Business Wire News

Chevron will use the platform’s data-driven insights to facilitate more efficient and sustainable operations as the company pursues its decarbonization goals

HOUSTON--(BUSINESS WIRE)--ABS Wavesight™, an ABS-affiliated company, has been selected to provide greenhouse gas (GHG) and Sea Cargo Charter reporting services to Chevron Shipping Company (CSC). ABS My Digital Fleet™ (MDF), ABS Wavesight’s flagship platform, will be used to improve CSC’s emissions reporting practices as it pursues lower carbon operations.


CSC plans to use ABS Wavesight to streamline and consolidate existing GHG data collection practices and systems by creating a single repository to use in meeting the International Maritime Organization, European Union, Sea Cargo Charter, and other reporting requirements. MDF’s ability to provide robust data collection, validation and verification will also allow CSC to make more informed, data-based, technical, operational, and commercial decisions.

“The maritime industry is at a critical stage where access to real-time insights that can drive sustainable operations and reduce operational risks is essential,” said Paul Sells, President and CEO of ABS Wavesight. “Chevron’s decision to partner with ABS Wavesight speaks volumes about the company’s commitment to meeting global decarbonization goals and setting a standard for operational excellence. We look forward to working closely with Chevron to make an impact and set the tone for shipping’s next era.”

“Data plays a powerful role in fulfilling our commitment to helping the maritime industry reach its decarbonization goals,” said Mark Ross, President, Chevron Shipping Company. “We know that in order to reach our lower carbon goals and objectives, partnerships and new industry data practices will be required.”

ABS MDF seamlessly integrates data to provide real-time insights that facilitate risk management and drive sustainable operations within the maritime and offshore sectors. Key benefits of MDF include optimizing voyage performance, capitalizing fuel-saving opportunities, improving asset risk management, and benchmarking capabilities. MDF leverages connected devices to make real-time data available on a unified platform, further improving communication and efficiency across organizations.

For more information about ABS Wavesight and ABS My Digital Fleet, visit the ABS Wavesight website.

About ABS Wavesight

ABS Wavesight™, an ABS-affiliated company, is a global leader in the maritime technology industry pushing to decarbonize operations at sea through digitalization. Through its industry-leading My Digital Fleet™ and Nautical Systems platforms, ABS Wavesight provides maritime clients innovative fleet management software to improve the reliability and performance of their shipping operations. ABS Wavesight’s portfolio is comprised of best-in-class proprietary technology and third-party integrations that offer unparalleled insight into every aspect of a fleet’s operations.


Contacts

For more information, contact ABS Wavesight Media Relations: This email address is being protected from spambots. You need JavaScript enabled to view it.

New solar and wind power purchases, energy efficiency investments, and green building construction among eligible bond allocations to support sustainable business

PHILADELPHIA--(BUSINESS WIRE)--Comcast today announced the issuance of a $1 billion 10-year green bond, offering investors the opportunity to support environmental efforts such as those currently underway or under consideration as part of Comcast’s goal to be carbon neutral by 2035.



Proceeds from the green bond may be allocated to five investment areas, all of which contribute to Comcast's efforts to reduce its carbon footprint, including renewable energy, energy efficiency, green buildings, campuses, communities and cities, clean transportation, and circular economy adapted products, production technologies and processes. Comcast’s Green Financing Framework provides details on eligible green investments in these categories, in addition to the processes for project selection and progress reporting.

"We’re excited to have offered investors the opportunity to join us as we scale clean energy technologies and other decarbonization strategies across our business,” said Sara Cronenwett, Senior Vice President of Corporate Strategy and Environmental Sustainability at Comcast. “These investments bring great value to the broader community of Comcast shareholders, employees, and customers by helping to foster a cleaner, healthier environment.”

As part of its goal to be carbon neutral by 2035, Comcast’s environmental efforts have included:

  • Reducing Scope 1 and 2 emissions 31% since 2019.
  • More than doubling the use of renewable electricity from 2020 to 2021.
  • Decreasing Comcast Cable’s energy per consumed terabyte nearly 30% from 2019 to 2021.
  • Piloting electric and hybrid vehicles in select locations, including debuting the first four electric trams in the Universal Studios Hollywood fleet.
  • Increasing the number of green buildings it owns or occupies, including the LEED Platinum Comcast Technology Center.

Comcast worked with S&P Global Ratings to obtain an independent second party opinion on the Green Financing Framework, which concluded the framework is aligned with the ICMA Green Bond Principles (2021) and LMA/LSTA/APLMA Green Loan Principles (2021).

“We’re pleased that our inaugural green bond offering was largely led and underwritten by four nationally recognized minority-, women-, and service-disabled veteran-owned investment banking firms with whom Comcast has a strong historical relationship,” said Jason Armstrong, Chief Financial Officer and Treasurer for Comcast Corporation. “We value the role these firms play and are delighted to have partnered with them on such an important transaction for Comcast.”

BofA Securities, Inc. was sole Green Structuring Agent, an Active Bookrunner, and a Coordinator for the minority- and women-owned broker-dealers on the transaction. Also leading the green bond as active bookrunners were service-disabled veteran-owned Academy Securities, Inc., African-American-owned Loop Capital Markets LLC, Hispanic-owned Samuel A. Ramirez & Company, Inc., and African-American- and women-owned Siebert Williams Shank & Co., LLC. All 10 co-managers on the transaction were diversity firms.

“The strong response from investors to Comcast’s inaugural green bond offering highlights the market’s positive view of the company and appetite for this type of security structure,” said Andrew Karp, head of Global Sustainable Banking Solutions Group at BofA Securities, Inc.

For more information on Comcast’s environmental efforts, visit the environment page at www.comcastcorporation.com.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” section of our most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission (“SEC”). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; programming costs; consumer acceptance of our content; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; laws and regulations; adverse decisions in litigation or governmental investigations; labor disputes; and other risks described from time to time in reports and other documents we file with the SEC. There are also certain risks and challenges we may face in meeting our environmental goals that are beyond our control, including political, economic, regulatory and geopolitical conditions, the evolution of carbon offset markets, limited large-scale investments and innovations in technology and infrastructure, and supply chain and labor issues. The inclusion of forward-looking statements that may address our corporate responsibility initiatives, progress, plans and goals in this press release is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the SEC. Such statements may contain estimates, make assumptions based on developing standards that may change and provide aspirations and commitments that are not intended to be promises or guarantees. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.


Contacts

Press contacts:
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The solar installation will be developed on a local closed municipal landfill and deliver approximately $1 million in revenue

FRAMINGHAM, Mass. & ALTON, Ill.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with the City of Alton, Illinois to develop and install a 5 megawatt AC (MWAC)/7 megawatt DC (MWDC) solar array. The solar installation will be developed on a local closed municipal landfill site in the city.



Over the life of the project, this solar installation is designed to deliver approximately $1 million in revenue to the City of Alton and surrounding local businesses. The renewable energy generated from the site will also help offset greenhouse gas emissions from conventional utility generation. In just the first year alone, the project is expected to generate approximately 10,000 MWh of electricity, reducing the city’s carbon footprint by over 7,000 tons. Over the 30-year lifespan of the solar array, this equates to about 278,000 MWh of energy generation and 197,000 metric tons of carbon emission reduction.

“Greenhouse gas emissions contribute to global warming, directly impacting communities through adverse weather events – including the increased flooding we’ve experienced here in Alton. Though global warming is a worldwide problem, this project will benefit our city through local job creation and increased property tax revenue while also reducing greenhouse gas emissions,” said Alton Mayor David Goins. “Facilitating this solar installation represents a significant step forward for the City as we continue our progress toward sustainable solutions in coordination with the Alton Cool Cities Committee.”

Ameresco and the City of Alton also plan to install a self-guided, instructional display near the array to inform visitors about the project and provide them with an opportunity to learn more about the associated benefits of clean energy. The completion of this project will enable Alton to make forward progress toward the clean energy transition goals laid out in the Illinois Climate and Equitable Jobs Act (CEJA). CEJA sets a target to get Illinois to 40% renewable energy by 2030 and 50% renewable energy by 2040.

“Once completed, this solar array is expected to provide the City of Alton with substantial revenue from clean energy generation while also making beneficial use of a previously un-usable brownfield site,” said Jon Mancini, Senior Vice President of Solar Project Development at Ameresco. “We’re honored to have been selected as partners on this project, and look forward to installing a state-of-the-art solar array designed to provide a great benefit to the local community through meaningful progress toward meeting the city’s clean energy goals.”

Construction is slated to begin in the spring of 2023 and is expected to reach completion by the end of the year.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

About City of Alton, Illinois
Founded in 1837, Alton is a community rich in history and character with a lot to offer. Located on the Mississippi River 25 miles north of St. Louis, Missouri, the City boasts beautiful parks, a wonderful school district, tourist attractions, and community events to interest everyone. Alton’s charm and diverse resources make it a great place to live, work, and play. The City’s 28,000 residents benefit from a cost of living below the national average and the protection of the Alton Police and Fire Departments.

The announcement of Ameresco’s award of a renewable energy asset project is not necessarily indicative of the timing or amount of revenue from the energy asset, of the company’s overall revenue for any particular period or of trends in the company’s overall total assets in development or operation. The City of Alton site was not included in our previously reported operating assets in development as of September 30, 2022.


Contacts

Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) plans to release its financial results for the fourth quarter and full-year ended December 31, 2022 and issue 2023 financial guidance after the market closes on February 15, 2023.

An investors’ conference call to review the fourth quarter and full-year results, along with 2023 financial guidance will be held the following day.

Date: Thursday, February 16, 2023

Time: 8:00 a.m. CT (please dial in by 7:55 a.m.)

Dial In #: (888) 330-2384

Conference ID: 8536096

Replay Dial In # (800) 770-2030 – Conference ID: 8536096

A webcast of the conference call will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.

During the conference call, management will discuss certain non-generally accepted accounting principle financial measures for which reconciliations to the most directly comparable GAAP financial measures will be provided in Martin Midstream Partners’ announcement concerning its financial results for the quarter ended December 31, 2022, along with an archive of the replay.

About Martin Midstream Partners

MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.

MMLP-F


Contacts

Sharon Taylor
Chief Financial Officer
(877) 256-6644
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MIAMI--(BUSINESS WIRE)--#AllcargoGroup--ECU Worldwide, Allcargo Logistics’ wholly-owned global subsidiary, today announced that it has appointed Jitesh Shetty as Global Head of ECU 360 effective immediately.


Jitesh will spearhead major strategy and technical shifts for the company’s digital platform, and to exponentially scale ECU 360 by building a world class ecosystem and platform business. In this role he will work closely with startups and digital 3PL companies like Stord to strategically grow the business as well as add niche tech expertise. He brings over decades of entrepreneurial experience, especially in Silicon Valley by founding large scale digital businesses and leading teams at renowned tech companies like Google and Yahoo. In this role he will report to Vaishnav Shetty, Chief Digital Officer of the Allcargo Group.

Jitesh is a prominent Silicon Valley technology entrepreneur and venture investor with deep experience in the tech ecosystems across the San Francisco Bay Area. In 2012 He founded Qwiklabs Inc in Boston, an early innovator in cloud computing and built a large software as a service business with marquee enterprise customers like Amazon, Nvidia, Global Knowledge and RedHat storage. Qwiklabs was acquired by Google in 2016 and he quickly scaled the team, product, and business. Jitesh is also co-founder of InfiniChains, an enterprise blockchain company and MR Access, an AI first MRI company.

Prior to founding Qwiklabs, Jitesh worked at Yahoo Inc where he led a global engineering and product management team. Jitesh is also an investor in over 17 early stage companies across emerging technologies: cloud computing, AI and supply chain. He holds a master’s degree in computer science from the University of Southern California and has several US patent grants in the core cloud computing space. Jitesh initially joined the board of ECU WW in August 2021 and sits on the board of several global companies.

“ECU Worldwide is one of those unique companies that has attained unmatched tech capability in the legacy sector of logistics and I am honored to have been chosen to lead the company and grow its digital platform as well as work with innovative startups to further scale the platform business,” said Jitesh Shetty, Global Head of ECU 360. “The opportunity ahead for ECU Worldwide is huge, and to seize it, we must step up and continue to transform and disrupt ourselves. A key part of my job is to bring innovative products to markets and customers more quickly.”

“Jitesh’s leadership experience in the technology space including innovative emerging technology as well as his invaluable entrepreneurial experience in Silicon Valley is what we were looking at to drive the next level of growth for our digital platform. His experience in the Silicon Valley with startups and investors will help us drive tremendous platform and service innovation as well as engage with startups more closely and scale up or work with them across India and globally,” said Tim Tudor, Chief Executive Officer, ECU Worldwide.

ABOUT ECU WORLDWIDE

Founded in 1987, ECU Worldwide is Allcargo Logistics’ wholly-owned global subsidiary. It is one of the major players in multi-modal transport and global leaders in LCL consolidation ensuring smooth, safe and end-to-end coordination for its customer's cargo. ECU Worldwide leverages its synergies and knowledge of local markets and vast experience in global logistics to deliver the best through its services. The company boasts of 300+ offices in 160+ countries at 530+ destinations with 2400+ trade lanes converging their international standard expertise with over 3500+ dedicated employees from across continents.


Contacts

For further information, please contact:
Ms Pooja Sharma
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  • Introduction of ECOPact® low-carbon concrete to Minneapolis, Saint Paul and Fargo markets will reduce the carbon footprint of the built environment in these urban centers
  • Leading the way to a more sustainable future, Holcim US accelerates the introduction of low-carbon building materials to enable building more with less

CHICAGO--(BUSINESS WIRE)--Holcim US, the leader in sustainable building materials, today announced the expansion of its innovative ECOPact low-carbon concrete with the launch in the Twin Cities, Minnesota and Fargo, North Dakota, markets. Providing 30% to 90% lower CO2 emissions (without the purchase of offsets) compared to standard concrete, ECOPact offers the industry’s broadest range of low-carbon concrete solutions for high-performing, sustainable and circular construction.


Limiting the emissions that buildings release over their lifetime is critical to stabilizing the climate—making reduced embodied carbon in construction an urgent issue. As the world’s largest diversified supplier of building materials, Holcim is driving the market transition to a net-zero future by being among the first in the industry to offer low-carbon concrete, low-carbon cement, recycled aggregates, services that promote sustainability and transparency through environmental product declarations.

The introduction of ECOPact low-carbon concrete building solutions in the Minneapolis, Saint Paul and Fargo metro areas will help these cities meet their sustainability commitments to the US Mayors' Climate Protection Agreement for reducing greenhouse gas emissions below 1990 levels. It will also make a strong contribution to achieving Holcim’s climate-action goals of reducing scope 1 and 2 emissions per ton of cementitious materials by 25% by 2030 (from a 2018 base year).

Minneapolis has been striving to reduce greenhouse gas emissions for 30 years, starting with the adoption of the Minneapolis-Saint Paul Urban CO2 Project Plan in 1993. Over the last decade, it has also experienced population growth and rapid changes to its urban landscape. “With countless developments already in the pipeline and so much on the horizon, engineers, architects and developers are driving demand to integrate sustainable building practices throughout the region,” said Randy Gaworski, Sr. Vice President ACM North Central Region, Holcim US. “This is an exciting opportunity to offer our customers high-quality, low-carbon products for meeting our shared commitments to sustainability and net-zero construction.”

ECOPact was first launched throughout the Boston and Washington DC metropolitan areas in 2020. The green concrete is sold at a range of low-carbon levels, from 30% to 90% less carbon emissions compared to standard concrete. Up to 80% less carbon is achieved primarily through the use of lower CO2-intensive materials. Where conditions allow, ECOPact products can even integrate construction and demolition waste, thus closing the material cycle completely.

About Holcim

Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, creating smarter infrastructure, and improving living standards around the world. With sustainability at the core of our strategy, Holcim is becoming a net-zero company, with our people and communities at the heart of our success. The company is driving circular construction as a world leader in recycling, to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector, including ACC, Aggregate Industries, Ambuja Cement, Disensa, Firestone Building Products, Geocycle, Holcim, Lafarge and Malarkey Roofing Products. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products.

In the United States, Holcim US includes nearly 350 sites in 43 states and employs 7,000 people. Our customers rely on us to help them design and build better communities with innovative solutions that deliver structural integrity and eco-efficiency. For more information, visit www.holcim.us.


Contacts

Meredith Castro, Holcim
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”) announced today a new marine collaboration with a globally renowned energy technology company, offering sustainable solutions across the entire energy value chain.


Advent and its partner will work together to develop a 50kW–500kW marine fuel cell solution for a range of superyachts, which will provide a sustainable and reliable source of auxiliary power and offer improved power density. This marine fuel cell solution is initially expected to be used as a hybrid power source, enabling clean electricity generation instead of using conventional diesel engines and generators for procedures such as anchoring and maneuvering. As part of the agreement, Advent’s partner has placed an initial order for 20 of Advent’s methanol-powered Serene fuel cell systems.

Following the completion of this project, the two parties will explore the potential of developing similar solutions for a wider range of business applications beyond marine, such as industrial power solutions. Earlier this year, Advent’s Serene fuel cells successfully underwent testing and evaluation by the partner’s team of experts and passed the company-wide standardized “Supplier Qualification Process”.

Advent’s line of Serene solutions includes the core SereneU unit, a 4th generation methanol-powered hydrogen fuel cell that can be configured and stacked to meet electricity needs of up to 250kW. The SereneU is based on Advent’s high-temperature proton exchange membrane (“HT-PEM”) that has the advantages of high efficiency and performance in extreme temperatures, low total cost of ownership and reduced start-up time, and, fuel flexibility. Most importantly, Serene fuel cells can provide a significant reduction of emissions over conventional power generation.

Serene fuel cells run on methanol, a clean alternative to fossil fuels that allows simple storage in terms of handling and logistics and enhances the safety of operations. When powered by biomethanol, Serene fuel cells can achieve more than 80% CO2 emissions reduction compared to diesel generators. As the green hydrogen industry continues to develop, Serene fuel cells are expected to yield net-zero emission electricity to ships by running on e-methanol produced from green hydrogen.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer commented: “We are excited to be collaborating with a global leader in energy technology, aiming to contribute to their goal of creating sustainable and intelligent electrical power distribution solutions for superyachts, which are designed to deliver maximum performance while also being reliable and scalable. We are highly confident in the performance and the quality of our methanol-powered fuel cell products, and we look forward to the successful delivery of the first order and establishing a long and productive collaboration with our new marine partner.”

Dr. Emory De Castro, Advent’s Chief Technology Officer added: “We see an increasing consensus in the market that HT-PEM is ideal for marine applications. Unlike low temperature PEM, HT-PEM works very well with methanol and e-fuels and is a more compact and low-cost solution than solid oxide fuel cell technology which tends to be suitable for power plants.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.


Contacts

Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) today announced that Dana Armstrong, Chief Financial Officer, will host one-on-one investor meetings at the upcoming investor conference:


Raymond James 44th Annual Institutional Investors Conference | JW Marriott Grande Lakes in Orlando, Florida
Participation Date: March 6, 2023

ABOUT EXCELERATE ENERGY:

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.


Contacts

Investors
Craig Hicks
Excelerate Energy
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Media
Stephen Pettibone / Frances Jeter
FGS Global
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or
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Solar Applications Specialist Will White to bolster Fluke’s solar training and education efforts, beginning with Intersolar North America, an upcoming webinar and a NABCEP 2023 session

EVERETT, Wash.--(BUSINESS WIRE)--#FlukeTools--Fluke, a leading provider of safe, rugged, and reliable industrial tools and integrated software, today announced an expansion of its solar team, introducing Solar Applications Specialist Will White, who will help strengthen Fluke’s solar tools portfolio. In this role, White will also kickstart Fluke’s solar education and training initiatives.



White has nearly two decades of experience designing, installing, and managing photovoltaic, wind, and solar thermal projects. As Director of Business Development at Solar Energy International (SEI), a non-profit organization accelerating renewable energy technologies through education and technical assistance, White helped clients identify training opportunities for their teams. Prior to this role, White served as a member of SEI’s curriculum team, where he focused on updating and developing course content and teaching classes in-person and online. Will has been a North American Board of Certified Energy Practitioners (NABCEP) Certified PV Installation Professional since 2006 and was previously a NABCEP Certified Solar Heating Installer.

“I’m thrilled to take on this new role as part of Fluke’s growing solar team, especially in a time when the industry is experiencing such positive momentum,” said White. “As new and veteran technicians alike are drawn to solar, it's important that they have the right combination of tools and training to be effective, confident, and safe. I’m looking forward to sharing my experience on high-quality, code-compliant installation techniques with this growing workforce.”

White will spearhead Fluke’s solar education initiatives, including webinars, industry event sessions and other trainings. To start, attendees of Intersolar North America, taking place on February 14-16 in Long Beach, CA, can visit Will White at the Fluke Booth (#1941) to get a hands-on demonstration of the latest solar tools Fluke has to offer.

White will also host the Fluke 2023 Solar Safety Webinar on March 9, 2023 from 9:00 to 10:00 am PST, where he will share best practices, electrical safety considerations, and tips for picking the correct tools to keep safe while working on solar electrical equipment. Registration for this webinar is available online.

Finally, White will lead a session at the NABCEP 2023 CE Conference in St. Charles, Missouri. The presentation, Tools and Techniques for Commissioning and Maintaining PV Systems, will be held on March 28 from 4:30 to 6:00 pm CST. Explore the installation, commissioning, and maintenance process of a solar array, including critical performance tests and the tools required to ensure proper solar asset management. Event and registration information can be found here.

To learn more about Fluke and its portfolio of solar tools, visit solar.fluke.com.

About Fluke
As the world leader in test and measurement equipment, software, and service, Fluke is committed to advancing sustainability at a global level. Growth in renewable energy industries requires precision measurement, quality control, and reporting capabilities for installation, maintenance, and service. Every day, Fluke customers stake their reputations on Fluke tools—it’s why they depend on Fluke’s reliability, accuracy, and commitment to help them extend their skillsets and professionalism.

FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.


Contacts

Media
Carlos Villacis
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  • Q4 revenue was $491 million, above the high end of guidance
  • Q4 GAAP EPS from continuing operations was $1.20; Q4 Non-GAAP EPS was $1.70, above the mid-point of guidance
  • 2022 revenue was a record $1.85 billion, with each end market up 20% or more
  • 2022 GAAP EPS from continuing operations was $5.35; 2022 Non-GAAP EPS was a record $6.49
  • 2022 cash flow from continuing operations was $184 million

DENVER--(BUSINESS WIRE)--Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced financial results for the fourth quarter and year ended December 31, 2022.


“We delivered strong financial results in the fourth quarter, taking advantage of improved component availability and solid manufacturing execution,” said Steve Kelley, president and CEO of Advanced Energy. “For the full year, we achieved record revenue and earnings, thanks to strong demand in all of our markets and improved execution across the company. Although we expect lower revenue in the near-term due to a downturn in the semiconductor equipment market, we anticipate a record level of design-in activity, leveraging our strong pipeline of technology-leading products.”

Quarter Results

Sales were $490.7 million in the fourth quarter of 2022, compared with $516.3 million in the third quarter of 2022 and $396.9 million in the fourth quarter of 2021.

GAAP net income from continuing operations was $45.3 million or $1.20 per diluted share in the quarter, compared with $74.9 million or $1.99 per diluted share in the prior quarter, and $39.7 million or $1.05 per diluted share a year ago.

Non-GAAP net income was $64.2 million or $1.70 per diluted share in the fourth quarter of 2022. This compares with $79.6 million or $2.12 per diluted share in the third quarter of 2022, and $51.5 million or $1.36 per diluted share in the fourth quarter of 2021.

Advanced Energy generated $70.7 million of cash flow from continuing operations during the quarter, repurchased $0.7 million of common stock and paid $3.8 million in a quarterly dividend.

Full Year 2022 Results

2022 revenue was a record $1.85 billion, a 27% increase from $1.46 billion in 2021.

GAAP net income from continuing operations was a record $201.9 million or $5.35 per diluted share in 2022, compared with $134.7 million or $3.51 per diluted share in 2021.

Non-GAAP net income was a record $244.8 million or $6.49 per diluted share in 2022, compared to $183.2 million or $4.78 per diluted share in 2021.

The company generated $183.7 million of operating cash from continuing operations in 2022, repurchased $26.6 million of common stock and paid $15.2 million in dividends. Cash and equivalents including long-term marketable securities at ended the year were $460.9 million.

A reconciliation of GAAP to non-GAAP measures is provided in the tables below.

First Quarter 2023 Guidance

Based on the Company’s current view, beliefs, and assumptions, guidance for the first quarter of 2023 is within the following ranges:

 

Q1 2023

Revenues

$415 million +/- $20 million

GAAP EPS from continuing operations

$0.76 +/- $0.25

Non-GAAP EPS

$1.10 +/- $0.25

Conference Call

Management will host a conference call today, February 8, 2023, at 4:30 p.m. Eastern Time to discuss the fourth quarter and full year financial results. To participate in the live earnings conference call, please dial 877-407-0890 approximately ten minutes prior to the start of the meeting and an operator will connect you. International participants can dial +1-201-389-0918. A webcast will also be available on our investor web page at ir.advancedenergy.com in the Events & Presentations section. The archived webcast will be available approximately two hours following the end of the live event.

About Advanced Energy

Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial production, medical and life sciences, data center computing, networking, and telecommunications. With engineering know-how and responsive service and support for customers around the globe, the company builds collaborative partnerships to meet technology advances, propels growth of its customers and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.

Advanced Energy | Precision. Power. Performance. Trust.

Non-GAAP Measures

This release includes GAAP and non-GAAP income and per-share earnings data and other GAAP and non-GAAP financial information. Advanced Energy’s non-GAAP measures exclude the impact of non-cash related charges such as stock-based compensation and amortization of intangible assets, as well as discontinued operations, and non-recurring items such as acquisition-related costs and restructuring expenses. The non-GAAP measures included in this release are not in accordance with, or an alternative for, similar measures calculated under generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures provide useful information to management and investors to evaluate business performance without the impacts of certain non-cash charges, non-economic foreign currency remeasurements, and other cash charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives, make business decisions, develop budgets, forecast future periods, assess trends, and evaluate financial impacts of various scenarios. In addition, management’s incentive plans include these non-GAAP measures as criteria for achievements. Additionally, we believe that these non-GAAP measures, in combination with its financial results calculated in accordance with GAAP, provide investors with additional perspective. To gain a complete picture of all effects on our financial results from any and all events, management does (and investors should) rely upon the GAAP measures as well, as the items excluded from non-GAAP measures may contribute to not accurately reflecting the underlying performance of the company’s continuing operations for the period in which they are incurred. Furthermore, the use of non-GAAP measures has limitations in that such measures do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.

Forward-Looking Statements

This release and statements we make on the above announced conference call contain, in addition to historical information, 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. Statements in this report that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," as well as statements that events or circumstances "will" occur or continue, indicate forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: (a) supply chain disruptions and component shortages that may impact our ability to timely manufacture products and deliver to customers; (b) the effects of global macroeconomic conditions upon demand for our products and services, including supply chain cost increases, inflationary pressures, economic downturns, and volatility and cyclicality of the industries we serve; (c) the impact of political and geographical risks, including trade and export regulations, other effects of international disputes, war, terrorism, or geopolitical tensions; (d) managing backlog orders; (e) our ability to develop new products expeditiously and be successful in the design win process; (f) delays in capital spending by end-users in our served markets; (g) the risks and uncertainties related to the integration of acquired companies including SL Power Electronics; (h) the continuing spread of COVID-19 and its potential adverse impact on our operations; (i) our ability to avoid additional costs and lawsuits after the solar inverter wind-down; (j) the accuracy of our assumptions on which our financial statement projections are based; (k) the timing of orders received from customers; (l) our ability to realize benefits from cost improvement efforts including avoided costs, restructuring plans and inorganic growth; (m) unanticipated changes to management’s estimates, reserves or allowances; and (n) changes and adjustments to the tax expense and benefits related to the U.S. tax law changes, any of which could negatively impact our customers’ and our presence, operations, and financial results. These and other risks are described in Advanced Energy’s Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission (the “SEC”). These reports and statements are available on the SEC’s website at www.sec.gov. Copies may also be obtained from Advanced Energy’s investor relations page at ir.advancedenergy.com or by contacting Advanced Energy’s investor relations at 970-407-6555. Forward-looking statements are made and based on information available to us on the date of this press release. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. We assume no obligation to update the information in this press release.

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

September 30,

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2022

 

 

2021

 

 

Sales, net

 

$

490,740

 

 

$

396,930

 

 

$

516,274

 

 

$

1,845,422

 

 

$

1,455,954

 

 

Cost of sales

 

 

312,926

 

 

 

257,183

 

 

 

325,056

 

 

 

1,169,916

 

 

 

923,632

 

 

Gross profit

 

 

177,814

 

 

 

139,747

 

 

 

191,218

 

 

 

675,506

 

 

 

532,322

 

 

Gross margin %

 

 

36.2

 

%

 

35.2

 

%

 

37.0

 

%

 

36.6

 

%

 

36.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

49,637

 

 

 

40,966

 

 

 

49,760

 

 

 

191,020

 

 

 

161,831

 

 

Selling, general, and administrative

 

 

57,407

 

 

 

48,784

 

 

 

56,716

 

 

 

218,463

 

 

 

191,998

 

 

Amortization of intangible assets

 

 

7,033

 

 

 

5,556

 

 

 

7,049

 

 

 

26,114

 

 

 

22,060

 

 

Restructuring expense

 

 

5,636

 

 

 

2,231

 

 

 

121

 

 

 

6,814

 

 

 

4,752

 

 

Total operating expenses

 

 

119,713

 

 

 

97,537

 

 

 

113,646

 

 

 

442,411

 

 

 

380,641

 

 

Operating income

 

 

58,101

 

 

 

42,210

 

 

 

77,572

 

 

 

233,095

 

 

 

151,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

(2,701

)

 

 

704

 

 

 

8,940

 

 

 

8,646

 

 

 

(2,970

)

 

Income from continuing operations, before income taxes

 

 

55,400

 

 

 

42,914

 

 

 

86,512

 

 

 

241,741

 

 

 

148,711

 

 

Provision for income taxes

 

 

10,055

 

 

 

3,187

 

 

 

11,639

 

 

 

39,850

 

 

 

14,004

 

 

Income from continuing operations

 

 

45,345

 

 

 

39,727

 

 

 

74,873

 

 

 

201,891

 

 

 

134,707

 

 

Income (loss) from discontinued operations, net of income taxes

 

 

(1,600

)

 

 

(98

)

 

 

(697

)

 

 

(2,215

)

 

 

73

 

 

Net income

 

 

43,745

 

 

 

39,629

 

 

 

74,176

 

 

 

199,676

 

 

 

134,780

 

 

Income from continuing operations attributable to noncontrolling interest

 

 

 

 

 

(26

)

 

 

9

 

 

 

16

 

 

 

44

 

 

Net income attributable to Advanced Energy Industries, Inc.

 

$

43,745

 

 

$

39,655

 

 

$

74,167

 

 

$

199,660

 

 

$

134,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

37,405

 

 

 

37,672

 

 

 

37,379

 

 

 

37,463

 

 

 

38,143

 

 

Diluted weighted-average common shares outstanding

 

 

37,683

 

 

 

37,866

 

 

 

37,630

 

 

 

37,721

 

 

 

38,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Advanced Energy Industries, Inc:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.21

 

 

$

1.06

 

 

$

2.00

 

 

$

5.39

 

 

$

3.53

 

 

Diluted earnings per share

 

$

1.20

 

 

$

1.05

 

 

$

1.99

 

 

$

5.35

 

 

$

3.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

(0.04

)

 

$

 

 

$

(0.02

)

 

$

(0.06

)

 

$

 

 

Diluted earnings (loss) per share

 

$

(0.04

)

 

$

 

 

$

(0.02

)

 

$

(0.06

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.17

 

 

$

1.05

 

 

$

1.98

 

 

$

5.33

 

 

$

3.53

 

 

Diluted earnings per share

 

$

1.16

 

 

$

1.05

 

 

$

1.97

 

 

$

5.29

 

 

$

3.51

 

 

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

458,818

 

$

544,372

Accounts and other receivable, net

 

 

300,683

 

 

237,227

Inventories

 

 

376,012

 

 

338,410

Other current assets

 

 

53,001

 

 

42,225

Total current assets

 

 

1,188,514

 

 

1,162,234

 

 

 

 

 

 

 

Property and equipment, net

 

 

148,462

 

 

114,830

Operating lease right-of-use assets

 

 

100,177

 

 

101,769

Other assets

 

 

84,056

 

 

66,911

Goodwill and intangible assets, net

 

 

470,959

 

 

371,596

Total assets

 

$

1,992,168

 

$

1,817,340

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

170,467

 

$

193,708

Other accrued expenses

 

 

185,805

 

 

140,645

Current portion of long-term debt

 

 

20,000

 

 

20,000

Current portion of operating lease liabilities

 

 

16,771

 

 

15,843

Total current liabilities

 

 

393,043

 

 

370,196

 

 

 

 

 

 

 

Long-term debt

 

 

353,262

 

 

372,733

Other long-term liabilities

 

 

179,596

 

 

202,915

Long-term liabilities

 

 

532,858

 

 

575,648

 

 

 

 

 

 

 

Total liabilities

 

 

925,901

 

 

945,844

 

 

 

 

 

 

 

Advanced Energy Industries, Inc. stockholders' equity

 

 

1,066,267

 

 

870,851

Noncontrolling interest

 

 

 

 

645

Total stockholders’ equity

 

 

1,066,267

 

 

871,496

Total liabilities and stockholders’ equity

 

$

1,992,168

 

$

1,817,340

ADVANCED ENERGY INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

199,676

 

 

$

134,780

 

Less: income (loss) from discontinued operations, net of income taxes

 

 

(2,215

)

 

 

73

 

Income from continuing operations, net of income taxes

 

 

201,891

 

 

 

134,707

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

60,296

 

 

 

52,893

 

Stock-based compensation expense

 

 

19,849

 

 

 

15,739

 

Provision for deferred income taxes

 

 

(5,736

)

 

 

1,326

 

Discount on notes receivable

 

 

 

 

 

(638

)

(Gain) loss on disposal and sale of assets

 

 

(3,962

)

 

 

1,496

 

Changes in operating assets and liabilities, net of assets acquired

 

 

(88,607

)

 

 

(64,609

)

Net cash from operating activities from continuing operations

 

 

183,731

 

 

 

140,914

 

Net cash from operating activities from discontinued operations

 

 

(144

)

 

 

(669

)

Net cash from operating activities

 

 

183,587

 

 

 

140,245

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Receipt of notes receivable

 

 

 

 

 

3,050

 

Purchases of property and equipment

 

 

(58,885

)

 

 

(28,817

)

Acquisitions, net of cash acquired

 

 

(149,387

)

 

 

(21,535

)

Net cash from investing activities

 

 

(208,272

)

 

 

(47,302

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

 

 

 

85,000

 

Payment of debt-issuance costs

 

 

 

 

 

(1,350

)

Payments on long-term borrowings

 

 

(20,000

)

 

 

(13,750

)

Dividend payments

 

 

(15,204

)

 

 

(15,385

)

Purchase and retirement of common stock

 

 

(26,635

)

 

 

(78,125

)

Net payments related to stock-based awards

 

 

(26

)

 

 

(1,762

)

Net cash from financing activities

 

 

(61,865

)

 

 

(25,372

)

 

 

 

 

 

 

 

EFFECT OF CURRENCY TRANSLATION ON CASH

 

 

996

 

 

 

(3,567

)

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(85,554

)

 

 

64,004

 

CASH AND CASH EQUIVALENTS, beginning of period

 

 

544,372

 

 

 

480,368

 

CASH AND CASH EQUIVALENTS, end of period

 

$

458,818

 

 

$

544,372

 

ADVANCED ENERGY INDUSTRIES, INC.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Market

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Semiconductor Equipment

 

$

232,455

 

$

179,346

 

$

266,600

 

$

930,809

 

$

710,174

Industrial and Medical

 

 

119,327

 

 

98,764

 

 

119,587

 

 

426,763

 

 

341,176

Data Center Computing

 

 

94,525

 

 

80,081

 

 

87,542

 

 

327,466

 

 

270,924

Telecom and Networking

 

 

44,433

 

 

38,739

 

 

42,545

 

 

160,384

 

 

133,680

Total

 

$

490,740

 

$

396,930

 

$

516,274

 

$

1,845,422

 

$

1,455,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales by Geographic Region

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

North America

 

$

230,461

 

$

178,200

 

$

238,115

 

$

857,490

 

$

665,479

Asia

 

 

197,368

 

 

163,598

 

 

215,401

 

 

754,997

 

 

597,830

Europe

 

 

61,146

 

 

49,305

 

 

61,456

 

 

219,119

 

 

179,056

Other

 

 

1,765

 

 

5,827

 

 

1,302

 

 

13,816

 

 

13,589

Total

 

$

490,740

 

$

396,930

 

$

516,274

 

$

1,845,422

 

$

1,455,954

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Gross profit from continuing operations, as reported

 

$

177,814

 

 

$

139,747

 

 

$

191,218

 

 

$

675,506

 

 

$

532,322

 

Adjustments to gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

391

 

 

 

(19

)

 

 

454

 

 

 

1,478

 

 

 

764

 

Facility expansion, relocation costs and other

 

 

1,162

 

 

 

997

 

 

 

1,662

 

 

 

5,295

 

 

 

6,189

 

Acquisition-related costs

 

 

73

 

 

 

234

 

 

 

66

 

 

 

(299

)

 

 

3,585

 

Non-GAAP gross profit

 

 

179,440

 

 

 

140,959

 

 

 

193,400

 

 

 

681,980

 

 

 

542,860

 

Non-GAAP gross margin

 

 

36.6

%

 

 

35.5

%

 

 

37.5

%

 

 

37.0

%

 

 

37.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses from continuing operations, as reported

 

 

119,713

 

 

 

97,537

 

 

 

113,646

 

 

 

442,411

 

 

 

380,641

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(7,033

)

 

 

(5,556

)

 

 

(7,049

)

 

 

(26,114

)

 

 

(22,060

)

Stock-based compensation

 

 

(4,450

)

 

 

(2,939

)

 

 

(5,568

)

 

 

(18,371

)

 

 

(14,975

)

Acquisition-related costs

 

 

(1,660

)

 

 

(679

)

 

 

(1,150

)

 

 

(8,637

)

 

 

(6,803

)

Facility expansion, relocation costs and other

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

(229

)

Restructuring charges

 

 

(5,636

)

 

 

(2,231

)

 

 

(121

)

 

 

(6,814

)

 

 

(4,752

)

Non-GAAP operating expenses

 

 

100,934

 

 

 

86,115

 

 

 

99,758

 

 

 

382,475

 

 

 

331,822

 

Non-GAAP operating income

 

$

78,506

 

 

$

54,844

 

 

$

93,642

 

 

$

299,505

 

 

$

211,038

 

Non-GAAP operating margin

 

 

16.0

%

 

 

13.8

%

 

 

18.1

%

 

 

16.2

%

 

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP measure - income excluding certain items

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Income from continuing operations, less non-controlling interest, net of income taxes

 

$

45,345

 

 

$

39,753

 

 

$

74,864

 

 

$

201,875

 

 

$

134,663

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

7,033

 

 

 

5,556

 

 

 

7,049

 

 

 

26,114

 

 

 

22,060

 

Acquisition-related costs

 

 

1,733

 

 

 

913

 

 

 

1,216

 

 

 

8,338

 

 

 

10,388

 

Facility expansion, relocation costs, and other

 

 

1,162

 

 

 

1,014

 

 

 

1,662

 

 

 

5,295

 

 

 

6,418

 

Restructuring charges

 

 

5,636

 

 

 

2,231

 

 

 

121

 

 

 

6,814

 

 

 

4,752

 

Unrealized foreign currency (gain) loss

 

 

5,378

 

 

 

(134

)

 

 

(6,169

)

 

 

(7,645

)

 

 

(3,543

)

Acquisition-related costs and other included in other (income) expense, net

 

 

(3,817

)

 

 

(3,093

)

 

 

(4,685

)

 

 

(8,417

)

 

 

(2,186

)

Tax effect of non-GAAP adjustments

 

 

(2,042

)

 

 

3,017

 

 

 

855

 

 

 

(3,008

)

 

 

(1,346

)

Non-GAAP income, net of income taxes, excluding stock-based compensation

 

 

60,428

 

 

 

49,257

 

 

 

74,913

 

 

 

229,366

 

 

 

171,206

 

Stock-based compensation, net of taxes

 

 

3,776

 

 

 

2,233

 

 

 

4,697

 

 

 

15,444

 

 

 

12,042

 

Non-GAAP income, net of income taxes

 

$

64,204

 

 

$

51,490

 

 

$

79,610

 

 

$

244,810

 

 

$

183,248

 

ADVANCED ENERGY INDUSTRIES, INC.

SELECTED OTHER DATA (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP measure - per share earnings excluding certain items

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

September 30,

 

December 31,

 

 

2022

 

2021

 

2022

 

2022

 

2021

Diluted earnings per share from continuing operations, as reported

 

$

1.20

 

$

1.05

 

$

1.99

 

$

5.35

 

$

3.51

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share impact of non-GAAP adjustments, net of tax

 

 

0.50

 

 

0.31

 

 

0.13

 

 

1.14

 

 

1.27

Non-GAAP earnings per share

 

$

1.70

 

$

1.36

 

$

2.12

 

$

6.49

 

$

4.78

 

 

Reconciliation of Q1 2023 Guidance

Low End

High End

 

Revenue

 

$395 million

 

$435 million

 

Reconciliation of non-GAAP earnings per share

 

 

 

 

GAAP earnings per share

$

0.51

 

$

1.01

 

Stock-based compensation

 

0.17

 

 

0.17

 

Amortization of intangible assets

 

0.19

 

 

0.19

 

Restructuring and other

 

0.04

 

 

0.04

 

Tax effects of excluded items

 

(0.06

)

 

(0.06

)

Non-GAAP earnings per share

$

0.85

 

$

1.35

 

 


Contacts

Andrew Huang
Advanced Energy Industries, Inc.
970-407-6555
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  • Budderfly’s energy efficiency solutions are installed at three Connecticut facilities and will abate more than 4,800 tons of carbon emissions over the course of the 10-year contract, the equivalent of taking 1,038 gas-powered cars off the roads for one year
  • Budderfly is installing a 317kW solar system to maximize Mystic Manor’s energy savings, which is on target to be operational by Q2 2023

SHELTON, Conn.--(BUSINESS WIRE)--#cleanenergy--Budderfly, the premier sustainability partner for businesses with repeatable footprints, today announced that Mystic Manor Healthcare will receive solar panels to provide additional energy savings as part of Budderfly’s holistic, single-vendor solution for outsourced energy management. Budderfly’s solutions will deliver more than 3,400 MWh of energy savings and produce 3,500 MWh of onsite solar energy over the course of Ryders’ 10-year contract. The impact on carbon emissions reduction is the equivalent of taking 1,038 gasoline-powered cars off the roads for a year.


Ryders Health Management is a family-owned management company for independent skilled nursing and rehabilitation centers operating in Connecticut. In 2018, Ryders partnered with Budderfly to install energy efficiency technologies and equipment upgrades and provide ongoing measurement, monitoring, and maintenance for its Mystic Healthcare facility. Noting the positive impact the bright LED lighting and high efficiency HVAC systems had on the mood and comfort of staff and patients, the company decided to install Budderfly at additional facilities during the pandemic, when a boost to morale and enhanced care was especially needed. Budderfly’s program was subsequently rolled out to Ryders’ Lord Chamberlain location in 2020 and Cheshire House location in early 2022, with plans to expand to all seven locations.

Budderfly’s solutions are provided at zero upfront cost to the customer. Budderfly funds the investment in its customers through a share of the energy cost savings generated by efficiency upgrades and the management and monitoring of energy use and demand.

“We’re in the business of keeping people healthy, and that extends to being better stewards of the environment,” said Martin Sbriglio, RN, DHL, and CEO of Ryder’s Health Management. “Partnering with Budderfly allows us to conserve capital expenditures and operating costs so that more funds can be invested in providing the best level of care for our patients.”

The installation of energy efficient LED lights has dramatically improved the occupant experience, while reducing lighting energy usage by more than 50 percent. Having bright lighting in medical facilities that cater to older patients is particularly beneficial as many have failing eyesight. Budderfly LED lighting has a lifespan of 10 years, so staff do not have to worry about unexpected outages or bulb replacements, allowing them to stay focused on more important tasks.

The addition of a 317 kW rooftop solar system at the Mystic facility will drive further reductions in utility energy consumption and improve sustainability outcomes, enabling Ryders to offset 95% of the facility’s annual energy consumption with no-cost, emissions-free power. The solar system is expected to be operational by June 2023.

In light of the pandemic, air quality control has become increasingly important to healthcare facilities. Budderfly specially selected energy efficient HVAC units with an ultraviolent pathogen elimination system for Ryders’ facilities to help reduce the spread of airborne illnesses and improve the quality of care it provides to approximately 700 patients a year. Staff receives real-time alerts when any equipment issues arise, helping to prevent any disruption in operations. In the case of a refrigerator or freezer malfunction, this service feature can prevent significant financial losses in wasted food as well.

“Ryders Health is one of our longest-standing customers and serves as a premier example of the sustainability, cost, and patient experience benefits that outsourced energy management can offer small- to medium-sized businesses,” said Al Subbloie, founder and CEO of Budderfly. “Our mission has always been to provide customers with holistic energy management solutions, and we’re thrilled to mark the addition of solar to our comprehensive offering through our partnership with Ryders Health.”

About Budderfly
Budderfly, ranked as one of the fastest-growing Energy Efficiency as a Service (EEaaS) companies in the United States, is the premier sustainability partner for businesses with repeatable footprints, such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit with lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked #2 in energy companies and #10 overall on the 2021 Inc. 5000 America’s Fastest-Growing Private Companies list. For more information visit www.budderfly.com or follow us on LinkedIn @Budderfly-Inc.

About Ryders Health
Ryders Health Management is a family-owned management company for independent skilled Nursing & Rehabilitation Centers, Home Health Care & Companion Services, and Outpatient Rehabilitation. Ryders provides a full continuum of post-acute care through its eight facilities across Connecticut.


Contacts

Media
Tori Bentkover
Antenna Group for Budderfly
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HOUSTON--(BUSINESS WIRE)--$PSX--The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.05 per share on Phillips 66 common stock, representing an 8% increase. The dividend is payable on March 1, 2023, to shareholders of record as of the close of business on Feb. 21, 2023.


Rewarding shareholders through a secure, competitive and growing dividend is a priority for Phillips 66,” said Mark Lashier, President and CEO of Phillips 66. “We have increased the dividend 12 times since our inception in 2012, resulting in a 17% compound annual growth rate. This dividend increase and our share repurchase program support our commitment to return $10 billion to $12 billion to shareholders by year-end 2024.”

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.


Contacts

Jeff Dietert (investors)
832-765-2297
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Owen Simpson (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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  • White Paper 281 shows how the success of a CIO is rooted in a solid foundation of maintaining resilient, secure, and sustainable IT operations
  • DCIM Monitoring Value Calculator for Distributed IT supports the White Paper and provides a simple framework to help users run “what-if” scenarios and quantify the ROI/payback of implementing monitoring software

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in digital transformation of energy management and automation, has released White Paper 281, "How Modern DCIM Addresses CIO Management Challenges within Distributed, Hybrid IT Environments” and a supporting TradeOff Tool, both available for immediate use. The new White Paper focuses on Data Center Infrastructure Management (DCIM) software and takes a close look at the rapidly-changing role of the Chief Information Officer (CIO) as IT has taken center stage in the past few years. The document demonstrates how the success of a CIO is ultimately rooted in a solid foundation of maintaining resilient, secure, and sustainable IT operations. In an environment of highly distributed hybrid IT, this goal becomes harder to accomplish.

“Business requirements are forcing CIOs to hybridize their data center and IT portfolio architecture by placing IT capacity in colocation facilities and building out capacity at the local edge – sometimes in a big way,” said author Patrick Donovan, Senior Research Analyst at Schneider Electric’s Energy Management Research Center. “CIOs have always been tasked with managing and maintaining resilient and secure operations, but generally have been focused on core data center sites. Now, on top of having many more distributed sites needing resiliency and security, they are also being asked to report on the sustainability of their IT operations. This marks a real sea change in terms of their responsibilities.”



The need for resiliency, security, and sustainability

In the 16-page paper, Donovan describes the evolution of enterprise IT portfolios and explores the resulting management challenges. He explains how modern DCIM software has evolved and is more optimized for increasingly distributed environments. Distributed IT makes security a top concern along with the need for improved resiliency and tracking and reporting of the IT operation’s environmental impact.

An opportunity to “trade off” various DCIM scenarios with new calculator

A new Schneider Electric TradeOff Tool, the DCIM Monitoring Value Calculator for Distributed IT, supports the White Paper and provides user-selectable inputs and adjustable assumptions to perform “what-if” scenarios to see the ROI/payback of monitoring software. It considers factors like downtime, staffing, security and environmental incidents, and cashflow.

“We wanted to create a useful framework to help customers quantify the potential value of DCIM in their operations and we are excited for them to try our tool,” said TradeOff Tool creator Wendy Torell, Senior Research Analyst at Schneider Electric’s Energy Management Research Center. “We designed it to be user friendly and it easily adapts to the customer’s specific environment and level of maturity.”

Schneider Electric’s Energy Management Resource Center

Donovan, Torell, and fellow members of the Energy Management Resource Center conduct research that helps Schneider Electric and its customers make informed business and technology decisions backed by facts and research. Much of the research is made freely available to the public.

Related resources:

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com/ca

Discover Life Is On 
Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights

Hashtags: #DCIM #DCIM3 #sustainability #ecostruxureit


Contacts

Media:
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero
Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announced today that it will report fourth quarter and full year 2022 financial and operating results after the market closes for trading on February 22, 2023. Management will host an earnings conference call on February 23, 2023 at 8:00 a.m. Central (9:00 a.m. Eastern). Interested parties are invited to participate on the call by dialing (888) 886-7786 (Conference ID: 74862610) at least 15 minutes prior to the start of the call or via the internet at www.permianres.com. A replay of the call will be available on the Company’s website or by phone at (877) 674-7070 (Passcode: 862610) for a 14-day period following the call.


About Permian Resources

Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets and operations are located in the core of the Delaware Basin. For more information, please visit www.permianres.com.


Contacts

Hays Mabry
Sr. Director, Investor Relations
(832) 240-3265
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MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today that it entered into a multi-year agreement with Freedom Forever, a leading U.S. residential solar installer, for the supply of residential smart energy products and solutions.



As part of the multi-year agreement between the companies, Freedom Forever will offer its customers the SolarEdge Home Smart Energy Ecosystem, including the SolarEdge Home Hub Inverter, SolarEdge Power Optimizers, SolarEdge Home Battery, Backup Interface, Smart Energy Devices such as the SolarEdge EV Charger and Load Controllers.

Brett Bouchy, CEO of Freedom Forever, said: “As the nation’s largest residential installer, it is imperative that we align with world-class organizations like SolarEdge as we embark on our goal to become the first company to install a gigawatt of residential solar in a 12-month period.”

“Electricity costs, recent weather events, and new regulations, like the California’s Net Energy Metering 3.0, are bringing solar and battery solutions to the forefront”, said Zvi Lando, Chief Executive Officer of SolarEdge. “We are proud to enter this strategic cooperation with Freedom Forever to provide smarter, more efficient, and more powerful solar and battery solutions to homes across the United States.”

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. Visit us at: solaredge.com

About Freedom Forever

Freedom Forever and its family of companies focuses on residential solar installations that deliver best-in-class Engineering, Procurement, and Construction for its dealer network. Since 2011, Freedom Forever has enabled its dealer network to succeed with a premium offering and aggressive pricing flexibility. Freedom Forever's 25-year production guarantee provides the ultimate peace-of-mind for homeowners reluctant to make a big investment when purchasing their solar systems. With Freedom Forever, homeowners know what they're getting every time. For more information, please visit https://freedomforever.com.


Contacts

SolarEdge Technologies, Inc.
Lily Salkin Global Public and Media Relations Manager
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+972-522028240

SolarEdge Technologies, Inc.
Dana Noyman Head of Corporate Communications and Global PR
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+972 54 999 8809

Call for startup proposals, now open

LAVAL, Québec--(BUSINESS WIRE)--We are pleased to announce that the 3rd edition of Sweet Biopharma Day will be held, in person, on April 12, 2023. This unique, by invitation-only event invites young Canadian biotechs to submit an application for a chance to present in front of key global biopharma companies, as well as leading Canadian life sciences ecosystem’s stakeholders (such as venture capitalists and representatives from governments and associations). The intent is to develop potential collaborations or partnerships.



Are you a biotechnology start-up or company with fewer than 25 employees and focused on innovative research and development? Do you have a strong commercial potential? You can apply for the chance to be among the 16 promising Canadian biotech companies, the “Sweet 16”, who will be invited to present in front of key biopharmaceutical industry stakeholders on April 12th.

How to apply: Companies must provide a 2-page executive summary and a short presentation (one set of no more than 5 slides) describing their cutting-edge technology, target indications, and points of differentiation. Application packages must be submitted via this form no later than Wednesday, March 8, 2023, at 11:59 p.m. EDT. The pharmaceutical companies taking part will select the 16 participating companies, who will be notified no later than March 29, 2023.

This event is the perfect opportunity for promising companies to network. The “Sweet 16” company with the best presentation will be awarded a $2,500 prize at the end of the event, a ‘’Prix Coup de Coeur’’ will also be awarded.

The Sweet Biopharma Day is generously financially supported by its Gold sponsor, Fonds de solidarité FTQ, its Silver sponsors, Innovative Medicines Canada, adMare BioInnovations, RBCx, Investissement Québec, Robic and Mispro Biotech Services, its Bronze sponsors Inversago, Amorchem, CTI Fonds Sciences de la vie, Thermo Fisher Scientific and Agilent, and Maple sponsors RBCx and Sciex.

About Sweet Biopharma Day

The Sweet Biopharma Day is a Canadian life sciences by invitation-only event. Its third edition is being organized by BIOQuébec, CQDM, Fonds de solidarité FTQ and adMare BioInnovations. It provides executives from young biotech companies with a unique opportunity to directly interact with international pharmaceutical companies and key venture capital firms to develop synergistic partnerships.

Visit Sweet Biopharma Day website HERE


Contacts

Media Contact:
Gaëlle Bridon, BIOQuébec, T: 001-438-520-4700, This email address is being protected from spambots. You need JavaScript enabled to view it.

LOS ANGELES--(BUSINESS WIRE)--#Environment--Unibail-Rodamco-Westfield (URW) announced today that the recently completed expansion at Westfield Topanga in Los Angeles has been awarded LEED Platinum by the U.S. Green Building Council (USGBC).



Geoff Mason, Executive Vice President, Operating Management and Development at URW said: “We put sustainability at the core of our business, with the goal of increasing our positive environmental, social, and economic impact in the local community and beyond through the delivery of world-class destinations. As URW’s first U.S. retail development to achieve LEED Platinum certification, the Westfield Topanga expansion is setting the standard for which we will strive with all our future projects.”

To achieve LEED Platinum, the Westfield Topanga expansion implemented practical and measurable solutions in areas including sustainable site development, water use reduction and optimized energy performance, including on-site renewable energy and the use of green power. Other sustainability initiatives at the center include the installation of a fully operational 15,000 solar panel array in 2018 – the largest at any shopping center or retail destination at the time in California. Topanga also employs interior and exterior LED lighting, skylight tinting, electric vehicle charging stations, chilled water coils, as well as efficient lighting and chiller control systems.

Peter Templeton, President and CEO at USGBC said: “Westfield Topanga’s LEED certification demonstrates tremendous green building leadership. LEED was created to make the world a better place and revolutionize our buildings and communities by providing everyone with access to healthy, green, and high-performing buildings. The expansion at Westfield Topanga is a prime example of how the innovative work of project teams can create local solutions that contribute to making a global difference.”

The expansion at Westfield Topanga is a combined 180,000-square-feet of indoor and outdoor space creatively reimagined out of former department store space once occupied by Sears. Underpinned by a cutting-edge design, the new district includes Topanga Social, a chef-driven food hall; an AMC DINE-IN theatre; an expanded luxury fashion collection anchored by new Hermès, Dior, and Valentino boutiques; a nearly 21,000-square-foot Arhaus offering artisan-crafted home furnishings and décor; and Pinstripes, an experiential dining and entertainment concept.

The development underscores URW’s commitment to create a one-of-a-kind landmark destination and economic engine for the San Fernando Valley community.

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

The Group operates 78 shopping centres in 12 countries, including 45 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3 Bn development pipeline of mainly mixed-use assets. Currently, its €52 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2022).

URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.

URW’s stapled shares are listed on Euronext Amsterdam and Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.

For more information, please visit www.urw.com.

About the U.S. Green Building Council

The U.S. Green Building Council (USGBC) is committed to a healthy, resilient and equitable future for all through the development of green buildings, cities and communities. For more than 20 years, USGBC has been advancing green building practices through the development of LEED, the world’s most widely used green building program. With the support of thousands of members, volunteers and partners, USGBC provides robust green building education courses, a rigorous professional credentialing program, and advocates for effective public policies. It convenes an international network of green building and sustainability leaders through the annual Greenbuild International Conference & Expo, and forward thinking programs, including the Center for Green Schools. For more information, visit usgbc.org and connect on Twitter, Facebook, Instagram and LinkedIn


Contacts

Robyn Cottelli
929.254.8309
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Dividend Represents 5% Growth Year-over-Year

BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva,” “we,” “us,” or “our”) today announced that the board of directors declared a quarterly dividend of $0.905 per common share for the fourth quarter of 2022. The fourth quarter of 2022 dividend represents a 5.2% increase from the fourth quarter of 2021. The quarterly dividend will be paid on Friday, February 24, 2023, to shareholders of record as of the close of business Tuesday, February 21, 2023. Including this dividend, Enviva has declared dividends in the aggregate of $3.62 per common share for full-year 2022, which represents an increase of 9.7% over 2021.


Enviva is a growth company with a robust contracted revenue backlog and a large pipeline of new, high-quality customers around the globe,” said Thomas Meth, President and Chief Executive Officer. “As we execute our strategic plan, our goal is to achieve new levels of durable cash flow, and the continued market tailwinds we are experiencing provide us tremendous confidence in our ability to deliver on our long-term growth objectives.”

About Enviva

Enviva Inc. (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Enviva is planning to commence construction of its 12th plant, near Bond, Mississippi, in 2023. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with primarily creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.

Cautionary Note Concerning Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Enviva’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms, and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Enviva disclaims any duty to revise or update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Enviva cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Enviva. These risks include, but are not limited to: (i) the volume and quality of products that we are able to produce or source and sell; (ii) the prices at which we are able to sell or source our products; (iii) failure of our customers, vendors, and shipping partners to pay or perform their contractual obligations to us; (iv) our inability to successfully execute our project development, capacity, expansion, and new facility construction activities on time and within budget; (v) the creditworthiness of our contract counterparties; (vi) the amount of low-cost wood fiber that we are able to procure and process; (vii) changes in the price and availability of natural gas, coal, or other sources of energy; (viii) changes in prevailing economic and market conditions; (ix) inclement or hazardous environmental conditions, including extreme precipitation, temperatures, and flooding; (x) fires, explosions, or other accidents; (xi) changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power, heat, or combined heat and power generators; (xii) changes in domestic and foreign tax laws and regulations affecting the taxation of our business and investors; (xiii) changes in the regulatory treatment of biomass in core and emerging markets; (xiv) our inability to acquire or maintain necessary permits or rights for our production, transportation, or terminaling operations; (xv) changes in the price and availability of transportation; (xvi) changes in foreign currency exchange or interest rates, and the failure of our hedging arrangements to effectively reduce our exposure to related risks; (xvii) risks related to our indebtedness, including the levels and maturity date of such indebtedness; (xviii) our failure to maintain effective quality control systems at our wood pellet production plants and deep-water marine terminals, which could lead to the rejection of our products by our customers; (xix) changes in the quality specifications for our products that are required by our customers; (xx) labor disputes, unionization, or similar collective actions; (xxi) our inability to hire, train, or retain qualified personnel to manage and operate our business and newly acquired assets; (xxii) the possibility of cyber and malware attacks; (xxiii) our inability to borrow funds and access capital markets; (xxiv) viral contagions or pandemic diseases, such as COVID-19; (xxv) changes to our leadership and management team; and (xxvi) overall domestic and global political and economic conditions, including the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict, including the ongoing conflict in Ukraine, rising inflation levels and government efforts to reduce inflation, or a prolonged recession.

Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Enviva’s expectations and projections can be found in Enviva’s periodic filings with the SEC. Enviva’s SEC filings are available publicly on the SEC’s website at www.sec.gov.


Contacts

INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
+1 240-482-3856
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):


February 2023 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of February 2023 of $0.06 per share payable on March 15, 2023. The record date is February 28, 2023 and the ex-dividend date will be February 27, 2023. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Move to Quarterly Dividend Payments

As previously communicated and subject to approval of future common share dividends by the Board of Directors, Superior intends to move from its current practice of paying monthly dividends to a quarterly common share dividend payment, following the monthly March 2023 dividend to be paid in April 2023. Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 10th day of the corresponding month, if, as and when declared by the Board of Directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday. Subject to approval by the Board of Directors, the first quarterly dividend is expected to be paid in June 2023.

2022 Fourth Quarter and Year-End Results and Conference Call

Superior expects to release its 2022 fourth quarter and year-end after the close of North American markets on Thursday February 16, 2023. A conference call and webcast to discuss the 2022 fourth quarter and full year financial results will be held at 10:30 AM EDT on Friday February 17, 2023. To listen to the live webcast, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-866-490-PLUS (7587).

Forward-Looking Information
This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends, which may be declared on Superior’s common shares; the timing and the amount of such dividend payments; and the expected tax treatment thereof. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms promptly. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2021, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.


Contacts

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll-Free: 1-866-490-PLUS (7587)

HOUSTON--(BUSINESS WIRE)--#energyexploration--Geospace Technologies Corporation (NASDAQ: GEOS) (the “Company”) today announced results for its first quarter ended December 2022. For the three-months ended December 31, 2022, Geospace reported revenue of $31.1 million compared to revenue of $18.0 million for the comparable year-ago quarter. Net loss for the three-months ended December 31, 2022 narrowed to $0.1 million, or $(0.01) per diluted share, compared to a net loss of $6.8 million, or ($0.52) per diluted share, for the quarter ended December 31, 2021.


The revenue reported for the first quarter marks the highest quarterly revenue the Company has recorded since 2014. This increase in revenue was driven largely by the Company’s Oil and Gas business segment which made up 65% of the quarter’s revenue.

Management’s Comments

Walter R. (“Rick”) Wheeler, President and CEO of the Company said, “We’re pleased to see that revenue for our first quarter of fiscal year 2023 exceeded $31 million. This is an increase of 73% over last year’s same period and represents the Company’s highest amount of quarterly revenue in the last eight-and-half years, namely since June of 2014. In addition, gross profits for the quarter reached a three year high of $10.5 million, leading to a narrow loss of a penny per share. This first quarter result puts forth a strong beginning to the fiscal year and aligns well with our commitment to achieve future profitability through streamlining our operations, reducing operating costs, and increasing revenue in each of our business segments. The majority of first quarter revenue came from our Oil & Gas segment, led by wireless seismic products. Although a sale of GSX land equipment from our rental fleet was a contributing factor, our OBX ocean bottom nodes generated the largest portion of wireless seismic revenue. The majority of this revenue came from executed OBX rental contracts. However, it’s worth noting that a significant portion of that revenue was the result of a compensatory purchase of OBX equipment that was lost by a rental customer during a survey. We intend to build out additional OBX nodes to replenish this lost equipment in the rental fleet. Demand for both the deep-water and shallow-water OBX models continues to strengthen, and many of our existing customers have stated an intention to move their crews into follow-on client contracts after existing surveys are complete. Given an increasing number of shallow water surveys being put out for bid, interest in using our new Mariner nodal technology is also growing significantly.

Our strategic diversification efforts continue to bear fruit as evidenced by the performance of our Adjacent Markets segment. First quarter revenue from these products came within 1% of our all-time record set in last year’s third quarter, supporting our move toward profitability. Our market position for the manufacture and supply of ruggedized water meter connector cabling continues to climb. To maintain this superior position, we work closely with trusted water meter companies to meet the “design-in” specifications of their domestic municipality customers. The breadth of discussions taking place with these partners for specialty cables as well as the Aquana smart valve products gives us confidence in our future growth in this market.

More recently, after the first quarter closed, our Quantum Technology Sciences subsidiary entered a new contract with an undisclosed federal government contractor. Although the initial dollar amount is modest, the contract holds strategic significance and future potential for an application unrelated to border security. In conjunction with ongoing discussions surrounding other unique applications of Quantum’s analytics technology, we believe the outlook for projects in our Emerging Markets segment is expanding.

In keeping with our plans for streamlining operations and reducing costs, we anticipate completing the sale of our satellite Houston facility within the next quarter. This facility currently houses our OBX rental operations which we are in the process of consolidating into our main campus location. Following the end of the quarter, we sold obsolete equipment to accommodate this consolidation."

Oil and Gas Markets Segment

Revenue from the Company’s Oil and Gas Markets segment totaled $20.1 million for the three months ended December 31, 2022. This compares to $9.7 million in revenue, an increase of 109%, over the same period a year ago.

Traditional Exploration Products revenue totaled $2.8 million for the three-month period ended December 31, 2022. This compares to $0.6 million in revenue during the same period a year ago. The increase in revenue is due to higher demand for seismic sensor and marine products. In part, traditional seismic sales are up over the prior year period as the Company fulfills a long-term sensor sales order for an international company. Additionally, the on-going conflict between Russia and the Ukraine has led to extensive sanctions against Russia, which has resulted in a modest increase in domestic sales in that region.

Wireless Seismic Exploration Products revenue totaled $17.2 million for the three-month period ended December 31, 2022. This is a 98% increase when compared to the same year ago period. The first quarter increase is due to higher rental revenue from higher utilization of our OBX rental fleet and higher marine wireless product revenue resulting from a rental equipment customer contractually obligated to provide compensation for lost OBX nodes.

Adjacent Markets Segment

Revenue from the Company’s Adjacent Markets segment totaled $10.9 million for the three-month period ended December 31, 2022, compared to $8.2 million in the year ago period, representing an increase of 32%. The increase in revenue is the result of higher demand for the Company’s smart water meter cable and connector products.

Emerging Markets

The Company’s Emerging Markets segment generated revenue of $0.09 million for the three-month period ended December 31, 2022, compared to $0.1 million for the similar three-month period of the previous year. The quarter’s revenue is attributed to the Company’s on-going contract with U.S. Customs and Border Protection. Efforts to expand this segment’s SADAR passive seismic monitoring products into new markets is generating growing interest and should lead to orders materializing within fiscal year 2023.

Balance Sheet and Liquidity

For the three-month period ended December 31, 2022, the Company used $4.9 million in cash and cash equivalents in operating activities. The Company generated $0.2 million in cash from investing activities that included $0.6 million in proceeds from the sale of rental equipment, offset by $0.4 million of cash invested in rental equipment and property, plant and equipment. As of December 31, 2022, the Company had $12.3 million in cash, cash equivalents and short-term investments, and maintained additional borrowing availability of $8.5 million under its bank credit agreement with no borrowings outstanding. Thus, as of December 31, 2022, the Company’s total liquidity was $20.8 million. The Company additionally owns unencumbered property and real estate in both domestic and international locations. In fiscal year 2023, management anticipates a capital expenditure budget of $7.3 million, including $6.0 million earmarked for additions to its rental equipment. Additions to our rental fleet will only occur when warranted by market conditions and financial commitments are made by customers.

Conference Call Information

The Company will host a conference call to review its first quarter fiscal year 2023 financial results on February 9, 2022, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Participants can access the call at (800) 274-8461 (US) or (203) 518-9843 (International). Please reference the conference ID: GEOSQ123 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of the Company’s website at www.geospace.com.

About Geospace Technologies

Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company’s more than 600 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange as GEOS. For more information, visit www.geospace.com.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward- looking statements include, statements regarding our expected operating results, the timing, adoption, results and success of our rollout of our Aquana smart water valves and cloud based control platform, future demand for our Quantum security solutions the adoption and sale of products in various geographic regions, potential tenders for permanent reservoir monitoring (PRM) systems, future demand for OBX rental equipment, the adoption of Quantum’s SADAR® product monitoring of subsurface reservoirs, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, the impact of the current armed conflict between Russia and Ukraine, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10- Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels, the continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward- looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Revenue:

 

 

 

 

 

 

Products

 

$

19,548

 

 

$

13,032

 

Rental

 

 

11,561

 

 

 

4,959

 

Total revenue

 

 

31,109

 

 

 

17,991

 

Cost of revenue:

 

 

 

 

 

 

Products

 

 

15,365

 

 

 

11,350

 

Rental

 

 

5,210

 

 

 

4,939

 

Total cost of revenue

 

 

20,575

 

 

 

16,289

 

 

 

 

 

 

 

 

Gross profit

 

 

10,534

 

 

 

1,702

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Selling, general and administrative

 

 

6,435

 

 

 

5,744

 

Research and development

 

 

4,258

 

 

 

5,269

 

Change in estimated fair value of contingent consideration

 

 

 

 

 

(2,440

)

Bad debt expense

 

 

120

 

 

 

15

 

Total operating expenses

 

 

10,813

 

 

 

8,588

 

 

 

 

 

 

 

 

Loss from operations

 

 

(279

)

 

 

(6,886

)

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

Interest expense

 

 

(39

)

 

 

 

Interest income

 

 

156

 

 

 

194

 

Foreign exchange gains, net

 

 

107

 

 

 

18

 

Other, net

 

 

(12

)

 

 

(17

)

Total other income, net

 

 

212

 

 

 

195

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(67

)

 

 

(6,691

)

Income tax expense

 

 

30

 

 

 

77

 

Net loss

 

$

(97

)

 

$

(6,768

)

 

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

(0.52

)

Diluted

 

$

(0.01

)

 

$

(0.52

)

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

 

13,067,991

 

 

 

12,919,673

 

Diluted

 

 

13,067,991

 

 

 

12,919,673

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

 

 

December 31, 2022

 

 

September 30, 2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,355

 

 

$

16,109

 

Short-term investments

 

 

896

 

 

 

894

 

Trade accounts and notes receivable, net

 

 

31,424

 

 

 

20,886

 

Property held for sale

 

 

2,403

 

 

 

 

Inventories, net

 

 

20,736

 

 

 

19,995

 

Prepaid expenses and other current assets

 

 

1,756

 

 

 

2,077

 

Total current assets

 

 

68,570

 

 

 

59,961

 

 

 

 

 

 

 

 

Non-current notes receivable

 

 

306

 

 

 

 

Non-current inventories, net

 

 

15,604

 

 

 

12,526

 

Rental equipment, net

 

 

23,242

 

 

 

28,199

 

Property, plant and equipment, net

 

 

23,334

 

 

 

26,598

 

Operating right-of-use assets

 

 

897

 

 

 

957

 

Goodwill

 

 

736

 

 

 

736

 

Other intangible assets, net

 

 

5,335

 

 

 

5,573

 

Other non-current assets

 

 

409

 

 

 

506

 

Total assets

 

$

138,433

 

 

$

135,056

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable trade

 

$

7,522

 

 

$

5,595

 

Contingent consideration

 

 

 

 

 

175

 

Operating lease liabilities

 

 

245

 

 

 

241

 

Other current liabilities

 

 

8,023

 

 

 

6,616

 

Total current liabilities

 

 

15,790

 

 

 

12,627

 

 

 

 

 

 

 

 

Non-current operating lease liabilities

 

 

701

 

 

 

769

 

Deferred tax liabilities, net

 

 

7

 

 

 

13

 

Total liabilities

 

 

16,498

 

 

 

13,409

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding

 

 

 

 

 

 

Common Stock, $.01 par value, 20,000,000 shares authorized; 13,972,981 and 13,863,233 shares issued, respectively; and 13,130,989 and 13,021,241 shares outstanding, respectively

 

 

140

 

 

 

139

 

Additional paid-in capital

 

 

95,037

 

 

 

94,667

 

Retained earnings

 

 

49,557

 

 

 

49,654

 

Accumulated other comprehensive loss

 

 

(15,299

)

 

 

(15,313

)

Treasury stock, at cost, 841,992 shares

 

 

(7,500

)

 

 

(7,500

)

Total stockholders’ equity

 

 

121,935

 

 

 

121,647

 

Total liabilities and stockholders’ equity

 

$

138,433

 

 

$

135,056

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(97

)

 

$

(6,768

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Deferred income tax benefit

 

 

(6

)

 

 

(1

)

Rental equipment depreciation

 

 

3,247

 

 

 

3,543

 

Property, plant and equipment depreciation

 

 

1,017

 

 

 

1,105

 

Amortization of intangible assets

 

 

238

 

 

 

446

 

Accretion of discounts on short-term investments

 

 

5

 

 

 

52

 

Stock-based compensation expense

 

 

370

 

 

 

536

 

Bad debt expense

 

 

120

 

 

 

15

 

Inventory obsolescence expense

 

 

1,380

 

 

 

671

 

Change in estimated fair value of contingent consideration

 

 

 

 

 

(2,440

)

Gross profit from sale of used rental equipment

 

 

(3,092

)

 

 

(2,612

)

Gain on disposal of property, plant and equipment

 

 

(47

)

 

 

 

Realized loss on short-term investments

 

 

 

 

 

7

 

Effects of changes in operating assets and liabilities:

 

 

 

 

 

 

Trade accounts and notes receivable

 

 

(6,846

)

 

 

1,477

 

Inventories

 

 

(5,188

)

 

 

74

 

Other assets

 

 

886

 

 

 

157

 

Accounts payable trade

 

 

1,924

 

 

 

(2,623

)

Other liabilities

 

 

1,225

 

 

 

(965

)

Net cash used in operating activities

 

 

(4,864

)

 

 

(7,326

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(265

)

 

 

(145

)

Proceeds from the sale of property, plant and equipment

 

 

47

 

 

 

 

Investment in rental equipment

 

 

(162

)

 

 

(782

)

Proceeds from the sale of used rental equipment

 

 

622

 

 

 

1,048

 

Purchases of short-term investments

 

 

 

 

 

(450

)

Proceeds from the sale of short-term investments

 

 

 

 

 

2,249

 

Net cash provided by investing activities

 

 

242

 

 

 

1,920

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Payments on contingent consideration

 

 

(175

)

 

 

(807

)

Purchase of treasury stock

 

 

 

 

 

(695

)

Net cash used in financing activities

 

 

(175

)

 

 

(1,502

)

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

43

 

 

 

5

 

Decrease in cash and cash equivalents

 

 

(4,754

)

 

 

(6,903

)

Cash and cash equivalents, beginning of fiscal year

 

 

16,109

 

 

 

14,066

 

Cash and cash equivalents, end of fiscal period

 

$

11,355

 

 

$

7,163

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

Cash paid for income taxes

 

$

 

 

$

82

 

Accounts receivable related to sale of used rental equipment

 

 

4,505

 

 

 

 

Issuance of note receivable related to sale of used rental equipment

 

 

 

 

 

3,745

 

Inventory transferred to rental equipment

 

 

7

 

 

 

863

 

Inventory transferred to property, plant and equipment

 

 

 

 

 

172

 

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUMMARY OF SEGMENT REVENUE AND OPERATING INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

December 31, 2022

 

December 31, 2021

Oil and Gas Markets segment revenue:

 

 

 

 

Traditional seismic exploration product revenue

 

$

2,755

 

$

591

Wireless seismic exploration product revenue

 

 

17,238

 

 

8,727

Reservoir product revenue

 

 

155

 

 

336

 

 

 

20,148

 

 

9,654

 

 

 

 

 

Adjacent Markets segment revenue:

 

 

 

 

Industrial product revenue

 

 

7,930

 

 

5,013

Imaging product revenue

 

 

2,892

 

 

3,158

 

 

 

10,822

 

 

8,171

Emerging Markets segment revenue:

 

 

 

 

Border and perimeter security product revenue

 

 

93

 

 

137

 

 

 

 

 

Corporate

 

 

46

 

 

29

Total revenue

 

$

31,109

 

$

17,991

 

 

Three Months Ended

 

 

December 31, 2022

 

December 31, 2021

Operating income (loss):

 

 

 

 

Oil and Gas Markets segment

 

$

2,406

 

 

$

(4,170

)

Adjacent Markets segment

 

 

1,747

 

 

 

1,208

 

Emerging Markets segment

 

 

(1,213

)

 

 

(820

)

Corporate

 

 

(3,219

)

 

 

(3,104

)

Total operating loss

 

$

(279

)

 

$

(6,886

)

 


Contacts

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it. 321.341.9305

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