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News Article | July 26, 2017
Site: www.prweb.com

DAV is a nonprofit charity that provides a lifetime of support for veterans of all generations and their families, helping more than one million veterans in positive, life-changing ways each year. With almost 1,300 chapters across the country, DAV empowers our nation’s heroes and their families by helping to provide the resources they need and ensuring our nation keeps the promises made to them. PCSgrades provides a unique online community for veteran and military families to share trusted information with each other through reviews on neighborhoods, REALTORS®, mortgage lenders, apartments, schools and more. The platform was created by veterans, service members and their spouses to facilitate information sharing among the people they most identify with and trust the most, their fellow veteran and military families. “This collaboration between DAV and PCSgrades is exactly what it looks like when people say the veteran community takes care of its own and it brings a wealth of new resources for our veterans and their families when moving,” said DAV National Headquarters Executive Director Barry Jesinoski. “PCSgrades is truly different by design and I’m very excited they’ve partnered with DAV.” According to PCSgrades CEO and Co-Founder, Todd Ernst, “We tend to identify with and trust our fellow veterans based on our shared experiences and sacrifices, so it’s only natural that we lean on each other first in our times of need. That’s exactly why PCSgrades was built, to provide a better way for our fellow veteran and military families to help each other. By working together, we can truly make a difference in our own lives and the lives of those we all had the privilege of serving with.” To learn more, visit http://www.PCSgrades.com or http://www.DAV.org. About PCSgrades Headquartered in San Antonio, PCSgrades.com was launched in late 2015 by a team of veterans, military members, and military spouses. The online community gives a voice to our fellow military and veteran families unlike ever before by addressing must-solve relocation problems through trusted reviews on topics such as neighborhoods, REALTORS®, mortgage lenders, apartments, schools, and more. The service is free to current and former service members and spouses. For more information, visit http://www.PCSgrades.com. About Disabled American Veterans DAV empowers veterans to lead high-quality lives with respect and dignity. It is dedicated to a single purpose: fulfilling our promises to the men and women who served. DAV does this by ensuring that veterans and their families can access the full range of benefits available to them; fighting for the interests of America’s injured heroes on Capitol Hill; providing employment resources to veterans and their families and educating the public about the great sacrifices and needs of veterans transitioning back to civilian life. DAV, a non-profit organization with 1.3 million members, was founded in 1920 and chartered by the U.S. Congress in 1932. Learn more at http://www.dav.org.


News Article | May 10, 2017
Site: globenewswire.com

Exceeded Guidance for Bookings and Adjusted Free Cash Flow; In-Line on All Other Metrics BURLINGTON, Mass., May 10, 2017 (GLOBE NEWSWIRE) -- Avid® (NASDAQ:AVID) announced its first quarter 2017 financial results today, provided second quarter 2017 financial guidance and reaffirmed its guidance for the full year 2017. “We are pleased to have once again met or exceeded quarterly guidance for all of our metrics and delivered positive Free Cash Flow, which resulted in a sequential increase in our liquidity position,” said Louis Hernandez, Jr., Chairman and CEO of Avid. “In addition, the commercial agreement for Greater China that we signed with Jetsen during the quarter is further advancing our shift to recurring revenue, driving growth through guaranteed minimums and providing greater visibility with a larger backlog.” Mr. Hernandez continued, “Excluding Greater China, bookings grew 9% year-over-year on the strength of NEXIS, digital and recurring revenue bookings. The growth of recurring revenue bookings was driven by gains in subscription and maintenance, which continue to benefit from our strategy for enterprises and individuals. Execution of our efficiency program drove a 17% year-over-year reduction in Non-GAAP Operating Expenses, which, combined with revenue less impacted by pre-2011 amortization and elimination of implied PCS revenue, yielded an Adjusted EBITDA margin of 12% and Adjusted Free Cash Flow conversion of Adjusted EBITDA of 52%.” “As we reach the closing stages of our transformation, I am proud of the strategic, operational and financial achievements that we have made. This work has ensured that Avid is ready to fully capitalize on the growth opportunities made available by its Cloud strategy, including leveraging the Strategic Cloud Alliance announced with Microsoft last month at Avid Connect, our annual customer event.” Mr. Hernandez concluded. Avid’s second quarter 2017 financial guidance is set forth in the table below. “We are pleased to reaffirm our full year 2017 guidance and provide Q2 2017 guidance, which demonstrates a continued improvement in the conversion of bookings to revenue, significant year-over-year reduction in non-GAAP operating expenses, healthy EBITDA margin and Adjusted Free Cash Flow that is approximately neutral at the mid-point, a considerable improvement from a year ago. We continue to be encouraged by the financial performance resulting from Avid’s transformation and remain focused on delivering a predictable financial model which generates cash and can scale as Avid transitions to its next phase of growth,” said Brian E. Agle, Avid’s Senior Vice President and Chief Financial Officer. All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the tables above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward Looking Statements” below as well as the Avid Technology Fourth Quarter and Full Year 2016 Business Update presentation posted on Avid’s investor relations website. Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Free Cash Flow, non-GAAP Operating Income (loss), non-GAAP Operating Expenses, non-GAAP Gross Margin, Adjusted EBITDA margin and Adjusted Free Cash Flow conversion of Adjusted EBITDA. The Company also includes the operational metrics of bookings, revenue backlog and recurring revenue bookings in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial information is reported based on actual exchange rates.  Definitions of the non-GAAP financial measures are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures in this release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of the operational metrics. The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, non-GAAP Operating Expenses and Adjusted Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures were not included in the earnings release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A conference call to discuss Avid's financial results for the first quarter 2017 will be held on Wednesday, May 10, 2017 at 8:30 a.m. ET. The call will be open to the public and can be accessed by dialing 719-325-2278 and referencing confirmation code 2768857. You may also listen to the call on the Avid Investor Relations website. To listen via the website, go to the events tab at ir.avid.com for complete details prior to the start of the conference call. A replay of the call will also be available on the Avid Investor Relations website shortly after the completion of the call. Certain information provided in this press release, including the tables attached hereto, include forward-looking statements that involve risks and uncertainties, including projections and statements about our anticipated plans, objectives, expectations and intentions. Among other things, this press release includes estimated results of operations for 2017, which estimates are based on a variety of assumptions about key factors and metrics that will determine our future results of operations, including, for example, anticipated market uptake of new products, realization of identified efficiency programs and market based cost inflation.  Other forward-looking statements include, without limitation, statements based upon or otherwise incorporating judgments or estimates relating to future performance such as future operating results and expenses; earnings; bookings; backlog; revenue backlog conversion rate; product mix and free cash flow; our long-term and recent cost savings initiatives and the anticipated benefits therefrom; our future strategy and business plans; our product plans, including products under development, such as cloud and subscription based offerings; our liquidity and ability to raise capital and our liquidity. The projected future results of operations, and the other forward-looking statements in this release are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the effect on our sales, operations and financial performance resulting from: our liquidity; our ability to execute our strategic plan, including cost savings initiatives, and meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue, based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; the identified material weaknesses in our internal control over financial reporting; and the possibility of legal proceedings adverse to our company. Moreover, the business may be adversely affected by future legislative, regulatory or changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are set forth in our public filings with the SEC.  Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. About Avid Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films, to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Pro Tools®, Media Composer®, Avid NEXIS™, Interplay®, ProSet™ and RealSet™, Maestro™, PlayMaker™, and Sibelius®. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs. © 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, AirSpeed, MediaCentral, Media Composer, PhraseFind, Pro Tools, ScriptSync and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Entertainment Corp. which bears no responsibility for Avid products. Product features, specifications, system requirements and availability are subject to change without notice.


