News Article | February 15, 2017
Think high school students could revolutionize business productivity by 750 percent, or college students could build technology that puts more people to work? These success stories are happening across the country in a neighborhood near you. Through SourceAmerica’s Design Challenge, a national engineering competition benefiting people with disabilities, students are proving how assistive workplace technology can make a big impact on those who need it most. The semester-long competition kicked off last fall with 160 registered teams. Students worked with businesses that had obstacles to full productivity for their employees with disabilities. Following meetings with management, they spent time getting to know the employees and assessing how the process could be tweaked to provide better outcomes. This discovery process was critical to designing a solution that was both user-friendly and achieved results. As a final step, teams submitted a final paper and video about their Design Challenge journeys. Using science, technology, engineering and mathematics skills, the Design Challenge shows students how they can be a catalyst to improve someone’s productivity, efficiency and success in the workplace. The service learning component gives students a window into SourceAmerica’s nonprofit agency mission: to create employment opportunities and choices for people with significant disabilities. What's more, knowing how to build an inclusive workplace is a lesson they can implement as future business leaders. Announced today, five high school and three college teams will be advancing to the Design Challenge finals on April 6 in Washington, D.C. Concord High School (Wilmington, Delaware) Organization served: Waggies by Maggie & Friends (Wilmington, Delaware) Project: The Weigh Master is an interactive device that helped employees with disabilities weigh dog treat products produced by the nonprofit agency. With a large, color-coded computer screen to indicate proper weight, employees can more easily and efficiently complete the assembly process. Copley High School – Team #1616 (Copley, Ohio) Organization served: Weaver SecurShred (Akron, Ohio) Project: The TRIPS device increased the efficiency and production of employees with disabilities who completed paper shredding. Shredding time for one roll of paper decreased from 5 minutes to 12 seconds, and total production increased by 750 percent. Copley High School – Team #1617 (Copley, Ohio) Organization served: Weaver Industries ProPak (Akron, Ohio) Project: The Salt and Pepper Grinder Cap Assembling Device broadened the number of employees with disabilities that could assemble grinder caps from 25 percent to 100 percent. The device automated the process while making it more ergonomic. Olathe East High School (Olathe, Kansas) Organization served: Shawnee Mission Northwest High School (Shawnee, Kansas) Project: The B.O.S. (Best Overall Solution) is a portable wheelchair desk and cart designed for a high school teacher with multiple sclerosis. The cart’s capabilities enable the teacher to now travel independently, without help, while storing heavy books and materials. Wethersfield High School (Wethersfield, Connecticut) Organization served: CW Resources (New Britain, Connecticut) Project: Flag 2.0 is a motorized device that helped an employee with disabilities properly label envelopes. A laser light built into the device determines label positioning and a user-controlled button advances the roll to the next label when pressed. California State University Los Angeles Organization served: FVO Solutions (Pasadena, California) Project: The Lean Master reformatted the fabrication process of a two-hole puncher for employees with disabilities so it adhered to the 5S model (Sort, Set in order, Shine, Standardize and Sustain). Additionally, production cycle time was reduced by 50 percent and physical discomfort for employees was eliminated. Lawrence Technological University (Southfield, Michigan) Organization served: Services to Enhance Potential (Livonia, Michigan) Project: The Spray Bottle Assembly Device features a hand press that reduced physical discomfort of employees with disabilities assembling spray bottles. For employees with dexterity issues, the new device enabled them to complete the process with a single hand, resulting in increased productivity, efficiency and comfort. Ohio University (Athens, Ohio) Organization served: SW Resources (Parkersburg, West Virginia) Project: Say Yes to the Press is a simple, user-friendly hand press for employees with disabilities who assemble adapters used in soda fountain machines. Whereas the previous assembly process was too challenging for most employees to complete, all employees can use the new device without experiencing repeat stress on the hands. For more information or to schedule an interview about the Design Challenge, contact Theresa O’Neill or 703-584-3965. Visit http://www.sourceamerica.org/design-challenge and follow SourceAmerica on Facebook and Twitter. About SourceAmerica Established in 1974, SourceAmerica creates job opportunities for a skilled and dedicated workforce of people with significant disabilities. SourceAmerica is the vital link between the federal government and private sector organizations that procure the products and services provided by this exceptional workforce via a network of more than 1,000 community-based nonprofits. Headquartered in Vienna, Virginia, SourceAmerica provides its nonprofit agency network with business development, contract management, legislative and regulatory assistance, communications and public relations materials, information technology support, engineering and technical assistance, and extensive professional training needed for successful nonprofit management. SourceAmerica is an AbilityOne-authorized enterprise.
News Article | February 27, 2017
No Small Children is proud to announce their highly anticipated, brand new single, “I Feel Better.” Fans will have the opportunity to see No Small Children’s Lisa Pimentel (guitar and vocals), Joanie Pimentel (bass and vocals), and Nicola Berlinsky (drums) on tour performing live with their powerful music including their new song “I Feel Better.” “I Feel Better” is a fresh, uplifting, rock and infused pop punk song. “I Feel Better” is produced by the legendary Bob Marlette (Rob Zombie, Black Sabbath, and Filter). The “I Feel Better” new single by No Small Children is available at https://nosmallchildren1.bandcamp.com/track/i-feel-better No Small Children’s popular breakout single and smash hit cover of the “Ghostbusters” song by Ray Parker, Jr. is featured in the “Ghostbusters” movie remake and is released on RCA. No Small Children’s “Ghostbusters” single is available on iTunes at https://itunes.apple.com/us/album/ghostbusters-single/id1137723890 No Small Children’s hit single, “Big Steps” is now featured in the new Netflix original series ‘Santa Clarita Diet’ starring Drew Barrymore and Timothy Olyphant. No Small Children's single "Big Steps” is available at https://nosmallchildren1.bandcamp.com/track/big-steps-3 No Small Children has gained much acclaim by fans and critics alike with their music. No Small Children is featured in national media including The Los Angeles Times, LA Weekly, National Rock Review, CBS TV, CW TV, LATV, KTLA TV, TMZ, FOX TV, ABC TV, SiriusXM Radio, iHeart Radio, and NPR. No Small Children has an astounding presence on stage that is electric and enchants fans nationally with their infectious sound. For up-to-the-minute news and information on No Small Children, visit http://www.NoSmallChildren.com. Tickets for the new show dates and locations are available at https://www.reverbnation.com/nosmallchildren. About No Small Children No Small Children, the all-female rock band is comprised of Lisa Pimentel (guitar and vocals), Joanie Pimentel (base and vocals) and Nicola Berlinsky (drums). No Small Children showcase impressive musical range, powerful vocal chops and innate rock, and pop punk sensibilities throughout their music. They are three elementary school teachers from Los Angeles, CA who love rock music. No Small Children is featured in national media including The Los Angeles Times, LA Weekly, National Rock Review, CBS TV, CW TV, LATV, KTLA TV, TMZ, FOX TV, ABC TV, SiriusXM Radio, iHeart Radio, and NPR. Their songs have captured the attention of a wide range of fans nationwide and the entertainment industry including a rare opportunity for their cover of the “Ghostbusters” song by Ray Parker, Jr. that is released by RCA and is featured in the “Ghostbusters” movie remake directed by Paul Feig starring Melissa McCarthy, Kristin Wiig, Kate McKinnon and Leslie Jones. For more information, on No Small Children visit http://www.NoSmallChildren.com and Facebook at Facebook.com/NoSmallChildren and Twitter @NoSmallChildren.
