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News Article | May 12, 2017
Site: globenewswire.com

Luxembourg, May 12, 2017 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results[1] for the three month period ended March 31, 2017. Financial highlights (on the basis of IFRS1): "I am satisfied with the first quarter results, which reflect the anticipated positive momentum in the market and the progress we are making internally to make the business stronger. All parts of the business reported improved EBITDA as steel prices responded to higher raw material costs and strong volume growth saw steel shipments increase by 5.1% compared with the fourth quarter. Our mining segment benefitted from an increase in iron-ore shipped at market prices as well as the higher raw material price environment. Looking ahead, we expect market conditions to be broadly stable in the second quarter. While this is encouraging, the steel industry is still impacted by unfair imports in many of our key markets and we hope to see further progress in ensuring the necessary trade solutions". ArcelorMittal will hold a conference call hosted by Heads of Finance and Investor Relations for members of the investment community to discuss the three-month period ended March 31, 2017 on: This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the "SEC") made or to be made by ArcelorMittal, including ArcelorMittal's latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks. Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate. For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient. We are one of the world's five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow. In 2016, ArcelorMittal had revenues of $56.8 billion and crude steel production of 90.8 million metric tonnes, while own iron ore production reached 55.2 million metric tonnes. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/ Health and safety - Own personnel and contractors lost time injury frequency rate Health and safety performance, based on own personnel figures and contractors lost time injury frequency (LTIF) rate of 0.80x in the first quarter of 2017 ("1Q 2017") as compared to 0.84x for the fourth quarter of 2016 ("4Q 2016") and 0.72x for the first quarter of 2016 ("1Q 2016"). The Company's effort to improve the Health and Safety record continues and remains focused on both further reducing the rate of severe injuries and preventing fatalities. Analysis of results for 1Q 2017 versus 4Q 2016 and 1Q 2016 Total steel shipments in 1Q 2017 were 5.1% higher at 21.1 million metric tonnes as compared with 20.0 million metric tonnes for 4Q 2016 primarily due to improved shipments in NAFTA (+12.0%), Europe (+7.1%) and ACIS (+4.1%) offset in part by lower shipments in Brazil (-21.7%). Total steel shipments for 1Q 2017 were 1.9% lower as compared to 1Q 2016 primarily due to lower shipment volumes in Brazil (-9.9%), Europe (-2.3%) and ACIS (-2.8%) offset in part by improved shipments in NAFTA (+2.7%). On a comparable basis (considering the sale of long steel producing subsidiaries in the US (LaPlace and Vinton) in 2Q 2016 and Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 were 0.9% lower as compared with 21.2 million metric tonnes for 1Q 2016. Sales in 1Q 2017 were $16.1 billion as compared to $14.1 billion for 4Q 2016 and $13.4 billion for 1Q 2016. Sales in 1Q 2017 were 13.9% higher as compared to 4Q 2016 primarily due to higher average steel selling prices (+10.2%), higher steel shipments (+5.1%), higher seaborne iron ore reference prices (+21.0%) and higher market-priced iron ore shipments (+6.4%). Sales in 1Q 2017 were 20.1% higher as compared to 1Q 2016 primarily due to higher average steel selling prices (+24.9%), higher seaborne iron ore reference prices (+77.3%) and higher market-priced iron ore shipments (+11.2%), offset in part by lower steel shipments (-1.9%). Depreciation for 1Q 2017 was lower at $655 million as compared to $696 million for 4Q 2016 and stable as compared to $652 million in 1Q 2016. FY 2017 depreciation is expected to be approximately $2.8 billion (based on current exchange rates). Impairment charges for 1Q 2017 and 1Q 2016 were nil. Impairment charges for 4Q 2016 were $156 million mainly related to the Vanderbijlpark plant in South Africa. Operating income for 1Q 2017 was $1.6 billion as compared to $0.8 billion in 4Q 2016 and $275 million in 1Q 2016. Operating income for 4Q 2016 was impacted by impairments as discussed above. Operating income for 1Q 2017 was higher as compared to 4Q 2016 primarily due to higher operating results in steel business as well as improved results in the Mining segment driven primarily by higher seaborne iron ore prices. Income from associates, joint ventures and other investments for 1Q 2017 was $86 million as compared to $14 million for 4Q 2016, primarily due to the annual dividend declared by Erdemir ($45 million) and improved performance of Calvert, offset in part by a loss on dilution of the Company's stake in China Oriental[4]. Income from associates, joint ventures and other investments for 1Q 2016 of $324 million included a $329 million gain on disposal of Gestamp[5]. Net interest expense in 1Q 2017 was $223 million as compared to $221 million in 4Q 2016 and $332 million in 1Q 2016. Net interest expense was lower in 1Q 2017 as compared to 1Q 2016 primarily due to debt reduction including early bond repayment via debt tenders during 2016. Foreign exchange and other net financing costs in 1Q 2017 were $133 million as compared to $278 million for 4Q 2016 and a gain in 1Q 2016 of $9 million. Foreign exchange gains/losses primarily relate to the impact of the USD movements on Euro denominated deferred tax assets and Euro denominated debt. For 1Q 2017 a foreign exchange gain of $35 million was recorded (as compared to a loss of $128 million for 4Q 2016) mainly on account of a 1.4% depreciation of the USD against the Euro (versus 5.6% appreciation in 4Q 2016). Foreign exchange and other net financing costs for 1Q 2017 includes $159 million in premium accrued on an early repayment of bonds (settled in April 2017), offset by non-cash mark to market gains on certain derivatives (primarily mandatory convertible bonds call options following the market price increase in the underlying shares). Foreign exchange and other net financing costs in 4Q 2016 included $0.1 billion non-cash expense in connection with the issuance of shares in the context of the B-BBEE transaction in South Africa[6]. Foreign exchange and other net financing gain for 1Q 2016 included a foreign exchange gain of $107 million primarily on account of a 4.6% depreciation of the USD against the Euro. ArcelorMittal recorded an income tax expense of $283 million for 1Q 2017 as compared to an income tax benefit of $13 million for 4Q 2016 and an income tax expense of $700 million for 1Q 2016. The tax expense in 1Q 2017 largely reflects improved results in a number of countries. The prior periods were impacted by the tax rate change and recoverability assessment of deferred tax assets in Luxembourg. Net income attributable to non-controlling interests for 1Q 2017 of $21 million represents minority shareholders' share of net income recorded in ArcelorMittal Mines Canada[7] and Belgo Bekaert Arames in Brazil offset in part by their share of losses generated by ArcelorMittal South Africa. Net loss attributable to non-controlling interests for 4Q 2016 of $66 million and for 1Q 2016 of $8 million primarily represents their share of losses generated by ArcelorMittal South Africa. ArcelorMittal recorded net income for 1Q 2017 of $1,002 million, or $0.33 earnings per share3, as compared to net income for 4Q 2016 of $403 million, or $0.13 earnings per share3, and a net loss for 1Q 2016 of $416 million, or $0.23 loss per share3. The following tables summarize the Company's principal growth and optimization projects involving significant capital expenditures. NAFTA segment crude steel production increased 19.6% to 6.2 million metric tonnes in 1Q 2017 as compared to 5.2 million metric tonnes for 4Q 2016 in line with improved demand. Steel shipments in 1Q 2017 increased by 12.0% to 5.6 million metric tonnes as compared to 5.0 million metric tonnes in 4Q 2016, primarily driven by a 14.9% increase in flat products volumes reflecting the end of the destock in the US which negatively impacted shipments in the prior period. Sales in 1Q 2017 increased by 17.5% to $4.5 billion as compared to $3.8 billion in 4Q 2016, primarily due to higher average steel selling prices (+5.6%) and higher steel shipment volumes as discussed above. Compared to the 4Q 2016, average steel selling prices for long products improved +10.0% and for flat products improved +4.1%. Operating income in 1Q 2017 increased to $396 million as compared to operating income of $164 million in 4Q 2016 and operating income of $205 million in 1Q 2016. EBITDA in 1Q 2017 increased by 74% to $524 million as compared to $301 million in 4Q 2016 primarily due to higher steel shipment volumes (+12.0%) and a positive price cost impact with average steel selling prices higher by +5.6%. EBITDA in 1Q 2017 improved 54.4% as compared to $339 million in 1Q 2016 due primarily to a positive price cost impact with average steel selling prices higher by +13.2%. Brazil segment crude steel production decreased by 2.5% to 2.7 million metric tonnes in 1Q 2017 as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to planned maintenance at Tubarao, Brazil. Steel shipments in 1Q 2017 decreased by 21.7% to 2.2 million metric tonnes as compared to 2.8 million metric tonnes in 4Q 2016, primarily due to a 27.3% decrease in flat product steel shipments (primarily export shipments, given the need to rebuild inventory following maintenance and ahead of the seasonally stronger demand period, as well as temporary shipment delays) and a 10.2% decrease in long product steel shipments (primarily reflecting weak domestic demand). Sales in 1Q 2017 decreased by 8.0% to $1.6 billion as compared to $1.8 billion in 4Q 2016, due to lower steel shipments as discussed above, offset in part by 20.1% increase in average steel selling prices, with average US dollar