Category: Business

Categories
Business

Elmer Bancorp, Inc. announces third quarter 2020 financial results

ELMER, N.J.–(BUSINESS WIRE)–ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), announces its operating results for the three and nine months ended September 30, 2020.

For the three months ended September 30, 2020, Elmer Bancorp reported net income of $183,000, or $0.16 per common share compared to $556,000, or $0.49 per common share for the quarter ended September 30, 2019. For the nine months ended September 30, 2020 net income totaled $1.147 million, or $1.00 per common share compared to $1.486 million, or $1.30 per common share for the nine months ended September 30, 2019.

Net income for both the three and nine-month periods ended September 30, 2020 was significantly impacted by increases in the provision for loan losses. For the three months ended September 30, 2020, provisions for loan losses totaled $335,000 compared to $23,000 for the three months ended September 30, 2019, an increase of $312,000. For the nine-month period ended September 30, 2020, provisions for loan losses totaled $571,000 compared to $198,000 for the nine months ended September 30, 2019, an increase of $373,000. These increases in the loan loss provision were necessary due to the uncertainties in the economy and the ability of businesses to recover from the effects of the coronavirus pandemic. Management continues to remain cautious in the current operating environment by increasing the loan loss provisions and adding to the allowance for losses. As a result, at September 30, 2020, the allowance for loan losses was 1.52% of total core loans (excluding Paycheck Protection Program loans (PPP)) compared to 1.39% of total loans at December 31, 2019.

Net interest income for the three months ended September 30, 2020 totaled $2.716 million, compared to $2.776 million for the three months ended September 30, 2019. For the nine months ended September 30, 2020, net interest income totaled $8.311 million compared to $8.365 million for the nine-month period of 2019. An increase in interest income on loans resulting from core loan growth year-over-year and interest income related to the addition of $32.0 million in SBA PPP loans was more than offset by a reduction in interest income on investments, primarily interest on overnight investments resulting from the significant drop in interest rates in 2020.

Non-interest income for the three months ended September 30, 2020 was $50,000 lower than the same three-month period last year and $62,000 lower than the nine-month period last year. Significant declines in service charges on deposit accounts, primarily overdraft fees and losses on the sale of other real estate were partially offset by an increase in the cash surrender value of Bank Owned Life Insurance (“BOLI”) as the Company increased it’s investment in BOLI year-over-year. In addition, fee income on the placement of mortgages increased year-over-year. Non-interest expenses were higher for both the three and nine months ended September 30, 2020 versus the prior year periods by $112,000 and $19,000, respectively. Higher employment costs, legal and professional services and data processing expenses were partially offset by lower occupancy costs (building maintenance and repairs and snow removal costs) and lower write-downs on other real estate.

Elmer Bancorp’s total assets at September 30, 2020 totaled $326.6 million compared to $285.4 million at September 30, 2019. Total core assets (excluding PPP related assets) totaled $294.9 million, an increase of $9.5 million over September 30, 2019 and $9.1 million higher than December 31, 2019. Loans totaled $289.1 million at September 30, 2020. Total core loans (excluding PPP loans) at September 30, 2020 were $257.4 million, $21.0 million higher than September 30, 2019 and $14.1 million higher than December 31, 2019. The growth in loans was attributable to increases in commercial real estate loans, construction loans and residential mortgage loans.

Deposits saw a significant increase primarily resulting from the PPP loan program and other government stimulus programs. At September 30, 2020, total deposits were $296.8 million, an increase of $39.6 million over the December 31, 2019 total of $257.2 million. Increases in non-interest-bearing demand deposits, money market accounts and savings deposits contributed to the increase in deposit levels.

Stockholders’ equity at September 30, 2020 totaled $28.1 million compared to $26.8 million at December 31, 2019. Book value per share at September 30, 2020 was $24.46 per common share compared to $23.32 at December 31, 2019 and $23.24 at September 30, 2019. The Company and the Bank met all capital requirements at September 30, 2020.

Brian W. Jones, President and Chief Executive Officer, stated, “As we come to the close of another quarter in 2020, we continue to navigate through these economically troubled times by providing continued support for our loyal customer base whether it be through forbearance agreements, assisting in the process of applying for, or the forgiveness of, SBA PPP loans, or by providing new extensions of credit. While our earnings performance for the third quarter and the year-to-date 2020 was significantly impacted by increased loan loss provisions and the lower interest rate environment, we remain a strong institution. We are pleased that we have been able to maintain positive growth trends in both our core loan portfolio and deposit base. In addition, the Board of Directors declared a $0.16 per common share dividend on October 1, 2020, payable on November 2, 2020 to stockholders of record as of the close of business on October 16, 2020. Yet, as the coronavirus pandemic continues, there remains much uncertainty in the months ahead regarding future economic conditions and the overall effect the pandemic will have on the capital of many financial institutions. As we continue to remain cautious, we anticipate future increases in the provision for loan losses to bolster our allowance for possible loan losses related to the COVID-19 pandemic. The continued support of our loyal customer base, stockholders and employees is very much appreciated and we wish you all good health.”

The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full-service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).

For more information about Elmer Bank and its products and services, please visit our website at www.elmerbank.com or call toll free 1-877-358-8141.

Forward-Looking Statements

This press release and other statements made from time to time by the Company’s management contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry: changes in interest rates and shape of the yield curve, credit risk associated with our lending activities, risks relating to our market area, significant real estate collateral and the real estate market, operating, legal and regulatory risk, fiscal and monetary policy, economic, political and competitive forces affecting our business, our ability to identify and address cyber-security risks, and management’s analysis of these risks and factors being incorrect, and/or the strategies developed to address them being unsuccessful. Any statements made that are not historical facts should be considered forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate because of new information of future events, except as may be required by applicable law or regulation.

