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Problems continue to mount for the Commonwealth of Puerto Rico. To high unemployment, a lagging economy and billions in public debt, add unsafe drinking water to the island's list of woes. A new study by the Natural Resources Defense Council says nearly all of the tap water available on the island violates federal safety standards. The report says many municipal waters systems in Puerto Rico aren't tested regularly. Among those that are tested, the NRDC says it found the nation's highest rate of drinking water violations. More than 2.4 million people in the U.S. territory draw their water from systems which contain harmful bacteria or other contaminants. And almost none of the municipal water systems on the island test for lead contamination. The environmental group is calling on federal, commonwealth and local authorities to make a major investment in the island's water infrastructure and to upgrade testing for contaminants. Puerto Rico's Aqueduct and Sewer Authority is one of the many public agencies on the island struggling to provide services. It holds some $5 billion of the commonwealth's $73 billion public debt. Next week in San Juan, a federal judge will begin overseeing a hearing to restructure that debt under a special law passed by Congress. As part of the proceedings, similar to bankruptcy, U.S. District Judge Laura Taylor Swain will decide how Puerto Rico's assets will be distributed among its various classes of bondholders. A fiscal oversight board set up by Congress has approved a spending plan submitted by Puerto Rico Gov. Ricardo Rossello that imposes severe spending cuts. As part of that plan, the island last week announced its closing 179 public schools, a move expected to save more than $7 million. Rossello's administration also wants to cut hundreds of millions of dollars from the University of Puerto Rico, a proposal that's been met by protests, faculty resignations and a student strike.


News Article | May 11, 2017
Site: www.sej.org

"Problems continue to mount for the Commonwealth of Puerto Rico. To high unemployment, a lagging economy and billions in public debt, add unsafe drinking water to the island's list of woes. A new study by the Natural Resources Defense Council says nearly all of the tap water available on the island violates federal safety standards. The report says many municipal waters systems in Puerto Rico aren't tested regularly. Among those that are tested, the NRDC says it found the nation's highest rate of drinking water violations. More than 2.4 million people in the U.S. territory draw their water from systems which contain harmful bacteria or other contaminants. And almost none of the municipal water systems on the island test for lead contamination. The environmental group is calling on federal, commonwealth and local authorities to make a major investment in the island's water infrastructure and to upgrade testing for contaminants. Puerto Rico's Aqueduct and Sewer Authority is one of the many public agencies on the island struggling to provide services. It holds some $5 billion of the commonwealth's $73 billion public debt."


