NRI
West and East Lealman, FL, United States
NRI
West and East Lealman, FL, United States

Time filter

Source Type

MISSISSAUGA, ON, May 11, 2017 /PRNewswire/ - Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:NRI) a commercial healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities, today announced that at its 2017 Annual and Special Meeting of Shareholders held in Toronto, all nominees listed in the management proxy circular dated April 5, 2017 were elected as directors of the Company. The detailed results of the votes by proxy are as follows:


News Article | May 10, 2017
Site: www.prnewswire.com

"2017 is off to a very positive start," said John London, Nuvo's CEO.  "Our financial results were strong.  We made progress on our strategy of expanding and diversifying our revenue streams through the Russian regulatory approval of Pennsaid 2% and the license agreement with Sayre that will make Pennsaid 2% available in India, Sri Lanka, Bangladesh and Nepal. We continue to be pleased that we are running a profitable company, generating net positive cash flow and debt free." Nuvo is in active discussions relating to potential transactions to license or acquire additional, accretive commercial assets to further diversify the Company's product portfolio and maximize the Company's manufacturing capabilities at our GMP approved site in Varennes, Québec.  Nuvo is charting a course to build a business with product and geographic diversification. Nuvo is in a number of active discussions with potential commercial licensees of Pennsaid 2% for various global territories.  Nuvo anticipates signing licensing agreements covering multiple countries throughout 2017 and 2018.  Nuvo projects that incremental revenue from licensing agreements signed in 2017 will commence in 2018 and 2019, subject to obtaining regulatory approvals for Pennsaid 2% in the related territories. The 2016 Pennsaid 2% Trial was conducted in Germany and enrolled approximately 133 patients who had suffered a grade I or grade II ankle sprain as assessed by the investigator within 12 hours of injury.  Patients were randomly assigned on a double-blind basis to an active arm or a placebo arm and applied either Pennsaid 2% or a placebo consisting of a topical vehicle that includes all the constituent ingredients of Pennsaid 2%, except its active ingredient diclofenac sodium, to their injured ankle twice a day for 8 days.  The patients returned to the investigational site for in-depth evaluation on days 3, 5 and 8 of treatment.  The primary endpoint for the 2016 Pennsaid 2% Trial is reduction in pain on movement at day 3.  The 2016 Pennsaid 2% Trial will also measure a number of secondary endpoints including tenderness, ankle function, ankle swelling, overall assessment of benefit and satisfaction and use of rescue medication.  The 2016 Pennsaid 2% Trial commenced in November 2016 and was fully enrolled in March 2017.  Topline results for the 2016 Pennsaid 2% Trial are expected later in May 2017. Nuvo records revenue when it ships Pennsaid 2% commercial bottles and product samples to Horizon for Horizon's sale into the U.S. market.  The amount earned by Nuvo is based on a defined transfer price for each commercial bottle and product sample shipped to Horizon pursuant to its long-term, exclusive supply agreement with Horizon.  Nuvo's transfer price for Pennsaid 2% commercial bottles and product samples is not affected by Horizon's net selling price for prescriptions filled in the U.S.  Nuvo also receives contract service revenue from Horizon.  The timing of Nuvo shipments to Horizon do not necessarily align with when U.S. patients fill prescriptions written by their physicians. Horizon's orders from Nuvo are influenced by demand in the U.S. market, Horizon's inventory levels and management strategies.  On November 27, 2017, Federal Drug Supply Chain Security Act (DSCSA) rules come into force that require all manufacturers of drug products sold in the U.S. to serialize each individual package to enhance drug traceability in the event of an adverse event and to prevent drug counterfeiting.  In order to be in compliance with the DSCSA, also known as the Serialization Track and Trace Bill, the Company has purchased new packaging equipment and technology systems to individually serialize all Pennsaid 2% packaging.  In coordination with Horizon, the Company has planned to complete installation of this new equipment well before the November 27th implementation date of the DSCSA.  The new packaging equipment has arrived at the manufacturing plant in Varennes, Québec and the process of installing and qualifying it for commercial production has commenced.  It is expected that the new equipment with qualified software will be available to produce individually serialized commercial bottles in the second half of Q3. The U.S. Food and Drug Administration (FDA) was expected to publish regulations that grandfather existing non-serialized inventory in the supply chain as of November 27th, but has not released these much anticipated regulations yet.  Due to the uncertainty respecting how the rule will treat non-serialized inventory, Horizon has decided to draw down its existing Pennsaid 2% inventory of non-serialized product in advance of the November 27th implementation date.  Horizon has therefore advised Nuvo that it plans to defer any further commercial bottle production until the serialization equipment is operational.  Sample production is not affected by the serialization issue.  These anticipated production changes will have a negative impact on Nuvo's Q2 and Q3 sales and earnings relative to normal prescription trends and purchases by Horizon; however, it is expected that sales to Horizon will pick up in the remainder of the year, when the serialization equipment comes on stream and Horizon resumes its more typical ordering patterns, including rebuilding its inventory with serialized product to replace non-serialized inventory that it draws down. Table of Selected Financial Results For further details on the results, please refer to Nuvo's Management, Discussion and Analysis (MD&A) and Condensed Consolidated Interim Financial Statements which are available on the Company's website (www.nuvopharmaceuticals.com). Total revenue, consisting of product sales, royalties and contract and other revenue for the three months ended March 31, 2017 was $7.0 million compared to $7.8 million for the three months ended March 31, 2016.  