ELMER BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(unaudited)

Nine Months Ended

Three Months Ended

9/30/2020

9/30/2019

9/30/2020

6/30/2020

9/30/2019
Statement of Income Data: (dollars in thousands, except per share data)
Interest income

$

9,019

$

9,193

$

2,941

$

3,075

$

3,030
Interest expense

708

804

225

232

254
Net interest income

8,311

8,389

2,716

2,843

2,776
Provision for loan losses

571

198

335

143

23
Net interest income after provision for loan losses

7,740

8,191

2,381

2,700

2,753
Non-interest income

686

724

220

220

270
Non-interest expense

6,878

6,860

2,368

2,250

2,257
Income before income tax expense

1,548

2,055

233

670

766
Income tax expense

401

569

50

178

210
Net income

$

1,147

$

1,486

$

183

$

492

$

556
Earnings per share:
Basic

$

1.00

$

1.30

$

0.16

$

0.43

$

0.49
Diluted

$

1.00

$

1.30

$

0.16

$

0.43

$

0.49
Weighted average shares outstanding (y-t-d)

1,148,271

1,147,230

1,148,271

1,148,066

1,147,230
Statement of Condition Data (Period End):

9/30/2020

9/30/2019

12/31/2019

6/30/2020
Total investments

$

9,145

$

12,577

$

12,215

$

9,950
Total gross loans

$

289,147

$

236,386

$

243,309

$

283,869
Allowance for loan losses

$

3,922

$

3,432

$

3,391

$

3,589
Total assets

$

326,600

$

285,382

$

285,843

$

326,859
Total deposits

$

296,828

$

257,105

$

257,192

$

296,767
Total stockholders’ equity

$

28,092

$

26,664

$

26,762

$

27,902
Book value per share

$

24.46

$

23.24

$

23.32

$

24.29

Contacts

Matthew A. Swift

Senior Vice President

Chief Financial Officer and

Chief Operating Officer

1-856-358-7000

Categories
Business

AdvanSix announces third quarter 2020 financial results

Strong volume growth, cash flow generation, cost management and capital discipline

Sales of $282 million, down (9%) versus prior year – Volume up 5%, Pass-through pricing (13%)

EPS Loss of ($0.02) – includes $20 million pre-tax income impact of planned plant turnaround

Cash Flow from Operations of $36 million, up $2 million versus prior year

PARSIPPANY, N.J.–(BUSINESS WIRE)–AdvanSix (NYSE: ASIX) today announced its financial results for the third quarter ending September 30, 2020. Overall, the Company generated higher cash flow in the third quarter while mitigating the ongoing impacts of COVID-19 and executing its planned plant turnaround.

Third Quarter 2020 Results

  • Sales down approximately 9% versus prior year, as 5% higher volume was more than offset by 13% lower raw material pass-through pricing and 1% unfavorable impact of market-based pricing
  • Net Loss of ($0.7) million, a decrease of $8.6 million versus the prior year
  • EBITDA of $15.8 million, a decrease of $9.1 million versus the prior year
  • 3Q20 planned plant turnaround successfully completed – approximately $20 million unfavorable pre-tax income impact (compared to approximately $5 million unfavorable impact in 3Q19)
  • Cash Flow from Operations of $35.5 million, an increase of $2.4 million versus the prior year
  • Capital Expenditures of $16.0 million, $19.2 million favorable versus the prior year
  • Free Cash Flow of $19.6 million, an increase of $21.6 million versus the prior year
  • As of 3Q20, approximately $17 million of cash on hand with approximately $111 million of additional capacity available under the revolving credit facility

“Our diverse product portfolio and global low-cost position continue to serve us well as we navigate through the current environment,” said Erin Kane, president and CEO of AdvanSix. “We have seen nylon volume returning to pre-COVID levels and we continue to optimize our mix across end uses, applications and geographies through the recovery. The performance of the remainder of our portfolio, including ammonium sulfate, acetone and other high-value intermediates, remains resilient complementing ongoing benefits from our focused cost management and high-return capital investments. We generated higher cash flow in the quarter, as anticipated, supported by efficient working capital performance and reduced capital expenditures.”

Summary third quarter 2020 financial results for the Company are included below:

($ in Thousands, Except Earnings Per Share)

3Q 2020

3Q 2019

Sales

$281,910

$310,633

Net Income (Loss)

(692)

7,921

Diluted Earnings (Loss) Per Share

($0.02)

$0.28

EBITDA (1)

15,806

24,949

EBITDA Margin % (1)

5.6%

8.0%

Cash Flow from Operations

35,533

33,173

Free Cash Flow (1)(2)

19,572

(2,012)

(1) See “Non-GAAP Measures” included in this press release for non-GAAP reconciliations

(2) Net cash provided by operating activities less capital expenditures

Sales of $281.9 million decreased approximately 9% versus the prior year. Raw material pass-through pricing was unfavorable by 13% following a net cost decrease in benzene and propylene (inputs to cumene which is a key feedstock to our products). Market-based pricing was unfavorable by 1% compared to the prior year reflecting challenging end market conditions in our nylon and caprolactam product lines and lower sales prices in ammonium sulfate, partially offset by improved industry dynamics in chemical intermediates, particularly acetone. Sales volume in the quarter increased 5% driven by increases in nylon and higher domestic granular ammonium sulfate sales.

Sales by product line represented the following approximate percentage of our total sales:

3Q 2020

3Q 2019

Nylon

26%

25%

Caprolactam

18%

26%

Ammonium Sulfate Fertilizers

22%

20%

Chemical Intermediates

34%

29%

EBITDA of $15.8 million in the quarter decreased $9.1 million versus the prior year primarily due to the unfavorable impact of planned plant turnarounds, unfavorable sales mix and lower market-based pricing, partially offset by productivity and disciplined cost management, and the favorable impact of lower raw material costs including natural gas and sulfur.