MINNEAPOLIS, May 15, 2017 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (NASDAQ:DAVE) today announced that its Board of Directors has appointed experienced industry executive, Eric Hirschhorn, to the Board, effective May 15, 2017. Mr. Hirschhorn has served in various capacities at Restaurant Brands International, most recently as the President of Burger King Canada. Prior to joining Restaurant Brands International, Mr. Hirschhorn served as general counsel of 3G Capital, where he served as key counsel in the acquisition of Burger King. Chuck Mooty, Chairman of the Board, commented, “I am delighted to welcome Eric to the Board of Directors. His deep industry experience will be instrumental in assisting the rest of the Board and Management team in revitalizing this wonderful Brand.” Today, the Company reported financial results for the first quarter ending April 2, 2017. Highlights for the first quarter of 2017: (1) System-wide restaurant sales for all Company-owned and franchise-operated restaurants, as reported by franchisees. Restaurant sales for franchise-operated restaurants are not revenues of the Company and are not included in the Company’s consolidated financial statements. (2) Adjusted net (loss) income and adjusted EBITDA are non-GAAP measures.  A reconciliation of all non-GAAP measures to the most directly comparable GAAP measure is included in the accompanying financial tables.  See “Non-GAAP Reconciliation.” Total revenue for the quarter was $22.0 million, down 6.4% from the first quarter of 2016.  The decrease in Company-owned revenue was primarily driven by a comparable sales decline of 3.3% and the net closure of two restaurants.  The declines in franchise royalty and fee revenue were driven by a comparable sales decline of 4.8%, the net closure of three franchise-operated restaurants, and the prior year’s franchise fee revenues associated with the signing of two area development agreements in the first quarter of 2016. Restaurant-level operating margin for Company-owned restaurants was 2.8%, an increase from 2.1% in the first quarter of 2016.  The improvement was primarily driven by the continued focus on our actual versus theoretical food cost initiative, commodity deflation, more effective and efficient management of labor versus optimum, and the timing of marketing spend.  These benefits were slightly offset by wage rate inflation and sales deleverage on fixed costs. General and administrative expenses increased to $4.6 million from $3.7 million in the first quarter of 2016.  The increase was primarily driven by employee severance and professional fees incurred in the current quarter, the prior year’s early removal of a short-term incentive compensation accrual and the prior year’s recapture of stock-based compensation associated with an executive departure. Net (loss) income from continuing operations was a loss of $1.2 million, or $0.18 loss per share, compared to income of $149,000, or $0.02 per share, in the first quarter of 2016.  In the first quarter of 2017, the Company recorded $1.1 million of charges related to lease termination costs for two previously refranchised restaurants and the closure of two Company-owned restaurants. Adjusted net (loss) income from continuing operations, a non-GAAP measure, decreased to a loss of $332,000, or $0.05 loss per share, compared to a loss of $22,000, or $0.00 loss per share, in the first quarter of 2016.  A reconciliation between adjusted net (loss) income and its most directly comparable GAAP measure is included in the accompanying financial tables. On May 2, 2017, the Company announced its plans to accelerate the refranchising and optimization of its 33 Company-owned restaurants over the next 12 to 24 months. This will permit the Company to shift its resources and energy to the growth and viability of its franchise system, which is paramount to its success. The Company closed two additional underperforming restaurants subsequent to the end of the quarter. Mike Lister, CEO, commented, “I am proud of the progress we are making in returning our Brand to a position of strength. The Company’s refranchising initiative will allow us to focus tirelessly on supporting our franchisees by improving Guest acquisition and experience through marketing, food and beverage innovation, training and development.” The Company develops, owns, operates and franchises barbeque restaurants. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. As of May 15, 2017, the Company owns 33 locations and franchises an additional 135 restaurants in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. The Company will host a conference call May 15, 2017, at 3:30 p.m. Central Time to discuss its first 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. To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses non-GAAP measures including those indicated below. These non-GAAP measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements and are subject to inherent limitations. By providing non-GAAP measures, together with a reconciliation to the most comparable GAAP measure, the Company believes that it is enhancing investors’ understanding of the Company’s business and results of operations. These measures are not intended to be considered in isolation of, as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures presented may be different from the measures used by other companies. The Company urges investors to review the reconciliation of its non-GAAP measures to the most directly comparable GAAP measure, included in the accompanying financial tables. Adjusted net (loss) income from continuing operations is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, severance, and the related tax impact. This number is divided by the weighted-average number of basic shares of stock outstanding during each period presented to arrive at adjusted net (loss) income from continuing operations, per share. Adjusted EBITDA is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, depreciation and amortization, interest expense, net, provision (benefit) for income taxes, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, and severance. Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of the Company’s restaurant openings and the timing or success of refranchising 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 the Company 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 | May 22, 2017
Site: www.businesswire.com

