence and analytics on approximately 14 million companies, including advanced attributes, technologies used by companies, intent signals, and decision-maker contact information. Its software, insights, and data enable over 15,000 companies to sell and market more effectively and efficiently.

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “trend,” “will,” “would” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Risk Factors” in ZoomInfo’s registration statement relating to the offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the registration statement. ZoomInfo undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005535/en/

ZoomInfo Investors:

Jeremiah Sisitsky

VP of Investor Relations

617-826-2068

[email protected]

ZoomInfo Media:

Steve Vittorioso

Director, Communications

978-875-1297

[email protected]

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Technology Marketing Advertising Communications Professional Services Small Business Software Data Management Search Engine Marketing

MEDIA:

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Posted on November 30, 2020 7:35 am
GW Pharmaceuticals to Present at the Evercore ISI 2020 Healthcare Conference

LONDON and CARLSBAD, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) — GW Pharmaceuticals plc (NASDAQ: GWPH, GW, the Company or the Group), a world leader in the science, development, and commercialization of cannabinoid prescription medicines, today announced that the Company will present at the Evercore ISI HealthCONx Conference on Wednesday, December 2, 2020 at 1:50 pm EST.

A live audio webcast of the presentation will be available through GW’s corporate website at www.gwpharm.com in the Investors section under Events & Presentations. A replay will be available soon after the live presentation.

About GW Pharmaceuticals plc and Greenwich Biosciences, Inc.

Founded in 1998, GW is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. The Company’s lead product, EPIDIOLEX^® (cannabidiol) oral solution, is commercialized in the U.S. by its U.S. subsidiary Greenwich Biosciences for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or tuberous sclerosis complex (TSC) in patients one year of age and older. This product has received approval in the European Union under the tradename EPIDYOLEX^® for the adjunctive treatment of seizures associated with LGS or Dravet syndrome in conjunction with clobazam in patients two years and older and is under EMA review for the treatment of TSC. The Company has a deep pipeline of additional cannabinoid product candidates, in particular nabiximols, for which the Company is advancing multiple late-stage clinical programs in order to seek FDA approval in the treatment of spasticity associated with multiple sclerosis and spinal cord injury. The Company has additional cannabinoid product candidates in clinical trials for autism and schizophrenia. For further information, please visit www.gwpharm.com.

Enquiries:

GW Pharmaceuticals plc

Scott Giacobello, Chief Financial Officer 760 795 2200

Posted on November 30, 2020 7:33 am
GoHealth to Present at the Evercore Virtual Healthcare Conference on December 2, 2020

Fireside chat with Clint Jones, co-founder and CEO, and Travis Matthiesen, CFO

PR Newswire

CHICAGO, Nov. 30, 2020 /PRNewswire/ — GoHealth, Inc. (GoHealth) (NASDAQ: GOCO), a leading health insurance marketplace, announced that the company will participate in the Evercore ISI HealthCONx Conference on December 2 at 12:10 p.m. (ET). Clint Jones, co-founder and CEO, and Travis Matthiesen, CFO, will share commentary with investors around the company’s business strategy.

A live audio webcast of the conference call will be available via GoHealth’s Investor Relations website, https://investors.gohealth.com/. A digital audio recording of the conference call will be made available following the conference call.

About GoHealth:
As a leading health insurance marketplace, GoHealth’s mission is to improve access to healthcare in America. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to match customers with the healthcare policy and carrier that is best for them. Since its inception, GoHealth has enrolled millions of people in Medicare and individual and family plans. For more information, visit https://www.gohealth.com.

Contacts:
Investor Relations, [email protected]
Media Relations, [email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/gohealth-to-present-at-the-evercore-virtual-healthcare-conference-on-december-2-2020-301181402.html

SOURCE GoHealth, Inc.

Posted on November 30, 2020 7:33 am
TAAL Reports Third Quarter and Nine-Month 2020 Financial Results & Announces Chris Naprawa as Interim CFO

PR Newswire

VANCOUVER, BC, Nov. 30, 2020 /PRNewswire/ – TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (“TAAL” or the “Company”) a blockchain infrastructure and service provider, today announced its financial results for the three and nine months ended September 30, 2020 (“Q3-2020”). The Q3-2020 unaudited interim financial statements and related management discussion and analysis (“MD&A”) are available for review on the Company’s SEDAR profile at www.sedar.com. TAAL reports all amounts in Canadian dollars, unless otherwise stated.

Q3-2020 Highlights

Company had $12,993,341 million in working capital at the end of September, 2020.

Completed the acquisition of WhatsOnChain Limited (“WhatsOnChain”), accelerating TAAL’s strategy of becoming a leading provider of enterprise blockchain infrastructure services.

The establishment of a European office in Zug, Switzerland, a leading technology hub in Europe.

Filed second patent for L0 token technology to enable smart contracts to be built on Bitcoin SV which will facilitate an expansion of the fee market available to TAAL.

Increased liquidity to U.S. investors with upgrade to OTCQX.

Entered agreement to establish 175 PH of custom computing capacity in a trusted North American environment to power Bitcoin Satoshi Vision (“BSV”) transaction solutions for global enterprise clients, subsequent to the quarter end.

Completed management and senior executive appointments; Stefan Matthews as Executive Chairman and CEO, Chris Naprawa as President and Interim CFO following the departure of Satoshi Kitahama, and Jerry Chan as CPO, subsequent to the quarter end.