selling prices for flat products improving by 28% (reflecting higher domestic prices as well as the mix benefit of lower slab exports) and improving by 11.3% for long products. Operating income in 1Q 2017 increased to $175 million as compared to an operating income of $143 million in 4Q 2016 and operating income of $89 million in 1Q 2016. EBITDA in 1Q 2017 increased by 15.3% to $246 million as compared to $213 million in 4Q 2016 primarily due to a $21 million provision reversal as well as a positive price cost impact offset in part by lower steel shipment volumes. EBITDA in 1Q 2017 was 69.1% higher as compared to $145 million in 1Q 2016 due to a positive price cost impact with a 43.2% increase in average steel selling prices in US$ terms, offset in part by lower steel shipments by -9.9% (flat exports down 14.8% and long product down 14.2%). Europe segment crude steel production increased by 10.2% to 11.2 million metric tonnes in 1Q 2017, as compared to 10.2 million metric tonnes in 4Q 2016 (which was impacted by the planned reline at ArcelorMittal Asturias, Spain). Steel shipments in 1Q 2017 increased by 7.1% to 10.2 million metric tonnes as compared to 9.5 million metric tonnes in 4Q 2016, primarily due to a 12.8% increase in flat product shipments due to improved demand offset partly by a 5.4% decline in long product steel shipments. Sales in 1Q 2017 increased 15.2% to $8.2 billion as compared to $7.1 billion in 4Q 2016, primarily due to higher average steel selling prices (+9.9%), (with flat and long products average steel selling prices increasing +9.4% and +9.9%, respectively), and higher steel shipments as discussed above. Operating income in 1Q 2017 was $636 million as compared to $387 million in 4Q 2016 and $86 million in 1Q 2016. EBITDA in 1Q 2017 increased by 30.3% to $909 million as compared to $698 million in 4Q 2016 primarily due to higher steel volumes. EBITDA in 1Q 2017 improved 150.4% as compared to 1Q 2016 primarily on account of higher average steel selling prices (+22.3%) and cost efficiency improvements, offset in part by higher input costs. ACIS segment crude steel production in 1Q 2017 decreased by 4.2% to 3.5 million metric tonnes as compared to 3.6 million metric tonnes in 4Q 2016 primarily due to planned maintenance of BF#9 in Ukraine. Steel shipments in 1Q 2017 increased by 4.1% to 3.2 million metric tonnes as compared to 3.1 million metric tonnes in 4Q 2016 primarily due to a seasonal improvement in South Africa offset in part by lower steel shipments in the CIS impacted by the planned maintenance as described above. Sales in 1Q 2017 increased 18.4% to $1.8 billion as compared to $1.5 billion in 4Q 2016, primarily due to higher steel shipments (+4.1%) and higher average steel selling prices (+16.2%). Operating income in 1Q 2017 was $116 million as compared to an operating loss of $92 million in 4Q 2016 and operating loss of $15 million in 1Q 2016. Operating loss in 4Q 2016 was impacted by impairments of $156 million mainly related to the Vanderbijlpark plant in South Africa. EBITDA in 1Q 2017 increased +34.2% to $191 million as compared to $142 million in 4Q 2016. EBITDA in 4Q 2016 was impacted by a one-time charge of $28 million in relation to environmental liabilities at the Thabazimbi mine in South Africa. EBITDA in 1Q 2017 was higher than 4Q 2016 primarily on account of higher steel shipment volumes (+4.1%). EBITDA in 1Q 2017 was higher as compared to $61 million in 1Q 2016, primarily due to a positive price cost impact. (a) Own iron ore and coal production not including strategic long-term contracts. (b) Iron ore and coal shipments of market-priced based materials include the Company's own mines, and share of production at other mines, and exclude supplies under strategic long-term contracts. Own iron ore production in 1Q 2017 increased by 0.7% to 14.0 million metric tonnes as compared to 13.9 million metric tonnes in 4Q 2016 due to increased production in Mexico (Volcan mine restarted February 2017) and Liberia, offset in part by seasonally lower production in Canada and lower production in the US. Own iron ore production in 1Q 2017 decreased by 1.0% as compared to 14.1 million metric tonnes in 1Q 2016 primarily due to decreased production in Liberia and US offset in part by higher production in Mexico. Own iron ore production is expected to increase in 2017: In Liberia, based on Tokadeh ore together with the transition to the new Gangra deposit production is expected to increase to 3Mt in 2017 (versus 2Mt in 2016) before ramping up to 5Mtpa in 2018; the restart of the Volcan mine in Mexico in February 2017 is expected to produce an additional 2Mt (in 2017 versus 2016); production in Ukraine is expected to recover following resolution of a delay in accessing new tailings disposal land which negatively impacted production in 2016 by approximately 1Mt. Market-priced iron ore shipments in 1Q 2017 increased 6.4% to 8.7 million metric tonnes as compared to 8.1 million metric tonnes in 4Q 2016, primarily driven by higher shipments in Mexico, Ukraine and ArcelorMittal Mines Canada. During 4Q 2016 market-priced iron ore shipments in ArcelorMittal Mines Canada were impacted by logistics and transportation issues following severe weather conditions. Market-priced iron ore shipments in 1Q 2017 increased by +11.2% as compared to 1Q 2016 driven by increased ArcelorMittal Mines Canada shipments and Mexico offset in part by lower Liberia shipments. Given expected higher production described above, FY 2017 market-priced iron ore shipments are expected to increase by approximately 10% versus FY 2016. Own coal production in 1Q 2017 decreased marginally by 2.6% to 1.7 million metric tonnes as compared to 4Q 2016. Own coal production in 1Q 2017 increased 20.0% as compared to 1Q 2016 with increases at both Kazakhstan and Princeton (US) mines. Market-priced coal shipments in 1Q 2017 decreased 11.9% to 0.8 million metric tonnes as compared to 4Q 2016 primarily due to decreased shipments at Princeton (US). Market-priced coal shipments in 1Q 2017 decreased 7.1% as compared to 1Q 2016 primarily due to decreased shipments at Princeton (US) offset in part by increased shipments in Kazakhstan. Operating income in 1Q 2017 increased to $378 million as compared to an operating income of $203 million in 4Q 2016, and an operating loss of $2 million in 1Q 2016, primarily for the reasons discussed below. EBITDA in 1Q 2017 increased 61.5% to $480 million as compared to $297 million in 4Q 2016, primarily due to increased seaborne iron ore market reference prices (+21.0%) and increased coal prices. EBITDA in 1Q 2017 was significantly higher as compared to $98 million in 1Q 2016, primarily due to higher seaborne iron ore reference prices (+77.3%), higher market-priced iron ore shipment volumes (+11.2%) and higher coal prices. For 1Q 2017, net cash used in operating activities was $299 million as compared to net cash provided by operating activities of $1,653 million in 4Q 2016. The net cash used in operating activities during 1Q 2017 was impacted by a working capital investment ($2,181 million) as compared to a working capital release ($495 million) in 4Q 2016. The change in the working capital position reflects seasonal changes in inventory and receivables as well as the effects of higher selling and raw material prices. Net cash used in investing activities during 1Q 2017 was $598 million as compared to $809 million in 4Q 2016 and $572 million in 1Q 2016. Capital expenditure decreased to $580 million in 1Q 2017 as compared to $802 million in 4Q 2016 and $586 million in 1Q 2016. FY 2017 capital expenditure is expected to be $2.9 billion. Net cash provided by financing activities for 1Q 2017 was $666 million as compared to net cash used in financing activities of $468 million for 4Q 2016 and net cash provided by financing activities of $140 million for 1Q 2016. Net cash provided by financing activities for 1Q 2017 primarily includes proceeds from the European Investment Bank loan[9] of €350 million ($373 million) and $0.3 billion of commercial paper issuances. Net cash used in financing activities for 4Q 2016 primarily includes repayments of a $0.3 billion loan and $0.5 billion of short term facilities, offset in part by a $0.3 billion increase in commercial paper issuances. In addition, while not reflected in the above amounts, the Company used $1,040 million of cash and liquidity resources to redeem outstanding bonds on April 3, 2017 (see Key recent developments). During 1Q 2017, the Company paid dividends of $40 million primarily to minority shareholders in ArcelorMittal Mines Canada. During 4Q 2016 and 1Q 2016, the Company paid dividends of $7 million and $6 million, respectively, to minority shareholders in Belgo Bekaert Arames in Brazil. As of March 31, 2017, the Company's cash and cash equivalents amounted to $2.4 billion as compared to $2.6 billion at December 31, 2016 and $2.9 billion at March 31, 2016. Gross debt increased to $14.5 billion as at March 31, 2017, as compared to $13.7 billion at December 31, 2016 and $20.2 billion at March 31, 2016. The above-referenced usage of cash to redeem bonds on April 3, 2017 is noted in this respect. As of March 31, 2017, net debt increased to $12.1 billion as compared with $11.1 billion at December 31, 2016 (primarily due to a working capital investment), but lower as compared to $17.3 billion as of March 31, 2016. As of March 31, 2017, the Company had liquidity of $7.9 billion, consisting of cash and cash equivalents of $2.4 billion and $5.5 billion of available credit lines[10]. The $5.5 billion credit facility contains a financial covenant of 4.25x Net debt / EBITDA. On March 31, 2017, the average debt maturity was 6.4 years. The following global apparent steel consumption ("ASC") figures have been updated to reflect the Company's final 2016 estimates. The outlook for 2017 remains unchanged from those presented in connection with the full year 2016 results announcement. Global ASC is estimated to have expanded by +1% in 2016. Based on the current economic outlook, ArcelorMittal expects global ASC to grow further in 2017 by between ~ +0.5% to +1.5%. By region: ASC in the US (excluding Pipe & tube) declined in 2016 by approximately -2.0%, driven in large part by a significant destock in the 2H 2016. However, underlying demand continues to expand, and the expected absence of a further destock in 2017 should support ASC growth in the US of approximately +3.0% to 4.0% in 2017. In Europe, ArcelorMittal expects the pick-up in underlying demand to continue, supported by the strength of the automotive end market, but apparent demand is expected to be modest at +0.5% to +1.5% in 2017 (versus growth of +3.0% in 2016). In Brazil, following the significant decline in ASC in 2016 (-13.8%) ASC is expected to grow by +3.0% to +4.0% in 2017 as the economy mildly recovers as consumer confidence returns. In the CIS, following an ASC decline of -3.8% in 2016, the region should stabilize in 2017 with ASC similar to 2016 levels (-0.5% to +0.5%). In China, following ASC growth of +1.3% in 2016, demand is expected to stabilise in 2017 (decline of around 0% to -1.0%). Capex spend in 2017 is expected to increase to $2.9 billion (from $2.4 billion in 2016) as the Group seeks to capitalize on opportunities to grow value and returns. In addition, interest expense is expected to decline to $0.9 billion (as compared to $1.1 billion in FY 2016); while cash taxes and contributions to fund pensions are expected to increase by a total of $0.2 billion. As a result, the Company expects the cash needs of the business in 2017 to increase to $5.0 billion (from $4.5 billion in 2016). Note: "Others and eliminations" lines are not presented in the table Note: "Others and eliminations" lines are not presented in the table * 2017 bonds include $0.9 billion of bonds that were early redeemed in April 2017 ** Other loans in 2017 includes a $0.5 billion drawing under the ArcelorMittal USA $1 billion asset based loan (facility available until 2021) Appendix 4: Credit lines available as of March 31, 2017 Note: Segment EBITDA is reconciled to segment operating income in each of the segment discussions above. At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The table below presents the weighted average common shares outstanding and basic and diluted earnings per share following the share consolidation for the 3 months ended March 31, 2017 and for the 3 months ended December 31, September 30, June 30 and March 31, 2016 recast for comparative purposes. Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below: LTIF: lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors. EBITDA: operating income plus depreciation, impairment expenses and exceptional income/(charges). Exceptional income / (charges): relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business such as restructuring costs or asset disposals. Cash and cash equivalents: represents cash and cash equivalents, restricted cash and short-term investments Net debt: long-term debt, plus short term debt less cash and cash equivalents Gross debt: long-term debt, plus short term debt (including those held as part of liabilities held for sale). Market-priced tonnes: represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third parties are transferred from the Mining segment to the Company's steel producing segments and reported at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on a cost-plus basis. Foreign exchange and other net financing (loss) / gain: include foreign currency exchange impact, bank fees, interest on pensions, impairments of financial instruments, revaluation of derivative instruments and other charges that cannot be directly linked to operating results. Average steel selling prices: calculated as steel sales divided by steel shipments. Mining segment sales: i) "External sales": mined product sold to third parties at market price; ii) "Market-priced tonnes": internal sales of mined product to ArcelorMittal facilities and reported at prevailing market prices; iii) "Cost-plus tonnes" - internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market). Working capital: trade accounts receivable plus inventories less trade and other accounts payable. Capex: includes the acquisition of tangible and intangible assets. Seaborne iron ore reference prices: refers to iron ore prices for 62% Fe CFR China. Own iron ore production: Includes total of all finished production of fines, concentrate, pellets and lumps (excludes share of production and strategic long-term contracts). On-going projects: Refer to projects for which construction has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating conditions. EBITDA/tonne: calculated as EBITDA divided by total steel shipments. Steel-only EBITDA: calculated as EBITDA less Mining segment EBITDA. Steel-only EBITDA/tonne: calculated as steel-only EBITDA divided by total steel shipments. Iron ore unit cash cost: includes weighted average pellet and concentrate cost of goods sold across all mines. Liquidity: Cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program. Shipments information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded. Operating segments: The NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat operations of Brazil, and the Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the Flat, Long and Tubular operations of Kazakhstan, Ukraine and South Africa. YoY: Refers to year-on-year. Free cash flow: Refers to net cash provided by (used in) operating activities less capex. Net debt/EBITDA: Refers to Net debt divided by last twelve months EBITDA calculation. Operating results: Refers to operating income/(loss). [1] The financial information in this press release has been prepared consistently with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union. The interim financial information included in this announcement has been also prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial measures and defined in appendix 8, as additional measurements to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company's operating results to the operating results of other companies. ArcelorMittal also presents net debt and the ratio of net debt to EBITDA as an additional measurement to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. [2] On a comparable basis (considering the sale of long steel producing subsidiaries in the US (LaPlace and Vinton) in 2Q 2016 and Zaragoza in Spain during 3Q 2016), total steel shipments for 1Q 2017 of 21.1Mt was 0.9% lower as compared with 21.2Mt for 1Q 2016. [3] At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). The figures presented for the basic and diluted earnings per share do not reflect this change and are prior to the share consolidation. See Appendix 7 for the EPS calculated after the share consolidation exercise. [4] China Oriental completed a share placement to restore the minimum 25% free float as per HKEx listing requirements. Following the share placement, ArcelorMittal's interest in China Oriental decreased from 47% to 39%, as a result of which ArcelorMittal recorded a net dilution loss of $44 million. [5] On February 5, 2016 ArcelorMittal announced it had sold its 35% stake in Gestamp Automoción ("Gestamp") to the majority shareholder, the Riberas family, for a total cash consideration of €875 million ($971 million) received in June 2016. In addition to the cash consideration, ArcelorMittal received in 2Q 2016 a payment of $11 million as a 2015 dividend. [6] On September 28, 2016, ArcelorMittal South Africa ("AMSA") announced that it had entered into agreements to implement a Broad-Based Black Economic Empowerment (B-BBEE) transaction which includes: the issuance of a 17% shareholding in AMSA using a new class of notionally funded shares to a special purpose vehicle owned by Likamva Resources Proprietary Limited (Likamva). Likamva has undertaken to introduce broad-based social and community development organisations as shareholders to hold an effective 5% interest (of the 17%, leaving Likamva with a 12% shareholding) within 24 months; and a 5.1% shareholding in AMSA using another new class of notionally funded shares to the ArcelorMittal South Africa Employee Empowerment Share Trust for the benefit of AMSA employees and AMSA management. All the shares have certain restrictions on disposal for a period of 10 years ("Lock-in Period"), thereby promoting long-term sustainable B-BBEE in AMSA. [7] ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada [8] On June 23, 2016, following the ratification by the United Steelworkers of a new labor agreement which is valid until September 1, 2018, ArcelorMittal made changes mainly to healthcare post-retirement benefits in its subsidiary ArcelorMittal USA (NAFTA). The changes resulted in a gain of $832 million recorded in 2Q 2016. [9] On December 16, 2016, ArcelorMittal signed a €350 million finance contract with the European Investment Bank in order to finance European research, development and innovation projects over the 2017-2020 period within the European Union, predominantly France, Belgium and Spain, but also in the Czech Republic, Poland, Luxembourg and Romania. The Company benefits from a guarantee from the European Union under the European Fund for Strategic Investments. [10] On December 21, 2016, ArcelorMittal signed an agreement for a $5.5 billion revolving credit facility (the "Facility"). This Facility amends and restates the $6 billion revolving credit facility dated April 30, 2015. The amended agreement incorporates a first tranche of $2.3 billion maturing on December 21, 2019, and a second tranche of $3.2 billion maturing on December 21, 2021. The Facility may be used for general corporate purposes. As of March 31, 2017, the $5.5 billion revolving credit facility remains fully available. [11] Assets and liabilities held for sale, as of March 31, 2017, include the carrying value of the USA long product facilities at Steelton ("Steelton"). Assets and liabilities held for sale, as of December 31, 2016, include the carrying value Steelton and some activities of ArcelorMittal downstream solutions in the Europe segment and America's Tailored Blanks. [12] The comparative amounts as of March 31, 2016, were reclassified to conform with the presentation as of December 31, 2016 in the annual report.


