News Article | December 8, 2016
News Article | November 14, 2016
MINNEAPOLIS, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (NASDAQ:DAVE) today reported financial results for the third quarter ending October 2, 2016. Highlights for the third quarter of 2016 as compared to the third quarter of 2015: Mike Lister, CEO, commented, “The board and management team continues to operate with a strong sense of urgency and focus on improved performance. Having our company-owned restaurants post the best comparable sales performance in 12 quarters helps validate and energize our team’s commitment to the four key priorities of revitalizing sales and traffic, reducing costs, elevating organizational effectiveness, and rebuilding culture. Collectively, the entire Brand is very excited at the opportunity to return Famous Dave’s of America to long term Famous performance.” Famous Dave's ended the quarter with 176 restaurants, including 37 Company-owned restaurants and 139 franchise-operated restaurants, located in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. During the third quarter of fiscal 2016, the Company recorded approximately $3.4 million in asset impairment charges associated with 11 restaurants which were slow to respond to several initiatives to turnaround operating performance. As a result, the Company determined that the estimated fair value of the assets was less than the net book value and recognized an impairment charge to reduce the related assets to the estimated fair value. As we continue to evaluate the restaurant portfolio we anticipate addressing the ongoing operation of the 11 locations impaired over the next 3 years by way of lease restructuring, lease assignment or subsequent closure at the end of their natural lease term. The Company and its subsidiaries are borrowers under a Third Amended and Restated Credit Agreement, as amended, with Wells Fargo Bank, National Association as administrative agent and lender. The Credit Agreement will mature on December 31, 2017 and contains a $1.9 million revolving credit facility and a term loan with a maximum borrowing amount of $8.4 million. Additionally, the Borrowers deposited 105% of the face amount of the outstanding letters of credit in a cash collateral account with the Administrative Agent which is included in restricted cash on our Consolidated Balance Sheet. We were in compliance with all covenants of the Credit Agreement for the quarter ended October 2, 2016 except for two financial covenants: the Adjusted Leverage Ratio and the Minimum Adjusted EBITDA. On November 9, 2016, the Borrowers and the Lender entered into a Forbearance Agreement pursuant to which the Lender agreed to forbear from exercising its rights and remedies under the Credit Agreement relating to the existing events of default during the Forbearance Period ending December 9, 2016 or on the earlier date of any other Event of Default under the Credit Agreement or breach of the Forbearance Agreement occurs. During the Forbearance Period, we intend to re-finance the Credit Agreement with another lender. Under the Forbearance Agreement, we have agreed not to request and Wells Fargo is not obligated to make any further extensions of credit to us under the Credit Agreement. As a result of the events of default for the quarter ended October 2, 2016 and length of the Forbearance Period, all outstanding obligations under the Credit Agreement were classified as current liabilities. During the Forbearance period, the Company intends to finalize its refinancing arrangement. As of October 2, 2016, the Company had $6.8 million in cash and cash equivalents. During the first nine months of fiscal 2016 the Company generated approximately $2.7 million in cash from operating activities compared to $2.1 million in the comparable period of the prior year. As of October 2, 2016, the Company ended the third quarter with total net debt of approximately $5.8 million. This compares to $11.4 million of net debt as of September 27, 2015. The company will host a conference call November 14, 2016, at 3:30 p.m. Central Time to discuss its second quarter financial results. There will be a live webcast of the discussion through the Investor Relations section of Famous Dave's web site at www.famousdaves.com. Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the Company has 176 restaurants, including 37 Company-owned restaurants and 139 franchise-operated restaurants, located in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. To supplement its financial statements, Famous Dave’s of America, Inc. also provides investors with adjusted net (loss) income per share from continuing operations and adjusted income (loss) from operations which are non-GAAP financial measures. The Company believes that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Famous Dave’s management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analysis and planning purposes. Adjusted net income (loss) from continuing operations per share consists of net (loss) income plus non-cash items, such as, asset impairment, estimated lease termination and other closing costs, net loss (gain) on disposal of equipment, settlement agreements, VP level and above stock based compensation recapture and the related tax impact, divided by the weighted average number of shares of stock outstanding during each period presented. Famous Dave’s of America, Inc. believes adjusted net income (loss) from continuing operations per share is useful to an investor because it is widely used to measure a company's operating performance. Adjusted income (loss) from operations consists of (loss) income from operations plus non-cash items, such as, asset impairment, estimated lease termination and other closing costs and net loss on disposal of equipment, settlement agreements, and VP level and above stock based compensation recapture. Famous Dave’s uses adjusted income from operations as a measure of operating performance because it assists the Company in comparing performance on a consistent basis, as it removes from operating results the impact of non-cash events. The Company believes adjusted income from operations is useful to an investor in evaluating the company's operating performance because it is widely used to measure a Company's operating performance and to present a meaningful measure of corporate performance exclusive of the impact of non-cash events and the method by which assets were acquired. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles in the United States. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in the company's financial statements and are subject to inherent limitations. Famous Dave’s of America, Inc. urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release. The tables appearing at the end of this release provide reconciliations of net (loss) income from continuing operations to adjusted net (loss) income from continuing operations per common share and adjusted (loss) income from operations. Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company’s actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.