LONG BEACH, Calif.--(BUSINESS WIRE)--Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today announced that it intends to privately offer, subject to market and other conditions, $330 million aggregate principal amount of senior notes due 2025 (the “Notes”). The Company will make the offering pursuant to an exemption under the Securities Act of 1933, as amended (the “Securities Act”). The initial purchasers will offer the Notes only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to certain persons outside the United States in reliance on Regulation S under the Securities Act (“Regulation S”). The Notes will be guaranteed by each of the Company’s existing and future direct and indirect domestic unregulated subsidiaries that guarantee the Company’s existing revolving credit facility. As of the issue date of the Notes, the only subsidiaries of the Company that will guarantee the Notes are Molina Information Systems, LLC, dba Molina Medicaid Solutions, Molina Pathways, LLC, and Pathways Health and Community Support LLC. The interest rate, offering price and other terms of the Notes will be determined by negotiations between the Company and the representative of the initial purchasers. The issuance of the Notes will be subject to customary closing conditions. No later than ten business days after the issue date, the net proceeds from the issuance and sale of the Notes are to be deposited into a newly-formed segregated deposit account in the name of the Company, and such net proceeds will be invested (and may be reinvested) in cash and cash equivalents. Amounts contained in such account will be used by the Company (i) on or prior to August 20, 2018, to (a) redeem, repurchase, repay, tender for, or acquire or retire for value (whether through one or more tender offers, open market repurchases, redemptions or similar transactions) all or any portion of the Company's 1.625% Convertible Senior Notes due 2044 (the “1.625% Convertible Notes”) or to satisfy the cash portion of any consideration due upon any conversion of the 1.625% Convertible Notes pursuant to the requirements contained in the indenture governing the 1.625% Convertible Notes, and/or (b) make any interest payments due on all or any portion of the Notes, (ii) on or after August 20, 2018, to repurchase all or any portion of the 1.625% Convertible Notes that the Company is obligated to repurchase pursuant to the requirements contained in the indenture governing the 1.625% Convertible Notes and (iii) subsequent to August 20, 2018 (or such earlier date in the event that there are no longer any 1.625% Convertible Notes outstanding), in any other manner not otherwise prohibited by the indenture governing the Notes, subject to the Company complying with clauses (i) or (ii) prior to any such amounts being used or applied in accordance with this clause (iii). For payments made pursuant to the foregoing clauses (i) or, to the extent applicable, (ii), amounts permitted to be released from the segregated account shall include amounts necessary to pay principal, any accrued and unpaid interest due on the date of any redemption, repurchase, repayment, tender, acquisition or retirement for value or to satisfy the cash portion of any consideration due upon any conversion of the 1.625% Convertible Notes, premiums (including tender premiums) and fees and expenses incurred in connection therewith. The funds deposited into the above-referenced segregated deposit account will initially be classified as non-current assets on the Company's consolidated balance sheet. The Notes have not been registered under the Securities Act, or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, a U.S. person (as defined in Regulation S) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction where such offer, solicitation or sale is prohibited. 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 and in the Commonwealth of Puerto Rico, Molina serves approximately 4.8 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. Cautionary Statement under the Private Securities Litigation Reform Act: This press release contains “forward-looking statements,” including statements related to the Company’s offering of the Notes and intended use of net proceeds of the offering, which are subject to risks and uncertainties, including, without limitation, risks related to whether the Company will consummate the offering of the Notes on the expected terms, or at all, market and other general economic conditions and whether the Company and the guarantors will be able to satisfy the conditions required to close any sale of the Notes. A discussion of the risk factors facing the Company can be found in its annual report on Form 10-K for the year ended December 31, 2016, in its quarterly report on Form 10-Q for the quarter ended March 31, 2017, in its Form 8-K current reports, and in its other reports and filings with the SEC. These reports can be accessed on the SEC’s website at www.sec.gov. The Company undertakes no obligation to release any revisions to any forward-looking statements.