Earnings per share decreased $0.30 versus the prior year to a loss of ($0.02) in the quarter driven by the factors discussed above.

Cash flow from operations of $35.5 million in the quarter increased $2.4 million versus the prior year primarily due to the favorable impact of changes in working capital, partially offset by lower net income. Capital expenditures of $16.0 million in the quarter decreased $19.2 million versus the prior year following the completion of several high-return growth and cost savings investments.

COVID-19 Response Summary

As previously discussed, the U.S. Department of Homeland Security designated our industry as “essential critical infrastructure” during the response to COVID-19 for both public health and safety as well as community well-being. During the third quarter, we continued to execute our business continuity and mitigation plans with a focus on health and safety including, among other actions, on-site medical personnel to actively monitor employees and contractors, thermal screening, social distancing measures, telecommuting, upgraded personal protective equipment, face coverings at all facilities, and exposure management protocols.

Outlook

  • Targeting strong caprolactam plant utilization and optimizing nylon mix across end uses, applications and geographies
  • Expect stable ammonium sulfate fertilizer environment to continue through 2020/2021 planting season
  • Expect favorable acetone industry supply and demand balance to continue
  • Continued disciplined cost management – expect $20 to $25 million full year 2020 cost reduction
  • Capital Expenditures expected to be approximately $85 million in 2020 (down approximately $65 million versus 2019); Expect Capital Expenditures to be $80 to $90 million in 2021
  • Expect a reduction in net debt and leverage levels in 4Q20 with robust cash generation supported by working capital improvements and cash tax benefits associated with the CARES Act
  • Expect pre-tax income impact of planned plant turnarounds to be $25 to $30 million in 2021 (versus approximately $32 million in 2020)

“During this dynamic time, we continue to strengthen our ability to deliver long-term shareholder return. We are focused on executing for the remainder of 2020 and driving best possible outcomes for the business. Looking ahead to 2021, our priorities are focused on continued operational excellence and improving through-cycle profitability, enhancing our portfolio resiliency through differentiated product growth and mix optimization, and being strong and disciplined stewards of capital,” added Kane.

Conference Call Information

AdvanSix will discuss its results during its investor conference call today starting at 9:00 a.m. ET. To participate on the conference call, dial (844) 855-9494 (domestic) or (412) 858-4602 (international) approximately 10 minutes before the 9:00 a.m. ET start, and tell the operator that you are dialing in for AdvanSix’s third quarter 2020 earnings call. The live webcast of the investor call as well as related presentation materials can be accessed at http://investors.advansix.com. Investors can hear a replay of the conference call from 12 noon ET on October 30 until 12 noon ET on November 6 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international). The access code is 10148290.

About AdvanSix

AdvanSix is a leading manufacturer of Nylon 6, a polymer resin which is a synthetic material used by our customers to produce fibers, filaments, engineered plastics and films that, in turn, are used in such end-products as carpets, automotive and electronic components, sports apparel, food packaging and other industrial applications. As a result of our backward integration and the configuration of our manufacturing facilities, we also sell caprolactam, ammonium sulfate fertilizer, acetone and other intermediate chemicals, all of which are produced within unit operations across our integrated manufacturing value chain. More information on AdvanSix can be found at http://www.advansix.com.

Forward Looking Statements

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “estimate,” “outlook,” “project,” “strategy,” “intend,” “plan,” “target,” “goal,” “may,” “will,” “should” and “believe” and other variations or similar terminology and expressions. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the U.S. and globally, including the impact of the coronavirus (COVID-19) pandemic and any resurgences; the scope and duration of the pandemic and pace of recovery; the timing of the development and distribution of an effective vaccine or treatment for COVID-19; governmental, business and individuals’ actions in response to the pandemic, including our business continuity and cash optimization plans that have been, and may in the future be, implemented; the impact of social and economic restrictions and other containment measures taken to combat virus transmission; the effect on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.; our ability to sell and provide our goods and services, including as a result of travel and other COVID-19-related restrictions; the ability of our customers to pay for our products; and any closures of our and our customers’ offices and facilities; risks associated with increased phishing, compromised business emails and other cybersecurity attacks and disruptions to our technology infrastructure; risks associated with employees working remotely or operating with a reduced workforce; risks associated with our indebtedness including compliance with financial and restrictive covenants, and our ability to access capital on reasonable terms, at a reasonable cost or at all due to economic conditions resulting from COVID-19 or otherwise; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, natural disasters and pandemics including the COVID-19 pandemic; price fluctuations, cost increases and supply of raw materials; our operations and growth projects requiring substantial capital; growth rates and cyclicality of the industries we serve including global changes in supply and demand; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, storage and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties or otherwise; cybersecurity, data privacy incidents and disruptions to our technology infrastructure; failure to maintain effective internal controls; disruptions in transportation and logistics; our inability to achieve some or all of the anticipated benefits of our spin-off including uncertainty regarding qualification for expected tax treatment; fluctuations in our stock price; and changes in laws or regulations applicable to our business. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our filings with the Securities and Exchange Commission (SEC), including the risk factors in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, as updated in subsequent reports filed with the SEC.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures intended to supplement, not to act as substitutes for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in this press release. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided. Non-GAAP measures in this press release may be calculated in a way that is not comparable to similarly-titled measures reported by other companies.