News Article | February 15, 2017
Molina Healthcare, Inc. (NYSE: MOH) today reported its financial results for the fourth quarter of 2016 and announced that it is providing its outlook and guidance for fiscal year 2017. “While we experienced strong enrollment growth across our business and have made progress on our cost cutting efforts, today’s results highlight the continuing challenges we face in the ACA Marketplace,” said J. Mario Molina, M.D., chief executive officer of Molina Healthcare, Inc. “We are clearly disappointed in these results; however, we have identified and are committed to taking decisive steps to stabilize Marketplace performance; enhance our Medicaid profitability across Illinois, Ohio and Washington; and sustain our progress in Puerto Rico. Further, we continue to advocate for measures that the federal government can take to level the Marketplace playing field for insurers, like Molina, that offer effective, affordable health care to those who need it most.” Analysis of Our Financial Results for the Year Ended December 31, 2016 Net income per diluted share decreased to $0.14 in 2016 compared with $2.58 in 2015. Adjusted net income per diluted share decreased to $0.50 in 2016 compared with $2.78 in 2015. The decrease in net income was primarily the result of the declining profitability of our Marketplace program. Income before income taxes decreased by $185 million to $137 million in 2016 from $322 million in 2015. The significant disparity in effective tax rates between years makes net income and diluted earnings per share difficult to compare between 2016 and 2015. Accordingly, we believe that loss or income before income taxes is a better comparison of our performance between 2016 and 2015. Financial Impact of Variances between Actual Results and Our Pricing Model for the Marketplace Exchanges in 2016 We estimate that our loss before income taxes in 2016 from the Marketplace program amounted to approximately $110 million, or $1.21 per diluted share. These results are substantially lower than our expectations based upon our 2016 pricing model. Based upon actual 2016 enrollment, our 2016 Marketplace program was priced to produce income before income tax expense of approximately $60 million for all of 2016. The $170 million difference in income before income tax expense between our reported results and those we would have expected based upon our pricing model was due to the following factors: The difference between our actual results and those anticipated by our pricing model was exacerbated by the federal government’s failure to pay amounts owed to our health plans under the Marketplace risk corridor program. We believe our health plans are owed approximately $90 million in Marketplace risk corridor payments for 2016 dates of service, but have not recorded any amounts associated with this claim. The following table presents a summary of the variance in Marketplace performance to pricing expectations for 2016 (in millions, except per-share amounts): Strong enrollment growth generated approximately $16.3 billion of premium revenue, or 23% more premium revenue in 2016 compared with 2015. Enrollment growth was primarily due to increased Marketplace enrollment and the acquisition of Medicaid managed care membership. Consolidated premium revenue measured on a per-member per-month (PMPM) basis decreased approximately 4% in 2016 when compared with 2015. The decline in PMPM premium revenue was primarily the result of lower PMPM premiums for Medicaid Expansion membership and an increase in the percentage of our premium revenue derived from TANF and Marketplace membership. The medical care ratio increased to 90.5% in 2016, from 89.1% in 2015, due to lower Marketplace margins. The medical care ratio of our Marketplace program increased to 93% in 2016 from 74% in 2015. The medical care ratio of all of our programs excluding Marketplace increased by only 40 basis points between 2015 and 2016, as decreasing margins in Medicaid Expansion (where we saw a 500 basis point increase in our medical care ratio) were offset by improved margins in other programs. Consolidated medical care costs measured on a PMPM basis decreased approximately 3% in 2016 when compared with 2015. General and administrative expenses as a percentage of total revenue (the “general and administrative expense ratio”) decreased to 7.9% in 2016, from 8.1% in 2015. Analysis of our Financial Results for the Quarter