MINNEAPOLIS, May 15, 2017 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (NASDAQ:DAVE) today announced that its Board of Directors has appointed experienced industry executive, Eric Hirschhorn, to the Board, effective May 15, 2017. Mr. Hirschhorn has served in various capacities at Restaurant Brands International, most recently as the President of Burger King Canada. Prior to joining Restaurant Brands International, Mr. Hirschhorn served as general counsel of 3G Capital, where he served as key counsel in the acquisition of Burger King. Chuck Mooty, Chairman of the Board, commented, “I am delighted to welcome Eric to the Board of Directors. His deep industry experience will be instrumental in assisting the rest of the Board and Management team in revitalizing this wonderful Brand.” Today, the Company reported financial results for the first quarter ending April 2, 2017. Highlights for the first quarter of 2017: (1) System-wide restaurant sales for all Company-owned and franchise-operated restaurants, as reported by franchisees. Restaurant sales for franchise-operated restaurants are not revenues of the Company and are not included in the Company’s consolidated financial statements. (2) Adjusted net (loss) income and adjusted EBITDA are non-GAAP measures.  A reconciliation of all non-GAAP measures to the most directly comparable GAAP measure is included in the accompanying financial tables.  See “Non-GAAP Reconciliation.” Total revenue for the quarter was $22.0 million, down 6.4% from the first quarter of 2016.  The decrease in Company-owned revenue was primarily driven by a comparable sales decline of 3.3% and the net closure of two restaurants.  The declines in franchise royalty and fee revenue were driven by a comparable sales decline of 4.8%, the net closure of three franchise-operated restaurants, and the prior year’s franchise fee revenues associated with the signing of two area development agreements in the first quarter of 2016. Restaurant-level operating margin for Company-owned restaurants was 2.8%, an increase from 2.1% in the first quarter of 2016.  The improvement was primarily driven by the continued focus on our actual versus theoretical food cost initiative, commodity deflation, more effective and efficient management of labor versus optimum, and the timing of marketing spend.  These benefits were slightly offset by wage rate inflation and sales deleverage on fixed costs. General and administrative expenses increased to $4.6 million from $3.7 million in the first quarter of 2016.  The increase was primarily driven by employee severance and professional fees incurred in the current quarter, the prior year’s early removal of a short-term incentive compensation accrual and the prior year’s recapture of stock-based compensation associated with an executive departure. Net (loss) income from continuing operations was a loss of $1.2 million, or $0.18 loss per share, compared to income of $149,000, or $0.02 per share, in the first quarter of 2016.  In the first quarter of 2017, the Company recorded $1.1 million of charges related to lease termination costs for two previously refranchised restaurants and the closure of two Company-owned restaurants. Adjusted net (loss) income from continuing operations, a non-GAAP measure, decreased to a loss of $332,000, or $0.05 loss per share, compared to a loss of $22,000, or $0.00 loss per share, in the first quarter of 2016.  A reconciliation between adjusted net (loss) income and its most directly comparable GAAP measure is included in the accompanying financial tables. On May 2, 2017, the Company announced its plans to accelerate the refranchising and optimization of its 33 Company-owned restaurants over the next 12 to 24 months. This will permit the Company to shift its resources and energy to the growth and viability of its franchise system, which is paramount to its success. The Company closed two additional underperforming restaurants subsequent to the end of the quarter. Mike Lister, CEO, commented, “I am proud of the progress we are making in returning our Brand to a position of strength. The Company’s refranchising initiative will allow us to focus tirelessly on supporting our franchisees by improving Guest acquisition and experience through marketing, food and beverage innovation, training and development.” The Company develops, owns, operates and franchises barbeque restaurants. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. As of May 15, 2017, the Company owns 33 locations and franchises an additional 135 restaurants in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. The Company will host a conference call May 15, 2017, at 3:30 p.m. Central Time to discuss its first 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. To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses non-GAAP measures including those indicated below. These non-GAAP measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements and are subject to inherent limitations. By providing non-GAAP measures, together with a reconciliation to the most comparable GAAP measure, the Company believes that it is enhancing investors’ understanding of the Company’s business and results of operations. These measures are not intended to be considered in isolation of, as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures presented may be different from the measures used by other companies. The Company urges investors to review the reconciliation of its non-GAAP measures to the most directly comparable GAAP measure, included in the accompanying financial tables. Adjusted net (loss) income from continuing operations is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, severance, and the related tax impact. This number is divided by the weighted-average number of basic shares of stock outstanding during each period presented to arrive at adjusted net (loss) income from continuing operations, per share. Adjusted EBITDA is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, depreciation and amortization, interest expense, net, provision (benefit) for income taxes, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, and severance. Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of the Company’s restaurant openings and the timing or success of refranchising 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 the Company 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.


