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

PROVO, Utah--(BUSINESS WIRE)--APX Group Holdings, Inc. (“APX Group,” “Vivint Smart Home,” “Vivint,” or the “Company”) today reported financial and operational results for the fiscal quarter ended March 31, 2017. Todd Pedersen, CEO of APX Group, commented, “We’re pleased with our progress during the first quarter from both a financial and operational perspective. We reported 17.8% year-over-year total revenues growth, and at the same time increased our Adjusted EBITDA, while continuing to invest in our technology and smart home capabilities. As planned, we began the rollout of Vivint Flex Pay in partnership with Citizens Bank during the first quarter and we announced on May 4, 2017, a retail national partnership with Best Buy (NYSE: BBY) to offer our smart home products and services in Best Buy stores.” Mr. Pedersen continued, “While we have a lot of work ahead of us, we’re looking forward to a successful 2017.” APX Group reported total revenues of $205.4 million for the three month period ended March 31, 2017, an increase of 17.8%, as compared to the same period in 2016. The increase in total revenues of $31.1 million was primarily driven through an increase in recurring and other revenue of $29.5 million. Recurring and other revenue increased $21.4 million year-over-year through an increase of approximately 133,000 Total Subscribers, while higher ARPU drove $7.1 million of the recurring and other revenue increase versus the same period in 2016. The Company added 39,292 net new smart home subscribers during the first quarter of 2017. The Company’s inside sales channel increased originations by 9.1% to 24,498 net new smart home subscribers in the three months ended March 31, 2017, as compared to the same period in 2016. Average Revenue per New User for the three months ended March 31, 2017 increased by $5.98, from $62.01 to $67.99, compared to the same period in 2016. APX Group CFO Mark Davies commented, “We had a two-fold focus during the first quarter of 2017: First, drive improvements in our operating metrics, which we did with strong revenue growth, in particular through our inside sales channel, a reduction in our subscriber acquisition cost multiple, a significant year-over-year increase in Average Revenue per New User and an improvement in customer attrition. Second, execute on our IT and infrastructure improvements related to an SAP enterprise resource planning system implementation, and the process changes and system buildouts to facilitate the launch of Vivint Flex Pay, both of which had successful initial rollouts.” Mr. Davies added, “We also successfully completed a $300 million aggregate principal amount bond offering, which was met with strong investor reception. In summary, we believe we’re off to a good start to the year.” Operating expenses for the first quarter of 2017 increased by 23.1%, from $58.0 million in the first quarter of 2016 to $71.4 million. The $13.4 million increase in operating expenses was primarily due to an increase of $7.4 million in personnel and related costs, $3.3 million of equipment costs and $2.1 million for contracted services and information technology costs to support the growth in the Total Subscribers. The $3.3 million of equipment costs includes approximately $1.8 million of equipment cost related to the upgrading of customers’ cellular radios from 2G to 3G and certain other updates to their systems to support the change in technology. Selling expenses, net of capitalized subscriber acquisition costs, for the first quarter of 2017, were $34.8 million compared to $28.9 million for the same period in 2016. The 20.4% year-over-year increase in selling expenses primarily attributable to $4.0 of personnel and related costs, $0.8 million of lead generation costs associated with growth in the inside sales new subscriber originations and $0.7 million in information technology costs related to rolling out new iPads and credit card reader devices for the direct-to-home sales representatives to use with the Vivint Flex Pay program. General and administrative (“G&A”) expenses, net of allocations, for the first quarter of 2017 were $38.9 million compared to $30.4 million for the first quarter of 2016. The year-over-year increase of $8.5 million was primarily due to an increase of $3.6 million in personnel and related costs, $1.2 million for marketing expenses, $0.7 million of information technology costs and $0.7 million of bad debt expenses. Adjusted EBITDA for the first quarter of 2017 grew by 12.3% to $115.4 million on a net loss of $82.6 million, compared to Adjusted EBITDA of $102.8 million on a net loss of $45.1 million for the first quarter of 2016. On January 3, 2017, we announced the introduction of the Vivint Flex Pay program which is expected to be our primary sales and pricing model going forward. Under the Vivint Flex Pay plan, we launched two new financing programs: (1) a consumer financing program with Citizens Bank, N.A., in the first quarter of 2017, offering qualified customers in the United States an opportunity to finance the purchase of products and related installation used in connection with Vivint’s smart home and security services and (2) a retail installment contract program ("RIC") funded by Vivint, with respect to the purchase of products and related installation to certain customers who do not qualify to participate in the Citizens Bank, N.A. consumer financing program, but qualify under our historical underwriting criteria. We may also establish credit programs either directly or through an affiliate or pursuant to an agreement with a third party to provide installment loans or similar products to customers that do not qualify to participate in the consumer financing program. Alternatively, customers may purchase the products and related installation at the outset of the service contract