David Allen, a seasoned finance executive with Fortune 250 Canadian companies and former VP, Corporate Controller at Canada Goose Inc. retained as financial consultant to the Company, subsequent to the quarter end, who will work alongside Interim CFO Chris Naprawa.

Summary of Key Quarterly Financial Results

Three months ended September 30,

Nine months ended September 30,

(In CAD Dollars)

2020

2019

2020

2019

Revenue

$245,629

$7,380,758

$7,854,585

$11,686,385

Adjusted EBITDA

($3,547,408)

$1,743,844

($4,724,058)

$1,607,878

Net Loss

($5,928,027)

($756,603)

($9,120,930)

($1,928,212)

Basic and diluted
loss per share

($0.25)

($0.06)

($0.48)

($0.15)

September 30, 2020

December 31, 2019

Assets

Current assets

$34,006,781

$44,188,111

Total assets

$45,806,798

$46,776,428

Current liabilities

$21,013,440

$22,140,102

Shareholder’s
equity

$24,793,358

$24,636,326

Total liabilities &
shareholder’s
equity

$45,806,798

$46,776,428

Financial Highlights for the Three and Nine Months Ending September 30, 2020

Gross revenue from operations generated $245,629 for the three-months ended September 30, 2020, as compared to $7,380,758 for the same period in 2019, which decrease reflects the suspension of digital asset hashing operations in May 2020 in advance of the halving. This resulted in gross revenue of $7,854,585 for the nine months ended September 30, 2020, as compared to $11,685,385 for the same period in 2019, which decrease reflects the suspension of hashing operations in 2020 partially offset by fleet management revenue.

Operating expenses totaled $4,965,786 for the three months ended September 30, 2020, as compared to $1,446,645 for the same period in 2019. The increase in expenses is largely attributable to one-time impairment charge related to blockchain computing equipment of $2,444,857 recognized in the quarter, as well as management fees, salaries and wages of $1,455,820, office and administration of $331,631, and share-based payments of $255,955 compared to $322,388, $143,643, and $230,605, respectively, for the same period 2019. The increased expenses reflect the continuing investment in the team to deliver the new business line, including the transition to transaction processing, and the delivery of other value-added services for enterprise clients. For further information regarding the impairment charge, see the Company’s interim financial statements for the period ended September 30, 2020.

Net loss of $5,928,027 for the three months ended September 30, 2020, as compared to a net loss of $756,603 for the same period in 2019. Net loss of $9,120,930 for the nine months ended September 30, 2020, as compared to a net loss of $1,928,212 for the same period in 2019.

Working capital of $12,993,341 as of September 30, 2020, providing liquidity for at least the next 12 months.

Management Commentary

“In Q3-2020 the Company maintained a strong working capital position, allowing us to service clients and develop our infrastructure in North America and Europe, including closing the acquisition of WhatsOnChain in the UK, opening a TAAL EU office in Zug, Switzerland and subsequent to the quarter, strengthening our leadership team in Canada with the appointment of Chris Naprawa as President. Chris also takes on the role of Interim CFO with the departure of Satoshi Kitahama. These are important achievements which further our capacity as a first-mover in providing trusted blockchain infrastructure services to a growing global enterprise market,” comments Stefan Matthews, TAAL CEO and Executive Chairman.

Management Appointments Subsequent to the Quarter

The Company made various appointments and/or changes to its senior management and executive team subsequent to the quarter, which the Company believes have strengthened its financial, capital markets, product development and global commercial capabilities:

– Stefan Matthews to Executive Chairman and Chief Executive Officer
– Chris Naprawa to President, and Interim Chief Financial Officer
– David Allen to Senior Financial Consultant

Mr. Naprawa, with the assistance of Mr. Allen, has also assumed the function of Interim CFO following the departure of former CFO Mr. Kitahama, who left the Company as of November 24, 2020.

About TAAL Distributed Information Technologies Inc.

TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. The Company is led by an experienced management team, Board and Advisory Board members that include entrepreneur and BSV advocate Calvin Ayre, and renowned computer scientist and visionary Craig Wright.

Visit TAAL online at www.taal.com

This press release has been reviewed and financial content approved by the Company’s Audit Committee of the Board of Directors.

The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements included in this news release constitute “forward-looking information” as defined under applicable Canadian securities legislation. The words “will”, “intends”, “expects” and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes, but is not limited to statements regarding: TAAL’s strategy and vision; the expansion of the free market available to TAAL; TAAL’s future business success; and TAAL’s ability to provide trusted blockchain infrastructure services globally. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include, but are not limited to: global pandemics, including the affects of COVID-19; the future acceptance of BSV and other digital assets and risks related to information processing using those platforms; TAAL’s ability to leverage its intellectual property into viable income streams; and other risks set out in Item 20 – Risk Factors of TAAL’s Form 2A – Listing Statement dated July 31, 2018 and elsewhere in TAAL’s continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.

NON-IFRS FINANCIAL MEASURES

The terms “EBITDA” (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) and “Adjusted EBITDA” (which is calculated by the Company by adjusting EBITDA to exclude share-based payments, fair value loss or gain on re-measurement of Digital Assets, gain (loss) on foreign exchange, and costs associated with one-time transactions) are not recognized measures nor do they have standardized meanings under International Financial Reporting Standards (“IFRS”). There is no standardized measure of “EBITDA” or “Adjusted EBITDA” under IFRS and consequently, TAAL’s method of calculating this measure may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A reconciliation of “Adjusted EBITDA” to Net Loss can be found in the MD&A.

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SOURCE Taal Distributed Information Technologies Inc.

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