News Article | February 14, 2017
OAKBROOK TERRACE, Ill. and ZURICH, Switzerland, Feb. 14, 2017 (GLOBE NEWSWIRE) -- VASCO Data Security International, Inc. (NASDAQ:VDSI), a global leader in digital solutions including identity, security and business productivity, today reported financial results for the fourth quarter and full-year 2016. "Our fourth quarter and full-year results reflect our continuing progress in transforming VASCO into a more software-based business. Strong growth in demand for our software-based solutions, including double-digit growth for our e-signature solution, eSignLive™, and more than 100% growth for our mobile security solution, DIGIPASS for Apps® partially offset the decline in demand for our hardware products," said T. Kendall Hunt, VASCO Chairman & CEO. "We are pleased with the sustained high rate of growth in our software business which reflects our success in executing our long term strategy of having the majority of our revenue derived from software providing VASCO with a more reliable and predictable revenue stream and solutions that we believe will be in high demand." Revenue from continuing operations for the fourth quarter of 2016 decreased 6.5% to $47.6 million from $50.9 million in the fourth quarter of 2015, and for the full year 2016, decreased 20.3% to $192.3 million from $241.4 million in 2015. Net income from continuing operations for the fourth quarter of 2016 was $5.0 million, or $0.13 per fully diluted share, an increase of $1.6 million, or 44.7% from $3.5 million, or $0.09 per fully diluted share, for the fourth quarter of 2015. Net income from continuing operations for the full-year 2016 was $10.6 million, or $0.27 per diluted share, a decrease of $31.6 million, or 75.0%, from $42.2 million, or $1.06 per diluted share for the full-year 2015. Operating income from continuing operations for the fourth quarter of 2016 was $2.2 million, a decrease of $3.0 million, or 57.6%, from $5.2 million reported for the fourth quarter of 2015. Operating income from continuing operations for the full-year of 2016 was $9.6 million, a decrease of $40.9 million, or 81.0%, from $50.5 million reported for the full-year 2015. Operating income as a percentage of revenue for the fourth quarter and full-year 2016 was 4.6% and 5.0%, respectively compared to 10.2% and 20.9% for the comparable periods in 2015. Net income, which includes the impact of our discontinued operations, for the fourth quarter of 2016 was $5.0 million, or $0.13 per diluted share, an increase of $1.5 million, or 43.9%, from $3.5 million, or $0.09 per diluted share, for the fourth quarter of 2015. Net income for the full-year 2016 was $10.5 million, or $0.27 per diluted share, a decrease of $31.6 million, or 75.1%, from $42.2 million, or $1.06 per diluted share, for the full-year 2015. Non-GAAP net income from continuing operations, which excludes both long-term incentive compensation and amortization of intangible assets, for the fourth quarter of 2016 was $6.4 million, or $0.16 per fully diluted share, an increase of $0.4 million, or 6.0% from $6.0 million, or $0.15 per fully diluted share, for the fourth quarter of 2015. Non-GAAP net income from continuing operations for the full-year 2016 was $21.5 million, or $0.54 per fully diluted share, a decrease of $29.1 million, or 57.5% from $50.7 million, or $1.27 per fully diluted share for the full-year 2015. 1 An explanation of the use of non-GAAP measures is included below under the heading “non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in tables below. As a result of our growth in software services, revenue in the statements of operations for the three and twelve month periods ended December 31, 2015 and 2016 is presented as Product and License Revenue and Service and Other Revenue. Product and License Revenue includes hardware products and software licenses. Service and Other Revenue includes software as a service (“SaaS”) solutions, maintenance and support, and professional services. Similarly, costs of goods sold are presented consistent with these two categories. Costs of goods sold related to Service and Other Revenue were previously included in operating expenses. Prior periods have been adjusted to reflect the current presentation. Management considers the adjustments to be a correction of immaterial errors in prior periods. The adjustments are summarized below (in thousands, unaudited): Guidance for full-year 2017: VASCO is providing guidance for the full-year 2017 as follows: Conference Call Details In conjunction with this announcement, VASCO Data Security International, Inc. will host a conference call today, February 14, 2017, at 4:30 p.m. EST/22:30h CEST. During the conference call, Mr. Ken Hunt, Chairman and CEO, Mr. Scott Clements, President and COO, and Mr. Mark Hoyt, CFO, will discuss VASCO’s results for the fourth quarter and full-year 2016 and guidance for the full-year 2017. To participate in this conference call, please dial one of the following numbers: Please mention VASCO to be connected to the Conference Call. The Conference Call is also available in listen-only mode on ir.vasco.com. The recorded version of the Conference Call will be available on the VASCO website as soon as possible following the call and will be available for reply for at least 60 days. About VASCO VASCO is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, healthcare and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO solutions to protect their online, mobile, and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empowers businesses by incorporating identity, fraud prevention, electronic and transaction signing, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter, LinkedIn and Facebook. Forward Looking Statements: This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, without limitation the guidance for full year 2017. These forward-looking statements (1) are identified by use of terms and phrases such as “expect”, “believe”, “will”, “anticipate”, “emerging”, “intend”, “plan”, “could”, “may”, “estimate”, “should”, “objective”, “goal”, “possible”, “potential”, “project” and similar words and expressions, but such words and phrases are not the exclusive means of identifying them, and (2) are subject to risks and uncertainties and represent our present expectations or beliefs concerning future events. VASCO cautions that the forward-looking statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These risks, uncertainties and other factors have been described in our Annual Report on Form 10-K for the year ended December 31, 2015 and include, but are not limited to, (a) risks of general market conditions, including currency fluctuations and the uncertainties