News Article | May 9, 2017
Site: www.prlog.org

Should shares of Apple climb to this price target, the company would be worth $1.06 trillion. -- Apple set to be worth $1 trillion in a year• A team of analysts at Eduard Steinbach Plc. have raised the price target on Apple stock to $180 per share, the highest estimate by analysts who cover the company to-date.• Apple is hugely underappreciated, James Alexander Vice President of Eduard Steinbach Plc. writes in a note to clients.• Should shares of Apple climb to this price target, the company would be worth $1.06 trillion.After reporting mixed earnings last week, Apple was given a $180 price target, its highest to date, by one of Eduard Steinbach's senior analysts on Monday.With the expected release of the iPhone 8 this fall, Apple is only in the "early stages" of unlocking upside potential for investors, Steinbach's Vice President of International Research and Development wrote in a note to clients on Monday."We believe Apple remains among the most underappreciated stocks in the world," Alexander said.The senior portfolio manager raised his 12-month price forecast for Apple stock to $180 from $160, reiterating a buy rating on the shares. Apple closed Friday at $148.96 per share. If the stock climbed to Alexander's target (a gain of more than 35 percent), that would give the iPhone juggernaut a market value of $1.06 trillion based on its current share count of 5,247 from FactSet. His 12-month price target is based on applying a 16 P-E to his 2018 pro forma EPS estimate of $10.49 and then adding the company's cash per share. The analyst argues this is more than reasonable considering the S&P 500 currently trades at 16 times 2018 estimated earnings."Apple's valuation has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronics companies of the past," Alexander wrote. "However, Apple has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together."As of Friday's close, shares of Apple have risen 60 percent over the past 12 months and are up about 29 percent this year.For further information go to http://www.eduardsteinbach.com


News Article | May 9, 2017
Site: www.businesswire.com

CHARLOTTE, N.C.--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) announced today first quarter 2017 revenues of $391.1 million, a decrease of $13.0 million, or 3.2%, compared to the first quarter of 2016. GAAP earnings per share in first quarter 2017 were a loss of $0.14 compared to earnings per share of $0.20 in first quarter 2016. Adjusted earnings per share were $0.04 for the three months ended March 31, 2017 compared to adjusted earnings per share of $0.29 in the prior year period. A reconciliation of non-GAAP results is detailed in Exhibit 1. "First quarter results were slightly ahead of our expectations driven by good gross margin performance in Power and disciplined cost control throughout the organization," said Mr. E. James Ferland, Chairman and Chief Executive Officer. "Our Renewable segment project portfolio is performing within the revised cost and schedule forecast we provided earlier in the year. Integration of B&W Universal within our Industrial segment is going well, and we are excited about the cost and revenue synergies we see ahead of us, as highlighted by B&W SPIG's strong U.S. bookings this quarter." "We remain committed to our longer-term strategy of optimizing the Power business, broadening the Renewable segment's global footprint under an improved business model, and growing the Industrial segment," continued Mr. Ferland. "Our transformation into a more diversified engineered solutions company is on track, and while our focus is on project execution and integration in the near-term, we look forward to pursuing additional value-added acquisitions in 2018, focusing on industrial companies with good technology and synergy potential, thereby driving value for both our customers and our shareholders." Consolidated revenues in first quarter 2017 were $391.1 million, a decrease of $13.0 million compared to $404.1 million in first quarter 2016, due primarily to the decreased volume in the Power segment, but mitigated by an increase in revenues in the Industrial and Renewable segments. The GAAP operating loss in first quarter 2017 was $8.8 million as compared to operating income of $17.3 million in first quarter 2016. Adjusted operating income in first quarter 2017 was $3.2 million, a decrease of $19.6 million compared to adjusted operating income of $22.8 million in first quarter 2016, due mainly to volume in the Power segment and lower profitability in the Renewable segment. First quarter 2017 revenues for the Power segment decreased 32.0% to $196.3 million compared to $288.7 million in the prior year period. Revenues decreased as a result of lower activity in retrofits and new build utility and environmental work, which was in line with expectations. Gross profit in the Power segment in first quarter 2017 was $43.0 million, compared to $59.5 million in the prior year period, due to lower volume but partially offset by good execution and benefits from the proactive restructuring plan introduced in mid-2016. As a result, gross profit margin was 21.9% in first quarter 2017, compared to 20.6% in first quarter 2016. Revenues in the Renewable segment were $105.5 million for the first quarter of 2017, versus $83.8 million in the corresponding period in 2016, an increase of $21.8 million. Renewable segment gross profit was $10.6 million in the first quarter of 2017, $2.8 million lower than the $13.4 million gross profit reported in the prior year first quarter as higher revenue was offset by lower profitability on renewable contracts. The Industrial segment revenue increased 184% to $92.2 million in first quarter 2017 compared to $32.5 million in first quarter 2016, due to the addition of B&W SPIG, which the Company acquired on July 1, 2016, and Universal Acoustic & Emission Technologies, Inc. (B&W Universal), which was acquired on January 11, 2017. Gross profit in the Industrial segment was $15.3 million in first quarter 2017, a $7.6 million increase compared to $7.8 million in the prior year period. Year over year, gross profit increased due to the contributions of B&W SPIG and B&W Universal, partially offset by the lower levels of activity in the balance of the segment. As previously announced, on January 11, 2017, B&W acquired Universal Acoustic & Emission Technologies, Inc. for approximately $52.5 million in cash, net of $4.4 million cash acquired in the business combination. B&W Universal, which provides custom-engineered acoustic, emission, and filtration solutions to the natural gas power generation, mid-stream natural gas pipeline, locomotive and general industrial end-markets, is a bolt-on acquisition for B&W MEGTEC. B&W Universal is included in the Industrial segment; it is expected to generate roughly $80 million of annual revenue and to be earnings accretive in 2017. The Company’s cash and cash equivalents balance, net of restricted cash, was $46.3 million at the end of first quarter 2017. The outstanding balances under revolving credit facilities totaled $102.6 million as of March 31, 2017 compared to $24.0 million at December 31, 2016. The increase in borrowings under revolving credit facilities was as expected, and mainly due to the funding of the Universal acquisition and costs associated with Renewable segment contracts. As more fully described in Exhibit 1, management is unable to reconcile without unreasonable effort the Company's forecasted range of adjusted EPS for the full year to a comparable GAAP range. B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to our strategic objectives; management’s expectations regarding the industries in which we operate; our guidance and forecasts for 2017; our projected tax rate; our projected operating margin improvements, savings and restructuring costs; project execution; and growth through acquisitions. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to realize anticipated savings and operational benefits from our restructuring plan; our ability to successfully integrate B&W SPIG and B&W Universal and realize the expected synergies from the acquisitions; our ability to realize the benefits of expected cross-selling opportunities from the B&W SPIG and B&W Universal acquisitions; our ability to successfully address productivity and schedule issues in our Renewable segment, including our efforts to enhance its resources and infrastructure; changes in the jurisdictional mix of our income and losses; disruptions experienced with customers and suppliers; the inability to retain key personnel; adverse changes in the industries in which we operate; delays, changes or termination of contracts in backlog; the timing and amount of repurchases of our common stock, if any; and the inability to grow and diversify through acquisitions. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. B&W companies employ approximately 5,000 people around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com. Management has provided full year adjusted earnings per diluted share ("adjusted EPS") guidance of $0.75 to $0.95. It is not possible for management to identify the amount or significance of future adjustments associated with potential mark to market adjustments to our pension and other postretirement benefit plan liabilities or other non-routine costs that we adjust in our presentation of adjusted EPS guidance. These items are dependent on future events and/or market inputs that are not reasonably estimable at this time. In addition, the estimated tax rate can have additional variability from estimate due to changes in jurisdictional mix and impacts from deferred tax asset valuation allowances. Accordingly, management is unable to reconcile without unreasonable effort the Company's forecasted range of adjusted EPS for the full year included in the 2017 Outlook section of this earnings release to a comparable GAAP range. However, items excluded from our adjusted EPS guidance include the historical adjustments noted in the tables above, and our adjusted EPS guidance also excludes future estimable adjusting items, including intangible amortization of $0.25 to $0.26 per share, charges relating to previously announced restructuring initiatives of $0.13 to $0.17 per share, additional spin costs of approximately $0.02 per share, additional acquisition and integration costs of approximately $0.04 to $0.05 per share, and benefits from asset sales of approximately $0.01.