AdvanSix Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except share and per share amounts)

September 30, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

16,686

$

7,050

Accounts and other receivables – net

97,101

104,613

Inventories – net

173,873

171,710

Taxes receivable

13,807

2,047

Other current assets

7,096

5,117

Total current assets

308,563

290,537

Property, plant and equipment – net

765,125

755,881

Operating lease right-of-use assets

110,360

135,985

Goodwill

15,005

15,005

Other assets

36,079

38,561

Total assets

$

1,235,132

$

1,235,969

LIABILITIES

Current liabilities:

Accounts payable

$

179,652

$

205,911

Accrued liabilities

35,610

28,114

Operating lease liabilities – short-term

31,724

38,005

Deferred income and customer advances

6,176

19,696

Total current liabilities

253,162

291,726

Deferred income taxes

121,445

110,071

Operating lease liabilities – long-term

79,085

98,347

Line of credit – long-term

313,000

297,000

Postretirement benefit obligations

36,783

32,410

Other liabilities

10,623

5,537

Total liabilities

814,098

835,091

STOCKHOLDERS’ EQUITY

Common stock, par value $0.01; 200,000,000 shares authorized;

31,622,910 shares issued and 28,030,271 outstanding at September 30,

2020; 31,423,898 shares issued and 27,914,777 outstanding at

December 31, 2019

316

314

Preferred stock, par value $0.01; 50,000,000 shares authorized and 0

shares issued and outstanding at September 30, 2020 and

December 31, 2019

—

—

Treasury stock at par (3,592,639 shares at September 30, 2020;

3,509,121 shares at December 31, 2019)

(36)

(35)

Additional paid-in capital

183,356

180,884

Retained earnings

248,479

229,166

Accumulated other comprehensive loss

(11,081)

(9,451)

Total stockholders’ equity

421,034

400,878

Total liabilities and stockholders’ equity

$

1,235,132

$

1,235,969

AdvanSix Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except share and per share amounts)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Sales

$

281,910

$

310,633

$

817,644

$

970,743

Costs, expenses and other:

Costs of goods sold

265,758

280,123

736,504

850,131

Selling, general and administrative expenses

16,177

19,261

50,827

58,683

Interest expense, net

1,981

1,293

5,827

3,727

Other non-operating expense (income), net

(334)

522

216

1,144

Total costs, expenses and other

283,582

301,199

793,374

913,685

Income (loss) before taxes

(1,672)

9,434

24,270

57,058

Income tax expense (benefit)

(980)

1,513

4,957

13,617

Net income (loss)

$

(692)

$

7,921

$

19,313

$

43,441

Earnings (loss) per common share

Basic

$

(0.02)

$

0.29

$

0.69

$

1.54

Diluted

$

(0.02)

$

0.28

$

0.69

$

1.49

Weighted average common shares outstanding

Basic

28,079,937

27,608,985

28,037,651

28,192,760

Diluted

28,079,937

28,581,451

28,092,712

29,164,024

AdvanSix Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Cash flows from operating activities:

Net income (loss)

$

(692)

$

7,921

$

19,313

$

43,441

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation and amortization

15,497

14,222

45,061

42,094

Loss on disposal of assets

95

3,066

143

4,967

Deferred income taxes

1,389

(960)

11,895

9,149

Stock based compensation

603

2,001

3,503

7,575

Accretion of deferred financing fees

141

106

412

320

Restructuring charges

—

—

—

12,623

Changes in assets and liabilities:

Accounts and other receivables

(22,385)

16,399

7,445

51,170

Inventories

9,851

(24,245)

(2,163)

(26,739)

Taxes receivable

(3,634)

1,994

(11,760)

(34)

Accounts payable

31,285

17,742

(9,939)

(12,844)

Accrued liabilities

1,840

(2,699)

7,776

(4,470)

Deferred income and customer advances

913

(1,236)

(13,520)

(20,608)

Other assets and liabilities

630

(1,138)

5,920

(6,108)

Net cash provided by operating activities

35,533

33,173

64,086

100,536

Cash flows from investing activities:

Expenditures for property, plant and equipment

(15,961)

(35,185)

(67,563)

(106,386)

Other investing activities

(373)

(918)

(898)

(2,203)

Net cash used for investing activities

(16,334)

(36,103)

(68,461)

(108,589)

Cash flows from financing activities:

Borrowings from line of credit

49,000

106,500

268,500

316,750

Payments of line of credit

(124,000)

(95,500)

(252,500)

(250,750)

Payment of line of credit facility fees

—

—

(425)

—

Principal payments of finance leases

(176)

(2,279)

(534)

(4,656)

Purchase of treasury stock

—

(12,800)

(1,032)

(53,067)

Issuance of common stock

—

—

2

16

Net cash provided by (used for) financing activities

(75,176)

(4,079)

14,011

8,293

Net change in cash and cash equivalents

(55,977)

(7,009)

9,636

240

Cash and cash equivalents at beginning of period

72,663

17,057

7,050

9,808

Cash and cash equivalents at the end of period

$

16,686

$

10,048

$

16,686

$

10,048

Supplemental non-cash investing activities:

Capital expenditures included in accounts payable

$

5,802

$

27,344

AdvanSix Inc.

Non-GAAP Measures

(Dollars in thousands)

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Net cash provided by operating activities

$

35,533

$

33,173

$

64,086

$

100,536

Expenditures for property, plant and equipment

(15,961)

(35,185)

(67,563)

(106,386)

Free cash flow (1)

$

19,572

$

(2,012)

$

(3,477)

$

(5,850)

(1) Free cash flow is a non-GAAP measure defined as Net cash provided by operating activities less Expenditures for property, plant and equipment

The Company believes that this metric is useful to investors and management as a measure to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.

