Lincoln, United Kingdom
Lincoln, United Kingdom

Dynex Semiconductor based in Lincoln, England, United Kingdom is a global supplier of products and services specialising in the field of power semiconductor devices and silicon on sapphire integrated circuit products. The power products they manufacture include IGBTs, various types of thyristor and GTOs. Wikipedia.


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News Article | April 27, 2017
Site: www.businesswire.com

GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (NYSE: DX) reported its first quarter 2017 results today. As previously announced, the Company's quarterly conference call to discuss these results is today at 10:00 a.m. Eastern Time and may be accessed using conference ID 9962721 via telephone in the U.S. at 1-866-392-3507 (internationally at 1-614-999-9383) or by live webcast which includes a slide presentation, the link for which is provided under “Investor Center” on the Company's website (www.dynexcapital.com). The Company reported comprehensive income to common shareholders of $26.6 million for the first quarter of 2017 compared to comprehensive loss to common shareholders of $(18.4) million for the fourth quarter of 2016. Comprehensive income (loss) includes net income to common shareholders and other comprehensive income (loss), consisting principally of changes in unrealized gains and losses on mortgage-backed securities. Net income to common shareholders for the first quarter of 2017 was $6.6 million compared to net income to common shareholders of $66.8 million for the fourth quarter of 2016. Net income declined primarily as a result of the following: Core net operating income to common shareholders, a non-GAAP measure, was $7.4 million for the first quarter of 2017 versus $10.0 million for the fourth quarter of 2016. Core net operating income is a non-GAAP measure which excludes the change in fair value of derivative instruments included in GAAP net income and the unrealized loss on MBS included in other comprehensive income. Both GAAP net income and core net operating income include the effects of a $1.2 million decline in net interest income in the first quarter of 2017 and an increase in general and administrative costs of $0.7 million that are primarily timing related. The decline in net interest income was due to increased interest expense from higher borrowing rates, partially offset by interest income on a larger investment portfolio, and $0.9 million of "catch-up" premium amortization adjustments on Agency RMBS from changes in projected prepayment speeds and lower prepayment compensation on CMBS and CMBS IO. Core net operating income also includes $0.5 million in higher periodic interest costs on interest rate swap agreements in the first quarter of 2017. For more information on core net operating income see " Reconciliations of GAAP Measures to Non-GAAP Measures" in this press release. Book value per common share increased $0.34, or 5% to $7.52 at March 31, 2017. The primary driver of the increase was tighter credit spreads on MBS during the first quarter of 2017 that drove an increase in unrealized gains on available for sale securities during the quarter, particularly CMBS IO. Partially offsetting the increase was $(0.03) per share from common dividends in excess of core earnings per share and dilution of approximately $(0.01) per share from capital stock activity. Economic return on book value was 7.2% for the first quarter of 2017. Economic return on book value is calculated by dividing (i) the sum of dividends declared per common share and the change in book value per common share by (ii) beginning book value per common share. The Company’s average interest earning assets increased slightly for the first quarter of 2017 compared to the fourth quarter of 2016. The Company did not materially change its capital allocation during the quarter. The following tables summarize activity, average balances, and annualized effective yields on the Company’s MBS portfolio for the first quarter of 2017: The Company's cost of funds increased 12 basis points for the first quarter of 2017 compared to the fourth quarter of 2016 primarily as a result of the increase in short-term interest rates during the first quarter. The following table summarizes the Company's borrowings by collateral type under repurchase agreements for the periods indicated: (1) Other financing for both periods presented includes non-recourse collateralized financing collateralized with a portion of the mortgage loans held for investment, net on the Company's consolidated balance sheet. For the three months ended December 31, 2016, other financing also includes FHLB advances collateralized with Agency CMBS. The Company had an average notional of $1,292.6 million in effective interest rate swaps outstanding during the first quarter of 2017 at a weighted average net pay-fixed rate of 1.16% versus an average notional of $305.0 million in effective interest rate swaps with a weighted average net pay-fixed rate of 0.64% for the fourth quarter of 2016. The following table summarizes the notional activity and average rates related to the Company's interest rate swaps during the quarter: (1) Interest rate swaps had a net termination value of $2.4 million. The following table summarizes the weighted average notional of net pay-fixed swaps effective for each year through 2026 and the related weighted average net pay-fixed rate for the Company’s interest rate swaps at March 31, 2017 and at December 31, 2016: The following table presents the components of gain on derivative instruments, net for the first quarter of 2017: Dynex Capital, Inc. is an internally managed real estate investment trust, or REIT, which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO. Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com. Use of Non-GAAP Financial Measures In addition to the Company's operating results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including core net operating income to common shareholders (including per common share), adjusted interest expense, adjusted cost of funds, adjusted net interest income, and adjusted net interest spread. Schedules reconciling these non-GAAP financial measures to GAAP are provided as a supplement to this release. Management uses core net operating income (including per common share) as an estimate of the net interest earnings from our investments after operating expenses. In connection with core net operating income, management uses adjusted interest expense, adjusted cost of funds, adjusted net interest income, and adjusted net interest spread because management considers net periodic interest costs related to the Company's derivative instruments as an additional cost of using repurchase agreements to finance investments. Because these measures are used in the Company's internal analysis of financial and operating performance, management believes that they provide greater transparency to our investors of management's view of our economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with the Company's GAAP operating results, allows investors to more effectively evaluate and compare the performance of the Company to that of its peers even though peer companies may present non-GAAP measures on a different basis than the Company's. Because these non-GAAP financial measures exclude certain items used to compute GAAP net income to common shareholders and GAAP interest expense, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, the Company's GAAP results as reported on its consolidated statements of comprehensive income. In addition, because not all companies use identical calculations, the Company's presentation of its non-GAAP measures may not be comparable to other similarly-titled measures of other companies. This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “forecast,” “anticipate,” “estimate,” “project,” “plan,” and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements in this release may include, without limitation, statements regarding future interest rates, our views on expected characteristics of future investment environments, prepayment rates on our investment portfolio and risks posed by our investment portfolio, our future investment strategies, our future leverage levels and financing strategies, the use of specific financing and hedging instruments and the future impacts of these strategies, future actions by the Federal Reserve, and the expected performance of our investments. The Company's actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements as a result of unforeseen external factors. These factors may include, but are not limited to, changes in general economic and market conditions, including volatility in the credit markets which impacts asset prices and the cost and availability of financing, defaults by borrowers, availability of suitable reinvestment opportunities, variability in investment portfolio cash flows, fluctuations in interest rates, fluctuations in property capitalization rates and values of commercial real estate, defaults by third-party servicers, prepayments of investment portfolio assets, other general competitive factors, uncertainty around government regulatory and monetary policy, the impact of regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and ongoing financial institution regulatory reform efforts, the full impacts of which are unknown at this time, and another ownership change under Section 382 that further impacts the use of our tax net operating loss carryforward. For additional information on risk factors that could affect the Company's forward-looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2016, and other reports filed with and furnished to the Securities and Exchange Commission.


