News Article | February 15, 2017
SurgiCode LLC, an innovator in cloud-based medical code search systems, launches SurgiCode PCS. After years of coding, programming, research, and testing, the most powerful ICD-10 PCS code search system ever developed is now available in its pre-launch beta test. The code search system, SurgiCode PCS, is available as a software subscription service through the company's website at http://www.surgicodeusa.com. According to RAND Corporation’s study “The Costs and Benefits of Moving to the ICD-10 Code Sets” dated March 2004 http://www.rand.org/content/dam/rand/pubs/technical_reports/2004/RAND_TR132.pdf the benefits and costs of switching from ICD-9 codes for diagnoses and procedures to ICD-10-CM and ICD-10-PCS, ICD-10 coding allows for more accurate payment for new procedures, fewer rejected claims, fewer fraudulent claims, a better understanding of new procedures and improved disease management. As stated in the full report, “Most observers believe that ICD-10-CM and ICD-10-PCS are technically superior to their ICD-9-CM counterparts. If nothing else, they represent the state of knowledge of the 1990s rather than of the 1970s. They have also been deemed more logically organized, and they are unquestionably more detailed—by a factor of two in diagnoses (and twenty for injuries) and by a factor of fifty in procedures.“ An increase by a factor of 50 in the number of procedure codes available increases the accuracy of coding possible, but also increases the difficulty of the coding task performed by medical coders and billers. SurgiCode was created to address this performance gap, improve coder efficiency and ultimately improve reimbursement. SurgiCode takes the nearly incomprehensible language and structure of ICD-10 PCS and makes it easy to use...no small feat. The goal was to create a program so powerful that the user would be able to simply type in the name of the operation directly from a surgeon’s operative report and get the correct ICD-10 PCS code. According to Dr. Stephen Kerr, the surgeon who pioneered the system, “In order to accomplish this a number of things had to happen; Create a comprehensive list of all surgical procedures performed in a hospital operating room setting; Individually code each unique procedure into ICD-10 PCS (more than 8500 procedures and growing); Give each operation an easily identifiable name, one that both surgeons and coders alike would be able to recognize, and lastly and perhaps most importantly; Develop a surgical terminology ‘thesaurus’ for each and every unique operation, which includes any potential alternate terminology (herniorrhaphy vs hernia repair), Named operations (Hartmann’s procedure, Nissen fundoplication) and some abbreviations as well (CABG, PTCA, IABP, lap choli).” The result of this effort is the most powerful and easy to use ICD-10 PCS search program ever developed. With SurgiCode PCS, medical coders and billers enter the operation performed from the operative report, click search, and instantly receive the ICD-10 procedure code. No more having to navigate online decision trees or offline coding books. With SurgiCode PCS, practitioners involved in medical coding and billing can now get accurate codes, lighting fast. Interested medical coders and billers are encouraged to visit http://www.surgicodeusa.com to register for a free trial today. About SurgiCode, LLC. SurgiCode, LLC., provides cloud-based software services for matching standard medical terminology and procedures to diagnosis and procedural billing codes. Hospitals and medical practices survive on the shoulders of medical coders and billers. SurgiCode’s mission is to improve the experiences and efficiencies surrounding medical coding and billing practices. For more information, visit the company’s website at http://www.surgicodeusa.com on Facebook at http://www.facebook.com/surgicodeusa or follow Surgicode USA on Twitter at @SurgiCode or on LinkedIn at http://www.linkedin.com/company/surgicode-usa About RAND Corporation The RAND Corporation is a nonprofit research organization providing objective analysis and effective solutions that address the challenges facing the public and private sectors around the world. Learn more at http://www.rand.org About In spring 2003, the National Committee on Vital and Health Statistics (NCVHS) asked the RAND Corporation to conduct a study of the benefits and costs of switching from ICD-9- CM (International Classification of Diseases, 9th Revision, Clinical Modification) codes for diagnoses and procedures to code sets based on the 10th revision of ICD: ICD-10-CM and ICD-10-PCS (International Classification of Diseases, 10th Revision, Procedure Classification System). This technical report presents RAND’s first-order analysis of the benefits and costs of mandating such a switch (of both codes—either simultaneously or sequentially). View the full report.