Reconciliation of Net Income to EBITDA

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Net income (loss)

$

(692)

$

7,921

$

19,313

$

43,441

Interest expense, net

1,981

1,293

5,827

3,727

Income tax expense (benefit)

(980)

1,513

4,957

13,617

Depreciation and amortization

15,497

14,222

45,061

42,094

EBITDA (2)

$

15,806

$

24,949

$

75,158

$

102,879

One-time Pottsville restructuring charges (3)

—

—

—

12,623

EBITDA excluding one-time Pottsville

restructuring charges

$

15,806

$

24,949

$

75,158

$

115,502

Sales

$

281,910

$

310,633

$

817,644

$

970,743

EBITDA margin (4)

5.6%

8.0%

9.2%

10.6%

EBITDA margin excluding one-time

Pottsville restructuring charges

5.6%

8.0%

9.2%

11.9%

(2) EBITDA is a non-GAAP measure defined as Net Income before Interest, Income Taxes, Depreciation and Amortization

(3) Prior year one-time Pottsville restructuring charges reflect the closure of the Company’s Pottsville, Pennsylvania films plant

(4) EBITDA margin is defined as EBITDA divided by Sales

The Company believes the non-GAAP financial measures presented in this release provide meaningful supplemental information as they are used by the Company’s management to evaluate the Company’s operating performance, enhance a reader’s understanding of the financial performance of the Company, and facilitate a better comparison among fiscal periods and performance relative to its competitors, as these non-GAAP measures exclude items that are not considered core to the Company’s operations.

AdvanSix Inc.

Appendix

(Pre-tax income impact, Dollars in millions)

Planned Plant Turnaround Schedule (5)

1Q

2Q

3Q

4Q

FY

2017

—

~$10

~$4

~$20

~$34

2018

~$2

~$10

~$30

—

~$42

2019

—

~$5

~$5

~$25

~$35

2020E

~$2

~$7

~$20

~$3

~$32

2021E

—

$11-$13

—

$14-$17

$25-$30
(5) Primarily reflects the impact of fixed cost absorption, maintenance expense, and the purchase of feedstocks which are normally manufactured by the Company.

Contacts

Media
Debra Lewis

(973) 526-1767

debra.lewis@advansix.com

Investors
Adam Kressel

(973) 526-1700

adam.kressel@advansix.com

Categories
Business

Aetrex revolutionizes 3D foot scanning with Albert 2 launch

All-in-one, integrated foot scanner ensures the right fit & creates a profit center for retailers

TEANECK, N.J.–(BUSINESS WIRE)–Aetrex Worldwide, Inc. (“Aetrex”), the global market leader in foot scanning technology, orthotics and comfort and wellness footwear, today announced the launch of Albert 2, the next generation of the company’s revolutionary 3D foot scanning technology. The all-in-one omnichannel device is a fully integrated foot scanning system engineered to help customers find the right fitting footwear and orthotics and provide an enhanced customer experience at retail. The intelligent system also captures unmatched data and creates a profit center for retail partners. The Albert 2 is the most advanced foot scanning system offered globally and is available to deliver to retailers nationwide starting February 2021.

“The Albert 2 is an easy-to-use, all-in-one scanner that looks beautiful and modern in stores and does everything a retailer could possibly need from a foot scanning technology,” said Larry Schwartz, CEO, Aetrex. “The system eliminates the need for retailers to use traditional, multi-step processes to drive footwear and orthotic sales. The Albert 2 is the fastest, most integrated and streamlined device we’ve ever made.”


The customer experience with Albert 2 begins by stepping onto the sleek, modern scanner in store. The quick, easy-to-use, two-foot-at-once scanning process takes 20 seconds or less and can capture both static and dynamic pressure, as well as 3D measurements of the foot. The accurate, complete foot data is then used to help customers find the best fitting footwear or orthotics on the first try, based on their unique foot profile. The life-like, 3D animated Albert character guides users through the scanning process, while also responding to voice commands, creating a one-of-a-kind, interactive customer experience. The customer’s unique foot scan data can then be sent via email, allowing users to access to their information after they leave the store.

“What’s really unique about Albert 2 is that it can collect an unbelievable amount of data about customers’ feet, and retailers can use it to overcome many challenges they face today,” said Schwartz. Retailers can use the data to help increase store profitability by finding the right fit the first time and providing better customer service. They can also use the data to build customer relationships and loyalty by creating personalized digital marketing strategies based on foot type. Finding the right fit the first time also translates to a reduction in ecommerce returns.

Unlike other foot scanners on the market today, one of the biggest advantages of Albert 2 is the bundle with Aetrex Orthotics as part of scanning process, offering authentic, personalized fitting solutions for customers. “This integrated business model drives add-on sales for retailers, making Albert 2 a profit center rather than a cost center,” said Schwartz. The Aetrex Premium Orthotics line is recognized as the World’s #1 Foot Orthotic System and is designed for a variety of foot types based on arch type and areas of pressure. With Aetrex designing and producing all of their own hardware, software, and orthotics- all with one team- the process is seamless with a focus on quality.

“When a customer steps onto the scanner, it’s always a guaranteed sale. Albert has one of the highest returns on investment per square foot in our stores. We’ve had Albert in our stores for over two years, and I can’t wait for Albert 2 to deliver in February,” said Parks Robinson, General Manager, Fit2Run.

Aetrex Technology has placed over 10,000 scanners worldwide since the inception of foot scanning technology in 2002. Albert is one of the top profit centers per square foot in retail stores today and has proven to increase total sales by 75 percent. For a complete list of retailers, please visit www.aetrex.com/store-locator.