News Article | February 15, 2017
CHICAGO, IL--(Marketwired - February 09, 2017) - Prominent John Marshall Law School alumnus Mark Pedowitz ('78) returned to campus to interact with students and discuss his work in the entertainment industry. In a wide-ranging chat with John Marshall Dean Darby Dickerson, Pedowitz, president of The CW Network, told the crowd how he transitioned from law to the creative side of the industry, to running a major television network. He also answered questions about steps law students can take to break into the entertainment industry, how to network effectively and the future of the television industry. Pedowitz encouraged students to follow their passion and not be afraid to fail. "In order to be successful in the entertainment industry you have to really want it," Pedowitz said. "You cannot be afraid to fail because out of failure comes opportunity." Pedowitz also shared that students need to understand the entertainment business from the inside and suggested that they apply for internships at local television stations or talent agencies to help obtain that understanding. "We were thrilled to have Mark back on campus. He's taken his law degree and used it in an innovative way to reach the top of his field," Dickerson said. "I loved that he wanted to engage with current students, and that he talked with them openly and honestly. I'm looking forward to his next visit!" Pedowitz has been a long-time supporter of John Marshall, including sponsoring one of the law school's trial advocacy teams in the bi-annual Animal Law Advocacy Closing Argument Competition at Harvard Law School. Since 2008, John Marshall has either won or placed in the finals at the competition every year except one. Pedowitz has been president of The CW Network since 2011. During his tenure, the network has produced many popular television shows including "Arrow," "The Flash," "Supernatural," "Jane the Virgin" and "Crazy Ex-Girlfriend." Before joining The CW, Pedowitz was president of ABC Studios, where he oversaw the production of television shows including "Lost," "Desperate Housewives" and "Grey's Anatomy," and also served as the executive vice president of the ABC Television Entertainment Group. Pedowitz was recently inducted into the Broadcasting & Cable Hall of Fame.
News Article | March 2, 2017
Proceeds to repay outstanding indebtedness, repay a portion of outstanding commercial paper and for general corporate purposes VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - (TSX:T)(NYSE:TU) - TELUS announced today an offering of US$500 million of senior unsecured notes with a 10-year maturity (the "US Notes"). The US Notes are being offered in the US through a syndicate of underwriters led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC, BMO Capital Markets Corp., and CIBC World Markets Corp. Closing of the offering is expected to occur on or about March 6, 2017. The US Notes were priced at US$99.895 per US$100 principal amount for an effective yield of 3.712 per cent per annum and will mature on September 15, 2027. TELUS also announced today an offering of C$325 million of senior unsecured Series CW notes with a 31-year maturity (the "Canadian Notes"). The Canadian Notes are being offered in each of the provinces of Canada through a syndicate of agents led by CIBC Capital Markets, BMO Nesbitt Burns and RBC Capital Markets. Closing of the offering is expected to occur on or about March 6, 2017. The Canadian Notes were priced at C$99.065 per $100 principal amount for an effective yield of 4.758 per cent per annum and will mature on March 6, 2048. The net proceeds of both offerings will be used to fund the repayment, on maturity, of C$700 million of the principal amount outstanding on TELUS' Series CD Notes due March 15, 2017, to repay a portion of outstanding commercial paper and for general corporate purposes. The US Notes will be issued pursuant to a prospectus supplement and accompanying amended and restated short form base shelf prospectus dated August 30, 2016 filed with the Securities Exchange Commission as part of an effective shelf registration statement on Form F-10. The US Notes are not being offered in Canada or to any resident of Canada. In respect of the Canadian Notes, TELUS will file a prospectus supplement to its amended and restated short form base shelf prospectus dated August 30, 2016 with securities regulatory authorities in each of the provinces of Canada. The Canadian Notes are not being offered in the US or to any resident of the United States. This media release does not constitute an offer to sell or the solicitation of an offer to buy the US Notes or Canadian Notes in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian or United States securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the amended and restated short form base shelf prospectus or the prospectus supplements. Copies of the amended and restated short form base shelf prospectus and the prospectus supplements relating to the offering of the Canadian Notes and US Notes filed with securities regulatory authorities in Canada and the United States, respectively, may be obtained from the Executive Vice-President, Corporate Affairs and Chief Legal and Governance Officer of TELUS at 510 W. Georgia St., 23rd Floor, Vancouver, British Columbia V6B 0M3 (telephone 604.695.6420). Copies of these documents are also available electronically, as applicable, on the System for Electronic Document Analysis and Retrieval of the Canadian Securities Administrators ("SEDAR"), at www.sedar.com, and on the Electronic Data Gathering, Analysis, and Retrieval system, administered by the US Securities and Exchange Commission ("EDGAR") at www.sec.gov. This news release contains statements about future events, including the anticipated timing and closing of the offerings and the expected use of proceeds from the offerings that are forward-looking. By their nature, forward-looking statements require the company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors (such as customary closing conditions, regulatory and government decisions, our earnings and free cash flow, our levels of capital expenditures and spectrum licence purchases, the competitive environment, and the economic performance in Canada) could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in the 2016 annual management's discussion and analysis, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements. TELUS (TSX:T)(NYSE:TU) is Canada's fastest-growing national telecommunications company, with C$12.8 billion of annual revenue and 12.7 million subscriber connections, including 8.6 million wireless subscribers, 1.7 million high-speed Internet subscribers, 1.4 million residential network access lines and more than 1.0 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider. For more information about TELUS, please visit www.telus.com.