with cash or credit card. With the Vivint Flex Pay plan, customers pay separately for the products and related installation and our service offerings. Under the consumer financing program, qualified customers are eligible for installment loans provided by a third party financing provider of up to $4,000 for either 42 or 60 months. In connection with the consumer financing program, a subsidiary of ours entered into an agreement with Citizens Bank, N.A. pursuant to which Citizens will be the exclusive provider of installment loans under the consumer financing program for our customers who are eligible for such loans. Pursuant to the agreement with Citizens, we pay a monthly fee to Citizens based on the average daily outstanding balance of the loans provided by Citizens and we share with Citizens liability for credit losses, with Vivint being responsible for approximately 5% to 100% of lost principal balances, depending on factors specified in the agreement. The initial term of the agreement is five years, subject to automatic, one-year renewals unless terminated by either party in accordance with its terms. We are initially offering RICs for 42 or 60 month terms to certain customers who do not qualify to participate in the consumer financing program, but qualify under our historical underwriting criteria, and may establish credit programs either directly or through an affiliate or pursuant to an agreement with a third party to provide installment loans or similar products to such customers. On February 1, 2017, APX issued and sold an additional $300.0 million aggregate principal amount of 7.875% senior secured notes due in 2022 at a price of 108.250%. A portion of the proceeds from the offering of these notes was used to redeem $300.0 million aggregate principal amount of the Company’s existing 6.375% senior secured notes due in 2019 and pay the related redemption premium, as well as to pay all fees and expenses related thereto and any remaining proceeds will be used for general corporate purposes. On May 4, 2017, we announced that we have entered into a strategic partnership agreement with Best Buy Stores, L.P., in which the parties will jointly market and sell smart home products and services. Under the terms of the agreement, Best Buy will offer certain Vivint smart home products and services in approximately 400 Best Buy retail stores on or before the first anniversary date of the agreement, with a continuing rollout to a significant number of additional Best Buy stores by the second anniversary date of the Agreement expected. We expect that Best Buy will begin offering Vivint’s products in services in these stores in the second or third quarter of 2017. The agreement also contains certain exclusivity conditions to which the parties are subject. We expect to devote significant management attention as well as significant capital and other resources to our partnership with Best Buy over the course of the agreement. Historically, we have primarily originated subscribers through our direct-to-home and inside sales channels. There is no assurance that our retail partnership with Best Buy or other third-party distribution arrangements will become a significant source of subscriber originations or revenue for us. There is also no assurance that Best Buy will continue to distribute our products and services after the expiration or termination of the Best Buy agreement. If the Best Buy agreement expires or is terminated, or if Best Buy otherwise ceases to distribute our products and services, we may not be able to establish alternative retail distribution channels for our products and services. As of March 31, 2017, the Company’s liquidity position on a consolidated basis, defined as cash on hand, short-term marketable securities and available borrowing capacity under the Company’s revolving credit facility, was approximately $319 million. Our net leverage ratio, defined as the ratio of net debt to LTM Adjusted EBITDA, was 5.4x at March 31, 2017. Vivint Smart Home will host a conference call and webcast to discuss the quarterly results at 5:00 p.m. ET today, May 10, 2017. To join the live webcast and conference call, please visit the investor relations section of the Vivint Smart Home website, www.investors.vivint.com/events-presentations/events or dial (877) 201-0168 for domestic participants or (647) 788-4901 for international participants with the conference code of 18107239. A financial results presentation and online access to join the webcast will be available immediately before the call on the Investor Relations section of the Company’s website at http://www.investors.vivint.com/events-presentations/events. A replay of the webcast will be available for 30 days on the Investor Relations section of the Company’s website at www.investors.vivint.com following the completion of the webcast and conference call. Vivint Smart Home is a leading provider of smart home services in North America. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24/7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than one million customers throughout the U.S. and Canada. For more information, visit www.vivint.com. This earnings release and accompanying conference call include certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding, among other things, our plans, strategies and prospects, both business and financial, including without limitation with respect to the Vivint Flex Pay plan and our partnership with Best Buy. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this earnings release other than statements of historical fact are forward-looking statements. These statements are based on the beliefs and assumptions of our management. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of this date hereof. You should understand that the following important factors, in addition to those discussed in “Risk Factors” in our most recent annual report on Form 10-K, and other reports filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings with the SEC, which are available on the SEC’s website at www.sec.gov, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: In addition, the origination and retention of new subscribers will depend on various factors, including, but not limited to, market availability, subscriber interest, the availability of suitable components, the negotiation of acceptable contract terms with subscribers, local permitting, licensing and regulatory compliance, and our ability to manage anticipated expansion and to hire, train and retain personnel, the financial viability of subscribers and general economic conditions. These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described in the “Risk Factors” section in our most recent annual report on Form 10-K, and other reports as such factors may be updated from time to time in our periodic filings with the SEC. These risk factors should not be construed as exhaustive. We undertake no obligations to update or revise publicly any forward-looking statements, whether a result of new information, future events, or otherwise, except as required by law. Total Subscribers – The aggregate number of active smart home and security subscribers at the end of a given period Monthly Revenue per User (“RPU”) – The recurring monthly revenue billed to a smart home and security subscriber Total Revenue per User – The aggregate RPU billed for all smart home and security subscribers Average Revenue per New User (“ARPNU”) – The aggregate RPU for new subscribers originated during a period divided by the number of new subscribers originated during such period Attrition – The aggregate number of canceled smart home and security subscribers during a period divided by the monthly weighted average number of total smart home and security subscribers for such period. Subscribers are considered canceled when they terminate in accordance with the terms of their contract, are terminated by us, or if payment from such subscribers is deemed uncollectible (when at least four monthly billings become past due). Sales of contracts to third parties, and certain moves and takeovers are excluded from the attrition calculation Net Subscriber Acquisition Costs – Defined as direct and indirect costs to create a new smart home and security subscriber. These include commissions, equipment, installation, marketing and other allocations (G&A and overhead), less activation fees, installation fees and up sell revenue. These costs also exclude residuals and long-term equity expenses associated with the direct-to-home sales channel. Net Subscriber Acquisition Multiple – Defined as Net Subscriber Acquisition Costs, divided by the number of net new subscribers originated, and then divided by the ARPNU Adjusted EBITDA – Net Income (loss) before interest expense (net of interest income), income and franchise taxes and depreciation and amortization (including amortization of capitalized subscriber acquisition costs), further adjusted to exclude the effects of certain contract sales to third parties, non-capitalized subscriber acquisition costs, stock-based compensation, and certain unusual, non-cash, non-recurring and other items permitted in certain covenant calculations under the indentures governing our notes and the credit agreement governing our revolving credit facility. Last Quarter Annualized Adjusted EBITDA (“LQA Adjusted EBITDA”) – A common industry measure used to reflect the step-function in earnings during the sales season related to the subscribers generated from April to August. LQA Adjusted EBITDA, calculated by multiplying Adjusted EBITDA for the most recent fiscal quarter by 4, represents the ongoing earnings power of Vivint’s current subscriber base and is potentially a more relevant metric than LTM due to the recurring nature of the revenue and expected earnings. Net Service Cost – Defined as total service costs, including monitoring, customer service, field service and other allocations (G&A and overhead) costs, less total service revenue divided by total service subscribers Net Service Margin – Defined as ARPU per subscriber less Net Service Costs divided by ARPU 1 This earning release includes Adjusted EBITDA, a metric that is not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See the “Statement Regarding Non-GAAP Financial Measures” section at the end of this earnings release for the definition of Adjusted EBITDA and a reconciliation to its most directly comparable financial measure calculated in accordance with GAAP. This earnings release includes Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). “Adjusted EBITDA” is defined as net income (loss) before interest expense (net of interest income), income and franchise taxes and depreciation and amortization (including amortization of capitalized subscriber acquisition costs), further adjusted to exclude the effects of certain contract sales to third parties, non-capitalized subscriber acquisition costs, stock based compensation, and certain unusual, non-cash, non-recurring and other items permitted in certain covenant calculations under the indentures governing our notes and the credit agreement governing our revolving credit facility. We believe that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about the calculation of, and compliance with, certain financial covenants in the indentures governing our notes and the credit agreement governing our revolving credit facility. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate Adjusted EBITDA in the same manner. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to total revenues. See the following table for a quantitative reconciliation of Adjusted EBITDA to Net Loss, which we believe is the most comparable financial measure calculated in accordance with GAAP.


