News Article | May 9, 2017
NEW YORK, May 09, 2017 (GLOBE NEWSWIRE) -- Delcath Systems, Inc. (NASDAQ:DCTH), an interventional oncology Company focused on the treatment of primary and metastatic liver cancers, announces financial results for the three months ended March 31, 2017. Highlights for the first quarter of 2017 and recent weeks include: “During the first three months of 2017 we continued to advance our clinical development programs in ocular melanoma liver metastases and intrahepatic cholangiocarcinoma, while making steady progress with commercialization of CHEMOSAT in Europe,” said Jennifer K. Simpson, Ph.D., MSN, CRNP President and CEO of Delcath. “As we announced recently, we have concluded a new SPA agreement with the FDA for the initiation of a pivotal trial for the use of Melphalan/HDS in patients with ICC. This new trial will enroll approximately 295 ICC patients at about 40 clinical sites in the U.S. and Europe, with the primary endpoint of overall survival and with secondary and exploratory endpoints that include safety, progression-free survival, objective response rate and quality-of-life measures. The trial is designed to be cost-effective and conducted in a financially prudent manner, with modest investment in this fiscal year. In conjunction with the FOCUS Trial in ocular melanoma liver metastases, our clinical development programs now include two paths toward potential U.S. market approvals. “In Europe, we continue to make steady progress with the commercialization of CHEMOSAT. Our first quarter revenue of more than $0.7 million was double the prior year period’s sales, driven primarily by national reimbursement in Germany under the ZE system. With coverage under the ZE system now in place, we expect product sales growth from this market for the remainder of 2017. Elsewhere in Europe, we continue to focus on building the clinical and pharmacoeconomic data to support reimbursement applications in other key markets. We expect that positive negotiations for coverage in Germany will support our efforts for payment levels in other markets such as the U.K. and the Netherlands. Securing reimbursement coverage in additional European markets remains critical to future revenue growth for CHEMOSAT,” concluded Dr. Simpson. Revenue for the three months ended March 31, 2017 was $0.74 million, an increase of 100% from $0.37 million for the prior year period. Selling, general and administrative expenses were approximately $2.4 million, unchanged from the prior year quarter. Research and development expenses for the current quarter increased to $2.3 million from $1.3 million in the prior year quarter. Total operating expenses for the current quarter were $4.7 million compared with $3.7 million in the prior year quarter. The Company reported a net loss for the 2017 first quarter of $11.3 million, or $0.25 per share based on 45.1 million weighted average common shares outstanding, compared with a net loss in the prior year period of $1.8 million or $1.25 per share based on 1.5 million weighted average common shares outstanding. The increase is primarily due to an $8.4 million increase in interest expense primarily related to the amortization of debt discounts, a non-cash item, and a $1.0 million increase in operating expenses primarily related to increased investment in clinical trial initiatives. This was offset by a $0.4 million change in the fair value of the warrant liability, a non-cash item, and a $0.27 million improvement in gross profit due to higher sales. As of March 31, 2017, Delcath had cash and cash equivalents of $6.4 million, compared with $4.4 million as of December 31, 2016. During the first quarter of 2017, the Company used $3.8 million of cash to fund operating activities. Delcath believes it has sufficient capital and access to committed capital to fund its operating activities through the end of 2017. On April 2, 2017, Delcath entered into separate Warrant Repurchase Agreements with each of the investors named on the Schedule of Buyers attached to our Securities Purchase Agreement dated June 6, 2016. Pursuant to the Warrant Repurchase Agreements, each investor agreed to a Controlled Account Release in an aggregate amount equal to $7,876,312, which funds in each case were paid to the respective investor in exchange for cancellation of the Warrants issued to each investor under the Securities Purchase Agreement. Delcath anticipates that the cash remaining in the Controlled Accounts after this transaction will be sufficient to fund operating activities through the end of 