News Article | February 23, 2017
The Center for Autism and Related Disorders (CARD) announced today a new partnership with the Rhode Island Consortium for Autism Research and Treatment (RI-CART) and Cinemaworld to present Sensory Friendly Films. The events will provide an opportunity for children with autism spectrum disorder (ASD) to see films in an environment that accommodates their unique needs. Launched in January, Cinemaworld will host Sensory Friendly Films on the first Saturday of each month, with the next event being held on Saturday, March 4 for a screening of Rock Dog. The facility will open at 9:15am for early entry before the movie starts at 10am. In addition to reduced sound levels and dim lighting, Sensory Friendly Films will forego previews, offer a quiet area outside the theater for families, and have trained, caring staff on hand to assist. Concessions will be available for purchase, and special snacks are permitted for children with allergies or dietary restrictions. Family members and friends are welcome to attend. Cinemaworld Lincoln is located at 622 George Washington Hwy, Lincoln, RI 02865. “We are so happy to be partnering with RI-CART and Cinemaworld to bring families a monthly sensory-friendly movie in a caring and comfortable environment,” said Amanda Moniz, outreach coordinator at CARD Providence.“We hope families with individuals with special needs can enjoy a movie together every month in a fun and understanding atmosphere with support.” “Cinemaworld is excited to collaborate with CARD and RI-CART to offer this opportunity to such a large and caring part of our local community,” added Jim Halloran, general manager of Cinemaworld Lincoln and CW Lanes & Games.“With this program, we hope to provide a fun and safe moviegoing experience to more great families. We at Cinemaworld know that by working with CARD and RI-CART, we can provide a program that further benefits our local children and families. More importantly, we will embrace a fun, supportive, worry-free environment where families can do what’s best: have fun!” Sensory Friendly Films is one of many events CARD has helped launched in the communities it serves to provide children and families affected by ASD with an opportunity to have fun in a setting that is conducive to their health and comfort. For more information, please contact Amanda Moniz at a.moniz(at)centerforautism(dot)com or 401-288-3634. About Center for Autism and Related Disorders (CARD) CARD treats individuals of all ages who are diagnosed with autism spectrum disorder (ASD) at treatment centers around the globe. CARD was founded in 1990 by leading autism expert and clinical psychologist Doreen Granpeesheh, PhD, BCBA-D. CARD treats individuals with ASD using the principles of applied behavior analysis (ABA), which is empirically proven to be the most effective method for treating individuals with ASD and recommended by the American Academy of Pediatrics and the US Surgeon General. CARD employs a dedicated team of nearly 2,000 individuals across the nation and internationally. For more information, visit http://www.centerforautism.com or call (855) 345-2273.
News Article | February 24, 2017
ARLINGTON, Va.--(BUSINESS WIRE)--Graham Holdings Company (NYSE: GHC) today reported income from continuing operations attributable to common shares of $168.6 million ($29.80 per share) for the year ended December 31, 2016, compared to a net loss of $143.5 million ($25.23 per share) for the year ended December 31, 2015. Net loss attributable to common shares was $101.3 million ($17.87 per share) for the year ended December 31, 2015, including $42.2 million ($7.36 per share) in income from discontinued operations. For the fourth quarter of 2016, the Company reported net income attributable to common shares of $36.9 million ($6.57 per share), compared to $51.2 million ($8.72 per share) for the same period of 2015. In addition to discontinued operations, the results for 2016 and 2015 were affected by a number of items as described in the following paragraphs. Excluding these items, income from continuing operations attributable to common shares was $167.6 million ($29.66 per share) for 2016, compared to $138.1 million ($23.56 per share) for 2015. Excluding these items, net income attributable to common shares was $54.4 million ($9.68 per share) for the fourth quarter of 2016, compared to $50.5 million ($8.60 per share) for the fourth quarter of 2015. (Refer to the Non-GAAP Financial Information schedule attached to this release for additional details.) Items included in the Company’s income from continuing operations for 2016 are listed below, and fourth quarter activity, if any, is highlighted for each item: Items included in the Company’s income from continuing operations for 2015 are listed below, and fourth quarter activity, if any, is highlighted for each item: Revenue for 2016 was $2,481.9 million, down 4% from $2,586.1 million in 2015. Revenues declined at the education division, offset by an increase at the television broadcasting division and in other businesses. The Company reported operating income for 2016 of $303.5 million, compared with an operating loss of $80.8 million in 2015. Operating results improved at the education and television broadcasting divisions, offset by a decline in other businesses. For the fourth quarter of 2016, revenue was $629.6 million, up 2% from $616.4 million in 2015. Revenues increased at the television broadcasting division and other businesses, offset by a decline at the education division. The Company reported operating income of $109.5 million in the fourth quarter of 2016, compared to $67.8 million in 2015. Operating results improved at all divisions. Education division revenue in 2016 totaled $1,598.5 million, down 17% from $1,927.5 million in 2015. For the fourth quarter of 2016, education division revenue totaled $391.2 million, down 7% from $421.5 million for the same period of 2015. Kaplan reported operating income of $93.6 million for 2016, compared to an operating loss of $223.5 million in 2015; Kaplan reported operating income for the fourth quarter of 2016 of $29.9 million, compared to $26.3 million in the fourth quarter of 2015. Kaplan’s 2015 operating results include goodwill and intangible assets impairment charges of $256.8 million. In 2016, operating results at Kaplan Higher Education (KHE) were up and costs at Kaplan corporate and other declined, partially offset by declines at Kaplan Test Preparation (KTP) and Kaplan International. In recent years, Kaplan has formulated and implemented restructuring plans at its various businesses that have resulted in restructuring costs in 2016 and 2015, with the objective of establishing lower cost levels in future periods. Across all businesses, restructuring costs totaled $11.9 million in 2016 and $44.4 million in 2015. Restructuring costs totaled $7.0 million in the fourth quarter of 2016 and $7.6 million in the fourth quarter of 2015. (Refer to the Education Division Information, Summary of Restructuring Charges schedule attached to this release for additional details.) A summary of Kaplan’s operating results is as follows: KHE includes Kaplan’s domestic postsecondary education businesses, made up of fixed-facility colleges and online postsecondary and career programs. KHE also includes the domestic professional training and other continuing education businesses. On September 3, 2015, Kaplan completed the sale of substantially all of the remaining assets of its KHE Campuses business. In connection with these and other plans, KHE incurred $7.2 million and $12.9 million in restructuring costs in 2016 and 