News Article | February 28, 2017
CHARLOTTE, N.C., Feb. 28, 2017 (GLOBE NEWSWIRE) -- LPL Financial is proud to announce that the firm and its advisors have been ranked No. 1 in net customer loyalty among 24 leading financial distributor firms, according to findings from Investor Brandscape®, a Cogent Reports™ study released by Market Strategies International. LPL earned a Net Promoter® Score1 (NPSSM) of 70, 25 points higher than the No. 2 firm and was the only firm identified as a “star” by Cogent. LPL’s NPS was also 49 points higher than the average score of 21 for all firms. Cogent’s study explored 10 key drivers of investor loyalty. LPL ranked among the top five in seven of the 10 driver areas, including three No. 1 rankings. According to the study, LPL Financial ranked: “We’re proud and humbled by this great recognition of LPL and, more importantly, our 14,000 advisors who every day offer objective financial guidance to help American investors work toward their financial goals,” said Andy Kalbaugh, managing director and divisional president, LPL Financial. “This study underscores the value of LPL’s independent business model – and our innovative, industry-leading products and services – which put the advisor at the heart of the investor relationship.” According to Cogent, the aspects of “financial stability” and “easy to do business with” are the two leading drivers of investors’ satisfaction with their primary distributor firm. The third most important overall driver of satisfaction is “quality of investment advice,” which has the potential to negatively impact client satisfaction much more so than strengthening client relationships. Cogent measures customer loyalty based on NPS and the “intent to recommend the firm to friends and family.” Loyalty is measured on a scale from 0 to 10, with 0 being “definitely not recommend” and 10 being “definitely recommend.” Respondents giving scores of 0-6 are deemed “detractors” while respondents giving scores of 9-10 are classified as “promoters.” The loyalty score reflects the percentage of a firm’s clients who are supporters versus detractors. About the Investor Brandscape® Report Cogent Reports conducted an online survey with 3,910 affluent investors who were recruited from the ResearchNow and SSI online panels from June to August of 2016. In order to qualify, respondents were required to have at least $100,000 in investable assets and have sole or shared household financial decision-making responsibilities. Due to their opt-in nature, the online panels (like most others) do not yield a random probability sample of the target population. Thus, target quotas and weighting are set around key demographic variables using the most recent data available from the US Census Bureau. As such, it is not possible to compute a margin of error or to statistically quantify the accuracy of projections. Market Strategies will supply the exact wording of any survey question upon request. About Market Strategies International Market Strategies International is a market research consultancy with deep expertise in financial services with practice areas serving wealth, banking, payments and insurance. We blend primary research with data from our syndicated, benchmarking and self-funded studies as well as Big Data to help our clients grow their businesses and brands. Market Strategies’ research specialties include brand, communications, CX, product development and segmentation. Our syndicated products, known as Cogent Reports, are the wealth sector’s leading source for insight on the attitudes, opinions and behaviors of key investor populations, including advisors, plan sponsors and affluent and institutional investors. Founded in 1989, Market Strategies is one of the largest market research firms in the world, with offices in the US, Canada and China and additional industry expertise in consumer & retail, energy, healthcare, technology and telecommunications. Read Market Strategies’ blog at FreshMR, and follow us on Facebook, Twitter and LinkedIn. About LPL Financial LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and served approximately $517 billion in advisory and brokerage assets as of January 31, 2017. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 financial institutions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also serviced an estimated 46,000 retirement plans with an estimated $127 billion in retirement plan assets, as of December 31, 2016. LPL also supports approximately 4,000 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,200 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com. Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC. 1 The Net Promoter® Score, a management tool created by Fred Reichheld of Bain & Company, is utilized to derive customer loyalty scores. Net Promoter® is a registered trademark of Satmetrix, Bain & Company and Fred Reichheld. NPSSM is a service mark of Bain & Company. Reichheld, Fred. The Ultimate Question, Driving Good Profits and True Growth. Boston, MA: Harvard Business School Press, 2006.