The decrease in total revenue was primarily related to a decrease in product sales. Total operating expenses for the three months ended March 31, 2017 decreased to $4.7 million compared to $5.4 million for the three months ended March 31, 2016.  The decrease in operating expenses was primarily attributable to a decrease cost of goods sold (COGS) and general and administrative (G&A) expenses, slightly offset by an increase in research and development (R&D) expenses. COGS decreased to $2.8 million for the three months ended March 31, 2017 compared to $3.1 million for the three months ended March 31, 2016.  The decrease in COGS is attributable to a decrease in product sales.  The decrease in product sales during the current quarter reduced the gross margin on product sales to $3.9 million or 58% compared to $4.2 million or 57% in the comparative quarter. R&D expenses increased slightly to $0.3 million for the three months ended March 31, 2017 compared to $0.2 million for the three months ended March 31, 2016.  In the current quarter, the Company incurred R&D expenses related to the 2016 Pennsaid 2% Trial for the treatment of acute ankle sprains. G&A expenses decreased to $1.7 million for the three months ended March 31, 2017 compared to $2.1 million for the three months ended March 31, 2016.  In the current quarter, a $1.0 million decrease in stock-based compensation (SBC) expense was partially offset by an increase in regulatory consulting fees and an increase in general corporate costs due to the allocation of certain corporate G&A costs to Crescita in the comparative quarter. The Company earned net interest income of $38,000 for the three months ended March 31, 2017 compared to $56,000 for the three months ended March 31, 2016.  The decrease in net interest income in the current quarter related to the significantly lower cash balances as compared to the comparative period whereby $35.0 million was transferred to Crescita on March 1, 2016 as part of the reorganization transaction. The Company experienced a net foreign currency loss of $0.1 million for the three months ended March 31, 2017 compared to a net foreign currency loss of $0.5 million for the three months ended March 31, 2016. Net income from continuing operations was $2.2 million for the three months ended March 31, 2017 compared to $1.9 million for the three months ended March 31, 2016.  In the current quarter, the decrease in gross margin and a slight increase in R&D expenses were more than offset by a decrease in G&A expenses and a decrease in foreign exchange losses. Adjusted EBITDA decreased to $2.3 million for the three months ended March 31, 2017 compared to $3.0 million for the three months ended March 31, 2016.  In the current quarter, an increase in net income from continuing operations was more than offset by a decrease in SBC expenses. Cash and short-term investments were $18.6 million as at March 31, 2017 compared to $17.6 million as at December 31, 2016.  The $1.0 million increase in cash and short-term investments was primarily attributable to an increase in cash provided by operations. The number of common shares outstanding as at March 31, 2017 was 11,550,897. EBITDA is a non-IFRS financial measure.  The term EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.  The Company defines Adjusted EBITDA as net income from continuing operations before net interest income, plus income tax expense, depreciation, amortization and SBC.  Management believes Adjusted EBITDA is a useful supplemental measure from which to determine the Company's ability to generate cash available for working capital, capital expenditures and income taxes. The following is a summary of how EBITDA and Adjusted EBITDA are calculated: Management to Host Conference Call/Webcast Management will host a conference call to discuss the results tomorrow (Thursday, May 11, 2017) at 8:00 a.m. ET.  To participate in the conference call, please dial 1 (888) 231-8191 or (647) 427-7450, reference number 12423297.  Please call in 15 minutes prior to the call to secure a line.  You will be put on hold until the conference call begins. A taped replay of the conference call will be available two hours after the live conference call and will be accessible until May 18, 2017 by calling 1 (855) 859-2056 or (416) 849-0833, reference number 12423297. A live audio webcast of the conference call will be available through www.nuvopharmaceuticals.com.  Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to hear the webcast. About Nuvo Pharmaceuticals Inc. Nuvo (TSX:NRI) is a commercial healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities.  Nuvo has three commercial products that are available in a number of countries; Pennsaid 2%, Pennsaid and the heated lidocaine/tetracaine patch.  Pennsaid 2% is sold in the U.S. by Horizon Pharma plc (NASDAQ: HZNP) and is available for partnering in certain other territories around the world.  Nuvo manufactures Pennsaid for the global market and Pennsaid 2% for the U.S. market at its FDA, Health Canada and E.U. approved manufacturing facility in Varennes, Québec.  For additional information, please visit www.nuvopharmaceuticals.com. Forward-Looking Statements This Press Release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Nuvo's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, readers should not rely on any of these forward-looking statements. Important factors that could cause Nuvo's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Nuvo's most recent Annual Information Form dated March 1, 2017 under the heading "Risks Factors", and as described from time to time in the reports and disclosure documents filed by Nuvo with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Nuvo's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and none of Nuvo or any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. Any forward-looking statement made by the Company in this Press Release is based only on information currently available to it and speaks only as of the date on which it is made. Except as required by applicable securities laws, Nuvo undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


