News Article | February 20, 2017
Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced that its Board of Directors has declared a quarterly dividend of 60 cents per share for the second quarter 2017, an increase of 2 cents per share from the previous level. The dividend will be payable on Thursday, June 1, 2017 to Autoliv shareholders of record on the close of business on Wednesday, May 17. The ex-date will be Monday, May 15 for holders of the common stock listed on the New York Stock Exchange and Tuesday, May 16 for holders of Swedish Depository Receipts (SDRs) listed on NASDAQ Stockholm. As previously announced, the Board of Directors has set Tuesday, May 9, 2017, as the date for the Annual General Meeting of Shareholders to be held in Chicago, IL, USA Only shareholders of record at the close of business on March 13, 2017, will be entitled to be present and vote at the 2017 Annual General Meeting. Notice of the 2017 Annual General Meeting will be delivered to the holders of record in late March. All of the directors with terms expiring at the 2017 Annual Meeting (Robert Alspaugh, Jan Carlson, Aicha Evans, Leif Johansson, David Kepler, Franz-Josef Kortüm, Xiaozhi Liu, James Ringler, Kazuhiko Sakamoto and Wolfgang Ziebart) will be nominated for re-election at the 2017 Annual Meeting, with the exception of George Lorch, who has informed the Company that he will not stand for re-election at the 2017 Annual Meeting, as he has reached the retirement age set forth in the Company's Corporate Governance Guidelines. George Lorch has served as a director of the Company since 2003 and as Lead Independent Director since May 2014. At the conclusion of Mr. Lorch's service, the Board will appoint a new Lead Independent Director. The Board will not fill the vacancy resulting from Mr. Lorch's retirement and will accordingly reduce the size of the Board to ten directors, effective immediately following the closing of the polls for the election of directors at the 2017 Annual Meeting. This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 08.30 AM CET on February 20, 2017. This information was brought to you by Cision http://news.cision.com http://news.cision.com/autoliv/r/autoliv-declares-increased-dividend,c2193433 The following files are available for download:
News Article | February 23, 2017
Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, has filed its Form 10-K, which includes the Company's 2016 Annual Report, with the Securities and Exchange Commission (SEC). The Form 10-K, including the Annual Report, is available at the SEC Edgar website: www.sec.gov. As of today, the Annual Report is available in a reader-friendly, downloadable pdf-version at Autoliv's corporate website: autoliv.com. Hard copies of the Annual Report and the proxy statement for the 2017 Annual General Meeting of Shareholders will be available beginning in late March 2017 and can be requested on-line at autoliv.com. Shareholders of Autoliv, Inc. as of the record date, March 13, 2017, will be entitled to participate in and vote at the Annual General Meeting, which is scheduled to occur on May 9, 2017 in Chicago, IL, U.S. The Company intends to mail the Notice of Internet Availability of Proxy Materials in late March 2017. This notice will include instructions on how to access the proxy materials electronically as well as how to obtain hard copies of the proxy materials. This information was brought to you by Cision http://news.cision.com http://news.cision.com/autoliv/r/autoliv-publishes-2016-annual-report,c2196830 The following files are available for download:
News Article | February 15, 2017
Thousands of UK households are facing gas and electricity bill rises of up to 28% as fixed price contracts signed before recent energy price increases come to an end. So far this winter, EDF, npower and Scottish Power have all announced hikes, meaning the customers of those companies need to look carefully at what they paying, particularly if they coming off a fixed tariff. Moneysupermarket has said 77 fixed energy deals are set to expire before the end of April, leaving average households typically facing a £200-a-year increase to around £1,100 a year for gas and electricity. Gas and electricity price increases of up to 15% – and much more for those coming off old fixed tariffs – have left consumers scrambling to get on a another fixed deal. But even those who switch supplier are likely to end up paying more over the coming year. EDF, npower, Scottish Power and SSE are among those with tariffs finishing, alongside deals from smaller suppliers such as Spark and Extra Energy. When fixed energy deals end providers roll customers on to their standard variable tariffs, which are typically their most expensive. Some customers who were on especially cheap tariffs have been told their bills will rise 28%. One supplier, npower, shocked the industry and even the regulator Ofgem when it announced it was raising electricity prices by 15% while gas bills will rise 4.8% adding a typical £109 a year to average bills. The other firms to raise electricity prices have announced rises of around 8%. However, British Gas said last week it was freezing bills. Moneysupermarket said consumers could switch penalty-free up to 45 days before their existing deal is due to end, under the regulator’s