Focus on employment of women and underrepresented talent ensures ongoing effectiveness of human capital management practices as part of Environmental, Social and Governance (ESG) efforts
DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial solutions, further advances its environmental, social and governance (ESG) journey with the launch of 2025 diversity, equity and inclusion (DE&I) goals. Ingersoll Rand will increase the hiring and retention of women and underrepresented talent; bolster growth and equal opportunity actions, and increase employees’ sense of belonging, among other opportunities to advance DE&I initiatives.
“I am proud our value of fostering inspired teams is driving a culture that cultivates a sense of belonging, empowerment and respect for employees across the globe,” said Vicente Reynal, Ingersoll Rand CEO. “I also recognize this is hard work and will take time. We continue to leverage the Ingersoll Rand Execution Excellence (IRX) IDM process to accelerate our DE&I growth objectives, as we do every other critical initiative in our company. We’re bringing the same intentionality and thoughtfulness to our culture that we bring to every other important part of our business, to ensure everyone can bring their most talented selves to work.”
Ingersoll Rand commits to making a positive impact on our shared planet with these 2025 diversity, equity and inclusion goals:
A participant in the CEO Action for Diversity & Inclusion pledge since 2019, Ingersoll Rand’s Board of Director members are 50% diverse in gender or ethnicity, and executive management team is more than 40% ethnic diversity, including Indian, Hispanic and Middle Eastern. In 2020, the company introduced its powerful initiative called “Lean into Change” where employees from across the company participated in culturally sensitive conversations with trust and transparency. Profiles in Diversity Journal recognized this Ingersoll Rand initiative with a Top 10 Innovations in Diversity Award.
“We know a company culture of belonging correlates with more positive career outcomes and heightened customer satisfaction and growth,” said Jenny Clemente, global director of Diversity, Equity and Inclusion at Ingersoll Rand. “To ensure that culture takes root, we strive to engage everyone in our efforts to build stronger global connections, advocate for positive change and pursue a more inclusive culture that sparks innovation, creativity and engagement from our employees.”
The company will drive accountability and progress through IRX, and provide transparency on progress through its annual Sustainability Report. Ingersoll Rand’s 2020 Sustainability Report is scheduled to be released in May 2021. For more information about Ingersoll Rand inclusion groups and DE&I information, please visit: https://www.irco.com/en-us/company/at-our-core/diversity-and-inclusion.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
Media:
Misty Zelent
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Christopher Miorin
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HOUSTON--(BUSINESS WIRE)--Microvast, a leading global provider of next-generation battery technologies for commercial and specialty vehicles that recently announced a proposed business combination with Tuscan Holdings Corp. (Nasdaq: THCB), is releasing a webcast Monday, April 19, 2021, at 11:00 a.m. ET for investors to learn more about Microvast’s cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry to battery packs.
The webcast will be available on Microvast’s investor website, http://microvast.com/index.php/about/investors, and will remain on the page for future viewings.
Microvast remains on track to complete its previously announced business combination in the second quarter of 2021. The business combination is expected to provide $822 million of gross proceeds to Microvast. PIPE anchor investors include strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate. Upon the closing of the business combination, the combined company will be named Microvast Holdings, Inc. and is expected to be listed on the Nasdaq Stock Market under the new ticker symbol “MVST.”
About Microvast
Microvast, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.
About Tuscan
Tuscan Holdings Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Tuscan’s management team is led by Stephen Vogel, Chairman and Chief Executive Officer. Tuscan is listed on Nasdaq under the ticker symbol "THCB."
About InterPrivate
InterPrivate Capital is a private investment firm that invests on behalf of a consortium of family offices. The firm’s unique independent co-sponsor structure provides its investors with the deep sector expertise and transaction execution capabilities of veteran deal-makers from the world’s leading private equity and venture capital firms. Affiliates of InterPrivate Capital act as sponsors, co-sponsors and advisors of SPACs, and manage a number of investment vehicles on behalf of its family office co-investors that participate in private and public opportunities, including PIPE investments in support of the firm’s sponsored business combinations. For more information regarding InterPrivate Capital, please visit www.interprivate.com. For more information regarding InterPrivate’s SPAC strategy, please visit www.ipvspac.com.
Additional Information and Where to Find It
In connection with the annual meeting of stockholders, Tuscan Holdings Corp., a Delaware corporation (“Tuscan”) filed a definitive proxy statement with the SEC on March 24, 2021 (“Annual Meeting Proxy Statement“). Additionally, in connection with the proposed transaction (the “Proposed Transaction”) involving Tuscan and Microvast, Inc. a Delaware corporation (“Microvast”), Tuscan intends to file relevant materials with the SEC, including a proxy statement. On February 16, 2021 Tuscan filed a preliminary proxy statement with the SEC relating to the Proposed Transaction (collectively, “Merger Proxy Statement“). This document is not a substitute for the Annual Meeting Proxy Statement or the Merger Proxy Statement. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE ANNUAL MEETING PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSALS TO BE BROUGHT BEFORE THE ANNUAL MEETING, TO READ THE MERGER PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSED TRANSACTION WITH MICROVAST, AND TO READ ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE. The Annual Meeting Proxy Statement and Merger Proxy Statement and other documents that may be filed with the SEC (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Tuscan upon written request to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the Proposed Transaction and shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Participants in Solicitation
This communication is not a solicitation of a proxy from any investor or securityholder. However, Tuscan and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the annual meeting of stockholders and Tuscan, Microvast, and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the Proposed Transaction under the rules of the SEC. Information about Tuscan’s directors and executive officers and their ownership of Tuscan’s securities is set forth in Tuscan’s filings with the SEC, including Tuscan’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 25, 2021. To the extent that holdings of Tuscan’s securities have changed since the amounts included in Tuscan’s Annual Report, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the participants is also included in the preliminary proxy statement filed on February 16, 2021 and will be included in the definitive proxy statement, when it becomes available. When available, these documents can be obtained free of charge from the sources indicated above. Additional informaiton is also included in the definitive proxy statement which was filed with the SEC on March 24, 2021 and mailed to Tuscan’s stockholders on or about March 25, 2021.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Tuscan, Microvast and the combined company, Tuscan’s and Microvast’s estimated future results and the Proposed Transaction, including the implied equity value, the expected transaction and ownership structure and the likelihood and ability of the parties to successfully consummate the Proposed Transaction. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors previously disclosed in Tuscan’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) failure of Tuscan’s stockholders to approve the extension amendment proposal; (2) the inability to complete the Proposed Transaction or, if Tuscan does not complete the Proposed Transaction, any other business combination; (3) the inability to complete the Proposed Transaction due to the failure to meet the closing conditions to the Proposed Transaction, including the inability to obtain approval of Tuscan’s stockholders, the inability to consummate the contemplated PIPE financing, the failure to achieve the minimum amount of cash available following any redemptions by Tuscan stockholders, the failure to meet the Nasdaq listing standards in connection with the consummation of the Proposed Transaction, or the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; (4) costs related to the Proposed Transaction; (5) a delay or failure to realize the expected benefits from the Proposed Transaction; (6) risks related to disruption of management time from ongoing business operations due to the Proposed Transaction; (7) the impact of the ongoing COVID-19 pandemic; (8) changes in the highly competitive market in which Microvast competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (9) changes in the markets that Microvast targets; (10) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (11) the risk that Microvast is unable to secure or protect its intellectual property; (12) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (13) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (14) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (15) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (16) the risk that Microvast may not be able to develop and maintain effective internal controls; (17) the outcome of any legal proceedings that may be instituted against Tuscan, Microvast or any of their respective directors or officers following the announcement of the Proposed Combination; (18) risks of operations in the People’s Republic of China; and (19) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Tuscan and Microvast or the date of such information in the case of information from persons other than Tuscan or Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Microvast Investor Relations
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(346) 309-2562
Microvast Public Relations
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Tuscan Holdings Corp.
Investor Relations, ICR
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InterPrivate Capital
Charlotte Luer
Investor Relations
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CHICAGO--(BUSINESS WIRE)--In order to sustain improved reliability for families and businesses in the face of more frequent and severe storms and support Illinois’ transition to 100 percent clean and renewable energy, ComEd today requested an increase of $51 million in electricity distribution charges in 2022, which would add 20 cents to the average monthly bill for residential customers.