The website and the mobile app have an intuitive design that guides users to complete money transfer quickly. NRIs can now enjoy the convenience of a simplified transaction flow to transfer money to India in 3 simple clicks for their frequent transactions*. It provides an option of biometric authentication for logging into the mobile app as well as view the status of the transaction. They can also make quick payments for services in India to over 100 entities from the M2I website. They can do so for services including telephone bills, insurance premiums, and prepaid mobile recharge among others. The new responsive design also offers a coherent experience across multiple devices like desktops, mobiles and tablets. Frequent users of Money2India will be enabled for instant money transfer credit to their recipients in India. As an industry first, the bank has integrated its M2I website with its Internet banking platform. With this, NRIs can now access their bank accounts, transaction details as well as undertake remittances from a single Internet banking platform. This gives improved convenience to NRI customers as they are not required to separately login and authenticate themselves to access the M2I website. Ms. Chanda Kochhar, MD & CEO, ICICI Bank Ltd said, "ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. It has always been our endeavour to provide world-class services to our customers. The new Money2India platform is yet another testimony to that effort. We see large number of our customers today transacting through our digital channels. The Money2India website and mobile app have been significantly enhanced to provide ease of sending money to India. It allows registered NRI customers to transfer money to India in just 3 clicks if it is frequently transferred. They also have an option to pay over 100 entities in India from the M2I website. We believe that these developments will offer a seamless user experience for NRIs looking to transfer money to India." NRIs, who are customers of any bank globally, can use the M2I website and mobile app to transfer money to any bank in India. New users can initiate a money transfer instantly with the help of a simple one-time registration. The simple transaction flow makes it easy even for a first time user to transact. Some of the key highlights of the website and application are: ICICI Bank Ltd is a pioneer and the largest player/bank in the remittances market in the country. Its 'Money2India' platform has been facilitating remittances into the country since the last 15 years, catering to over 1.5 million NRIs worldwide. In 2015, it also launched 'Money2World' India's first fully online service to transfer money from any bank in India to any bank overseas. The Bank also has a wide array of arrangement with a host of correspondent banks across the globe to enable quick and easy trans-border money transfers. For news and updates, visit http://www.money2india.com and follow us on Twitter at http://www.twitter.com/ICICIBank ICICI Bank Ltd (NYSE: IBN) is India's largest private sector bank by consolidated assets. The Bank's consolidated total assets stood at US$ 152.0 billion at March 31, 2017. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management, securities brokerage and primary dealership companies, and among the country's largest private equity firms. It is present across 17 countries, including India. ICICI Bank Limited ("ICICI Bank") is incorporated in India and regulated by the Reserve Bank of India ("RBI") and maintains its corporate office in Mumbai, India. The products and services provided by ICICI Bank are subject to product/service specific terms & conditions. Please familiarize yourself with the terms and conditions applicable, available at http://www.icicibank.com and http://www.money2india.com. The products and services are also subject to RBI rules/regulations, prevailing foreign exchange regulations & other applicable Laws. ICICI Bank reserves the right to modify/change all or any of the terms and conditions governing the products and services. ICICI Bank also reserves the right to discontinue the products and services without assigning any reasons whatsoever. Any references to timelines or service levels are only indicative and should not be construed to refer to any commitment by us or any other service provider. The information contained in this document is not intended to nor should it be construed to represent that ICICI Bank provides any products or services in any jurisdiction where it is not licensed or registered or authorised to do so. The information provided herein is not intended nor should it be construed to represent that ICICI Bank is soliciting. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Canada: The overseas products and services are not the products and services of ICICI Bank Canada. The products and services are not eligible for or covered by deposit insurance of the Canada Deposit Insurance Corporation ("CDIC").