News Article | May 12, 2017
Site: www.prweb.com

Recognizing her outstanding commitment to the military community and work on behalf of military families with special needs members, Brittany Boccher was named as the 2017 Armed Forces Insurance Military Spouse of the Year ® presented by Military Spouse magazine. Currently serving alongside her husband at Little Rock Air Force Base, Brittany has been a military spouse for 11 years and a tireless advocate, volunteer and mentor for military families. The tenth annual awards ceremony, which took place in conjunction with national Military Spouse Appreciation Day, was livestreamed on Facebook, and video will be posted to the Military Spouse of the Year ® (MSOY) website (http://www.msoy.militaryspouse.com). A mother of a four-year-old daughter and a two-year-old son with Down’s syndrome, Brittany Boccher (pronounced "Bocker") became the founder and director of the Down Syndrome Advancement Coalition’s “Tank Filled Life” project, partnering with organizations across Arkansas to educate the community about Down Syndrome and advocate for families with special needs family members. Brittany is also owner of Brittany Boccher Photography and co-owner of Mason Chix apparel; both companies directly support the advancement of Down syndrome treatment, research and neurodevelopmental therapies, as well as other military spouse entrepreneurs. As the 2017 Armed Forces Insurance Military Spouse of the Year® Brittany plans to pursue ADA-accessible playground options for military children with special needs; continue her work to raise awareness and funding for services to include and engage individuals of all ages with special needs; and continue to serve as president of the Little Rock Spouses’ Club, among other volunteer positions. Her full bio can be found at: http://msoy.militaryspouse.com/contestants/brittany-boccher/. "We are so proud of Brittany’s drive, leadership and personal accomplishments, along with those of all Branch Winners during this special 10-year anniversary of the Military Spouse of the Year® program,” remarked Garry L. Parks, Lieutenant General, U.S. Marine Corps (Ret.), Chairman of Armed Forces Insurance, MSOY Title Sponsor. “In this time I have observed the program grow the awareness, participation and recognition of our military spouse community. Armed Forces Insurance is honored to share this day with the military community, and we applaud Brittany’s dedication and contributions like the thousands of military spouses who are, each in their own way, a force multiplier to America’s armed forces and an incredible asset to their communities. On behalf of Armed Forces Insurance, I salute each of you!" Prior to announcing Brittany Boccher as the overall 2017 Armed Forces Insurance Military Spouse of the Year®, the Branch finalists and over 170 Base SOYs were honored at an awards luncheon held at the U.S. Chamber of Commerce and attended by military and civilian VIPs. Awards were presented by Military Spouse Magazine along with title sponsor, Armed Forces Insurance, as well as Gold sponsors Allstate, Starbucks, Capital One and Home Depot. The 2017 Branch Winners, who emerged from a pool of more than 1,500 nominees, are: "It’s hard to believe it has been ten years since the MSOY Award began, yet we have had the privilege and honor to recognize hundreds of dedicated spouses for their inspiring work and commitment” said Suzie Schwartz, President of Military Spouse Programs, spouse of former Air Force Chief of Staff General Norton Schwartz and recipient of the 2017 Military Spouse Award for Service. “We couldn’t be happier to welcome Brittany into this family and look forward to highlighting how she is working to make life better for military spouses and their families.” The Military Spouse of the Year® program represents millions of past and present military spouses who dedicate their lives and families to the service of a grateful nation and give back to their communities. For more information, please visit http://www.msoy.militaryspouse.com. About Military Spouse: Military Spouse is the leading destination and brand for the nation's 1.1 million military spouses, who contribute to their communities, the military and each other every day. Military Spouse provides online and print resources for military families on PCS, careers, education opportunities and family life. Follow us at militaryspouse.com, or on Facebook and Twitter. About Armed Forces Insurance: Armed Forces Insurance (AFI) is the insurance company of choice for current and retired members of the uniformed services, their children, and Department of Defense civilians. Founded in 1887 by military leaders with a single mission: to protect the property of those who protect our nation, providing premium quality, competitively priced property and casualty insurance to military professionals throughout the Armed Forces. We know our members have unique circumstances and insurance needs, and we offer a level of personalized service that is unequaled in the industry-because Our Mission is YOU - and your peace of mind. The company also furthers our strong commitment to give back to military and local communities through important programs and sponsorships including the Great American Patriot Award at the Armed Forces Bowl, the Armed Forces Insurance Military Spouse of the Year® Award, the Vetrepreneur of the Year Award, and the Military Warriors Support Foundation. In early 2015, AFI established the Armed Forces Insurance Foundation to assist in educating the military community on a wide array of key personal financial topics to help them succeed. For more information, visit the website at http://www.afi.org or call 1-800-495-8234, and follow us on LinkedIn, Facebook, Twitter and Instagram.‎ For more information or to arrange interviews, contact Gordon C. James PR: Suzanne Treviño (602-618-7857, strevino(at)gcjpr(dot)com) or Brian O’Malley (602-274-1988, bomalley(at)gcjpr(dot)com).


The NHS Wales Shared Services Partnership (NWSSP) is an independent organisation created under directions from the Welsh Government as part of NHS Wales. Primary Care Services (PCS) are a division of NWSSP providing transactional and administrative services to primary care contractors on behalf of health boards and the Welsh Government. Nicola Phillips, Head of Engagement & Support Services at the NWSSP, was keen to ensure that PCS were measuring and evidencing their customer service, making sure that the final customer, the patient, was receiving the best service possible. “The opportunity to encourage the organisation to monitor, review and refine our processes was a key reason behind us seeking Customer Service Excellence certification,” says Nicola. “We wanted to demonstrate our continuous service improvements, as well as our commitment to making our culture customer focused.” Customer Service Excellence (CSE) is a management standard that has been developed by the UK Government to help organisations focus on customer- focused change. Certification from SGS United Kingdom Ltd can be instrumental in helping to drive a customer-centric culture within your organisation, within budget limitations, whilst also acting as an independent validation of your achievement. Implementing CSE enables organisations to look at what they do and how their services impact on their customers, both internal and external. The process engages all stakeholders on a journey of improvement which then becomes embedded in people’s day-to-day activity. Organisations use CSE to better understand their customers and develop action plans to deliver better and constantly ‘in-touch’ services. Other benefits include: For PCS, Customer Service Excellence was more than just a box-ticking exercise, and instead has acted as the catalyst for ingraining a ‘customer first’ mentality. Staff culture has been a major element to PCS’ success and, as Nicola explains, getting this right has been a key achievement. “We have worked hard to develop a culture of openness and transparency,” says Nicola. “This allows for a safe environment where staff have a voice and are encouraged to take measured risk whilst developing innovative and efficient practices, processes and solutions.” “This has led to an environment where quality and continuous improvement are now part of our everyday thinking,” continues Nicola. “This is evidenced by our achievements, including ‘Most Improved Organisation’ awarded by the Wales Quality Centre, for two years running.” Di Smith, CSE Assessor for SGS, was keen to praise the ‘whole team approach’ of PCS. “At a time of major change including budgetary challenges, restructures and having multiple site locations across Wales,” says Di, “the leadership team have used the standard to really engage with colleagues and customers and manage change positively.” “The result,” Di summarises, “is that the culture of Customer Service Excellence is embedded and evident at every level of the organisation.” “We chose to work with SGS due to it being recognised as a global leader in inspection, assessment and certification services,” explains Nicola. “The audits have been informative and thought provoking”, continues Nicola, “as the assessors have the ability to enthuse and encourage during the audit which in itself acts as a catalyst for innovation and creative thinking.” “It has been a pleasure to work with SGS; the support and guidance they have provided year on year has enabled PCS to continue to consolidate its position and to provide an enhanced level of customer service in a variety of the standards criteria.” This sentiment is one mirrored by Di Smith. “It was seamless. The NHS Wales team were all fully engaged in the process and proud to be part of the assessment. Everyone I met was aware of the positive impact holding the standard has had on their organisation. The whole team shared the aspiration to retain it and use any outcomes to continue to improve and keep services contemporary.” “CSE certification has instigated a drive at all levels within PCS to ensure delivery of high quality services, a focus on best practice and collaborative working relationships,” explains Nicola. “Staff engagement has increased along with the appetite to get involved. This involvement motivates and encourages staff at all levels. Staff feel they have a voice and make a valuable contribution to the organisation’s goals and improving the customer experience.” Staff are more aware of customer requirements and how their role directly impacts on the overall customer journey and importantly, the indirect impact that PCS have on providing world class patient care (the final customer in the chain). “Looking forward”, continues Nicola, “our drive is to move to a compliance plus arena whilst on our world class journey, building on the certification to demonstrate that PCS are exceeding our customer expectations.” “We will continue to celebrate success and showcase best practice and innovation whilst sharing experiences good and bad with all stakeholders in order to learn, develop and grow,” says Nicola. Advice to other organisations considering CSE certification “Go for it, but plan ahead”, says Nicola. “Monitor, review and refine. Embed these principles into everyday organisational activities and the rest follows its course in developing a continuous improvement culture.” “Take advantage of the ‘pre-assessment’ stage”, continues Nicola. “This gives the organisation the opportunity to establish the readiness of the service prior to the formal review, ensuring you focus efforts on key areas of improvement and engagement.” “CSE enables an organisation to identify areas for service improvement, whilst recognising and celebrating success and best practice throughout their journey.” For more information on CSE certification, including a webinar and brochure, go to http://www.sgs.co.uk/CSE.