switching rules. Currently the cheapest providers are names that many consumers will be unfamiliar with, such as Iresa, Economy Energy and Tonik. Of the big six providers, Scottish Power’s online fixed saver is one of the cheaper deals. Stephen Murray, energy expert at Moneysupermarket, said: “The energy market is really unpredictable at the moment and a huge part of that is rising prices. In June last year the cheapest deals were below £750, whereas currently the average cost of the top 10 cheapest tariffs is £880. It is worth noting that these deals still represent a significant saving on standard variable tariffs.” He said customers on expiring tariffs should act now to lock in new fixed deals and avoid being rolled on to standard variable tariffs. “The British Gas price freeze may sound like a fair alternative, but customers are still overpaying by around £170 and so the message is the same – don’t rest on your laurels, standard tariffs still remain among the most expensive. It only takes a few minutes to swap providers to save almost £200 each year.” Mobile phone users are also facing more expensive bills in the coming months, following the rise in inflation. Vodafone, EE and O2 have said millions of mobile phone customers will face inflationary mid-contract price rises in the next couple of months. EE is raising some customers’ monthly bills by 2.5% from 30 March, in line with January’s retail price index inflation figure. O2 will increase monthly its charges by 2.6% in April, and Vodafone bills will rise by March’s inflation figure – also from April.
News Article | February 22, 2017
A pair of convicted fraudsters are using Ticketmaster to sell thousands of pounds’ worth of seats at Ed Sheeran gigs, it has emerged, fuelling concerns among campaigners about the anonymity of touts who use secondary ticketing websites. Michael Mayiger and Michelle Meiger, who are husband and wife, were convicted of a £2m fraud in 2012 after they admitted using false names to obtain Premier League club memberships. They used the memberships to obtain and sell hundreds of tickets, some of which did not exist. Football ticket resale is also against the law. Mayiger’s name recently appeared as the seller of tickets for Ed Sheeran at the SSE Hydro Arena in Glasgow on Seatwave, a resale website owned by Ticketmaster. More tickets were listed on sister website GetMeIn! by Alpha Group Services, operating from an address in Borehamwood registered to Mayiger. Between them, Mayiger and Alpha Group Services, which has since changed its address to a street in Hong Kong, list dozens of tickets at several times their face value, with a combined value of at least £15,000. Mayiger is one of Ticketmaster’s “trusted sellers”, meaning he has been vetted by the company, whose UK chair, Chris Edmonds, told MPs last year that the firm had a zero-tolerance policy on fraud. “The seller has sold tickets to music fans on our secondary ticketing platforms for many years legitimately without issue,” said a spokesperson for Ticketmaster, adding that its sites were “safe and secure marketplaces”. But the claim was immediately undermined as it emerged that nearly 200 fans who bought tickets via Seatwave to a Black Sabbath gig at the O2 arena were turned away after the venue detected fraudulent activity. GetMeIn and Seatwave have recently begun publishing sellers’ details, after the Competition and Markets Authority launched an inquiry into secondary ticketing sites and the secrecy afforded to touts who use them. And campaigners for reform of ticketing said that the disclosure of the sites’ relationship with a convicted fraudster raised concerns about the anonymity of touts using sites such as Viagogo and StubHub, which make no such disclosure. “This is a perfect example of why transparency is necessary to ensure fans have all the information at their fingertips so they are not ripped off by touts with who are known ticket fraudsters,” said Labour MP Sharon Hodgson, chair of the all-party parliamentary group on ticket abuse. “Transparency allows us to fully understand what is going on in this broken market and expose underhand activity or criminality that is not putting fans first, we need this across all platforms because at the moment those touts are still invisible and able to trade anonymously on these other sites.” FanFair Alliance, which campaigns for reform of ticketing, said: “So-called secondary ticketing services like Get Me In!, Seatwave, StubHub and Viagogo present themselves as safe and secure platforms [...] but it has become increasingly clear they exist predominantly as a vehicle for professionalised ticket touts or ‘brokers’ profiteering from a lack of transparency. “By law, all of these services must disclose clear information about any professional traders working across their platforms.“Astonishingly, and presumably under pressure from the Competition & Markets Authority, the scant detail provided by GetMeIn! is about as good as it gets.” “StubHub, we believe, have recently removed all detail relating to their brokers and, to the best of our knowledge, Viagogo never provided it in the first place. To stop this industrial-scale rip-off we urgently need government to act – to enforce transparency on this dysfunctional market and to give it a major reboot.”