2017. Delcath Systems, Inc. is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. Our investigational product—Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) —is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. We have commenced a global Phase 3 FOCUS clinical trial for Patients with Hepatic Dominant Ocular Melanoma (OM) and plan to initiate a Registration trial for intrahepatic cholangiocarcinoma (ICC) in the Fall of 2017. Melphalan/HDS has not been approved by the U.S. Food & Drug Administration (FDA) for sale in the U.S. In Europe, our system has been commercially available since 2012 under the trade name Delcath Hepatic CHEMOSAT® Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. Forward Looking Statements: Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the timing and results of the Company’s clinical trials including without limitation the OM and ICC clinical trial programs, timely enrollment and treatment of patients in the global Phase 3 OM clinical trial, IRB or ethics committee clearance of the Phase 3 OM and ICC Registration trial protocols from participating sites and the timing of site activation and subject enrollment in each trial, the impact of the presentations at major medical conferences and future clinical results consistent with the data presented, approval of Individual Funding Requests for reimbursement of the CHEMOSAT procedure, the impact, if any of ZE reimbursement on potential CHEMOSAT product use and sales in Germany, clinical adoption, use and resulting sales, if any, for the CHEMOSAT system to deliver and filter melphalan in Europe including the key markets of Germany and the UK, the Company’s ability to successfully commercialize the Melphalan HDS/CHEMOSAT system and the potential of the Melphalan HDS/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver, our ability to obtain reimbursement for the CHEMOSAT system in various markets,, approval of the current or future Melphalan HDS/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign markets, actions by the FDA or other foreign regulatory agencies, the Company’s ability to successfully enter into strategic partnership and distribution arrangements in foreign markets and the timing and revenue, if any, of the same, uncertainties relating to the timing and results of research and development projects, our ability to maintain NASDAQ listing, and uncertainties regarding the Company’s ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
News Article | May 9, 2017
LONDON, UK--(Marketwired - May 09, 2017) - Valtech, a global digital agency focused on business transformation, today showcased several new proof-of-concept (POC) across the Retail, Travel & Hospitality and Automotive verticals at the Adobe EMEA Summit in London. Due to the compelling work Valtech has been doing that highlights the power of Adobe's solutions and Valtech's ability to create innovative solutions leveraging them, Valtech was selected to exclusively demonstrate these Travel & Hospitality, Retail and Automotive Proof-of-Concepts. These POCs demonstrate a fully connected customer journey through multiple channels -- i.e. screens, mobile, IoT, etc. These innovations include: ● V Markets: Merging the physical and digital by transforming the relationship with your grocer. ● V Hotels: Rich personalization that engages hotel visitors throughout their stay. ● V Air: Simplifies the check-in process with a vantage powered through touchless kiosks. ● V Media: Delivers and monetizes media while in-room, in-cabin, or on-board your travel journey. ● Acon: a connected car bridging the online connection between a vehicle's on-board networks and a manufacturer's back-end. All of Valtech's new prototypes leverage the Adobe Experience Cloud, a comprehensive set of cloud services designed to give enterprises everything they need to deliver exceptional customer experiences. For more than 10 years, Valtech has been innovation partners with Adobe, helping companies like Hyatt Hotels, BMW, and L Brands achieve marketing success. Paul Lewis, CMO, Valtech, commented: "We are committed to showing the potential of what is possible with Adobe technology here at the Summit. Working alongside Adobe to design several vertical specific POCs that demonstrate a fully connected customer journey across multiple digital devices aligns precisely with how both of our companies want to provide the most choice for consumers in regards to their future connectivity and experiences whether they are at home, in their car, shopping or on vacation." "The Travel & Hospitality industry specifically needs to look beyond the boundaries of their own industry to take stock of what's happening, not only in travel, but the greater world beyond it," added Lewis. The personalisation of the guest experience is crucial to the industry's success and it has to be done intelligently. In fact, Airbnb's recent launch of Trips is a signal to hotels to pay more attention to guests' experiences not just inside the hotel but outside of it. As hotels continue to make large investments in beacon technologies, messaging, streaming in-room entertainment, and other smart hotel concepts, more on-demand technologies will find their way into hotels. And, now that we know how to collect and mine data, it's up to the industry to know what to do with that information. "Personalization is the next manifestation in the evolution of brands. People's expectation of brands is -- you should know me and know what I want. This is the need that Valtech recognized and addresses through our innovative Proof of Concepts we built with Adobe and are showcasing at the Summit," concluded Lewis. Come experience these new prototypes at Adobe EMEA Summit in London (ICC ExCel) from May 10 through May 11, 2017 and visit http://www.valtechatsummit.com/london-2017 to learn more or to schedule a demo. Valtech is a global digital agency focused on business transformation delivering innovation with a purpose. We enable clients to anticipate tomorrow's trends and connect more directly with consumers across their digital touch points while optimizing time-to-market and ROI. We are a network of more than 2000 innovators, design thinkers, marketers, creatives and developers spanning 5 continents with offices in 14 countries (USA, UK, Canada, France, Germany, Netherlands, Sweden, Switzerland, Denmark, China, India, Australia, Singapore, Argentina). While our expertise is in technology, marketing and experience design, our passion is in addressing transformational business challenges for our clients by providing strategic consulting, service design thinking, and optimization of business-critical digital platforms for multichannel commerce and marketing engagement. For more information, visit www.valtech.com. Valtech. Where Experiences are Engineered.
News Article | May 14, 2017
SAN JOSE, Calif.--(BUSINESS WIRE)--Western Digital Corp. (NASDAQ:WDC) today announced that several of its SanDisk subsidiaries have filed a Request for Arbitration with the ICC International Court of Arbitration related to three NAND flash-memory joint ventures (“the Flash JVs”) operated with Toshiba Corporation (“Toshiba”). The arbitration demand seeks among other things an order requiring Toshiba to unwind the transfer to Toshiba Memory, and injunctive relief preventing Toshiba from further breaching the Flash JV agreements by transferring its Flash JV interests, or any interest in an affiliate that holds its Flash JV interests, without SanDisk’s consent. Per the provisions of the joint venture agreements, the arbitration will take place in San Francisco, California. Western Digital chief executive officer Steve Milligan stated, “The Flash JVs have been operated with Toshiba for the past 17 years and have been highly successful for the JV partners and for Japan. We continue to be actively engaged in discussions with Toshiba’s stakeholders to ensure that they are fully aware of our joint venture rights and of our desire to work with Toshiba to achieve a favorable outcome for all parties. We firmly believe that we provide Toshiba with the optimal solution to address its challenges, and that we are the best partner to advance its legacy of technology innovation in Japan.” Milligan added, “Joint ventures are inherently intimate commercial relationships, and in order to protect against being forced into such a relationship with parties not of their choosing, SanDisk and Toshiba agreed to protect their interests in the joint ventures by prohibiting transfers without the consent of the other party. Toshiba’s attempt to spin out its joint venture interests into an affiliate and then sell that affiliate is explicitly prohibited without SanDisk’s consent. Seeking relief through mandatory arbitration was not our first choice in trying to resolve this matter. However, all of our other efforts to achieve a resolution to date have been unsuccessful, and so we believe legal action is now a necessary next step. We are confident in our ability to protect our rights and interests and to improve our value creation opportunities.” On or around April 1, 2017, Toshiba