News Article | May 12, 2017
Site: www.accesswire.com

LONDON, UK / ACCESSWIRE / May 12, 2017 / Active Wall St. blog coverage looks at the headline from Yamana Gold Inc. (NYSE: AUY) as the Company announced on May 11, 2017, that along with Brio Gold Inc., it has entered into an agreement with a syndicate of Underwriters, co-led by Canaccord Genuity Corp., CIBC Capital Markets, and National Bank Financial Ltd., pursuant to which the Underwriters have agreed to purchase 26.667 million common shares of Brio Gold, currently held by Yamana. The Company has a diversified portfolio of assets providing sustainable gold production supported by a large mineral reserve and mineral resource base. In FY16, Yamana produced 1.27 million ounces of gold, 7.0 million ounces of silver and 116 million pounds of copper. Register with us now for your free membership and blog access at: One of Yamana Gold's competitors within the Gold space, Richmont Mines Inc. (NYSE: RIC), reported on May 04, 2017, its operating and financial results for the three months ended March 31, 2017. AWS will be initiating a research report on Richmont Mines in the coming days. Today, AWS is promoting its blog coverage on AUY; touching on RIC. Get all of our free blog coverage and more by clicking on the link below: Under terms of the agreement, the Underwriters will have the option exercisable in whole or in part at any time until 30 days following the close of the offering, to increase the size of the offering by an additional 2.667 million of Brio Gold's common shares to cover over-allotments. If the over-allotment option is exercised in full capacity, the total gross proceeds set to be received by Yamana will be C$ 88,002,000. Prior to the announcement, Yamana held 89,202,922 common shares of Brio Gold which represented approximately 79.3% of the issued and outstanding common shares of Brio Gold on a basic basis and 75.3% on a fully diluted basis. After giving effect to this offering, and assumption of the full exercise of Over-allotment Offering, Yamana will own 59,868,922 common shares of Brio Gold, representing in the aggregate about 53.2% of the issued and outstanding common shares of Brio Gold on a basic basis and 50.5% on a fully diluted basis. Brio Gold is not entitled to receive any proceeds from the Offering and all of the expenses of the offering will be paid by its parent Company, Yamana. Yamana views this transaction as a liquidation process to loose hold of low-return assets. The Company had net debt of $1.5 billion as of December 31, 2016. This offloading of Brio Gold assets is possibly the step towards reducing the debt owed by Yamana. The sale of about 26 million shares is set to reduce the Company's investment in Brio significantly and will help the Company expect a meaningful increase in liquidity for the shares. The Company stated that reducing the interest in Brio Gold will create liquidity and lead to additional opportunities for the remaining stake in Brio Gold. On December 23, 2016, Yamana Gold announced the closing of its previously announced offering of purchase rights and related transactions pursuant to which Yamana transferred common shares of Brio Gold. A total of 17,324,507 Brio shares owned by Yamana were transferred pursuant to the transaction at a price of C$3.25 per Brio share. As a result of the transaction, Brio Gold became a standalone public Company with Yamana as the major stakeholder with about 85% interest in the Company. Later, on March 06, 2017, Yamana sold 6 million common shares of Brio Gold Inc., for C$3.35 per Brio's share for total proceeds of C$ 20.10 million to an arm's length institutional shareholder. This announcement, on May 11, 2017, is the second sell-off posted by Yamana in 2017. On May 03, 2017, Yamana Gold reported its financial and operational results for Q1 FY17. The Company reported net gold production of 257,333 ounces including 215,647 ounces of gold from Yamana's six production mines and attributable gold production from Brio of 41,886 ounces for Q1 FY17. The total silver production for the quarter stood at 1.08 million ounces while the Company reported 26.5 million pounds of copper production for Q1 FY17. Yamana reported net revenue of $403.5 million and observed a net loss of $5.9 million or $0.01 per share for Q1 FY17. At the close of trading session on Thursday, May 11, 2017, Yamana Gold's stock price rose 5.04% to end the day at $2.71. A total volume of 14.43 million shares were exchanged during the session, which was above the 3-month average volume of 12.75 million shares. The stock currently has a market cap of $2.78 billion and has a dividend yield of 0.74%. 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.


