EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that the Company will exhibit and present at the Society for Information Display (SID) Display Week 2022 International Symposium, Seminar and Exhibition being held May 9-13 in San Jose, California.
“We are excited to return to an in-person Display Week and celebrate SID’s 60th anniversary next week,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. “Display Week is a great forum to meet with our partners and peers in the display ecosystem as well as participate in a multitude of symposiums and seminars. Visit us at booth # 414 to learn more about our state-of-the-art OLED materials and technologies and to speak with our team.”
This year’s SID’s Symposium will include a variety of technical and business events, including:
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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DUBLIN--(BUSINESS WIRE)--The "Backscatter X-ray Devices Market with COVID-19 Impact Analysis, by Type (Handheld and Non-handheld), Application (Customs and Border Protection, Law Enforcement, Airport/Aviation, Military and Defense) and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The backscatter X-ray devices market was valued at USD 132 million in 2021 and is projected to reach USD 174 million by 2027; it is expected to grow at a CAGR of 4.6% from 2022 to 2027.
The key factors driving the growth of the backscatter X-ray devices market include increase in number of terrorist attacks and illegal immigration, increasing deployment of security solutions at public gathering spaces, rise in smuggling of narcotics, and reduction in passenger waiting time.
The backscatter X-ray devices market includes major Tier I and II manufacturers and distributors such as Rapiscan Systems (US), Nuctech Company Limited (China), Viken Detection (US), LAURUS Systems, Inc. (US), Scanna MSC Ltd. (UK), Autoclear LLC (US), and Tek8, Inc. (US). These companies have their manufacturing facilities spread across various countries across North America, Europe, APAC, and RoW. COVID-19 has impacted their businesses as well. A number of scheduled product launches and related developments have been postponed due to the pandemic. However, the impact of COVID-19 is expected to reduce during the forecast period.
Non-handheld segment to account for the largest share of backscatter X-ray devices market during the forecast period
On the basis of type, the backscatter X-ray devices market has been segmented into handheld and non-handheld. The handheld segment of the backscatter X-ray devices market is projected to witness a higher growth rate than the non-handheld segment owing to the increasing acceptance of handheld devices globally due to low-price and portability.
Customs and border protection application to account for the largest share of backscatter X-ray devices market during the forecast period
On the basis of application, the backscatter X-ray devices market has been segmented into customs & border protection, law enforcement, airport/aviation, military & defense, and others. The customs & border protection segment is projected to account for the largest size of the backscatter X-ray devices market from 2022 to 2027. The fast and effective features of backscatter X-ray devices in scanning people, baggage, and vehicles are fueling their demand in the customs and border protection application segment.
APAC to account for the largest growth of backscatter X-ray devices market during the forecast period
Among all regions, APAC is expected to register the highest growth in the backscatter X-ray devices market during the forecast period. The market in APAC has been classified into China, Japan, South Korea, and the Rest of APAC. The market in APAC is mainly dominated by China and Japan as the majority of players have their presence in these countries. In the recent times, several countries in APAC have experienced terrorist attacks, such as India, Pakistan, Sri Lanka, Australia, and others, which has compelled the governments in these countries to upgrade their security measures by investing a significant amount in developing and installing advance and multi-technology security systems.
Thus, the backscatter X-ray devices market is expected to grow at the highest rate in APAC region. There is a huge threat of terrorist attacks, and civil unrest/community riots in countries such as India, Bangladesh, Indonesia, and Philippines. To curb terrorism, governments in various nations have laid down multiple policies and have adopted advanced security measures for homeland security, and at airports and seaports. Moreover, many public events and gatherings that are likely to take place in APAC countries will boost the demand for backscatter X-ray devices market in APAC.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its participation in the following investor and industry conferences.
Investor Conference:
Cowen and Company’s 50th Annual Technology, Media & Telecom Conference
Date: June 2, 2022
Location: New York
Time: 8:30am ET*
Presenter: Steve Abramson, President and CEO
*A live and archived audio webcast of the investor presentation will be available on the events page of the Company's Investor Relations website at ir.oled.com.
Industry Conferences:
SID Display Week 2022
Date: May 9-13, 2022
Location: San Jose, CA
Presenter: Dr. Mike Hack, Vice President of Business Development
Presentation: UDC’s Development of Phosphorescent Blue OLEDs
Presenter: Dr. Nicholas Thompson, Senior R&D Manager
Presentation: Effect of Ag Adhesion Layer on Plasmon Outcoupling Efficiency
MARM 2022: Our Chemical Revolution
Date: June 1-4, 2022
Location: Ewing, NJ
Presenter: Dr. Rasha Hamze, Senior Research Scientist
Presentation: Luminescence of Heavy and Light Metal Complexes
Universal Display Corporation is also sponsoring the following conference:
The 24th International Symposium on the Photochemistry and Photophysics of Coordination Compounds
Date: July 24-29, 2022
Location: University of British Columbia, Vancouver, Canada
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today issued its first-quarter 2022 financial update presentation.
The update is available on MGE Energy's website at:
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project with an estimated value of $130 million. The contract was secured by the Company’s Energy/Renewables Segment.
“This project is another great example of our segments working together to provide a complete solution for our clients,” said Tom McCormick, President and Chief Executive Officer of Primoris. “In addition to the photovoltaic work that our Energy/Renewables Segment will execute, our Utilities Segment will perform the high-voltage work.”
The award is for the engineering, procurement and construction of a utility-scale solar facility in the South. Initial project construction will begin in the fourth quarter of 2022 with completion of the project expected in the third quarter of 2023.
ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation
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Company supports US dedication to leadership role in domestic quantum computing development
ELMSFORD, N.Y.--(BUSINESS WIRE)--SEEQC, the digital quantum computing company, today released a statement announcing its strong support for an Executive Order and National Security Memorandum signed by President Biden on May 4, 2022 that both address quantum computing. The Executive Order is designed to ensure the United States develops and maintains its leadership role in the quantum computing and quantum information sciences (QIS) industries. The National Security Memorandum outlines the “key steps needed to maintain the Nation’s competitive advantage in quantum information science (QIS), while mitigating the risks of quantum computers to the Nation’s cyber, economic, and national security.” In both initiatives, the President rightly identifies the challenges necessary to adequately scale and provide assistance to the development of the industry.
Below is the statement from SEEQC CEO and co-founder John Levy on both the Executive Order and National Security Memorandum:
“Quantum computers, quantum software and semiconductors are essential for many of the federal government’s current and future projects. As the President pointed out, and as we at SEEQC know well, this technology is essential for the future of several industries that power the American economy. A competitive edge in energy, pharmaceuticals, cybersecurity as well as the opportunity to create new jobs in emerging industries may only be made possible through the investment in and advancement of quantum computing.
“A stable supply of domestically-fabricated quantum chips and wafers is crucial to the creation of quantum applications, and it is a key component of a holistic governmental approach advocated for in the executive order. Through the increased investment in the manufacturing of quantum chips, the United States can secure its role as the leader in quantum technology, unlocking a future otherwise not possible while decreasing its reliance on foreign markets.
“We fully support President Biden’s dedication to bringing this world-changing technology to fruition, and SEEQC is honored to be a part of it. We look forward to continuing to work with the administration and our partners in government, industry and academia to address all the issues and opportunities in front of this industry.”
About SEEQC: SEEQC is developing the first fully digital quantum computing platform for global businesses. SEEQC combines classical and quantum technologies to address the efficiency, stability and cost issues endemic to quantum computing systems. The company applies classical and quantum technology through digital readout and control technology and a unique chip-scale architecture. SEEQC’s quantum system provides the energy- and cost-efficiency, speed and digital control required to make quantum computing useful and bring the first commercially-scalable, problem-specific quantum computing applications to market.
The company is one of the first companies to have built a superconductor multi-layer commercial chip foundry and through this experience has the infrastructure in place for design, testing and manufacturing of quantum-ready superconductors. SEEQC is a spin-out of HYPRES, the world’s leading developer of superconductor electronics. SEEQC’s team of executives and scientists have deep expertise and experience in commercial superconductive computing solutions and quantum computing. SEEQC is based in Elmsford, NY with facilities in London, UK and Naples, Italy.
Cailey Henderson
104 West Partners for SEEQC
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that, on Thursday, May 5, 2022, its Chairman and CEO, Dr. Vasilis Gregoriou, participated in the European Electrolyser Summit in Brussels. This event was organized by the European Commission in cooperation with Hydrogen Europe and took place under the auspices of the European Clean Hydrogen Alliance.
Commissioner for the Internal Market Thierry Breton, CEO of Hydrogen Europe Jorgo Chatzimarkakis, and 20 CEOs and executives representing companies including Advent, Bosch, Convion, Cummins, De Nora, Elogen, Enapter, Genvia, Green Hydrogen Systems, Helbio, H2B2, HyStar, John Cockerill, McPhy, Nel Hydrogen, Siemens Energy, SOLIDpower, Sunfire, Thyssenkrupp nucera and Topsoe, met and signed a Joint Declaration, establishing a clear goal of paving the way towards achieving the objectives of the REPowerEU’s proposed Hydrogen Accelerator, which sets out a strategy to double the previous EU renewable hydrogen target to 10 million tons of annual domestic production and an additional 10 million tons of annual hydrogen imports.
Under the Joint Declaration, Europe’s leading electrolyser manufacturers agreed to increase their manufacturing capacity in an effort to have, by 2025, a combined annual electrolyser manufacturing capacity in Europe of 17.5 GW, as well as to further increase that capacity by 2030 in line with projected demand for renewable and low-carbon hydrogen.
Furthermore, the Joint Declaration features the three following pillars:
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated: “Today marked an important milestone for ensuring Europe’s long-term energy self-sufficiency and significantly reducing its reliance on fossil fuels. To achieve the goals outlined in the Joint Declaration that we signed today, the European electrolyser manufacturing sector needs to enhance collaboration to ramp up electrolyser production to approximately 25 GW per year with an installed electrolyser capacity of 90-100 GW. We all recognize this as a challenge but also as a significant industrial opportunity that can positively contribute to Europe’s transition to clean energy at a far faster rate than ever before. Advent is highly honored to be part of this joint commitment, and we are delighted to see the Commission supporting the industry’s goal to boost electrolyser manufacturing. All of us at Advent Technologies look forward to sharing our long-standing expertise and playing a key role in the scale-up of electrolyser manufacturing capacity, aiming to secure energy self-sufficiency and help Europe meet the growing demand for renewable hydrogen.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles fuel cell systems and the critical components for fuel cells and other advanced energy systems. Advent is headquartered in Boston, Massachusetts, with locations in California, Denmark, Germany, Greece, and the Philippines. With 150-plus patents issued, pending, or licensed for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, maritime, aviation, 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, 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 corporate reputations and brand; expectations concerning relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide; 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, as well as the other information each has files with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the 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, with no obligation to update or revise any of these statements. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Michael Trontzos / Chris Kaskavelis
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EL DORADO, Ark.--(BUSINESS WIRE)--The Board of Directors of Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.31 per share, or $1.24 per share on an annualized basis, reflecting a 7% increase from the prior quarter. The dividend is payable on June 1, 2022, to stockholders of record as of May 17, 2022.
About Murphy USA
Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise with more than 1,650 stores located primarily in the Southwest, Southeast, Midwest and Northeast United States. The company and its team of nearly 15,000 employees serve an estimated two million customers each day through its network of retail gasoline and convenience stores in 27 states. The majority of Murphy USA's stores are located in close proximity to Walmart Supercenters. The company also markets gasoline and other products at standalone stores under the Murphy Express and QuickChek brands. Murphy USA ranks 322 among Fortune 500 companies.
Forward-Looking Statements
Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in the Company’s operations, dividends and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: the Company’s ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; the Company’s ability to continue to maintain a good business relationship with Walmart; successful execution of the Company’s growth strategy, including the Company’s ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with the Company’s newly planned stores which may be impacted by the financial health of third parties; the Company’s ability to effectively manage the Company’s inventory, disruptions in the Company’s supply chain and the Company’s ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company’s fuel volumes if the gradual recoveries experienced throughout 2020 and 2021 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or the Company’s compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of the Company’s information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt the Company’s revenues and impact gross margins; changes to the Company’s capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company’s share repurchases, or management of operating cash; the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Murphy USA’s SEC reports, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. Murphy USA undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Investor Contact:
Christian Pikul – Vice President of Investor Relations and FP&A
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Mitchell Freer – Senior Investor Relations Analyst
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SAN FRANCISCO--(BUSINESS WIRE)--Generate Capital, PBC, a leading sustainable infrastructure investment platform and operating company, today announced that it has named Brian Lehman as Chief Financial Officer. He succeeds Jack Stark who is retiring from the CFO role and will be staying on with the company as Executive Vice President to support the transition and other strategic initiatives.
Lehman brings decades of capital markets, corporate and investment banking experience to Generate and a track record of being at the leading edge of sustainable finance. Prior to Generate, he spent over two decades at global investment banks, having acted as advisor, underwriter, principal and agent in approximately $100 billion in debt, equity and structured transactions for private and public corporations. Most recently, Brian established and led the Green Economy banking franchise at JPMorgan Chase Commercial Banking, where he focused on renewable energy, energy efficiency, sustainable food and agriculture and other sustainable finance sectors.
“Brian is a fantastic addition to our leadership team at Generate,” said Scott Jacobs, chief executive and co-founder of Generate. “Brian’s breadth of financial expertise, passion for our mission and unwavering commitment to our shared values make him an ideal business partner at an exciting time for our company.”
“I also want to thank Jack for his contributions to Generate, his wisdom, his insights and his friendship,” Jacobs added. “Jack has been incredibly important as a partner to me and as a leader for Generate these past few years. We are fortunate that Jack will continue to be a leader here at Generate for several years.”
Lehman will oversee all financial, accounting and capital markets functions at Generate. Prior to his green economy role, Lehman formed and ran JPMorgan’s Diversified Financials group and was Co-Head of Morgan Stanley’s Equity-Linked Capital Markets group. Earlier in his career he also held positions at both Bank of America Merrill Lynch and UBS. Brian earned a BS and BA from Villanova University, an MPhil from Queens’ College, Cambridge University, and his MBA at the University of Pennsylvania’s Wharton School. He is a CFA charterholder and serves as a Trustee for the New Jersey Chapter of The Nature Conservancy.
“It’s a privilege to join the talented, mission-driven team at Generate that is building the future, combating climate change, and continuing to prove that sustainability pays for all its stakeholders,” Lehman said. “The company’s leadership in sustainable infrastructure, permanent-capital platform, and commitment to its values are just a few of the reasons why I’m so excited to take on this role. I’m grateful to Jack who has built a world-class financial organization at Generate and looking forward to being a part of Generate’s next chapter of growth.”
Since August 2019, Jack Stark has served as chief financial officer and a member of the management committee, capping a three-decade career in senior management roles of both publicly-traded and privately-held companies in the energy and financial services markets. Previously, he was CFO at Imergy Power Systems, BrightSource Energy and Silicon Valley Bank. Jack also serves as the lead director for TC Pipelines, LP, a publicly-traded master limited partnership.
“The last three years have been as rewarding as any in my career, and it is a testament to the talent and dedication of the team at Generate,” said Stark. “I’m thrilled Generate has found an executive like Brian who will continue to deliver for all of Generate’s stakeholders – our team, customers, partners, investors and communities.”
About Generate
Generate Capital, PBC is a leading sustainable infrastructure investment platform and operating company that invests in, finances, builds, owns and operates solutions for clean energy, transportation, waste, water, agriculture, smart cities and digital infrastructure. Generate partners with over 50 technology companies and project developers and owns and operates more than 2,000 assets globally that deliver affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Emily Chasan
(415) 480-2914
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Special meeting of stockholders to be held on June 3, 2022 at 10:00 a.m. Central Time
Combined company to be named Sitio Royalties following the closing of the merger; Class A common stock and warrants to trade on NYSE under the symbols “STR” and “STR WS”
HOUSTON--(BUSINESS WIRE)--Falcon Minerals Corporation (“Falcon”) (NASDAQ: FLMN, FLMNW) announced that it has filed, and commenced the mailing of, its definitive proxy statement on Schedule 14A (the “Proxy Statement”) relating to the pending merger with Desert Peak Minerals (“Desert Peak”), creating a premier, shareholder returns driven company focused on large-scale consolidation of high quality oil & gas mineral and royalty interests across diversified operators. Upon the closing of the transaction (the “Closing”), the combined company will be named Sitio Royalties Corp. (“Sitio”) and its Class A common stock and warrants will trade under the symbols “STR” and “STR WS,” respectively. Following the Closing, Sitio will transfer the listing of its Class A common stock and warrants from the Nasdaq Capital Market LLC to the New York Stock Exchange under the same symbols.
Definitive Proxy Statement, Record and Meeting Date
Falcon has commenced the mailing of the Proxy Statement, dated May 5, 2022, relating to the previously announced merger with Desert Peak. The special meeting of the stockholders of Falcon will be held on June 3, 2022 at 10:00 a.m. Central Time. The meeting will be held via live webcast at www.virtualshareholdermeeting.com/FLMN2022SM. All holders of record of Falcon’s common stock as of the close of business of April 18, 2022 will be entitled to vote their shares at the meeting either in person or by proxy.
Bryan C. Gunderson, President and Chief Executive Officer of Falcon, said: “We are excited to cross another milestone in this transaction process, and we look forward to completing the transaction during the second quarter as previously announced.”
Sitio Royalties
Christopher Conoscenti, current Chief Executive Officer of Desert Peak and future Chief Executive Officer of the combined company, said: “We are excited to announce our prospective new name of Sitio Royalties. In Spanish, Sitio means a site or a place, and historically it was a measure of a large parcel of land in Spanish Texas. The name recognizes the unique cultural heritage of West Texas, the focus area of our business. Rooted in the past but looking to the future, we will, as a combined platform, continue to consolidate the highly fragmented ownership of minerals and royalties.”
About the Companies
Falcon is an Up-C Corporation formed to own and acquire high-quality, oil-weighted mineral rights. Falcon owns mineral, royalty, and over-riding royalty interests covering over 21,000 NRAs in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas. Falcon also owns over 12,000 NRAs in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia.
Desert Peak was founded by Kimmeridge, a private investment firm focused on energy solutions, to acquire, own and manage high-quality Permian Basin mineral and royalty interests with the objective of generating cash flow from operations that can be returned to shareholders and reinvested. Desert Peak has accumulated over 105,000 net royalty acres (“NRAs,” when normalized to a 1/8th royalty equivalent) through the consummation of over 180 acquisitions to date.
Forward-Looking Statements
This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about Falcon’s and Desert Peak’s ability to effect the previously announced and pending merger between Falcon and Desert Peak (the “Merger”); the expected benefits and timing of the Merger; future dividends; and future plans, expectations, and objectives for the combined company’s operations after completion of the Merger, including statements about strategy, synergies, future operations, financial position, estimated revenues, projected production, projected costs, prospects, plans, and objectives of management. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in the Proxy Statement, Falcon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and Falcon’s Quarterly Reports on Form 10-Q, filed with the U.S. Securities and Exchange Commission (the “SEC”) for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Neither Desert Peak nor Falcon undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
Additional Information and Where to Find It
In connection with the proposed Merger, Falcon has filed the Proxy Statement with the SEC and will file other documents with the SEC regarding the proposed Merger. Falcon has commenced mailing of the Proxy Statement to Falcon’s stockholders which contains important information about the proposed Merger and related matters. INVESTORS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the Proxy Statement and other relevant documents filed by Falcon with the SEC at the SEC’s website at www.sec.gov. You may also obtain Falcon’s documents on its website at www.falconminerals.com. The references to the SEC’s website and our website are for the convenience of investors and shall not be deemed to be incorporated into any of Falcon’s filings. All website addresses in this prospectus are intended to be inactive textual references only.
Participants in the Solicitation
Desert Peak, Falcon and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the Merger and may have direct or indirect interests in the Merger. Information about Falcon’s directors and executive officers is set forth in the Proxy Statement, its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 11, 2022, and its other documents which are filed with the SEC. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC regarding the Merger when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions. Investors may obtain free copies of these documents using the sources indicated above.
Falcon:
Matthew B. Ockwood
Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Desert Peak:
Carrie Osicka
Chief Financial Officer
(720) 640-7651
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DUBLIN--(BUSINESS WIRE)--The "Global Electrostatic Precipitator Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global electrostatic precipitator market is projected to grow at a CAGR of 4.90% during the forecast period to reach US$6.900 billion by 2027, from US$4.935 billion in 2020.
An electrostatic precipitator is a device that uses a high-voltage electrostatic charge to remove dust particles from a gas or exhaust and then collects them on an electrode. Some of the primary factors boosting demand for these precipitators are increased industry investment and favourable government policies. In the next few years, the Asia-Pacific area contains enormous market potential.
One of the key reasons driving the global electrostatic precipitator market during the forecast period is the rising awareness of air quality control and growing industrialization in both developing and developed nations. Because of toxic pollutants emitted by automobiles, industrial manufacturing, power plants, and other industries, air quality is degrading regularly.
Electrostatic precipitators, which remove soot and ash from exhaust fumes, are an excellent solution for a variety of end-use sectors looking to reduce particulate matter in the exhaust air and thus stay within environmental limitations. In addition, countries like the United States, China, and India are seeing tremendous industrialization. Sectors including public transit, autos, and energy (power plants) all contribute significantly to the economy's growth. All of these factors combine to boost demand for electrostatic precipitators, boosting the global market's growth.
Increased awareness of the need for air quality control and the negative consequences of hazardous emissions has resulted in a rapid transition away from non-renewable energy sources and toward renewable energy sources for energy generation. Renewable energy sources such as wind, solar, geothermal, and hydropower generate electricity without emitting any pollutants. Furthermore, due to the instability of crude oil prices, geopolitical difficulties, and significant investment risks, many power plants are turning toward using renewable energy sources for energy production. During the forecast period, these issues are anticipated to limit the electrostatic precipitator market's growth.
The use of ESPs was reduced as a result of the lockdown of oil refineries, chemical and manufacturing industries, especially in the early stages. This aspect had a negative impact on the worldwide electrostatic precipitator industry. In addition, a drop in worldwide electricity usage due to the closure of large-scale businesses, offices, and malls lowered the demand for electrostatic precipitators.
The market, on the other hand, is expected to recover quickly. According to the Energy and Economic Growth Survey, the oil and gas industry will be among the hardest hit in 2020, with an average decrease of -2.8 percent. Furthermore, more than 100 nations have closed their international borders for transportation and non-essential trade, causing the demand-supply chain in the electrostatic precipitator market to be impeded. In the COVID-19 scenario, this had a significant impact on the demand for electrostatic precipitators among oil refineries.
Key Market Segments
By Type
By End-Users
By Geography
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/noho8g
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) will hold its 2022 Annual Meeting of Shareholders at 10:00 a.m. Mountain Time on Thursday, May 19. The meeting will be held in virtual-only format, accessible via the Internet. IDACORP shareholders may attend the annual meeting by registering for the meeting at www.proxydocs.com/IDA no later than 3:00 p.m. Mountain Time on May 18, 2022. Additional information related to the meeting is available in IDACORP’s 2022 proxy statement located on IDACORP’s website.
During the meeting, IDACORP President and Chief Executive Officer Lisa Grow will discuss the 2021 performance of IDACORP and its primary subsidiary, Idaho Power Company, as well as company initiatives for 2022 and beyond. Shareholders will have an opportunity to vote and submit questions electronically during the meeting.
Additionally, an audio stream of the meeting will be webcast live at www.idacorpinc.com, available in listen-only mode to both shareholders and non-shareholders. Webcast access information will be posted on the IDACORP website the morning of the meeting and presentation slides for the meeting will be available on the IDACORP website before the meeting begins. Following the meeting, all annual meeting webcast materials will be available on IDACORP’s website for 12 months.
About IDACORP, Inc.
IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. Idaho Power’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its 2,000 employees proudly serve more than 600,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit idacorpinc.com or idahopower.com.
Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: 208-388-2728
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Media Contact
Jordan Rodriguez
Corporate Communications
Phone: 208-388-2460
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, today unveiled several innovations at Hannover Messe 2022 with a single aim: accelerate the path to net-zero CO2 emissions for customers and partners.
“Industry continues to undergo a massive period of change,” said Barbara Frei, Executive Vice President, Industrial Automation at Schneider Electric. “Our vision, however, remains constant. We want to create an efficient, open and sustainable industrial world able to adapt to changes in demand, supply chains, technology, and regulations. Digital solutions are by far the fastest way to decarbonize and future-proof operations for employees. Our technology, combined with AVEVA insights, enables enterprises to reach the next industrial generation with unseen levels of efficiency, resiliency, and sustainability. With every piece of technology, we aim to empower our customers and their workforce to achieve their sustainability targets.”
Innovations of the Future
Schneider Electric is proud to unveil a range of offers and partnerships, enabling the next generation sustainable industrial world:
“We are proud to be demonstrating the latest collaborations between Schneider Electric and AVEVA at Hannover Messe. Visitors will have the opportunity to discover first-hand how our new concept of Advanced Operations Control can empower industrial businesses. Data-led innovation to accelerate industrial digital transformation is how we contribute to a more sustainable future with Schneider Electric,” said Caspar Herzberg, Chief Revenue Officer, AVEVA.
Schneider Electric key Hannover Messe sessions
Through keynote presentations, innovation sessions, panel discussions, and interviews with Schneider Electric spokespeople, customers, partners including AVEVA, and industry experts, the company will celebrate the agility and adaptation that has occurred over the past year.
Monday, 30 May
[3-4 PM CEST] Press conference
Schneider Electric and AVEVA executives discuss the company’s strategic thinking and Industries of the Future vision.
Tuesday, 31 May
[9:30-10:30 AM CEST] Press breakfast
An opportunity to find out about Schneider Electric and AVEVA’s latest solutions for industrial resilience, agility and sustainability.
30 May – June 2: Innovation Talks
Innovation Talk 1: Our resilient and sustainable future
Speakers: Niels Wessel, Offer Manager, Industrial Automation, DACH
Karim Helal, Global Innovation Ambassador
The need for next-generation smart manufacturing is urgent. Industrial enterprises need more innovation, automation, eco-efficiency, and agility at all levels – not only for the sustainability of the planet but also for the sustainability of the businesses themselves.
Join this Innovation Talk to learn:
Innovation Talk 2: Next generation industrial automation
Speakers: Leif Juergensen, System Marketing, Next Gen Automation Incubator
Marissa Mueller, Global Innovation Ambassador
The way goods and services are procured, produced, delivered, and consumed is increasingly driven by information technology. More work is done remotely. More interactions are digital. And more operations are automated.
Thriving as a modern industrial operation requires a digital way of thinking, where software and data play starring roles.
Join this talk to learn how to make your operation sustainable, agile, and resilient through secure software-centric industrial automation.
Innovation Session 3: Electricity 4.0 – Our Fastest Route to Net Zero
Speakers: Gerold Goeldner, Head of Marketing Sustainability, Europe Operations and Cordelia THIELITZ, VP Strategy, Europe Operations
Liani Toro Caballero, Global Innovation Ambassador
Over 80 per cent of CO2 emissions are energy-related and over 60 per cent of energy is wasted. To tackle climate change, we need to make energy green and smart. The solution is a world that is more electric and more digital. We call it Electricity 4.0.
In this Innovation Talk, you will:
Ahead of the Hannover Messe 2022 event, Schneider Electric has been awarded with the Gold 2022 Hermes Creative Award by the Association of Marketing Communication Professionals (AMCP) in the Event Marketing category, for the “Discover Industries of the Future at Hannover Messe 2022” campaign.
Get your free promo code via this link to join us at Hannover Messe 2022 (30 May – 2 June), an event exploring what industry leaders, including Schneider Electric, are doing to drive the Industries of the Future forward.
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.
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.
Additional resource:
Hashtags: #IndustriesOfTheFuture #NextGenAutomation #IndustrialAutomation #UniversalAutomation #EcoStruxure
Media Relations - Edelman on behalf of Schneider Electric
Juan Pablo Guerrero
+1 416 875 7173
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project with an estimated value of $120 million. The contract was secured by the Company’s Energy/Renewables Segment.
“Our Energy/Renewables team continues to execute at an exceptional level that brings clients back to us,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We value these strong and ongoing relationships.”
“This will be our sixth contract with this solar customer and our eighth project in the Southwest region,” McCormick added. Primoris now has more than $1.4 billion in solar projects completed or under construction in the region.
The award is for the engineering, procurement and construction of a utility-scale solar facility in the Southwest. Initial project construction will begin in the second quarter of 2022 with completion of the project expected in the first quarter of 2023.
ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation
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DUBLIN--(BUSINESS WIRE)--The "Algae Biofuel Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global algae biofuel market is estimated to show growth from US$5.022 billion in 2020 to US$9.033 billion in 2027 at a CAGR of 8.75%.
The key factor driving the growth is the demand for algae biofuel as an essential energy source. Due to the rising prices of petrol and diesel, the demand for algae biofuel has increased. Moreover, increasing inclination towards eco-friendly lifestyles owing to their health benefits and fewer or no environmental hazards is boosting the demand for algae biofuel.
As a result, all biofuels are referred to as a replacement for oil or another environmentally hazardous fuel. Algae B biofuel has the potential to provide around 20 times the output of other conventional biofuels like sorghum, beet, corn, and corn stover. This feature of algae biofuel has the potential to open new pathways for industrial growth during the forecast period.
Algae biofuels are produced from biomass and are in the form of both liquid and gaseous forms. They are generated through the conversion of biomass material, which can be done thermally, chemically, or biochemically Algae Biofuel has various other qualities over other biofuels, such as high energy content, high biodegradability, and faster microorganism growth. These qualities make the algae biofuel's manufacturing practises. Some of the biofuel types made from algae biofuels are green diesel, biodiesel, bioethanol, methane, jet fuel, bio-butanol, and bio-gasoline.
Algal biofuel has applications in the automotive, transportation, aerospace, and defence industries. It has come up as the best third-generation alternative to the second-generation crop-based biofuel. Increasing research and developments in algae biofuel are making it more applicable in many sectors and making its production more economical and viable. Many industrial sectors have also started using algae biofuel commercially due to its increasing popularity since the last decade. Algae biofuel can be used to generate combined heat and power or can be used for pyrolysis oil. Algae biofuel is also preferred in transportation because it directly replaces petroleum without any changes in engine performance.
According to the United States Energy Department, if algae biofuel completely replaces petroleum fuel all over the USA, it will require only 15 thousand square miles, which is 0.42% of the total USA area. It is stated that this area would be less than 1/7 the total area of corn harvested in the USA. Whereas, in November 2022, an engineer in India started creating biofuel from microalgae in Jharkhand's Pond.
Convenient natural sources to produce algae biofuel
As light is the prime factor needed for the cultivation of algae, investors are more interested in investing in the production of algae biofuel as the requirements are comparatively lower. Additionally, as algae biofuel is a competitive alternative to petroleum and diesel, it will gain at increasing rates in the future, making algae biofuel a profitable investment. Countries that have huge waterbodies also prefer the production of algae biofuel.
Water temperature is what influences the growth of algae the most. Although the use of a few media can accelerate the production of algae biomass, the two most enriching mediums are Guillard's F/2 and Walne medium. These media reduce the time required for the preparation of the nutrients that are needed to grow algae. Thus, various nutritive solutions, viability, profit to the investors, and most importantly, increasing popularity among the consumers for algae biofuel are all contributing to the rising demand for algae biofuel globally.
Challenges for the algae biofuel market
Due to a lack of knowledge regarding the cultivation of algae, not all manufacturers take the risk of its production. Moreover, according to the study by the Center for Algae Biotechnology, California University, the challenges that affect of algae biofuel production are nutrient sourcing and utilisation, strain isolation, production management, coproduct developments, and fuel extraction.
Market Segmentation
By Type
By Applications
By Geography
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/gu4lcf
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2022 revenue of $155 million, an increase of $7 million from the fourth quarter 2021. Net loss for the quarter was $9 million, or $1.62 per diluted share, compared to a net loss of $20 million, or $3.46 per diluted share, for the fourth quarter 2021. Excluding special items, adjusted net loss was $2.00 per diluted share in the first quarter 2022 compared to an adjusted net loss of $2.23 per diluted share in the fourth quarter 2021. Adjusted EBITDA was $9 million in the first quarter 2022, an improvement of approximately $5 million from the fourth quarter 2021.
Special items in the first quarter 2022, on a pre-tax basis, included $6 million of foreign exchange gains partially offset by $4 million of restructuring, transaction and other costs. See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information.
Neal Lux, President and Chief Executive Officer, remarked, “Stronger industry fundamentals combined with outstanding execution by our team drove FET's first quarter performance. We are overcoming the supply chain issues experienced in the second half of 2021 by investing in key raw materials and components to meet growing demand. Price increases began to flow through the income statement and we expect the trend to accelerate in future quarters. With these efforts, EBITDA more than doubled on a sequential basis to $9 million and was up 344% year-over-year.
“Demand for our products and advanced technology solutions remains robust. We have achieved six consecutive quarters of bookings in excess of revenue and our backlog is over $200 million for the first time since 2019. Looking ahead, we anticipate our backlog and continued order growth will further improve revenue and EBITDA. We forecast second quarter revenue to be between $160 and $170 million, and adjusted EBITDA of $11 to $14 million. On a full year basis, we continue to expect adjusted EBITDA of $50 to $60 million.
“On a year-over-basis, revenue and adjusted EBITDA grew by 36% and 344%, respectively. We are confident that this strong momentum will continue in the second quarter and beyond. Our consumable businesses will benefit from increased drilling and completions activity. Furthermore, our customers‘ underinvestment in capital equipment since 2014 has reduced the capacity of the oilfield service industry. As a result, significant increases in activity will require additional capital spending by our domestic and international customers. This will translate to higher revenues for FET and rapid profit growth due to our strong operating leverage and net price increases.”
Segment Results
Drilling & Downhole segment revenue was $71 million, an increase of 7% from the fourth quarter 2021, led by fulfillment of subsea capital equipment orders for international customers, and higher demand for drilling capital equipment in connection with increasing activity levels. Orders were $71 million, a 17% sequential increase which included significant order growth in both our drilling and downhole product lines. Segment adjusted EBITDA was $9 million, a $3 million sequential increase resulting from the higher revenue levels and favorable sales mix. The Drilling & Downhole segment designs and manufactures capital equipment and consumable products for global well construction, artificial lift and subsea markets.
Completions segment revenue was $53 million, a 3% sequential increase driven by increased sales of our wireline products for the well intervention market. Orders were $54 million, a sequential increase of $1 million, or 2%, due to orders for new product offerings in our stimulation and intervention product line. Segment adjusted EBITDA was $5 million, in line with the fourth quarter. The Completions segment designs and manufactures products for the coiled tubing, wireline and stimulation markets.
Production segment revenue was $32 million, an increase of $1 million, or 2% from the fourth quarter 2021 driven by higher valve sales into the downstream market. Orders in the first quarter were $40 million, a 12% sequential decrease, due to full-year orders received for well-site production equipment in the fourth quarter 2021 for fulfillment throughout 2022. Segment adjusted EBITDA was negative $1 million, an improvement of $1 million from the fourth quarter 2021. The Production segment designs and manufactures land well site production equipment, desalination process equipment, and a wide range of valves for upstream, midstream and process industry customers.
FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution, and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Forward-Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the severity and duration of the COVID-19 pandemic and related repercussions resulting from the negative impact on demand for oil and natural gas, the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc. |
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Condensed consolidated statements of loss |
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(Unaudited) |
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|
|
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|
Three months ended |
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|
|
March 31, |
|
December 31, |
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(in millions, except per share information) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
Revenue |
|
$ |
155.2 |
|
|
$ |
114.5 |
|
|
$ |
148.1 |
|
Cost of sales |
|
|
116.6 |
|
|
|
88.3 |
|
|
|
118.0 |
|
Gross profit |
|
|
38.6 |
|
|
|
26.2 |
|
|
|
30.1 |
|
Operating expenses |
|
|
|
|
|
|
||||||
Selling, general and administrative expenses |
|
|
44.3 |
|
|
|
41.5 |
|
|
|
42.9 |
|
Loss (gain) on disposal of assets and other |
|
|
— |
|
|
|
(0.9 |
) |
|
|
0.3 |
|
Total operating expenses |
|
|
44.3 |
|
|
|
40.6 |
|
|
|
43.2 |
|
Operating loss |
|
|
(5.7 |
) |
|
|
(14.4 |
) |
|
|
(13.1 |
) |
Other expense (income) |
|
|
|
|
|
|
||||||
Interest expense |
|
|
7.6 |
|
|
|
9.2 |
|
|
|
7.9 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
Foreign exchange losses (gains) and other, net |
|
|
(6.0 |
) |
|
|
3.4 |
|
|
|
1.7 |
|
Total other expense |
|
|
1.6 |
|
|
|
13.5 |
|
|
|
9.6 |
|
Loss before income taxes |
|
|
(7.3 |
) |
|
|
(27.9 |
) |
|
|
(22.7 |
) |
Income tax expense (benefit) |
|
|
1.9 |
|
|
|
1.8 |
|
|
|
(3.1 |
) |
Net loss (1) |
|
$ |
(9.2 |
) |
|
$ |
(29.7 |
) |
|
$ |
(19.6 |
) |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding |
|
|
|
|
|
|
||||||
Basic |
|
|
5.7 |
|
|
|
5.6 |
|
|
|
5.7 |
|
Diluted |
|
|
5.7 |
|
|
|
5.6 |
|
|
|
5.7 |
|
|
|
|
|
|
|
|
||||||
Loss per share |
|
|
|
|
|
|
||||||
Basic |
|
$ |
(1.62 |
) |
|
$ |
(5.28 |
) |
|
$ |
(3.46 |
) |
Diluted |
|
$ |
(1.62 |
) |
|
$ |
(5.28 |
) |
|
$ |
(3.46 |
) |
|
|
|
|
|
|
|
||||||
(1) Refer to Table 1 for schedule of adjusting items. |
||||||||||||
Forum Energy Technologies, Inc. |
|||||
Condensed consolidated balance sheets |
|||||
(Unaudited) |
|||||
|
|
|
|
||
|
March 31, |
|
December 31, |
||
(in millions of dollars) |
|
2022 |
|
|
2021 |
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
20.6 |
|
$ |
46.9 |
Accounts receivable—trade, net |
|
132.2 |
|
|
123.9 |
Inventories, net |
|
263.8 |
|
|
241.7 |
Other current assets |
|
39.7 |
|
|
34.2 |
Total current assets |
|
456.3 |
|
|
446.7 |
Property and equipment, net of accumulated depreciation |
|
91.2 |
|
|
94.0 |
Operating lease assets |
|
24.7 |
|
|
25.4 |
Intangible assets, net |
|
210.9 |
|
|
217.4 |
Other long-term assets |
|
7.8 |
|
|
7.8 |
Total assets |
$ |
790.9 |
|
$ |
791.3 |
Liabilities and equity |
|
|
|
||
Current liabilities |
|
|
|
||
Current portion of long-term debt |
$ |
0.8 |
|
$ |
0.9 |
Other current liabilities |
|
191.3 |
|
|
174.8 |
Total current liabilities |
|
192.1 |
|
|
175.7 |
Long-term debt, net of current portion |
|
233.7 |
|
|
232.4 |
Other long-term liabilities |
|
50.4 |
|
|
54.1 |
Total liabilities |
|
476.2 |
|
|
462.2 |
Total equity |
|
314.7 |
|
|
329.1 |
Total liabilities and equity |
$ |
790.9 |
|
$ |
791.3 |
Forum Energy Technologies, Inc. |
||||||||
Condensed consolidated cash flow information |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
(in millions of dollars) |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(9.2 |
) |
|
$ |
(29.7 |
) |
Depreciation and amortization |
|
|
9.6 |
|
|
|
11.2 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
0.9 |
|
Other noncash items and changes in working capital |
|
|
(25.3 |
) |
|
|
16.3 |
|
Net cash used in operating activities |
|
|
(24.9 |
) |
|
|
(1.3 |
) |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures for property and equipment |
|
|
(0.8 |
) |
|
|
(0.4 |
) |
Proceeds from sale of business, property and equipment |
|
|
0.1 |
|
|
|
1.5 |
|
Net cash provided by (used in) investing activities |
|
|
(0.7 |
) |
|
|
1.1 |
|
|
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
|
||||
Borrowings of debt |
|
|
95.9 |
|
|
|
— |
|
Repayments of debt |
|
|
(96.1 |
) |
|
|
(27.3 |
) |
Repurchases of stock |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
Net cash used in financing activities |
|
|
(0.6 |
) |
|
|
(27.5 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
$ |
(26.3 |
) |
|
$ |
(27.8 |
) |
Forum Energy Technologies, Inc. |
||||||||||||||||||||||||
Supplemental schedule - Segment information |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
|
As Reported |
|
As Adjusted (3) |
||||||||||||||||||||
|
|
Three months ended |
|
Three months ended |
||||||||||||||||||||
(in millions of dollars) |
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling & Downhole |
|
$ |
71.3 |
|
|
$ |
48.7 |
|
|
$ |
66.5 |
|
|
$ |
71.3 |
|
|
$ |
48.7 |
|
|
$ |
66.5 |
|
Completions |
|
|
52.5 |
|
|
|
37.8 |
|
|
|
51.0 |
|
|
|
52.5 |
|
|
|
37.8 |
|
|
|
51.0 |
|
Production |
|
|
31.5 |
|
|
|
28.0 |
|
|
|
30.9 |
|
|
|
31.5 |
|
|
|
28.0 |
|
|
|
30.9 |
|
Eliminations |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Total revenue |
|
$ |
155.2 |
|
|
$ |
114.5 |
|
|
$ |
148.1 |
|
|
$ |
155.2 |
|
|
$ |
114.5 |
|
|
$ |
148.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling & Downhole |
|
$ |
6.0 |
|
|
$ |
(4.5 |
) |
|
$ |
2.5 |
|
|
$ |
5.6 |
|
|
$ |
(1.3 |
) |
|
$ |
2.7 |
|
Operating Margin % |
|
|
8.4 |
% |
|
|
(9.2 |
)% |
|
|
3.8 |
% |
|
|
7.9 |
% |
|
|
(2.7 |
)% |
|
|
4.1 |
% |
Completions |
|
|
(0.7 |
) |
|
|
0.1 |
|
|
|
(4.5 |
) |
|
|
(0.7 |
) |
|
|
(1.3 |
) |
|
|
(0.7 |
) |
Operating Margin % |
|
|
(1.3 |
)% |
|
|
0.3 |
% |
|
|
(8.8 |
)% |
|
|
(1.3 |
)% |
|
|
(3.4 |
)% |
|
|
(1.4 |
)% |
Production |
|
|
(1.8 |
) |
|
|
(3.8 |
) |
|
|
(3.1 |
) |
|
|
(1.5 |
) |
|
|
(2.9 |
) |
|
|
(3.0 |
) |
Operating Margin % |
|
|
(5.7 |
)% |
|
|
(13.6 |
)% |
|
|
(10.0 |
)% |
|
|
(4.8 |
)% |
|
|
(10.4 |
)% |
|
|
(9.7 |
)% |
Corporate |
|
|
(9.2 |
) |
|
|
(7.1 |
) |
|
|
(7.7 |
) |
|
|
(5.5 |
) |
|
|
(5.9 |
) |
|
|
(6.9 |
) |
Total segment operating loss |
|
|
(5.7 |
) |
|
|
(15.3 |
) |
|
|
(12.8 |
) |
|
|
(2.1 |
) |
|
|
(11.4 |
) |
|
|
(7.9 |
) |
Other items not in segment operating loss (1) |
|
|
— |
|
|
|
0.9 |
|
|
|
(0.3 |
) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
(0.1 |
) |
Total operating loss |
|
$ |
(5.7 |
) |
|
$ |
(14.4 |
) |
|
$ |
(13.1 |
) |
|
$ |
(2.0 |
) |
|
$ |
(11.2 |
) |
|
$ |
(8.0 |
) |
Operating Margin % |
|
|
(3.7 |
)% |
|
|
(12.6 |
)% |
|
|
(8.8 |
)% |
|
|
(1.3 |
)% |
|
|
(9.8 |
)% |
|
|
(5.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Drilling & Downhole |
|
$ |
15.5 |
|
|
$ |
(3.7 |
) |
|
$ |
4.1 |
|
|
$ |
9.1 |
|
|
$ |
3.0 |
|
|
$ |
6.2 |
|
EBITDA Margin % |
|
|
21.7 |
% |
|
|
(7.6 |
)% |
|
|
6.2 |
% |
|
|
12.8 |
% |
|
|
6.2 |
% |
|
|
9.3 |
% |
Completions |
|
|
4.7 |
|
|
|
6.6 |
|
|
|
1.0 |
|
|
|
4.9 |
|
|
|
4.6 |
|
|
|
4.9 |
|
EBITDA Margin % |
|
|
9.0 |
% |
|
|
17.5 |
% |
|
|
2.0 |
% |
|
|
9.3 |
% |
|
|
12.2 |
% |
|
|
9.6 |
% |
Production |
|
|
(1.0 |
) |
|
|
(2.3 |
) |
|
|
(2.0 |
) |
|
|
(0.6 |
) |
|
|
(1.3 |
) |
|
|
(1.7 |
) |
EBITDA Margin % |
|
|
(3.2 |
)% |
|
|
(8.2 |
)% |
|
|
(6.5 |
)% |
|
|
(1.9 |
)% |
|
|
(4.6 |
)% |
|
|
(5.5 |
)% |
Corporate |
|
|
(9.3 |
) |
|
|
(8.1 |
) |
|
|
(7.7 |
) |
|
|
(4.5 |
) |
|
|
(4.3 |
) |
|
|
(5.2 |
) |
Total EBITDA |
|
$ |
9.9 |
|
|
$ |
(7.5 |
) |
|
$ |
(4.6 |
) |
|
$ |
8.9 |
|
|
$ |
2.0 |
|
|
$ |
4.2 |
|
EBITDA Margin % |
|
|
6.4 |
% |
|
|
(6.6 |
)% |
|
|
(3.1 |
)% |
|
|
5.7 |
% |
|
|
1.7 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
||||||||||||||||||||||||
(1) Includes gain/(loss) on disposal of assets and other. |
||||||||||||||||||||||||
(2) The company believes that the presentation of EBITDA is useful to the company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
||||||||||||||||||||||||
(3) Refer to Table 1 for schedule of adjusting items. |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Forum Energy Technologies, Inc. |
|||||||||||
Supplemental schedule - Orders information |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
|
Three months ended |
|||||||||
(in millions of dollars) |
|
March 31, 2022 |
|
March 31, 2021 |
|
December 31, 2021 |
|||||
Orders |
|
|
|
|
|
|
|||||
Drilling & Downhole |
|
$ |
70.9 |
|
|
$ |
57.9 |
|
$ |
60.8 |
|
Completions |
|
|
53.7 |
|
|
|
47.2 |
|
|
52.8 |
|
Production |
|
|
40.4 |
|
|
|
32.9 |
|
|
46.1 |
|
Total orders |
|
$ |
165.0 |
|
|
$ |
138.0 |
|
$ |
159.7 |
|
|
|
|
|
|
|
|
|||||
Revenue |
|
|
|
|
|
|
|||||
Drilling & Downhole |
|
$ |
71.3 |
|
|
$ |
48.7 |
|
$ |
66.5 |
|
Completions |
|
|
52.5 |
|
|
|
37.8 |
|
|
51.0 |
|
Production |
|
|
31.5 |
|
|
|
28.0 |
|
|
30.9 |
|
Eliminations |
|
|
(0.1 |
) |
|
|
— |
|
|
(0.3 |
) |
Total revenue |
|
$ |
155.2 |
|
|
$ |
114.5 |
|
$ |
148.1 |
|
|
|
|
|
|
|
|
|||||
Book to bill ratio (1) |
|
|
|
|
|
|
|||||
Drilling & Downhole |
|
|
0.99 |
|
|
|
1.19 |
|
|
0.91 |
|
Completions |
|
|
1.02 |
|
|
|
1.25 |
|
|
1.04 |
|
Production |
|
|
1.28 |
|
|
|
1.18 |
|
|
1.49 |
|
Total book to bill ratio |
|
|
1.06 |
|
|
|
1.21 |
|
|
1.08 |
|
|
|
|
|
|
|
|
|||||
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products, in the markets in which the company operates, is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of the company's products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance. |
|||||||||||
|
|||||||||||
Forum Energy Technologies, Inc. |
|||||||||||||||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||||
Table 1 - Adjusting items |
|||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
|
Three months ended |
||||||||||||||||||||||||||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
|
December 31, 2021 |
||||||||||||||||||||||||||||||
(in millions, except per share information) |
Operating
|
|
EBITDA (1) |
|
Net
|
|
Operating
|
|
EBITDA (1) |
|
Net
|
|
Operating
|
|
EBITDA (1) |
|
Net
|
||||||||||||||||||
As reported |
$ |
(5.7 |
) |
|
$ |
9.9 |
|
|
$ |
(9.2 |
) |
|
$ |
(14.4 |
) |
|
$ |
(7.5 |
) |
|
$ |
(29.7 |
) |
|
$ |
(13.1 |
) |
|
$ |
(4.6 |
) |
|
$ |
(19.6 |
) |
% of revenue |
|
(3.7 |
)% |
|
|
6.4 |
% |
|
|
|
|
(12.6 |
)% |
|
|
(6.6 |
)% |
|
|
|
|
(8.8 |
)% |
|
|
(3.1 |
)% |
|
|
||||||
Restructuring, transaction and other costs |
|
3.7 |
|
|
|
3.7 |
|
|
|
3.7 |
|
|
|
2.6 |
|
|
|
2.6 |
|
|
|
2.6 |
|
|
|
1.8 |
|
|
|
1.8 |
|
|
|
1.8 |
|
Inventory and other working capital adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
3.3 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on foreign exchange, net (2) |
|
— |
|
|
|
(5.8 |
) |
|
|
(5.8 |
) |
|
|
— |
|
|
|
3.5 |
|
|
|
3.5 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
1.8 |
|
Stock-based compensation expense |
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
As adjusted (1) |
$ |
(2.0 |
) |
|
$ |
8.9 |
|
|
$ |
(11.3 |
) |
|
$ |
(11.2 |
) |
|
$ |
2.0 |
|
|
$ |
(22.1 |
) |
|
$ |
(8.0 |
) |
|
$ |
4.2 |
|
|
$ |
(12.7 |
) |
% of revenue |
|
(1.3 |
)% |
|
|
5.7 |
% |
|
|
|
|
(9.8 |
)% |
|
|
1.7 |
% |
|
|
|
|
(5.4 |
)% |
|
|
2.8 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted shares outstanding as reported |
|
|
|
|
|
5.7 |
|
|
|
|
|
|
|
5.6 |
|
|
|
|
|
|
|
5.7 |
|
||||||||||||
Diluted shares outstanding as adjusted |
|
|
|
|
|
5.7 |
|
|
|
|
|
|
|
5.6 |
|
|
|
|
|
|
|
5.7 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted EPS - as reported |
|
|
|
|
$ |
(1.62 |
) |
|
|
|
|
|
$ |
(5.28 |
) |
|
|
|
|
|
$ |
(3.46 |
) |
||||||||||||
Diluted EPS - as adjusted |
|
|
|
|
$ |
(2.00 |
) |
|
|
|
|
|
$ |
(3.95 |
) |
|
|
|
|
|
$ |
(2.23 |
) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. |
|||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms. |
|||||||||||||||||||||||||||||||||||
Forum Energy Technologies, Inc. |
|||||||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||||||
(Unaudited) |
|||||||||||
|
|
||||||||||
Table 2 - Adjusting Items |
|||||||||||
|
Three months ended |
||||||||||
(in millions of dollars) |
March 31, 2022 |
|
March 31, 2021 |
|
December 31, 2021 |
||||||
EBITDA reconciliation (1) |
|
|
|
|
|
||||||
Net loss |
$ |
(9.2 |
) |
|
$ |
(29.7 |
) |
|
$ |
(19.6 |
) |
Interest expense |
|
7.6 |
|
|
|
9.2 |
|
|
|
7.9 |
|
Depreciation and amortization |
|
9.6 |
|
|
|
11.2 |
|
|
|
10.2 |
|
Income tax expense |
|
1.9 |
|
|
|
1.8 |
|
|
|
(3.1 |
) |
EBITDA |
$ |
9.9 |
|
|
$ |
(7.5 |
) |
|
$ |
(4.6 |
) |
|
|
|
|
|
|
||||||
(1) The company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. |
|||||||||||
Forum Energy Technologies, Inc. |
|||||||
Reconciliation of GAAP to non-GAAP financial information |
|||||||
(Unaudited) |
|||||||
|
|
|
|
||||
Table 3 - Adjusting items |
|||||||
|
Three months ended |
||||||
(in millions of dollars) |
March 31, 2022 |
|
March 31, 2021 |
||||
Free cash flow, before acquisitions, reconciliation (1) |
|
|
|
||||
Net cash used in operating activities |
$ |
(24.9 |
) |
|
$ |
(1.3 |
) |
Capital expenditures for property and equipment |
|
(0.8 |
) |
|
|
(0.4 |
) |
Proceeds from sale of property and equipment |
|
0.1 |
|
|
|
1.5 |
|
Free cash flow, before acquisitions |
$ |
(25.6 |
) |
|
$ |
(0.2 |
) |
|
|
|
|
||||
(1) The company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
|||||||
Forum Energy Technologies, Inc. |
|||||||||||||||||
Supplemental schedule - Product line revenue |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
Three months ended |
|||||||||||||||
(in millions of dollars) |
|
March 31, 2022 |
|
March 31, 2021 |
|
December 31, 2021 |
|||||||||||
Revenue: |
|
$ |
% |
|
$ |
% |
|
$ |
% |
||||||||
Drilling Technologies |
|
$ |
29.2 |
|
18.8 |
% |
|
$ |
18.6 |
16.2 |
% |
|
$ |
27.3 |
|
18.5 |
% |
Downhole Technologies |
|
|
19.6 |
|
12.6 |
% |
|
|
15.1 |
13.2 |
% |
|
|
19.9 |
|
13.4 |
% |
Subsea Technologies |
|
|
22.5 |
|
14.5 |
% |
|
|
15.0 |
13.1 |
% |
|
|
19.3 |
|
13.0 |
% |
Drilling & Downhole |
|
|
71.3 |
|
45.9 |
% |
|
|
48.7 |
42.5 |
% |
|
|
66.5 |
|
44.9 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Stimulation and Intervention |
|
|
30.1 |
|
19.4 |
% |
|
|
18.7 |
16.3 |
% |
|
|
28.1 |
|
18.9 |
% |
Coiled Tubing |
|
|
22.4 |
|
14.4 |
% |
|
|
19.1 |
16.7 |
% |
|
|
22.9 |
|
15.5 |
% |
Completions |
|
|
52.5 |
|
33.8 |
% |
|
|
37.8 |
33.0 |
% |
|
|
51.0 |
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Production Equipment |
|
|
15.2 |
|
9.8 |
% |
|
|
14.4 |
12.6 |
% |
|
|
14.9 |
|
10.1 |
% |
Valve Solutions (1) |
|
|
16.3 |
|
10.5 |
% |
|
|
13.6 |
11.9 |
% |
|
|
16.0 |
|
10.8 |
% |
Production (1) |
|
|
31.5 |
|
20.3 |
% |
|
|
28.0 |
24.5 |
% |
|
|
30.9 |
|
20.9 |
% |
Eliminations |
|
|
(0.1 |
) |
— |
% |
|
|
— |
— |
% |
|
|
(0.3 |
) |
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue |
|
$ |
155.2 |
|
100.0 |
% |
|
$ |
114.5 |
100.0 |
% |
|
$ |
148.1 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|||||||||||||||||
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN ANTONIO--(BUSINESS WIRE)--Detmar Logistics (the "Company") has entered into a first of its kind multi-year last mile logistics services agreement with Pioneer Natural Resources. Detmar Logistics executed this latest agreement with an innovative approach as a leader in alternative fuel and electrified transportation. “We are very excited and honored to enter into this partnership with Pioneer Natural Resources. Securing this relationship on a multi-year contract reinforces both companies’ commitment to lead the industry with ESG and efficiency focused initiatives,” said Matt Detmar, CEO of Detmar Logistics.
“Moving to more efficient processes while simultaneously reducing emissions is a win-win,” said Jerry Calkins, Senior Logistics Manager at Pioneer Natural Resources. “We are delighted to work with Detmar Logistics to deploy more sustainable last-mile logistics solutions.”
Detmar Logistics recently reserved 300 Hyliion Hypertruck ERX units in their push towards a goal of an electrified fleet and net-negative carbon footprint. “Today, we are operating 5 diesel hybrid units and 5 CNG hybrid units with more to come. Detmar has also invested in high-capacity trailers that will ultimately reduce the number of sand truck loads needed to complete a well,” says Matt Detmar.
About:
Detmar Logistics is a transportation company that specializes in frac sand last mile logistics. Detmar Logistics’ mission is to be a leader in the utilization of sustainable fuel and electrification technology in the trucking and logistics industry. Headquartered in San Antonio, TX, Detmar Logistics operates cutting edge technology and equipment to provide their customers with an efficient, environmental approach to transportation and logistics.
Claudia Caballero
210-471-2170
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), is pleased to announce it has established an at-the-market equity program (the "ATM Program") that allows the Company to issue and sell up to $10,000,000 of common shares in the capital of the Company (the "Common Shares") from treasury to the public, from time to time, at the Company's discretion. All Common Shares sold under the ATM Program will be made through sales that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 Shelf Distributions through the NEO Exchange ("NEO") or any other "marketplace" in Canada as defined under applicable securities laws.
Distributions of the Common Shares under the ATM Program will be made pursuant to the terms of an equity distribution agreement dated May 5, 2022 (the "Equity Distribution Agreement") entered into between the Company and Echelon Wealth Partners Inc. (the "Agent"). The volume and timing of distributions under the ATM Program, if any, will be determined in the Company's sole discretion. The Common Shares will be distributed at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of the ATM Program. The ATM Program will be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program and the end of the effective period of the Base Shelf Prospectus (defined below), unless terminated prior to such date by the Company or the Agent in accordance with the terms of the Equity Distribution Agreement.
The Company expects to use the net proceeds from the ATM Program for: capital expenditures; working capital; and general corporate purposes. The proposed capital expenditures include supporting the Company’s ongoing research and development efforts.
The distribution of Common Shares under the ATM Program will be qualified by a prospectus supplement dated May 5, 2022 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated April 22, 2022 (the "Base Shelf Prospectus"), each filed with the securities commissions in each of the provinces and territories of Canada. The Equity Distribution Agreement, the Prospectus Supplement and the Base Shelf Prospectus are available on the Company's SEDAR profile at www.sedar.com. Alternatively, the Agent will send copies of such documents to investors upon request by contacting: Echelon Wealth Partners Inc., attn. Beth Shaw, Brookfield Place, 181 Bay Street, Suite 2500, Toronto, ON M5J 2T3 or by phone at 647-484-8285 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act)", or the securities laws of any state of the United States of America, its territories, possessions or the District of Columbia, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the U.S. Securities Act) unless exemptions from the registration requirements of the U.S. Securities Act and any applicable state securities laws are available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, any sales under the ATM Program, the use of proceeds from the sale of Common Shares and the business and strategic plans of the Company.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company's ability to comply with all applicable governmental regulations including all applicable laws and regulations; impacts to the business and operations of the Company due to the COVID-19 pandemic; potential conflict in eastern Europe; a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. Readers should also review the risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2021.
Kontrol Technologies Corp.
Paul Ghezzi
CEO
This email address is being protected from spambots. You need JavaScript enabled to view it.
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8
Tel: (905) 766.0400
Investor Relations:
Brooks Hamilton
MZ Group – MZ North America
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 (949) 546.6326
DUBLIN--(BUSINESS WIRE)--The "Ocean Energy (Tidal Stream and Wave) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Ocean Energy (Tidal Stream and Wave) Market to Reach 348.1 Thousand Kilowatts by 2026
The global market for Ocean Energy (Tidal Stream and Wave) estimated at 58.7 Thousand Kilowatts in the year 2020, is projected to reach a revised size of 348.1 Thousand Kilowatts by 2026, growing at a CAGR of 35.4% over the analysis period.
Ocean energy, also called marine energy, marine power and marine renewable energy, relates to energy that is harnessed from ocean waves, tidal streams, tidal range, ocean currents, salinity gradients, and temperature gradients without the emission of harmful greenhouse gases.
The growing global focus on energy efficiency against a backdrop of rising energy costs and environmental pollution is poised to benefit the market for ocean energy. With the energy industry of the future moving towards a decentralized supply model as mirrored by the evolution of smart grids, power grid configurations are forecast to change over time.
As smaller power plants mushroom under the decentralized structure, tapping into solar, wind, ocean, and biomass becomes a necessity. Ocean energy, in this regard, helps reduce the inefficiencies, which incidentally represents a critical need especially against the backdrop of growing contribution of renewable energy to the overall energy mix.
The market is also expected to gain from the technologies` efficient monitoring and smart architecture. The technology`s high reliability and predictability index is likely to result in it gaining more preference as compared to its traditional counterparts.
The U.S. Market is Estimated at 4.5 Thousand Kilowatts in 2021, While China is Forecast to Reach 32.8 Thousand Kilowatts by 2026
The Ocean Energy (Tidal Stream and Wave) market in the U.S. is estimated at 4.5 Thousand Kilowatts in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 32.8 Thousand Kilowatts by the year 2026 trailing a CAGR of 37.6% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 34.6% and 33.5% respectively over the analysis period. Various policy systems and initiatives are being implemented in the EU to enable ocean energy technologies to become cost effective, for obtaining the advantages offered by these technologies.
The region remains the leader in tidal and wave technologies, and has investments to the tune of over EUR 100 million in ocean energy systems. In Asia-Pacific region, a major contributor of this growth is commissioning of Sihwa Lake Tidal Power Station having 254 MW capacity in 2011 in South Korea, becoming world`s largest tidal power plant, replacing France`s Rance Tidal Power Station.
On the other hand, North American tidal and wave energy market is still struggling to find its feet on account of demonstration projects being stuck on account of governmental sanctions and want of funds.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET COVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 49 Featured)
3. MARKET TRENDS AND DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/px7dec
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) announced today that Doug Pferdehirt, Chair and Chief Executive Officer, will address attendees on Tuesday, May 10, at 11:00 a.m. EDT at the following event:
Citi 2022 Global Energy, Utilities, and Climate Technology Conference
May 10 – 11, 2022
Location: Four Seasons Boston, 200 Boylston Street, Boston, MA 02116
The live webcast will be available at the time of the event and can be accessed at the Investor Relations website. There will be no presentation materials associated with the event.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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