2015, respectively. As a result of continued declines in student enrollments at KHE and the challenging industry operating environment, Kaplan completed an interim impairment review of KHE's remaining long-lived assets in the third quarter of 2015 that resulted in a $248.6 million goodwill impairment charge. This goodwill impairment charge followed a $6.9 million long-lived asset impairment charge that was recorded in the second quarter of 2015 in connection with the KHE Campuses business. KHE results, excluding the impairment charge, include revenue and operating losses (including restructuring charges) related to all KHE Campuses, those sold or closed, including Mount Washington College and Bauder College, as follows: In 2016 and the fourth quarter of 2016, KHE revenue declined 27% and 14%, respectively, due to the campus sales and closings, and declines in average enrollments at Kaplan University, offset by increased revenues at the domestic professional and other continuing education businesses. KHE operating income improved in 2016 due to reduced losses at the KHE Campuses business and lower restructuring costs, lower marketing expenditures at Kaplan University and improved results at the domestic professional and other continuing education businesses, partially offset by lower enrollment at Kaplan University. KHE operating results declined in the fourth quarter of 2016 due primarily to lower enrollment at Kaplan University. New higher education student enrollments at Kaplan University declined 22% in 2016 due to lower demand across Kaplan University programs. Total students at Kaplan University were 32,167 at December 31, 2016, down 19% from December 31, 2015. Kaplan University higher education student enrollments by certificate and degree programs are as follows: Kaplan Test Preparation (KTP) includes Kaplan’s standardized test preparation and new economy skills training programs. KTP revenue declined 5% in 2016 and 9% for the fourth quarter of 2016. Enrollments, excluding the new economy skills training offerings, were down 3% in 2016. In comparison to 2015, KTP operating results declined in 2016 due to investment in new economy skills training programs and lower revenues from a change in the enrollment mix to lower priced programs. Operating losses for the new economy skills training programs were $13.0 million and $8.5 million for 2016 and 2015, respectively. Kaplan International includes English-language programs and postsecondary education and professional training businesses largely outside the United States. In the first quarter of 2016, Kaplan acquired Mander Portman Woodward, a leading provider of high-quality, bespoke education to UK and international students in London, Cambridge and Birmingham; and Osborne Books, an education publisher of learning resources for accounting qualifications in the UK. Kaplan International revenue declined 10% in 2016, of which 6% is due to currency fluctuations. The remaining decrease is due to enrollment declines in English-language and Pathways programs. Revenue growth from the 2016 acquisitions was largely offset by revenue declines due to prior year dispositions. Revenue was down slightly in the fourth quarter of 2016; on a constant currency basis, revenue increased 9%, largely due to 2016 acquisitions and growth in Pathways. Kaplan International operating income decreased 10% in 2016, due largely to the reduced English-language and Pathways results and increased restructuring costs, partially offset by operating income from newly acquired businesses. Operating income increased 27% in the fourth quarter of 2016 largely due to improved Pathways results and operating income from newly acquired businesses. The impact of currency fluctuations on comparative operating results was insignificant for 2016 and the fourth quarter of 2016. Restructuring costs at Kaplan International totaled $4.7 million and $1.3 million in 2016 and 2015, respectively. Kaplan corporate and other represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor businesses and certain shared activities. In 2015 and the fourth quarter of 2015, Kaplan corporate recorded $29.4 million and $2.9 million, respectively, in restructuring costs. In 2016, Kaplan corporate expenses also declined due to the benefits from restructuring activities and a reduction in incentive compensation expense. Also, 2015 spending for the replacement of its human resources system did not recur in 2016. In addition to the impairment charges of $255.5 million related to KHE recorded in the second and third quarters of 2015, Kaplan recorded an additional $1.4 million in noncash intangible and other long-lived assets impairment charges in the fourth quarter of 2015, related to businesses at KTP and Kaplan International. In the first quarter of 2016, Kaplan sold Colloquy, which was part of Kaplan corporate and other, for a gain of $18.9 million that is included in other non-operating income. In addition to the sale of the KHE Campuses business in 2015, Kaplan also sold a small business that was part of KHE, and two businesses that were part of Kaplan International. The net loss on the sale of these businesses totaled $24.9 million and is included in other non-operating expense. Revenue at the television broadcasting division increased 14% to $409.7 million, from $359.2 million in 2015; operating income for 2016 was up 22% to $200.5 million, from $164.9 million in the same period of 2015. The revenue increase is due to a $23.9 million increase in political advertising revenue, $18.5 million more in retransmission revenues, and $13.1 million in incremental summer Olympics-related advertising revenue at the Company's NBC affiliates. The increase in operating income is due to the revenue increase, offset by higher spending on digital initiatives and increased network fees. For the fourth quarter of 2016, revenue increased 14% to $108.8 million, from $95.2 million in 2015; operating income for the fourth quarter of 2016 was up 27% to $55.9 million, from $43.8 million in the same period of 2015. The increase in revenue is due to a $13.9 million increase in political advertising revenue and $4.0 million in increased retransmission revenues. The increase in operating income is due to the revenue increase, offset by higher spending on digital initiatives and increased network fees. In May 2016, the Company announced that it had reached an agreement with Nexstar Broadcasting Group, Inc. and Media General, Inc. to acquire WCWJ, a CW affiliate television station in Jacksonville, FL and WSLS, an NBC affiliate television station in Roanoke, VA for $60 million in cash and the assumption of certain pension obligations. The Company will continue to operate both stations under their current network affiliations. This transaction was completed on January 17, 2017. Manufacturing includes three businesses: Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical components and assemblies acquired in November 2015; Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. Manufacturing revenues and operating income increased in 2016 due primarily to the Dekko acquisition. Also, in September 2016, Dekko acquired Electri-Cable Assemblies (ECA), a Shelton, CT-based manufacturer of power, data and electrical solutions for the office furniture industry. The Graham Healthcare Group (GHG) provides home health and hospice services in six states. In June 2016, the Company acquired the outstanding 20% redeemable noncontrolling interest in Residential Healthcare (Residential). Also in June 2016, Celtic Healthcare (Celtic) and Residential combined their business operations and the Company