News Article | May 10, 2017
Site: globenewswire.com

Exceeded Guidance for Bookings and Adjusted Free Cash Flow; In-Line on All Other Metrics BURLINGTON, Mass., May 10, 2017 (GLOBE NEWSWIRE) -- Avid® (NASDAQ:AVID) announced its first quarter 2017 financial results today, provided second quarter 2017 financial guidance and reaffirmed its guidance for the full year 2017. “We are pleased to have once again met or exceeded quarterly guidance for all of our metrics and delivered positive Free Cash Flow, which resulted in a sequential increase in our liquidity position,” said Louis Hernandez, Jr., Chairman and CEO of Avid. “In addition, the commercial agreement for Greater China that we signed with Jetsen during the quarter is further advancing our shift to recurring revenue, driving growth through guaranteed minimums and providing greater visibility with a larger backlog.” Mr. Hernandez continued, “Excluding Greater China, bookings grew 9% year-over-year on the strength of NEXIS, digital and recurring revenue bookings. The growth of recurring revenue bookings was driven by gains in subscription and maintenance, which continue to benefit from our strategy for enterprises and individuals. Execution of our efficiency program drove a 17% year-over-year reduction in Non-GAAP Operating Expenses, which, combined with revenue less impacted by pre-2011 amortization and elimination of implied PCS revenue, yielded an Adjusted EBITDA margin of 12% and Adjusted Free Cash Flow conversion of Adjusted EBITDA of 52%.” “As we reach the closing stages of our transformation, I am proud of the strategic, operational and financial achievements that we have made. This work has ensured that Avid is ready to fully capitalize on the growth opportunities made available by its Cloud strategy, including leveraging the Strategic Cloud Alliance announced with Microsoft last month at Avid Connect, our annual customer event.” Mr. Hernandez concluded. Avid’s second quarter 2017 financial guidance is set forth in the table below. “We are pleased to reaffirm our full year 2017 guidance and provide Q2 2017 guidance, which demonstrates a continued improvement in the conversion of bookings to revenue, significant year-over-year reduction in non-GAAP operating expenses, healthy EBITDA margin and Adjusted Free Cash Flow that is approximately neutral at the mid-point, a considerable improvement from a year ago. We continue to be encouraged by the financial performance resulting from Avid’s transformation and remain focused on delivering a predictable financial model which generates cash and can scale as Avid transitions to its next phase of growth,” said Brian E. Agle, Avid’s Senior Vice President and Chief Financial Officer. All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the tables above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward Looking Statements” below as well as the Avid Technology Fourth Quarter and Full Year 2016 Business Update presentation posted on Avid’s investor relations website. Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Free Cash Flow, non-GAAP Operating Income (loss), non-GAAP Operating Expenses, non-GAAP Gross Margin, Adjusted EBITDA margin and Adjusted Free Cash Flow conversion of Adjusted EBITDA. The Company also includes the operational metrics of bookings, revenue backlog and recurring revenue bookings in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial information is reported based on actual exchange rates.  Definitions of the non-GAAP financial measures are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures in this release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of the operational metrics. The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, non-GAAP Operating Expenses and Adjusted Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures were not included in the earnings release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A conference call to discuss Avid's financial results for the first quarter 2017 will be held on Wednesday, May 10, 2017 at 8:30 a.m. ET. The call will be open to the public and can be accessed by dialing 719-325-2278 and referencing confirmation code 2768857. You may also listen to the call on the Avid Investor Relations website. To listen via the website, go to the events tab at ir.avid.com for complete details prior to the start of the conference call. A replay of the call will also be available on the Avid Investor Relations website shortly after the completion of the call. Certain information provided in this press release, including the tables attached hereto, include forward-looking statements that involve risks and uncertainties, including projections and statements about our anticipated plans, objectives, expectations and intentions. Among other things, this press release includes estimated results of operations for 2017, which estimates are based on a variety of assumptions about key factors and metrics that will determine our future results of operations, including, for example, anticipated market uptake of new products, realization of identified efficiency programs and market based cost inflation.  Other forward-looking statements include, without limitation, statements based upon or otherwise incorporating judgments or estimates relating to future performance such as future operating results and expenses; earnings; bookings; backlog; revenue backlog conversion rate; product mix and free cash flow; our long-term and recent cost savings initiatives and the anticipated benefits therefrom; our future strategy and business plans; our product plans, including products under development, such as cloud and subscription based offerings; our liquidity and ability to raise capital and our liquidity. The projected future results of operations, and the other forward-looking statements in this release are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the effect on our sales, operations and financial performance resulting from: our liquidity; our ability to execute our strategic plan, including cost savings initiatives, and meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue, based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; the identified material weaknesses in our internal control over financial reporting; and the possibility of legal proceedings adverse to our company. Moreover, the business may be adversely affected by future legislative, regulatory or changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are set forth in our public filings with the SEC.  Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. About Avid Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films, to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Pro Tools®, Media Composer®, Avid NEXIS™, Interplay®, ProSet™ and RealSet™, Maestro™, PlayMaker™, and Sibelius®. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs. © 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, AirSpeed, MediaCentral, Media Composer, PhraseFind, Pro Tools, ScriptSync and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Entertainment Corp. which bears no responsibility for Avid products. Product features, specifications, system requirements and availability are subject to change without notice.