News Article | May 9, 2017
Site: marketersmedia.com

New Commercial Roll-Out of CGuard™ EPS on Schedule; 84% Sequential Increase in Sales of CGuard™ TEL AVIV, ISRAEL / ACCESSWIRE / May 9, 2017 / InspireMD, Inc. (NYSE MKT: NSPR) (NYSE MKT: NSPR.WS) ("InspireMD" or the "Company"), a leader in embolic prevention systems (EPS) / thrombus management technologies and neurovascular devices, today provided a business update, including an update on its new commercialization strategy. The Company also reported financial and operating results for the first quarter ended March 31, 2017. James Barry, PhD, Chief Executive Officer of InspireMD, commented, "Earlier this year, we announced our transition away from a single distributor covering 18 European countries to a direct distribution model. In just a few short months, we have announced numerous distribution agreements covering markets across Europe, Asia and South America, fulfilling our commitment to relaunch both more broadly and more focused in Europe, as well as expanding our global footprint. We are extremely encouraged by the favorable response from our new partners and potential near-term future partners around the world. Not only have these distribution agreements expanded our geographic coverage, but in markets previously served by our former European distributor we are gaining deeper access into all four key clinical specialties that implant carotid stents." "While it has been a short time since we began signing these new distributors, the feedback has been very encouraging. Specifically, each of our new distributors is targeting the key opinion leaders (KOL) in its respective markets, and the response from many of these KOLs has been extremely positive. In fact, many of these KOLs who have not had access to the device until now, have become strong advocates for the CGuardTM EPS device and have begun to present at leading industry conferences, such as ICCA Stroke 2017 in Russia and the Leipzig Interventional Course (LINC) 2017 in Germany, where a live case procedure performed by a leading German KOL was transmitted." "Despite the transition from our former distributor in the back half of the first quarter, we still managed to achieve 12% growth in year-over year sales of CGuard™ versus the same period last year. More importantly, we saw an 84% sequential increase in CGuardTM sales versus the fourth quarter of 2016, reflecting the beginning of our turnaround. Heading into the second quarter and balance of the year, we expect to generate both sequential and year-over-year growth in CGuard™ as we continue adding key hospitals and KOLs to our customer base around the world. As the device is put into the hands of new KOLs, it should, over time, lead to broader market adoption. As such, we expect more meaningful growth towards the end of this year and into 2018 as our primary customers shift from the small population of KOLs to the mainstream groups of vascular surgeons, interventional cardiologists, interventional radiologists and interventional neuroradiologists." "As these initiatives begin to take hold, we continue to maintain strict financial discipline and remain extremely confident in the outlook for the business." Revenue for the first quarter ended March 31, 2017 was $569,000, compared to $563,000 during the same period in 2016. The increase was primarily due to an increase in sales of CGuard™ EPS as we entered new regional markets, despite the negative impact of the transition from our prior exclusive distribution partner for most of Europe. The transition to local distributors reflects an effort to broaden our sales efforts from only interventional neuroradiologists to include vascular surgeons, interventional cardiologists and interventional radiologists, as well. The increase in sales of CGuard™ EPS was partially offset by a decrease in MGuard™ Prime EPS associated with the trend of doctors increasingly using drug eluting stents (DES), rather than bare metal stents in STEMI patients. In the meantime, based on positive feedback from physicians, the Company is evaluating potential partners to combine MGuard™ Prime EPS with DES technology. Total operating expenses for the quarter ended March 31, 2017 were $2,478,000, an increase of 18.2% compared to $2,096,000 for the same period in 2016. This increase was primarily due to an increase in sales and marketing expenses (primarily to support the commercialization of CGuard™ EPS), as well as an increase in corporate related expenses. Net loss for the quarter ended March 31, 2017 totaled $2,559,000, or $0.81 per basic and diluted share, compared to a net loss of $2,252,000, or $7.00 per basic and diluted share, in the same period in 2016. As of March 31, 2017, cash and cash equivalents were $8,572,000, compared to $7,516,000 as of December 31, 2016. The Company will host a conference call on Wednesday, May 10 at 8:00 a.m. Eastern Time. The conference call will be available via telephone by dialing toll free 866-682-6100 for U.S. callers or +1 862-255-5401 for international callers, or on the Company's Investor Relations section of the website: http://www.inspiremd.com/en/investors/investor-relations/. A webcast will also be archived on the Company's website and a telephone replay of the call will be available approximately one hour following the call, through midnight May 24, 2017, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 10378. InspireMD seeks to utilize its proprietary MicroNet™ technology to make its products the industry standard for embolic protection and to provide a superior solution to the key clinical issues of current stenting in patients with a high risk of distal embolization, no reflow and major adverse cardiac events. InspireMD intends to pursue applications of this MicroNet technology in coronary, carotid (CGuard™), neurovascular, and peripheral artery procedures. InspireMD's common stock is quoted on the NYSE MKT under the ticker symbol NSPR and certain warrants are quoted on the NYSE MKT under the ticker symbol NSPR.WS. This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. Weighted average number of shares of common stock used in computing net loss per share – basic and diluted Funds in respect of employee rights upon retirement CONSOLIDATED STATEMENTS OF OPERATIONS (1) (U.S. dollars in thousands, except per share data) Common stock, par value $0.0001 per share; 150,000,000 and 50,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 6,830,070 and 1,475,318 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively Preferred B shares, par value $0.0001 per share; 500,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 191,993 and 311,521 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively Preferred C shares, par value $0.0001 per share; 1,172,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 808,612 and 0 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively (1) All 2017 financial information is derived from the Company's 2017 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission, all 2016 financial information is derived from the Company's 2016 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission. (2) All March 31, 2017 financial information is derived from the Company's 2017 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission. All December 31, 2016 financial information is derived from the Company's 2016 audited financial statements as disclosed in the Company's Annual Report on Form 10-K, for the twelve months ended December 31, 2016 filed with the Securities and Exchange Commission. New Commercial Roll-Out of CGuard™ EPS on Schedule; 84% Sequential Increase in Sales of CGuard™ TEL AVIV, ISRAEL / ACCESSWIRE / May 9, 2017 / InspireMD, Inc. (NYSE MKT: NSPR) (NYSE MKT: NSPR.WS) ("InspireMD" or the "Company"), a leader in embolic prevention systems (EPS) / thrombus management technologies and neurovascular devices, today provided a business update, including an update on its new commercialization strategy. The Company also reported financial and operating results for the first quarter ended March 31, 2017. James Barry, PhD, Chief Executive Officer of InspireMD, commented, "Earlier this year, we announced our transition away from a single distributor covering 18 European countries to a direct distribution model. In just a few short months, we have announced numerous distribution agreements covering markets across Europe, Asia and South America, fulfilling our commitment to relaunch both more broadly and more focused in Europe, as well as expanding our global footprint. We are extremely encouraged by the favorable response from our new partners and potential near-term future partners around the world. Not only have these distribution agreements expanded our geographic coverage, but in markets previously served by our former European distributor we are gaining deeper access into all four key clinical specialties that implant carotid stents." "While it has been a short time since we began signing these new distributors, the feedback has been very encouraging. Specifically, each of our new distributors is targeting the key opinion leaders (KOL) in its respective markets, and the response from many of these KOLs has been extremely positive. In fact, many of these KOLs who have not had access to the device until now, have become strong advocates for the CGuardTM EPS device and have begun to present at leading industry conferences, such as ICCA Stroke 2017 in Russia and the Leipzig Interventional Course (LINC) 2017 in Germany, where a live case procedure performed by a leading German KOL was transmitted." "Despite the transition from our former distributor in the back half of the first quarter, we still managed to achieve 12% growth in year-over year sales of CGuard™ versus the same period last year. More importantly, we saw an 84% sequential increase in CGuardTM sales versus the fourth quarter of 2016, reflecting the beginning of our turnaround. Heading into the second quarter and balance of the year, we expect to generate both sequential and year-over-year growth in CGuard™ as we continue adding key hospitals and KOLs to our customer base around the world. As the device is put into the hands of new KOLs, it should, over time, lead to broader market adoption. As such, we expect more meaningful growth towards the end of this year and into 2018 as our primary customers shift from the small population of KOLs to the mainstream groups of vascular surgeons, interventional cardiologists, interventional radiologists and interventional neuroradiologists." "As these initiatives begin to take hold, we continue to maintain strict financial discipline and remain extremely confident in the outlook for the business." Revenue for the first quarter ended March 31, 2017 was $569,000, compared to $563,000 during the same period in 2016. The increase was primarily due to an increase in sales of CGuard™ EPS as we entered new regional markets, despite the negative impact of the transition from our prior exclusive distribution partner for most of Europe. The transition to local distributors reflects an effort to broaden our sales efforts from only interventional neuroradiologists to include vascular surgeons, interventional cardiologists and interventional radiologists, as well. The increase in sales of CGuard™ EPS was partially offset by a decrease in MGuard™ Prime EPS associated with the trend of doctors increasingly using drug eluting stents (DES), rather than bare metal stents in STEMI patients. In the meantime, based on positive feedback from physicians, the Company is evaluating potential partners to combine MGuard™ Prime EPS with DES technology. Total operating expenses for the quarter ended March 31, 2017 were $2,478,000, an increase of 18.2% compared to $2,096,000 for the same period in 2016. This increase was primarily due to an increase in sales and marketing expenses (primarily to support the commercialization of CGuard™ EPS), as well as an increase in corporate related expenses. Net loss for the quarter ended March 31, 2017 totaled $2,559,000, or $0.81 per basic and diluted share, compared to a net loss of $2,252,000, or $7.00 per basic and diluted share, in the same period in 2016. As of March 31, 2017, cash and cash equivalents were $8,572,000, compared to $7,516,000 as of December 31, 2016. The Company will host a conference call on Wednesday, May 10 at 8:00 a.m. Eastern Time. The conference call will be available via telephone by dialing toll free 866-682-6100 for U.S. callers or +1 862-255-5401 for international callers, or on the Company's Investor Relations section of the website: http://www.inspiremd.com/en/investors/investor-relations/. A webcast will also be archived on the Company's website and a telephone replay of the call will be available approximately one hour following the call, through midnight May 24, 2017, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 10378. InspireMD seeks to utilize its proprietary MicroNet™ technology to make its products the industry standard for embolic protection and to provide a superior solution to the key clinical issues of current stenting in patients with a high risk of distal embolization, no reflow and major adverse cardiac events. InspireMD intends to pursue applications of this MicroNet technology in coronary, carotid (CGuard™), neurovascular, and peripheral artery procedures. InspireMD's common stock is quoted on the NYSE MKT under the ticker symbol NSPR and certain warrants are quoted on the NYSE MKT under the ticker symbol NSPR.WS. This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. Weighted average number of shares of common stock used in computing net loss per share – basic and diluted Funds in respect of employee rights upon retirement CONSOLIDATED STATEMENTS OF OPERATIONS (1) (U.S. dollars in thousands, except per share data) Common stock, par value $0.0001 per share; 150,000,000 and 50,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 6,830,070 and 1,475,318 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively Preferred B shares, par value $0.0001 per share; 500,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 191,993 and 311,521 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively Preferred C shares, par value $0.0001 per share; 1,172,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 808,612 and 0 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively (1) All 2017 financial information is derived from the Company's 2017 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission, all 2016 financial information is derived from the Company's 2016 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission. (2) All March 31, 2017 financial information is derived from the Company's 2017 unaudited financial statements, as disclosed in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission. All December 31, 2016 financial information is derived from the Company's 2016 audited financial statements as disclosed in the Company's Annual Report on Form 10-K, for the twelve months ended December 31, 2016 filed with the Securities and Exchange Commission.