Patent
Dynex | Date: 2016-07-19

A sample plate comprising a sample well is disclosed. The sample well can comprise one or more bead retaining chambers. A method of using the sample plate and a kit comprising the sample plate is also disclosed.


Patent
Dynex | Date: 2013-03-06

A system for inserting reagent or macrobeads into bores of a sample plate is disclosed comprising an insertion device arranged to retain one or more reagent or macrobeads by means of a vacuum whilst inserting the reagent or macrobeads into bores of the sample plate.


Patent
Dynex | Date: 2013-09-12

A sample plate comprising a sample well is disclosed. The sample well can comprise one or more bead retaining chambers. Also provided herein is a method of using the sample plate and kits comprising the sample plate.


Patent
Dynex | Date: 2013-03-27

A sample plate is disclosed comprising a plurality of sample wells 19. Each sample well 19 comprises a plurality of pockets 21 into which reagent beads or microspheres 20A,20B are inserted by a reagent bead or microsphere dispenser. The reagent beads or microspheres may be coated with an antibody or antigen enabling multiplexed ELISA procedures to be performed. Alternatively, the reagent beads may be coated with a DNA or RNA sequence to act as a hybridization probe to test for the presence of a complementary DNA or RNA sequence.


Patent
Dynex | Date: 2012-05-03

A sample plate comprising a sample well is disclosed. The sample well can comprise one or more bead retaining chambers. Also provided herein is a method of using the sample plate and kits comprising the sample plate.


Patent
Dynex | Date: 2011-02-02

A sample plate is disclosed comprising a plurality of sample wells 19. Each sample well 19 comprises a plurality of pockets 21 into which reagent beads or microspheres 20A,20B are inserted by a reagent bead or microsphere dispenser. The reagent beads or microspheres may be coated with an antibody or antigen enabling multiplexed ELISA procedures to be performed. Alternatively, the reagent beads may be coated with a DNA or RNA sequence to act as a hybridization probe to test for the presence of a complementary DNA or RNA sequence.


Patent
Dynex | Date: 2012-12-19

A method of analysing one or more reagent beads that are retained or secured in a sample well of a sample plate comprises obtaining an image of one of the reagent beads. The image comprises a plurality of image pixels each having an associated intensity value. The intensity values of the image pixels or values related to the Intensity values are distributed amongst a plurality of intensity bins and a histogram is generated. A curve is fitted to the histogram and the curve is compared with a standard profile.


Patent
Dynex | Date: 2012-10-24

A method of analysing reagent beads retained in a sample well of a sample plate is disclosed comprising obtaining an image of a reagent bead, distributing intensity values of image pixels amongst a plurality of intensity bins and generating an histogram. A curve is fitted to the histogram and the curve is compared with an idealised profile of image pixels. A closeness of fit between the curve and the idealised profile is determined and then intensity values are discarded from one or more of the intensity bins. The remaining intensity values are redistributed and the process is repeated several times. A determination is then made as to which curve has the closest fit with the idealised profile.


Patent
Dynex | Date: 2012-04-20

A method of analysing reagent beads retained in a sample well of a sample plate is disclosed comprising obtaining an image of a reagent bead, distributing intensity values of image pixels amongst a plurality of intensity bins and generating an histogram. A curve is fitted to the histogram and the curve is compared with an idealised profile of image pixels. A closeness of fit between the curve and the idealised profile is determined and then intensity values are discarded from one or more of the intensity bins. The remaining intensity values are redistributed and the process is repeated several times. A determination is then made as to which curve has the closest fit with the idealised profile.

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