now owns 90% of the combined entity, known as GHG. The Company incurred approximately $2.0 million in expenses in conjunction with these transactions in the second quarter of 2016. Healthcare revenues increased 8% in 2016 due primarily to patient growth for both home health and hospice. Operating results were down in 2016, largely due to the expenses incurred related to the transactions in the second quarter of 2016 and an increase in information systems and other integration costs. In June 2016, Residential and a Michigan hospital formed a joint venture to provide home health services to West Michigan patients. Residential manages the operations of the joint venture and holds a 40% interest. The pro rata operating results of the joint venture are included in the Company's equity in earnings of affiliates. In connection with this transaction, the Company recorded a pre-tax gain of $3.2 million in the second quarter of 2016 that is included in other non-operating income. In January 2015, Celtic and Allegheny Health Network formed a joint venture to combine each other's home health and hospice assets in the western Pennsylvania region. Celtic manages the operations of the joint venture for a fee and holds a 40% interest. The pro rata operating results of the joint venture are included in the Company's equity in earnings of affiliates. In connection with this transaction, the Company recorded a noncash pre-tax gain of $6.0 million in the first quarter of 2015 that is included in other non-operating income. SocialCode is a provider of marketing solutions on social, mobile and video platforms. SocialCode revenues increased 28% in 2016 and 23% in the fourth quarter of 2016, due to continued growth in digital advertising service revenues. SocialCode reported operating losses of $12.4 million in 2016; these results include incentive accruals of $12.8 million related to phantom equity appreciation plans. The expense amount related to these plans for 2015 was $2.0 million. Other businesses also includes Slate and Foreign Policy, which publish online and print magazines and websites; and two investment stage businesses, Panoply and CyberVista. Losses from each of these businesses in 2016 adversely affected operating results. In addition, Slate recorded a goodwill impairment charge of $1.6 million in the fourth quarter of 2016. In November 2015, the Company announced that Trove, a digital innovation team, would largely be integrated into SocialCode and that Trove’s existing offerings would be discontinued. In connection with this action, the Company recorded a $2.8 million goodwill impairment charge at Trove in the fourth quarter of 2015, along with $0.5 million in severance costs. In the second quarter of 2015, the Company sold The Root, an online magazine; the related gain on disposition is included in other non-operating expense, net. Corporate office includes the expenses of the Company’s corporate office, the pension credit for the Company’s traditional defined benefit plan and certain continuing obligations related to prior business dispositions. In the fourth quarter of 2016, the Company recorded an $18.0 million gain related to a bulk lump sum pension program offering. In the fourth quarter of 2015, the Company recorded $6.0 million in incremental stock compensation expense due to the modification of restricted stock awards and implemented a Special Incentive Program that resulted in expense of $0.9 million, which was funded from the assets of the Company’s pension plan. In the third quarter of 2015, the Company recorded $18.8 million in incremental stock option expense, due to stock option modifications that resulted from the Cable ONE spin-off. Excluding the pension gain and other pension incentive expense, the total pension credit for the Company's traditional defined benefit plan was $64.1 million and $83.2 million for 2016 and 2015, respectively. Excluding the pension credit and incremental stock compensation expense in 2015, corporate office expenses declined in 2016 due primarily to lower compensation costs. At December 31, 2016, the Company held interests in a number of home health and hospice joint ventures, and interests in several other affiliates. The company recorded equity in losses of affiliates of $7.9 million for 2016, compared to $0.7 million in 2015. In the fourth quarter of 2016, the Company recorded an $8.4 million write-down on its investment in HomeHero, a company that managed an online senior home care marketplace. The Company recorded total other non-operating expense, net, of $12.6 million in 2016, compared to $8.6 million in 2015. For the fourth quarter of 2016, the Company recorded other non-operating expense, net, of $28.5 million, compared to income of $21.3 million for the fourth quarter of 2015. The 2016 non-operating expense, net, included $39.9 million in foreign currency losses ($6.6 million in foreign currency losses in the fourth quarter); $29.4 million in cost method investment write-downs ($14.2 million in the fourth quarter); and $1.8 million in net losses on the sales of marketable securities ($8.0 million loss in the fourth quarter), partially offset by a $34.1 million gain on the sale of land; an $18.9 million gain on the sale of a business; a $3.2 million gain on the Residential joint venture transaction and other items. The 2015 non-operating expense, net, included $23.3 million in losses from the sales of businesses, $15.6 million in unrealized foreign currency losses ($0.6 million in unrealized foreign currency gains in the fourth quarter) and other items, offset by a fourth quarter $21.4 million gain on the sale of land from Robinson Terminal, a $6.0 million gain on the formation of a Celtic joint venture and a $4.8 million increase to the gain from the 2014 sale of Classified Ventures. The Company incurred net interest expense of $32.3 million in 2016, compared to $30.7 million in 2015; net interest expense totaled $9.8 million and $7.4 million for the fourth quarters of 2016 and 2015, respectively. At December 31, 2016, the Company had $491.8 million in borrowings outstanding at an average interest rate of 6.3%, and cash, marketable securities and other investments of $1,119.1 million. At December 31, 2015, the Company had $399.8 million in borrowings outstanding at an average interest rate of 7.2%, and cash, marketable securities and other investments of $1,154.4 million. In July 2016, a Kaplan UK company entered into a four-year loan agreement for a £75 million borrowing. The overall effective interest rate is 2.01%, taking into account an interest rate swap agreement the Company entered into on the same date as the borrowing. The Company's effective tax rate for 2016 was 32.4%. In the third quarter of 2016, a net nonrecurring $8.3 million deferred tax benefit related to Kaplan's international operations was recorded. In the second quarter of 2016, the Company benefited from a favorable $5.6 million out of period deferred tax adjustment related to the KHE goodwill impairment recorded in the third quarter of 2015. Excluding the effect of these items, the effective tax rate in 2016 was 37.9%. The Company recorded a tax provision on the pre-tax loss from continuing operations in 2015, as a large portion of the goodwill impairment charges and the goodwill included in the loss on the KHE Campuses sale were permanent differences not deductible for income tax purposes. Excluding the effect of these permanent differences, the effective tax rate for continuing operations in 2015 was 38.1%. In 2015, the Company completed the spin-off of Cable ONE as an independent, publicly traded company and the sale of a school in China that was previously part of Kaplan International. As a result of these transactions, income from continuing operations excludes the operating results and related loss, if any, on dispositions of these businesses, which have been reclassified to discontinued operations, net of tax, in 2015. The calculation of diluted earnings per share for 2016 and the fourth quarter of 2016 was based on 5,588,733 and 5,555,510 weighted average shares, respectively, compared to 5,727,074 and 5,833,850 weighted average shares, respectively, for 2015 and the fourth quarter of 2015. At December 31, 2016, there were 5,576,436 shares outstanding. On May 14, 2015, the Board of Directors authorized the Company to acquire up to 500,000 shares of Class B common stock; the Company has remaining authorization for 224,276 shares as of December 31, 2016. This report contains certain forward-looking statements that are based largely on the Company’s current expectations. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results and achievements to differ materially from those expressed in the forward-looking statements. For more information about these forward-looking statements and related risks, please refer to the section titled “Forward-Looking Statements” in Part I of the Company’s Annual Report on Form 10-K. * Includes $1.7 million and $2.1 million in third quarter 2015 expenses related to a Special Incentive Program (SIP) at Higher Education and Corporate, respectively. The SIP expense was funded from the assets of the Company's pension plan. In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding income from continuing operations excluding certain items described below reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering: Income from continuing operations excluding certain items should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis. The following table reconciles the non-GAAP financial measures to the most directly comparable GAAP measures:
News Article | February 28, 2017
DUBLIN, 28-Feb-2017 — /EuropaWire/ — Medtronic plc (NYSE:MDT) today announced an economic analysis of five-year data showing that patients with mild heart failure who get cardiac resynchronization therapy (CRT) devices early in their treatment live longer and that implanting these devices is cost-effective, compared to optimal medical therapy. Results from the REVERSE (REsynchronization reVErses Remodeling in Systolic left vEntricular dysfunction) trial were published in the Journal of the American College of Cardiology: Heart Failure. CRT is an established treatment for indicated patients with heart failure that has been demonstrated to improve survival and quality of life, and reduce hospitalizations. However, despite significant clinical evidence and guideline recommendations in support of CRT, studies have shown the therapy to be underutilized in eligible patients1. REVERSE is the largest study to assess the long-term clinical impact and survival benefit of devices combining CRT with a defibrillator compared with CRT pacemakers. It is also the first study to show the cost-effectiveness of CRT when implanted earlier in the disease state. “These new data expand upon the current evidence and guidelines for the treatment of heart failure, by showing that CRT in patients with mildly symptomatic heart failure is beneficial, both from a clinical perspective, as well as from a financial perspective,” said Michael R. Gold, M.D., Ph.D., chief of cardiology, Michael E Assey Professor of Medicine at the Medical University of South Carolina. “REVERSE confirms that implanting CRT earlier slows the progression of heart failure, reduces heart failure-related hospitalizations and deaths, and prolongs life, all while being very cost-effective.” REVERSE was a prospective, randomized, double-blind study of 610 patients with mild heart failure (those designated New York Heart Association Class I/II) from North America and Europe. All patients were implanted with a CRT-pacemaker (CRT-P) or -defibrillator (CRT-D) and randomly assigned (2:1) to either CRT-ON or CRT-OFF. Previously published REVERSE findings showed a trend that CRT-ON increased survival by nearly 23 percent (52.5 percent vs. 29.7 percent, p=0.21), leading to an expected survival rate of 9.76 years for CRT-ON versus 7.5 years for CRT-OFF2. Based on these findings, the new analysis shows – for the first time under the Medicare setting – that CRT is a cost-effective option for patients with mild heart failure: CRT-ON yields an incremental cost effectiveness ratio (ICER) of $8,840 per Quality-Adjusted Life Year (QALY) gained over a patient’s lifetime, compared to CRT-OFF. (ICER is a statistic that summarizes the cost-effectiveness of a healthcare intervention, and QALY is a measure of the quantity and quality of life.) Additionally, REVERSE has shown that CRT-D provides a significant improvement in survival – 2.77 additional years of life – compared to CRT-P devices2. This benefit results in a first-of-its-kind finding that CRT-D is a cost-effective alternative to CRT-P, yielding an ICER of $43,678/QALY gained over the patient’s lifetime, lower than the benchmark for therapy cost effectiveness of other serious chronic conditions that cost at least $50,000 per QALY gained. Thus, while CRT-D costs more than CRT-P, the added 2.77 years of life justify the additional cost over a patient’s lifetime2. Finally, these analyses show CRT delays disease progression, which means that initially implanting a CRT-D is essentially cost-neutral compared to implanting an ICD and implanting a CRT-D later, when the disease worsens. With early CRT-D implantation slowing disease progress and increasing survival, and without any discounting of future benefits and cost applied, early CRT-D led to 1.24 years of additional survival, resulting in an ICER of $1,829 per year of life gained. “While CRT has long been established as a therapy that significantly improves outcomes for patients with heart failure, it is consistently underutilized,” said David Steinhaus, M.D., vice president and general manager of the Heart Failure business, and medical director for the Cardiac Rhythm and Heart Failure division of Medtronic. “Not only does REVERSE demonstrate the clinical benefit of CRT, it also quantifies the economic value of CRT, providing hospital systems with valuable information to help make informed decisions about CRT as a treatment option and the optimal timing of CRT for patients with heart failure. Ultimately, the goal is to increase value by improving patient outcomes and optimizing costs.” In collaboration with leading clinicians, researchers and scientists worldwide, Medtronic offers the broadest range of innovative medical technology for the interventional and surgical treatment of cardiovascular disease and cardiac arrhythmias. The company strives to offer products and services of the highest quality that deliver clinical and economic value to healthcare consumers and providers around the world. About Medtronic Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 88,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together. Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. 1 Fonarow GC, Yancy CW, Albert NM, et al. Improving the Use of Evidence-Based Heart Failure Therapies in the Outpatient Setting: (IMPROVE HF). Circulation. August 10, 2010;122(6):585-96. 2 Gold MR, Padhair A, Mealing S, et al. Long-Term Extrapolation of Clinical Benefits Among Patients With Mild Heart Failure Receiving Cardiac Resynchronization Therapy: Analysis of the 5-Year Follow-Up from the REVERSE Study. JACC Heart Fail. 2015 Sep;3(9):691-700.