Ended December 31, 2016 Profitability declined in the fourth quarter of 2016. Net loss per diluted share was $1.64, compared with net income per diluted share of $0.52 in the fourth quarter of 2015. Adjusted net loss per diluted share was $1.54, compared with adjusted net income per diluted share of $0.58 in the fourth quarter of 2015. The following discrete items had an adverse impact on our financial performance in the fourth quarter of 2016: Financial Impact of the Marketplace and Out-of-Period Items at Our Health Plans on our Fourth Quarter 2016 Results The poor performance of our Marketplace program was very detrimental to our financial performance for both the quarter and the year ended December 31, 2016. The following table presents the fourth quarter impact of the Marketplace and certain out-of-period items at our Health Plans segment to our fourth quarter consolidated results (in millions, except per-share amounts): The health insurer fee that we pay to the federal government is not deductible for purposes of determining our income tax expense. The decrease in income before taxes in 2016 compared with 2015, combined with the relatively large amount of reported expenses that are not deductible for tax purposes, has resulted in an effective tax rate in excess of 90% for the full year 2016, compared with 55.5% for 2015. Because non-deductible expenses for the year are fixed and do not decline relative to income or loss before income tax expense, the substantial change in income before income taxes in the fourth quarter is not matched by a proportional adjustment to income tax expense. Rather, the effective tax rate we reported in the fourth quarter of 2016 represents the cumulative adjustment to our year-to-date effective tax rate. We have identified the following areas of focus and related actions to execute in 2017: We will continue to advocate for the immediate remediation of risk transfer methodologies that penalize comparatively efficient and affordable health plans like ours and, by extension, those individual consumers in need of affordable health insurance. In particular, we are recommending that the planned change to the Marketplace risk transfer methodology, which is currently scheduled to take effect on January 1, 2018, be brought forward in time and implemented immediately in 2017. Had that same planned methodology change been in effect in 2016, we estimate that our pre-tax income in 2016 would have been approximately $70 million higher. In January 2017, we filed suit on behalf of our health plans seeking recovery from the federal government of approximately $52 million in Marketplace risk corridor payments for calendar year 2015. Based upon current estimates, we believe our health plans are also owed approximately $90 million in Marketplace risk corridor payments from the federal government for calendar year 2016, and a further nominal amount for calendar year 2014. Our lawsuit seeks recovery of all of these unpaid amounts. We have not recognized revenue, nor have we recorded a receivable, for any amount due from the federal government for unpaid Marketplace risk corridor payments as of December 31, 2016. We have fully recognized all liabilities due to the federal government that we have incurred under the Marketplace risk corridor program, and have paid all amounts due to the federal government as required. Inadequate premium rates limited profitability in Illinois, Ohio and Washington in 2016. Effective January 1, 2017, we received blended rate increases of approximately 5% in Illinois, 4% in Ohio and 4% in Washington. We expect improved profitability in all three plans in 2017 as a result of these rate increases and company-wide cost containment measures. Results at our Puerto Rico health plan have improved in the second half of 2016, primarily as a result of management actions undertaken beginning in the spring of 2016. We expect that the benefit of those actions to continue into 2017. Management will host a conference call and webcast to discuss Molina Healthcare’s fourth quarter and year-end results at 5:00 p.m. Eastern time on Wednesday, February 15, 2017. The number to call for the interactive teleconference is (212) 231-2922. A telephonic replay of the conference call will be available from 7:00 p.m. Eastern time on Wednesday, February 15, 2017, through 6:00 p.m. Eastern Time on Thursday, February 16, 2016, by dialing (800) 633-8284 and entering confirmation