News Article | May 8, 2017
Site: www.businesswire.com

SARASOTA, Fla.--(BUSINESS WIRE)--.Sun Hydraulics Corporation (NASDAQ:SNHY) (“Sun” or the “Company”), a global industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets, today reported financial results for the first quarter of 2017. The results include Enovation Controls since its acquisition on December 5, 2016 (the “Acquisition”). Wolfgang Dangel, Sun's President and Chief Executive Officer, commented, " This is an exciting time for the entire Sun organization, reporting a solid start to 2017. With sales up 59%, driven by organic as well as acquisition growth, we grew our EBITDA by 58%. Additionally, Enovation Controls was approximately $0.04 accretive to GAAP EPS in this first full quarter since closing on the acquisition, net of incremental amortization of $0.10 and incremental interest expense of $0.02.” He added, “ Importantly, the integration of the Enovation Controls acquisition is progressing very well. Phase 1 has us focusing on four key areas in 2017: Our teams are actively working on all of these initiatives. We are especially proud of the execution exhibited by the Enovation Controls team, while realizing 36% sales growth over the pre-acquisition 2016 first quarter.” The 2017 quarter included $26.6 million of Enovation Controls’ sales, while the core business’s sales grew 7%. On a consolidated basis, sales in each of the Company’s geographic regions increased considerably, with the Americas, Europe/Middle East/Africa (“EMEA”) and Asia Pacific (“APAC”) comprising 58%, 25% and 17% of consolidated sales, respectively. Excluding the Acquisition, sales growth was realized in all regions, with APAC and EMEA showing particular strength, growing 16% and 9%, respectively. Additionally, improvement was realized across all end markets, particularly the oil & gas and construction machinery sectors. Foreign currency translation unfavorably impacted sales by approximately $1.0 million. Gross profit improvement reflects leverage realized on incremental sales volume as well as the financial benefits of the cost reduction initiatives enacted during 2016, partially offset by $1.8 million of amortization of acquisition-related inventory step-up. That amortization is now complete. Selling, engineering and administrative expense (“SEA”) included approximately $650,000 of CEO transition costs and professional fees that are not expected to recur going forward. Operating income expanded 33% on the growth in sales and gross profit, but was partially offset by $2.3 million of amortization of intangible assets, the majority of which resulted from the Acquisition, as well as amortization of acquisition-related inventory step-up of $1.8 million noted above. Excluding amortization from both periods, operating income would have grown 65%. A $1.0 million change in interest expense (income), net, reflects the interest on incremental debt to fund the Acquisition as well as the impact of lower investments. First quarter 2017 EBITDA (consolidated net income before net interest expense/income, income taxes, and depreciation and amortization) benefited from higher gross profit, partially offset by incremental SEA expenses. Sun believes that, when used in conjunction with measures prepared in accordance with GAAP, EBITDA and EBITDA margin (EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. See the attached tables for additional important disclosures regarding Sun’s use of EBITDA and EBITDA margin as well as a reconciliation of net income to EBITDA. Total debt decreased to $124 million at April 1, 2017 compared with $140 million at the end of 2016, reflecting repayment of debt incurred to fund the Acquisition. The Company had $176 million of available capacity under its revolving credit facility at April 1, 2017. Tricia L. Fulton, Sun’s Chief Financial Officer, noted, “ We are pleased with the strong cash flows exhibited by our core Sun business as well as the Enovation Controls business, contributing to our repayment of $16 million of acquisition debt during the quarter. We structured our credit facility to allow us to pay down our borrowings without penalty, given the strong cash flow profile anticipated of the combined organization.” Cash and cash equivalents at April 1, 2017 were $70.4 million compared with $74.2 million at the end of 2016. Short-term investments were $4.7 million and $6.8 million at April 1, 2017 and the end of 2016, respectively. Cash provided by operations increased to $12.4 million in the first quarter of 2017 compared with $10.5 million in the prior-year first quarter, exhibiting the strong cash flow profile of the newly combined organization. Capital expenditures were approximately $758,000 and $999,000 for the first quarters of 2017 and 2016, respectively. Mr. Dangel stated, “ We continue to experience favorable economic conditions globally, driving growing demand for products and services in both our Hydraulics and Electronics segments. The trends are quite positive across all of our end markets and geographic regions. We are on track to meet our full year expectations, recognizing that our first half of the year is typically stronger than our second half.” The Company reconfirmed its expectations for 2017: Mr. Dangel concluded, “ The positive momentum we are experiencing within our organization and marketplaces indicates that we are progressing well toward achievement of our 2025 Vision, the goals of which are $1 billion in sales, superior profitability and financial strength.” The Company will host a conference call and webcast tomorrow morning at 9:00 a.m. Eastern Time to review its financial and operating results, and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by calling (201) 689-8573. The audio webcast can be monitored at www.sunhydraulics.com. Participants will have the ability to ask questions on either the teleconference call or the webcast. A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Tuesday, May 16, 2017. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13659686. The webcast replay will be available in the investor relations section of the Company’s website at www.sunhydraulics.com, where a transcript will also be posted once available. Sun Hydraulics Corporation is an industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets. In the hydraulics market, the Company is a leading manufacturer of high-performance screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets. In the electronics market, the Company is a global provider of innovative electronic control, display and instrumentation solutions for both recreational and off-highway vehicles, as well as stationary and power generation equipment. For more information about Sun, please visit www.sunhydraulics.com. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. They include statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and assumptions made by management, and include, among other items, (i) the Company's strategies regarding growth, including its intention to develop new products and make acquisitions; (ii) the Company's financing plans; (iii) trends affecting the Company's financial condition or results of operations; (iv) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (v) the declaration and payment of dividends; and (vi) the Company's ability to respond to changes in customer demand domestically and internationally, including as a result of standardization. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) the economic cyclicality of the capital goods industry in general and the impact on the Company’s hydraulics and electronics segments, directly affecting customer orders, lead times and sales volume; (ii) fluctuations in global business conditions, including the impact of economic recessions in the U.S. and other parts of the world, (iii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iv) changes in the competitive marketplace that could affect the Company's revenue and/or costs, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (v) risks related to the integration of the businesses of the Company; (vi) changes in technology or customer requirements, such as standardization of the cavity into which screw-in cartridge valves must fit, which could render the Company's products or technologies noncompetitive or obsolete; (vii) new product introductions, product sales mix and the geographic mix of sales nationally and internationally; and (viii) changes relating to the Company's international sales, including changes in regulatory requirements or tariffs, trade or currency restrictions, fluctuations in exchange rates, and tax and collection issues. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the headings Item 1. "Business," Item 1A. "Risk Factors," and Item 7. " Management's Discussion and Analysis of Financial Conditions and Results of Operations" in the Company's Form 10-K for the year ended December 31, 2016. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. EBITDA is defined as consolidated net income before net interest expense (income), income taxes, and depreciation and amortization. EBITDA margin is EBITDA divided by sales. EBITDA and EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Sun believes that providing non-GAAP information such as EBITDA and EBITDA margin are important for investors and other readers of Sun's financial statements, as they are used as analytical indicators by Sun's management to better understand operating performance. Because EBITDA and EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, EBITDA and EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.