CALGARY, ALBERTA--(Marketwired - May 10, 2017) - Birchcliff Energy Ltd. ("Birchcliff" or the "Corporation") (TSX:BIR) is pleased to announce its 2017 first quarter results, with record quarterly average production of 61,662 boe/d. The full text of Birchcliff's First Quarter Report containing the unaudited interim condensed financial statements for the three month period ended March 31, 2017 and the related management's discussion and analysis will be available on Birchcliff's website at www.birchcliffenergy.com and on SEDAR at www.sedar.com. Jeff Tonken, President and Chief Executive Officer of Birchcliff, stated: "Birchcliff's team executed another strong quarter, with record quarterly average production of 61,662 boe/d. During the first quarter of 2017, we advanced the construction of the Phase V and VI expansions of our Pouce Coupe natural gas processing plant. We expect to initiate commissioning of Phase V in July and to bring it on-stream by October 1, 2017. As a result, we expect to achieve record quarterly average production of 80,000 to 82,000 boe/d in the fourth quarter of 2017. In addition to the capital investment at Pouce Coupe, our development activities at Gordondale in the first quarter of 2017 allowed us to further our understanding of the D1 and D2 layers in the Montney, with early production results meeting or exceeding our expectations. Our current balance sheet strength increases our ability to execute multi-year development projects and commence the planning necessary to construct in two phases a 250 MMcf/d deep-cut natural gas processing facility at Pouce Coupe, bringing the total capacity of our gas plant to 590 MMcf/d by year-end 2020. This deep-cut facility is expected to significantly reduce our future operating costs at Gordondale. Our drilling inventory together with our recent results and financial strength allows us to enter into long-term marketing arrangements as we develop our concentrated Montney/Doig Resource Play. Birchcliff remains committed to running a profitable business and with our low-cost Montney/Doig Resource Play, we expect we will be able to maximize the value we continue to create for our shareholders." Update on Credit Facilities - Extension of Maturity Dates and Unchanged Borrowing Base This press release contains forward-looking information within the meaning of applicable securities laws. Such forward-looking information is based upon certain expectations and assumptions and actual results may differ materially from those expressed or implied by such forward-looking information. For further information regarding the forward-looking information contained herein, please see "Advisories - Forward-Looking Information". In addition, this press release contains references to "funds flow from operations", "funds flow per common share", "operating netback", "estimated operating netback", "funds flow netback", "operating margin", "total cash costs", "adjusted working capital deficit" and "total debt", which do not have standardized meanings prescribed by GAAP. For further information regarding these non-GAAP measures, including reconciliations to the most directly comparable GAAP measure, please see "Non-GAAP Measures". PRESIDENT'S MESSAGE FROM THE FIRST QUARTER 2017 REPORT We are pleased to report the first quarter financial and operational results for Birchcliff Energy Ltd. ("Birchcliff") for the three month period ended March 31, 2017. Highlights for the First Quarter 2017 We had a successful first quarter in 2017, with record quarterly average production. In addition, we saw a return to net income as compared to the net loss recorded in the first quarter of 2016, primarily as a result of improved commodity prices and greater production. Highlights of the first quarter include the following: Further information regarding our financial and operational results for the first quarter of 2017 is provided below under the heading "First Quarter 2017 Financial and Operational Results". Our PC Gas Plant currently has a processing capacity of 180 MMcf/d. We are actively working to further expand the processing capacity of the PC Gas Plant. Field installation of the Phase V expansion (which will increase processing capacity by 80 MMcf/d to 260 MMcf/d) commenced in January 2017. We expect to initiate commissioning of Phase V in July and to bring it on-stream by October 1, 2017. In addition, the engineering and licensing work has been completed for the Phase VI expansion (which will increase processing capacity by 80 MMcf/d to 340 MMcf/d). Fabrication of the major components has commenced and it is currently expected that Phase VI will be on-stream in October 2018. We have commenced the planning and initial work to further expand the capacity of the PC Gas Plant in 2019 by 150 MMcf/d to 490 MMcf/d (Phase VII), which expansion would include a deep-cut capability. In addition, we have commenced the planning and initial work for a further expansion in 2020 to increase the capacity by an additional 100 MMcf/d (Phase VIII) which would bring the total processing capacity to 590 MMcf/d. An engineering and design study for Phases VII and VIII is expected to be complete by June 2017. Once we have finalized the design scope for Phases VII and VIII, we expect to commence the regulatory approval process. Update on Credit Facilities - Extension of Maturity Dates and Unchanged Borrowing Base Our syndicate of lenders recently completed their semi-annual review of the borrowing base limit under our extendible revolving credit facilities which have an aggregate principal amount of $950 million (the "Credit Facilities"). In connection therewith, Birchcliff and the lenders agreed to an extension of the maturity dates of each facility from May 11, 2018 to May 11, 2020 and to the borrowing base remaining unchanged at $950 million. In addition, subject to the terms and conditions of the agreement governing the Credit Facilities, the lenders have consented to the disposition of the Charlie Lake Light Oil Resource Play and to the borrowing base remaining at $950 million after giving effect to such disposition. The next semi-annual review is scheduled for November 2017. On March 21, 2017, we announced that we would pursue the sale of our oil and natural gas properties and related assets on the Charlie Lake Light Oil Resource Play located in the Peace River Arch of Alberta, which includes our Worsley Charlie Lake Light Oil Pool. We have engaged Scotiabank Global Banking and Markets as our marketing agent to seek potential purchasers. A virtual data room opened recently and is available for interested parties who have executed a confidentiality agreement. Further details on this opportunity are available at www.gbm.scotiabank.com. Virtually all of our natural gas production is currently transported on TCPL's NGTL System in Alberta pursuant to both firm and interruptible service agreements. We currently have in place firm service contracts that in the aggregate provide transportation capacity slightly above the processing capacity of our own processing facilities and sufficient transportation capacity to meet our processing commitments at third party processing facilities. In March 2017, we entered into agreements with TCPL for the firm service transportation of 175,000 GJ/d in aggregate (approximately 155 MMcf/d) of natural gas on TCPL's Canadian Mainline for a ten year term, whereby natural gas will be transported from the Empress receipt point in Alberta to the Dawn trading hub located in Southern Ontario. The toll for the Empress to Dawn portion of the service is $0.77/GJ plus fuel. Subject to regulatory approval, this service is expected to become available in three tranches on November 1 of each of 2017, 2018 and 2019. Provision of the service is conditional on, among other things, TCPL receiving National Energy Board approval on terms and conditions satisfactory to TCPL. The application to the National Energy Board for approval of the service was filed on April 26, 2017 and included the request to implement the service starting November 1, 2017. FIRST QUARTER 2017 FINANCIAL AND OPERATIONAL RESULTS Production for the first quarter of 2017 averaged 61,662 boe/d, which is approximately 0.6% below our previous guidance of 62,000 boe/d. This quarterly average production represents a 47% increase over our quarterly average production of 41,958 boe/d in the first quarter of 2016. The increase in production from the first quarter of 2016 is primarily attributable to the production from our assets in Gordondale which we acquired on July 28, 2016 (the "Gordondale Acquisition"). Production consisted of approximately 79% natural gas, 9% light oil and 12% NGLs in the first quarter of 2017 as compared to 88% natural gas, 8% light oil and 4% NGLs in the first quarter of 2016. The increase in oil and NGLs weighting in 2016 is due to the more heavily-weighted oil and NGLs production from our assets in Gordondale. Funds Flow from Operations, Cash Flow From Operating Activities and Net Income Funds flow from operations was $67.6 million ($0.26/basic common share), a 227% increase from $20.7 million ($0.14/basic common share) in the first quarter of 2016. Cash flow from operating activities for the first quarter of 2017 was $70.6 million, a 241% increase from $20.7 million for the first quarter of 2016. These increases from the first quarter of 2016 were largely due to higher realized commodity prices and the production from our assets in Gordondale which we acquired pursuant to the Gordondale Acquisition. We had net income of $29.9 million, as compared to the net loss of $12.0 million in the first quarter of 2016. We recorded net income to common shareholders of $28.9 million ($0.11/basic common share) in the first quarter of 2017, as compared to the net loss to common shareholders of $13.0 million ($0.09/basic common share) in the first quarter of 2016. The changes were largely due to: (i) higher funds flow from operations; (ii) a $2.4 million realized cash gain on financial commodity price risk management contracts; and (iii) a $16.5 million non-cash "mark to market" unrealized gain on commodity price risk management contracts. During the first quarter of 2017, the average benchmark price for WTI oil was US$51.91/bbl, up 55% from US$33.45/bbl during the first quarter of 2016, and the average benchmark price for natural gas sold at AECO was $2.69/MMbtu, up 47% from $1.83/MMbtu during the first quarter of 2016. The average corporate realized sales price during the quarter was $23.90/boe, a 59% increase from $15.05/boe during the first quarter of 2016. Operating costs in the first quarter of 2017 were $5.22/boe, a 41% increase from $3.71/boe in the first quarter of 2016. The increase in operating costs per boe was largely due to the higher cost structure associated with our liquids-rich Gordondale assets that were acquired pursuant to the Gordondale Acquisition. General and administrative expense in the first quarter of 2017 was $1.05/boe, a 20% decrease from $1.31/boe in the first quarter of 2016. The decrease is largely due to the higher production as a result of the Gordondale Acquisition. Approximately 59% of our total corporate natural gas production and 48% of our total corporate production was processed at the PC Gas Plant during the first quarter of 2017, as compared to 77% and 71%, respectively, during the first quarter of 2016. These decreases are primarily due to the liquids-rich production additions associated with our Gordondale assets. The average plant and field operating cost for production processed through the PC Gas Plant was $0.31/Mcfe ($1.88/boe) and the estimated operating netback at the PC Gas Plant was $2.59/Mcfe ($15.54/boe), resulting in an operating margin of 77%. The following table details our net production and estimated operating netback for wells producing to the PC Gas Plant on a production month basis for the periods indicated: During the first quarter of 2017, we had total cash costs of $12.15/boe, a 26% increase from $9.64/boe in the first quarter of 2016. On a per boe basis, the increase in total cash costs in the first quarter of 2017 was primarily driven by higher royalty, operating and transportation and marketing expenses associated with our Gordondale assets, which were offset by lower general and administrative and interest expenses when compared to the first quarter of 2016. During the first quarter of 2017, we had funds flow netback of $12.19/boe, a 125% increase from $5.42/boe in the first quarter of 2016. The increase was primarily driven by higher production and higher average realized oil and natural gas prices, offset by an increase in total cash costs per boe. Our 2017 Capital Program contemplates the drilling of a total of 46 (46.0 net) wells during 2017 and a continued investment in the expansions of the PC Gas Plant. In addition, our 2017 Capital Program includes capital for the various stages of the completion, equipping and tieing in of 10 wells drilled in 2016. Accordingly, it is expected that a total of 56 (56.0 net) wells will be brought on production during 2017. It is expected that the majority of capital under our 2017 Capital Program will be spent during the first and second quarters of 2017 in order to complete the Phase V expansion of our PCS Gas Plant (expected to come on-stream by October 1, 2017) and to drill, complete, equip and tie-in the wells necessary to fill the expanded plant. Accordingly, the majority of drilling is scheduled for the first half of the year. During the first quarter of 2017, we had net capital expenditures of $124.5 million, as compared to $63.9 million during the first quarter of 2016. Our total F&D capital during the first quarter of 2017 (which excludes acquisitions, dispositions and administrative expenses) was $129.5 million, which consists of $0.7 million on land and seismic, $79.5 million on drilling and completions, $47.0 million on facilities and infrastructure and $2.3 million on other capital expenditures attributed to the execution of our 2017 Capital Program. Of the $47.0 million spent on facilities and infrastructure, approximately $25.4 million was spent on the Phase V and VI expansions of the PC Gas Plant. See "Advisories - Capital Expenditures". Our drilling and completions activities during the first quarter of 2017 were focused on our Pouce Coupe and Gordondale areas. During the quarter, we drilled a total of 21 (21.0 net) wells, with a 100% success