purportedly transferred its joint venture interests to a subsidiary, Toshiba Memory, as part of an open auction to sell its joint venture interests to a third party. Western Digital believes that these actions clearly violate the anti-transfer provisions of the joint venture agreements. Under the joint venture agreements, these transfers require SanDisk’s consent. SanDisk did not consent to the transfer to Toshiba Memory, and Toshiba has now repudiated any intention to obtain SanDisk’s consent before selling Toshiba Memory to the winning bidder of the auction. Western Digital is an industry-leading provider of storage technologies and solutions that enable people to create, leverage, experience and preserve data. The company addresses ever-changing market needs by providing a full portfolio of compelling, high-quality storage solutions with customer-focused innovation, high efficiency, flexibility and speed. Our products are marketed under the HGST, SanDisk and WD brands to OEMs, distributors, resellers, cloud infrastructure providers and consumers. Financial and investor information is available on the company's Investor Relations website at investor.wdc.com. This news release contains certain forward-looking statements, including statements concerning the Flash JVs, SanDisk’s rights under the joint venture agreements and SanDisk’s actions in response to Toshiba’s transfer of its Flash JV interests. There are a number of risks and uncertainties that may cause these forward-looking statements to be inaccurate including, among others: uncertainties with respect to the company's business ventures with Toshiba; volatility in global economic conditions; business conditions and growth in the storage ecosystem; impact of competitive products and pricing; market acceptance and cost of commodity materials and specialized product components; actions by competitors; unexpected advances in competing technologies; our development and introduction of products based on new technologies and expansion into new data storage markets; risks associated with acquisitions, mergers and joint ventures; difficulties or delays in manufacturing; and other risks and uncertainties listed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the company's Form 10-Q filed with the SEC on May 8, 2017, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances. Western Digital, WD and SanDisk are registered trademarks or trademarks of Western Digital Corporation or its affiliates in the U.S. and/or other countries. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. © 2017 Western Digital Corporation or its affiliates. All rights reserved.
News Article | May 9, 2017
REDWOOD CITY, Calif., May 09, 2017 (GLOBE NEWSWIRE) -- Adaptive Spectrum and Signal Alignment, Inc. (ASSIA®) Extreme high frequency sub-millimeter waves can increase single-line data rates to terabits/second at 100 meter lengths on ordinary twisted pair phone wire. Speeds of 100 Gigabits/second can be achieved at distances over 300 meters, and speeds of 10 Gigabits/second can be achieved at distances over 500 meters. Dr. John Cioffi, Chairman and CEO of ASSIA and Emeritus Professor at Stanford explains, “Fiber-like speeds of 10 – 1000’s of gigabits/second (Gbps) are possible by using the previously unexploited waveguide modes of current copper infrastructure. Waveguide-mode use is similar to use of millimeter-wave transmissions in advanced wireless and 5G. Waveguides can enable use of frequencies above 100 GHz for extraordinary speeds.” ASSIA develops management and optimization software for broadband and Wi-Fi networks. Cioffi’s keynote at the Paris G.fast Summit conference on May 10, 2017 titled “Terabit DSL,” will introduce the new method. During the keynote, Dr. Cioffi will explain how 5G wireless often runs at 28 GHz and 39 GHz, while commercial microwave gear can run at 70 GHz and 90 GHz. Wireless above 300 GHz (sub-millimeter wave) is being actively researched. Early designs suggest link latency of 50-100 μs is readily achievable, which would easily allow even the most stringent 5G latency specifications of 1ms or less to be achieved with these Terabit DSLs. Today’s fastest DSL (G.fast) uses only 200 MHz, while wireless uses 25 times as much spectrum. “The challenge was to develop practical ways to use higher frequencies over wires. Working with my ASSIA colleagues Dr. Chan Soo Hwang, Dr. Ken Kerpez, and Dr. Ioannis Kanellakopoulos, we found a solution.” Cioffi adds, “I don’t expect anyone to need terabits/s (Tbps) to their home anytime soon. Terabits/s