News Article | February 15, 2017
A new requirement will take place March 1st and is presented in the Default Fund Requirement and Evaluation report which can be found in Genium INET Clearing Workstation. The requirement for upcoming quarter is shown under column heading “Required Contribution (2017-03-01)”. If your current collateral value doesn’t cover your upcoming requirement, please make sure you meet your requirement on time. Posted contributions shall be transferred and settled on Nasdaq bank or CSD/ICSD accounts no later than CET 11:00 on March 1st 2017. All transactions to the Default Fund shall be marked with the Contribution Reference (Default Fund custody account number). Please review our SSI before posting default fund contributions to make sure you are using the correct one. Please note that negative interest is capitalized on a monthly basis and will reduce the collateral balance accordingly. If deficit on the default fund account no adjusted base collateral will apply. For further information about the Default Fund and relevant SSIs, please visit the Default Fund website or contact us using the details below. For further information, please contact Nasdaq:
News Article | February 15, 2017
A new requirement will take place March 1st and is presented in the Default Fund Requirement and Evaluation report which can be found in Genium INET Clearing Workstation. The requirement for upcoming quarter is shown under column heading “Required Contribution (2017-03-01)”. If your current collateral value doesn’t cover your upcoming requirement, please make sure you meet your requirement on time. Posted contributions shall be transferred and settled on Nasdaq bank or CSD/ICSD accounts no later than CET 11:00 on March 1st 2017. All transactions to the Default Fund shall be marked with the Contribution Reference (Default Fund custody account number). Please review our SSI before posting default fund contributions to make sure you are using the correct one. Please note that negative interest is capitalized on a monthly basis and will reduce the collateral balance accordingly. If deficit on the default fund account no adjusted base collateral will apply. For further information about the Default Fund and relevant SSIs, please visit the Default Fund website or contact us using the details below. For further information, please contact Nasdaq Commodities: Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of over $8.8 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or www.nasdaqomx.com. Nasdaq Commodities is the brand name for the worldwide suite of commodity related products and services offered by Nasdaq. The Nasdaq Commodities offerings include power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services. Nasdaq Oslo ASA is the commodity derivatives exchange authorized by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. All trades with Nasdaq Oslo ASA are subject to clearing with Nasdaq Clearing. Nasdaq Clearing is the trade name of Nasdaq Clearing AB which is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither The Nasdaq Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
News Article | February 22, 2017
According to the new market research report "Warehouse Robotics Market by Type (Mobile, Articulated, Cylindrical, SCARA, Parallel, Cartesian), Software, Function (Pick & Place, Palletizing & Depalletizing, Transportation, Packaging), Payload Capacity, Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets. The warehouse robotics market is expected to be valued at USD 4.44 Billion by 2022, growing at a CAGR of 11.8% between 2017 and 2022. Browse 65 market data Tables and 71 Figures spread through 169 Pages and in-depth TOC on "Warehouse Robotics Market" Early buyers will receive 10% customization on this report. The factors that are driving the growth of this market include the growing e-commerce industry, need for efficient and reliable warehouse operations, active funding from venture capitalists, rising labor cost, and increasing adoption of warehouse robotics by small- and medium-sized enterprises (SMEs). "Mobile robots to hold the largest market size in the warehouse robotics market between 2017 and 2022" Mobile robots are expected to lead the overall warehouse robotics market between 2017 and 2022. The fast moving nature of items and same day or next day delivery schedules has made e-commerce companies to implement mobile robots in their warehouses. Mobile robots have the capability of moving products around the warehouse faster than human workers and retrieving them without an error. This factor makes mobile robots a preferred choice for the e-commerce companies. "The warehouse robotics market for the food and beverages industry to grow at a high rate between 2017 and 2022" The warehouse robotics market for the food and beverages industry is expected to grow at a significant rate between 2017 and 2022. The growing trend of processed food and packaged eatables, requirement of clean room storage, and need for automated and hygienic handling of food items are expected to drive the growth of the warehouse robotics in the food and beverages industry. "North America expected to lead the warehouse robotics market between 2017 and 2022" North America is one of the key growth regions for the Warehouse Robotics Market. The favorable economic conditions in the U.S., highly developed warehousing infrastructure, and a growing e-commerce industry are the key factors for the growth of the warehouse robotics market in North America. The growth of the market can also be attributed to the presence of established and startup robotic companies in the region such as Amazon Robotics, a subsidiary of