SANS Security Awareness provides organizations with a comprehensive solution that enables them to easily and effectively manage their human cyber security risk. SANS Security Awareness offers industry leading classes, tools and resources so that security awareness officers can easily and effectively manage their human cyber security risk. SANS Security Awareness has worked with nearly 2,000 organizations and trained eight million people around the world. Training content is translated into over 20 languages and built by the world's most knowledgeable cyber security experts. For additional details regarding SANS Security Awareness, please visit: http://securingthehuman.sans.org/u/s7N About NRI SecureTechnologies NRI SecureTechnologies is a leading Security Service Provider that was created August 1, 2000 as a subsidiary of Nomura Research Institute (NRI). Specializing in cyber security and recognized today as a leader in next-generation managed security services, security consulting and security software development. NRI Secure is focused is on delivering high-value security outcomes for clients with the precision and efficiency that define Japanese quality. (https://www.nri-secure.co.jp/service/learning/sans_sth.html) About SANS Institute The SANS Institute was established in 1989 as a cooperative research and education organization. SANS is the most trusted and, by far, the largest provider of cyber security training and certification to professionals at governments and commercial institutions world-wide. Renowned SANS instructors teach over 50 different courses at more than 200 live cyber security training events as well as online. GIAC, an affiliate of the SANS Institute, validates employee qualifications via 30 hands-on, technical certifications in information security. The SANS Technology Institute, a regionally accredited independent subsidiary, offers master's degrees in cyber security. SANS offers a myriad of free resources to the InfoSec community including consensus projects, research reports, and newsletters; it also operates the Internet's early warning system--the Internet Storm Center. At the heart of SANS are the many security practitioners, representing varied global organizations from corporations to universities, working together to help the entire information security community. (www.SANS.org) To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sans-partners-with-nri-securetechnologies-to-help-japanese-businesses-manage-their-human-cyber-security-risk-300463570.html