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

LONDON, UK / ACCESSWIRE / May 12, 2017 / Active Wall St. blog coverage looks at the headline from Yamana Gold Inc. (NYSE: AUY) as the Company announced on May 11, 2017, that along with Brio Gold Inc., it has entered into an agreement with a syndicate of Underwriters, co-led by Canaccord Genuity Corp., CIBC Capital Markets, and National Bank Financial Ltd., pursuant to which the Underwriters have agreed to purchase 26.667 million common shares of Brio Gold, currently held by Yamana. The Company has a diversified portfolio of assets providing sustainable gold production supported by a large mineral reserve and mineral resource base. In FY16, Yamana produced 1.27 million ounces of gold, 7.0 million ounces of silver and 116 million pounds of copper. Register with us now for your free membership and blog access at: One of Yamana Gold's competitors within the Gold space, Richmont Mines Inc. (NYSE: RIC), reported on May 04, 2017, its operating and financial results for the three months ended March 31, 2017. AWS will be initiating a research report on Richmont Mines in the coming days. Today, AWS is promoting its blog coverage on AUY; touching on RIC. Get all of our free blog coverage and more by clicking on the link below: Under terms of the agreement, the Underwriters will have the option exercisable in whole or in part at any time until 30 days following the close of the offering, to increase the size of the offering by an additional 2.667 million of Brio Gold's common shares to cover over-allotments. If the over-allotment option is exercised in full capacity, the total gross proceeds set to be received by Yamana will be C$ 88,002,000. Prior to the announcement, Yamana held 89,202,922 common shares of Brio Gold which represented approximately 79.3% of the issued and outstanding common shares of Brio Gold on a basic basis and 75.3% on a fully diluted basis. After giving effect to this offering, and assumption of the full exercise of Over-allotment Offering, Yamana will own 59,868,922 common shares of Brio Gold, representing in the aggregate about 53.2% of the issued and outstanding common shares of Brio Gold on a basic basis and 50.5% on a fully diluted basis. Brio Gold is not entitled to receive any proceeds from the Offering and all of the expenses of the offering will be paid by its parent Company, Yamana. Yamana views this transaction as a liquidation process to loose hold of low-return assets. The Company had net debt of $1.5 billion as of December 31, 2016. This offloading of Brio Gold assets is possibly the step towards reducing the debt owed by Yamana. The sale of about 26 million shares is set to reduce the Company's investment in Brio significantly and will help the Company expect a meaningful increase in liquidity for the shares. The Company stated that reducing the interest in Brio Gold will create liquidity and lead to additional opportunities for the remaining stake in Brio Gold. On December 23, 2016, Yamana Gold announced the closing of its previously announced offering of purchase rights and related transactions pursuant to which Yamana transferred common shares of Brio Gold. A total of 17,324,507 Brio shares owned by Yamana were transferred pursuant to the transaction at a price of C$3.25 per Brio share. As a result of the transaction, Brio Gold became a standalone public Company with Yamana as the major stakeholder with about 85% interest in the Company. Later, on March 06, 2017, Yamana sold 6 million common shares of Brio Gold Inc., for C$3.35 per Brio's share for total proceeds of C$ 20.10 million to an arm's length institutional shareholder. This announcement, on May 11, 2017, is the second sell-off posted by Yamana in 2017. On May 03, 2017, Yamana Gold reported its financial and operational results for Q1 FY17. The Company reported net gold production of 257,333 ounces including 215,647 ounces of gold from Yamana's six production mines and attributable gold production from Brio of 41,886 ounces for Q1 FY17. The total silver production for the quarter stood at 1.08 million ounces while the Company reported 26.5 million pounds of copper production for Q1 FY17. Yamana reported net revenue of $403.5 million and observed a net loss of $5.9 million or $0.01 per share for Q1 FY17. At the close of trading session on Thursday, May 11, 2017, Yamana Gold's stock price rose 5.04% to end the day at $2.71. A total volume of 14.43 million shares were exchanged during the session, which was above the 3-month average volume of 12.75 million shares. The stock currently has a market cap of $2.78 billion and has a dividend yield of 0.74%. 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 info@activewallst.com. 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. LONDON, UK / ACCESSWIRE / May 12, 2017 / Active Wall St. blog coverage looks at the headline from Yamana Gold Inc. (NYSE: AUY) as the Company announced on May 11, 2017, that along with Brio Gold Inc., it has entered into an agreement with a syndicate of Underwriters, co-led by Canaccord Genuity Corp., CIBC Capital Markets, and National Bank Financial Ltd., pursuant to which the Underwriters have agreed to purchase 26.667 million common shares of Brio Gold, currently held by Yamana. The Company has a diversified portfolio of assets providing sustainable gold production supported by a large mineral reserve and mineral resource base. In FY16, Yamana produced 1.27 million ounces of gold, 7.0 million ounces of silver and 116 million pounds of copper. Register with us now for your free membership and blog access at: One of Yamana Gold's competitors within the Gold space, Richmont Mines Inc. (NYSE: RIC), reported on May 04, 2017, its operating and financial results for the three months ended March 31, 2017. AWS will be initiating a research report on Richmont Mines in the coming days. Today, AWS is promoting its blog coverage on AUY; touching on RIC. Get all of our free blog coverage and more by clicking on the link below: Under terms of the agreement, the Underwriters will have the option exercisable in whole or in part at any time until 30 days following the close of the offering, to increase the size of the offering by an additional 2.667 million of Brio Gold's common shares to cover over-allotments. If the over-allotment option is exercised in full capacity, the total gross proceeds set to be received by Yamana will be C$ 88,002,000. Prior to the announcement, Yamana held 89,202,922 common shares of Brio Gold which represented approximately 79.3% of the issued and outstanding common shares of Brio Gold on a basic basis and 75.3% on a fully diluted basis. After giving effect to this offering, and assumption of the full exercise of Over-allotment Offering, Yamana will own 59,868,922 common shares of Brio Gold, representing in the aggregate about 53.2% of the issued and outstanding common shares of Brio Gold on a basic basis and 50.5% on a fully diluted basis. Brio Gold is not entitled to receive any proceeds from the Offering and all of the expenses of the offering will be paid by its parent Company, Yamana. Yamana views this transaction as a liquidation process to loose hold of low-return assets. The Company had net debt of $1.5 billion as of December 31, 2016. This offloading of Brio Gold assets is possibly the step towards reducing the debt owed by Yamana. The sale of about 26 million shares is set to reduce the Company's investment in Brio significantly and will help the Company expect a meaningful increase in liquidity for the shares. The Company stated that reducing the interest in Brio Gold will create liquidity and lead to additional opportunities for the remaining stake in Brio Gold. On December 23, 2016, Yamana Gold announced the closing of its previously announced offering of purchase rights and related transactions pursuant to which Yamana transferred common shares of Brio Gold. A total of 17,324,507 Brio shares owned by Yamana were transferred pursuant to the transaction at a price of C$3.25 per Brio share. As a result of the transaction, Brio Gold became a standalone public Company with Yamana as the major stakeholder with about 85% interest in the Company. Later, on March 06, 2017, Yamana sold 6 million common shares of Brio Gold Inc., for C$3.35 per Brio's share for total proceeds of C$ 20.10 million to an arm's length institutional shareholder. This announcement, on May 11, 2017, is the second sell-off posted by Yamana in 2017. On May 03, 2017, Yamana Gold reported its financial and operational results for Q1 FY17. The Company reported net gold production of 257,333 ounces including 215,647 ounces of gold from Yamana's six production mines and attributable gold production from Brio of 41,886 ounces for Q1 FY17. The total silver production for the quarter stood at 1.08 million ounces while the Company reported 26.5 million pounds of copper production for Q1 FY17. Yamana reported net revenue of $403.5 million and observed a net loss of $5.9 million or $0.01 per share for Q1 FY17. At the close of trading session on Thursday, May 11, 2017, Yamana Gold's stock price rose 5.04% to end the day at $2.71. A total volume of 14.43 million shares were exchanged during the session, which was above the 3-month average volume of 12.75 million shares. The stock currently has a market cap of $2.78 billion and has a dividend yield of 0.74%. 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. 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News Article | May 17, 2017
Site: www.prnewswire.com