number 21842012. A live audio broadcast of Molina Healthcare’s conference call will be available on our website, molinahealthcare.com. A 30-day online replay will be available approximately an hour following the conclusion of the live broadcast. As has been our past practice, we will discuss our 2017 business outlook and strategy at our Investor Day Conference webcast and presentation to be held on February 16, 2017, at the Le Parker Meridien Hotel in New York City from 12:30 p.m. to 4:30 p.m. Eastern Time. The Company will webcast the presentations offered by its management team, which will be followed by question-and-answer sessions. A 30-day online replay of the Investor Day meeting will be available approximately one hour following the conclusion of the live webcast. A link to this webcast can be found on the Company’s website at molinahealthcare.com Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 12 states across the nation and in the Commonwealth of Puerto Rico, Molina currently serves approximately 4.2 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. For more information about Molina Healthcare, please visit our website at molinahealthcare.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This earnings release contains “forward-looking statements” regarding our plans, expectations, and anticipated future events. Actual results could differ materially due to numerous known and unknown risks and uncertainties. Those known risks and uncertainties include, but are not limited to, the following: and numerous other risk factors, including those discussed in our periodic reports and filings with the Securities and Exchange Commission. These reports can be accessed under the investor relations tab of our website or on the SEC’s website at sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this release represent our judgment as of February 15, 2017, and we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. MOLINA HEALTHCARE, INC. UNAUDITED CHANGE IN MEDICAL CLAIMS AND BENEFITS PAYABLE (Dollars in millions, except per-member amounts) Our claims liability includes a provision for adverse claims deviation based on historical experience and other factors including, but not limited to, variations in claims payment patterns, changes in utilization and cost trends, known outbreaks of disease, and large claims. Our reserving methodology is consistently applied across all periods presented. The amounts displayed for “Components of medical care costs related to: Prior period” represent the amount by which our original estimate of claims and benefits payable at the beginning of the period were more than the actual amount of the liability based on information (principally the payment of claims) developed since that liability was first reported. The following table presents the components of the change in medical claims and benefits payable for the periods indicated: We use non-GAAP financial measures as supplemental metrics in evaluating our financial performance, making financing and business decisions, and forecasting and planning for future periods. For these reasons, management believes such measures are useful supplemental measures to investors in comparing our performance to the performance of other public companies in the health care industry. These non-GAAP financial measures should be considered as supplements to, and not as substitutes for or superior to, GAAP measures. See further information regarding non-GAAP measures below the tables. The following are descriptions of the adjustments made to GAAP measures used to calculate the non-GAAP measures used in this news release: Earnings before interest, taxes, depreciation and amortization (EBITDA): Net income (GAAP) less depreciation, and amortization of intangible assets and capitalized software, interest expense and income tax expense. We believe that EBITDA is particularly helpful in assessing our ability to meet the cash demands of our operating units. Adjusted net (loss) income: Net income (GAAP) less amortization of intangible assets, net of income tax effect calculated at the statutory tax rate of 37%. We believe that adjusted net income is very helpful in assessing our financial performance exclusive of the non-cash impact of the amortization of purchased intangibles. Adjusted net (loss) income per diluted share: Adjusted net income divided by weighted average common shares outstanding on a fully diluted basis.