LONDON, UK / ACCESSWIRE / April 24, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Drug Manufacturers industry. Companies recently under review include Valeant Pharma, Knight Therapeutics, Merus Labs International, and Nuvo Pharma. Get all of our free research reports by signing up at: On Friday, April 21, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,614.48, 0.07% lower, with a total volume of 291,134,661 shares. Additionally, the Healthcare index was slightly down by 1.15%, ending the session at 63.00. Active Wall St. has initiated research reports on the following equities: Valeant Pharmaceuticals International Inc. (TSX: VRX), Knight Therapeutics Inc. (TSX: GUD), Merus Labs International Inc. (TSX: MSL), and Nuvo Pharmaceuticals Inc. (TSX: NRI). Register with us now for your free membership and research reports at: Laval, Canada headquartered Valeant Pharmaceuticals International Inc.'s stock fell 4.42%, to finish Friday's session at $11.45 with a total volume of 1.38 million shares traded. Shares of the Company, which operates as a pharmaceutical and medical device company worldwide, are trading below its 50-day and 200-day moving averages. Valeant Pharmaceuticals International's 200-day moving average of $20.27 is above its 50-day moving average of $14.07. See our research report on VRX.TO at: On Friday, shares in Montreal, Canada headquartered Knight Therapeutics Inc. recorded a trading volume of 78,899 shares. The stock ended the day flat at $10.25. Knight Therapeutics' stock has advanced 3.22% in the last one month and 1.99% in the previous three months. Furthermore, the stock has gained 24.54% in the past one year. The Company's shares are trading above its 200-day moving average. The stock's 50-day moving average of $10.26 is above its 200-day moving average of $10.08. Shares of the Company, which engages in developing, acquiring, in-licensing, out-licensing, marketing, and distributing pharmaceutical products, consumer health products, and medical devices in Canada and internationally, are trading at PE ratio of 68.33. The complimentary research report on GUD.TO at: On Friday, shares in Toronto, Canada headquartered Merus Labs International Inc. ended the session 3.88% higher at $1.07 with a total volume of 492,904 shares traded. Merus Labs International's shares have advanced 1.90% in the past three months. Shares of the company, which owns, markets, and distributes pharmaceutical products primarily in Europe and Canada, are trading below its 50-day and 200-day moving averages. Register for free and access the latest research report on MSL.TO at: Mississauga, Canada headquartered Nuvo Pharmaceuticals Inc.'s stock closed the day 1.51% lower at $5.21. The stock recorded a trading volume of 6,295 shares. Shares of the company, which produces and sells pharmaceutical products in the US, Canada, and Europe, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $5.75 is greater than its 50-day moving average of $5.43. The Company's shares are trading at a PE ratio of 14.55. Get free access to your research report on NRI.TO at: 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. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. SOURCE: Active Wall Street


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements 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. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements 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. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements 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. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