News Article | February 28, 2017
NAPERVILLE, Ill.--(BUSINESS WIRE)--Hubei Xingfa, the world’s second largest producer of glyphosate, will attend the 18th annual China International Agrochemical & Crop Protection Exhibition (CAC) from March 1–3, 2017, at the Shanghai New International Expo Center, marking the company’s continued expansion into the global glyphosate business. The agrochemical industry relies on glyphosate, one of the most widely used herbicides, for a range of weed-control applications in agriculture. Unlike traditional glyphosate manufacturers, Xingfa’s full integration into the glyphosate vertical allows for a reliable and sustainable source of high-quality glyphosate at predictable costs. With 17 phosphate mines, Xingfa has the largest phosphorus reserves in China. Additionally, the company ensures consistent supply of the highest quality glyphosate by maintaining control over its own mining operations, hydropower stations, production of key war ingredients such as glycine and caustic soda, active and formulation manufacturing sites, and shipping wharfs. “We understand that the reliable and affordable supply of high-quality glyphosate is an important need for farmers across the world,” said J. Bryan Kitchen, President at Xingfa USA. “We look forward to opportunities such as CAC to meet face-to-face with the agrochemical community and show them how we are uniquely equipped to help them address these needs.” In order to raise awareness of their unmatched reliability, excellent cost predictability, and localized service, Xingfa will operate booth #2A01–2B01 at CAC 2017. Xingfa has successfully passed the National Environment Production Inspection Verification process and holds numerous international quality control certifications. Additional information on Xingfa’s glyphosate offering can be found at xingfa-glyphosate.com. Interested parties can contact J. Bryan Kitchen, President of Xingfa, to set up a meeting or receive more information about the Xingfa itinerary at CAC 2017. Hubei Chemicals Group Co., LTD. (hereinafter referred to as Xingfa) was established in 1994 with its world headquarters located in Xingshan County, Yichang City, Hubei Province, PRC. With its North American operations based in Naperville, IL, USA, the company focuses on developing, producing and marketing a series of phosphorus chemicals and fine chemicals. Through 20 years of development and innovation, Xingfa is now regarded as the largest manufacturer of fine phosphates in China, as well as the second largest producer of glyphosate in the world. Xingfa has been listed on the Shanghai Stock Exchange (SSE) since 1999 under stock code 600141 and ranks 399th among Fortune 500 companies in China.