rate. In the Pouce Coupe area, we drilled 13 (13.0 net) Montney/Doig horizontal natural gas wells, of which 9 were Montney D1 wells, 3 were Basal Doig/Upper Montney wells and 1 was a Montney D4 well. In the Gordondale area, we drilled 8 (8.0 net) Montney horizontal oil and natural gas wells, of which 5 were Montney D1 wells (3 oil and 2 natural gas) and 3 were Montney D2 oil wells. In addition, we completed and brought on production a total of 10 (10.0 net) wells that were drilled in 2016, 4 in the Pouce Coupe area and 6 in the Gordondale area. At March 31, 2017, we have successfully drilled and cased an aggregate of 316 (310.7 net) Montney/Doig horizontal wells, which includes 87 (81.8 net) wells acquired in the Gordondale Acquisition. At March 31, 2017, our long-term bank debt was $579.0 million (March 31, 2016: $655.8 million) from available credit facilities of approximately $950 million (March 31, 2016: $800 million), leaving $350.6 million of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized interest and fees. Total debt at March 31, 2017 was $664.4 million as compared to $690.1 million at March 31, 2016. The decreases in long-term debt and total debt from March 31, 2016 are largely due to the fact that the remaining net proceeds from the equity financings completed in July 2016 (after the payment of the balance of the purchase price for the Gordondale assets acquired pursuant to the Gordondale Acquisition) were used to reduce indebtedness under the Credit Facilities. Our Credit Facilities are comprised of an extendible revolving syndicated term credit facility of $900 million (the "Syndicated Credit Facility") and an extendible revolving working capital facility of $50 million (the "Working Capital Facility"). The Credit Facilities are subject to a semi-annual review of the borrowing base limit by our syndicate of lenders. We may each year, at our option, request an extension to the maturity date of the Syndicated Credit Facility and the Working Capital Facility, or either of them, for an additional period of up to three years from May 11 of the year in which the extension request is made. In connection with the recently completed semi-annual review of the borrowing base limit, we and our lenders agreed to an extension of the maturity dates from May 11, 2018 to May 11, 2020 and to the borrowing base remaining unchanged at $950 million. The Credit Facilities do not contain any financial maintenance covenants. At March 31, 2017, we are committed under our financial and physical hedge contracts to the sale of 189,350 GJ/d or approximately 50% of our forecast corporate natural gas production from April 1, 2017 to December 31, 2017 at an average price of $3.02/GJ. At March 31, 2017, we had the following AECO natural gas hedges outstanding on a quarterly basis: We have also entered into financial derivative contracts for 1,500 bbls/d of crude oil at an average WTI price of CDN$69.90/bbl for 2017. Our 2017 Capital Program is progressing well, is on schedule and is meeting our expectations for capital costs. We have drilled a total of 30 (30.0 net) wells year-to-date (21 during the first quarter and an additional 9 wells subsequent to the end of the quarter), all of which were successful. Of these wells, only two have been brought on production to date. Of the 30 wells drilled year-to-date, 20 (20.0 net) wells were Montney/Doig horizontal natural gas wells drilled in the Pouce Coupe area and 10 (10.0 net) wells were Montney horizontal wells drilled in the Gordondale area. All wells were drilled on multi-well pads, which allows us to reduce our per well costs and our environmental footprint. In addition, we actively employ the evolving technology utilized by the industry regarding horizontal well drilling and the related multi-stage fracture stimulation technology. We currently have 4 drilling rigs at work, 1 in the Gordondale area and 3 in the Pouce Coupe area. In addition to these drilling rigs, we have multiple completion rigs and pipeline crews working on various projects. To date in 2017, we have drilled 20 (20.0 net) Montney/Doig horizontal natural gas wells in Pouce Coupe: 14 Montney D1 wells, 4 Basal Doig/Upper Montney wells and 2 Montney D4 wells. All of these wells are in various stages of completion and equipping but only two have been brought on production to date. It is expected that the remaining 18 wells will be on production prior to the Phase V expansion coming on-stream. We have 12 wells left to drill in Pouce Coupe during the remainder of 2017: 8 Montney D1 wells, 3 Basal Doig/Upper Montney wells and 1 Montney D4 well. The assets that we acquired pursuant to the Gordondale Acquisition in July 2016 continue to meet or exceed our expectations. In the fourth quarter of 2016, we drilled 6 (6.0 net) Montney horizontal wells, 3 of which were Montney D2 oil wells and 3 of which were Montney D1 liquids-rich natural gas wells. These wells were completed, equipped and brought on production in the first quarter of 2017 and continue to meet our expectations. To date in 2017, we have drilled 10 (10.0 net) Montney horizontal wells in Gordondale: 4 Montney D2 oil wells, 4 Montney D1 oil wells and 2 Montney D1 liquids-rich natural gas wells. All of these wells are in various stages of completion and equipping but are not yet on production. We have 4 wells left to drill in Gordondale during the remainder of 2017: 3 Montney D2 oil wells and 1 Montney D1 oil well. After the conclusion of our planned drilling program for 2017, we will have drilled, cased, completed and equipped a total of 20 wells on our Gordondale assets (10 Montney D2 wells and 10 Montney D1 wells) since they were acquired in July 2016. Our Annual and Special Meeting of Shareholders will be held tomorrow, May 11, 2017, at 3:00 p.m. (MDT) in the McMurray Room at the Calgary Petroleum Club, 319 - 5th Avenue S.W. We thank Mr. Seymour Schulich, our largest shareholder, for his leadership, unwavering commitment and his ongoing support. It is this kind of leadership that keeps our staff motivated and focused on the execution of our business plan. Mr. Schulich recently acquired 5 million common shares and currently holds 40 million common shares, which represents 15% of the current issued and outstanding common shares. We continue to execute on our business strategy of operating essentially all of our high working interest production, which is surrounded by large contiguous blocks of high working interest lands where we own and/or control the infrastructure. Our operatorship, land position and infrastructure ownership give us a competitive advantage over our competitors in our areas of operation and supports our low F&D costs and low operating cost structure, which helps us to maximize our funds flow. As part of our strategy, we intend to continue to develop and expand our Montney/Doig Resource Play. This resource play is large enough to provide us with an extensive inventory of repeatable, low-cost drilling opportunities that we expect will provide production and reserves growth for many years. Our strategy is based on our current ownership of large contiguous blocks of high working interest land in our operating areas and our high working interest or 100% ownership in our significant facilities and infrastructure. We have the ability to control our costs and our capital expenditures primarily because we control the infrastructure that handles the majority of our production. We continue to focus on improving our execution, reducing our costs and increasing our reserves, all leading to improved capital efficiencies and internal rates of return. We are focused on executing the drilling program ahead of us and completing the Phase V and VI expansions of our PC Gas Plant. Our 2017 Capital Program contemplates the drilling, completing, equipping and bringing on production of a total of 46 (46.0 net) wells during 2017, as well as the completion, equipping and tieing in of 10 wells drilled in 2016. Accordingly, a total of 56 (56.0 net) wells are expected to be brought on production during 2017. With 30 wells drilled year-to-date, we have 16 wells left to drill in order to conclude our planned drilling program for 2017. Our current production is approximately 62,500 boe/d. We expect to bring another 44 wells on production by October 1, 2017. Accordingly, production is expected to ramp up in the fourth quarter of 2017 in connection with the start-up of the Phase V expansion of the PC Gas Plant. We currently remain on target to meet our annual average production guidance for 2017 of 70,000 to 74,000 boe/d. We expect to be on the lower end of our annual average production guidance as a result of the extremely wet field conditions in the second quarter of 2017. The following table sets forth our production guidance for 2017: We have hedged approximately 50% of our forecast 2017 natural gas production at an estimated average wellhead price of $3.46/Mcf, which helps to protect our balance sheet and our 2017 Capital Program. Although the majority of our capital expenditures are planned to be spent during the first half of 2017, we expect that the entirety of our 2017 Capital Program will be fully funded out of our forecast 2017 funds flow from operations as such funds flow is expected to exceed our 2017 capital expenditures over the course of 2017. The foregoing is based on our previously budgeted forecast average prices of WTI US$55.00 per barrel of oil and AECO CDN$3.00 per GJ of natural gas during 2017. On March 21, 2017, we announced that we would pursue the sale of our oil and natural gas properties and related assets on the Charlie Lake Light Oil Resource Play located in the Peace River Arch of Alberta. The data room recently opened and presentations are ongoing. In light of our strong results for 2016 and the first quarter of 2017, we are disappointed with the current trading price of our common shares as we believe that we are currently trading well below our inherent asset value. We are of the view that the oil and gas sector has been penalized by the uncertainty in the financial markets. We intend to continue to execute on our five-year plan and we believe that we have the financial liquidity, the people and the assets to meet our objectives. We believe that over time, our share price will eventually reflect our true asset value. Our Management Team and our employees are excited, committed and remain enthusiastic about executing our long-term plan and delivering value to our shareholders. Thank you to all of our shareholders for your support and to our employees who continue to go that extra mile for the benefit of all of us. This press release uses "funds flow from operations", "funds flow per common share", "operating netback", "estimated operating netback", "funds flow netback", "operating margin", "total cash costs", "adjusted working capital deficit" and "total debt". These measures do not have standardized meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Management believes that these non-GAAP measures assist management and investors in assessing Birchcliff's profitability, efficiency, liquidity and overall performance. Each of these measures is discussed in further detail below. "Funds flow from operations" denotes cash flow from operating activities before the effects of decommissioning expenditures and changes in non-cash working capital. "Funds flow per common share" denotes funds flow from operations divided by the basic or diluted weighted average number of common shares outstanding for the period. Management believes that funds flow from operations and funds flow per common share assist management and investors in assessing Birchcliff's profitability, as well as its ability to generate the cash necessary to fund future growth through capital investments, pay dividends and repay debt. The following table provides a reconciliation of cash flow from operating activities, as determined in accordance with IFRS, to funds flow from operations: "Operating netback" denotes petroleum and natural gas revenue less royalties, less operating expenses and less transportation and marketing expenses. "Estimated operating netback" of the PC Gas Plant (and the components thereof) is based upon certain cost allocations and accruals directly attributable to the PC Gas Plant and related wells and infrastructure on a production month basis. "Funds flow netback" denotes petroleum and natural gas revenue less royalties, less operating expenses, less transportation and marketing expenses, less net general and administrative expenses, less interest expenses and less any realized losses (plus realized gains) on financial instruments and plus any other cash income sources. All netbacks are calculated on a per boe basis, unless otherwise indicated. Management believes that operating netback, estimated operating netback and funds flow netback assist management and investors in assessing Birchcliff's profitability and its operating results on a per unit basis to better analyze its performance against prior periods on a comparable basis. The following table provides a breakdown of operating netback and funds flow netback for the periods indicated: "Operating margin" for the PC Gas Plant is calculated by dividing the estimated operating netback for the period by the petroleum and natural gas revenue for the period. Management believes that operating margin assists management and investors in assessing the profitability and efficiency of the PC Gas Plant and Birchcliff's ability to generate operating cash flows (equal to petroleum and natural gas revenue less royalties, less operating expenses and less transportation and marketing expenses). "Total cash costs" are comprised of royalty, operating, transportation and marketing, general and administrative and interest expenses. Total cash costs are calculated on a per boe basis. Management believes that total cash costs assists management and investors in assessing Birchcliff's efficiency and overall cash cost structure. "Adjusted working capital deficit" is calculated as current assets minus current liabilities excluding the effects of financial instruments. Management believes that adjusted working capital deficit assists management and investors in assessing Birchcliff's liquidity. The following table reconciles working capital deficit (current assets minus current liabilities), as determined in accordance with IFRS, to adjusted working capital deficit: "Total debt" is calculated as the revolving term credit facilities plus adjusted working capital deficit. Management believes that total debt assists management and investors in assessing Birchcliff's liquidity. The following table provides a reconciliation of the revolving term credit facilities, as determined in accordance with IFRS, to total debt: All financial and operating information contained in this press release for the three months ended March 31, 2017 is unaudited. All amounts in this press release are stated in Canadian dollars unless otherwise specified. References in this press release to "operating costs" exclude transportation and marketing costs. Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil and Mcfe amounts have been calculated by using the conversion ratio of 1 bbl of oil to 6 Mcf of natural gas. Boe and Mcfe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl and an Mcfe conversion ratio of 1 bbl: 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. $1.00 per MMbtu equals $1.00 per Mcf based on a standard heat value Mcf. Birchcliff receives premium pricing for its natural gas production due to its high heat content from its properties. With respect to Birchcliff's natural gas hedging contracts outstanding as of March 31, 2017, the prices have been presented in both AECO CDN $/GJ and $/Mcf, with the latter representing the average expected natural gas wellhead price under contract. The conversion from GJ to Mcf is based on an expected corporate average natural gas heat content value of 40.66 MJ/m3 for the period from April 1, 2017 to December 31, 2017. Any references in this press release to initial production rates and other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long‐term performance or of the ultimate recovery of such wells. This press release contains metrics commonly used in the oil and natural gas industry, including "operating netback" and "funds flow netback". These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies where similar terminology is used and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate Birchcliff's performance; however, such measures are not reliable indicators of Birchcliff's future performance and future performance may not compare to Birchcliff's performance in previous periods and therefore such metrics should not be unduly relied upon. For information on how such netbacks are calculated, please see "Non-GAAP Measures". Unless otherwise stated, "net capital expenditures" denotes F&D costs plus administrative expenses plus acquisition costs, less any dispositions. Certain statements contained in this press release constitute forward‐looking statements and information (collectively referred to as "forward‐looking information") within the meaning of applicable Canadian securities laws. Such forward‐looking information relates to future events or Birchcliff's future performance. All information other than historical fact may be forward‐looking information. Such forward‐looking information is often, but not always, identified by the use of words such as "seek", "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "estimated", "forecast", "potential", "proposed", "predict", "budget", "continue", "targeting", "may", "will", "could", "might", "should" and other similar words and expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. Birchcliff believes that the expectations reflected in the forward‐looking information are reasonable in the current circumstances but no assurance can be given that these expectations will prove to be correct and such forward‐looking information included in this press release should not be unduly relied upon. In particular, this press release contains forward‐looking information relating to the following: Birchcliff's plans and other aspects of its anticipated future operations, focus, objectives, strategies, opportunities, priorities and goals; the 2017 Capital Program and Birchcliff's proposed exploration and development activities and the timing thereof, including the amount of capital expenditures, Birchcliff's expectation that the majority of capital will be spent during the first and second quarters of 2017, the focus of the 2017 Capital Program, Birchcliff's plan to drill a total of 46 (46.0 net) wells during 2017, the timing for wells to be brought on production, Birchcliff's expectation that the entirety of the 2017 Capital Program will be fully funded out of the Corporation's forecast funds flow from operations for 2017 and Birchcliff's expectation that its funds flow from operations for 2017 will exceed its 2017 capital expenditures over the course of 2017; proposed expansions of the PC Gas Plant, including the anticipated processing capacities of the PC Gas Plant after such expansions, the anticipated timing of such expansions, the proposed design and capabilities of such expansions and Birchcliff's expectation that the deep-cut facility will significantly reduce the Corporation's future operating costs at Gordondale; the timing of the next semi-annual review under the Corporation's Credit Facilities; firm service on TCPL's Canadian Mainline, including the anticipated timing of such service; the performance characteristics of Birchcliff's oil and natural gas properties and expected results from its assets, including that the Montney/Doig Resource Play is large enough to provide the Corporation with an extensive inventory of repeatable, low-cost drilling opportunities that are expected to provide production and reserves growth for many years; Birchcliff's production guidance, including its estimates of its annual average and fourth quarter average production and commodity mix in 2017, Birchcliff's expectation that production is expected to ramp up in the fourth quarter of 2017 and Birchcliff's expectation that it will be on the lower end of its annual average production guidance for 2017; the potential disposition of the Corporation's Charlie Lake Light Oil Resource Play; the ability of the Corporation to execute multi-year development projects and commence the planning necessary to construct a 250 MMcf/d deep-cut natural gas processing facility; the ability of Birchcliff to enter into long-term marketing arrangements; Birchcliff's expectation that it will be able to maximize the value it continues to create for its shareholders; Birchcliff's competitive position; the Corporation's ability to control its costs and capital expenditures; that the Corporation intends to continue to execute on its five-year plan; the Corporation's belief that it has the financial liquidity, the people and the assets to meet its objectives; and the Corporation's belief that over time its share price will reflect its true asset value. With respect to forward‐looking information contained in this press release, assumptions have been made regarding, among other things: Birchcliff's ability to continue to develop its assets and obtain the anticipated benefits therefrom; prevailing and future commodity prices and differentials, currency exchange rates, interest rates, inflation rates, royalty rates and tax rates; expected funds flow from operations; Birchcliff's future debt levels; the state of the economy and the exploration and production business; the economic and political environment in which Birchcliff operates; the regulatory framework regarding royalties, taxes and environmental laws; the sources of funding for Birchcliff's capital expenditure programs and other activities; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures to carry out planned operations; results of future operations; future operating, transportation, marketing and general and administrative costs; the performance of existing and future wells, well production rates and well decline rates; well drainage areas; success rates for future drilling; reserves and resource volumes and Birchcliff's ability to replace and expand oil and gas reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; Birchcliff's ability to access capital; the ability to obtain financing on acceptable terms; the ability to obtain any necessary regulatory approvals in a timely manner, including the ability of TCPL to obtain the approval of the National Energy Board for the proposed service on the Canadian Mainline; the ability of Birchcliff to secure adequate transportation for its products; Birchcliff's ability to market oil and gas; and the availability of hedges on terms acceptable to Birchcliff. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking information contained in this press release: Birchcliff's actual results, performance or achievements could differ materially from those anticipated in the forward‐looking information as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff's products and Birchcliff's access to capital; volatility of crude oil and natural gas prices; fluctuations in currency and interest rates; operational risks and liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves and resources; the accuracy of oil and natural gas reserves estimates and estimated production levels as they are affected by exploration and development drilling and estimated decline rates; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; uncertainties related to Birchcliff's future potential drilling locations; fluctuations in the costs of borrowing; changes in tax laws, crown royalty rates, environmental laws and incentive programs relating to the oil and natural gas industry and other actions by government authorities, including changes to the royalty and carbon tax regimes and the imposition or reassessment of taxes; the cost of compliance with current and future environmental laws; political uncertainty and uncertainty associated with government policy changes; uncertainties and risks associated with pipeline restrictions and outages to third‐party infrastructure that could cause disruptions to production; the ability to satisfy obligations under Birchcliff's firm marketing and transportation arrangements; the inability to secure adequate production transportation for Birchcliff's products; the occurrence of unexpected events such as fires, equipment failures and other similar events affecting Birchcliff or other parties whose operations or assets directly or indirectly affect Birchcliff; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; stock market volatility; loss of market demand; environmental risks, claims and liabilities; incorrect assessments of the value of acquisitions and exploration and development programs; shortages in equipment and skilled personnel; the absence or loss of key employees; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainty that development activities in connection with its assets will be economical; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; uncertainties associated with credit facilities; counterparty credit risk; risks associated with Birchcliff's hedging program and the risk that hedges on terms acceptable to Birchcliff may not be available; risks associated with the declaration and payment of dividends, including the discretion of Birchcliff's board of directors to declare dividends; risks and uncertainties associated with the sales process and the potential disposition of the Corporation's Charlie Lake Light Oil Resource Play, including whether the sales process will result in a transaction and the terms of a transaction; the failure to obtain any required approvals in a timely manner or at all; the failure to realize the anticipated benefits of acquisitions and dispositions; unforeseen difficulties in integrating acquired assets into Birchcliff's operations; and variances in Birchcliff's actual capital costs, operating costs and economic returns from those anticipated. With respect to the sales process for the Corporation's Charlie Lake Light Oil Resource Play, there can be no assurance that any agreement or transaction will occur, or if a transaction is undertaken, as to its terms or timing. No decision on any particular transaction structure has been reached at this time. Birchcliff does not intend to make further announcements or disclose developments with respect to the sales process until the board of directors has approved a definitive transaction, unless otherwise required by applicable laws or Birchcliff otherwise determines that disclosure is appropriate. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect results of operations, financial performance or financial results are included in Birchcliff's most recent Annual Information Form and in other reports filed with Canadian securities regulatory authorities. Any future‐orientated financial information and financial outlook information (collectively, "FOFI") contained in this press release, as such terms are defined by applicable securities laws, is provided for the purpose of providing information about management's current expectations and plans relating to the future and is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and Birchcliff disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned that any FOFI contained herein should not be used for purposes other than those for which it has been disclosed herein. The forward-looking information and FOFI contained herein do not include or account for the potential disposition of the Corporation's Charlie Lake Light Oil Resource Play. Management has included the above summary of assumptions and risks related to forward‐looking information provided in this press release in order to provide readers with a more complete perspective on Birchcliff's future operations. Readers are cautioned that this information may not be appropriate for other purposes. The forward‐looking information contained in this press release is expressly qualified by the foregoing cautionary statements. The forward‐looking information contained in this press release is made as of the date of this press release. Birchcliff is not under any duty to update or revise any of the forward-looking information except as expressly required by applicable securities laws. Birchcliff is a Calgary, Alberta based intermediate oil and natural gas company with operations concentrated within its one core area, the Peace River Arch of Alberta. Birchcliff's common shares and cumulative redeemable preferred shares, Series A and Series C, are listed for trading on the Toronto Stock Exchange under the symbols "BIR", "BIR.PR.A" and "BIR.PR.C", respectively.