RANCHO CUCAMONGA, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) (“Amphastar” or the “Company”) today reported results for the three months ended March 31, 2017. Dr. Jack Zhang, Amphastar’s CEO, commented:  “We continue to execute on our pipeline, having filed four ANDAs in the past two quarters. We will use our extensive research and development capabilities to further expand our pipeline.” For the three months ended March 31, 2017, the Company reported net revenues of $56.7 million, a decrease of 5% compared to $59.4 million for the three months ended March 31, 2016. For the three months ended March 31, 2017, net revenues of enoxaparin were $10.4 million, a decrease of 43% compared to $18.4 million for the three months ended March 31, 2016. $5.6 million of the decrease was due to lower unit volumes, while the remainder was due to lower pricing. Other finished pharmaceutical product revenues were $45.5 million for the three months ended March 31, 2017, representing an increase of 13% compared to $40.2 million for the three months ended March 31, 2016. This was primarily due to an increase in sales of epinephrine to $9.6 million from $4.4 million resulting from increases in both average selling price and unit volumes. The FDA recently requested that the Company discontinue the manufacturing and distribution of its epinephrine injection, USP vial product, which has been marketed under the “grandfather” exception to the FDA’s “Prescription Drug Wrap-Up” program. Unless the FDA grants our request for an extension of the time to sell epinephrine vials, we will discontinue selling this product in the second quarter of 2017. Net revenues from this product were $8.0 million for the three months ended March 31, 2017. Additionally, sales of naloxone increased to $10.9 million from $10.3 million, primarily as a result of an increase in unit volumes that was partially offset by a decrease in average selling price, which resulted from an increase in rebates. Sale of lidocaine decreased to $8.3 million from $9.9 million, primarily as a result of a decrease in unit volumes. Sales of the Company’s insulin active pharmaceutical ingredient, or API, products were $0.7 million for the three months ended March 31, 2017, compared to $0.8 million for the three months ended March 31, 2016. A decrease in production at our IMS facility resulting from a partial plant shutdown and an increase in demand, which was primarily due to a market shortage for three of our pre-filled syringe products, resulted in a sales order backlog of approximately $8.0 million as of March 31, 2017. Specifically, the sterile filling area of the IMS facility was shut down for the month of December 2016 and for part of the month of January 2017 for construction and installation of equipment in a new sterile suite. The backlog created by this shutdown is expected to be fulfilled in the second quarter of 2017. There were no significant backlogs as of March 31, 2016 and December 31, 2016. Cost of revenues were $33.8 million, or 60% of revenues, and $34.5 million, or 58% of revenues, for the three months ended March 31, 2017 and 2016, respectively, representing a decrease of $0.7 million.  Cost of revenues of enoxaparin decreased by $5.6 million, primarily due to a reduction in the number of units shipped. Additional factors affecting gross profit in the first quarter of 2017 included an increase in the unabsorbed manufacturing expense related to decreased production at our IMS facility due to the partial shutdown noted above. Selling, distribution, and marketing expenses were $1.5 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively. For the three months ended March 31, 2017, general and administrative expenses increased to $11.3 million from $10.9 million for the three months ended March 31, 2016, primarily due to an increase in legal fees. For the three months ended March 31, 2017, research and development expenses increased by 31% to $11.3 million from $8.6 million for the three months ended March 31, 2016, primarily due to expenses related to the production of APIs for our pipeline at the Company’s ANP facility. In February 2017, the Company sold the ANDAs that it acquired in March 2016 and recognized a gain of $2.6 million. The Company recorded an income tax expense of $0.6 million for the three months ended March 31, 2017, compared to an income tax expense of $1.3 million for the three months ended March 31, 2016. The Company recognized net income of $0.9 million, or $0.02 per diluted share, for the three months ended March 31, 2017, compared to a net income of $2.5 million, or $0.05 per fully diluted share, for the three months ended March 31, 2016. The Company’s adjusted non-GAAP quarterly net income was $4.5 million, or $0.09 per fully diluted share, for the three months ended March 31, 2017, compared to an adjusted non-GAAP net income of $5.5 million, or $0.12 per fully diluted share, for the three months ended March 31, 2016. Please see the discussion in the section entitled “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP measures in Table II of this press release. The Company’s cash and cash equivalents, short-term investments, and unrestricted short-term investments were $79.0 million as of March 31, 2017. Cash flow provided by operating activities for the three months ended March 31, 2017, was $22.4 million. The Company currently has six abbreviated new drug applications, or ANDAs filed with the FDA, targeting products with a market size of over $1.1 billion, three biosimilar products in development targeting products with a market size of $15.0 billion, and 11 generic products in development targeting products with a market size of over $12.0 billion. This market information is based on IMS Health data for the 12 months ended March 31, 2017. The Company’s proprietary pipeline includes NDAs for Primatene® Mist and intranasal naloxone. The Company is currently developing four other proprietary products, which include injectable, inhalation and intranasal dosage forms. Amphastar is a specialty pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin active pharmaceutical ingredient products. Most of the Company’s finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information is available at the Company’s website at www.amphastar.com. The Amphastar Pharmaceuticals’ logo and other trademarks or service marks of Amphastar Pharmaceuticals, Inc., including, but not limited to Primatene®, Amphadase® and Cortrosyn®, are the property of Amphastar Pharmaceuticals, Inc. To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) and (ii) Adjusted non-GAAP diluted EPS, that exclude amortization expense, share-based compensation and impairment charges in order to supplement investors’ and other readers’ understanding and assessment of the Company’s financial performance, because the Company’s management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measure set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. The Company will hold a conference call to discuss its financial results today, May 8, 2017, at 2:00 p.m. Pacific Time. To access the conference call, dial toll-free (877) 881-2595 or (315) 625-3083 for international callers, five minutes before the conference. The passcode for the conference call is 1824897. The call can also be accessed on the Investors page on the Company’s website www.amphastar.com. All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to the Company’s expectations regarding future financial performance, backlog, sales and marketing of its products, market size and growth, the timing of FDA filings or approvals, acquisitions and other matters related to its pipeline of product candidates, the timing for completion of construction at the Company’s IMS facility, its share buyback program and other future events. These statements are not historical facts but rather are based on Amphastar’s historical performance and its current expectations, estimates, and projections regarding Amphastar’s business, operations and other similar or related factors. Words such as “may,” “might,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar’s filings with the Securities and Exchange Commission. You can locate these reports through the Company’s website at http://ir.amphastar.com and on the SEC’s website at www.sec.gov. Amphastar undertakes no obligation to revise or update information in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause the Company’s expectations to change.