News Article | February 15, 2017
CareSpeak Communications (http://www.carespeak.com) announced today that it has partnered with Molina Healthcare to launch a new text message based program designed to help patients, taking medications regularly, stay on their therapy. The program, which features the CareSpeak digital health platform, is being offered to Molina members in California, Michigan, and Ohio with the goal of improving care, quality, and patient outcomes. Molina members receive personalized medication text reminders in conjunction with comprehensive medication therapy management (MTM) to ensure they take their medications as prescribed. They also receive feedback and encouragement periodically on their adherence progress. The system accommodates even the most complex dosing regimens, and can communicate with members in English and Spanish. To further assist members, clinical pharmacists monitor medication adherence. If members’ adherence falls below their adherence goal, the pharmacists can communicate directly with members and intervene via the CareSpeak platform. “Molina’s mission is to provide quality health services to financially vulnerable families. Our members tend to be at greater risk for prescription medication errors and non-adherence. Digital technologies like the CareSpeak text messaging platform are affordable and scalable tools we can use in combination with our medication therapy management to better help our members manage their medications and avoid the unintended consequences of non-adherence" said Martha Molina Bernadett, M.D., Chief Innovation Officer at Molina Healthcare. A recent worldwide survey by McKinsey shows that older patients (those over 50) want digital healthcare service nearly as much as their younger counterparts. The annual CDC survey recently found that 41% of US households do not have landline phones and rely on mobile phones. “All signs are pointing to mobile health becoming an important tool in the daily life of the chronically ill and their caregiver family members" said Serge Loncar, Founder and CEO of CareSpeak, “We are excited to be able to offer our user friendly and clinically effective solution to Molina and their members.” “When looking for a partner to help us with this initiative we sought out an experienced provider with a platform that was shown to be clinically effective and was easy for our staff to learn and use. CareSpeak checks all of these boxes, plus the CareSpeak team brings domain knowledge across different disease states and healthcare segments which was very helpful during the program design stage.” said Tom Giedlin, Vice President of Business Innovation for Molina Healthcare. About CareSpeak Communications, Inc. CareSpeak intelligent health messages provide patients with an effortless way to manage their health, powered by an advanced digital health platform. The HIPAA compliant platform provides patient engagement, medical therapy adherence, and care coordination solutions to global health insurers, pharmaceutical companies, pharmacies and specialty pharmacies as well as clinicians at some of the leading medical centers. CareSpeak Communications is a privately held company, headquartered in Somerset, New Jersey. Visit http://www.carespeak.com for more information. About Molina Healthcare, Inc. Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 12 states across the nation and in the Commonwealth of Puerto Rico, Molina serves approximately 4.2 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. For more information about Molina Healthcare, please visit our website at http://www.molinahealthcare.com.
News Article | October 28, 2016
On October 14, 2016, Famous Dave’s of America Founder Dave Anderson, one of Chicago’s original pitmasters, is joining forces with the Windy City’s “Who’s Who” in barbeque on an insider’s bus tour of the city’s rich barbeque history. The tour will be broadcast on Facebook Live. The excursion, led by “Famous Dave”, will include TV personality, author and expert judge, Ray “Dr. BBQ” Lampe; Dave “Sweet Baby Ray” Raymond, author and barbeque guru Gary “Low & Slow” Wiviott, and Meathead Goldwyn, the authority on Chicago barbeque history, among others. The program’s host, WGN’s Dane Neal of Restaurant Radio America, Access Appetite and Flavor HD will be joined by Samantha Roby of The Chicago Food Authority who will interview the distinguished tour guides, along with the proprietors of the restaurants that will be visited on the tour. Participants will also include area chefs and food authorities, all of who will be active in the discussion. “Most people think of places like Memphis and KC when they think about the roots of barbeque in America,” says ‘”Famous” Dave Anderson. “The truth is, not many folks know about the rich history of barbeque in Chicago. This tour will honor city’s barbeque pioneers and share stories about what makes Chicago barbeque unique and delicious.” The tour will include visits to the historic spots that brought barbeque to Chicago. Those who tune in via Facebook will be treated to behind-the-scenes tours of these storied barbeque destinations. “Our goal is to introduce the amazing barbeque culture that sprung up in 1950s and 1960s Chicago,” says Samantha Roby, Founder of Chicago Food Authority. “While Chicago is known for its great culinary culture, very few people have firsthand knowledge of the original culinary pitmasters. This tour is intended to showcase these unsung heroes. The Live Tour takes place on Friday October 14, 2016 from 10:05 a.m. – 3:10 p.m. at Facebook.com/FamousDavesChicago. The program schedule includes: 10:15 a.m. – 10:40 a.m.: A history of Chicago Barbeque – an Interview about 1950s & 1960s Chicago 10:40 a.m.¬ – 2:30 p.m.: Restaurant Visits, Tastings and interviews 3 p.m. – 3:30 p.m.: Q&A with hosts, experts, VIP guests and Facebook participants To watch the tour and join the BBQ discussion, go to Facebook.com/FamousDavesChicago. About Famous Dave’s of America, Inc. Famous Dave’s of America, Inc. (NASDAQ:DAVE) develops, owns, operates and franchises Bar-B-Que restaurants. As of today, the company owns 37 restaurants and franchises an additional 141 restaurants in 32 states, the Commonwealth of Puerto Rico, Canada and the United Arab Emirates. Its menu features award-winning barbecued and grilled meats, a selection of salads, sandwiches, side items and made-from-scratch desserts. For more information, visit famousdaves.com, facebook.com/famousdaves, or follow on Twitter @Famous_Daves.