News Article | February 28, 2017
IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today reported record financial results for the fourth quarter and full year ended December 31, 2016 as summarized below. The Company also reported supplementary data regarding the unaudited quarterly operating results for the fourth quarter ended December 31, 2016 for Media General, Inc., which Nexstar acquired on January 17, 2017. Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. commented, “Our strong fourth quarter and full-year operating results mark Nexstar’s fifth consecutive year of record financial results based on the ongoing success of our strategies to leverage our local market content and community involvement, execute and integrate accretive acquisitions, maintain cost controls and optimize the balance sheet and capital structure. The 22.8% rise in fourth quarter net revenue resulted in BCF, Adjusted EBITDA and free cash flow growth of 39.0%, 44.9% and 23.9%, respectively, and reflect margin growth related to the significant operating leverage in our model, the ongoing benefits of our management disciplines and our strategic initiatives to maximize the political advertising opportunity. For the full year, Nexstar’s legacy platform generated approximately $7.98 of free cash flow per share, or 18.4% growth over 2015 levels, which has funded capital returns to shareholders through quarterly cash dividends and 2015 share repurchases. With January’s completion of the highly accretive Media General transaction, Nexstar is the leading media company committed to localism and innovation and is positioned for continued near- and long-term growth, including our sixth consecutive year of record financial results projected for 2017. “On January 17, 2017 we completed our $4.6 billion acquisition of Media General marking a significant milestone in Nexstar’s 20 year history of growth. Financially, the transaction is expected to more than double our revenue and adjusted EBITDA, and Nexstar expects to generate average annual free cash flow in the 2017/2018 cycle of approximately $565 million, or approximately $12.00 per share, per year based upon approximately 47 million shares outstanding and our current estimate of approximately $81 million of year one synergies and a substantial rise in 2018 cash taxes. As an industry leader with a portfolio of premiere stations and digital assets, a strong balance sheet, an attractive weighted average cost of capital, and significant free cash flow, we are extremely well positioned to immediately reduce leverage, evaluate additional accretive strategic growth investments and expand our return of capital to shareholders. “During the fourth quarter, our inventory management and pricing strategies enabled us to maximize our share of election spending in our markets and exceed our full-year political advertising revenue guidance of $100 million by $8.5 million. Fourth quarter television ad revenue inclusive of political advertising grew 30.3% and reflect a near 8-fold increase in year-over-year political revenue and, as anticipated, a low single-digit decline in core spot revenue compared to the 2015 period related to displacement of ad inventory. Reflecting our expanded platform and presence in states with high levels of political spending activity, 2016 fourth quarter political revenue rose by 69.7% over comparable 2014 fourth quarter levels and increased 119.5% over the 2012 fourth quarter presidential election cycle. Notably, excluding political, gross revenue grew 2.9% in the fourth quarter and 12.1% in the full year compared to the same respective periods in 2015, highlighting Nexstar’s further success in leveraging the value of our television broadcasting operating model and content creation capabilities into a diversified platform with multiple high margin revenue streams. “Nexstar’s strong fourth quarter television ad revenue growth was complemented by combined fourth quarter retransmission and digital media revenue growth of 13.6% to $126.1 million. Retransmission revenue growth of 22.8% in the fourth quarter and 32.2% for the full year reflects both the 2016 contract renewals with our distribution partners and annual escalators. Record programmatic advertising volume in the year ago period created a challenging year-over-year comparison and was the primary factor in the 12.1% decline in fourth quarter digital media revenue. Importantly, Nexstar’s full year digital media revenue of $101.8 million was up 13.2% over the 2015 period and exceeded our full year guidance by $2.0 million. Reflecting the ongoing benefits of our revenue diversification strategies, total fourth quarter retransmission fee and digital media revenue represented 40.7% of 2016 fourth quarter net revenue compared to 30.3% of total net revenues in 2014 fourth quarter, the last even-year political cycle. We expect our long-term distribution revenue growth to continue as in late 2016 we reached new distribution agreements with multichannel video programming distributors covering approximately 10 million subscribers. On a pro-forma basis, and given the after acquired clauses in our retransmission consent agreements, upon acquisition the Media General stations were immediately party to the rates in all of our distribution agreements. “Fourth quarter 2016 net revenue and free cash flow rose 60.7% and 31.0%, respectively, over the same period in 2014 during the mid-term election cycle and grew 166.7% and 198.2%, respectively, over the same period in 2012 during the last presidential election year, clearly illustrating the value creation related to our revenue diversification and platform building strategies. With our focus on growing free cash flow, we remain disciplined in managing costs and driving BCF and Adjusted EBITDA margins. The rise in fourth quarter station direct operating expenses (net of trade expense) and SG&A primarily reflects higher variable costs related to the higher political revenues, increases in network affiliation expense and the operation of acquired stations and digital assets. Fourth quarter corporate expense declined slightly versus the prior year and full year corporate expense was in line with our guidance. Nexstar’s significant fourth quarter revenue growth combined with ongoing expense management resulted in substantial increases in fourth quarter BCF and Adjusted EBITDA margins which rose to 46.9% and 43.5%, respectively. “Four-hundred-seventy-eight days passed from the time we made our first public offer to acquire Media General to the closing of the transaction. During that period we visited each Media General station and digital business location and our executive and corporate management teams developed a strategic plan for each station and digital business to ensure that they will operate with the disciplines and focus of the Nexstar legacy businesses. As a result, when the transaction closed in mid-January, we immediately began to execute our 120 day integration plan and synergy realization strategies. On January 18, Nexstar announced several senior management changes and appointments to support the growth and success of the expanded platform. For the broadcasting business segment, we promoted Tim Busch to serve as President of Nexstar Broadcasting Inc. and announced three newly-created regional management positions. “We also moved quickly to fill open General Manager positions and have hired or promoted eleven new television station GMs to-date with further