News Article | May 4, 2017
Site: www.prnewswire.com

Full Story: Dell EMC today announces Dell EMC Cloud for Microsoft Azure Stack, a new, turnkey, hybrid cloud platform that offers a simple and fast path for implementing and sustaining a hybrid cloud based on Microsoft Azure Stack. The new platform helps organizations standardizing on the Microsoft Azure ecosystem to accelerate their digital transformation with automated IT service delivery for traditional and cloud-native applications. As a result, organizations can better engage with their customers, reduce time to market for new services, and free-up resources to focus on adding business value. "Cloud is an operating model, not a place, and adopting a hybrid model has become the clear choice," said Peter Cutts, senior vice president, Hybrid Cloud Platforms, Dell EMC. "Making hybrid cloud platforms simple and turnkey enables businesses to rapidly develop and deploy new applications, optimize resources, control costs and deliver the best possible customer experiences." The new Dell EMC Cloud for Microsoft Azure Stack combines Dell EMC's leadership in worldwide cloud infrastructure with its long history of partnering with Microsoft, which includes shipping the industry's first Microsoft-based hybrid cloud in October 2015. According to IDC, Dell EMC was No. 1 in the worldwide cloud infrastructure market for 2016 with $5.7 billion in revenue and 17.6% market share.1 The new offering complements turnkey platforms Dell EMC Enterprise Hybrid Cloud, introduced more than three years ago, and Dell EMC Native Hybrid Cloud that integrate hardware, software and automation to simplify IT service delivery and reduce time to market for customers around the globe. Interoperability between public and private cloud resources has quickly become a top requirement for many organizations' IT infrastructures. The turnkey Dell EMC Cloud for Microsoft Azure Stack delivers a consistent experience across Azure public cloud and private with Azure Stack. It is engineered with industry leading Dell EMC PowerEdge servers and Dell EMC Networking. As a Hybrid Cloud Platform, it is built, sustained and supported as a singular platform with a turnkey stack. Dell EMC Cloud for Microsoft Azure Stack offers a true hybrid cloud that speeds application development and deployment by providing a consistent programming surface between Azure and Azure Stack. As a result, organizations can cost-effectively access, create and share traditional and cloud-native application services securely in Azure and Azure Stack to ensure business results, without sacrificing security, protection, service quality and availability. Integrations with Dell EMC best-in-class backup and encryption technologies provide a consistent means of protecting and securing data across customers' Azure-based public and on premises cloud environments. Furthermore, the adoption of Pivotal Cloud Foundry® on Azure will extend to Dell EMC Cloud for Microsoft Azure Stack, continuing to deliver the promise of hybrid models with consistent services, APIs and consumption models for on- and off-premises. Dell EMC services are available for every step of the journey—from strategic planning through implementation, operations and ongoing support. Dell EMC experts provide hands-on guidance to optimize and expand the customer's hybrid cloud platform to meet business objectives. These activities include developing and customizing service catalogs, enabling identity and access management systems, and extending monitoring and metering systems to Azure Stack. Dell EMC provides support throughout the lifecycle of the platform with each component backed by automated proactive, predictive tools and a dedicated Technical Account Manager with ProSupport Plus. With Hybrid Cloud Platforms backed by Dell EMC Services, organizations can focus on delivering differentiated application services rather than building and managing their infrastructure. To understand how companies are transforming business and to analyze the benefits, costs and drivers associated with the use of cloud deployment models, Dell EMC commissioned analyst firm IDC to conduct a global survey of 1,000 mid- to large-sized organizations that are using and/or evaluating private and public cloud. This IDC Cloudview Survey finds that 79.7% of large organizations (with 1,000 or more employees) report they already have a hybrid cloud strategy. In addition, 51.4% already use both public and private cloud infrastructure resources with an additional 29.2% expecting to in the next year.2 The survey results, published in the IDC White Paper, The Power of Hybrid Cloud, also reveal that total cost of ownership is one of the top drivers of cloud adoption. Other criteria for future IT infrastructure decisions on workloads supported by cloud environments includes physical and data security (34%) and operation flexibility (33%) in addition to flexibility of economic models. This study underscores the value of turnkey hybrid cloud, which balances the pros and cons of different cloud deployment models. Availability: Dell EMC Cloud for Microsoft Azure Stack is expected to be available direct and from partners worldwide in the second half of calendar year 2017. Partner and Customer Quotes: Mike Neil, corporate vice president, Enterprise Cloud, Microsoft Corp. "Microsoft and Dell EMC are continuing our longtime alliance by investing in Microsoft Azure Stack on Dell EMC infrastructure to meet rising customer expectations for solutions that deliver a top-quality public and on-premises cloud experience, to rapidly transform, and innovate through applications built for the cloud. With Dell EMC Cloud for Microsoft Azure Stack, our shared customers have the support and solutions to enable them to be more efficient and innovative with a best-in-class, hybrid cloud platform." Peter Pluim, Executive Vice President IDM, Atos "Our Atos Hybrid Cloud for Microsoft Azure Stack, based on the DELL EMC Cloud for Microsoft Azure Stack platform, provides a secure yet flexible cloud foundation, on which businesses can pivot their business models, respond swiftly to the market and create exceptional customer experiences. Like our partner Dell EMC, we believe digital is a fundamental part of an organization's strategy. With this offering, we further increase our ability to support our customers in their digital transformation, providing a complete end-to-end cloud offering, and continue to be a trusted partner in their ongoing digital journeys." Tomoshiro Takemoto, Senior Managing Director, Cloud Computing Service Division, Nomura Research Institute, Ltd. (NRI) "Dell EMC Cloud for Microsoft Azure Stack is the best enterprise-ready hybrid cloud because it has strong competitive advantages including security and reliability features, on top of Azure Stack, to support real world digital transformation. Many customers need this type of enterprise hybrid cloud for their agile innovation while maintaining traditional IT systems. By combining our 'mPLAT Suite' that realizes integrated management of the multi-cloud environment with Dell EMC technology, we can provide customers with the best hybrid cloud solutions to solve issues, such as cloud silos, through rapid modernization." Analyst Quote: Laura DuBois, Group Vice President, Enterprise Storage, Servers and Infrastructure Software, IDC "Interoperability enables organizations to adopt new cloud solutions with minimal changes to process, tools and staff, which enhances the ability to lead and drive IT and digital transformations. Turnkey solutions, like Dell EMC Cloud for Microsoft Azure Stack, address the current challenges with private and public cloud adoption, including consistency with current tooling, access to value added services, and ongoing lifecycle assurance for the platform." Dell EMC Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions. Dell EMC services customers across 180 countries – including 98% of the Fortune 500 – with the industry's most comprehensive and innovative portfolio from edge to core to cloud. Dell EMC World Join us May 8-11 at Dell EMC World in Las Vegas, Dell Technologies' flagship event bringing together technology and business professionals to network, share ideas and help co-create a better future. This is the first time the Dell Technologies family of brands will be all in one place, at one conference. Meet our experts and more than 12,000 IT practitioners and business leaders who are making Digital Transformation a reality. Learn more at www.dellemcworld.com and follow #DellEMCWorld on Twitter. 1 2016 IDC "Worldwide Quarterly Cloud IT Infrastructure Tracker," published April 2017. 2 IDC White Paper, sponsored by Dell EMC, The Power of Hybrid Cloud, May 2017 Copyright © 2017 Dell Inc. or its subsidiaries. All Rights Reserved. Dell, EMC and other trademarks are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dell-emc-unveils-new-cloud-platform-for-microsoft-azure-stack-300451393.html