This year’s Formula Rate Update filing marks ComEd’s first request for a distribution rate increase in four years. It begins an eight-month process during which the Illinois Commerce Commission (ICC), Illinois Attorney General, Citizens Utility Board and others will review ComEd’s actual costs for 2020 and expected investments for 2021. All capital expenditures and costs must be found to be prudent and reasonable before being included in customer rates that take effect in January 2022, subject to approval by the ICC.
“Making the power grid more resilient to severe storms, able to charge fleets of electric vehicles and maintain superior reliability as we bring more renewable energy onto the system requires thoughtful investment,” said ComEd CEO Joe Dominguez. “The cost of not making these investments is far greater. We’ve seen severe weather events in the last nine months lead to catastrophic grid failures in California and Texas. Last August, we restored power to more than half a million customers within 24 hours, record time, following the unprecedented derecho storm and 13 tornadoes that hit our region. If not for the smart grid investments we’ve made, that storm would have caused nearly twice as many interruptions and restoration would have taken two weeks, as it did in parts of Iowa that were hit by the same storm.”
ComEd’s investments to improve grid reliability and performance create jobs and drive economic investment, including creating opportunities for diverse suppliers in local communities. A report to the ICC this week shows ComEd spent a record $894 million – or 42 percent of its total supplier spend – with minority- and woman-owned businesses in 2020, bringing its total spend with diversity-certified suppliers to $5.5 billion since 2012.
ComEd’s distribution rate increase of about 20 cents per month will support investments to expand access to clean energy through private and community solar and support the growing demand among motorists and fleet vehicle managers for electric vehicles. The utility is also in a multi-year program to increase customer savings through Voltage Optimization technology, which is creating up to 2 percent in annual energy savings for an average customer. Investments are also being made in advanced communications and wireless technology to enable an array of smart city technologies that monitor air quality, traffic and parking; as well as smart streetlights, flooding detection, and intelligent waste management.
ComEd also submitted today to the Federal Energy Regulatory Commission (FERC) a Formula Rate Update request calling for a monthly increase of about 70 cents for transmission services, which are included in customers’ electricity supply charges. The increase reflects costs of expanding power capacity to meet the needs of towns and cities, support highway construction, as well as wind and solar development. Demand for new transmission capacity is also driven by a growing data center sector, which places a high priority on ComEd’s reliability performance, competitive electric rates and access to 100 percent renewable energy sources through the competitive market in Illinois.
If approved, the increase in distribution and the transmission services charge would bring the total average monthly bill for ComEd residential customers to about $83, which would be lower than customer bills in 2008. This includes a net increase of about 70 cents for energy supply based on the spring energy procurement that was approved by the ICC on April 9.
ComEd’s average residential rates are 17 percent lower than rates in the 10 largest U.S. metropolitan areas according to the most recent survey by the Edison Electric Institute. ComEd’s average commercial rates are 18 percent lower than rates in the top 20 largest U.S. metropolitan areas. ComEd’s energy efficiency program has helped, saving customers more than $5.3 billion on energy bills since 2008. Total bills include energy supply, which accounts for almost half of the monthly bill, and ComEd passes these costs along to customers without profit or markup.
Recognizing that many Illinois families continue to be adversely affected by economic challenges resulting from the COVID-19 pandemic, ComEd recently increased financial assistance funding by $9 million with the approval of the ICC to help customers regain their financial footing. ComEd increased the amount of funds available to provide more one-time bill credits of up to $500, until funds were exhausted. Credits were available to eligible residential customers who had outstanding balances or were looking to reconnect their electric service. Through June 30, 2021 ComEd offers extended payment arrangements, which allow eligible customers facing financial hardship to spread outstanding balances over 18 monthly installments with no money down. All other eligible residential customers with outstanding balances can enroll in an 18-month payment plan with a 10-percent down payment through June 30, 2021.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
DALLAS--(BUSINESS WIRE)--Generational Capital Markets, Member FINRA/SIPC and a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Great Lakes Renewable Energy, Inc. to Lignetics, Inc. (a holding of Taglich Private Equity, LLC). The acquisition closed March 31, 2021.
Located in Hayward, Wisconsin, Great Lakes Renewable Energy (GLRE) is a wood pellet manufacturer specializing in BBQ wood pellets, primarily under the Lumber Jack Grilling Pellets brand. The Company is the only round log pellet mill in the world that has devoted its future capacity to producing this product, and it is the only mill making a 5.5mm size pellet. GLRE serves over 1,200 recurring customers in various BBQ sub sectors across the globe including seasoning, sporting goods, leisure, and professional meat smoking companies.
Lignetics, headquartered in Louisville, Colorado, is the largest residential wood pellet manufacturing company in the U.S. with a production capacity of over 1.2 million tons of wood pellets per year. The company now operates seventeen manufacturing plants across the U.S. including in the states of Maine, Oregon (2), Idaho, West Virginia, Virginia (2), Wisconsin (4), New Hampshire, New York (2), and Pennsylvania (2) and Quebec Province in Canada.
Founded in 1983, Lignetics is a market leader in turning wood waste into a range of premium eco-friendly 100% natural products across several consumer categories. Consumer categories include residential heating, home grilling, and most recently the pet products category. Consisting of a family of brands, Lignetics is dedicated to bringing innovative products to its consumers under various brands including the Lignetics (residential heating), Lumber Jack Grilling Pellets (through the GLRE acquisition), Bear Mountain BBQ (home grilling) and Catalyst Pet (pet products) brands.
The Company’s innovative eco-friendly offering includes premium wood pellets for super-efficient heating, BBQ pellets that naturally seal in perfect wood-fired flavor, and a superior all-natural high-performance cat litter. Lignetics delivers these innovative all-natural products through national retail partners and directly to consumers via the only national network of wood pellet manufacturing plants spread across the US and Canada with 17 different plant locations. For more information on Lignetics and all its products, visit https://lignetics.com/.
Taglich Private Equity (TPE) is a New York-based, value-oriented financial sponsor that is focused on investing in the lower middle-market. They specialize in recapitalizations, management buyouts, and majority equity investments, targeting manufacturing, business services and consumer products companies. TPE concentrates on finding sound investment opportunities, leveraging a business’s strengths, identifying new market opportunities and providing strategic support to capable management teams.
Since inception in 2001, the Firm has invested more than $650 million in the lower middle market. They look to partner with management teams that can take advantage of their expertise and background in order to optimize their company's growth potential and create long term value. For more information on TPE, visit https://taglichpe.com/.
Generational Capital Markets’ Senior Managing Director of Mergers & Acquisitions, Phil Pizzurro, successfully closed the deal. Senior Managing Director, Rick Buchoz established the initial relationship with GLRE.
“It was an honor working on behalf of the GLRE shareholders and a great pleasure furthering our relationship with Taglich,” said Pizzurro. “GLRE, Lignetics, and TPE all operate with the utmost integrity, which is evident in the loyalty of their employees and satisfaction of their customers. This resulted in the cultural alignment that helped distinguish the group from others.”
Pizzurro added, “Additionally, the strategic fit and synergies that will be realized in this transaction was incomparable. I have full confidence that this partnership will result in sustained future growth for GLRE and offer its employees, customers, and suppliers substantial advancement and expansion opportunities.”
About Generational Capital, LLC
Generational Capital, LLC, is a Dallas, Texas-based merger and acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at https://www.gencm.com/.
Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC, which The M&A Advisor named Investment Banking Firm of the Year in 2016, 2017, and 2018 and Valuation Firm of the Year in 2020.
GCM's most recent awards include The M&A Advisor's 2020 Information Technology Deal of the Year ($10MM-$25MM) and 2020 Private Equity Deal of the Year ($25MM-$50MM).
Carl Doerksen
972-232-1125
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PORT FOURCHON, La.--(BUSINESS WIRE)--One person is dead, and 12 people are missing after the Seacor Power commercial lift boat capsized during severe weather conditions on Tuesday afternoon. Nineteen employees and contractors were on board. According to the U.S. Coast Guard, at least six people were rescued and transported to safety.
The 129-ft lift-boat is used for offshore oil and gas exploration and can carry more than 40,000 gallons of fuel oil. It capsized about 8 miles offshore, just south of Port Fourchon, Louisiana, 20 miles west of the closest U.S. Coast Guard station in Grand Isle.