In addition, EMG Utica Co-Investment recently announced its intentions to begin paying quarterly distributions, starting in August, for the second quarter of 2017.1 The EMG Utica Co-Investment quarterly cash distribution supports the Fund's continuing investment. We continue to believe that maintaining the Fund's status as a Regulated Investment Company ("RIC") provides the most effective long-term strategy to our investors. The completion of the C-Corp Subsidiary liquidation allowed the Fund to maintain RIC status following certain tax law changes. As previously disclosed in the Fund's 2016 Annual Report, all investments held by the former C-Corp Subsidiary were sold on January 21, 2016. The C-Corp Subsidiary subsequently ceased operations and simultaneously transferred its other assets and liabilities to the Fund. The liquidation of the C-Corp Subsidiary was completed on September 30, 2016. Salient Midstream & MLP Fund is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its common shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and midstream companies. There can be no assurance that the Fund will achieve its investment objective. This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained. About Salient Salient Partners, L.P. ("Salient") is a diversified asset management firm and leading provider of real asset and alternative investment strategies for institutional investors and investment advisors. The firm offers a comprehensive suite of single-asset and multi-asset solutions designed to serve as powerful building blocks for smarter, more efficient portfolios. Strategies are offered in the form of open- and closed-end funds and separately managed accounts. Salient provides unconventional market insights in its highly acclaimed Epsilon Theory newsletter and Salient blog. Learn more about Salient at www.salientpartners.com and follow us on LinkedIn and Twitter. Salient was founded in 2002 and has offices in Houston, San Francisco and New York. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/salient-midstream--mlp-fund-announces-tax-and-investment-update-300459520.html