News Article | February 15, 2017
Nominations are in for nearly 500 nominees for the 2017 Armed Forces Insurance Military Spouse of the Year® award presented by Military Spouse Magazine. All Americans are encouraged to meet the men and women now and VOTE February 2-9 to determine this year’s base winners across Army, Marine Corps, Air Force, Navy, Coast Guard and National Guard branches of service. Candidates for this this nationally recognized, prestigious award can be viewed at http://msoy.militaryspouse.com/vote. Individual Base- and Branch-level winners will be selected through a combination of voting results open to all Americans and a judges’ panel. Last year, thousands of people participated in voting, resulting in a Spouse of the Year from 184 bases and 9 Coast Guard districts. The 2017 Base winners will be announced Monday, February 13, followed by the Top 18 announced on Wednesday, February 15. “This year we celebrate our tenth anniversary of the MSOY program and couldn’t be prouder of the hundreds of military spouses who have been nominated for their dedication to our military communities and to America,” said Suzie Schwartz, President of Military Spouse Programs. The 2017 Armed Forces Insurance Military Spouse of the Year® award recognizes the vital role played by the force behind our nation’s service members: Military Spouses. These men and women and their families are our nation’s volunteers in many ways that civilians never take into account. They have volunteered to serve as the voice for their service members, communities and families while facing unique challenges associated with military life. In every way military spouses are making important contributions to America and its protection and defense. Branch and final voting will take place in late February and March, with the 2017 Armed Forces Insurance Military Spouse of the Year® being recognized during a live V.I.P. event and award ceremony hosted in Washington DC this May. “It has been an honor for Armed Forces Insurance (AFI) to have sponsored the award over the last 10 years. We’ve formed a lifelong relationship with our amazing military spouse community. Their resilience, selfless service and dedication go beyond description. They are truly are the backbone of our Armed Forces and for that we are grateful,” said Lori Simmons, Chief Marketing Officer at Armed Forces Insurance. To learn more about the nominees and voting timeline, visit msoy.militaryspouse.com. About Military Spouse: Military Spouse is the leading destination for the nation's 1.1 million military spouses, who contribute to their communities, the military and each other every day. A division of Victory Media, Military Spouse provides online and print resources for military families on PCS, careers, education opportunities and family life. Follow us on Facebook and Twitter. Founded in 2001, Victory Media is a service-disabled, veteran-owned small business (SDVOSB) that connects the military community to civilian employment, entrepreneurial and education opportunities through its G.I. Jobs®, Military Spouse, Vetrepreneur®, STEM JobsSM and Military Friendly® brands. Learn more at http://www.victorymedia.com. About Armed Forces Insurance: Armed Forces Insurance was founded in 1887 by military leaders with a single mission: to protect the property of those who protect our nation. The company provides premium quality, competitively priced property and casualty insurance to military professionals throughout the United States and overseas. Armed Forces Insurance understands that its members have unique circumstances and insurance needs, enabling the company to offer a level of personalized service that's unequalled in the industry. 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: Suzanne Treviño or Brian O’Malley, Gordon C. James PR, at 602-274-1988.
News Article | April 17, 2017
As a new family member of room-temperature aprotic metal–O batteries, Na–O batteries, are attracting growing attention because of their relatively high theoretical specific energy and particularly their uncompromised round-trip efficiency. Here, a hierarchical porous carbon sphere (PCS) electrode that has outstanding properties to realize Na–O batteries with excellent electrochemical performances is reported. The controlled porosity of the PCS electrode, with macropores formed between PCSs and nanopores inside each PCS, enables effective formation/decomposition of NaO by facilitating the electrolyte impregnation and oxygen diffusion to the inner part of the oxygen electrode. In addition, the discharge product of NaO is deposited on the surface of individual PCSs with an unusual conformal film-like morphology, which can be more easily decomposed than the commonly observed microsized NaO cubes in Na–O batteries. A combination of coulometry, X-ray diffraction, and in situ differential electrochemical mass spectrometry provides compelling evidence that the operation of the PCS-based Na–O battery is underpinned by the formation and decomposition of NaO . This work demonstrates that employing nanostructured carbon materials to control the porosity, pore-size distribution of the oxygen electrodes, and the morphology of the discharged NaO is a promising strategy to develop high-performance Na–O batteries.