News Article | February 15, 2017
HubStor Inc., the market’s first data-aware hybrid cloud storage solution, today announced that Human Resource Systems Group (HRSG), a world leader in the field of competency-based talent management, has selected HubStor to preserve and manage mission-critical data assets with Microsoft Azure. Using HubStor’s seamless ghosting of select data assets based on policies that HRSG defines in HubStor’s virtual cloud gateway software, HRSG will free up capacity in their Storage Area Network (SAN) while protecting 27 years worth of unstructured data in Azure. HubStor’s invisible cloud integration works without disrupting users or applications and will enable HRSG to defer spending on new storage while significantly minimizing the amount of data being backed up. With most of the inactive data ghosted in their SAN, HRSG will also be improving recovery time objectives. Running in one of Microsoft’s Canadian Azure regions, which became generally available in 2016, HRSG sees 80% storage reduction from HubStor’s deduplication and compression. Data is stored using the cost-efficient ‘Cool storage’ tier and encryption-at-rest with Azure Storage Service Encryption (SSE), providing the gold standard of data security. “One of the reasons HRSG chose HubStor was the peace of mind that our critical corporate and customer data was safely replicated within Canada,” said Paul Skinner, Chief of Technical Services, HRSG. “These improvements allow us to focus on our core business with confidence that HubStor and its staff are fully engaged in providing not only a service, but a true partner focused exclusively on the persistence of our data. Even as a new client, we’ve seen new features in HubStor resulting from our suggestions. Rarely have we seen a vendor so responsive.” In the cloud, HubStor software wraps HRSG’s content with its near-real-time policy engine and advanced data governance controls, including data classification and data loss prevention which are important compliance and data governance features for HRSG. Mr. Skinner plans to also leverage HubStor for storage, retention, and recovery of HRSG’s mission-critical database backups. HubStor provides data-aware hybrid cloud storage for businesses needing to protect, manage, search, and recover unstructured data in a highly secure manner using public cloud infrastructure. Headquartered in Canada and currently serving clients in the United States, Europe, and Canada, HubStor is the world’s first and only data-aware cloud storage solution. Delivered exclusively on Microsoft Azure, HubStor is a Microsoft partner and a member of the Microsoft Enterprise Cloud Alliance.
News Article | February 16, 2017
LONDON, UNITED KINGDOM--(Marketwired - Feb. 16, 2017) - Georgian Mining Corporation (AIM:GEO) reports a significant and near surface intercepts from the first three drill holes of a three phased copper-gold resource development drilling programme at the 50% owned Kvemo Bolnisi Copper Gold Project ('KB') in Georgia. AIM listed Georgian Mining, Managing Director, Greg Kuenzel said, "These excellent results from our first three drill holes suggest we are on course to define a mineable open pit resource at KB in the short term. Our three phase drill programme aims to outline a 3-5Mt resource to meet guidance from our JV partner on initial deliveries of copper-gold and gold oxide mineralisation to the nearby processing plants. More assay results should be available shortly from our 10,000m three phase drill programme. On further success, we will expand the programme to drill test additional targets identified by our earlier exploration programme and we remain on track to significantly expand and upgrade our inferred resource." The current drill programme is focused on three targets within the KB copper gold project area in Georgia: To view the accompanying map, please visit the following link: http://media3.marketwire.com/docs/GeorgianMiningCorp-map-21617.pdf Drill results announced today relate to Copper Zone 1, which targets copper-gold mineralisation similar to the mineralisation mined and processed at the nearby Madneuli mine which has produced over 80MT of copper-gold ore to date. Subject to ongoing metallurgical test work, the mineralisation should prove suitable for processing at our JV Partner's nearby flotation plant. An initial in-situ copper-gold Inferred Mineral Resource for KB of 947,000 tonnes at 0.94% copper Cu and 0.15 g/t Au at Copper Zone 1 was announced on 30 January 2017. The assay results for KED008, KED009 and KED011 announced today are not included in the initial mineral resource estimate and the addition of these and other outstanding drill results will increase the resource overall. To reduce exploration risk, the exploration team has designed a three phase drill programme. Phase 1 is underway and aims to improve the geological model through a focus on trends of known higher grade mineralisation. KED009 was drilled to the SSE of known mineralisation and intersected lower grade copper mineralisation with a peak intercept of 8.0m at 0.32% Cu and 0.10g/t Au. This lower grade mineralisation may relate to a deeper or peripheral higher grade open-pittable copper-gold zone much like the style of mineralisation to be found at the nearby Madneuli mine. KED008 and KED011 were drilled to test the localised extension to the broadly defined breccia mineralisation hosting the initial Mineral Resource. Mineralised grades and widths are encouraging with confirmation of near surface mineralisation to support the proposal for open pit extraction. The drill programme is continuing and further announcements will be made as and when new assay data is received and following upgrades to the Mineral Resource estimate. The average vertical depth of drilling in phase one at KB is less than 200m depth whereas the nearby Madneuli mine, with a similar geology to KB, remains open at a current pit floor depth reported to exceed 500m. The implication for further resource development is clear; the latest drill results are now providing empirical evidence that the targeted Copper Zone 1 and AuOx Zones 1 and 2 may be discrete higher level parts of one larger mineralised system which joins laterally and at depth in a manner similar to the Madneuli Cu-Au deposit located only 7 km away. Our three-Phase programme is designed to explore for this larger target representing the next significant Cu-Au mineralised centre to Madneuli, once the initial objective has been achieved to rapidly develop mineable resources to be processed at our JV partner's neighbouring operations. Georgian Mining Corporation has 50% ownership and operational control of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high grade copper-gold deposits and producing mines. The Bolnisi licence covers an area of over 860 sq km and has a 30 year mining licence with two advanced exploration projects; Kvemo Bolnisi and Tsitsel Sopeli. These exploration projects are proximal to existing mining operations which are owned by the Company's supportive joint venture partner. Georgia has an established mining code and is a jurisdiction open to direct foreign investment. Investors may view current share price, Market Cap, and trading volume on the company website www.georgianmining.com.