appointments to be made shortly. In addition, we plan to double the size of our Washington DC bureau and will be re-engineering and relaunching Bite Size TV. We are also in the process of adding sales resources to the former Media General markets and are transitioning stations onto the same operating systems and shared platforms and services including digital, sales management, traffic and graphics, among others. “For the digital business, we have begun the process of merging all our digital products into one company under the Nexstar Digital brand, with a unified market strategy and message. Nexstar Digital offers media companies and advertisers a comprehensive suite of leading digital solutions and services focused on optimizing audience targeting, user engagement and the overall performance of online, mobile and multimedia content and marketing campaigns, by making smart investments in people and companies that are accretive and complement our core competencies. “Almost 21 years ago, Nexstar started with one station in Scranton, PA and has grown to 171 stations in 100 U.S. markets as a result of our disciplined operating and cost management practices, revenue diversification initiatives and the success we are achieving in identifying, financing and integrating accretive acquisitions. With the free cash flow generated from this base of operations, we expect Nexstar’s net leverage, absent additional strategic activity, to be in the high-4.0x range at the end of 2017 and to decline to the mid-3.0x range by the end of 2018. The combination of our operating successes and accretive station transactions has positioned Nexstar to reduce leverage while allowing for the return of capital to shareholders through cash dividends. Last week, we paid our quarterly cash dividend of $0.30 per share of our Class A common stock, marking a 25% increase over the prior quarterly dividend level. Reflecting the issuance of shares in the Media General transaction, the annual capital allocated to dividend payments at this time of approximately $56.4 million relative to the total free cash flow that Nexstar now generates, provides us with ample liquidity to reduce leverage, evaluate additional accretive acquisitions and pursue other initiatives to enhance long-term shareholder value.” The consolidated debt of Nexstar, its wholly owned subsidiaries, Mission Broadcasting, Inc. and Marshall Broadcasting Group, Inc. (collectively, the “Company”) at December 31, 2016, was $2,342.4 million including senior secured debt of $664.2 million. The Company’s total net leverage ratio at December 31, 2016 was 3.2x and first lien net leverage ratio at December 31, 2016 was 1.4x. The table below summarizes the Company’s debt obligations (net of financing costs and discounts): The table below summarizes the principal balance of the Company’s total debt obligations (before financing costs and discounts) as of January 17, 2017, the closing date of Nexstar’s acquisition of Media General, and subsequent events: * On February 17, 2017, Nexstar made a $75.0 million voluntary prepayment on its Term Loan B which reduced the amount outstanding on its Term Loan B to $3,045 million and on February 27, 2017 the Company called the entire issue of the 6.875% senior unsecured notes, plus accrued interest and premium. The cumulative effects of the post-closing transactions are to reduce funded debt by $600 million to $4,623 million. During the fourth quarter of 2016, Nexstar recorded a non-cash impairment charge of $15.1 million related to goodwill of one of the Company’s digital businesses. In connection with Nexstar’s merger with Media General, one Contingent Value Rich (“CVR”) was issued for each of Media General’s outstanding common shares and outstanding equity incentive awards. The CVR entitles the holder to receive a pro rata share of the net proceeds from the disposition of Media General’s spectrum in the Federal Communications Commission’s ongoing spectrum auction, reduced to account for the indirect benefit that such holder will receive as a shareholder of the combined company. The CVRs are not transferable, except in limited circumstances. Later in 2017, Nexstar is expected to receive an estimated $479.0 million of gross proceeds from the National Broadband Plan Spectrum Auction related to the disposition of Media General’s spectrum. None of the spectrum Nexstar offered was selected during the auction process because prices available in the auction fell below the value we ascribed to it. Based on these factors, the value of each CVR is estimated to be worth between $1.70 and $2.10 calculated by using the estimated gross proceeds, less estimated transaction expenses, repacking expenses and taxes. Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/325-2288, conference ID 4906988 (domestic and international callers). In addition, a live audio webcast of the call will be accessible to the public on Nexstar’s web site, http://www.nexstar.tv and a recording of the webcast will be archived on the site for 90 days following the live event. Definitions and Disclosures Regarding non-GAAP Financial Information Broadcast cash flow is calculated as income from operations, plus corporate expenses, depreciation, amortization of intangible assets and broadcast rights (excluding barter), (gain) loss on asset disposal, non-cash representation contract termination fee, change in the fair value of contingent consideration and goodwill impairment, minus broadcast rights payments. Adjusted EBITDA is calculated as broadcast cash flow less corporate expenses. Free cash flow is calculated as income from operations plus depreciation, amortization of intangible assets and broadcast rights (excluding barter), (gain) loss on asset disposal, non-cash compensation expense, non-cash representation contract termination fee, change in the fair value of contingent consideration and goodwill impairment, less payments for broadcast rights, cash interest expense, capital expenditures and net operating cash income taxes. Broadcast cash flow, Adjusted EBITDA and free cash flow results are non-GAAP financial measures. Nexstar believes the presentation of these non-GAAP measures are useful to investors because they are used by lenders to measure the Company’s ability to service debt; by industry analysts to determine the market value of stations and their operating performance; by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of TBAs or LMAs. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company’s business. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release. Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 171 television stations and related digital multicast signals reaching 100 markets or nearly 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. For more information please visit www.nexstar.tv. This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s other filings with the SEC. The following table reconciles the Media General, Inc.’s 2016 and 2015 fourth quarter Adjusted EBITDA which were prepared based on Nexstar’s definition as described in page 5, with Media General, Inc.’s definition of Adjusted EBITDA.
News Article | February 24, 2017
News Article | February 27, 2017
BOULDER, Colo., Feb 27, 2017 /PRNewswire/ -- CW Hemp, makers of the world-renowned Charlotte's Web™ hemp extract cannabinoid oils, announced today the launch of their CW™ Paws line of canine products. "The United States Department of Health and Human Services holds patent No....