Piscataway, NJ, May 15, 2017 (GLOBE NEWSWIRE) -- Signia introduces the first high-definition quality hearing aid with direct connectivity to iPhone and TV. This month Signia started shipping its latest smart hearing aid: Pure® 13 BT, which combines high-definition binaural hearing with the industry’s most innovative application of Bluetooth® low-energy technology. Pure 13 BT offers wearers better than normal hearing in difficult listening environments* and a direct connection to iPhone® and TV. Additionally, Pure 13 BT is the first and only hearing aid to pair with iPhone’s motion sensors in order to better adapt to changing listening conditions when a wearer is in motion, e.g., walking, running, or in a car. Pure 13 BT is a receiver-in-canal (RIC) hearing aid, which is the most popular model in Signia’s hearing aid portfolio. It offers wearers discretion while providing a host of sophisticated audiological benefits and connectivity options, which are automatic and pose no effort to the wearer. In fact, Pure 13 BT allows wearers to experience better than normal hearing in the most difficult listening environments with less listening effort*, stream audio directly from their iPhone into their hearing aids, and, with the new StreamLine TV transmitter, listen to high-definition quality audio from their televisions directly through both hearing aids. Pure 13 BT has an IP67 rating, meaning it is a very reliable device resistant to water, sweat, and dirt. Wearer situation detection – automatic adjustments for the wearer in motion Signia Pure 13 BT is the first hearing aid to use the iPhone’s motion sensors to improve a wearer’s ability to understand speech and stay safer while walking, running, or in the car. The hearing aids continuously evaluate the surrounding environment using information from the sensors, and automatically adjust to the most appropriate setting. For example, if a wearer is walking in a noisy area, the hearing aids register they are in motion and automatically adjust to better hear someone talking beside or behind the wearer. At the same time, Pure 13 BT lets the wearer hear important sounds like approaching vehicles or pedestrians, allowing the wearer to enjoy greater listening comfort and safety. Higher audio quality via Bluetooth streaming Fast and secure Bluetooth low-energy wireless technology enables high-quality audio transmission with low consumption of battery power. iPhone audio signals are streamed directly into the hearing aids without the need for an intermediary device — including music, telephone, and video calls. Wearers can also stream television audio via the easy-to-install, easy-to-operate StreamLine TV transmitter, which delivers full, high-quality Dolby stereo sound directly into their Pure 13 BT hearing aids. Individual settings via the myControl App Wearers can use the myControl™ App, available exclusively for Pure 13 BT, to remotely control their hearing aids from their iPhone. The app lets users make personalized adjustments to programs, volume, microphone directionality, and treble/bass. They can also enable airplane mode and adjust the sensitivity of the motion sensors. Additionally, the app creates a noise profile and displays the result, which is based on data acquired during the wearer’s exposure to noise throughout the day. It serves as a de facto fitness tracker for hearing so wearers are aware of the amount of noise to which they’re exposed, and can be proactive in reducing or avoiding noise-induced hearing damage. Stay connected with the myHearing App The latest version of the myHearing™ App provides hearing aid wearers with the ability to stay in direct contact with their hearing care professionals. They can text, chat, and have hearing aid adjustments and fine-tuning performed remotely by their hearing care professional. The data exchange between the patient and the professional through the myHearing App is securely encrypted; the professional can obtain real-time and historic information on listening environments and usage, and in turn make remote adjustments with greater accuracy. The result is increased wearer satisfaction and faster, more successful adaptation to new hearing aids.   More information:  https://www.signiausa.com/pure13  The Bluetooth® word mark and logos are owned by the Bluetooth SIG, Inc., and any use of such marks by Sivantos is under license. Other trademarks and trade names are those of their respective owners. iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. * Two independent clinical studies have shown that binax can even exceed normal hearing in certain challenging hearing situations (University of Northern Colorado, 2014; Oldenburg Hearing Center, 2013): Speech Reception Thresholds (SRT) in cocktail-party situations improved up to 2.9 dB for wearers with mild to moderate hearing loss using Carat binax or Pure binax hearing aids with narrow directionality, compared to people with normal hearing.  About the Sivantos Group The business operations of the former Siemens AG hearing aid division have been incorporated in the Sivantos Group since early 2015. Sivantos can look back on more than 130 years of German engineering and countless global innovations. Today Sivantos is one of the leading manufacturers of hearing aids in the world. In the 2014/2015 fiscal year, the group achieved revenues of EUR 835 million and an operating profit (EBITDA with normalization) of EUR 206 million with over 5,000 employees. The global sales division of Sivantos supplies hearing aid specialists and distributors in more than 120 countries. Particularly high value is placed on product development. Sivantos aims to develop its brands Signia, Siemens, Audio Service, Rexton, A&M, HearUSA and audibene into the world's leading brands in the coming years. The owners of Sivantos are the anchor investors EQT with the Strüngmann family as a co-investor. Sivantos GmbH is a brand license holder of Siemens AG. More information can be found at www.sivantos.de Contact: Debra LudgateSivantos, Inc. debra.ludgate@signiausa.com 732.529.3708 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b4e17751-15b9-4d5c-8725-367138490c78 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/88bbb1ac-8e1d-41b3-b642-daef072f9cac