Houston-based personal injury law firm Williams Hart Boundas Easterby, LLP expects the vessel’s owner and operator, SEACOR Marine, LLC., to mount a defense under the Limitation of Shipholders’ Liability Act, which would allow the vessel owner to limit the rights and remedies available to the victims and their families.
Williams Hart Law Firm’s experienced Maritime Law & Jones Act attorneys have built a reputation for successfully navigating complex offshore injury claims since 1983. Founding partner John Eddie Williams’ father and grandfather were both union longshoremen, and he is a strong advocate of workers’ rights. Our experienced Maritime Trial Lawyers are prepared to help offshore workers and their families pursue compensation for injuries and wrongful death.
Call 713-230-2200 today to schedule a 100% FREE case evaluation.
If you or a loved one were a victim of the Seacor Power capsize disaster, our legal team is ready to fight for the justice you deserve. Williams Hart has represented individuals and families in wrongful death and personal injury cases involving maritime vessels and offshore oil rigs for four decades.
Do not sign an agreement with any insurance representative of the company, your employer, or any other corporation until you contact a Maritime & Jones Act lawyer.
Williams Hart Boundas Easterby, LLP
Logan Jack
713-230-2200
WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, today announced the completion of the redemption of all of its outstanding public warrants (the “Public Warrants”). On March 9, 2021, the Company issued a press release stating that it would redeem all of its outstanding Public Warrants to purchase shares of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated March 2, 2016, as amended (the “Warrant Agreement”), by and between the Company (formerly Jensyn Acquisition Corp. and formerly The Peck Company Holdings, Inc.) and Continental Stock Transfer & Trust Company, as Warrant Agent (the “Warrant Agent”), as part of the Units sold in the Company’s initial public offering (the “IPO”) that remained outstanding at 6:30 p.m. New York City time on April 12, 2021 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant (the “Redemption Price”). Warrants to purchase shares of Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and that are still held by the initial holders thereof of their permitted transferees were not subject to this redemption.
Of the 4,149,500 Public Warrants that were outstanding as of the date of the Company’s combination with Jensyn Acquisition Corp. in June 2019 and that could be exercised, 3,671,236 were exercised in aggregate, representing approximately 89% of the exercisable warrants. This includes 1,042,116 warrants that were excised since the Company’s redemption notice on March 9, 2021. Accordingly, iSun redeemed the 453,764 unexercised warrants. Total cash proceeds generated from warrant exercises were $21.1 million. Total shares of Common Stock outstanding as of April 12, 2021 were 9,082,659. As of this date, no Public Warrants remain outstanding.
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions for commercial, industrial, and utility customers. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state, and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
INVESTOR CONTACT
Chase Jacobson
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802-264-2040
HOUSTON--(BUSINESS WIRE)--Gulf Coast Ultra Deep Royalty Trust (OTC Pink: GULTU) (the Trust) announced today that it will distribute to unitholders a cash distribution totaling $32,589 for the quarter ended March 31, 2021.
Unitholders of record on April 30, 2021 will receive a cash distribution of $0.000142 per unit payable on May 14, 2021.
Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended March 31, 2021 are set forth in the table below:
Natural gas (Mcf) sales volumes (a) |
111,410 |
|
|
Natural gas (per Mcf) average sales price |
$ |
2.51 |
|
Gross proceeds |
$ |
280,170 |
|
Post-production costs and specified taxes |
(41,987) |
|
|
Royalty income |
238,183 |
|
|
Interest and dividend income |
8 |
|
|
Administrative expenses |
(205,602) |
|
|
Income in excess of administrative expenses |
32,589 |
|
|
Cash proceeds available for distribution |
$ |
32,589 |
|
(a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
About Gulf Coast Ultra Deep Royalty Trust. The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests. The subject interests and the Trust’s overriding royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (SEC). As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit http://gultu.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the amount and date of quarterly distributions to unitholders. Forward-looking statements are not guarantees or assurances of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that may cause actual results to differ materially from those anticipated by the forward-looking statements include, but are not limited to, the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to a record date for a quarterly cash distribution. Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions. Other important factors that may cause actual results to differ materially include risks inherent in production of oil and gas properties, the ability of commodity purchasers to make payment, the economic effects of the COVID-19 pandemic and federal, state and local governmental actions in response to the pandemic, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trust cautions investors that it does not intend, and assumes no obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A. serves as trustee of the Trust. If you have any questions related to the Trust, please see below for contact information:
Gulf Coast Ultra Deep Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Outlook 2021: Energy Markets and Politics in the Year Ahead" book has been added to ResearchAndMarkets.com's offering.
Drawing on expert commentary and forecasts from across the industry, and including contributions from chief executives, Wall Street analysts, oil ministers and thought-leaders, Outlook 2021 will offer you the definitive global view of energy markets, economics and politics in 2021.
A forward-looking book which annually informs investors and decision-makers and sets the industry's agenda for the year ahead.
Expert contributors include:
An essential resource for decision-makers
Supported by detailed analysis, data and maps from experts, this impressive new book makes vital reading in preparation for 2021 for leaders and strategists throughout the evolving global energy sector:
Key Topics Covered:
2020 in review
Geopolitics
Oil Firms and Oil Markets
Transition
Hydrogen
For more information about this book visit https://www.researchandmarkets.com/r/7blmbe
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL) (the “Trust”) today announced the net profits interest calculation for April 2021. The net profits interest calculation represents reported oil production for the month of January 2021 and reported natural gas production during December 2020. The calculation includes accrued costs incurred in February 2021.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.4 million. As a result of the cumulative outstanding net profits shortfall of approximately $1.0 million, however, no distribution will be paid to the Trust’s unitholders of record on April 30, 2021 in May 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which continues to decrease and now totals approximately $0.6 million, is eliminated.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
46,413 |
|
1,497 |
|
278,671 |
|
8,989 |
|
$ |
51.22 |
|
$ |
2.45 |
Prior Month |
|
55,192 |
|
1,780 |
|
326,841 |
|
10,895 |
|
$ |
40.85 |
|
$ |
1.96 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.4 million for the current month on realized wellhead prices of $51.22/Bbl, up $0.1 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.7 million for the current month, up $0.1 million from the prior month’s distribution period.
Total accrued operating expenses for the period were $2.4 million, a $0.2 million increase month-over-month from the prior period. Capital expenditures decreased $0.3 million from the prior period.
The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuations since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in prior years. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "World Gas Map, 2021 Edition" map has been added to ResearchAndMarkets.com's offering.
The World Gas Map explores the international gas markets and associated infrastructure.
Mapping content:
Tables:
Inset maps:
Technical specs:
For more information about this map visit https://www.researchandmarkets.com/r/5q98f7
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Economic Recovery in Post-Pandemic 2021" report has been added to ResearchAndMarkets.com's offering.
The research features separate regional economic outlook sections focusing on country-specific GDP growth rates, growth opportunities, and key economic developments.
The US for example should see 4.4% growth in 2021, especially supported by a recent stimulus push and new stimulus package expectations. European economies continue to face pressure from re-imposed restrictions. China should see 8.0% growth for 2021, while India will see its 2021-2022 fiscal year growth accelerating to 10.9%. 2021 growth rates are reflective of the low GDP base effect from 2020 to an extent.
2020 was, without a doubt, an extremely turbulent year for the global economy, with lockdowns, sharp trade contraction, accelerated job losses, and supply-chain disruptions. Recovery started picking up towards the second half of the year with the easing of COVID-19 restrictions. The global economy nonetheless experienced a very deep 2020 recession.
Recovery will be the keyword going into 2021, in the light of continued easing up of restrictions, vaccine administration, and demand-side revival. Global growth is expected to accelerate to 5.3% in 2021. The pace of recovery is expected to be much stronger for the group of emerging markets and developed economies, especially supported by high growth rates for China and India.
This research captures the 2021 global economic outlook, focusing on visioning scenarios, growth projections, policy developments, and risks to watch out for. The global economy is most likely, for example, to see a U-curve recovery into 2021. If however, downside risks materialize, there remains the chance of a double-dip recession or a W-curve recovery process. Following a sharp contraction in Q2 2020 GDP growth amidst lockdowns, an associated strong rebound in growth figures is expected for Q2 2021.
Oil prices should accelerate in 2021, although remaining below 2019 levels. The finalization of a UK-EU Brexit deal has provided much relief to the European economy, although some Brexit-related disruptions will persist in H1 2021. On the policy front, there have been major policy shifts in the US following the new US Presidency. The US, for example, is expected to primarily support clean energy policies, in the future.
Key Issues Addressed
Key Topics Covered:
1. Executive Summary - 2021 Global Economic Outlook
2. Research Scope and Assumptions
3. Growth Environment
4. 2021 Global Economic Outlook
5. North America Economic Outlook 2021
6. Latin America Economic Outlook 2021
7. Europe Economic Outlook 2021
8. Middle East Economic Outlook 2021
9. Africa Economic Outlook 2021
10. Asia-Pacific Economic Outlook 2021
11. Growth Opportunity Universe - Global Economy, 2021
12. Key Conclusions
For more information about this report visit https://www.researchandmarkets.com/r/yp1xvi
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Laura Wood, Senior Press Manager
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WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) invites investors, customers, members of the financial community and other interested parties to listen to a live webcast of its fiscal 2021 second-quarter earnings results on Thursday, May 6, 2021, at 10 a.m. ET. President and Chief Executive Officer Steve Westhoven and Chief Financial Officer Pat Migliaccio will present an overview of NJR’s financial and operational performance for the second quarter of fiscal 2021.
A few minutes prior to the webcast, go to njresources.com and select “Investor Relations.” Scroll down and click the link to the conference call under “Latest Events” on the right side of the page and click on the webcast link.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
NJR-E
Media Contact:
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732-938-1031
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Reaffirms Opposition to the 2020 Methane Rollback Rules
CANONSBURG, Pa.--(BUSINESS WIRE)--Equitrans Midstream Corporation (NYSE: ETRN) supports the U.S. oil and gas industry's ongoing efforts to reduce methane emissions and reaffirms its prior opposition to the U.S. Environmental Protection Agency's (EPA) rollback of methane regulations in 2020. ETRN supports H.J. Resolution 34, and S.J. Resolution 14 – providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources Review."
"We must continue to push our industry forward in a meaningful way in order to effectuate real mitigation of climate change impacts, and we support approval of the methane resolution under the Congressional Review Act,” said Diana Charletta, president and chief operating officer of Equitrans Midstream. “Americans have worked to increase production of our domestic oil and gas resources and provide safe transportation to supply our nation with reliable, cost-effective energy; and we believe methane controls and reduction should continue to evolve as our society continues its transition to a lower-carbon economy."
ETRN acknowledges that it is not enough to achieve regulatory compliance on methane emissions in order to address the global impacts of climate change. As outlined in its Climate Policy, ‘Equitrans Midstream must aggressively pursue climate change mitigation and adaptation, while also balancing the immediate and increasing need for energy in our country, both now and in the future.’ As ETRN continues to responsibly transport energy resources, it has taken immediate steps to improve greenhouse gas emissions measurement and tracking across its value chain and has set interim targets for Scope 1 & 2 emissions, including a 50% reduction in methane by 2030 and a 50% reduction in total GHG by 2040 – with a Net Zero Carbon Goal for 2050.
Charletta continued, "Methane is the most significant component of the gas that we move for our customers – from the point of extraction, to processing, and ultimately to business and residential consumers; therefore, we must be accountable and responsible for understanding, assessing, and improving our methane management practices. We recognize that reducing our overall carbon footprint and mitigating our operational impact is imperative for the sustainability of the environment, our communities, and our business.”
Collectively, companies are working to demonstrate that the natural gas industry can minimize emissions and increase production while supplying much needed energy to the U.S. and around the globe for years to come. As a member of the Interstate Natural Gas Association of America, ETRN and other member companies work with regulators to ensure that natural gas pipelines, compressor stations, and storage facilities are designed and built safely and operate in ways that minimize methane emissions. ETRN is also a member of the Environmental Partnership – a voluntary methane reduction program offered through the American Petroleum Institute and the ONE Future Coalition.
About Equitrans Midstream Corporation:
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.
For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit ETRN Sustainability Reporting.
Source: Equitrans Midstream Corporation
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DUBLIN--(BUSINESS WIRE)--The "Former Soviet Union Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects" report has been added to ResearchAndMarkets.com's offering.
The total number of oil and gas projects in the Former Soviet Union expected to start operations from 2021 to 2025 are 536. Of these, upstream projects would be 73, midstream at 124 projects, refineries at 112, and petrochemicals would be the highest with 227 projects.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 What is this Report About?
1.2 Market Definition
2. Oil and Gas Projects Outlook in Former Soviet Union
2.1 Oil and Gas Projects in Former Soviet Union, Overview of Projects Data
2.2 Oil and Gas Projects in Former Soviet Union, Projects by Sector
2.3 Oil and Gas Projects in Former Soviet Union, Projects by Type
2.4 Oil and Gas Projects in Former Soviet Union, Projects by Stage
2.5 Oil and Gas Projects in Former Soviet Union, Projects by Key Countries
3. Oil and Gas Projects Outlook in Russia
3.1 Oil and Gas Projects in Russia, Overview of Projects Data
3.2 Oil and Gas Projects in Russia, Projects by Sector
3.3 Oil and Gas Projects in Russia, Projects by Type
3.4 Oil and Gas Projects in Russia, Projects by Stage
3.5 Oil and Gas Projects in Russia, Projects Development Stage, Capacity, Project Cost, and Contractor Details
4. Oil and Gas Projects Outlook in Kazakhstan
4.1 Oil and Gas Projects in Kazakhstan, Overview of Projects Data
4.2 Oil and Gas Projects in Kazakhstan, Projects by Sector
4.3 Oil and Gas Projects in Kazakhstan, Projects by Type
4.4 Oil & Gas Projects in Kazakhstan, Projects by Stage
4.5 Oil and Gas Projects in Kazakhstan, Projects Development Stage, Capacity, Project Cost, and Contractor Details
5. Oil and Gas Projects Outlook in Uzbekistan
5.1 Oil and Gas Projects in Uzbekistan, Overview of Projects Data
5.2 Oil and Gas Projects in Uzbekistan, Projects by Sector
5.3 Oil and Gas Projects in Uzbekistan, Projects by Type
5.4 Oil & Gas Projects in Uzbekistan, Projects by Stage
5.5 Oil and Gas Projects in Uzbekistan, Projects Development Stage, Capacity, Project Cost, and Contractor Details
6. Oil and Gas Projects Outlook in Azerbaijan
6.1 Oil and Gas Projects in Azerbaijan, Overview of Projects Data
6.2 Oil and Gas Projects in Azerbaijan, Projects by Sector
6.3 Oil and Gas Projects in Azerbaijan, Projects by Type
6.4 Oil & Gas Projects in Azerbaijan, Projects by Stage
6.5 Oil and Gas Projects in Azerbaijan, Projects Development Stage, Capacity, Project Cost, and Contractor Details
7. Oil and Gas Projects Outlook in Turkmenistan
8. Oil and Gas Projects Outlook in Belarus
9. Oil and Gas Projects Outlook in Ukraine
10. Oil and Gas Projects Outlook in Lithuania
11. Oil and Gas Projects Outlook in Georgia
12. Oil and Gas Projects Outlook in Estonia
13. Oil and Gas Projects Outlook in Latvia
14. Oil and Gas Projects Outlook in Tajikistan
15. Oil and Gas Projects Outlook in Armenia
16. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/y82qm
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LAS VEGAS--(BUSINESS WIRE)--$AP #AP--Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”), reported financial results for its fourth quarter and year ended December 31, 2020 on its Form 10‑K filed with the Securities and Exchange Commission today.
Q4-2020 highlights
Year ended December 31, 2020 highlights
Revenues
Our revenues increased by $1,509,283, or 7%, to $23,871,277 for the year ended December 31, 2020, from $22,361,994 for the year ended December 31, 2019.
Gresham Worldwide
Gresham Worldwide’s revenues increased by $2,980,878, or 20%, to $18,212,721 for the year ended December 31, 2020, from $15,231,843 for the year ended December 31, 2019. The increase in revenue from our Gresham Worldwide segment for customized solutions for the military markets reflected the benefit of capital that was allocated to our defense business during the second half of 2019. Gresham Worldwide revenue in 2020 includes $598,500 from Relec Electronics, which was acquired on November 30, 2020.
Coolisys
Coolisys revenues decreased by $409,528, or 7%, to $5,416,138 for the year ended December 31, 2020, from $5,825,666 for the year ended December 31, 2019.
Ault Alliance
Revenues from our cryptocurrency mining operations revenues decreased by $641,745, or 100% from the year ended December 31, 2019, due to our decision to cease our cryptocurrency mining operations in 2020. We announced in March of 2021 that we resumed bitcoin mining as we believe that we are now in a position to better withstand the volatility associated with cryptocurrency mining, as we have and improved capital structure and have secured a low-cost energy source that we control.
Revenues from our lending and investing activities at Digital Power Lending decreased by $420,322, or 63%, to $242,418 for the year ended December 31, 2020, from $662,740 for the year ended December 31, 2019, which is attributable to a reduction in our loan portfolio. During 2021, we have provided significant new funding to expand Digital Power Lending’s loan and investment portfolio.
Gross margins
Gross margins increased to 31.5% for the year ended December 31, 2020, compared to 13.7% for the year ended December 31, 2019. Our gross margin of 13.7% recognized during the year ended December 31, 2019, was impacted by the approximate $2.1 million negative margins at Digital Farms and the provision for credit losses of $1,550,000 at Digital Power Lending, compared to no provision for credit losses during the year ended December 31, 2020. Excluding the effects of Digital Farms and credit losses at Digital Power Lending, our adjusted gross margin for the year ended December 31, 2019 would have been 31.1%.
Non-cash charges
During the three months ended December 31, 2020 and 2019, our reported net loss included non-cash charges of $11,225,420 and $1,236,731, respectively. During the year ended December 31, 2020 and 2019, our reported net loss included non-cash charges of $29,325,236 and $12,401,816, respectively. A summary of these non-cash charges is shown below:
For the Three Months Ended |
|
For the Year Ended |
|||||
December 31, |
|
December 31, |
|||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Loss on extinguishment of debt |
$ 5,408,695 |
|
$ 2,902 |
|
$18,706,488 |
|
$ 966,134 |
Interest expense – debt discount |
4,872,169 |
675,539 |
7,251,365 |
3,709,993 |
|||
Stock-based compensation |
833,222 |
|
229,929 |
|
1,105,688 |
|
1,583,991 |
Depreciation and amortization |
118,322 |
671,493 |
727,373 |
3,465,091 |
|||
Impairment of property and equipment |
- |
|
- |
|
1,525,316 |
|
4,315,856 |
Accretion of original issue discount on notes receivable – related party |
1,466 |
(407,999) |
21,998 |
(2,277,777) |
|||
Accretion of original issue discount on notes receivable |
(57,296) |
|
77,155 |
|
(61,834) |
|
- |
Fair value in excess of proceeds upon issuance of warrants |
- |
- |
- |
1,763,481 |
|||
Change in fair value of warrant liability |
48,842 |
|
(12,288) |
|
48,842 |
|
(1,124,953) |
Non-cash items included in net loss |
$11,225,420 |
$ 1,236,731 |
$29,325,236 |
$12,401,816 |
|||
The Company’s Chief Financial Officer, Kenneth S. Cragun, said, “The financial results for 2020 demonstrate that we are achieving our objectives to grow revenue and improve operating results. In spite of the disruption from the COVID-19 pandemic, we were able to increase fourth quarter revenues by 14.8% from the prior year period, driven by our defense business. Our gross margins for the year ended December 31, 2020 improved considerably, up $4.5 million, or 145.6% from the prior year. Combined with a reduction in operating expenses, our loss from continuing operations for the year ended December 31, 2020 decreased by $18.7 million from the prior year. We significantly improved our balance sheet as well, ending fiscal year 2020 with positive working capital of $12.5 million, due to our ability to raise capital in the public market, compared to a working capital deficit of $19.2 million at the end of 2019.”
Ault Global’s Founder and Executive Chairman, Milton “Todd” Ault, III, said, “The past year has been extremely rewarding and is the result of years of strategic planning. During this time, we have strengthened our operating businesses, improved our balance sheet tremendously and positioned the Company to capitalize on the very promising technologies at our subsidiaries. We anticipate significant revenue growth and profitability within the foreseeable future. With the strongest balance sheet in the Company’s history, a capable team at the Company, and a talented group of CEOs at the subsidiary level, the future prospects look bright for the Company in the short and long term.”
Mr. Ault added “Our holding company platform transformation is developing rapidly. Our recent capital raise of approximately $165 million has enabled us to fund our subsidiaries while virtually eliminating our net debt. I am more confident than ever that the decision to become a holding company was correct. We see strength across all our subsidiaries and expect the completion of the lending and investment platform by the end of the second quarter. Simply stated, we are in the strongest position of our company’s 52-year history. To all who stood behind our company and me during some tough times, I deeply thank you. From my perspective, the road ahead is bright.”
For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.
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BEIJING--(BUSINESS WIRE)--Climate change is not taking a break from wreaking havoc in 2020, with the joint highest global temperatures on record, rampant bushfires, the faster rates of sea level rise and the extinction of some species.
Under this circumstance, Chinese President Xi Jinping, French President Emmanuel Macron, and German Chancellor Angela Merkel held a virtual meeting Friday on climate change, ahead of the Leaders' Climate Summit on Earth Day convened by the U.S., scheduled next week.
Emphasizing that he always advocates building a community with a shared future for mankind, the Chinese president voiced his willingness to strengthen cooperation with France and Germany on climate change.
"Tackling climate change is a common cause for all mankind and it should not become a geopolitical bargaining chip, a target for attacking other countries, or an excuse for trade barriers," he added.
China's inspiring pledge
President Xi on Friday's meeting reiterated China's ambitious climate target to bring the country's carbon dioxide emissions peak before 2030 and achieve carbon neutrality before 2060.
"This means that China, the world's largest developing country, will complete the world's highest reduction in carbon intensity and move from carbon peak to carbon neutral in the world's shortest time."
The 14th Five-Year Plan unveiled that China's energy consumption per unit of GDP and carbon dioxide emissions per unit of GDP will be reduced by 13.5 percent and 18 percent, respectively, between 2021 and 2025. It also aims to increase the share of non-fossil energy in total energy consumption to around 20 percent.
According to Climate Action Tracker (CAT), if China's goal of carbon neutrality before 2060 is achieved, it will alone lower global warming projections by around 0.2 to 0.3 degrees Celsius, the biggest single reduction ever estimated by CAT.
Meanwhile, China's commitment goes beyond the 2065-2070 global carbon neutrality schedule under the Paris Agreement 2 degrees Celsius scenario, which could move global carbon neutrality ahead by 5-10 years.
Walking the talk
"The Chinese side honors our promises with concrete actions," President Xi told Macron and Merkel, adding that China has incorporated peaking carbon emissions and achieving carbon neutrality into overall layout of building an ecological civilization and endeavored to build a green and low-carbon circular economy.
China, with its economic progress over the past decades largely powered by coal, is now among the world's biggest investors in renewable energy, owning 30 percent of the world's installed capacity of renewable energy.
The share of clean energy consumption in the country has risen from 19.1 percent in 2016 to 24.3 percent in 2020, data from the National Bureau of Statistics showed.
A 2019 study using data from NASA satellites shows that global green leaf area has increased by five percent since the early 2000s, with at least 25 percent of that gain coming in China.
China's forest coverage rate has risen from 12 percent in the early 1980s to 23.04 percent in 2020.
As President Xi also mentioned at the summit, China has been actively working with other countries to cope with climate change especially under the South-South cooperation framework.
According to the Ministry of Ecology and Environment, China has so far signed 38 cooperation agreements on climate change with 35 countries and helped train 2,000 officials and technical personnel from 120 developing countries.
Media:
Jiang Simin
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TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) will release its first quarter 2021 financial results after market close on April 28, 2021. Senior management will host a conference call and webcast on April 29, 2021 at 10:00 am ET to review Sherritt’s first quarter financial and operational performance.
Dial-in and Webcast Details: |
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North America dial-in number: |
1 (866) 521-4909 |
|||
International dial-in number: |
(647) 427-2311 |
|||
Webcast and slide presentation: |
Please dial in 15 minutes before the start of the conference to secure a line and avoid delays. Alternatively, listeners will be able to access the conference call via the webcast available on Sherritt’s website.
A copy of the webcast and replay of the conference call will be available on the website following the presentation.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel from lateritic ores with projects and operations in Canada and Cuba. The Corporation is the largest independent energy producer in Cuba with power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The Corporation’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Joe Racanelli, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: (416) 935-2457
DUBLIN--(BUSINESS WIRE)--The "Inertial Systems Market in Energy and Infrastructure - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The inertial systems market in energy and infrastructure was valued at USD 1.13 billion in 2020, and it is expected to reach USD 2.33 billion by 2026 and grow at a CAGR of 12.9% over the forecast period (2021-2026).
Companies Mentioned
MEMs to Hold Significant Market Growth in the Oil and Gas Sector
North America Witness Significant Market Share
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.4 Market Drivers
4.4.1 Emergence of MEMS Technology
4.4.2 Increasing Applications Based on Motion Sensing
4.5 Market Restraints
4.5.1 Integration Drift Error
5 MARKET SEGMENTATION
5.1 Component
5.1.1 Standalone (Accelerometers Gyroscope)
5.1.2 Integrated (IMUs and Attitude Heading and Reference Systems)
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Analog Devices Inc.
6.1.2 Bosch Sensortec GmbH
6.1.3 ST Microelectronics NV
6.1.4 Honeywell International Inc.
6.1.5 Invensense Inc.
6.1.6 Northrop Grumman Corporation
6.1.7 Safran Group (SAGEM)
6.1.8 Silicon Sensing Systems Ltd
6.1.9 Vector NAV Technologies
6.1.10 Thales Group
6.2 Investment Analysis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mfae17
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE:KSU) reported revenues of $706.0 million, a decrease of 4% from first quarter 2020. Overall, carload volumes were down 1% compared to prior year.
First Quarter 2021
First quarter revenues were $706.0 million, a decrease of 4% primarily resulting from lower volumes, lower fuel surcharge, and fluctuations in foreign currency.
First quarter operating expenses were $453.0 million. Operating income was $253.0 million and the reported operating ratio was 64.2%. First quarter net income was $153.4 million, or $1.68 per diluted share. Adjusted first quarter operating income, net income and diluted earnings per share were as follows:
(in millions, except operating ratio and diluted earnings per share) |
|
Three Months Ended March 31, 2021 |
|||||||||||||
|
|
Operating
|
|
Operating
|
|
Net Income |
|
Diluted Earnings
|
|||||||
GAAP Operating Results |
|
$ |
253.0 |
|
|
64.2 |
% |
|
$ |
153.4 |
|
|
$ |
1.68 |
|
Merger Costs |
|
19.3 |
|
|
(2.8) |
|
|
15.2 |
|
|
0.17 |
|
|||
Other Adjustments, Net |
|
— |
|
|
— |
|
|
6.0 |
|
|
0.06 |
|
|||
Adjusted Operating Results (non-GAAP) |
|
$ |
272.3 |
|
|
61.4 |
% |
|
$ |
174.6 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|||||||
See following pages for reconciliations to GAAP |
|
|
|
|
|
|
|
|
|||||||
"Although our first quarter performance was impacted by several unique and challenging events, including the Polar Vortex, and lingering network congestion, our operating team is focused on improving operating metrics and customer service through PSR phase III,” stated president and chief executive officer, Patrick J. Ottensmeyer. “Based on an outlook for improvement in volume growth and operational trends, we can confidently confirm our 2021 guidance.”
“During the first quarter, we also announced an exciting and historic combination with Canadian Pacific, creating the first rail network connecting the U.S., Mexico, and Canada. This combination is expected to provide an enhanced competitive alternative to existing rail service providers, resulting in improved service to customers of all sizes. This transaction represents an exciting opportunity for KCS and CP stakeholders, and we look forward to delivering the benefits to our customers, employees, investors, and communities. For more information on the transaction and the benefits it is expected to bring to the full range of stakeholders, visit FutureForFreight.com.”
Statement Regarding Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying first quarter 2021 earnings release contains non-GAAP financial measures. KCS management believes that certain non-GAAP financial measures used to review and in certain cases manage the Company's business fall within the meaning of Regulation G (Disclosure of non-GAAP financial measures) and may provide its users of the financial information with additional meaningful comparison when reviewing the Company's results. KCS management uses non-GAAP information in its planning and forecasting processes and to further analyze its own financial trends and operational performance, as well as making financial comparisons to prior periods presented on a similar basis. Management believes investors and users of the Company's financial information should consider all of the above factors when evaluating KCS's results.
These non-GAAP measures should be viewed as a supplement and not considered a substitute for GAAP measures. Some of KCS's non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures.
GAAP Reconciliations ($ in millions, except per share amounts) |
|||||||||||||||
Reconciliation of Diluted Earnings per Share to |
|
|
|
||||||||||||
Adjusted Diluted Earnings per Share |
Three Months Ended March 31, 2021 |
||||||||||||||
|
Income
|
|
Income Tax
|
|
Net Income |
|
Diluted
|
||||||||
As reported |
$ |
211.9 |
|
|
$ |
58.5 |
|
|
$ |
153.4 |
|
|
$ |
1.68 |
|
Adjustments for: |
|
|
|
|
|
|
|
||||||||
Merger costs |
19.3 |
|
|
4.1 |
|
|
15.2 |
|
|
0.17 |
|
||||
Foreign exchange loss |
7.3 |
|
|
2.2 |
|
|
5.1 |
|
|
0.05 |
|
||||
Foreign exchange component of income taxes |
— |
|
|
(0.9) |
|
|
0.9 |
|
|
0.01 |
|
||||
Adjusted |
$ |
238.5 |
|
|
$ |
63.9 |
|
|
174.6 |
|
|
|
|||
Less: Noncontrolling interest and preferred stock |
|
|
|
|
|
|
|
||||||||
dividends |
|
|
|
|
(0.4) |
|
|
|
|||||||
Adjusted net income available to common |
|
|
|
|
|
|
|
||||||||
stockholders - see (a) below |
|
|
|
|
$ |
174.2 |
|
|
$ |
1.91 |
|
||||
GAAP Reconciliations (continued) ($ in millions, except per share amounts) |
|||||||||||||||||
|
Three Months Ended March 31, 2020 |
||||||||||||||||
|
Income
Taxes |
|
Income Tax
|
|
Net Income |
|
Diluted
|
||||||||||
As reported |
$ |
197.5 |
|
|
$ |
45.2 |
|
|
$ |
152.3 |
|
|
|
$ |
1.58 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
||||||||||
Restructuring charges |
6.0 |
|
|
1.7 |
|
|
4.3 |
|
|
|
0.05 |
|
|
||||
Foreign exchange loss |
59.5 |
|
|
17.8 |
|
|
41.7 |
|
|
|
0.43 |
|
|
||||
Foreign exchange component of income taxes |
— |
|
|
9.5 |
|
|
(9.5 |
) |
|
|
(0.10 |
) |
|
||||
Adjusted |
$ |
263.0 |
|
|
$ |
74.2 |
|
|
188.8 |
|
|
|
|
||||
Less: Noncontrolling interest and preferred stock |
|
|
|
|
|
|
|
||||||||||
dividends |
|
|
|
|
(0.6 |
) |
|
|
|
||||||||
Adjusted net income available to common |
|
|
|
|
|
|
|
||||||||||
stockholders - see (a) below |
|
|
|
|
$ |
188.2 |
|
|
|
$ |
1.96 |
|
|
||||
Reconciliation of Operating Expenses to Adjusted |
Three Months Ended |
|||||||||
Operating Expenses |
March 31, |
|||||||||
|
2021 |
|
2020 |
|||||||
Operating expenses as reported |
$ |
453.0 |
|
|
|
$ |
442.9 |
|
|
|
Adjustment for merger costs |
(19.3 |
) |
|
|
— |
|
|
|||
Adjustment for restructuring charges |
— |
|
|
|
(6.0 |
) |
|
|||
Adjusted operating expenses - see (b) below |
$ |
433.7 |
|
|
|
$ |
436.9 |
|
|
|
|
|
|
|
|||||||
Operating income as reported |
$ |
253.0 |
|
|
|
$ |
288.8 |
|
|
|
Adjusted operating income - see (b) below |
272.3 |
|
|
|
294.8 |
|
|
|||
|
|
|
|
|||||||
Operating ratio (c) as reported |
64.2 |
|
% |
|
60.5 |
|
% |
|||
Adjusted operating ratio - see (b) and (c) below |
61.4 |
|
% |
|
59.7 |
|
% |
|||
(a) |
The Company believes adjusted diluted earnings per share is meaningful as it allows investors to evaluate the Company’s performance for different periods on a more comparable basis by adjusting for the impact of changes in foreign currency exchange rates, and items that are not directly related to the ongoing operations of the Company. The income tax expense impacts related to these adjustments are calculated at the applicable statutory tax rate. |
||
(b) |
The Company believes adjusted operating expenses, operating income and operating ratio are meaningful as they allow investors to evaluate the Company's performance for different periods on a more comparable basis by adjusting for items that are not directly related to the ongoing operations of the Company. |
||
| (c) | Operating ratio is calculated by dividing operating expenses by revenues; or in the case of adjusted operating ratio, adjusted operating expenses divided by revenues. |
Investor Conference Call and Webcast
KCS will also hold its first quarter 2021 earnings conference call on Friday, April 16, 2021 at 8:45 a.m. eastern time. Shareholders and other interested parties are invited to participate via live webcast or telephone. To participate in the live webcast and to view accompanying presentation materials, please log into investors.kcsouthern.com immediately prior to the presentation. To join the teleconference, please call (844) 308-6428 from the U.S., or (412) 317-5409 from all other countries.
A replay of the presentation will be available by calling (877) 344-7529 from the U.S., (855) 669-9658 from Canada or (412) 317-0088 from all other countries and entering conference ID 10152592. The webcast replay and presentation materials will be archived on the company’s website.
About Kansas City Southern
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com
Forward-Looking Information
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. In addition, management may make forward-looking statements orally or in other writing, including, but not limited to, in press releases, quarterly earnings calls, executive presentations, in the annual report to stockholders and in other filings with the Securities and Exchange Commission. Readers can usually identify these forward-looking statements by the use of such words as "may," "will," "should," "likely," "plans," "projects," "expects," "anticipates," "believes" or similar words. These statements involve a number of risks and uncertainties. Actual results could materially differ from those anticipated by such forward-looking statements as a result of a number of factors or combination of factors including, but not limited: the merger with Canadian Pacific Railway Limited ("CP") is subject to various closing conditions and there can be no assurances as to whether and when it may be completed; failure to complete the Company’s merger with CP could negatively impact the Company’s stock price and future business and financial results; Company’s stockholders cannot be sure of the value of the merger consideration they will receive from CP in the merger; lawsuits may be filed against the Company and/or CP challenging the transactions contemplated by the merger between, among others, the Company and CP; the shares of CP common stock to be received by the Company’s stockholders upon completion of the merger will have different rights from shares of the Company’s common stock; after completion of the merger, CP may fail to realize the projected benefits and cost savings of the merger; public health threats or outbreaks of communicable diseases, such as the ongoing COVID-19 pandemic and its impact on KCS’s business, suppliers, consumers, customers, employees and supply chains; rail accidents or other incidents or accidents on KCS’s rail network or at KCS’s facilities or customer facilities involving the release of hazardous materials, including toxic inhalation hazards; legislative and regulatory developments and disputes, including environmental regulations; loss of the rail concession of Kansas City Southern’s subsidiary, Kansas City Southern de México, S.A. de C.V.; domestic and international economic, political and social conditions; disruptions to the Company’s technology infrastructure, including its computer systems; increased demand and traffic congestion; the level of trade between the United States and Asia or Mexico; fluctuations in the peso-dollar exchange rate; natural events such as severe weather, hurricanes and floods; the outcome of claims and litigation involving the Company or its subsidiaries; competition and consolidation within the transportation industry; the business environment in industries that produce and use items shipped by rail; the termination of, or failure to renew, agreements with customers, other railroads and third parties; fluctuation in prices or availability of key materials, in particular diesel fuel; access to capital; climate change and the market and regulatory responses to climate change; dependency on certain key suppliers of core rail equipment; changes in securities and capital markets; unavailability of qualified personnel; labor difficulties, including strikes and work stoppages; acts of terrorism or risk of terrorist activities, war or other acts of violence; and other factors affecting the operation of the business; and other risks identified in this news release, in KCS's Annual Report on Form 10-K for the year ended December 31, 2020, and in other reports filed by KCS with the Securities and Exchange Commission.
Forward-looking statements reflect the information only as of the date on which they are made. KCS does not undertake any obligation to update any forward-looking statements to reflect future events, developments, or other information.
|
|
|
|
||||||
Kansas City Southern and Subsidiaries |
|||||||||
Consolidated Statements of Income |
|||||||||
(In millions, except share and per share amounts) |
|||||||||
(Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
March 31, |
||||||||
|
2021 |
|
2020 |
||||||
Revenues |
$ |
706.0 |
|
|
|
$ |
731.7 |
|
|
Operating expenses: |
|
|
|
||||||
Compensation and benefits |
129.5 |
|
|
|
133.4 |
|
|
||
Purchased services |
53.8 |
|
|
|
53.3 |
|
|
||
Fuel |
70.9 |
|
|
|
74.9 |
|
|
||
Equipment costs |
21.1 |
|
|
|
21.9 |
|
|
||
Depreciation and amortization |
92.0 |
|
|
|
89.4 |
|
|
||
Materials and other |
66.4 |
|
|
|
64.0 |
|
|
||
Merger costs |
19.3 |
|
|
|
— |
|
|
||
Restructuring charges |
— |
|
|
|
6.0 |
|
|
||
Total operating expenses |
453.0 |
|
|
|
442.9 |
|
|
||
Operating income |
253.0 |
|
|
|
288.8 |
|
|
||
Equity in net earnings of affiliates |
6.0 |
|
|
|
1.0 |
|
|
||
Interest expense |
(39.0 |
) |
|
|
(34.2 |
) |
|
||
Foreign exchange loss |
(7.3 |
) |
|
|
(59.5 |
) |
|
||
Other income (expense), net |
(0.8 |
) |
|
|
1.4 |
|
|
||
Income before income taxes |
211.9 |
|
|
|
197.5 |
|
|
||
Income tax expense |
58.5 |
|
|
|
45.2 |
|
|
||
Net income |
153.4 |
|
|
|
152.3 |
|
|
||
Less: Net income attributable to noncontrolling interest |
0.4 |
|
|
|
0.5 |
|
|
||
Net income attributable to Kansas City Southern and subsidiaries |
153.0 |
|
|
|
151.8 |
|
|
||
Preferred stock dividends |
— |
|
|
|
0.1 |
|
|
||
Net income available to common stockholders |
$ |
153.0 |
|
|
|
$ |
151.7 |
|
|
|
|
|
|
||||||
Earnings per share: |
|
|
|
||||||
Basic earnings per share |
$ |
1.69 |
|
|
|
$ |
1.59 |
|
|
Diluted earnings per share |
$ |
1.68 |
|
|
|
$ |
1.58 |
|
|
|
|
|
|
||||||
Average shares outstanding (in thousands): |
|
|
|
||||||
Basic |
90,757 |
|
|
|
95,662 |
|
|
||
Effect of dilution |
529 |
|
|
|
509 |
|
|
||
Diluted |
91,286 |
|
|
|
96,171 |
|
|
||
|
|
|
|
||||||
Kansas City Southern and Subsidiaries |
||||||||||||||||||||||||||||||
Revenue & Carload/Units by Commodity - First Quarter 2021 and 2020 |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
Revenues |
|
|
|
Carloads and Units |
|
|
|
Revenue per |
|
|
|||||||||||||||||||
|
(in millions) |
|
|
|
(in thousands) |
|
|
|
Carload/Unit |
|
|
|||||||||||||||||||
|
First Quarter |
|
% |
|
First Quarter |
|
% |
|
First Quarter |
|
% |
|||||||||||||||||||
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Chemical & Petroleum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Chemicals |
$ |
60.6 |
|
|
$ |
62.5 |
|
|
(3 |
%) |
|
24.9 |
|
|
24.6 |
|
|
1 |
% |
|
$ |
2,434 |
|
|
$ |
2,541 |
|
|
(4 |
%) |
Petroleum |
135.2 |
|
|
95.8 |
|
|
41 |
% |
|
59.2 |
|
|
46.5 |
|
|
27 |
% |
|
2,284 |
|
|
2,060 |
|
|
11 |
% |
||||
Plastics |
35.5 |
|
|
40.3 |
|
|
(12 |
%) |
|
17.5 |
|
|
19.8 |
|
|
(12 |
%) |
|
2,029 |
|
|
2,035 |
|
|
— |
|
||||
Total |
231.3 |
|
|
198.6 |
|
|
16 |
% |
|
101.6 |
|
|
90.9 |
|
|
12 |
% |
|
2,277 |
|
|
2,185 |
|
|
4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial & Consumer Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Forest Products |
57.7 |
|
|
68.9 |
|
|
(16 |
%) |
|
23.5 |
|
|
27.4 |
|
|
(14 |
%) |
|
2,455 |
|
|
2,515 |
|
|
(2 |
%) |
||||
Metals & Scrap |
46.3 |
|
|
62.3 |
|
|
(26 |
%) |
|
26.5 |
|
|
32.2 |
|
|
(18 |
%) |
|
1,747 |
|
|
1,935 |
|
|
(10 |
%) |
||||
Other |
30.0 |
|
|
27.8 |
|
|
8 |
% |
|
22.3 |
|
|
23.8 |
|
|
(6 |
%) |
|
1,345 |
|
|
1,168 |
|
|
15 |
% |
||||
Total |
134.0 |
|
|
159.0 |
|
|
(16 |
%) |
|
72.3 |
|
|
83.4 |
|
|
(13 |
%) |
|
1,853 |
|
|
1,906 |
|
|
(3 |
%) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Agriculture & Minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Grain |
74.7 |
|
|
77.8 |
|
|
(4 |
%) |
|
35.7 |
|
|
35.4 |
|
|
1 |
% |
|
2,092 |
|
|
2,198 |
|
|
(5 |
%) |
||||
Food Products |
37.0 |
|
|
42.7 |
|
|
(13 |
%) |
|
14.7 |
|
|
16.5 |
|
|
(11 |
%) |
|
2,517 |
|
|
2,588 |
|
|
(3 |
%) |
||||
Ores & Minerals |
5.2 |
|
|
5.8 |
|
|
(10 |
%) |
|
7.2 |
|
|
7.7 |
|
|
(6 |
%) |
|
722 |
|
|
753 |
|
|
(4 |
%) |
||||
Stone, Clay & Glass |
7.5 |
|
|
8.2 |
|
|
(9 |
%) |
|
3.1 |
|
|
3.5 |
|
|
(11 |
%) |
|
2,419 |
|
|
2,343 |
|
|
3 |
% |
||||
Total |
124.4 |
|
|
134.5 |
|
|
(8 |
%) |
|
60.7 |
|
|
63.1 |
|
|
(4 |
%) |
|
2,049 |
|
|
2,132 |
|
|
(4 |
%) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Utility Coal |
31.7 |
|
|
23.6 |
|
|
34 |
% |
|
37.9 |
|
|
29.2 |
|
|
30 |
% |
|
836 |
|
|
808 |
|
|
3 |
% |
||||
Coal & Petroleum Coke |
10.4 |
|
|
11.6 |
|
|
(10 |
%) |
|
12.5 |
|
|
15.0 |
|
|
(17 |
%) |
|
832 |
|
|
773 |
|
|
8 |
% |
||||
Frac Sand |
3.4 |
|
|
3.8 |
|
|
(11 |
%) |
|
2.9 |
|
|
3.1 |
|
|
(6 |
%) |
|
1,172 |
|
|
1,226 |
|
|
(4 |
%) |
||||
Crude Oil |
12.0 |
|
|
17.3 |
|
|
(31 |
%) |
|
8.3 |
|
|
10.3 |
|
|
(19 |
%) |
|
1,446 |
|
|
1,680 |
|
|
(14 |
%) |
||||
Total |
57.5 |
|
|
56.3 |
|
|
2 |
% |
|
61.6 |
|
|
57.6 |
|
|
7 |
% |
|
933 |
|
|
977 |
|
|
(5 |
%) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Intermodal |
81.3 |
|
|
88.7 |
|
|
(8 |
%) |
|
232.8 |
|
|
233.6 |
|
|
— |
|
|
349 |
|
|
380 |
|
|
(8 |
%) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Automotive |
44.1 |
|
|
53.9 |
|
|
(18 |
%) |
|
26.4 |
|
|
32.2 |
|
|
(18 |
%) |
|
1,670 |
|
|
1,674 |
|
|
— |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL FOR COMMODITY GROUPS |
672.6 |
|
|
691.0 |
|
|
(3 |
%) |
|
555.4 |
|
|
560.8 |
|
|
(1 |
%) |
|
$ |
1,211 |
|
|
$ |
1,232 |
|
|
(2 |
%) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Other Revenue |
33.4 |
|
|
40.7 |
|
|
(18 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL |
$ |
706.0 |
|
|
$ |
731.7 |
|
|
(4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
KCS: Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.
The platform reaffirms the Wrangler brand’s commitment to sustainability and coincides with the launch of a new eco-friendly green jean offering
GREENSBORO, N.C.--(BUSINESS WIRE)--#wecarewrangler--Wrangler®, a global icon in jeanswear and casual apparel, today announced the launch of its WeCare Wrangler™ sustainability platform, building off the brand’s long-standing commitment to protecting the planet and the people that call it home. WeCare Wrangler unites the brand’s legacy of sustainability with measurable goals designed to bring consumers the apparel they know and love while reducing the brand’s environmental impacts.
Coinciding with the launch of the WeCare Wrangler platform, the brand has launched the new Retro® Green Jean assortment which improves on favorite Wrangler styles with a variety of natural fibers, recycled hardware and eco-friendly materials from the hem to the waistband and everything in-between.
“It matters to Wrangler what’s in our clothing. Our process for creating apparel that consumers are passionate about starts with respect for both for the planet and the people who call it home,” said Tom Waldron, EVP, global brand president of Wrangler. “The WeCare Wrangler sustainability platform will act as our roadmap as we help lead the industry toward meaningful change that creates more positive environmental and social impacts.”
Sustainable Innovation Guided by Three Areas of Focus:
The WeCare Wrangler platform is guided by three key focus areas:
Responsibility Driven by Accountability
As part of WeCare Wrangler, Wrangler is building off the steps the brand has already taken toward a more sustainable future and has set ambitious goals as they are important. These include:
Driving Sustainable Apparel Through Innovation and Industry Collaboration
Wrangler further drives sustainability in the supply chain with strategic alliances that propel apparel development forward. In addition to signing onto the Ellen MacArthur Foundation’s Jeans Redesign guidelines last year, the brand also joined its Make Fashion Circular initiative, which drives collaboration between apparel industry leaders to ensure clothes are made from safe and renewable materials, new business models increase their use, and old clothes are turned into new.
“We’re continuously looking for opportunities to work with our partners and suppliers to minimize impact on the planet,” said Jeff Frye, vice president of product development and direct procurement at Kontoor Brands. “When we all work together, we can create apparel that not only looks good, but conserves the land it’s created from.”
To learn more about the brand’s commitment, goals and resources, visit wrangler.com/sustainability.
About Wrangler
Wrangler® has been an icon in authentic American style around the world for more than 70 years. With a rich legacy rooted in the American west, Wrangler commits to offering unmatched quality and timeless design. Its collections for men, women and children look and feel great, inspiring those who wear them to be strong and ready for life, every day. Wrangler is available in retail stores worldwide, including brand flagship stores in Denver and Dallas, department stores, mass-market retailers, specialty shops, western outfitters, and online. For more information, visit Wrangler.com.
Media Contact:
Morgan Lang
Wrangler
This email address is being protected from spambots. You need JavaScript enabled to view it.
919-277-1144
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