News Article | February 28, 2017
Site: www.businesswire.com

The Board of Directors of Electro Power Systems S.A. (“EPS”) (Paris:EPS), technology pioneer in energy storage systems and microgrids listed on the French-regulated market Euronext Paris (EPS:FP), met on 28 February 2017, under the chairmanship of Massimo Prelz Oltramonti and in the presence of the Statutory Auditors. EPS publishes the preliminary (unaudited) 2016 revenues in accordance with Recommendation dated 17.12.2008 of the Autorité des Marchés Financiers, provides a cash position and the installed base update, and publishes the provisional Financial Calendar for the fiscal year 2017, according to which audited full year financial results are scheduled to be released on 22 March 2017. Preliminary (unaudited) revenues for the financial year ended on 31.12.2016 reached 7.1 million euros, exceeding the guidance of 6.4 to 6.9 million euros updated on 14 November 2016. Sales in Africa, Asia Pacific and Latin America amounted to 51% of reported preliminary revenues, confirming an increased geographical diversification of the installed base, while Europe and North America represented 49% of the sales. Cash in bank accounts on 31.12.2016 reported at 5.5 million euros with a pro-forma cash5 amounting to 8.3 million euros, substantially stable compared to the 8.4 million euros registered in 2015. In addition, EPS has available additional 3.5 million euros short term credit lines to finance the future working capital exposure. Considering the 6.5 million euros medium-long term indebtedness drawn-down in 2016 with an average spread of 3.6%, the preliminary net financial position amounted to -1.0 million euros. After adjusting the cash position, the adjusted net financial position amounts to 1.8 million euros. 1 Backlog means (i) advances invoiced to clients according to the contract subscribed, which will be recognized as revenues in future years; (ii) purchase orders already received as of the date of this press release, and (iii) revenues already contracted or expected to be generated in 2017 and following years based on the agreements currently in place with the customers. 2 System installed in 2016 and under commissioning at 31.12.2016. 3 For recognition of revenues in Technology Partnership Agreements entered into with customers Advance Devices S.p.A. and MGH Systems Ltd, EPS Group has applied IAS 18. In particular, the Group determined that it is acting as a principal in those agreements, due to changes that have arisen on and from 1st January 2016, and that affect the assessment of the indicators provided in IAS 18 (IE § 21). As a result, revenue derived from those agreements is recognised based on a gross amount in 2016, while revenue was recognised based on net amount in 2015. In addition, for some construction contracts concluded by the Italian subsidiaries and EPS, the Group is applying the percentage of completion method in accordance with IAS 11. 4 In FY 2015 EPS Italy revenues and consolidated gross nominal sales amounted to €1.2 million. However EPS decided for FY 2015 to account consolidated IFRS revenues under IAS 18 for €0.4 million. As clarified in the H1 2016 Financial Report, IAS 18 application would not entail the gross-to-net IFRS restatement in 2016 (see footnote 3). 5 The bridge from the €5.5 million cash in bank accounts as at 31.12. 2016, to the €8.3 million pro-forma cash position results from (i) the addition of the €1.4 million capital increase reserved to the former Elvi management, which will take place immediately after the publication of the Registration Document in 2017, (ii) the addition of €0.3 millions of trade working capital and (iii) the addition of €1.1 million of VAT receivables that will be set-off during the first half of 2017. In 2016 EPS installed and had at 31 December 2016 under commissioning Hybrid Energy Storage Systems (HyESS) connected to 26.5 MW microgrids integrated with renewables and energy storage. In the grid-support segment, EPS installed and had under commissioning more than 12 MW. In aggregate, EPS realized 36 large scale projects, including off-grid hybrid systems serving microgrids powered by renewable and energy storage for a total installed power of over 35 MW, in addition to more than 18 MW of grid support systems, for a total capacity output of 47 MWh of systems in 21 countries worldwide, including Africa, Latin America, Asia Pacific and Europe. In particular in the off-grid segment the EPS technology will serve: for in aggregate over 165,000 customers powered by renewables and the EPS hybrid energy storage systems every day. The market will be notified promptly of any changes to the provisional financial calendar below, which is available to the public also on the EPS website (www.electropowersystems.com) in the “Investors” section. EPS operates in the sustainable energy sector, specializing in hybrid-storage solutions and micro-grids that enable intermittent renewable sources to be transformed into a stable power source. Listed on the French-regulated market Euronext, EPS is part of the CAC® Mid & Small and the CAC® All-Tradable indices and has registered office in Paris and research, development and manufacturing in Italy. Thanks to technology covered by 125 patents and applications, combined with more than 10 years of R&D, the Group has developed hybrid energy storage solutions to stabilize electrical grids heavily penetrated by renewable sources in developed countries and, in emerging economies, to power off-grid areas at a lower cost than fossil fuels without the need for any subsidy or incentive scheme. EPS has installed and has under commissioning in aggregate 36 large scale projects, including off-grid hybrid systems powered by renewables and energy storage totalizing over 35 MW of installed power that provides energy to over 165,000 customers every day, in addition to more than 18 MW of grid support systems, for a total capacity output of 47 MWh of systems in 21 countries worldwide, including Europe, Latin America, Asia and Africa.


News Article | February 28, 2017
Site: www.businesswire.com

Le Conseil d’Administration d’Electro Power Systems S.A. (“EPS”) (Paris:EPS), un pionner des solutions de stockage d’énergie et des micro-réseaux, dont les actions sont admises aux négociations sur le marché réglementé français Euronext à Paris (EPS:FP), s’est réuni le 28 février 2017 sous la présidence de Massimo Prelz Oltramonti et en présence des commissaires aux comptes. EPS publie le chiffre d’affaires préliminaire (non-audité) pour 2016 conformément à la recommandation n°2016-05 de l’Autorité des Marchés Financiers, fournit une actualisation de son solde de trésorerie et du parc installé et publie son calendrier de communication financière provisionnel pour l’année 2017, dans lequel la publication des résultats financiers audités est prévue le 22 mars 2017. Les ventes en Afrique, Asie-Pacifique, et Amérique latine représentent 51% du chiffre d’affaires préliminaire, confirmant une plus vaste diversification géographique du parc installé, alors que l’Europe et l’Amérique du nord représentaient 49% des ventes. 1 Le carnet de commandes comprend (i) les acomptes facturés conformément aux accords conclus avec les clients et qui seront comptabilisés en tant que chiffre d’affaires au cours des exercices à venir; (ii) les commandes reçues à la date du présent communiqué de presse ; et (iii) le chiffre d’affaires généré ou attendu pour 2017 et les années suivantes sur le fondement des contrats actuellement en place avec nos clients. 2 Système installé en 2016 et en phase de mise en service au 31 décembre 2016. 3 Pour la comptabilisation du chiffre d’affaires dérivé des accords de partenariat technologique conclus avec Advance Devices S.p.A. et MGH Systems Ltd, le Groupe EPS a appliqué la norme IAS 18. En particulier, le Groupe a déterminé qu’il agissait en qualité de « principal » dans le cadre de ces accords en raison de changements intervenus depuis le 1er janvier 2016 qui ont affecté l’application des indicateurs prévus par la norme IAS 18 (IE §21). En conséquence, le chiffre d’affaires dérivé de ces accords est comptabilisé sur la base du montant brut pour 2016 alors qu’il est comptabilisé sur la base du montant net pour 2015. En outre, pour certains contrats de construction conclus par les filiales italiennes et EPS, le Groupe EPS applique la méthode du pourcentage d’avancement conformément à la norme IAS 11. 4 Au cours de l’exercice 2015, le chiffre d’affaires et les ventes brutes nominales consolidées d’EPS en Italie s’élèvent à 1,2 million d’euros. Toutefois, EPS a décidé pour l’exercice 2015 de comptabiliser le chiffre d’affaires consolidés IFRS pour 0,4 million d’euros au titre de la norme IAS 18. Comme précisé dans le Rapport Financier Semestriel de 2016, l’application de la norme IAS 18 n’entrainera pas le retraitement IFRS des valeurs brutes en valeurs nettes (voir note de bas n°3). 5 Le passage entre les 5,5 million d’euros de liquidités détenues en comptes bancaires au 31 décembre 2016 et, les 8,3 millions d’euros de trésorerie pro-forma, s’effectue grâce à l’ajout (i) des 1,4 million d’euros au titre de l’augmentation de capital réservée aux anciens dirigeants d’Elvi qui aura lieu directement après la publication du document de référence en 2017, (ii) des 0,3 million d’euros de fonds de roulement net et (iii) des 1,1 million d’euros de créances de TVA qui seront compensées au cours du premier semestre 2017. En 2016, EPS a installé et a, en phase de mise en service, des systèmes de stockage d'électricité hybrides (HyESS) connectés à 26,5 MW de micro-réseaux intégrés à des systèmes d'énergie renouvelable et de stockage d'électricité. Dans le segment des systèmes de support au réseau, EPS a installé et a, en phase de mise en service, plus de 12MW. Au total, EPS a réalisé 36 projets à grande échelle, y compris des systèmes hybrides servant des micro-réseaux alimentés par des systèmes de stockage d'électricité et d'énergie renouvelable totalisant plus de 35 MW de puissance installée, en plus de 18 MW de systèmes de support au réseau, représentant une capacité totale de 47 MWh de systèmes dans 21 pays du monde répartis en Europe, en Amérique latine, en Asie-Pacifique et en Afrique. Grâce à une technologie propriétaire protégée par 125 brevets et demandes de brevets et plus de dix ans de recherche et développement, le groupe développe des solutions hybrides pour le stockage d'énergie dans les pays développés pour la stabilisation des réseaux fortement caractérisés par des sources renouvelables intermittentes, et dans les pays émergents pour la production d'énergie hors réseau (off-grid) en micro-réseau à des coûts plus bas que ceux des combustibles fossiles, sans qu'il n'y ait besoin de subventions. EPS a installé et a, en phase de mise en service, 36 projets à grande échelle, y compris des systèmes hybrides hors réseau alimentés par des systèmes de stockage d'électricité et d'énergie renouvelable totalisant plus de 35 MW de puissance installée. Elle fournit de l'énergie à plus de 160 000 clients par jour, en plus de 18 MW de systèmes de support au réseau, représentant une capacité totale de 47 MWh de systèmes dans 21 pays du monde répartis en Europe, en Amérique latine, en Asie-Pacifique et en Afrique.


Patent
EPS Inc | Date: 2014-09-12

A structure is configured to be flat in an unassembled position and to form a three-dimensional structure in an assembled position. The structure includes a plurality of adjacent panels coupled together along fold lines with each panel including a foam core covered on one surface by a flexible skin. The flexible skin is continuous between the adjacent panels that are coupled together for forming a respective fold line for the adjacent panels to be brought together at a right angle to each other along the fold line. The foam core of each panel includes a mitered surface along abutting edges to form a miter joint when adjacent panels are brought together. Slots are formed in the panel cores adjacent to mitered surfaces. Brackets span a miter joint between adjacent panels, holding the spanned miter joint and panels together in a three-dimensional structure.


News Article | February 15, 2017
Site: www.prnewswire.com

PURCHASE, N.Y., Feb. 15, 2017 /PRNewswire/ -- Reported (GAAP) Fourth Quarter and Full-Year 2016 Results Fourth Quarter Full-Year Net revenue change 5.0%...

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