News Article | December 6, 2016
LONG BEACH, Calif.--(BUSINESS WIRE)--Molina Healthcare, Inc. (NYSE:MOH) announced today that all of its eligible health plans increased or maintained their scores as part of the Centers for Medicare & Medicaid Services’ (CMS) 2017 Star Ratings, which measures the quality of Medicare plans across the country on a 5-star rating system. Based on the published results, Molina Healthcare of New Mexico was named the highest-rated Medicare plan in the state with a 4-star rating, while Molina Healthcare of Florida increased from 3 to 3.5 stars. Furthermore, Molina Healthcare of Michigan was rated the highest Medicare Dual-eligible Special Needs Plan (D-SNP) in the state with 3.5 stars. Other Molina health plans that retained their 3.5 Medicare star rating include Texas, Utah and Washington. “It’s important for seniors across the country to consider the quality of care they will be receiving from the health plan they choose,” said J. Mario Molina, M.D., president and chief executive officer of Molina Healthcare. “These star ratings demonstrate our commitment to quality as we continue to grow our Medicare line of business. Having operated Medicare health plans for 10 years, specifically serving the most vulnerable Medicare patient population with the most complex health care needs, we are confident in our ability to provide high-quality care to our members as they age.” Molina Healthcare currently offers Medicare products in 12 states, providing care to nearly 100,000 members. Nationwide, Molina also has the most Medicare-Medicaid Plan (MMP) members and is the 11th largest Medicare D-SNP health plan as of November 2016. According to CMS, one of its most important strategic goals is to improve the quality of care and general health status of its Medicare beneficiaries. Every year, CMS publishes its Star Ratings, which are based on the following categories: outcomes, intermediate outcomes, patient experience, access and process. About Molina Healthcare, Inc. Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 12 states across the nation and in the Commonwealth of Puerto Rico, Molina serves approximately 4.3 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. Molina Healthcare is a publicly traded company on the New York Stock Exchange (NYSE: MOH), a member of the Russell 2000 Index and maintains assigned credit and insurer financial strength ratings by Standard & Poor’s and Moody’s. For more information about Molina Healthcare, please visit our website at molinahealthcare.com.