will be most valuable to the data centers controlled by phone companies as well as to internet companies such as Google and Microsoft. While Tbps demand may be a few years into the future, 10-100 Gbps speeds are important to networks today and will be a big market. Rapid advances in the Internet of Things (IoT), including autonomous vehicles, means the number of connected devices requiring high-speed ubiquitous connectivity will increase dramatically in the next decade. We believe that Terabit DSL will play a critical role in serving the needs of that ecosystem with ultra-high-throughput and ultra-low-latency connectivity.” Further driving the demand for bandwidth, “Hundreds of thousands of 5G small cells and DOCSIS 3.1 cable nodes will require 5-20 gigabit backhaul. Most 5G cells will connect to a Cloud RAN controller that can use 100 gigabits/s to support dozens of cells.” “AT&T and other telcos around the world are also deploying G.fast to apartments. G.fast speeds of 300 megabits to a gigabit can be supplied to every apartment. This differs from cable, which has shared connections that require multi-gigabit backhaul.” “Fiber is and always will be expensive to deploy. There are a billion phone lines around the world which will now be able to deliver fiber-like speeds over existing copper infrastructure. Using the existing wires in place can dramatically reduce the cost of 5G networks.” “There are a few years of work ahead in the industry to refine the system. LTE and now 5G wireless have proven major advances can evolve from concept to deployment in five to seven years. Data centers at Google and Facebook can leverage such new technologies in only a few years.” Dr. Cioffi’s G.fast Summit presentation may be found here: http://www.assia-inc.com/terabit-dsl/. Dr. John Cioffi John Cioffi is Chairman and CEO of ASSIA and Emeritus Professor at Stanford. ASSIA provides management software for broadband and Wi-Fi networks. He won the Marconi Prize (“The Nobel Prize for Communications”) for his work on DSL. Cioffi is an inventor on basic patents for ADSL, VDSL, Dynamic Spectrum Management, and vectored DSLs. His 2002 paper with George Ginis, Vectored transmission for digital subscriber line systems, introduced the concept of vectoring for high speed DSL. Dr. Chan-Soo Hwang Dr. Chan-Soo Hwang is a senior director of R&D at ASSIA since 2010. Prior to joining ASSIA, he was with Samsung Research labs from 1999, where he led research projects in wireless networks, connected health, and DSL. He won two IEEE ICC best paper awards. He received his Ph.D in EE from Stanford University. Dr. Kenneth J. Kerpez Dr. Kerpez received his Ph.D in EE communications from Cornell University in 1989. He worked at Bellcore and Telcordia for 20 years, and has been working at ASSIA for six years. Dr. Kerpez became an IEEE Fellow in 2004 for his contributions to DSL technology and standards. Dr. Kerpez has many years of experience working on communications systems and networks of all sorts, including DSL, fiber access, home networks, wireless systems, broadband service assurance, IPTV, IP QoS, triple-play services, SDN and virtualization. Dr. Ioannis Kanellakopoulos Ioannis Kanellakopoulos provides consulting services on technology and intellectual property strategy to ASSIA. Ioannis was a Professor of Electrical Engineering at UCLA for 8 years, where he created a research program focused on adaptive control of nonlinear systems and its applications in automated vehicles; he then came to Silicon Valley where he worked at several startups (some of which he founded) in telecommunications, ADAS sensors, and audio electronics. He has a Ph.D in Electrical Engineering from the University of Illinois, and is a Fellow of the IEEE. About ASSIA ASSIA is a trusted partner with the leading market share of management and optimization software solutions for global broadband and residential access networks. ASSIA’s Expresse broadband system enables Internet Service Provider companies to save significant money on subscriber care, increase customer satisfaction, and launch more revenue-generating service tiers in their access networks. ASSIA’s CloudCheck Wi-Fi system enables enterprise companies to provide, and consumers to enjoy, premium digital experiences over the residential Wi-Fi network. ASSIA has more than 80 million broadband households under contract worldwide. For more information, visit www.assia-inc.com. Expresse® and CloudCheck® are registered trademarks of ASSIA. “ASSIA” is an acronym for “Adaptive Spectrum and Signal Alignment.