News Article | February 23, 2017
STOCKHOLM, Feb 23, 2017 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, has filed its Form 10-K, which includes the Company's 2016 Annual Report, with the Securities and Exchange Commission (SEC). The Form 10-K, including...
News Article | March 1, 2017
NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK), today reported financial results for the fourth quarter and the fiscal year ended December 28, 2016, periods that included 13 and 52 weeks, respectively. Financial Highlights for the Fourth Quarter 2016: Financial Highlights for the Fiscal Year 2016: * Shack-level operating profit, adjusted EBITDA and adjusted pro forma net income are non-GAAP measures. Reconciliations of Shack-level operating profit to operating income, adjusted EBITDA to net income, and adjusted pro forma net income to net income (loss) attributable to Shake Shack Inc., the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” Randy Garutti, Chief Executive Officer of Shake Shack, stated, “I am proud of what our team has achieved in our second full year as a public company. I’m especially pleased given the challenging industry backdrop in retail and restaurants. And, we achieved all of this while furthering our commitment to growing in premier locations, and building an even better team member and guest experience that fosters the long term strength of the Shake Shack brand for years to come. Looking ahead, 2017 is shaping up to be an exciting year of growth with a strong pipeline of new domestic openings, as well as the evolution of the Shack App, which is just one part of our long term strategy to meet our guests, whenever, and wherever they are." During the quarter, the Company opened six domestic company-operated Shacks, which included its first Shack in Houston at The Galleria, a Shack in New York's Penn Station, and a new free-standing model Shack in Delaware across from the Christiana Fashion Center, as well as additional Shacks in the California, Georgia, and DC markets. Additionally, the Company opened four international licensed Shacks during the quarter, including its second Shack in Korea in the Cheongdam neighborhood, as well as additional Shacks in the United Kingdom and Middle East markets, and a domestic licensed Shack at the Wells Fargo Center in Philadelphia. Subsequent to the end of the quarter, the Company opened its first Shack in Detroit, Michigan, a third Shack in Connecticut and a fourth Shack in the California market in Century City. The Company also opened two licensed Shacks in London at Canary Wharf and Victoria Nova, as well as five additional Shacks in the Middle East. Total revenue, which includes Shack sales and licensing revenue, increased 43.5% to $73.3 million in the fourth quarter of 2016, from $51.1 million for the fourth quarter of 2015. Shack sales for the fourth quarter of 2016 were $70.9 million, an increase of 43.8% from $49.3 million in the same quarter last year due primarily to the opening of 20 new domestic company-operated Shacks. Licensing revenue for the fourth quarter was $2.4 million, an increase of 34.6% from $1.7 million in the same quarter last year, primarily due to the opening of 10 net new licensed Shacks, offset by lower licensing revenue from Shacks in the Middle East as a result of the macroeconomic conditions in the region. Same-Shack sales increased 1.6% for the fourth quarter of 2016 versus 11.0% growth in the fourth quarter last year. The comparable Shack base includes those restaurants open for 24 months or longer. For the fourth quarter of 2016, the comparable Shack base included 30 Shacks versus 21 Shacks for the fourth quarter of 2015. Average weekly sales for domestic company-operated Shacks was $90,000 for the fourth quarter of 2016 compared to $89,000 for the same quarter last year, a 1.1% increase, primarily due to increased menu prices and favorable shifts in sales mix from menu innovation. Shack-level operating profit, a non-GAAP measure, increased 29.9% to $18.0 million for the fourth quarter of 2016 from $13.9 million in the same quarter last year. As a percentage of Shack sales, Shack-level operating profit margins decreased 280 basis points to 25.4% primarily due to increased labor and related expenses resulting from the company-wide increase to the starting hourly wage that was implemented at the beginning of the fiscal year, increased medical claims and staffing investment to support future Shack growth, as well as higher repair and maintenance and utilities costs. These increases were partially offset by lower commodity costs, primarily beef. A reconciliation of operating income to Shack-level operating profit, the most directly comparable GAAP financial measure, is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” General and administrative expenses increased to $8.3 million for the fourth quarter of 2016 from $7.7 million in the same quarter last year. As a percentage of total revenue, general and administrative expenses decreased to 11.3% for the fourth quarter of 2016 from 15.0% in the fourth quarter last year, primarily due to $0.8 million of expense recognized during the prior year quarter related to a legal settlement and increased levels of Shack sales. Net income was $3.9 million, or $0.15 per diluted share, for the fourth quarter of 2016, compared to $1.2 million, or $0.07 per diluted share, for the same period last year. Adjusted EBITDA, a non-GAAP measure, increased 31.6% to $11.4 million. As a percent of total revenue, adjusted EBITDA margins decreased approximately 140 basis points to 15.6% compared to 17.0% for the year ago period. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP financial measure, is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” Adjusted pro forma net income, a non-GAAP measure, was $3.3 million, or $0.09 per fully exchanged and diluted share during the fourth quarter of 2016, compared to $2.9 million, or $0.08 per diluted share during the fourth quarter of 2015. A reconciliation of net income (loss) attributable to Shake Shack Inc. to adjusted pro forma net income is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” Total revenue increased 40.9% to $268.5 million for fiscal 2016, from $190.6 million for fiscal 2015. The growth in Shack sales was primarily driven by the opening of 20 new domestic company-operated Shacks, as well as same-Shack sales growth. Shack sales for fiscal 2016 were $259.4 million, an increase of 41.6% from fiscal 2015. Same-Shack sales increased 4.2% during fiscal year 2016 versus 13.3% growth in the prior year. For fiscal 2016, the comparable Shack base included 30 Shacks, compared to 21 Shacks for fiscal 2015. Shack-level operating profit, a non-GAAP measure, increased 38.6% to $73.3 million for fiscal 2016 from $52.9 million for fiscal 2015. As a percentage of Shack sales, Shack-level operating profit margins decreased approximately 60 basis points to 28.3% primarily due to increased labor and related expenses resulting from the company-wide increase to the starting hourly wage that was implemented at the beginning of the fiscal year and staffing investment to support future Shack growth, as well as higher repair and maintenance and utilities costs. These increases were partially offset by lower commodity costs, primarily beef. A reconciliation of operating income to Shack-level operating profit, the most directly comparable GAAP financial measure, is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” General and administrative expenses decreased to $30.6 million for fiscal 2016 from $37.8 million for fiscal 2015. As a percentage of total revenue, general and administrative expenses decreased to 11.4% for fiscal 2016 from 19.8% in fiscal 2015, primarily due to non-recurring expenses incurred in the prior year, including $12.8 million of non-recurring compensation expenses, $0.6 million of IPO-related expenses and $0.8 million of expense related to a legal settlement. Net income was $12.4 million, or $0.53 per diluted share, for fiscal 2016, compared to net loss of $8.8 million, or $0.65 per diluted share, for the same period a year ago. Adjusted EBITDA, a non-GAAP measure, increased 35.7% to $50.2 million from $37.0 million for the fiscal year. As a percent of total revenue, adjusted EBITDA decreased roughly 70 basis points to 18.7% compared to 19.4% for the year ago period. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP financial measure, is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” Adjusted pro forma net income, a non-GAAP measure, was $16.8 million, or $0.46 per fully exchanged and diluted share for fiscal 2016, compared to $12.0 million, or $0.32 per fully exchanged and diluted share for fiscal 2015. A reconciliation of net income (loss) attributable to Shake Shack Inc. to adjusted pro forma net income is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.” For the fiscal year ending December 27, 2017, the Company is providing the following financial outlook: As previously announced, the Company will host a conference call to discuss its fourth quarter and fiscal year 2016 financial results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (888) 710-4015 or for international callers by dialing (913) 312-0666. A replay will be available after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 6160783. The replay will be available until March 8, 2017. The conference call will also be webcast live from the Company's Investor Relations website at http://investor.shakeshack.com. An archive of the webcast will be available at the same location on the website shortly after the call has concluded. The following definitions apply to these terms as used in this release: "Shack sales" is defined as the aggregate sales of food and beverages in domestic company-operated Shacks and excludes sales from licensed Shacks. "Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of domestic company-operated Shacks open for 24 months or longer. "Average unit volumes" or "AUVs" for any 12-month period consist of the average annualized sales of all domestic company-operated Shacks over that period. AUVs are calculated by dividing total Shack sales from domestic