News Article | May 4, 2017
Hitek Systems, a leading FPGA IP core development and FPGA / hardware design services firm, announced the availability of the industry leading Ultra Low Latency 10Gbps Ethernet FPGA IP Core solution integrated with the Solarflare® SFA7942Q ApplicationOnload™ Engine (AOE). The solution enables users developing low latency applications with Solaflare AOE platform to seamlessly integrate Hitek’s proven 10G FPGA IP core in their designs. 10G Ethernet MAC+PCS latencies as low as 24.8ns for transmit and 27.9ns for receive allows companies to target low latency applications like financial, high-frequency trading and high-performance computing. “We provide a fully ported, hardware verified, customer deployed ultra-low latency 10G FPGA IP Core option for the Altera Stratix V GX A7 application Accelerator FPGA on Solarflare AOE,” says Tariq Muhammad, President of Hitek Systems. “The design supports two different port configurations, 2 x 10G and 8 x 10G, and includes pass through reference designs that are completely integrated with Solarflare’s Firmware Development Kit (FDK).” The Solarflare second generation AOE platform, SFA7942Q, is an optimal platform for processing of network data in real-time. It is a half-length PCie x8 Gen 3.0 card packed with memory and support for both 10G and 40G applications. In the near future, Hitek Systems will integrate their 40G Ethernet FPGA IP core with the Solarflare SFA7942Q platform to give customers a seamless path to developing industry leading real-time applications and products for 10G and 40G. Hitek Systems’ 10G FPGA IP Core itself can be targeted to both Intel Altera FPGA devices and Xilinx FPGA devices. Excluding device specific transceiver latency, the roundtrip latency in the core itself is only 52.7ns. The core additionally comes with a packet generator / checker for simulations and quick hardware validation. A Linux based GUI application is also provided for interfacing to the reference design. For more details please look at the Ultra-Low Latency 10G Ethernet FPGA IP core product brief or contact Hitek Systems. About Hitek Systems LLC: Hitek Systems LLC, located in Germantown, Maryland, is a privately held FPGA IP core development and FPGA / hardware design services company established in 2004. The company has a history of dedication and achievement by delivering state of the art products and hardware solutions to its customers in the data communication and test-equipment industry. Hitek’s FPGA IP Cores are designed to maximize performance and throughput with emphasis on minimum logic utilization. We provide extensive technical support to our customers during the integration and validation phase to ensure they are successful in achieving goals with minimum time to market. About Solarflare: Solarflare is the leading provider of application-intelligent networking I/O software and hardware platforms that accelerate, monitor and secure network data, and is the pioneer in high-performance, low-latency 10/40GbE server networking solutions. With over 1,400 global customers, the company's products are widely used in scale-out server environments such as electronic trading, high performance computing, cloud, virtualization and big data.
News Article | April 11, 2017
CHATSWORTH, Calif., April 11, 2017 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Yon Yoon Jorden has been unanimously elected as a new director of Capstone. “Capstone’s Nominating and Governance Committee conducted an extensive search for an executive who would further strengthen our board’s breadth of talent and experience, and is pleased to have identified such a highly qualified professional, who will bring a wealth of financial expertise with her to Capstone,” said Holly Van Deursen, Capstone’s Chairperson. “We are pleased to welcome Yon Yoon Jorden as a director, and look forward to the experience she brings with her as we continue our push towards profitability,” added Ms. Van Deursen. Ms. Jorden brings to the Capstone Board of Directors decades of extensive experience as both a Chief Financial Officer (CFO) as well as a board member spanning across various healthcare, technology and manufacturing industries and has served in all areas of corporate governance and finance including mergers and acquisitions, structuring IPOs, restructurings, and managing public debt and equity offerings. Ms. Jorden is a board leadership fellow of the National Association of Corporate Directors, demonstrating her leadership as a board member. Ms. Jorden is a current director for Maxwell Technologies (NASDAQ:MXWL); Methodist Health System; Dallas Symphony Association, and the World Affairs Council of Dallas–Fort Worth. Previously, Ms. Jorden served as a director for Magnatek, Inc.; U.S. Oncology, and BioScrip. During an impressive business career spanning more than 25 years, she has held the CFO position of four publicly traded companies, most recently as Executive Vice President (EVP) and CFO of Advance PCS. She previously served in the position of EVP and CFO of Informix Corporation. Before joining Informix Corporation, Ms. Jorden worked for Oxford Health Plans, Inc. as its Senior Vice President and CFO. “After careful consideration, I am delighted to have been elected to serve on the Capstone Board of Directors. Capstone has faced its share of macroeconomic challenges over the past two years but now appears to be making solid traction towards profitability. With a newly redesigned product offering, management’s focus on the geographical and market diversification, growing the service business and an organization-wide war on costs campaign, I am confident the foundation has been set to drive improving results going forward,” said Ms. Jorden. “I look to this new opportunity to offer my financial insight, strategic guidance, and experience in an effort to further reduce costs, improve efficiencies and assist in the success of the new Capstone Energy Finance joint venture,” added Ms. Jorden. Ms. Jorden is the second outside director appointed to the Capstone Board of Directors recently, as Mr. Paul DeWeese was appointed at last year's annual shareholder meeting in late August. Mr. DeWeese has brought Chief Executive Officer (CEO), strategic growth and acquisition experience to the Capstone Board and is assisting the company in improving its aftermarket parts, accessories and service business. Mr. DeWeese also brings over 19 years of experience in the oil and gas field services industry. He is a senior executive with vast experience running both public and private equity-backed companies which were both domestic and internationally headquartered. Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped approximately 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia. This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our Signature Series product offerings and our air bearing technology, diversification of our customer base, expansion of our geographic presence, and growth in the CHP and energy efficiency markets. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. "Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
News Article | May 4, 2017
EDINBURG, Va., May 04, 2017 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel”) (NASDAQ:SHEN) announces financial and operating results for the three months ended March 31, 2017. For the quarter ended March 31, 2017, the Company reported total revenues of $153.9 million, an increase of 66.2% compared to $92.6 million for the 2016 first quarter. While all segments reported revenue increases, the Wireless segment had the largest increase due to the nTelos acquisition and exchange transaction with Sprint completed on May 6, 2016. The integration of nTelos’ operations and the transition of its assets and customers continue to move forward as expected, with Shentel currently ahead of its schedule on the migration of nTelos customers to the Sprint platform and on track with the progress of its network upgrade. Wireless service revenues increased 107.3% as a result of increases in average postpaid and prepaid subscribers of 128% and 69%, respectively. Cable segment revenues increased 9.7% due to a 2.2% increase in average Revenue Generating Units (RGUs), video price increases to offset increases in programming costs, and new and existing customers selecting higher-speed data packages. Wireline segment revenues increased 4.2% due to increases in fiber and access contracts. Total operating expenses were $143.2 million in the first quarter of 2017 compared to $71.3 million in the prior year period. Operating expenses in the first quarter of 2017 included $4.5 million of integration and acquisition costs associated with the nTelos acquisition and exchange transaction with Sprint, with $3.8 million in the Wireless segment and $0.7 million in the Other segment. An additional $2.6 million of costs were incurred to operate and support the nTelos back office and billing functions until customers can migrate to Sprint platforms. This cost was included in cost of goods and services and selling, general and administrative expenses in the Wireless segment. For the quarter ended March 31, 2017, the Company reported net income of $2.3 million, compared to net income of $13.9 million in the first quarter of 2016. The decrease in net income is primarily the result of an increase in depreciation and amortization, straight-lining of certain Sprint fee credits, acquisition and integration related costs, and interest expense, all attributable to the nTelos acquisition and exchange transaction with Sprint. Adjusted OIBDA (Operating Income Before Depreciation and Amortization) increased 82.0% to $73.5 million in the first quarter of 2017 from $40.4 million in the first quarter of 2016, resulting primarily from the nTelos acquisition and exchange transaction with Sprint. Continuing OIBDA (Adjusted OIBDA less the benefit received from the waived Sprint management fee over the next six years) increased 59.8% to $64.6 million. Following the close of the first quarter, the Company announced the April 6, 2017 closing of its amended Affiliate agreement with Sprint, which expands its affiliate service territory by adding approximately 500,000 POPs in the Parkersburg, WV; Huntington, WV and Cumberland, MD basic trading areas (“BTAs”). Including this expansion, Shentel has authorization to serve over 6 million POPs in the mid-Atlantic region as a Sprint PCS Affiliate. Shentel has agreed to invest approximately $32 million over the next three years to upgrade and expand the existing wireless network in those regions. President and CEO Christopher E. French commented, “Our first quarter reflects a solid start to 2017, with revenue growth and Adjusted OIBDA increases achieved in all of our segments. The integration of customers and assets from the nTelos acquisition is proceeding as we expected and we’re pleased to be ahead of schedule migrating customers and combining operations. Just after the quarter closed, we announced the expansion of our affiliate relationship with Sprint, which significantly enhances our presence in the mid-Atlantic region and we’re excited to be adding new service areas that will improve customer experience and create shareholder value.” First quarter wireless service revenues increased $56.0 million or 107.3%, primarily related to the addition of approximately 560,000 postpaid and prepaid customers from the nTelos acquisition. Additionally, the segment benefitted from a reduction in the postpaid management fees retained by Sprint as part of our amended affiliate agreement with Sprint. Shentel had 717,150 wireless postpaid customers at March 31, 2017, up 127.5% over March 31, 2016, but down 5,412 in the quarter. Net additions in the Legacy area were 1,487, offset by net losses in the new areas of 6,899. Phone additions in