News Article | May 10, 2017
NEW YORK--(BUSINESS WIRE)--Twenty-First Century Fox, Inc. (“21st Century Fox” or the “Company” -- NASDAQ: FOXA, FOX) today reported financial results for the three months ended March 31, 2017. The Company reported quarterly income from continuing operations attributable to 21st Century Fox stockholders of $811 million ($0.44 per share), as compared to $844 million ($0.44 per share) reported in the prior year quarter. Excluding the net income effects of Impairment and restructuring charges, Other, net and adjustments to Equity losses of affiliates1 adjusted quarterly earnings per share from continuing operations attributable to 21st Century Fox stockholders2 was $0.54, a 15% increase over the $0.47 reported in the same quarter of the prior year. The Company reported total quarterly revenues of $7.56 billion, a $336 million, or 5%, increase from the $7.23 billion of revenues reported in the prior year quarter. This revenue growth reflects higher advertising revenue at the Television segment, led by the broadcast of Super Bowl LI, and higher affiliate revenues at both the Cable Network Programming and Television segments partially offset by lower content revenues at the Filmed Entertainment segment. Quarterly income from continuing operations before income tax expense of $1.25 billion decreased $139 million from the $1.39 billion reported in the prior year quarter. Quarterly total segment OIBDA3 of $1.94 billion increased $57 million, or 3%, from the $1.88 billion reported in the prior year quarter. This increase was due to higher contributions from the Company’s Cable Network Programming and Television segments partially offset by lower contributions from the Filmed Entertainment segment. Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said: “We delivered a quarter marked by operational momentum and strong domestic affiliate fee growth. We continue to demonstrate our ability to capture opportunities to grow distribution of our domestic portfolio of video brands, whether through established MVPD partners or new digital entrants such as Hulu’s recently launched live television service. We made progress in the quarter against our key strategic priorities, exemplified by our creative successes across screens, from theatrical releases Logan and Hidden Figures to new FX debuts of Legion, Feud and Taboo. Our proposed combination with Sky, which was recently approved unconditionally by the European Commission, will advance another of our strategic priorities, driving innovation for customers. We remain confident the proposed transaction will be approved by the end of the calendar year following a thorough review process.” Cable Network Programming quarterly segment OIBDA increased 5% to $1.45 billion and revenue increased 2% to $4.02 billion. Expenses were consistent with the prior year quarter as higher entertainment programming and marketing costs at FX Networks and National Geographic Channels, higher National Association for Stock Car Auto Racing (“NASCAR”) rights costs at FOX Sports 1 (“FS1”) and higher National Basketball Association (“NBA”) rights costs at the regional sports networks (“RSNs”) were offset by lower sports rights costs at STAR India due to the absence of the prior year broadcast of the International Cricket Council (“ICC”) Cricket World Twenty20 matches. Domestic affiliate revenue increased 8% reflecting continued contractual rate increases led by Fox News, FS1, the RSNs and FX Networks. Domestic advertising revenue was flat over the prior year period as the impact of higher ratings at Fox News and FS1 was offset by lower revenues at the National Geographic Partners businesses. Domestic OIBDA contributions were equal to the prior year quarter as higher contributions from Fox News were offset by lower contributions from FX Networks and National Geographic Channels. International affiliate revenue increased 5% driven by local currency growth of 7% partially offset by negative currency impacts from the strengthened U.S. dollar. International advertising revenue decreased 18% from lower advertising revenues at STAR India due to the absence of the prior year broadcast of the ICC Cricket World Twenty20 matches and the effect of the Indian government demonetization initiatives on the general advertising market. Quarterly OIBDA at the international cable channels increased 44% from the prior year quarter primarily reflecting lower sports programming costs at STAR India and higher contributions from Fox Networks Group International. Television reported quarterly segment OIBDA of $190 million, an increase of 52% as compared to the prior year quarter driven by 30% revenue growth reflecting increased advertising revenue and continued growth of retransmission consent revenues. Quarterly advertising revenues grew 39% from the corresponding period of the prior year driven by the broadcast of Super Bowl LI and the inclusion of one additional National Football League divisional playoff game, partially offset by the impact from lower general entertainment ratings, led by the absence of American Idol, which concluded its final season in the prior year. The segment results also included higher sports programming costs associated with the broadcast of Super Bowl LI and the additional National Football League divisional playoff game. Filmed Entertainment generated quarterly segment OIBDA of $373 million, a $97 million decrease from the $470 million reported in the same period a year-ago. The OIBDA decrease in the current quarter was driven primarily by lower film studio contributions reflecting difficult comparisons to last year’s strong worldwide theatrical performance of Deadpool and the home entertainment performance of The Martian, partially offset by higher television production contributions from higher subscription video-on demand revenues led by the licensing of The People v. O.J. Simpson: American Crime Story and higher network revenue. Quarterly segment revenues decreased $65 million to $2.26 billion, primarily reflecting lower worldwide theatrical and home entertainment revenues partially offset by higher television production revenues. Quarterly results also included the successful theatrical performances of both Logan and Hidden Figures, which have grossed approximately $600 million and $230 million in worldwide box office, respectively. The Company’s share of equity (losses) earnings of affiliates is as follows: Quarterly equity losses of affiliates were $51 million as compared to $9 million reported in the same period a year-ago. The $42 million increase in losses primarily reflects higher equity losses reported at Hulu and Endemol Shine Group. To receive a copy of this press release through the Internet, access 21st Century Fox’s corporate Web site located at http://www.21cf.com. Audio from 21st Century Fox’s conference call with analysts on the third quarter results can be heard live on the Internet at 4:30 p.m. Eastern Daylight Time today. To listen to the call, visit http://www.21cf.com. This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law. The Company evaluates the performance of its operating segments based on segment operating income before depreciation and amortization (“OIBDA”), and management uses total segment OIBDA as a measure of the performance of operating businesses separate from non-operating factors. Total segment OIBDA may be considered a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements. This measure excludes items, such as depreciation and amortization as well as impairment charges, which are significant components in assessing the Company’s financial performance. Management believes that total segment OIBDA is an appropriate measure for evaluating the operating performance of the Company’s business and provides investors and equity analysts a measure to analyze operating performance of the Company’s business and enterprise value against historical data and competitors’ data. Segment OIBDA is the primary measure used by our chief operating decision maker to evaluate the performance of and allocate resources to the Company’s business segments. Segment OIBDA does not include depreciation and amortization and the amortization of cable distribution investments and eliminates the variable effect across all business segments of depreciation and amortization. Depreciation and amortization expense includes the depreciation of property and equipment, as well as amortization of finite-lived intangible assets. Amortization of cable distribution investments represents a reduction against revenues over the term of a carriage arrangement and, as such, it is excluded from segment operating income before depreciation and amortization. In addition, total segment OIBDA does not include: Loss from discontinued operations, net of tax, Impairment and restructuring charges, Equity (losses) earnings of affiliates, Interest expense, net, Interest income, Other, net, Income tax expense and Net income attributable to noncontrolling interests. The following table reconciles income from continuing operations before income tax expense to total segment OIBDA: The calculation of income and earnings per share (“EPS”) from continuing operations attributable to 21st Century Fox stockholders excluding the net income effects of Impairment and restructuring charges, Equity affiliate adjustments and Other, net and tax provision effects (“adjusted income and diluted EPS from continuing operations attributable to 21st Century Fox stockholders”) may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted income and diluted EPS from continuing operations attributable to 21st Century Fox stockholders are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income and EPS as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors. The Company uses adjusted income and diluted EPS from continuing operations attributable to 21st Century Fox stockholders to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period. The following table reconciles reported income and reported diluted EPS from continuing operations attributable to 21st Century Fox stockholders to adjusted income and diluted EPS from continuing operations attributable to 21st Century Fox stockholders for the three months ended March 31, 2017 and 2016.
ICC Inc | Date: 2014-10-23
Briefly, the present invention relates to a cigarette lighter adapter (CLA) configured to be received in a CLA socket in a vehicle. The CLA includes a positive contact and a negative contact and housing, for example, a plastic housing. The negative contacts are formed as springs, which extend from the housing and are configured to exert spring force against an interior wall of a socket to assure a solid connection. The positive contact is also formed as a spring and is connected in series with a thermal sensor. In accordance with an important aspect of the invention, the thermal sensor, for example, a bi-metallic strip, is in thermal contact with a tip, which is serially connected to the positive contact and which extends outwardly from the plastic housing, the thermal sensor causes the CLA to be disconnected from the socket when an excessive temperature is sensed. The thermal sensor is selected to disconnect the CLA from the socket at a safe temperature, for example, a temperature below the melting temperature of the plastic housing. In accordance with another important aspect of the invention, the positive contact is formed as a spring which is connected by way of soldering to a printed circuit board, thermal sensor and the tip in order to eliminate high resistance pressure contact connections.
ICC Inc | Date: 2012-06-22
A preassembled drainage line element is fabricated with one or more flaps. In one embodiment, the drainage line unit is made from a webs of net material and a web of water permeable material and has two flaps at diametric points. The webs are formed about a barrel and the longitudinal edges are secured together, as by sewing a seam, to form a flap. The seam can be sewn at one of a plurality of spacings from the barrel to form a drainage line element of a different diameter from a standard diameter without need to adjust or replace other components of the fabricating machine.
ICC Inc | Date: 2013-04-19
A multiple cell battery charger configured with a parallel topography is disclosed. In accordance with an important aspect of the invention, the multiple cell battery charger requires fewer active components than known battery chargers while at the same time protecting multiple battery cells from overcharge and discharge. The multiple cell battery charger in accordance with the present invention is a constant voltage battery charger that includes a regulator for providing a regulated source of direct current (DC) voltage to the battery cells to be charged. In accordance with the present invention, each battery cell is connected in series with a switching device, such as a field effect transistor (FET) and optionally a current sensing device. In a charging mode, the serially connected FET conducts, thus enabling the battery cell to be charged. The battery voltage is sensed by a microprocessor. When the microprocessor senses that the battery cell is fully charged, the FET is turned off, thus disconnecting the battery cell from the circuit. Since the battery cell is disconnected from the circuit, no additional active devices are required to protect the battery cell from discharge. As such, a single active device per cell, such as the FET, provides multiple functions without requiring additional devices. Accordingly, the battery charger in accordance with the present invention utilizes fewer active components than known battery chargers and is thus much less be expensive to manufacture.
ICC Inc | Date: 2015-06-29
A power management system is disclosed for providing an indication of the required available capacity (RAC) available from a backup battery unit (BBU) for backup or peak loading as required by a critical DC load, such as a computer bus. The power management system is configured to repeatedly determine the gross remaining capacity of the backup battery unit (BBU). The system processes this information and other measured or known battery parameters to determine the required available capacity (RAC). The RAC is based upon the required capacity of the critical load to which the BBU is connected. In general, the RAC is the difference between the gross remaining capacity of the battery at a given point in time and the required capacity of the critical load. In accordance with an important feature of the power management system, an indication of the RAC is provided. This indication can be used to indicate that the battery needs to be replaced or that the battery requires service and might indicate that the battery needs to be charged, needs to be warmed up, cooled down, etc.
ICC Inc | Date: 2015-05-04
The invention relates to a power management system for supplying backup DC power to peak and/or high current demand battery applications, such as motor starting or an uninterruptible power supply (UPS) used to power a critical load, such as, a data bus or other critical load, after an event, such as loss of primary AC or DC input, during relatively cold ambient temperatures. Two or more heaters may be provided; for example, a low power heater and a high power heater. In a maintenance mode, the low power heater is used to maintain the batteries at a predetermined temperature. In this mode, the battery charger is used to power the low power heater. In a boost mode, after the primary AC or DC input is restored, and the battery temperature is too low to back up the critical load, the battery charger supplies power to one or both of the heaters. Since the capacity of the battery charger is normally insufficient to heat the batteries to an acceptable operating temperature in a relatively short period of time, a portion of the residual power from the batteries is used to boost the power to the heaters in order to speed up the time to get the battery to its rated operating temperature.