News Article | May 10, 2017
Site: globenewswire.com

Exceeded Guidance for Bookings and Adjusted Free Cash Flow; In-Line on All Other Metrics BURLINGTON, Mass., May 10, 2017 (GLOBE NEWSWIRE) -- Avid® (NASDAQ:AVID) announced its first quarter 2017 financial results today, provided second quarter 2017 financial guidance and reaffirmed its guidance for the full year 2017. “We are pleased to have once again met or exceeded quarterly guidance for all of our metrics and delivered positive Free Cash Flow, which resulted in a sequential increase in our liquidity position,” said Louis Hernandez, Jr., Chairman and CEO of Avid. “In addition, the commercial agreement for Greater China that we signed with Jetsen during the quarter is further advancing our shift to recurring revenue, driving growth through guaranteed minimums and providing greater visibility with a larger backlog.” Mr. Hernandez continued, “Excluding Greater China, bookings grew 9% year-over-year on the strength of NEXIS, digital and recurring revenue bookings. The growth of recurring revenue bookings was driven by gains in subscription and maintenance, which continue to benefit from our strategy for enterprises and individuals. Execution of our efficiency program drove a 17% year-over-year reduction in Non-GAAP Operating Expenses, which, combined with revenue less impacted by pre-2011 amortization and elimination of implied PCS revenue, yielded an Adjusted EBITDA margin of 12% and Adjusted Free Cash Flow conversion of Adjusted EBITDA of 52%.” “As we reach the closing stages of our transformation, I am proud of the strategic, operational and financial achievements that we have made. This work has ensured that Avid is ready to fully capitalize on the growth opportunities made available by its Cloud strategy, including leveraging the Strategic Cloud Alliance announced with Microsoft last month at Avid Connect, our annual customer event.” Mr. Hernandez concluded. Avid’s second quarter 2017 financial guidance is set forth in the table below. “We are pleased to reaffirm our full year 2017 guidance and provide Q2 2017 guidance, which demonstrates a continued improvement in the conversion of bookings to revenue, significant year-over-year reduction in non-GAAP operating expenses, healthy EBITDA margin and Adjusted Free Cash Flow that is approximately neutral at the mid-point, a considerable improvement from a year ago. We continue to be encouraged by the financial performance resulting from Avid’s transformation and remain focused on delivering a predictable financial model which generates cash and can scale as Avid transitions to its next phase of growth,” said Brian E. Agle, Avid’s Senior Vice President and Chief Financial Officer. All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the tables above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward Looking Statements” below as well as the Avid Technology Fourth Quarter and Full Year 2016 Business Update presentation posted on Avid’s investor relations website. Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Free Cash Flow, non-GAAP Operating Income (loss), non-GAAP Operating Expenses, non-GAAP Gross Margin, Adjusted EBITDA margin and Adjusted Free Cash Flow conversion of Adjusted EBITDA. The Company also includes the operational metrics of bookings, revenue backlog and recurring revenue bookings in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial information is reported based on actual exchange rates.  Definitions of the non-GAAP financial measures are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures in this release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of the operational metrics. The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, non-GAAP Operating Expenses and Adjusted Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures were not included in the earnings release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A conference call to discuss Avid's financial results for the first quarter 2017 will be held on Wednesday, May 10, 2017 at 8:30 a.m. ET. The call will be open to the public and can be accessed by dialing 719-325-2278 and referencing confirmation code 2768857. You may also listen to the call on the Avid Investor Relations website. To listen via the website, go to the events tab at ir.avid.com for complete details prior to the start of the conference call. A replay of the call will also be available on the Avid Investor Relations website shortly after the completion of the call. Certain information provided in this press release, including the tables attached hereto, include forward-looking statements that involve risks and uncertainties, including projections and statements about our anticipated plans, objectives, expectations and intentions. Among other things, this press release includes estimated results of operations for 2017, which estimates are based on a variety of assumptions about key factors and metrics that will determine our future results of operations, including, for example, anticipated market uptake of new products, realization of identified efficiency programs and market based cost inflation.  Other forward-looking statements include, without limitation, statements based upon or otherwise incorporating judgments or estimates relating to future performance such as future operating results and expenses; earnings; bookings; backlog; revenue backlog conversion rate; product mix and free cash flow; our long-term and recent cost savings initiatives and the anticipated benefits therefrom; our future strategy and business plans; our product plans, including products under development, such as cloud and subscription based offerings; our liquidity and ability to raise capital and our liquidity. The projected future results of operations, and the other forward-looking statements in this release are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the effect on our sales, operations and financial performance resulting from: our liquidity; our ability to execute our strategic plan, including cost savings initiatives, and meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue, based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; the identified material weaknesses in our internal control over financial reporting; and the possibility of legal proceedings adverse to our company. Moreover, the business may be adversely affected by future legislative, regulatory or changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are set forth in our public filings with the SEC.  Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. About Avid Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films, to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Pro Tools®, Media Composer®, Avid NEXIS™, Interplay®, ProSet™ and RealSet™, Maestro™, PlayMaker™, and Sibelius®. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs. © 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, AirSpeed, MediaCentral, Media Composer, PhraseFind, Pro Tools, ScriptSync and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Entertainment Corp. which bears no responsibility for Avid products. Product features, specifications, system requirements and availability are subject to change without notice.


SACRAMENTO, Calif.--(BUSINESS WIRE)--Prism Technologies Group, Inc. (OTCQB: PRZM), (”Prism Group”) today announced that the Court of Appeals for the Federal Circuit (“Federal Circuit”) rejected a request by Sprint Spectrum LP d/b/a Sprint PCS (“Sprint”) for a rehearing of Sprint’s appeal of the patent infringement verdict in favor of its subsidiary, Prism Technologies LLC (“Prism LLC”). In June 2015, a jury in the United States District Court for the District of Nebraska found that the accused Sprint network systems and methods infringe multiple claims of U.S. Patent Nos. 8,387,155 and 8,127,345 and Prism LLC was awarded trial damages of $30 million. Prism LLC was also awarded $2 million in prejudgment interest and will be entitled to post-judgment interest in an amount to be determined. The Federal Circuit will issue its mandate on May 15, 2017, transferring jurisdiction of the case back to the District Court. Sprint, however, has until August 7, 2017 to appeal the case to the U.S. Supreme Court, which is not obligated to accept the appeal. The suit against Sprint (8:12-cv-123-LES-TDT) is the second of five patent infringement lawsuits filed by Prism LLC against wireless carriers in U.S. District Court for the District of Nebraska. As previously reported, in November 2014, Prism LLC settled on favorable terms with AT&T Wireless (8:12-cv-122-LES-TDT). In October 2015, a jury found that T-Mobile USA, Inc. did not infringe the asserted claims of U.S. Patent Nos. 8,387,155 and 8,127,345 (8:12-cv-124-LES-TDT), and both parties have appealed the decision to the Federal Circuit. The remaining suits against United States Cellular Corporation (8:12-cv-125-LES-SMB) and Cellco Partnership d/b/a Verizon Wireless (8:12-cv-126-LES-SMB) have been stayed pending the final resolution of the Sprint and T-Mobile appeals. Headquartered in Sacramento, CA, Prism Technologies Group, Inc. is the parent company of Prism Technologies, LLC, a Nebraska limited liability company headquartered in Omaha, Nebraska. This news release contains forward-looking statements, which include statements expressing the intent, belief or current expectations of Prism Group that are subject to significant risks and uncertainties, including, but not limited to, risks associated with the unpredictable nature of patent licensing and patent litigation. Unless legally required, Prism Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements should be considered in the context of these and other risk factors disclosed in Prism Group's Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission.