the Legacy area were 2,122 or 143% of the net additions. First quarter postpaid churn was 2.05% for the total company and 1.56% in the Legacy area. The first quarter port in/port out ratio in the legacy area was 1.70:1, taking share from all carriers. As expected, the port in/port out ratio improved but continued to be negative in the acquired nTelos areas. There were 243,557 prepaid wireless customers at March 31, 2017, an increase of 101,018 compared to the first quarter of last year. Prepaid net additions for the first quarter of 2017 were 7,419. Total company first quarter prepaid churn was 4.86% and 4.81% in the Legacy area. During the first quarter, the Company migrated 28,555 postpaid nTelos customers to Sprint’s back office, for a total of 116,348 since the acquisition. As planned, the prepaid migration was completed in late December, and the outsourced prepaid billing arrangement was terminated. At the current pace, Shentel expects to complete migrating the remaining postpaid nTelos customers by the end of the third quarter 2017. First quarter Adjusted OIBDA in the Wireless segment was $61.4 million, an increase of 114.0% from the first quarter of 2016. Continuing OIBDA in the Wireless segment was $52.5 million, up $23.8 million from the first quarter of 2016. Mr. French continued, “The doubling of our customer base via the nTelos acquisition and the strategic expansion of our mid-Atlantic footprint have opened up ongoing opportunities for the growth of our Company. We have made significant progress on our plans to upgrade services and improve network reach and reliability, and when completed we believe we will be among the most competitive in terms of service plan and coverage in the markets in which we operate.” Service revenues in the Cable segment increased $2.1 million or 8.5% to $26.4 million, primarily due to 2.2% growth in average RGUs (the sum of voice, data, and video users) to 132,846 ending RGU’s as of March 31, 2017, video rate increases implemented in January 2017 to pass through programming cost increases, new and existing customers selecting higher speed data access packages and growth in the number of higher speed data and phone customers. Operating expenses remained essentially flat at $25.9 million in the first quarter of 2017. Operating income was $3.1 million compared to $0.6 million in the prior year, primarily due to the continued transformation of our Cable segment from a video focus to broadband. Adjusted OIBDA in the Cable segment for first quarter 2017 was $9.3 million, up 31.7% from $7.0 million in the first quarter of 2016. “We recognize the importance of providing our customers with a robust cable network that delivers high speed bandwidth as well as reliability. Our state of the art network meets these requirements and is gaining recognition in the marketplace among both new customers looking for a cable provider with the ability to consistently meet their high speed data needs and among our existing customers as they look to upgrade the alternatives available to them with their monthly subscription,” Mr. French stated. Revenue in the Wireline segment increased 4.2% to $19.2 million in the first quarter of 2016, as compared to $18.4 million in the first quarter of 2016. Carrier access and fiber revenue for the quarter was $12.7 million, an increase of 5.8% from the same quarter last year, primarily as a result of new fiber contracts. Operating expenses increased 6.0% or $0.8 million to $14.1 million for first quarter 2016, primarily due to costs to support new fiber contracts. Adjusted OIBDA in the Wireline segment for first quarter 2017 was $8.4 million, as compared to $8.3 million in first quarter 2016. Capital expenditures were $38.6 million in the first quarter of 2017 compared to $20.5 million in the comparable 2016 period. Cash and cash equivalents as of March 31, 2017 were $39.9 million, compared to $36.2 million at December 31, 2016. Total outstanding debt at March 31, 2017 totaled $849.0 million, net of unamortized loan costs, compared to $829.3 million as of December 31, 2016. At March 31, 2017, debt as a percent of total assets was 58%. The amount available to the Company through its revolver facility was $75.0 million. The Company will host a conference call and simultaneous webcast Thursday, May 4, 2017, at 10:00 A.M. Eastern Time. May 4, 2017 10:00 A.M. (ET) Dial in number: 1-888-695-7639 An audio replay of the call will be available approximately two hours after the call is complete, through May 12, 2017 by calling (855) 859-2056. Shenandoah Telecommunications Company (Shentel) provides a broad range of diversified communications services through its high speed, state-of-the-art network to customers in the Mid-Atlantic United States. The Company’s services include: wireless voice and data; cable video, internet and digital voice; fiber network and services; and regulated local and long distance telephone. Shentel is the exclusive personal communications service (“PCS”) Affiliate of Sprint in portions of Pennsylvania, Maryland, Virginia, West Virginia, and portions of Kentucky and Ohio. For more information, please visit www.shentel.com. This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen factors. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in the Company’s filings with the SEC. Those factors may include changes in general economic conditions, increases in costs, changes in regulation and other competitive factors. In managing our business and assessing our financial performance, management supplements the information provided by financial statement measures prepared in accordance with GAAP with Adjusted OIBDA and Continuing OIBDA, which are considered “non-GAAP financial measures” under SEC rules. Adjusted OIBDA is defined by us as operating income (loss) before depreciation and amortization, adjusted to exclude the effects of: certain non-recurring transactions; impairment of assets; gains and losses on asset sales; straight-line adjustments for the waived management fee by Sprint; amortization of the affiliate contract expansion intangible asset reflected as a contra revenue; actuarial gains and losses on pension and other post-retirement benefit plans; and share-based compensation expense. Adjusted OIBDA should not be construed as an alternative to operating income as determined in accordance with GAAP as a measure of operating performance. Continuing OIBDA is defined by us as Adjusted OIBDA, less the benefit received from the waived management fee by Sprint over the next approximately six-year period, showing Sprint’s support for our acquisition and our commitment to enhance the network. In a capital-intensive industry such as telecommunications, management believes that Adjusted OIBDA and Continuing OIBDA and the associated percentage margin calculations are meaningful measures of our operating performance. We use Adjusted OIBDA and Continuing OIBDA as supplemental performance measures because management believes they facilitate comparisons of our operating performance from period to period and comparisons of our operating performance to that of other companies by excluding potential differences caused by the age and book depreciation of fixed assets (affecting relative depreciation expenses) as well as the other items described above for which additional adjustments were made. In the future, management expects that the Company may again report Adjusted OIBDA and Continuing OIBDA excluding these items and may incur expenses similar to these excluded items. Accordingly, the exclusion of these and other similar items from our non-GAAP presentation should not be interpreted as implying these items are non-recurring, infrequent or unusual. While depreciation and amortization are considered operating costs under generally accepted accounting principles, these expenses primarily represent the current period allocation of costs associated with long-lived assets acquired or constructed in prior periods, and accordingly may obscure underlying operating trends for some purposes. By isolating the effects of these expenses and other items that vary from period to period without any correlation to our underlying performance, or that vary widely among similar companies, management believes Adjusted OIBDA and Continuing OIBDA facilitates internal comparisons of our historical operating performance, which are used by management for business planning purposes, and also facilitates comparisons of our performance relative to that of our competitors. In addition, we believe that Adjusted OIBDA and Continuing OIBDA and similar measures are widely used by investors and financial analysts as measures of our financial performance over time, and to compare our financial performance with that of other companies in our industry. Adjusted OIBDA and Continuing OIBDA have limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. These limitations include the following: In light of these limitations, management considers Adjusted OIBDA and Continuing OIBDA as a financial performance measures that supplement but do not replace the information reflected in our GAAP results. The following table shows Adjusted OIBDA for the three months ended March 31, 2017 and 2016: The following table reconciles Adjusted OIBDA and Continuing OIBDA to operating income, which we consider to be the most directly comparable GAAP financial measure, for the three months ended March 31, 2017 and 2016: The following tables reconcile Adjusted OIBDA and Continuing OIBDA to operating income by major segment for the three months ended March 31, 2017 and 2016: The following tables show selected operating statistics of the Wireless segment as of the dates shown: The changes from March 31, 2016 to December 31, 2016 shown above include the effects of the nTelos acquisition and the exchange with Sprint on May 6, 2016. The following table shows selected operating statistics of the Wireline segment as of the dates shown: The following table shows selected operating statistics of the Cable segment as of the dates shown: Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker. The Company has three reportable segments, which the Company operates and manages as strategic business units organized by lines of business: (1) Wireless, (2) Cable, and (3) Wireline. A fourth segment, Other, primarily includes Shenandoah Telecommunications Company, the parent holding company. The Wireless segment has historically provided digital wireless service to a portion of a four-state area covering the region from Harrisburg, York and Altoona, Pennsylvania, to Harrisonburg, Virginia, as a Sprint PCS Affiliate. With the May 6th acquisition of nTelos, the Company’s wireless service area expanded to include south-central and western Virginia, West Virginia, and small portions of Kentucky and Ohio. This segment also owns cell site towers built on leased land, and leases space on these towers to both affiliates and non-affiliated service providers. The Cable segment provides video, internet and voice services in Virginia, West Virginia and Maryland, and leases fiber optic facilities throughout southern Virginia and West Virginia. It does not include video, internet and voice services provided to customers in Shenandoah County, Virginia. The Wireline segment provides regulated and unregulated voice services, DSL internet access, and long distance access services throughout Shenandoah County and portions of Rockingham, Frederick, Warren and Augusta counties, Virginia. The segment also provides video and cable modem services in portions of Shenandoah County, and leases fiber optic facilities throughout the northern Shenandoah Valley of Virginia, northern Virginia and adjacent areas along the Interstate 81 corridor through West Virginia, Maryland and portions of central and southern Pennsylvania.
News Article | April 17, 2017
Palmetto Construction Services, LLC was selected as the general contractor for the Licking County, 65 East Main Street Renovations Project. Designed by Newark, Ohio based Wachtel McAnally Architects / Planners, the project will renovate and add space to the much needed support offices. “What an honor to be partnered with Wachtel McAnally and Licking County on such an exciting project to bring this beautiful but ageing building up to current standards that will last another 100 years,” stated PCS Principal Casey Cusack. The 4.2 million dollar project will begin immediately and complete in the spring of 2018. Palmetto Construction Services, LLC, is a full service general contractor serving the commercial and industrial industries. Having constructed over 350 projects, mainly for repeat customers, Palmetto has established itself as an industry leader in design/build, construction management, and general construction services, through self-performing much of the work themselves. Palmetto was recently identified as one of Central Ohio’s fasted growing businesses for the 2nd consecutive year and services their customers from offices in Columbus, Dallas, Houston, and Tampa. For more information, please visit: http://www.palmettobuilds.com
News Article | May 4, 2017
Pacific Computer Supply (PCS), with offices in Paso Robles and Mountain View, California, just celebrated more than 40 years of success. Expanding to Paso Robles computers and networks, PCS continues to offer an unparalleled selection of computer products from every leading manufacturer. Providing computer and information technology solutions nationwide since 1976, PCS began supporting Paso Robles computers and Central Coast business technology needs in 2012. “We work hard to provide clients with only the best products designed for years of excellent performance,” said owner and Central Coast Sales Manager John Sanchez. Pacific Computer Supply specializes in integrating hardware and software solutions for businesses of any size, including networking, hardware and software solutions and Paso Robles computer needs. Working with clients throughout the US and the Central Coast, PCS helps clients identify the best technology products and financial solutions. The company provides solutions for networks, data protection, security, backup, recovery and replication; data storage, servers, computers and peripherals, unified communications, disaster recovery, business continuity and more. The PCS online CNET store offers an inventory of more than 500,000 items that include systems, memory, network appliances, servers, peripherals, parts, warranty service and every major software publisher, including Adobe, Citrix, Microsoft, Unitrends, Veeam, Veritas and Vmware. Customers need not be intimidated by the number of products in the catalog. The PCS sales and service representatives work with each customer to help find the right products, volume discounts and licensing upgrades. Neither should clients be deterred by PCS client heavy-weights like Google, the US Department of Energy, the Veteran’s Administration Health Care System, Northrop Grumman, Stanford University, and the State of California. Over the years, PCS has worked with over 10,000 customers of all sizes and industries. Businesses served include agricultural, non-profit, property management, manufacturing, construction, legal and accounting companies. John Sanchez and his father founded PCS in 1976, at the beginning of the personal computer age. Originally the team manufactured daisy wheel and line printers in their garage, selling to federal credit unions across the US. Today, John is proud to carry on the tradition of offering excellent products, service and support that established the company as an industry leader over the last four decades.
News Article | April 21, 2017
ELBA, Ala.--(BUSINESS WIRE)--The National Security Group, Inc. (NASDAQ:NSEC) released estimates of 2017 year to date spring storm losses incurred by property and casualty subsidiary National Security Fire & Casualty and a preliminary estimate of the impact of storm losses on first quarter results. Our property and casualty segment can be impacted by severe storm activity resulting in incurred losses and loss adjustment expenses primarily from tornado, wind and hail related damage. These storm systems or other natural disasters are classified as catastrophes (referred to as "cat events" or "catastrophe events" throughout the remainder of this document) by Property Claim Service (PCS) when these events cause $25 million or more in industry wide direct incurred losses and affect a significant number of policyholders. During the first quarter of 2017, National Security Fire & Casualty Company (NSFC) was impacted by eight catastrophe events which produced 731 claims with reported losses (including loss adjustment expenses) totaling $3,521,000. In comparison, NSFC was impacted by seven catastrophe events during the first quarter of 2016 leading to 385 claims totaling $1,447,000. The $2,074,000 increase in first quarter 2017 catastrophe losses compared to last year will adversely impact our first quarter financial results. While an active spring storm season is not unusual, higher than normal temperatures in January of 2017 led to an early start to the traditional "spring storm season" which usually leads to increases in storm activity in March, April and May. According to weather.com, January's tornado outbreak was the third largest outbreak during the winter months on record and caused extensive damage in the Southeastern U.S., primarily in the state of Georgia. While the claims incurred from 2017 cat events were widespread across our coverage area, incurred losses from these cat events heavily impacted Georgia, Alabama and Mississippi. Incurred losses from cat events impacting Georgia made up approximately 50% of all losses incurred from cat events in the first quarter of 2017. Furthermore, incurred losses from cat events impacting Alabama and Mississippi made up an additional 37% of all claims incurred from cat events in the first quarter of 2017. The unusually warm weather in the Southeastern U.S. led to an increase in both frequency and severity of storm related losses throughout the first quarter. The 731 catastrophe related claims incurred during the first quarter of 2017 averaged approximately $4,800 per claim; in comparison, the 385 catastrophe related claims in the first quarter of last year averaged approximately $3,800 per claim. Due to the negative impact of the cat losses, we expect to end the first quarter of 2017 with a consolidated net loss in the range of $300,000 to $450,000. We are scheduled to release first quarter financial results on May 12, 2017. In addition to the negative impact catastrophe events had on first quarter of 2017 results, we are also disclosing the following forward looking information. During the first week of April 2017, NSFC was impacted by two additional cat events. As of April 20, 2017, we have incurred 260 claims from these cat events totaling $1,013,000. While we are very early in the second quarter and mostly milder weather had prevailed over the past two weeks, these early catastrophe losses will reduce second quarter net income by approximately $669,000. The National Security Group, Inc. (NASDAQ Symbol: NSEC), through its property and casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in ten states. The Company writes primarily personal lines property coverage including dwelling fire and windstorm, homeowners and mobile homeowners lines of insurance. The Company also offers life, accident and health, supplemental hospital and cancer insurance products. The Company was founded in 1947 and is based in Elba, Alabama. Additional information about the Company, including additional details of recent financial results, can be found on our website: www.nationalsecuritygroup.com. Information about forward-looking statements Any statement contained in this report which is not a historical fact, or which might otherwise be considered an opinion or projection concerning the Company or its business, whether expressed or implied, is meant as and should be considered a forward-looking statement as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks, including but not limited to changes in market conditions, natural disasters and other catastrophic events, increased competition, changes in availability and cost of reinsurance, changes in governmental regulations, technological changes, political and legal contingencies and general economic conditions, as well as other risks and uncertainties more completely described in the Company’s filings with the Securities and Exchange Commission. If any of these assumptions or opinions proves incorrect, any forward-looking statements made on the basis of such assumptions or opinions may also prove materially incorrect in one or more respects and may cause future results to differ materially from those contemplated, projected, estimated or budgeted in such forward-looking statements.
News Article | May 8, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2017) - Millennial Lithium Corp. (TSX VENTURE:ML)(FRANKFURT:A3N2)(OTCQB:MLNLF) ("Millennial" or the "Company") is pleased to announce the appointment of Mr. Farhad Abasov as Chief Executive Officer and Director, Mr. Richard Lacroix as Director, and Dr. Peter J. MacLean as Senior Vice President - Technical Services. Graham Harris, Chairman of the Board, comments, "The current board and management are delighted to welcome Farhad, Peter and Richard to Millennial Lithium. Our ability to attract such industry professionals speaks volumes about the quality of our assets. We remain committed to continue building our management team and developing our Argentine brine assets for the benefit of our shareholders." Farhad Abasov, the CEO of the Company, comments, "We are excited to join Millennial Lithium at this stage of their development. I believe the Company is well positioned to benefit from the continuing lithium demand growth. I look forward to taking our lithium brine projects in Argentina to the next level of development and working very closely with our strong technical team in Canada and Salta Province in Argentina." Mr. Abasov has over 15 years of experience founding and managing natural resource companies. Most recently Mr. Abasov served as President & CEO of Allana Potash Corp., a potash development company which was sold to Israel Chemical Ltd. for $170M in 2015. Mr. Abasov was also the Executive Chairman of Rodinia Lithium, a company developing lithium brine assets in Argentina. Previous to Allana Mr. Abasov was a co-founder of Potash One which was acquired by German potash company K+S for $430M in 2010. Prior to Potash One Mr. Abasov was a Senior Vice President, Strategy at Energy Metals which was acquired by Uranium One for $1.8B in 2007. Mr. Abasov brings a unique skill set of leadership and proven ability to build strong shareholder value by successfully developing early stage assets. Mr. Lacroix has extensive experience in all aspects of potash mining, processing and marketing including 30+ years with Potash Corp. of Saskatchewan (PCS). Mr. Lacroix is a former Senior Vice President of PCS and former Director of Canpotex and former Chairman of Canpotex Bulk Terminals. Most recently Mr. Lacroix served as a Director for Allana Potash Corp. In addition to an extensive career in potash, Mr. Lacroix was involved in base metal mining operations in northern Canada and Ontario. Mr. Lacroix brings a wealth of experience in large-scale mining operations, product marketing, distribution and transportation. Dr. MacLean has over 25 years of exploration and development experience in North America, South America and Africa. Most recently Dr. MacLean acted as SVP-Exploration of Allana Potash Corp. and directed all exploration and development activities on its flagship Danakhil Potash Project in Ethiopia up to its takeover by ICL including managing the Company's Feasibility Study and overseeing pilot solution mining and evaporation pond trials. Dr. MacLean has also worked extensively on base metal and precious metal projects throughout the Americas and is fluent in Spanish. Dr. MacLean will work closely with Iain Scarr, Millennial's COO, to assist with the current development program of the Company's brine assets in Argentina. The appointments of Mr. Abasov and Mr. Lacroix as directors follow the resignations of Mr. Brian Morrison and Mr. Brent Butler as Directors. Millennial thanks Mr. Morrison and Mr. Butler for their efforts and contributions to date. Mr. Morrison will remain as a consultant to the Company. The appointment of Mr. Abasov as Chief Executive Officer follows the resignation of Mr. Kyle Stevenson as Chief Executive Officer. Mr. Stevenson will remain as President and director of the Company for the transition period. The Company would also like to report the granting, subject to regulatory acceptance, of 900,000 incentive stock options to certain officers, directors, consultants and employees of the Company (the "Options"). The Options have a term of 5 years and are exercisable at a price of $1.40 per common share. To find out more about Millennial Lithium Corp., please contact investor relations at (604) 662-8184 or email email@example.com. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 an applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.