company-operated Shacks by the number of domestic company-operated Shacks open during that period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of Shacks open such that it corresponds to the period of associated sales. The measurement of AUVs allows the Company to assess changes in guest traffic and per transaction patterns at domestic company-operated Shacks. "Average weekly sales" is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of operating weeks open such that it corresponds to the period of associated sales. "Shack-level operating profit," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses. "Shack-level operating profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses as a percentage of Shack sales. “EBITDA,” a non-GAAP measure, is defined as net income before net interest, taxes, depreciation and amortization. “Adjusted EBITDA,” a non-GAAP measure, is defined as net income before net interest, taxes, depreciation and amortization, which also excludes equity-based compensation expense, deferred rent expense, losses on the disposal of property and equipment, as well as certain non-recurring items that the Company does not believe directly reflect its core operations. Effective September 28, 2016, the Company no longer excludes pre-opening costs from its computation of Adjusted EBITDA. Prior period amounts have been restated to conform to the current period computation methodology. "Adjusted pro forma net income," a non-GAAP measure, represents net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe directly reflect its core operations. Shake Shack will be presenting at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum at the Encore at Wynn Las Vegas on Thursday, March 2, 2017. Presenting from the Company will be Randy Garutti, Chief Executive Officer, and Jeff Uttz, Chief Financial Officer. The presentation will begin at 4:40 p.m. PT. The presentation will also be webcast live from the Company's Investor Relations website at http://investor.shakeshack.com. Shake Shack is a modern day “roadside” burger stand known for its 100% all-natural Angus beef burgers and flat-top vienna beef dogs (no added hormones and no antibiotics ever), 100% all-natural cage-free chicken (no antibiotics ever), spun-fresh frozen custard, crinkle cut fries, craft beer and wine (available at select locations) and more. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. From its premium ingredients and caring hiring practices to its inspiring designs and deep community investment, Shake Shack’s mission is to Stand For Something Good®. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the company has opened multiple locations in 16 states and the District of Columbia, as well as international locations including London, Istanbul, Dubai, Tokyo, Moscow, Seoul and more. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, expected financial outlook for fiscal 2016, preliminary financial outlook for fiscal 2017, expected Shack openings, expected same-Shack sales growth and trends in the Company’s operations. Forward-looking statements discuss the Company's current expectations and projections relating to their financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "outlook," "potential," "project," "projection," "plan," "intend," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. All forward-looking statements are expressly qualified in their entirety by these cautionary statements, except that the safe harbor provisions of the PSLRA do not apply to any forward-looking statements relating to the operations of any of the Company's partnerships or limited liability companies. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2015 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC"). All of the Company's SEC filings are available online at www.sec.gov, www.shakeshake.com or upon request from Shake Shack Inc. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. To supplement the consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: Shack-level operating profit, Shack-level operating profit margin, EBITDA, adjusted EBITDA, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the "non-GAAP financial measures"). Shack-level operating profit is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses. How This Measure Is Useful When used in conjunction with GAAP financial measures, Shack-level operating profit and Shack-level operating profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Shack-level operating profit and Shack-level operating profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Shack-level operating profit and Shack-level operating profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company's performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making. Limitations of the Usefulness of this Measure Shack-level operating profit and Shack-level operating profit margin are not necessarily equivalent to similarly titled measures used by other companies due to different methods of calculation. Presentation of Shack-level operating profit and Shack-level operating profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Shack-level operating profit excludes certain costs, such as general and administrative expenses and pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company's Shacks. Therefore, this measure may not provide a complete understanding of the Company's operating results as a whole and Shack-level operating profit and Shack-level operating profit margin should be reviewed in conjunction with our GAAP financial results. A reconciliation of Shack-level operating profit to operating income, the most directly comparable GAAP financial measure, is set forth below. EBITDA is defined as net income before net interest, income tax expense and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA (as defined above) excluding equity-based compensation expense, deferred rent expense, losses on the disposal of property and equipment, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. How These Measures Are Useful When used in conjunction with GAAP financial measures, EBITDA and Adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors' operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and Adjusted EBITDA provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance. Limitations of the Usefulness of These Measures EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and Adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures. A reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable GAAP measure, is set forth below. Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share Adjusted pro forma net income represents net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn't believe directly reflect its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards. How These Measures Are Useful When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance. Limitations of the Usefulness of These Measures Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to net income (loss) and earnings (loss) per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income (loss) attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.
News Article | February 13, 2017
New reports revealed that the upcoming AMD Ryzen 7 1700X will deliver the same performance as Intel's high-end Core i7-6900K at a fraction of its price. This is purportedly the reason why Intel is now increasingly invoking its Core i7-8700 in its recent promotional push. The latest leak largely came from WCCF Tech, which was able to use the new AMD processor and promptly tested it via CPU Mark. The results are particularly remarkable, showing the chip nipping at the heels of the more expensive Intel processors. It also confirmed a previous review released early this year and is aligned with reports that it has demolished the Intel's Core i7-6700K back in December. Its overall performance is only 4 percent and 9 percent behind the i7-5960X and i7-6900K, respectively. In comparison with its 8-core FX-8350 sibling, the Ryzen 7 1700X is also said to be 37 percent faster. Now, the breakdown of the performance average is a bit more interesting and shows what Ryzen is really capable of in relation to those of the competition's. In the single-threaded test, which is considered the most important benchmark so far, Ryzen obliterated Intel's 5960X and 6800K. Best of all, its performance is within spitting distance of the 6900K, trailing one of Intel's latest and greatest by mere 3 percentage points. Ryzen's posted performance against the 6900K is particularly surprising for observers mainly because the latter already has its turbo up to 4.0 GHz in the single thread mode through the processor's Turbo Boost 3.0. Ryzen has reportedly performed at 3.8 GHz Turbo frequency. WCCF Tech's CPU Mark test included integer math, floating point performance, prime numbers, encryption, and SSE performance, among others. Out of the eight benchmarks, Ryzen was able to demolish all of its Intel competitors, including the top-of-the-line Broadwell-E i7 6900K, in five tests. It also ran faster than the i7 5960X in six out of eight tests. Now, you will probably say that all this is well and good. Ryzen can hold its own when going toe-to-toe with its Intel rivals. The performance is on par and the competition should be about close. That would be true until you hear about the pricing. Intel's Haswell-E i7 5960X retails for $999 while the Broadwell-E i7 6900K is getting sold for $1,099. On the other hand, there is the AMD Ryzen 7 1700X, which is said to have an astonishing $389 price tag. What is even more incredible is the fact that the processor is categorized mid- to high-tier in the Ryzen range. AMD has two higher-end processors above it: the Ryzen 7 1800 Pro and the AMD Ryzen 7 1800X. The former still does not have any pricing but it could be slightly lower than the $499 announced price for the 1800X. Intel is now aggressively promoting its 8th-generation processors, breaking its tick-tock method for their launch in the second half of this year. The surprising Ryzen leak should now tell you why. © 2017 Tech Times, All rights reserved. Do not reproduce without permission.