News Article | May 12, 2017
Site: www.prweb.com

According to the 2016 Department of Defense Survey of Active Duty Spouses, there is approximately a 23 percent unemployment rate among active duty spouses, and on average they spend five months looking for a new job.* Recognizing that military spouses who are in the job market crave flexibility to create their own hours and need a virtual office as a result of frequent military Permanent Change of Station (PCS) moves, home-based travel agency franchise Dream Vacations A CruiseOne Company partnered with Military Spouse magazine to host a contest for military spouses who want to enter the travel industry. This Military Spouse Appreciation Day, Fredericksburg, Va. resident and Army wife Stacy Evans has been awarded a free Dream Vacations franchise. “Being a military spouse is one of the hardest jobs there is. As a result of having spouses who serve in the military and spend extended periods of time away from home as well as require frequent career moves, military spouses are extremely resilient, well-traveled and have to be organized,” said Tim Courtney, CFE, vice president of franchise development and ambassador of veteran affairs. “These traits are the glue which keeps families together and also makes a successful franchise owner. We believe owning a travel franchise is one way military spouses can earn extra income, while having the flexibility of working from home.” Evans has an entrepreneurial background and in 2002 launched an internet company providing updated BIOS (Basic Input Output System) chips for desktop computers and sold it in 2009. That job afforded her the time to be a stay-at-home mom and in 2014 she decided she wanted to go back to work. In 2015 she graduated from the 61st Basic Police Academy and started working with the Animal Protection Unit shortly after. Due to the long hours and commute resulting in many hours away from home, she decided to find a home-based business opportunity that gives her the flexibility to be there for her kids. “When my friend shared the link to the Dream Vacations Franchise contest on Facebook, I thought, that would be a perfect fit for me,” said Evans. “I truly believe everyone should have a hobby or activity just for them that brings them happiness. I’d want a business that would be portable if we were to move again. A business doing something that I enjoy.” Candidates participated in a phone interview and wrote a brief essay describing why owning a home-based travel franchise would be a valuable opportunity for their family. Twenty finalists were identified, with one final winner. The grand prize is valued at $12,700 and includes a complimentary Dream Vacations franchise and weeklong franchise training at the Dream Vacations’ state-of-the-art world headquarters in Fort Lauderdale, Fla. In addition to the waived $9,800 initial start-up fee and monthly service fees, Evans will be reimbursed up to $500 for travel and receive complimentary accommodations during the weeklong training. Following training, Evans will be able to take the business on the road if her husband is relocated. Dream Vacations has a “5-Star Ranking” as a member of the International Franchise Association’s (IFA) VetFran initiative. Committed to giving back to the military community, Dream Vacations hosts “Operation Vetrepreneur,” an annual contest which awards five franchises to veterans; gives a 20 percent discount off the franchise fee; and offers additional discounts for hiring former members of the U.S. military or active-duty military spouses as associates. Dream Vacations has received many national accolades as a franchise opportunity for veterans. It’s military-friendly awards include a number one ranking the past three years in a row by Military Times in its “Best for Vets: Franchises” list, inclusion on G.I. Jobs annual “Hot Franchises for Veterans” the past six years and recognition by MSC Cruises in its first-ever Seaside Salute Award. Additional accolades include being named “Top 10 Military Friendly Franchise” by Forbes, “Top Veteran-Friendly Franchise” by Entrepreneur and U.S. Veterans magazines and inclusion on USA Today’s “50 Top Franchises for Military Veterans.” Military spouses and others who have a passion for travel and entrepreneurism who are interested in opening a Dream Vacations travel franchise, please visit http://www.DreamVacationsFranchise.com or call 888-249-8235. Dream Vacations A CruiseOne Company is part of World Travel Holdings, the world’s largest cruise agency and award-winning leisure travel company. As an experiential brand, Dream Vacations is the only travel franchise opportunity to have a name that speaks to the variety of vacation experiences its franchisees sell. With unrivaled buying power, franchisees can provide competitive prices and exclusive offers when selling memorable vacation experiences such as cruises, resort stays and land tours. For more information on Dream Vacations, visit DreamVacationsFranchise.com. Like Dream Vacations on Facebook at Facebook.com/DreamVacationsFranchise, and follow on Twitter at @Dream_Franchise.


News Article | May 10, 2017
Site: globenewswire.com

Exceeded Guidance for Bookings and Adjusted Free Cash Flow; In-Line on All Other Metrics BURLINGTON, Mass., May 10, 2017 (GLOBE NEWSWIRE) -- Avid® (NASDAQ:AVID) announced its first quarter 2017 financial results today, provided second quarter 2017 financial guidance and reaffirmed its guidance for the full year 2017. “We are pleased to have once again met or exceeded quarterly guidance for all of our metrics and delivered positive Free Cash Flow, which resulted in a sequential increase in our liquidity position,” said Louis Hernandez, Jr., Chairman and CEO of Avid. “In addition, the commercial agreement for Greater China that we signed with Jetsen during the quarter is further advancing our shift to recurring revenue, driving growth through guaranteed minimums and providing greater visibility with a larger backlog.” Mr. Hernandez continued, “Excluding Greater China, bookings grew 9% year-over-year on the strength of NEXIS, digital and recurring revenue bookings. The growth of recurring revenue bookings was driven by gains in subscription and maintenance, which continue to benefit from our strategy for enterprises and individuals. Execution of our efficiency program drove a 17% year-over-year reduction in Non-GAAP Operating Expenses, which, combined with revenue less impacted by pre-2011 amortization and elimination of implied PCS revenue, yielded an Adjusted EBITDA margin of 12% and Adjusted Free Cash Flow conversion of Adjusted EBITDA of 52%.” “As we reach the closing stages of our transformation, I am proud of the strategic, operational and financial achievements that we have made. This work has ensured that Avid is ready to fully capitalize on the growth opportunities made available by its Cloud strategy, including leveraging the Strategic Cloud Alliance announced with Microsoft last month at Avid Connect, our annual customer event.” Mr. Hernandez concluded. Avid’s second quarter 2017 financial guidance is set forth in the table below. “We are pleased to reaffirm our full year 2017 guidance and provide Q2 2017 guidance, which demonstrates a continued improvement in the conversion of bookings to revenue, significant year-over-year reduction in non-GAAP operating expenses, healthy EBITDA margin and Adjusted Free Cash Flow that is approximately neutral at the mid-point, a considerable improvement from a year ago. We continue to be encouraged by the financial performance resulting from Avid’s transformation and remain focused on delivering a predictable financial model which generates cash and can scale as Avid transitions to its next phase of growth,” said Brian E. Agle, Avid’s Senior Vice President and Chief Financial Officer. All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the tables above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward Looking Statements” below as well as the Avid Technology Fourth Quarter and Full Year 2016 Business Update presentation posted on Avid’s investor relations website. Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Free Cash Flow, non-GAAP Operating Income (loss), non-GAAP Operating Expenses, non-GAAP Gross Margin, Adjusted EBITDA margin and Adjusted Free Cash Flow conversion of Adjusted EBITDA. The Company also includes the operational metrics of bookings, revenue backlog and recurring revenue bookings in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial information is reported based on actual exchange rates.  Definitions of the non-GAAP financial measures are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures in this release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of the operational metrics. The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, non-GAAP Operating Expenses and Adjusted Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures were not included in the earnings release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts. A conference call to discuss Avid's financial results for the first quarter 2017 will be held on Wednesday, May 10, 2017 at 8:30 a.m. ET. The call will be open to the public and can be accessed by dialing 719-325-2278 and referencing confirmation code 2768857. You may also listen to the call on the Avid Investor Relations website. To listen via the website, go to the events tab at ir.avid.com for complete details prior to the start of the conference call. A replay of the call will also be available on the Avid Investor Relations website shortly after the completion of the call. Certain information provided in this press release, including the tables attached hereto, include forward-looking statements that involve risks and uncertainties, including projections and statements about our anticipated plans, objectives, expectations and intentions. Among other things, this press release includes estimated results of operations for 2017, which estimates are based on a variety of assumptions about key factors and metrics that will determine our future results of operations, including, for example, anticipated market uptake of new products, realization of identified efficiency programs and market based cost inflation.  Other forward-looking statements include, without limitation, statements based upon or otherwise incorporating judgments or estimates relating to future performance such as future operating results and expenses; earnings; bookings; backlog; revenue backlog conversion rate; product mix and free cash flow; our long-term and recent cost savings initiatives and the anticipated benefits therefrom; our future strategy and business plans; our product plans, including products under development, such as cloud and subscription based offerings; our liquidity and ability to raise capital and our liquidity. The projected future results of operations, and the other forward-looking statements in this release are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the effect on our sales, operations and financial performance resulting from: our liquidity; our ability to execute our strategic plan, including cost savings initiatives, and meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue, based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; the identified material weaknesses in our internal control over financial reporting; and the possibility of legal proceedings adverse to our company. Moreover, the business may be adversely affected by future legislative, regulatory or changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are set forth in our public filings with the SEC.  Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. About Avid Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films, to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Pro Tools®, Media Composer®, Avid NEXIS™, Interplay®, ProSet™ and RealSet™, Maestro™, PlayMaker™, and Sibelius®. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs. © 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, AirSpeed, MediaCentral, Media Composer, PhraseFind, Pro Tools, ScriptSync and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Entertainment Corp. which bears no responsibility for Avid products. Product features, specifications, system requirements and availability are subject to change without notice.

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