Amazon.com, Inc. (U.S.), ATS Automation Tooling System, Inc., (Canada), Fetch Robotics, Inc. (U.S.), Honeywell International, Inc. (U.S.), IAM Robotics (U.S.), InVia Robotics (U.S.), and Wynright Corp. (U.S.). The major players operating in the warehouse robotics market include ABB Ltd. (Switzerland), Fanuc Corp. (Japan), Kuka AG (Germany), Yaskawa Electric Corp. (Japan), Amazon.com, Inc. (U.S.), ATS Automation Tooling Systems Inc. (Canada), Honeywell International Inc. (U.S.), Omron Corp. (Japan), Fetch Robotics, Inc. (U.S.), IAM Robotics (U.S.), Magazino GmbH (Germany), SSI Schaefer AG (Germany), and Wynright Corp. (U.S.). Material Handling Equipment Market by Product Type (AGV, ASRS, Automated Crane, Robotic System, Automated Conveyor and Sortation System), System Type, Software and Service, Operation, Application, and Geography - Global Forecast to 2022 http://www.marketsandmarkets.com/Market-Reports/automated-material-handling-manufacturing-market-92483121.html Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical, Parallel, Collaborative Robots), Component (Controller, Robotic Arm, End Effector, Sensors, Drive), Vertical and Geography - Analysis & Forecast to 2022 http://www.marketsandmarkets.com/Market-Reports/Industrial-Robotics-Market-643.html MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical info graphics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers. We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
News Article | February 28, 2017
Shimadzu Scientific Instruments, Inc. (Columbia, MD) and MIDI, Inc. (Newark, DE) have formed a strategic partnership to develop and market automated chromatographic solutions for agri-biotech, biodefense, dietary supplement, food science, forensics and renewable energy laboratories. These automated testing solutions will save analysis time and reduce labor costs, while providing unprecedented analytical accuracy over the “manual” chromatography approaches used in these industries. Under the terms of the agreement, Shimadzu is combining its 2010 GC, i-Series UHPLC, GCMS chromatography systems and LabSolutions™ software with MIDI, Inc.’s expert system software. Sherlock™ chromatography analysis software is a comprehensive and powerful data analysis platform, which precisely names compounds, performs complex pattern recognition and gives customers the ability to visually analyze their data in many different ways. Results are delivered automatically, reproducibly and objectively. The first product launch will be for automated microbial identification and soil phospholipid fatty acid (PLFA) analysis on Shimadzu’s 2010 GC product line, followed by solutions for the UHPLC and GCMS instruments. Gary Jackoway, MIDI Inc.'s Vice President and Director of Software Development, said, “We are delighted to partner with Shimadzu Scientific Instruments and have been impressed by their technology, team and customer support philosophy. This partnership will make automated and precise chromatography available to more customers than ever before and allow those customers to achieve maximum efficiency, reduce the learning curve and lower their labor costs.” “Shimadzu Scientific Instruments, Inc. is pleased to establish this important partnership. MIDI, Inc. has a long history of expertise in successfully automating and analyzing complex chromatographic data in growth markets. By combining their Sherlock™ software platform with state-of-the-art Shimadzu analytical instrumentation, along with our breadth of sales and support, we can offer even more customer-focused solutions,” said Mark Janeczko, Shimadzu Scientific Instruments, Inc. Marketing Manager. The Shimadzu and MIDI-integrated products will be exhibited at the 2017 Pittsburgh Conference and Expo - booth #4112. About Shimadzu Scientific Instruments, Inc. Established in 1975, Shimadzu Scientific Instruments (SSI), the American subsidiary of Shimadzu Corporation (Kyoto, Japan), provides a comprehensive range of analytical solutions to laboratories throughout North, Central, and parts of South America. SSI maintains a network of nine regional offices strategically located across the United States, with experienced technical specialists, service and sales engineers situated throughout the country, as well as applications laboratories on both coasts. For more information, please visit http://www.ssi.shimadzu.com. About MIDI, Inc. MIDI, Inc. is a private biotechnology company that specializes in automated and precise chromatography solutions. Founded in 1991, MIDI’s Sherlock™ software platform is used by scientists in more than 45 countries for automated analysis of: dietary supplements, fatty acids (FAME), fire debris, microbes, soil phospholipid fatty acids (PLFA) and spices. Sherlock™ has been US FDA 501(k) cleared for the identification of Bacillus anthracis (Anthrax pathogen) and Mycobacterium tuberculosis (TB pathogen). In addition, Sherlock™ is AOAC INTERNATIONAL cleared for Bacillus anthracis and US CDC-NIOSH cleared for aerobic bacterial identification. For more information, please visit http://www.midi-inc.com
News Article | February 15, 2017