Albert 2 boasts many unique features, such as:

  • 3D Measurements: Albert 2’s 3D foot scan captures the most accurate foot data with key measurements, such as length, width, girth, in-step and arch height, all down to 1/10 of a millimeter. This data is then converted into a 3D model for an engaging, interactive consumer experience.
  • Pressure: Aetrex’s premium pressure plate technology is designed to capture complete foot data about customers’ unique arch types and pressure points. With the Dynamic Test option, Albert 2 can also provide a pressure gait analysis of customers’ feet, including their center of gravity throughout the gait cycle.
  • FitHQ: This proprietary software ensures the right fit the first time by using artificial intelligence (AI). The program can be synced with retailers’ POS or e-commerce systems to help sales associates recommend the best Aetrex orthotics or best fitting shoes by brand, style and size per customer, based on his or her unique foot scan.
  • Voice-Activated Learning Center: Using chatbot technology, Albert’s Learning Center provides an easy way for store associates to navigate the software, as well as provide customers with information on foot health, conditions and Aetrex Orthotics products by simply asking Albert.

Albert 2 comes to market in a modern, compact retail footprint at a fraction of the price of the competition. Albert 2 is available to retailers with different kiosk packages, starting at $2,495 or $83/month, with units launching in stores in February 2021. To learn more about Aetrex’s Albert 2 Technology, visit www.aetrex.com/technology.

About Aetrex

Aetrex Worldwide, Inc. is widely recognized as the global leader in foot scanning technology, orthotics, and comfort and wellness footwear. Aetrex has developed state-of-the-art foot scanning devices, including Albert and iStep, designed to accurately measure feet and determine foot type and pressure points. Since 2002, Aetrex has placed over 10,000 scanners worldwide that have performed more than 40 million unique customer foot scans, averaging more than 2.5 million scans a year. The company is renowned for its over-the-counter orthotics – the worlds #1 foot orthotic. With fashion, function and quality at the forefront, Aetrex also designs and manufactures stylish, performance footwear. Based in New Jersey, Aetrex is consistently named one of New Jersey’s Top 100 Privately Held Companies and was also included in NJBIZ’s Top 30 Manufacturing Companies. It has remained privately owned by the Schwartz family for three generations. For additional information, please visit www.aetrex.com.

Contacts

Cori Hays

Matter Communications

971-361-9604

aetrex@matternow.com

Categories
Business

U.S.’ second largest county to deploy NICE Inform Intelligence Center for digital transformation of its consolidated 911 operation

NICE Inform Intelligence Center’s advanced capabilities will help Cook County Sheriff’s Police 911 Center save time and improve service levels for member agencies

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (Nasdaq: NICE) today announced that the Cook County Sheriff’s Police 911 Center, a consolidated 911 center serving Cook County, Illinois, will be deploying the NICE Inform Intelligence Center and other advanced NICE Inform capabilities to digitally transform processes around tracking performance metrics and performing quality assurance reviews. Through this transformation, the County expects to achieve time savings and improve levels of service for member agencies, communities, state’s attorneys, and other stakeholders. Cook County, Illinois, is the second largest county in the United States, with a population of more than 5 million.

As a consolidated center, the Cook County Sheriff’s Police 911 Center takes approximately 150,000 911 calls a year (550,000 in total including non-emergency calls) and provides dispatching services for 13 other public safety agencies. With consolidation now legally mandated in Illinois for any 911 center serving populations under 25,000, the Center has grown dramatically, continuing to add member agencies and more than doubling dispatchers in the past six years. The center’s highly skilled dispatchers also handle calls regarding incidents and maintenance issues on the Metra rail system, the third largest rail system in the United States, used by over 300,000 commuters each day.

Martin Bennett, ENP, Executive Director for the 911 Center and Cook County ETSB, said, “As we’ve grown, our challenges have become amplified. We have more dispatchers, taking more types of calls, supporting more member agencies and more evidentiary requests coming from the court system. With all of these added complexities, we need access to timely data that can tell us what happened and how we can perform better. Today, all of this data resides in different systems, so finding it and piecing it together can consume enormous resources. The NICE Inform Intelligence Center, along with other advanced capabilities of NICE Inform, give us everything we need, all in one solution, to proactively address these challenges.”

Chris Wooten, Executive Vice President, NICE, said, “Because our NICE Inform Intelligence Center sits at the center of today’s emergency communications center ecosystem and integrates to all of the key systems – CAD, 911, radio, and more – 911 centers get a single system of record leveraging all their data, and unprecedented insights they can’t get anywhere else. We are pleased to bring this next-generation public safety 911 incident intelligence solution to Cook County, a long time NICE customer.”

Leveraging NICE Inform Intelligence Center’s incident intelligence dashboards and other advanced NICE Inform capabilities, the Cook County Sheriff’s Police 911 Center will digitally transform processes around:

  • Tracking performance metrics to provide insights into where improvements can be made: The NICE Inform Intelligence Center’s dashboards automatically consolidate data from all systems to provide instant visibility into what’s happening, with dozens of real-time metrics including time to answer, time to enter, time to dispatch, time to on-scene and more. Managers can drill down to the dispatcher level and even view metrics for different incident types or individual member agencies. Member agencies will also have access to their own dashboards to view response metrics and heat maps that show what calls are coming from what locations so they can better understand crime patterns and allocate resources accordingly.
  • Automating quality assurance (QA) reviews and proactively addressing small problems before they become big issues: The Cook County Sheriff’s Police 911 Center will use NICE Inform to replace random quality checks with more consistent, automated, data-driven quality assurance reviews, to keep up with growing call volumes. For example, using data from the CAD and telephony systems, NICE Inform can automatically pull specific types of calls for supervisors to review (based on their priority, excessive time to dispatch, or other criteria).
  • Automating incident reconstruction to cut down on resource drain and save time: FOIA (Freedom of Information) and state’s attorney requests received by the Cook County Sheriff’s Police 911 Center have almost tripled in recent years. Instead of logging into different systems and databases, and spending hours or days pulling data and piecing it together, records custodians will now be able to pull complete incident reconstructions, simply by keying in a CAD incident number.