News Article | February 21, 2017
SAN FRANCISCO--(BUSINESS WIRE)--Splunk Inc. (NASDAQ: SPLK), provider of the leading software platform for real-time Operational Intelligence, today announced Molina Healthcare Inc. uses Splunk® IT Service Intelligence (Splunk ITSI) to help provide faster, more reliable health care services for its customers. The analytics capabilities and visualizations in Splunk ITSI enable Molina to streamline stakeholder communication across the organization. Molina’s leadership team uses the insights provided by ITSI to make data-driven decisions about its IT services infrastructure, ensuring prioritization of innovative solution delivery and resulting in a reduction of IT incidents by 500 percent and mean time to resolution by 150 percent. Molina Healthcare, a Fortune 500 company, arranges the delivery of managed health care services under the Medicaid and Medicare programs to serve 4.2 million individuals and families across the United States and the Commonwealth of Puerto Rico. “With Splunk ITSI, our IT team now effortlessly helps our members receive access to more customized services to better meet their health care needs. We can do this by quickly troubleshooting and collaborating to analyze actionable data that is easily visualized, classified and applied back to our members,” said Ben Gordon, vice president of enterprise infrastructure services, Molina Healthcare Inc. “The health care industry has experienced an explosion of data. With the powerful analytics built into Splunk ITSI, we have more insight than ever before into our members’ preferences. Splunk ITSI helps simplify the way we run the organization.” Service outages and performance issues in health care have a significant negative impact on customer experience, service delivery and patient satisfaction. Molina Healthcare’s legacy monitoring tools lacked the capabilities to effectively monitor and troubleshoot its critical services, resulting in the team having to spend valuable time and resources dealing with issues. Molina Healthcare uses the innovative Glass Table feature in Splunk ITSI to visualize the flow of key business processes including user interactions as well as the real-time performance and health of critical systems. The Glass Table visualizations provide a custom view of Molina Healthcare’s business processes and IT infrastructure mapped to enterprise critical KPIs, enabling employees around the company to share the same view and use the same vocabulary for IT management and troubleshooting. “Molina Healthcare has improved its member experience and can better utilize IT resources with Splunk ITSI,” said Rick Fitz, senior vice president of IT Markets, Splunk. “Existing monitoring solutions challenge the ability of health care providers to provide high-quality and cost-effective care by creating silos among key stakeholders. Health care companies experiencing an explosion in machine data use Splunk to make customer-driven decisions with their data.” Watch the Molina Healthcare video and read the Molina Healthcare case study to learn more about how the company leverages Splunk ITSI, and visit the Splunk website to learn more about Splunk solutions. Splunk Inc. (NASDAQ: SPLK) is the market leader in analyzing machine data to deliver Operational Intelligence for security, IT and the business. Splunk® software provides the enterprise machine data fabric that drives digital transformation. More than 12,000 customers in over 110 countries use Splunk solutions in the cloud and on-premises. Join millions of passionate users by trying Splunk software for free: http://www.splunk.com/free-trials. Splunk, Splunk>, Listen to Your Data, The Engine for Machine Data, Splunk Cloud, Splunk Light and SPL are trademarks and registered trademarks of Splunk Inc. in the United States and other countries. All other brand names, product names, or trademarks belong to their respective owners. © 2017 Splunk Inc. All rights reserved.
News Article | November 1, 2016
MINNEAPOLIS, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (NASDAQ:DAVE) (“Famous Dave’s” or the “Company”) will announce its third quarter 2016 financial results at 3:00 p.m., Central Time on November 14, 2016. The Company will host a conference call on November 14, 2016, at 3:30 p.m. Central Time, to discuss its financial results. A live web-cast of the discussion may be accessed through a link on the “Investor Relations” tab of Famous Dave’s web site at www.famousdaves.com. A replay may be accessed for one week following the call by dialing (888-640-7743) and entering the replay code “133145”. About Famous Dave’s Famous Dave's develops, owns, operates and franchises bar-b-que restaurants. As of November 1, 2016, the Company owned 37 restaurants and franchised 139 additional units, with locations in 32 states, the Commonwealth of Puerto Rico, Canada and United Arab Emirates. Famous Dave's menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes that its forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations reflected in these forward-looking statements will be attained. Factors that could cause actual results to differ materially from Famous Dave’s expectations include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic condition, availability of financing, governmental approvals and other risks detailed from time to time in the Company’s SEC reports.