Reman Leaders to Talk about Growth and Innovation Drivers for the Industry The Remanufacturing Industries Council (RIC), in partnership with Rochester Institute of Technology (RIT), announced its plans today to deliver specialized remanufacturing programs at the RIC-RIT World Remanufacturing Conference, a two-day event in which remanufacturing leaders can learn and discuss the most salient topics in the industry. Registered attendees are ensured a singular opportunity to collaborate for the global advancement of the remanufacturing industry. The conference, hosted on the RIT campus in upstate New York, will feature a keynote address from Sam Allen, CEO of John Deere, and discussions led by remanufacturing insiders, including Jack Stack, President and CEO of SRC Holdings Corporation, and Dr. Nabil Nasr, Director of RIT’s Golisano Institute for Sustainability and CEO of the REMADE Institute. The two-day conference will feature dynamic sessions on emerging opportunities for the industry, including: “We have seen a lot of progress in remanufacturing over the years, but I believe we are about to embark on the most dynamic times in remanufacturing history. The RIC-RIT World Remanufacturing Conference is the place for our industry to learn about all the initiatives and changes impacting all of remanufacturing.  The event will feature presentations from some of the best in the business — from OEMs, applied researchers, global remanufacturers, and more. This is a great opportunity to reconnect with old contacts and make new ones to drive your business forward,” said Bill Davies, Founder of Davies Office and RIC Chairman. “The remanufacturing industry is undergoing some very exciting development, and this conference will offer industry professionals a 'one-stop-shop' to get up to speed on all the emerging opportunities,” said Dr. Nabil Nasr, Associate Provost at RIT and Director of the Golisano Institute for Sustainability. “This is the premiere event for the industry; you will get information at this event that you won’t get anywhere else,” said Dr. Nasr. Major sponsors of the conference include: John Deere, Caterpillar, Cummins, Davies Office, Xerox, and Spinnaker. The two-day conference will be held on June 21-22 in Rochester, NY, with the option of two high-quality pre-conference short courses on June 20 and a post-conference tour of two major remanufacturing operations at Xerox and EWASTE+ on June 23.


Patent
RIC Inc | Date: 2012-06-29

A seal for a respiratory mask that includes a first end portion adapted to be coupled to a mask shell, a second end portion for sealing engagement with a face of a patient, and a sidewall extending between the first end portion and the second end portion. At least a portion of the second end portion includes a textured area having a predetermined pattern. The area of increased surface roughness provides the patient contacting portion of the seal with a silky feeling to maximize patient comfort and the effectiveness of the seal without impairing the sealing ability.


Patent
RIC Inc | Date: 2013-08-19

A method of constructing a shaft in the earth for use as, for example, a launch shaft or a retrieval shaft, may include several steps. One step includes installing a secant pile wall into the earth. The secant pile wall encloses a portion of the earth. Another step includes excavating the portion of the earth enclosed by the secant pile wall. The excavated portion leaves an interior of the shaft and exposes an inside surface of the secant pile wall. Yet another step includes placing a metal liner within the interior of the shaft. And yet another step includes partially or more filling a space located between the inside surface of the secant pile wall and the metal liner with a grout material.


An auto-titration pressure support system (30) comprises a pressure generating system (32) for generating a flow of breathing gas at a selectable pressure level; a patient circuit (36) having a first end for coupling to the pressure generating system and a second end for coupling to an airway of a patient; a monitoring system (44) associated with the patient circuit or the pressure generating system and adapted to measure a parameter indicative of a flow of gas in such a patients airway and to output a flow signal indicative thereof; and a controller (50) coupled to the monitoring system and the pressure generating system, for controlling the pressure generating system based on the output of the monitoring system, wherein the controller determines a skewness of a patients inspiratory waveforms from the output of the flow sensor and controls the pressure generating system according to the skewness determination.


An auto-titration pressure support system (30) comprising a pressure generating system (32) adapted to generate a flow of breathing gas at a selectable pressure level; a patient circuit (36) having a first end adapted to be coupled to the pressure generating system and a second end adapted to be coupled to an airway of a patient; a monitoring system (44) associated with the patient circuit or the pressure generating system and adapted to measure a parameter indicative of a flow of gas in such a patients airway and to output a flow signal indicative thereof; and a controller (50) coupled to the monitoring system and the pressure generating system, for controlling the pressure generating system based on the output of the monitoring system, wherein the controller determines a breathing parameter from the flow signal, and wherein the controller analyzes a variability of the breathing parameter and controls the pressure generating system based on a result of the variability analysis.

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