To learn more about the NICE Inform Intelligence Center:

About the Cook County Sheriff’s Police 911 Center

The Cook County Sheriff’s Police 911 Center, located in Des Plaines, Illinois, serves a population of over 200,000 residents throughout Cook County and over 300,000 daily commuters who ride the Metra rail system throughout the six-county area in Illinois and Kenosha County, Wisconsin. It generates approximately 800,000 CAD incidents a year and processes an average of 550,000 calls (emergency and non-emergency) annually. As a consolidated center, it provides dispatching services for the Cook County States Attorney’s Office Investigators, the Berkeley Fire Department, and the following Cook County police departments: Berkeley, Blue Island, Cook County Sheriff’s Office & Police, Cook County Forest Preserve, Harvey, Hometown, Indian Head Park, Lyons, Merrionette Park, Metra, Palos Park, and Phoenix. Several more departments have already signed on to join the consolidated center in 2021. For more information, visit https://cookcounty911.com/.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, 201561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez +972 9 775 3798, CET, ir@nice.com

Categories
Business

CORRECTING and REPLACING Summit Financial supports launch of new Pennsylvania-based wealth advisory firm

MRK Wealth Advisors aligns with Summit for its scale, depth of resources and fully integrated technology platform

PARSIPPANY, N.J.–(BUSINESS WIRE)–Please replace the release dated Oct. 20, 2020, with the following corrected version due to multiple revisions.

The updated release reads:

SUMMIT FINANCIAL SUPPORTS LAUNCH OF NEW PENNSYLVANIA-BASED WEALTH ADVISORY FIRM

MRK Wealth Advisors aligns with Summit for its scale, depth of resources and fully integrated technology platform

Summit Financial (“Summit”), a prominent financial services firm for top independent and breakaway advisors, is expanding its reach to Pennsylvania with the launch of MRK Wealth Advisors (“MRK Wealth”). MRK Wealth is aligning with Summit through its industry-leading affiliate partnership model and will gain access to a fully integrated suite of services and technology solutions, known as SummitVantage™, which will support the launch, operation and growth of the new business.

Based in Doylestown, Pennsylvania, MRK Wealth is founded by industry veteran Mike Halvorsen and his son Joseph Bates. Halvorsen has spent more than 20 years in the financial services industry. During this time, he has developed a unique planning-focused approach as well as a deep understanding of the pharmaceutical industry and how executives can amplify their wealth by focusing on maximizing compensation stock options, employer 401(k)s and pension plans. Bates has worked in financial services for several years and earned the CERTIFIED FINANCIAL PLANNER™ certification last year.

“We are thrilled to partner with Mike and Joe and to deliver the support they need to establish MRK Wealth Advisors and serve pharmaceutical executives at an elevated level,” said Ed Friedman, Summit’s Director of Business Development and Growth. “At Summit, we are constantly looking for growth-oriented advisors who embrace planning and will effectively represent the brand and reputation that we have spent 38 years building. Mike and Joe exemplify that philosophy.”

“Aligning with a robust firm like Summit was an extremely attractive option for many reasons,” remarked Halvorsen. “I wanted the opportunity to grow my business and thrive on my own, and I knew I needed a partner with the resources to help me deliver excellent service for my clients. Summit stood out as the answer by providing me with solutions that go well beyond what a typical wealth management firm would be able to offer, while also granting me the freedom to run my business independently.”

Summit and its affiliates offer top independent and breakaway advisors an opportunity to align with the firm through distinct partnership options that provide unmatched flexibility and access to technology, financial planning, investment management, insurance and operational support. Affiliates maintain full ownership of their businesses and participate in an industry-leading revenue option. Alternatively, advisors who qualify can become partners in Summit Growth Partners, a unique option providing monetization to advisors seeking to sell a minority interest in their firm.

“We built SummitVantage™ so that advisors and their clients could thrive no matter the challenges they face,” stated Summit’s Chief Executive Officer Stan Gregor. “We have forever focused on the spirit of long-term partnership, and not the short-term transactional relationships that we so often see with other firms. SummitVantage™ and the Summit Growth Partners model empower advisors to eliminate operational burdens and to refocus on what matters most: Building a business that can create a legacy and that best supports client needs.”

In August 2018, Summit Financial announced its partnership with Merchant Investment Management, which has supported the firm’s recent growth trajectory and forward-looking development. Advisors interested in aligning with Summit should visit www.SummitFinancial.com.

About Summit Financial

As an independent wealth management firm for almost 40 years, Summit Financial and its affiliates are proud to continue their legacy of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic and hands-on advice, we turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms. To learn more about our firm, please visit our website at www.SummitFinancial.com.

Summit Financial, LLC, a SEC registered investment advisor established November 2018, is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business.

Investment advisory, financial planning services and products are provided through Summit Financial LLC, an SEC registered investment advisor. Insurance products and services are provided through Summit Risk Management. Summit Services IT and Summit Growth Partners LLC are affiliates of Summit Financial Holdings LLC and do not provide any financial products or services.

SummitVantage™ is a branding slogan only used to identify the services offered by Summit Financial Holdings, LLC’s affiliated firms.

Contacts

Media:

Tara Berardi

Gregory FCA for Summit Financial

Summit@GregoryFCA.com
215-337-4195

Categories
Business

MYAH wins prestigious Silmo D’Or Award

Comprehensive Myopia and Dry Eye Management Tool Captures 1st Place in Material/Equipment Category

CAPELLE A/D IJSSEL, The Netherlands–(BUSINESS WIRE)–#SeeingEyeHealthDifferently–Topcon Healthcare, a leading provider of medical devices and software solutions for the global eye care community, announced today that its MYAH myopia and dry eye management device has won the 2020 Silmo D’Or Award in the Material/Equipment category.