News Article | December 13, 2016
MINNEAPOLIS, Dec. 13, 2016 (GLOBE NEWSWIRE) -- Famous Dave’s of America, Inc. (NASDAQ:DAVE) today announced the appointment of Chuck Mooty to the Company's board of directors. Mr. Mooty currently serves as President and CEO of Jostens, Inc. Prior to Jostens, he was Interim President, CEO, and Chairman of the Board of Trustees of Fairview Health Services; President and CEO of the Faribault Woolen Mill; and had a distinguished 21-year career with International Dairy Queen, now owned by Berkshire Hathaway Inc. During Mr. Mooty’s 21 years with International Dairy Queen, he served as President and Chief Executive Officer from January 2001 to July 1, 2008, Executive Vice President, Chief Financial and Administrative Officer and Treasurer at International Dairy Queen, Inc. until January 2001. Additionally, Mr. Mooty served as the Chairman of International Dairy Queen, Inc. from 2003 to 2008. "We are delighted to welcome Chuck Mooty to the Famous Dave's board of directors,” said Chairman Joseph Jacobs. "Chuck’s extensive executive leadership experience and perspective on the restaurant franchising industry make him a tremendous asset to the company and our shareholders, particularly at such a pivotal time in the company’s history. The board welcomes Chuck and looks forward to the unparalleled experience he will undoubtedly bring to the turnaround of Famous Dave’s.” Mike Lister, the company’s newly appointed CEO & COO shared Mr. Jacobs’ sentiments, “I am thrilled to welcome Chuck to our board of directors and look forward to leveraging his successful and comprehensive restaurant operations experience as we better position our company for success in 2017.” Mr. Mooty commented, "I'm excited to join the board and work with the devoted team on revitalizing the wonderful brand of Famous Dave's. The viability of the independent franchisee is critical to the success of Famous Dave's and I look forward to contributing to the growth of the concept and better understanding how we can improve the execution of the brand from a guest perspective." About Famous Dave’s Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of December 13, 2016, the Company has 176 restaurants, including 37 Company-owned restaurants and 139 franchise-operated restaurants, located in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. For more information visit: famousdaves.com, facebook.com/famousdaves, or follow on Twitter @Famous_Daves. Statements in this press release that are not strictly historical, including but not limited to statements regarding the expected financial impact of restaurant closures and lease terminations, the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the Company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the Company's SEC reports.
News Article | March 1, 2017
Molina Healthcare, Inc. (NYSE: MOH) today announced that, due to an oversight, its unaudited financial results for the fourth quarter and full year of 2016, as reported on February 15, 2017, did not include the impact of a retroactive contract amendment received in the fourth quarter of 2016 that changed the minimum medical loss ratio calculation under California’s Medicaid Expansion program. The pre-tax impact of that retroactive contract amendment was $68 million favorable for both the fourth quarter and the full year of 2016. On a per diluted share basis, the contract amendment was favorable to fourth quarter 2016 results by $0.79 and favorable to full year 2016 results by $0.78. The California Medicaid Expansion minimum medical loss ratio requirement terminated effective June 30, 2016, so this amendment is entirely retrospective in nature. Accordingly, this development has no impact on the Company’s previously published outlook for 2017. Income before income tax expense for the full year of 2016 after the adjustment will be $205 million, compared to $137 million previously reported on February 15, 2017. Similarly, net loss per diluted share for the three months ended December 31, 2016 will be $0.85, compared to the net loss per diluted share previously reported of $1.64. Net income per diluted share for the year ended December 31, 2016 will be $0.92, compared to the previously reported net income per diluted share of $0.14. These adjustments will be reflected in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. “We want our stockholders to know that providing confidence and transparency in our financial statements has always been a top priority for Molina Healthcare,” said J. Mario Molina, Chief Executive Officer, Molina Healthcare, Inc. “We remain committed to strengthening and improving the performance of our core business in order to drive our profitability.” Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 12 states across the nation and in the Commonwealth of Puerto Rico, Molina currently serves approximately 4.2 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. For more information about Molina Healthcare, please visit our website at molinahealthcare.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This earnings release contains “forward-looking statements” regarding our expected 2017 financial performance. Actual results could differ materially due to numerous known and unknown risks and uncertainties. Those known risks and uncertainties include, but are not limited to, the following: and numerous other risk factors, including those discussed in our periodic reports and filings with the Securities and Exchange Commission. These reports can be accessed under the investor relations tab of our website or on the SEC’s website at sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this release represent our judgment as of March 1, 2017, and we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations.