News Article | February 21, 2017
Leading 3D smart sensor company announces appointment of VP of Sales and Aligns Organization for Future Growth VANCOUVER, BC--(Marketwired - February 21, 2017) - LMI Technologies (LMI), a leading developer of smart 3D inspection and scanning solutions for material optimization and factory automation announced the promotion of Len Chamberlain to VP Sales. Len has worked for the company over the last three years, starting out as the Business Development Manager for the HDI product line and moving quickly into the Director of Sales role. Over his two years as Director, Len's proven track record for developing and executing a strategic vision has resulted in the growth of a highly successful global sales group. Len brings a wealth of industry knowledge and business acumen to LMI with over a decade of experience working in senior roles in the 3D machine vision industry. Len holds a Bachelor's in Mechanical Engineering from the University of Colorado. "Len is a rare breed -- an articulate 3D sales professional who can quickly grasp complex technology and its implications for developing new market opportunities. His talent to connect with people, develop trusted sales channels, and cultivate long term customer partnerships are the many reasons Len has moved into this senior role at LMI," expressed Terry Arden, CEO of LMI Technologies. "I look forward to working with Len as we roll out our next generation products in the coming years to drive further leadership in the 3D inline inspection market", said Arden. At LMI Technologies we work to advance 3D measurement with smart sensor technology. Our award-winning, FactorySmart® solutions improve the quality and efficiency of factory production by providing fast, accurate, reliable inspection solutions that leverage smart 3D technologies. Unlike contact based measurement or 2D vision, our products remove complexity and dramatically reduce implementation cost while achieving repeatable, highly accurate measurement. To learn more about how LMI's inspection solutions can benefit your business, we invite you to contact us at firstname.lastname@example.org or visit us at www.lmi3d.com to explore the possibilities of smart 3D technology. Interested in a career a LMI? See current job postings here: http://lmi3d.com/company/careers
News Article | February 28, 2017
HCAP Partners has been recognized as an ImpactAssets 50 (“IA 50”) Fund for 2016. This designation marks the fourth consecutive year that HCAP Partners has been selected as an IA 50 Fund. Fund managers included in the IA 50 2016 manage an estimated $10.6B in assets devoted to creating positive social and environmental impact. The IA 50 is the only free, public, searchable database of outstanding impact investing fund managers. This year's showcase, which includes funds based in the United States, Africa, Europe and Latin America, highlights the increasingly diverse opportunities for investors to help create social value across the globe. Fund managers represent a breadth of asset classes, ranging from real assets like farmland and clean tech, private thematic debt and community development finance institution (CDFI) financing, to private early and growth stage equity in US and emerging markets. “As impact investing continues to move from niche to mainstream, those new to the field – as well as impact veterans – appreciate the IA 50’s broad overview of innovative fund strategies,” said Jed Emerson, Chief Impact Strategist of ImpactAssets. “The IA 50 roster offers a great overview of innovative managers and diverse approaches to creating impact with investment capital.” “HCAP Partners is honored to be recognized by the IA 50 showcase for the fourth year running,” commented Tim Bubnack, HCAP Partners Managing Partner. “Our fund’s inclusion on this list reflects our continued focus on positively impacting underserved businesses with flexibly-structured growth capital and value-added resources.” Founded with a vision to stimulate the economic well-being of communities while seeking to generate above-market rate returns, HCAP Partners places a particular emphasis on providing capital to traditionally underserved companies which are located in low and moderate income areas (“LMIs”) and/or employ a majority of individuals earning LMI wages. HCAP’s impact creation is operationally focused and based around creating high-quality jobs using a framework called The Gainful Jobs Approach. HCAP measures job quality standards at time of investment and actively engages with portfolio company senior leadership to build and implement strategic roadmaps with the intent of improving job quality around the key themes of economic opportunity and health and wellness. The IA 50 Review Committee is chaired by Jed Emerson, Chief Impact Strategist of ImpactAssets. Jennifer Kenning, CEO and Co-Founder of Align Impact, served as the Committee’s Senior Investment Advisor. Members include Karl "Charly" Kleissner, Co-Founder of Toniic and KL Felicitas Foundation; Kathy Leonard, Senior Vice President, Investments and Senior Portfolio Manager for UBS; Deval Patrick, Managing Director of Bain Capital; Liesel Pritzker Simmons and Ian Simmons, Co-Founders of Blue Haven Initiative; Fran Seegull, Executive Director, US Impact Investing Alliance of Ford Foundation; and Matthew Weatherley-White, Managing Director of The CAPROCK Group. ImpactAssets is a nonprofit financial services firm that increases the flow of capital into investments that deliver financial, social, and environmental returns. ImpactAssets’ donor advised fund (The Giving Fund), Impact Investment Notes, and field building initiatives enable philanthropists, other asset owners, and their wealth advisors to advance social or environmental change through investment. The IA 50 is not an index or investable platform and does not constitute an offering or recommend specific products. It is not a replacement for due diligence. In order to be considered for the IA 50 2016, fund managers needed to have at least $10M in assets under management, more than 3 years of experience as a firm with impact investing and documented social and/or environmental impact, as well as accept investment from US-based investors. HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2M to $9M in established businesses generating between $10M and $75M in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since it was founded and through ongoing, active engagement with portfolio companies, the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund four years running and, through its Gainful Jobs Approach, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack, Morgan Miller, Frank Mora along with Principals Hope Mago and Nicolas Lopez lead HCAP Partners’ investment team. For more information, please visit http://www.hcapllc.com or call (858) 259-7654.
News Article | February 15, 2017
New report one of the most significant applications of behavioral economics in field of LMI financial decision-making SAN FRANCISCO, CA and DURHAM, NC--(Marketwired - Feb 8, 2017) - Common Cents, a financial research lab at Duke University and supported by MetLife Foundation, today unveiled its 2016 Annual Report. The report details findings from seven completed behavioral intervention programs and ongoing research begun in 2016. The work is part of a three-year effort to improve the financial well being of 1.8 million low-to-moderate income (LMI) households in America. Common Cents is one of the first to use social science field experiments within financial organizations for the purpose of gaining scalable behavioral insights that can improve Americans' financial decision-making. The 2016 Annual Report enables companies and financial service providers to better understand the actions of modern consumers in an era of changing workforce trends and new financial tools. "Many times, companies build products without a full understanding of human behavior. At the same time, academics arrive at novel theories that may be too difficult to drag and drop into a business model," said Common Cents founder, Behavioral Economics Professor and New York Times bestselling author Dan Ariely. "We are trying to bridge the gap between academia and industry to produce actionable and scalable behavioral insights that increase savings, eliminate debt and extend consumer benefits in a way that are economically viable for business." In a baseline study of LMI participants, Common Cents found that 36% self-reported having less than $500 in savings (including retirement savings). Yet 92% of respondents listed three or more specific actions they could take to improve their financial security. Common Cents helps to bridge the gap of this Intention/Action gap by focusing on interventions within five core areas: The Common Cents approach to designing financial interventions is informed by a three-step process for behavioral diagnosis that includes identifying the specific and desired key behaviors, removing the barriers impeding that behavior, and then amplifying its benefits of that behavior. Common Cents created and executed its 2016 interventions in partnership with 17 fintech companies, credit unions and financial services organizations of different types and sizes, in addition to specific experiments conducted within the lab. For example, EarnUp is a loan management company that partnered with Common Cents to identify the role of psychologically satisfying numbers in paying off loans faster. Rounding increased the number of people who chose to overpay by approximately 40%, saving an average of $8,000 each in interest and shortening their loan term by two years. Common Cents estimates that all participating users could total $1.25 million in interest savings through this one simple change. "Common Cents is a vital partner in helping us understand how to help consumers take back control of their financial lives," said Matthew Cooper, co-founder of EarnUp. "Their process is at once visionary and practical, showing us how to simply and efficiently motivate Americans to dramatically pay off loans faster and more affordably." Other example partners and interventions from the 2016 Annual Report include: Once complete, each of the 2016 interventions was rigorously tested and measured for impact before publicly sharing the results. Through these interventions, in combination with ongoing research, Common Cents expects its programs, when fully rolled out, to have a direct positive impact on 465,000 LMI households. "MetLife Foundation is proud to fund Common Cents and its behavioral intervention work," said Evelyn Stark, Assistant Vice President, MetLife Foundation. "It is exciting to witness this unique application of behavioral economics in financial technology to measure the outsize impact these small changes can have for consumers. We look forward to collaborating with Common Cents to continue to improve financial decision making." Common Cents will soon announce the newest participants in its 2017 partner programs. They will continue their focus on the five core areas, with a specific emphasis on short-term savings and cash flow management. For detailed results of each 2016 intervention, to review a copy of the Annual Report, or to read more about participating partners please visit: http://advanced-hindsight.com/commoncents-lab/share-our-findings/. The Common Cents, supported by MetLife Foundation, is a financial research lab at the Center for Advanced Hindsight at Duke University that creates and tests interventions to help low-to-moderate income households increase their financial well being. Common Cents leverages research gleaned from behavioral economics to create interventions that lead to positive financial behaviors. The lab is led by famed Behavioral Economics Professor Dan Ariely and is comprised of researchers and experts in product design, economics, psychology, public policy, advertising, business administration, and more. To fulfill its mission, Common Cents partners with organizations, including fintech companies, credit unions, banks and nonprofits that believe their work could be improved through insights gained from behavioral economics. To learn more about Common Cents Lab visit www.commoncentslab.org. MetLife Foundation was created in 1976 to continue MetLife's long tradition of corporate contributions and community involvement. Since its founding through the end of 2016, MetLife Foundation has provided more than $744 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.
News Article | February 17, 2017
ST. LOUIS, Feb. 16, 2017 (GLOBE NEWSWIRE) -- LMI Aerospace Inc. (Nasdaq:LMIA) has entered into a merger agreement to be acquired by Sonaca Group, a global aerostructures company headquartered in Gosselies, Belgium. Under the agreement, LMI shareholders will receive $14 per share in an all-cash transaction. Sonaca’s offer represents a 52 percent premium over LMI’s closing share price on Feb. 16, 2017, of $9.19 per share, a 63 percent premium over LMI’s 3-month volume weighted average price up to and including Feb. 16, 2017, of $8.59 per share, and a 78 percent premium over LMI’s 6-month volume weighted average price up to and including Feb. 16, 2017, of $7.88 per share. In connection with the merger agreement, Sonaca has obtained debt and equity financing commitments. The merger agreement, however, does not include, and the consummation of the merger is not conditioned upon satisfaction of, a financing condition. “This deal brings our combined company to the forefront as a leader in the design and manufacture of complex aerostructures while working to diversify our global customer base,” said Dan Korte, LMI Aerospace chief executive officer. “In addition, LMI and Sonaca have complementary product portfolios while largely serving different aerospace primes and Tier 1 suppliers around the world, enabling us to better serve our customers.” “The addition of LMI Aerospace to the Sonaca Group supports our vision to expand our capabilities in the United States,” said Bernard Delvaux, Sonaca chief executive officer. “Sonaca and LMI have both distinguished themselves in the industry through capabilities such as wing movables, wing panels, complex fuselage and structural assemblies, and together we will be able to strengthen our competitive advantage in the global aerospace market.” LMI’s independent directors unanimously approved the transaction. The deal is expected to close mid-2017, subject to LMI shareholder approval as well as certain regulatory approvals and other customary closing conditions. Upon transaction close, LMI will operate as LMI Aerospace – A Member of the Sonaca Group, with headquarters remaining in St. Louis. Korte will continue to serve as LMI Aerospace CEO and will report directly to Delvaux. Other members of the LMI senior leadership team also will remain in place and will continue their current reporting relationships. The company will continue investing in its current footprint, continuously improving its U.S. and worldwide infrastructure and the capabilities of its teams. Lazard served as financial advisors and Gibson, Dunn & Crutcher LLP and Polsinelli PC served as legal advisors to LMI. Credit Suisse served as financial advisors and Arnold & Porter Kaye Scholer and Husch Blackwell served as legal advisors to Sonaca. About LMI Aerospace LMI Aerospace Inc. is a leading supplier of structural assemblies, kits and components and provider of engineering services to the commercial, business and regional, and military aerospace markets. Manufacturing more than 40,000 products for a variety of platforms and providing turnkey engineering capabilities to support aircraft lifecycles, LMI offers complete, integrated solutions in aerostructures, engineering and program management. Headquartered in St. Louis, LMI has 21 locations across the United States and in Mexico, the United Kingdom and Sri Lanka. For more information, visit: www.lmiaerospace.com. About Sonaca Group Sonaca Group is a global Belgian company active in the development, manufacturing and assembly of advanced structures for civil, military and space markets. The group is especially known for its capability to design and produce advanced structures such as wing movables and complex fuselages. Headquartered in Gosselies, Belgium, it has production facilities in China, Romania, Canada and Brazil. Sonaca Group also supplies engineering services, large sheet metal elements, wing panels, composite structures and machined components. For more information, visit www.sonaca.com. Additional Information and Where to Find It This document may be deemed to be solicitation material with respect to the proposed merger. In connection with the proposed merger, LMI Aerospace, Inc. (the “Company”) will file a preliminary proxy statement and file or furnish other relevant materials with the Securities and Exchange Commission (the “SEC”). Once the SEC completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy will be filed with the SEC and mailed to the shareholders of the Company. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT (IF ANY) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES TO THE PROPOSED MERGER. Investors and shareholders may obtain a free copy of documents filed by the Company with the SEC at the SEC’s website at http://www.sec.gov. In addition, investors and shareholders may obtain a free copy of the Company’s filings with the SEC from the Company’s website at http://www.lmiaerospace.com or by directing a request to: LMI Aerospace, Inc., 411 Fountain Lakes Boulevard, St. Charles, Missouri 63301, Attention: Corporate Secretary, (636) 946-6525. Participants in the Solicitation The Company and certain of its directors, executive officers, and certain other members of management and employees of the Company may be deemed to be participants in the solicitation of proxies from shareholders of the Company in favor of the proposed merger. Information about directors and executive officers of the Company and their ownership of the Company’s common stock is set forth in the Company’s annual report on Form 10-K/A for the fiscal year ended December 31, 2015, as filed with the SEC on March 17, 2016, and its definitive proxy statement for its 2016 annual meeting of shareholders, as filed with the SEC on Schedule 14A on April 29, 2016. Certain directors, executive officers, other members of management and employees of the Company may have direct or indirect interests in the proposed merger due to securities holdings, vesting of equity awards and rights to severance payments. Additional information regarding the direct and indirect interests of these individuals and other persons who may be deemed to be participants in the solicitation will be included in the proxy statement with respect to the merger the Company will file with the SEC and furnish to the Company’s shareholders. Forward-Looking Statements Statements about the expected timing, completion and effects of the proposed merger and related transactions and all other statements in this report and the exhibits furnished or filed herewith, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this report, the words “expect,” “believe,” “anticipate,” “goal,” “plan,” “intend,” “estimate,” “may,” “will” or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks, uncertainties and other factors that could cause the actual results to differ materially from such forward-looking statements, including, but not limited to (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement or conditions to the closing of the merger may not be satisfied or waived, (2) the failure to obtain the required shareholder approval or the failure to satisfy the closing conditions, (3) risks related to disruption of management’s attention from the Company’s ongoing business operations due to the proposed merger, (4) the effect of the announcement of the merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers, operating results and business generally, (5) the transaction may involve unexpected costs, liabilities or delays, (6) the Company’s business may suffer as a result of the uncertainty surrounding the transaction, (7) the outcome of any legal proceeding relating to the transaction, (8) the Company may be adversely affected by other economic, business and/or competitive factors, and (9) other risks to consummation of the transaction, including the risk that the transaction will not be consummated within the expected time period or at all.
News Article | February 21, 2017
LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. blog coverage looks at the headline from LMI Aerospace Inc. (NASDAQ: LMIA) ("LMI") as the Company announced on February 16, 2017, that it has entered into a merger agreement to be acquired by Sonaca S.A., a limited liability Company dealing in global aerostructures and headquartered at Gosselies, Belgium. Under terms of the agreement, LMI's shareholders will receive $14 per share of the common stock, in an all-cash transaction. Register with us now for your free membership and blog access at: One of LMI Aerospace's competitors within the Aerospace/Defense Products & Services space, HEICO Corp. (NYSE: HEI), announced on February 14, 2017, that it will release its financial results for the first quarter ended January 31, 2017, on February 28, 2017, after the NYSE closing. AWS will be initiating a research report on HEICO in the coming days. Today, AWS is promoting its blog coverage on LMIA; touching on HEI. Get all of our free blog coverage and more by clicking on the links below: Post the closure of the transaction, LMI will operate as LMI Aerospace, under the Sonaca Group. The Company will resume its investments in its current portfolio and elevate its US and worldwide business infrastructure and the capabilities of the teams. Sonaca and LMI are both aerospace parts manufacturers. The client base of these companies differs where LMI client base includes the likes of Boeing (NYSE: BA), Spirit Aerosystems (NYSE: SPR), and Gulfstream. On the other hand, Sonaca's primary clients include Airbus and Embraer (NYSE: ERJ). This proposed transaction is viewed as an expansion opportunity for Sonaca. LMI views Sonaca's business highly complementary to its prospects across both revenue generation and capabilities. Sonaca reported FY15 full-year revenues of approximately $404 million. The Company specializes in the design and production of advanced structures including wing movables and complex fuselages. Sonaca currently operates across China, Romania, Canada, and Brazil with an estimated workforce of 2,500 employees. Sonaca expects to develop its market share in the US and other countries, where LMI operates, through the execution of this transaction. The businesses of Sonaca and LMI, although complementary, have minimal overlap in terms of current customers. Hence, this agreement is viewed as a definitive growth strategy. LMI views definitive growth opportunities and greater cash inflow while banking on a larger global market share and support by a parent company with deeper capital resources and market presence. LMI has ended up getting several major contracts from Boeing, where the primary one is the next version of Boeing 737 airliner. The 737 currently accounts for about 30% of LMI revenue generation. LMI operates within 21 locations across the US, Mexico, UK, and Sri Lanka where it offers structural assemblies, kits, and components, along with engineering services to the commercial, business, regional and other aerospace markets. LMI delivered its first aileron and flap assemblies to Honda Aircraft Company on October 13, 2016, for the HA-420 HondaJet. LMI was awarded this contract post the aerostructures work packages delivery of aileron and flap assemblies. LMI reported its updated financial expectation for FY16 ending December 31, 2016. The Company expects net sales in the range of $345.7 million-$346.7 million for full-year FY16 against the previous guidance of $345.0 million-$355.0 million. The operating profit is estimated at $13.5-$14.5 million for full-year FY16, while the free cash flow is estimated at $3.0 million-$4.0 million for the full-year FY16. LMI expects to release Q4 FY16 and full-year FY16 results in March 2017. On Friday, February 17, 2017, the stock closed the trading session at $13.66, soaring 48.64% from its previous closing price of $9.19. A total volume of 2.31 million shares have exchanged hands, which was higher than the 3-month average volume of 24.89 thousand shares. LMI Aerospace's stock price rallied 51.61% in the last month, 72.91% in the past three months, and 88.15% in the previous six months. Furthermore, since the start of the year, shares of the Company have surged 58.47%. The stock currently has a market cap of $125.26 million. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. 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News Article | February 24, 2017
STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of LMI Aerospace, Inc. (Nasdaq: LMIA) (“LMI” or the “Company”) relating to the proposed buyout of LMI by Sonaca Group. Under the terms of the agreement, LMI shareholders are anticipated to receive $14.00 in cash for each share of LMI common stock held. The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock. If you currently own common stock of LMI and believe that the proposed buyout price is too low, and you would like to learn more about the investigation being conducted by Brower Piven, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
News Article | February 22, 2017
NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased LMI Aerospace, Inc. (“LMI”) (NASDAQ:LMIA) stock prior to February 17, 2017. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of LMI Aerospace, Inc. to Sonaca Group for $14 per share. To learn more about the action and your rights, go to: or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you. Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, California, and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
News Article | February 22, 2017
NEW ORLEANS, Feb. 22, 2017 /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of LMI Aerospace, Inc. ("LMI" or the "Company") (NASDAQ: LMIA) to the Sonaca Group. Under...
News Article | February 17, 2017
ST. LOUIS, Feb. 16, 2017 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA) ("LMI" or the "Company"), a leading provider of design and aftermarket engineering services, and supplier of structural assemblies, kits and components to the aerospace and defense markets, announces its updated financial expectations for the year ended December 31, 2016. Based upon preliminary, unaudited financial information, the Company currently expects its 2016 net sales, operating profit and free cash flow, as compared to previously announced guidance, to be as follows: (1) Excludes the impact of a goodwill and intangible asset impairment charge of $28.4 million in the Engineering Services segment recognized in the second quarter of 2016. Expected results for 2016 were negatively impacted by lower sales primarily due to customer delays; unanticipated engineering changes on a design-build contract; and higher-than-expected medical costs. These preliminary, unaudited results are based on management's initial review of operations for 2016 and are subject to completion of the company's customary closing procedures, including the year-end audit process. LMI expects to release fourth quarter and full-year results for 2016 in March 2017. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use free cash flow, a non-GAAP financial measure, in this press release. Free cash flow is a measure of cash generated by the Company for such purposes as repaying debt that the Company believes is useful to investors. Free cash flow is not a measure of performance defined by GAAP and should not be used in isolation or as a substitute for the related GAAP measure of cash provided by operating activities. The following table provides a reconciliation of cash provided by operating activities to free cash flow related to the Company's current expectations. This news release includes forward-looking statements, including statements related to LMI's expectations for 2016. Such forward-looking statements are not guarantees and are inherently subject to various risks and uncertainties that could cause actual results and events to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the occurrence of subsequent events that affect 2016 results, the completion of the Company's year-end audit process, those Risk Factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and any risk factors set forth in our other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. LMI Aerospace Inc. is a leading supplier of structural assemblies, kits and components and provider of engineering services to the commercial, business and regional, and military aerospace markets. Manufacturing more than 40,000 products for a variety of platforms and providing turnkey engineering capabilities to support aircraft lifecycles, LMI offers complete, integrated solutions in aerostructures, engineering and program management. Headquartered in St. Louis, LMI has 21 locations across the United States and in Mexico, the United Kingdom and Sri Lanka. For more information, visit: www.lmiaerospace.com.
Miller R.,LMI |
Health Affairs | Year: 2011
In the next decade, at least twelve additional vaccines that target such diseases as typhoid, malaria, and dengue will become available to lower- and middle-income countries. These vaccines must travel along what are called supply chains, which include all personnel, systems, equipment, and activities involved in ensuring that vaccines are effectively delivered from the point of production to the people who need them. But for various reasons, supply chains are already strained in many developing countries, and the potential inability to distribute new vaccines will place lives at risk. Among the many steps needed to strengthen the global vaccine supply chain, we suggest that the international community pursue improved coordination between organizations that donate and ship vaccines and the host-country officials who receive and distribute the vaccines, as well as better training for supply-chain managers. © 2011 Project HOPE-The People-to-People Health Foundation, Inc.