BOSTON--(BUSINESS WIRE)--Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the latest TimeTrade State of Retail 2017 survey of U.S. consumers. In fact, the State of Retail 2017 survey results suggest that U.S. retail stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers the personalized shopping experiences they want. Respondents said that, on average, they would increase their in-store spending by 4.7 percent—if they received better, more personalized service from retailers. This additional revenue would represent a huge improvement for brick-and-mortar retailers, who are struggling to meet revenue, profit and stock valuation goals. How much more would you be willing to pay for highly personalized experience? Previous TimeTrade surveys of retail executives consistently show they believe their stores do provide customers with personalized shopping experiences. But consumers see things differently. About half of this year’s survey respondents (49 percent) said they “never” or only “sometimes” receive what they consider to be personalized service. In fact, 70 percent of the time they shop they said they “never” or only “sometimes” can find a sales associate when they need assistance. Do you feel retailers today are providing you with a personalized shopping experience? This disparity is financially damaging for retailers. For example, 71 percent of consumers surveyed said they sometimes or always abandon dressing rooms and leave stores if they can’t obtain help with sizes, color, etc. On the other hand, 88 percent said that when helped by knowledgeable associates they are “somewhat likely” or “extremely likely” to make the purchase. Brick-and-Mortar is Alive and Well Despite the continued growth of online shopping, 82 percent of respondents said they still do half or more of their shopping in physical stores (excluding grocery stores). Moreover, 70 percent said they planned to do the same in 2017, with 14 percent saying they would increase the amount of shopping they do in-store. Even when an item is available online—as well as in a nearby store—75 percent of respondents said they preferred to buy from the physical store. When asked what they value most when shopping in a retail store, respondents cited prompt service, personalized experiences and smart recommendations the most. To improve service, 64 percent said they would like to schedule in store appointment (from any device) with a retail associate at a time most convenient to them. What do you value most when shopping in a retail store? “Just imagine the positive financial impact on brick-and-mortar retailers if revenue jumped by 5 percent,” said Gary Ambrosino, CEO of TimeTrade. “Right now, retailers’ revenue projections and stock prices are under pressure as the landscape continues to change. A renewed focus on providing shoppers with a better, more personal in-store experience would go a long way toward stemming the tide of defection to competitors and online sellers. “In store shopping is far from dead—but it does have to change to keep up with the trends. These survey results show that people definitely like shopping in stores so they can touch and feel products, and because they enjoy receiving prompt, personalized service. The key to success for brick-and-mortar retailers is to fully utilize their existing staff and relentlessly focus on providing personalized service to every customer. We know consumers are willing to pay for better service. It’s a big opportunity for traditional retailers to up their game across the board and capture that additional revenue, instead of letting those dollars go elsewhere,” Ambrosino said. The Millennial Opportunity Millennial respondents (aged 21-35) offered some counter-intuitive findings. Members of this generation, the largest in U.S. history, are entering their earning and spending prime, making them especially important to retailers. While many assume that millennials—who came of age in the digital world—shop mostly online, survey results show that they prefer shopping in stores (89 percent said they will shop as much or more in stores in 2017) and scored higher than other age groups in the following areas: Millennials said they would enjoy improved shopping experiences if provided personal assistants/shoppers (45 percent), beacon technologies (31 percent), and organized systems with wait-time displays and text/email updates when their turn is near (29 percent). Varying Omnichannel Experiences Respondents noted differences when it came to providing a consistent experience across channels. While 75 percent agreed that stores provide good service, only 38 percent felt that way about the web, 31 percent for email, 26 percent for call centers, 24 percent for social media, 21 percent for text, and 14 percent for kiosks. About The State of Retail 2017 The State of Retail 2017 survey of more than 2,000 consumers was conducted by national survey firm SSI between November 6 and 12, 2016. The full report is available for download at no cost. About TimeTrade TimeTrade creates conversations that drive business. The company equips businesses to provide personalized service to every customer, every time, creating a service guarantee that improves customer satisfaction, loyalty and retention, and increases sales growth. TimeTrade’s leading-edge Customer Engagement Cloud, an enterprise platform delivered through a worldwide cloud-hosting network, provides omnichannel and mobile application tools for managing the most critical part of the customer journey: the live conversation. It includes several tightly integrated modules for online appointment scheduling, queue management, and data-rich analytics and reports. The company’s patented cloud technology is SOC 2 level 3 compliant and scales to meet the demands of the largest multinational enterprises as well as mid-size and small businesses. More than 500 of the world’s most successful brands—including the largest banks, retailers, sales organizations and healthcare systems—rely on TimeTrade to power their live customer conversations and improve the customer experience, in person, by phone or online. TimeTrade is a registered trademark of TimeTrade Systems, Inc. All other company or product names may be trademarks of their respective owners.
News Article | March 2, 2017
HOUSTON--(BUSINESS WIRE)--In response to a filing made today with the U.S. Securities and Exchange Commission by an entity purporting to be named “HMA Acquisition, Inc.,” Stage Stores, Inc. (NYSE:SSI) today noted that it has not received any offer or other communication from such entity and has not been able to confirm that such an entity exists. Stage Stores operates 798 specialty department stores in 38 states and a direct-to-consumer channel under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE nameplates. The Company’s stores, predominantly located in small towns and communities, and direct-to-consumer business offer a moderately priced, broad selection of trend-right, brand name apparel, accessories, cosmetics, footwear and home goods for the entire family. The Company’s direct-to-consumer channel includes its e-commerce website and Send program. Its e-commerce website features assortments of merchandise similar to that found in its stores, as well as products available exclusively online. The Send program allows customers in the stores to have merchandise shipped directly to their homes if the merchandise is not available in the local store. For more information about Stage Stores, visit the Company’s website at www.stagestoresinc.com.
News Article | February 21, 2017
SHELTON, Conn., Feb. 21, 2017 /PRNewswire/ -- SSI and Hawaiian Airlines announced a new rewards program today called Opinions Take Flight. The program offers HawaiianMiles members the opportunity to earn award miles by participating in surveys and sharing their opinions. Currently in...
News Article | February 16, 2017
HOUSTON--(BUSINESS WIRE)--Stage Stores, Inc. (NYSE:SSI) today announced that its Board of Directors declared a quarterly cash dividend of 15 cents per share on the Company’s common stock, payable on March 15, 2017 to shareholders of record at the close of business on February 28, 2017. Stage Stores, Inc. operates 798 specialty department stores in 38 states and a direct-to-consumer channel under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE nameplates. The Company’s stores, predominantly located in small towns and communities, and direct-to-consumer business offer a moderately priced, broad selection of trend-right, brand name apparel, accessories, cosmetics, footwear and home goods for the entire family. The Company’s direct-to-consumer channel includes its e-commerce website and Send program. Its e-commerce website features assortments of merchandise similar to that found in its stores, as well as products available exclusively online. The Send program allows customers in the stores to have merchandise shipped directly to their homes if the merchandise is not available in the local store. For more information about Stage Stores, visit the Company’s website at www.stagestoresinc.com.
News Article | March 2, 2017
HOUSTON--(BUSINESS WIRE)--Stage Stores, Inc. (NYSE:SSI) today reported results for the fourth quarter and fiscal year ended January 28, 2017, and provided guidance for fiscal year 2017. For the fourth quarter, comparable sales decreased 8.5%, net loss was $6.8 million, or a $0.25 loss per diluted share and, on an adjusted basis, fourth quarter net income was $5.7 million, or $0.20 per diluted share. Michael Glazer, President and Chief Executive Officer, commented, “Our fourth quarter adjusted earnings reflect continued challenges in our oil impacted and border states, as well as the overall soft retail environment. Weak traffic led to heightened promotional activity and gross margin pressure in the quarter, yet we are pleased to end 2016 with inventory levels that are 6% lower than last year. In addition, our direct-to-consumer business grew at a double digit rate as we enhanced our customers’ online experience.” Mr. Glazer continued, “As we look ahead to 2017, we expect external headwinds and customer behavior changes to persist. We will take steps to drive improved performance by focusing on sales in key merchandise categories, creating an exceptional customer experience in our stores and online, and raising the level of engagement with customers through our marketing. We generated positive free cash flow in 2016 and expect to deliver positive free cash flow again in 2017 by reducing capital expenditures, managing expenses prudently, and improving working capital.” For the fourth quarter, comparable sales decreased 8.5%. Total sales decreased 9.6% to $454.4 million, as compared to $502.6 million in the fourth quarter of the prior year. Net loss was $6.8 million, or $0.25 per diluted share, versus net income of $21.0 million, or $0.71 per diluted share, in the fourth quarter of the prior year. On an adjusted basis, fourth quarter net income was $5.7 million, or $0.20 per diluted share, as compared to adjusted net income of $26.8 million, or $0.91 per diluted share, in the fourth quarter of the prior year. For fiscal 2016, comparable sales decreased 8.8%. Total sales decreased 10.1% to $1,442.7 million, as compared to $1,604.4 million for the prior year. Net loss was $37.9 million, or $1.40 per diluted share, versus net income of $3.8 million, or $0.12 per diluted share, for the prior year. On an adjusted basis, 2016 net loss was $24.1 million, or $0.89 per diluted share, as compared to adjusted net income of $16.2 million, or $0.51 per diluted share, for the prior year. Adjusted results for fiscal years 2016 and 2015 and the fourth quarters of those years exclude charges related to the consolidation of the Company’s corporate headquarters, severance associated with workforce reductions, strategic store closures and impairments, including a non-cash $11.7 million net of tax impairment in the fourth quarter of 2016. The adjustments, after tax, totaled approximately $12.5 million ($0.44 per diluted share) and $5.9 million ($0.20 per diluted share) for the fourth quarters of fiscal 2016 and 2015, respectively. The adjustments, after tax, totaled approximately $13.8 million ($0.51 per diluted share) and $12.4 million ($0.39 per diluted share) for fiscal years 2016 and 2015, respectively. The Company did not open any stores and closed 37 stores during 2016. The Company expects sales to be in a range of $1,330 million to $1,385 million, assuming comparable sales in a range of -4% to -8%. Total sales include the impact of a 53rd week, while comparable sales reflect a 52-week period. Loss per diluted share is expected to be between $0.95 and $1.55. Weighted average shares for the year are expected to be approximately 27.5 million. The effective tax rate is projected to be between 32% and 35%. Free cash flow (defined as net cash provided by operating activities less capital expenditures) is expected to be positive within the Company’s provided guidance range. Capital expenditures in 2017, net of construction allowances from landlords, are expected to be in the range of $35 million to $40 million, compared to $67 million in 2016. The Company will hold a conference call today at 8:30 a.m. Eastern Time to discuss its results and guidance. Interested parties may access the Company’s conference call by dialing 844-415-6993. Alternatively, interested parties may listen to a live webcast of the conference call through the Investor Relations section of the Company’s website (www.stagestoresinc.com) under the “Webcasts” caption. A replay of the conference call will be available online until midnight on Friday, March 17, 2017. Stage Stores operates 798 specialty department stores in 38 states and a direct-to-consumer channel under the BEALLS, GOODY'S, PALAIS ROYAL, PEEBLES and STAGE nameplates. The Company’s stores, predominantly located in small towns and communities, and direct-to-consumer business offer a moderately priced, broad selection of trend-right, brand name apparel, accessories, cosmetics, footwear and home goods for the entire family. The Company’s direct-to-consumer channel includes its e-commerce website and Send program. Its e-commerce website features assortments of merchandise similar to that found in its stores, as well as products available exclusively online. The Send program allows customers in the stores to have merchandise shipped directly to their homes if the merchandise is not available in the local store. For more information about Stage Stores, visit the Company’s website at www.stagestoresinc.com. Use of Adjusted (Non-GAAP) Financial Measures The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures help to facilitate comparisons of Company operating performance across periods. This release includes non-GAAP financial measures identified as “adjusted” results. A reconciliation of all non-GAAP financial measures to the most comparable GAAP financial measures is provided in a table included with this release. Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate,” “estimate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “target,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of the Company’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are based upon management’s then-current views and assumptions regarding future events and operating performance. Although management believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of its knowledge, forward-looking statements involve risks, uncertainties and other factors which may materially affect the Company’s business, financial condition, results of operations or liquidity. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, economic conditions, cost and availability of goods, inability to successfully execute strategic initiatives, competitive pressures, economic pressures on the Company and its customers, freight costs, the risks discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”), and other factors discussed from time to time in the Company’s other SEC filings. This release should be read in conjunction with such filings, and you should consider all of such risks, uncertainties and other factors carefully in evaluating forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the Company makes on related subjects in its public announcements and SEC filings.