MINNEAPOLIS, May 15, 2017 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (NASDAQ:DAVE) today announced that its Board of Directors has appointed experienced industry executive, Eric Hirschhorn, to the Board, effective May 15, 2017. Mr. Hirschhorn has served in various capacities at Restaurant Brands International, most recently as the President of Burger King Canada. Prior to joining Restaurant Brands International, Mr. Hirschhorn served as general counsel of 3G Capital, where he served as key counsel in the acquisition of Burger King. Chuck Mooty, Chairman of the Board, commented, “I am delighted to welcome Eric to the Board of Directors. His deep industry experience will be instrumental in assisting the rest of the Board and Management team in revitalizing this wonderful Brand.” Today, the Company reported financial results for the first quarter ending April 2, 2017. Highlights for the first quarter of 2017: (1) System-wide restaurant sales for all Company-owned and franchise-operated restaurants, as reported by franchisees. Restaurant sales for franchise-operated restaurants are not revenues of the Company and are not included in the Company’s consolidated financial statements. (2) Adjusted net (loss) income and adjusted EBITDA are non-GAAP measures.  A reconciliation of all non-GAAP measures to the most directly comparable GAAP measure is included in the accompanying financial tables.  See “Non-GAAP Reconciliation.” Total revenue for the quarter was $22.0 million, down 6.4% from the first quarter of 2016.  The decrease in Company-owned revenue was primarily driven by a comparable sales decline of 3.3% and the net closure of two restaurants.  The declines in franchise royalty and fee revenue were driven by a comparable sales decline of 4.8%, the net closure of three franchise-operated restaurants, and the prior year’s franchise fee revenues associated with the signing of two area development agreements in the first quarter of 2016. Restaurant-level operating margin for Company-owned restaurants was 2.8%, an increase from 2.1% in the first quarter of 2016.  The improvement was primarily driven by the continued focus on our actual versus theoretical food cost initiative, commodity deflation, more effective and efficient management of labor versus optimum, and the timing of marketing spend.  These benefits were slightly offset by wage rate inflation and sales deleverage on fixed costs. General and administrative expenses increased to $4.6 million from $3.7 million in the first quarter of 2016.  The increase was primarily driven by employee severance and professional fees incurred in the current quarter, the prior year’s early removal of a short-term incentive compensation accrual and the prior year’s recapture of stock-based compensation associated with an executive departure. Net (loss) income from continuing operations was a loss of $1.2 million, or $0.18 loss per share, compared to income of $149,000, or $0.02 per share, in the first quarter of 2016.  In the first quarter of 2017, the Company recorded $1.1 million of charges related to lease termination costs for two previously refranchised restaurants and the closure of two Company-owned restaurants. Adjusted net (loss) income from continuing operations, a non-GAAP measure, decreased to a loss of $332,000, or $0.05 loss per share, compared to a loss of $22,000, or $0.00 loss per share, in the first quarter of 2016.  A reconciliation between adjusted net (loss) income and its most directly comparable GAAP measure is included in the accompanying financial tables. On May 2, 2017, the Company announced its plans to accelerate the refranchising and optimization of its 33 Company-owned restaurants over the next 12 to 24 months. This will permit the Company to shift its resources and energy to the growth and viability of its franchise system, which is paramount to its success. The Company closed two additional underperforming restaurants subsequent to the end of the quarter. Mike Lister, CEO, commented, “I am proud of the progress we are making in returning our Brand to a position of strength. The Company’s refranchising initiative will allow us to focus tirelessly on supporting our franchisees by improving Guest acquisition and experience through marketing, food and beverage innovation, training and development.” The Company develops, owns, operates and franchises barbeque restaurants. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts. As of May 15, 2017, the Company owns 33 locations and franchises an additional 135 restaurants in 32 states, the Commonwealth of Puerto Rico, Canada, and United Arab Emirates. The Company will host a conference call May 15, 2017, at 3:30 p.m. Central Time to discuss its first 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. To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses non-GAAP measures including those indicated below. These non-GAAP measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements and are subject to inherent limitations. By providing non-GAAP measures, together with a reconciliation to the most comparable GAAP measure, the Company believes that it is enhancing investors’ understanding of the Company’s business and results of operations. These measures are not intended to be considered in isolation of, as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures presented may be different from the measures used by other companies. The Company urges investors to review the reconciliation of its non-GAAP measures to the most directly comparable GAAP measure, included in the accompanying financial tables. Adjusted net (loss) income from continuing operations is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, severance, and the related tax impact. This number is divided by the weighted-average number of basic shares of stock outstanding during each period presented to arrive at adjusted net (loss) income from continuing operations, per share. Adjusted EBITDA is net (loss) income from continuing operations, plus items such as asset impairment, estimated lease termination and other closing costs, depreciation and amortization, interest expense, net, provision (benefit) for income taxes, net (loss) gain on disposal of equipment, settlement agreements, stock-based compensation, and severance. Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of the Company’s restaurant openings and the timing or success of refranchising 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 the Company 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.


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
Site: www.prweb.com

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 | February 21, 2017
Site: www.businesswire.com

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.


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.

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