resulting from turmoil in world economic and financial markets, (b) risks inherent to the computer and network security industry, including rapidly changing technology, evolving industry standards, increasingly sophisticated hacking attempts, increasing numbers of patent infringement claims, changes in customer requirements, price competitive bidding, and changing government regulations, and (c) risks specific to VASCO, including demand for our products and services, competition from more established firms and others, pressures on price levels and our historical dependence on relatively few products, certain suppliers and certain key customers. These risks, uncertainties and other factors include VASCO’s ability to integrate eSignLive into the global business of VASCO successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the revenue synergies, cost savings and other economic benefits that VASCO anticipates as a result of this acquisition are not fully realized or take longer to realize than expected. Thus, the results that we actually achieve may differ materially from any anticipated results included in, or implied by these statements. Except for our ongoing obligations to disclose material information as required by the U.S. federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures The Company reports its financial results in accordance with GAAP, but Company management also evaluates its performance using certain non-GAAP operating metrics, namely EBITDA, non-GAAP Net Income and non-GAAP Diluted EPS. The Company’s management believes that these measures provide useful supplemental information regarding the performance of our business and facilitates comparisons to our historical operating results. The Company also believes these non-GAAP operating metrics provide additional tools for investors to use to compare its business with other companies in its industry. These non-GAAP measures are not measures of performance under GAAP and should not be considered in isolation, as alternatives or substitutes for the most directly comparable financial measures calculated in accordance with GAAP. While we believe that these non-GAAP measures are useful within the context described below, they are in fact incomplete and are not a measure that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business, and how taxes affect the final amounts that are or will be available to shareholders as a return on their investment. Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial measures are found below. EBITDA We define EBITDA as net income from continuing operations before interest, taxes, depreciation and amortization. We use EBITDA as a simplified measure of performance for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation and amortization we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers’ requirements and were either made in prior periods (e.g., depreciation and amortization), or deal with the structure or financing of the business (e.g., interest) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find the comparison of our results to those of our competitors is facilitated when we do not consider the impact of those items on our competitors’ results. Non-GAAP Net Income & Non-GAAP Diluted EPS We define non-GAAP Net Income and non-GAAP Diluted EPS, as net income or EPS from continuing operations before the consideration of long-term incentive compensation expenses and the amortization of purchased intangible assets. We use these measures to assess the impact of our performance excluding items that can significantly impact the comparison of our results between periods and the comparison to competitors. Long-term incentive compensation for management and others is directly tied to performance and this measure allows management to see the relationship of the cost of incentives to the performance of the business operations directly if such incentives are based on that period’s performance. To the extent that such incentives are based on performance over a period of several years, there may be periods which have significant adjustments to the accruals in the period but which relate to a longer period of time, and which can make it difficult to assess the results of the business operations in the current period. In addition, the Company’s long-term incentives generally reflect the use of restricted stock grants or cash awards while other companies may use different forms of incentives the cost of which is determined on a different basis, which makes a comparison difficult. We also exclude amortization of purchased intangible assets as we believe the amount of such expenses in any given period may not be correlated directly to the performance of the business operations and that such expenses can vary significantly between periods as a result of new acquisitions, the full amortization of previously acquired intangible assets or the write down of such assets due to an impairment event. However, purchased intangible assets contribute to current and future revenue and related amortization expense will recur in future periods until expired or written down. Finally, we make a tax adjustment based on the above adjustments resulting in an effective tax rate on a non-GAAP basis, which may differ from the GAAP tax rate. We believe the effective tax rates we use in the adjustment are reasonable estimates of the overall tax rates for the Company under its global operating structure. Copyright © 2017 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO®, DIGIPASS®, CRONTO®, and eSignLive™ are registered or unregistered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH, or Silanis Technology Inc. in the U.S. and other countries.
News Article | February 16, 2017
Leading 5G Organizations in Korea and the Americas Agree to Cooperation BELLEVUE, WA and SEOUL, SOUTH KOREA--(Marketwired - February 16, 2017) - 5G Americas, a trade association that is the voice of 5G and LTE for the Americas and the 5G Forum Korea, a group that aims to become the leading force in the development of next-generation communications technology announced a Memorandum of Understanding (MOU) today for cooperation in next-generation (5G) mobile communications. Chris Pearson, President of 5G Americas stated, "To reach the objectives of 5G technology, the industry should continue to invest in mutually beneficial partnerships that will in turn enable further innovation for the large and diverse mobile wireless ecosystem." The MOU, signed by Chris Pearson, President of 5G Americas and Professor Youngnam Han, Executive Committee Chairman of the 5G Forum outlines ways the organizations can collaborate on 5G. The MoU specifically highlights many areas of possible cooperation affecting the next generation mobile network ecosystem including spectrum requirements, technology analysis and global standardization trends. 5G Americas and the 5G Forum each have independent 5G work programs that will continue to contribute on their own to the global development of Next Generation Mobile Networks. The 5G standard is principally being developed at the Third-Generation Partnership Project (3GPP) with the initial phase, named Release 15, expected to be completed by June of 2018 and the second phase, named Release 16, expected to be completed by December of 2019. The International Telecommunication Union (ITU) will review and evaluate 5G standards under their IMT-2020 process. Youngnam Han, Executive Committee Chairman of 5G Forum, commented, "Cooperation between leading 5G wireless organizations throughout the world is vital to the success of the next generation mobile ecosystem that the industry envisions. The 5G Forum looks forward to working with 5G Americas." The two organizations are currently under an MOU with three other global associations in the creation of a bi-annual "Global 5G Event" that includes 5G-PPP in the European Union, 5GMF in Japan and IMT-2020 in China. The event was initially hosted in Beijing by IMT-2020 in June 2016 with the second event in Rome hosted by 5G PPP in November 2016; the 2017 event will be hosted on May 24 and 25 by 5GMF in Japan. The Global 5G Event is a further opportunity to collaborate and educate global leaders regarding the status of the development and trials for 5G. About 5G Americas: The Voice of 5G and LTE for the Americas 5G Americas is an industry trade organization composed of leading telecommunications service providers and manufacturers. The organization's mission is to advocate for and foster the advancement and full capabilities of LTE wireless technology and its evolution beyond to 5G, throughout the ecosystem's networks, services, applications and wirelessly connected devices in the Americas. 5G Americas is invested in developing a connected wireless community while leading 5G development for all the Americas. 5G Americas is headquartered in Bellevue, Washington. More information is available at www.5gamericas.org. Follow our news on Twitter at @5GAmericas and Facebook at www.facebook.com/5gamericas. 5G Americas' Board of Governors members include: América Móvil, AT&T, Cable & Wireless, Cisco, CommScope, Entel, Ericsson, Hewlett Packard Enterprise (HPE), Intel, Kathrein, Mitel, Nokia, Qualcomm, Sprint, T-Mobile US, Inc. and Telefónica. 5G Forum, which was established on May 2013 in Korea, is a non-profit organization with the aim of globally leading and promoting 5G toward the year 2020. The scope/objectives of the 5G Forum are to develop vision and service, to study spectrum aspects, to identify potential technologies, to collaborate for global harmonization and to bridge between industries and government. 5G Forum provides a public partnership platform for the promotion of 5G mobile communication with members from wireless industries, research institutes, and academia including global companies and organizations. More information is available at www.5gforum.org/eng. Currently, the 5G Forum consists of Board Members: SK Telecom, KT, LG U+, Samsung, LG Electronics, Ericsson-LG, LIMEI, KMW, ETRI (Electronics and Telecommunications Research Institute). Other 5G Forum members include: GiGA Korea Foundation, Ace Technology, Anritsu, Contela, Daejeon TechnoPark, GERi (Gumi Electronics & Information Technology Research Institute), GSI, Huawei, Innowireless, Intel, InterDigitalL, Keysight Technologies, KTL (Korea Testing Laboratory), Daegu TechnoPark, National Instruments, Nokia, Qualcomm, Rohde & Schwarz, Samhwa Yangheng, WILUS (Wilus Institute of Standards & Technology), U-Tel and CEST (Center for Embedded Software Technology).
News Article | February 27, 2017
Copenhagen, Denmark; February 27, 2017 – Genmab A/S (Nasdaq Copenhagen: GEN) summons the Annual General Meeting on Tuesday, March 28, 2017 at 2:00 PM CEST at the Tivoli Hotel & Congress Center, Arni Magnussons Gade 2-4, DK-1577 Copenhagen V, Denmark. 1. Report by the Board of Directors on the Company’s activities during the past year. 2. Presentation and adoption of the audited Annual Report 2016 and resolution to discharge the Board of Directors and the Executive Management from liability. 3. Resolution on the distribution of profits as recorded in the adopted Annual Report. 4. Election of members of the Board of Directors. 6. Proposals from the Board of Directors: (a) Amendment of the general guidelines for incentive-based remuneration of the Board of Directors and the Executive Management. (b) Approval of remuneration to the Board of Directors for 2017. (c) Amendment of Article 5 of the Company's Articles of Association on authorization to issue warrants. (d) Insertion of a new Article 17 in the Company's Articles of Association on language of company announcements. 7. Authorization of the chairman of the General Meeting. It is proposed to take note of the report of the Board of Directors. It is proposed to adopt the audited Annual Report and to grant discharge to the Board of Directors and the Executive Management. It is proposed that the profit of DKK 1,331 million for the accounting year 2016 be carried forward by transfer to the accumulated deficit. Pursuant to Article 12 of the Company’s Articles of Association, the members of the Board of Directors are elected for periods of one year. The election period for Mats Pettersson, Dr. Anders Gersel Pedersen, Pernille Erenbjerg, Dr. Burton G. Malkiel and Dr. Paolo Paoletti expires at this General Meeting. The Board of Directors proposes to re-elect Mats Pettersson, Dr. Anders Gersel Pedersen, Pernille Erenbjerg and Dr. Paolo Paoletti for a one-year period. Dr. Burton G. Malkiel does not stand for re-election. The Board of Directors further proposes that Rolf Hoffman and Deirdre P. Connelly are elected as new members of the Board of Directors for a one year period so that the Board of Directors is composed of six members elected by the General Meeting. About Mats Pettersson, B.Sc. Swedish, 71, Male Board Chairman (Independent, elected by the General Meeting); Chairman of the Nominating and Corporate Governance Committee and member of the Audit Committee and the Compensation Committee. First elected 2013, current term expires 2017. Special Competences Extensive experience from international research-based biotech and pharmaceutical companies. Founder and CEO of SOBI AB. Responsible for several transforming Business Development deals and member of various executive management committees at Pharmacia. Current Board Positions Member: Magle Chemoswed AB. About Anders Gersel Pedersen, M.D., Ph.D. Danish, 65, Male Deputy Chairman (Non-independent, elected by the General Meeting); Chairman of the Compensation Committee and member of the Nominating and Corporate Governance Committee. First elected 2003, current term expires 2017. Special Competences Business and management experience in the pharmaceutical industry, including expertise in clinical research, development, regulatory affairs and product life cycle management. Current Position, Including Managerial Positions Executive Vice President, Research & Development at H. Lundbeck A/S. Current Board Positions Member: ALK-Abelló A/S. Deputy Chairman: Bavarian Nordic A/S. About Pernille Erenbjerg Danish, 49, Female Board member (Independent, elected by the General Meeting); Chairman of the Audit Committee and member of the Nominating and Corporate Governance Committee. First elected 2015, current term expires 2017. Special Competences Senior executive management and broad business experience from the telecoms industry. Comprehensive all round background within finance including extensive exposure to stock markets, equity and debt investors. Certified Public Accountant background. Responsible for major transformation processes in complex organizations including M&A. Current Position, Including Managerial Positions Group CEO and President of TDC A/S. Current Board Positions Member: DFDS A/S. Audit Committee Chairman: DFDS A/S. About Paolo Paoletti, M.D. Italian (USA citizenship), 66, Male Board member (Independent, elected by the General Meeting); Member of the Compensation Committee. First elected 2015, current term expires 2017. Special Competences Extensive experience in research, development and commercialization in the pharmaceutical industry. Successfully conducted submissions and approvals of new cancer drugs and new indications in the USA and in Europe. Responsible for seven new medicines for cancer patients during his 10 years at GlaxoSmithKline and one new cancer medicine during his time at Eli Lilly. Current Position, Including Managerial Positions Acting CEO at GammaDelta Therapeutics. Current Board Positions Chairman: PsiOxus Therapeutics Limited. Member: FORMA Therapeutics, Inc. and NuCana BioMed Limited. About Rolf Hoffmann German, 57, Male Independent Special Competencies Extensive international management experience with expertise in creating and optimizing commercial opportunities in global markets. Additional expertise in P&L management, governance and corporate integrity agreement management, compliance and organizational efficiency. Over 20 years’ experience in the international pharmaceutical and biotechnology industries at Eli Lilly and Company and Amgen, Inc. Current Position, including Managerial Positions Adjunct Professor of Strategy and Entrepreneurship at the University of North Carolina Business School. Current Board Positions: Member: STADA Arzneimittel AG and Trigemina, Inc. About Deirdre P. Connelly American, 55, Female Independent Special Competencies More than 30 years’ experience as a corporate leader and extensive experience in corporate governance as a board member. Comprehensive experience with business turnaround, corporate culture transformation, product launch, and talent development. Successfully directed the launch of more than 20 new pharmaceutical drugs. Former President, North America Pharmaceuticals for GlaxoSmithKline. Current Board Positions: Member: Macy’s Inc. and Lincoln National Corporation. If Deirdre P. Connelly is elected by the General Meeting, the Company’s goal of increasing the proportion of female directors to at least 25% of the directors elected by the General Meeting will be met. The Board of Directors proposes re-election of PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab as the Company’s elected auditor in accordance with the Audit Committee's recommendation. The Audit Committee has not been influenced by third parties and has not been subject to any agreement with third parties, which limits the General Meeting’s choice to certain auditors or audit firms. The Board of Directors proposes to amend the Company's general guidelines for incentive-based remuneration for the Board of Directors and the Executive Management to specify that a new member of the Executive Management may receive a sign-on payment upon engagement subject to certain claw-back provisions. It is further proposed that, in exceptional cases, international, and in particular US based, members of the Executive Management, on an annual basis may be granted restricted stock units and/or warrants corresponding to a value (at the time of grant) of up to four (4) times the member's annual base salary, calculated before any pension contribution and bonus payment, in the year of grant. The value (at the time of grant) of the annual grant may, however, not exceed DKK 25 million. The motivation behind the proposed amendment is to ensure that a competitive compensation package can be offered to future, and in particular US based, members of the Executive Management. It is the Company’s belief that it is important for the Company’s continued success that the Company in the future will be able to attract and retain members of the Executive Management from an international pool. It is moreover proposed to amend the general guidelines so that members of the Executive Management may be granted restricted stock units or a combination of restricted stock units and warrants. If members of the executive management are granted a combination of restricted stock units and warrants, the proportional value of the warrants may not exceed 50% of the total value (at the time of grant). It is further proposed to amend the general guidelines so that restricted stock units granted to a new member of the Board of Directors upon election may no longer exceed a value (at the time of grant) of four (4) times the fixed annual base fee. As a result hereof, the maximum value (at the time of grant) of restricted stock units that may be granted to members of the Board of Directors upon election will correspond to up to four (4) times the fixed annual base fee. It is moreover proposed that the proportional value (at the time of grant) of the restricted stock units that a member of the Board of Directors may be granted on an annual basis is lowered. As a result hereof, the maximum value (in DKK) of restricted stock units that may be granted to members of the Board of Directors on an annual basis will be lowered notwithstanding the increase in the basic fee for members of the Board of Directors proposed under item 6(b). Furthermore, it is proposed that the general guidelines are amended so that vesting of restricted stock units and warrants granted to members of the Executive Management may be subject to fulfilment of forward-looking performance criteria as determined by the Board of Directors. Vesting of restricted stock units granted to members of the Board of Directors shall, however, not be subject to forward-looking performance criteria. It is further proposed to amend the general guidelines so that warrants granted to members of the Executive Management vest three years after the date of the grant in accordance with the corporate governance recommendations. The Board of Directors will implement this through a subsequent general amendment of the Company's warrant program so that all warrants granted after the adoption of this proposal will vest three years after the grant date. The general guidelines have furthermore been subject to a general update and editorial changes with a view to make the general guidelines more reader-friendly. Going forward, the Company's general guidelines for incentive-based remuneration for the Board of Directors and the Executive Management will be included in the Company’s Remuneration Principles. The Board of Directors proposes that the basic fee for members of the Board of Directors is increased from DKK 375,000 to DKK 400,000, and that the deputy chairman receives two times the increased basic fee and that the chairman receives three times the increased basic fee. It is further proposed that the supplemental fee for membership of the board committees is increased from up to DKK 75,000 per membership to up to DKK 100,000 per membership, and that a committee chairman receives up to DKK 150,000. It is moreover proposed that the fee per committee meeting is increased from DKK 9,000 per committee meeting to DKK 10,000 per committee meeting. The Board of Directors plans to establish a Scientific Committee where the remuneration will be within the range of the proposed committee fees. Members of the Board of Directors will furthermore receive share-based instruments in the form of restricted stock units within the scope described and adopted in the Company’s general guidelines for incentive-based remuneration for the Board of Directors and the Executive Management. Re item 6 (c) on the agenda: The Board of Directors proposes that Article 5 of the Company's Articles of Association be amended so that the Board of Directors is authorised to issue an additional 500,000 warrants entitling the holder to subscribe for the Company's shares up to a nominal value of DKK 500,000. With this authorization to issue an additional 500,000 warrants, the potential dilution (including the outstanding warrants and the aggregate unused part of the existing authorization) is kept below 5% of the share capital. It is further proposed to amend Article 5 so that the Board of Directors is no longer entitled to issue warrants to members of the Board of Directors and consultants of the Company and its subsidiaries. This amendment will align the wording in Article 5 with the Company’s general guidelines for incentive-based remuneration for the Board of Directors and the Executive Management according to which members of the Board of Directors may only be granted restricted stock units. It is moreover proposed to amend Article 5 to specify that the Board of Directors’ authorizations entitle the Board of Directors to issue warrants to, among others, employees employed in the Company's directly and indirectly owned subsidiaries. This change is a result of Genmab B.V. having become a wholly-owned subsidiary of Genmab Holding B.V. The proposal means that Article 5 will read as follows: By decision of the General Meeting on April 25, 2012 the Board of Directors is authorized to issue on one or more occasions warrants to subscribe the Company’s shares up to a nominal value of DKK 250,000 and to make the related capital increases in cash up to a nominal value of DKK 250,000. The Board of Directors has issued 250,000 warrants and reissued 42,375 warrants under this authorization. This authorization shall remain in force for a period ending on April 25, 2017. Further, by decision of the General Meeting on April 17, 2013 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe the Company’s shares up to a nominal value of DKK 600,000 and to make the related capital increases in cash up to a nominal value of DKK 600,000. The Board of Directors has issued 600,000 warrants and reissued 15,250 warrants under this authorization. This authorization shall remain in force for a period ending on April 17, 2018. Moreover, by decision of the General Meeting on April 9, 2014 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe the Company’s shares up to a nominal value of DKK 500,000 and to make the related capital increases in cash up to a nominal value of DKK 500,000. The Board of Directors has issued 406,166 warrants and reissued 4,775 warrants under this authorization. This authorization shall remain in force for a period ending on April 9, 2019. Moreover, by decision of the General Meeting on March 28, 2017 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe the Company’s shares up to a nominal value of DKK 500,000 and to make the related capital increases in cash up to a nominal value of DKK 500,000. This authorization shall remain in force for a period ending on March 28, 2022. The authorizations entitle the Board of Directors to issue warrants to the Company’s employees as well as employees of the Company’s directly and indirectly owned subsidiaries. Subject to the rules in force at any time, the Board of Directors may reuse or reissue lapsed non-exercised warrants, if any, provided that the reuse or reissue occurs under the same terms and within the time limitations set out in this authorization. Reuse is to be construed as the Board of Directors' entitlement to let another party enter into an existing agreement on warrants. Reissue is to be construed as the Board of Directors' option to reissue new warrants under the same authorization, if previously issued warrants have lapsed. The existing shareholders of the Company shall not have a right of pre-emption in connection with the issue of warrants based on these authorizations. One warrant shall give the right to subscribe one share with a nominal value of DKK 1 at a subscription price per share determined by the Board of Directors which, however, shall be no less than the market price per share of the Company’s shares at the time of issue. The exercise period for the issued warrants shall be determined by the Board of Directors. The Board of Directors is authorized to set out more detailed terms for the warrants that are to be issued based on these authorizations. The existing shareholders of the Company shall not have a right of pre-emption in connection with issue of shares on the basis of warrants. The shares that are issued through the exercise of warrants shall have the same rights as existing shares cf. these Articles of Association. The Board of Directors has exercised the above authorizations as stipulated in schedule A which is an integral part of these articles.” The Board of Directors proposes that a new Article 17 be inserted in the Articles of Association specifying that the Board of Directors may decide whether company announcements shall be prepared in English only. As a result, the present Articles 17, 18, 19 and 20 are renumbered to Articles 18, 19, 20 and 21. The new Article 17 will read as follows: Company announcements may be prepared in English only, if decided by the Board of Directors.” The Board of Directors proposes that the chairman of the General Meeting is authorized to register the resolutions passed by the General Meeting with the Danish Business Authority and to make such amendments and additions thereto or therein, including the Articles of Association of the Company, as the Danish Business Authority may require for registration. The proposals under item 6 (c) and 6 (d) of the agenda to amend the Articles of Association are required to be adopted by an affirmative vote of not less than 2/3 of the votes cast as well as of the voting share capital represented at the General Meeting. The Company's share capital amounts to DKK 60,350,056 divided into shares of DKK 1 each or any multiple hereof. Each share amount of DKK 1 shall entitle the shareholder to one vote. Pursuant to Section 99 of the Danish Companies Act, the following documents will be published on the Company’s website (www.genmab.com) no later than March 6, 2017: (1) the notice of the Annual General Meeting, (2) information on the total number of shares and votes issued by the Company on the date of the notice, (3) the agenda, (4) the complete proposals to be presented at the Annual General Meeting, (5) the Annual Report for 2016 and (6) forms needed to register for the Annual General Meeting and possible proxy voting and post voting. Registration Date: A shareholder’s right to participate in and vote at the Annual General Meeting is determined in proportion to the number of shares the shareholder owns on the registration date Tuesday March 21, 2017. Admission card: Admission cards may be requested no later than Friday March 24, 2017 by: Proxy vote: Shareholders who do not expect to be able to participate in the General Meeting may: Go to the Company’s website www.genmab.com or www.uk.vp.dk/agm to assign a proxy to the Board of Directors to vote in accordance with its recommendations, or assign a proxy indicating how you wish your votes to be cast by checking the boxes on the electronic proxy form. This must be done by 11:59 PM CET on Friday March 24, 2017. You may complete and sign the proxy form and return it by post to VP Investor Services A/S, Weidekampsgade 14, DK-2300 Copenhagen S, Denmark, or scan it and return it by e-mail to email@example.com or by fax to +45 43 58 88 67 so that it is received by VP Investor Services A/S by 11:59 PM CET on Friday March 24, 2017. Postal vote: Shareholders who do not expect to be able to participate in the General Meeting may also vote by post: Go to the Company’s website www.genmab.com or www.uk.vp.dk/agm to vote by post. This must be done by 10:00 AM CEST on Monday March 27, 2017. You may complete and sign the postal voting form and return it by post to VP Investor Services A/S, Weidekampsgade 14, DK-2300 Copenhagen S, Denmark, or scan it and return it by e-mail to firstname.lastname@example.org or by fax to +45 43 58 88 67 so that it is received by VP Investor Services A/S by 10:00 AM CEST on Monday March 27, 2017. Please note that you may either assign a proxy or vote by post, but not both. Any shareholder, to whom an admission card already has been issued, but who is prevented from attending the Annual General Meeting is kindly asked to notify the Company - preferably before Friday March 24, 2017. Right to ask questions: Prior to the General Meeting, the shareholders may ask the Company’s management in writing about matters of importance to the evaluation of the Annual Report 2016, the Company’s position or any of the other matters which are to be transacted at the General Meeting, or the Company’s relation to other companies in the Genmab Group. Shareholders’ questions must be sent by letter to Rachel Curtis Gravesen, Senior Vice President, Investor Relations & Communications or by e-mail to email@example.com. The question may be answered in writing by e.g. making the answer available on the Company’s website (www.genmab.com). The question may be neglected if the shareholder asking the question is not represented at the General Meeting. At the General Meeting, the shareholders may also ask the Company’s management about the above matters and may ask questions regarding the Annual Report 2016 to the auditor appointed by the General Meeting. About Genmab Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for the treatment of cancer. Founded in 1999, the company has two approved antibodies, DARZALEX® (daratumumab) for the treatment of certain multiple myeloma indications, and Arzerra® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications. Daratumumab is in clinical development for additional multiple myeloma indications, other blood cancers, and solid tumors. A subcutaneous formulation of ofatumumab is in development for relapsing multiple sclerosis. Genmab also has a broad clinical and pre-clinical product pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody® platform for generation of bispecific antibodies, and the HexaBody® platform which creates effector function enhanced antibodies. The company intends to leverage these technologies to create opportunities for full or co-ownership of future products. Genmab has alliances with top tier pharmaceutical and biotechnology companies. For more information visit www.genmab.com. Contact: Rachel Curtis Gravesen, Senior Vice President, Investor Relations & Communications T: +45 33 44 77 20; M: +45 25 12 62 60; E: firstname.lastname@example.org This Company Announcement contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with pre-clinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements in relation to actual results, unless required by law. Genmab A/S and its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo™; the DuoBody logo®; the HexaBody logo™; HuMax®; HuMax-CD20®; DuoBody®; HexaBody® and UniBody®. Arzerra® is a trademark of Novartis AG or its affiliates. DARZALEX® is a trademark of Janssen Biotech, Inc.
News Article | February 24, 2017
Enclosed is the interim report for the fourth quarter and preliminary results for 2016 for the Thin Film Electronics ASA group. Thinfilm will host a conference call for investors and analysts on Friday February 24, 2017 at 14:00 CEST. Call-in details, as well as an updated investor presentation are available at: http://thinfilm.no/investors-reports-and-presentations/ This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
News Article | February 14, 2017
This is a reminder that the Genium INET platform will be upgraded to version 4.1.0220 this weekend. The upgrade will commence Saturday morning February 18th, and is planned to be completed on Saturday evening at 17:00 CEST. An IT-Notice will be published after completion of the upgrade. Please see the Genium INET 4.1.0220 website for further information of the impact and what is being introduced in Genium INET 4.1.0220: The markets will be in the same state during the Sunday as any other Sunday. Clearing Workstation 1 will not allow you to login to Genium INET when markets are closed. For questions regarding user accounts logins, please contact: Member Services email@example.com +46 8 405 6660 For Technical questions or comments, please contact: Technical Support firstname.lastname@example.org +46 8 405 6750
News Article | February 16, 2017
This press release is also available in French (pdf) and German (pdf) Reports published today 2016 Financial Statements (pdf) Corporate Governance Report (pdf) Other language versions available in Publications Mark Schneider, Nestlé CEO: "Our 2016 organic growth was at the high end of the industry but at the lower end of our expectations. We saw a solid trading operating profit margin improvement and our cash flow grew significantly. Based on these results, our Board of Directors is pleased to propose the 22nd consecutive dividend increase, underlining our commitment to continuity. In 2017, we expect organic growth between 2% and 4%. In order to drive future profitability, we plan to increase restructuring costs considerably in 2017. As a result, the trading operating profit margin in constant currency is expected to be stable. Underlying earnings per share in constant currency and capital efficiency are expected to increase. Nestlé continues to invest in future growth and operating efficiency, targeting mid-single digit organic growth and significant structural cost savings by 2020." At the Annual General Meeting on 6 April 2017, the Board of Directors will propose a dividend of CHF 2.30 per share. The last trading day with entitlement to receive the dividend will be 7 April 2017. The net dividend will be payable as from 12 April 2017. Shareholders who are on record in the share register with voting rights on 30 March 2017 at 12:00 noon (CEST) will be entitled to exercise their voting rights. On 27 June 2016, the Board announced its succession plans for the Chairman and the CEO. After serving the company for almost 50 years, including 11 years as CEO and 12 years as Chairman, Peter Brabeck-Letmathe will not stand for re-election as he has reached the mandatory retirement age. The Board proposed Paul Bulcke, who served as CEO from 2008 to end of 2016, for election as Chairman. On 27 June 2016, the Board also appointed Mark Schneider as Nestlé CEO starting on 1 January 2017. In line with the Company's proven governance model, he has been proposed for election to the Board at the Annual General Meeting. The Board is proposing the individual re-election of the other current members of the Board of Directors for a term of office until the end of the next Annual General Meeting. In addition, the Board is proposing the election of Ursula M. Burns, Chairman of the Board of Xerox Corporation since 2010 and its CEO from 2009 to 2016. Finally, the Board is proposing the individual election of the members of the Compensation Committee and the election of KPMG as statutory auditors until the end of the next Annual General Meeting. The Board is also submitting the compensation of the Board of Directors and the Executive Board for approval by shareholders. In 2017, we expect organic growth between 2% and 4%. In order to drive future profitability, we plan to increase restructuring costs considerably in 2017. As a result, the trading operating profit margin in constant currency is expected to be stable. Underlying earnings per share in constant currency and capital efficiency are expected to increase.
News Article | February 15, 2017
jInvent's new and revolutionary breakout board aims to be the ultimate IO interface for microcontroller applications, and add unprecedented flexibility to new product designs. Donauwoerth, Germany, February 14, 2017 --( FPGA's have a tendency to scare people off, for the serious development time and know how involved in getting far is often unecomonic, particularly in an increasingly powerful microcontroller and Embedded Linux world. Yet, developers using Arduino, Raspberry Pi & Co. are faced with limited interfacing capabilities and pin counts. This is why the iolinker FPGA board is preprogrammed and useful for everyday users from the start. It comes with libraries for microcontrollers and PC and a web interface, that makes using it a charm. The FPGA functions not just as a chainable IO and PWM extender, particular focus has been put on an "IO linking" feature, that allows to dynamically pass through high-speed signals between IOs, better than any microprocessor ever could. This basically opens up the opportunity to simply wire up all critical signals to the iolinker device, and load up vital parts of the schematic onto the FPGA -- during runtime, over UART or SPI. What's more, since all IOs can be repurposed, voltage levels can be read and confirmed for self test purposes *before* wiring up digital signals. Essentially, wiring can be kept in software and changed in real time. For prototyping purposes, this is a dream come true. Instead of fiddling around with jumper cables, uncertain wiring can be kept in version-controlled software, streamlining the development process. On new PCBs, iolinker can save unnecessary and expensive prototype iterations or modifications. And in final products, it can increase flexibility, allow for self testing, or even self testing plug'n'play buses. iolinker FPGA boards are available on Kickstarter as of February 14, 3pm CEST. Discounts are available now at https://jinvent.de. Donauwoerth, Germany, February 14, 2017 --( PR.com )-- The low-cost iolinker FPGA board is jInvent's preprogrammed device that solves IO problems for microcontroller developers with minimal time investment.FPGA's have a tendency to scare people off, for the serious development time and know how involved in getting far is often unecomonic, particularly in an increasingly powerful microcontroller and Embedded Linux world. Yet, developers using Arduino, Raspberry Pi & Co. are faced with limited interfacing capabilities and pin counts.This is why the iolinker FPGA board is preprogrammed and useful for everyday users from the start. It comes with libraries for microcontrollers and PC and a web interface, that makes using it a charm.The FPGA functions not just as a chainable IO and PWM extender, particular focus has been put on an "IO linking" feature, that allows to dynamically pass through high-speed signals between IOs, better than any microprocessor ever could.This basically opens up the opportunity to simply wire up all critical signals to the iolinker device, and load up vital parts of the schematic onto the FPGA -- during runtime, over UART or SPI. What's more, since all IOs can be repurposed, voltage levels can be read and confirmed for self test purposes *before* wiring up digital signals.Essentially, wiring can be kept in software and changed in real time. For prototyping purposes, this is a dream come true. Instead of fiddling around with jumper cables, uncertain wiring can be kept in version-controlled software, streamlining the development process. On new PCBs, iolinker can save unnecessary and expensive prototype iterations or modifications. And in final products, it can increase flexibility, allow for self testing, or even self testing plug'n'play buses.iolinker FPGA boards are available on Kickstarter as of February 14, 3pm CEST. Discounts are available now at https://jinvent.de. Click here to view the list of recent Press Releases from jInvent
News Article | February 28, 2017
ALL MONETARY POLICY COUNTERPARTIES ARE INVITED TO SUBMIT BIDS TO THE RIKSBANK (08-6966970) BY 10.00 AM ON FEB 28 2017, AT THE LATEST. CONFIRMATION OF BIDS TO E-MAIL: RBCERT@riksbank.se RESULT OF AUCTION WILL BE PUBLISHED AT 10.15 (CET/CEST) COMPLETE TERMS AND CONDITIONS CAN BE RETRIEVED AT WWW.RIKSBANK.SE
News Article | February 22, 2017
DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Brain Tumor Diagnosis And Therapeutics Market 2014 - 2025" report to their offering. The global brain tumor diagnosis and therapeutics market is expected to reach USD 773.1 million by 2025. The market is expected to pose lucrative growth over the forecast period, owing to increasing incidence of various brain cancers, particularly glioblastoma, coupled with rising geriatric population. Increasing Public-Private Partnerships (PPPs) in the health sector, which are modernizing diagnostic imaging and radiology services, are supporting the expansion of this industry. Emerging technologies like Sodium Magnetic Resonance Imaging (23Na MRI), Positron Emission Tomography (PET), and Chemical Exchange Saturation Transfer (CEST) are used to detect the response of brain tumors in multicenter clinical trial settings. In addition, these technologies are helpful in quantitatively imaging tumor response to therapies, thereby promoting their use during treatment. These technologies have the potential to extend MRI beyond anatomical imaging by providing information on physiology and cellular metabolism, thereby increasing the efficiency of diagnosis. Hence, the market is expected to witness productive growth over the forecast period. For more information about this report visit http://www.researchandmarkets.com/research/t4dt4w/brain_tumor.
News Article | February 9, 2017
Revenue amounted to SEK 1,118.5 (1,041.1) million, an increase of 7 percent. Revenue in the region Nordic amounted to SEK 46 percent. Mobile revenue is now 49 percent of total revenue. Betsson has the largest mobile casino offering in the market with 1,246 different games and revenue from mobile casino grew by 83 percent. and the operating margin was 23.7 (16.7) percent. The operating income in the fourth quarter was charged with a non-recurring cost of SEK 10.3 million related to acquisition and in the fourth quarter 2015 there was a non-recurring cost of SEK 103.8 million. Net income amounted to SEK 243.6 (159.1) million, corresponding to SEK 1.76 (1.15) per share. Deposits in all of Betsson’s gaming solutions amounted to SEK 3,947.1 (3,471.4) million, corresponding to a growth of 14 percent. The acquisition of the horse betting operator RaceBets was closed by December 30, 2016. During the fourth quarter, Betsson issued a three year unsecured bond of SEK 1 billion, within a SEK 2 billion frame. Revenue increased by 11 percent to SEK 4,117.3 (3,722.0) million. Casino revenue, which constitute 71 percent of Betsson’s total revenue, grew by 14 percent. million, and the operating margin was 23.0 (23.8) percent. ) million, corresponding to SEK 6.34 (6.02) per share. The Board of Directors proposes distribution of SEK 658.9 (624.3) million to shareholders, which corresponds to SEK 4.76 (4.51) per share. “Betsson’s positive development continues and the first quarter 2017 has started strong. The stable Casino business was 74 percent of revenue in the fourth quarter and Betsson’s brands continue to gain market shares in the segment. Also Betsson’s largest region, the Nordics, grew faster than the market and region Western Europe returned to growth. An increase of deposits by 14 percent and record level in active players shows a strong underlying momentum. In total, the growth in the quarter was 7.4 percent, despite decline in region Central and Eastern Europe and Central Asia (CEECA), compared to the fourth quarter 2015. Betsson has made significant investments in product development throughout 2016, which has pushed the Casino growth. The Sportsbook investments are expected to have a positive effect in 2017. The acquisition of the horse betting operator RaceBets adds an important product to Betsson’s Sportsbook offering and adds revenue from mainly locally regulated markets. The share of revenue from locally regulated markets is increasing, in accordance with our strategy, and is now close to 20 percent. Increased investments in product development, higher share of revenue from regulated markets and less revenue from countries with high margin have had a negative impact on earnings during the year. The operating margin for the full year was 23 percent despite a very weak second quarter. This shows that Betsson has a good balance in its business and can absorb both temporary revenue decline and increased costs, over time.” Presentation of the year-end Report Today, Thursday, 9 February, at 9:00 AM CEST, Betsson’s CEO, Ulrik Bengtsson, will present the Year-end Report from Betsson’s office at Regeringsgatan 28, Stockholm, Sweden. The presentation will be held in English and followed by a question and answer session. Webcast: www.betssonab.com or http://edge.media-server.com/m/p/ezwbg5y6 Phone: on +46 (0)8 505 564 74 (SE), +44 (0)203 364 53 74 (UK), or +1 (0) 855 753 22 30 (US). For further information, please contact: Ulrik Bengtsson, President and CEO +46 (0) 8 506 403 00 Fredrik Rüdén, CFO, +46 (0) 8 506 403 00, email@example.com Pia Rosin, VP Corporate Communications +46 (0)736 00 85 00, firstname.lastname@example.org This information is information that Betsson AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact personw set out above, at 07.30 CET on February 9th 2017.