TOKYO--(BUSINESS WIRE)--Nomura Research Institute, Ltd. (NRI, TOKYO:4307), a leading provider of consulting services and system solutions, today announced that its back-office solution for asset management firms and trust banks, T-STAR/TX, will add service for Japan-domiciled foreign-denominated funds beginning in July 2017. The newly added service will assist asset managers with accounting and reporting. Japanese financial institutions, especially banks, have been investing heavily in securities in recent years. In particular, they have had a keen interest in investing in funds that hold foreign-currency asset. Currently, if a financial institution wants to invest foreign-currency holdings without converting them into yen, they have to purchase a foreign-domiciled fund denominated in the foreign currency. However, nearly all Japan-domiciled funds, including those that invest predominately in foreign-denominated assets, use the yen as their base currency. As a result, interest in Japan-domiciled foreign-denominated funds has increased due to the benefits it brings and the need for a domestically domiciled foreign-denominated investment trust. One of the benefits of Japan-domiciled foreign-denominated funds is tax advantage. A Japan-domiciled fund may be subject to a lower dividend tax rate than a foreign-domiciled fund, depending on the dividends’ source country. The second benefit is that information used for risk management can be more quickly obtained from Japan-domiciled funds than from foreign funds. Thirdly, Japan-domiciled funds can be created faster than foreign funds. By using the new service added to NRI’s T-STAR/TX solution, asset managers can manage attributions of foreign funds and calculate net asset value in the same way for Japan-domiciled funds. In addition, for privately placed investment trusts (both unit type and open investment trusts), asset managers can use the solution for trust property management, accounting, legal report creation, Bank for International Settlements (BIS) reporting, and digital communication of fund look-through data. They can also use the Business Process Outsourcing (BPO) service provided by NRI Process Innovation. Katsuhiko Fujita, Senior Managing Director of NRI, commented, “NRI is continually looking to expand our service offering to meet the needs of the changing marketplace, and the addition of our Japan-domiciled funds service to TSTAR/TX, is a testament to that. We are happy to continue to provide the most support for our asset management clients to give them a full service offering for better accounting and reporting.” The additional service is also in response to the Asia Region Fund Passport (ARFP)*1, which is expected to be launched by the end of 2017. With these industry changes in mind, NRI plans to continuously expand the functionality of T-STAR/TX to better serve asset managers. Founded in 1965, NRI is a leading global provider of system solutions and consulting services with annual sales above $3.7 billion. NRI offers clients holistic support of all aspects of operations from back- to front-office, with NRI’s research expertise and innovative solutions as well as understanding of operational challenges faced by financial services firms. The clients include broker-dealers, asset managers, banks and insurance providers. NRI has 35 offices globally including New York, London, Tokyo, Hong Kong and Singapore, and over 10,000 employees.

Loading NRI collaborators
Loading NRI collaborators