The Silmo D’Or Awards are presented each year to recognize creativity in optical product design, innovation and technology. This year marked the 27th annual awards ceremony, which was held virtually and live streamed online on Saturday, October 3rd. The award committee was proud to recognize forward-thinking companies who have continued to launch products and propel the industry forward despite the global pandemic.

MYAH came out on top in the Material/Equipment category and was recognized for its versatility, innovation and ease of use. The all-in-one MYAH provides all the critical instrumentation needed to support myopia management while also offering an evolving platform to add or grow dry eye management.

MYAH incorporates corneal topography including keratoconus screening and pupillometry, contact lens fitting, axial length measurements, progression reports for analyzing treatment efficacy, and a comprehensive suite of dry eye assessment features. The instrument is compact, easy to operate, and offers rapid capture to ensure patient satisfaction.

“We are honored to receive this award and for the recognition of innovation it implies. MYAH is ideally suited to combat the global crisis of both myopia and dry eye diseases. Its compact and multi-modal versatility demonstrate Topcon Healthcare’s continued commitment to eye care. With MYAH, our doctors can easily build a myopia service within their practice, educate patients on the implications of myopia and dry eye disease, and manage their patients’ conditions, while growing their medical practice,” states John Trefethen, Global VP of Product Design and Marketing at Topcon Healthcare.

For more information on MYAH, please visit www.topconmyah.com.

About Topcon Healthcare

Topcon Healthcare sees eye health differently. Our vision is to empower providers with smart and efficient technologies for enhanced patient care. Keeping pace with the ever- changing landscape of the healthcare industry, we offer the latest integrated solutions including advanced multimodal imaging, vendor-neutral data management and ground- breaking remote diagnostic technology.

A globally oriented business, Topcon is focused on developing solutions towards solving societal challenges in the mega-domains of healthcare, agriculture, and infrastructure. In healthcare, these challenges include increasing eye disease, rising medical costs, access to healthcare and physician shortages. By investing in value- driven innovations, Topcon works to enable people to enjoy good health and a high quality of life.

Contacts

John Trefethen, MFA

Global Vice President, Marketing & Product Design

Topcon Healthcare

E-mail: jtrefethen@topcon.com

Categories
Business

Retail investing hits new highs in Q3 as DriveWealth sees record activity for account openings, number of trades, and volume traded

CHATHAM, N.J.–(BUSINESS WIRE)–Retail investing hit several new highs for account openings, number of trades, and volume traded in Q3 amid the ongoing global economic uncertainty due to the pandemic, according to new data released today by DriveWealth, a leader in global digital trading technology.

Some of the key Q3 findings from DriveWealth’s proprietary data, which monitors investment activity by individual investors from across its network of global partners including Hatch, MoneyLion, State, Revolut, and Unifimoney into the U.S. equities market, include:

  • 33% quarterly increase in account openings was largely driven by investors under the age of 30.
  • 46% increase in trading volume in the quarter, despite increased market volatility and lower total market returns in the quarter.
  • Investors placed fewer trades on average in 3Q, however the average trade size was much larger.

One notable trading trend shows that it’s not the proverbial “day trader” that’s driving activity on DriveWealth’s platform. Retail investors are not timing the market but rather are investing when they have time and extra cash. DriveWealth is seeing spikes in trades and volume on Mondays as many retail investors place orders over the weekend.

“Embedded finance continues to change market dynamics, with over 32% of our orders being placed outside of market hours,” said DriveWealth Founder and CEO Bob Cortright. “This illustrates how many retail investors are not day trading or trying to time the market. These consumers are genuinely interested in making investment decisions that positively affect their long-term financial health.”

Most traded tickers

As was the case in Q2, the report found that the most frequently traded symbols in Q3 continued to be large, recognizable global brands and technology companies.

Some of the most frequently traded stock symbols were those companies that continued to be impacted in some way by pandemic, including Amazon, Disney, GE, Microsoft, Netflix, Nike, and Walmart.

Investors also traded heavily in Apple and Tesla as the stock splits from those companies drove unprecedented trading activity in those two symbols.

The top 10 traded symbols on DriveWealth in Q3 for self-directed investors were:

US investors

Non-US investors

Tesla

Tesla

Apple

Apple

Amazon

Amazon

Walmart

Nio

Zoom

Microsoft

GE

Facebook

Microsoft

AMD

Nike

Virgin Atlantic

Nio

Nvidia

Disney

Disney

The full report can be accessed on DriveWealth’s website.

About DriveWealth

DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.

Contacts

DriveWealth
Will Hernandez

drivewealth@backbaycommunications.com

Categories
Business

 Onyx Enterprises Int’l, Corp. and Legacy Acquisition Corp. to participate in SPACInsider-ICR webinar on October 22nd at 2pm ET

 NEW YORK & CRANBURY, N.J.–(BUSINESS WIRE)–Onyx Enterprises Int’l, Corp. (“Onyx”), owner and operator of a leading digital commerce platform for the automotive market, “CARiD.com,” which has entered into a definitive business combination agreement with Legacy Acquisition Corp. (NYSE: “LGC”) (“Legacy”), a publicly-traded special purpose acquisition company (SPAC), today announced that the two companies will participate in a webinar hosted by SPACInsider and ICR on October 22, 2020 at 2:00 p.m. ET.

Learn more and register for the event at:

https://icrinc.zoom.us/webinar/register/1716027793907/WN_rGzbsInrRUaAlE3lb4rxog

Participants in the webinar will include:

  • Edwin Rigaud, Chief Executive Officer of Legacy Acquisition Corp.
  • Darryl McCall, President, Legacy Acquisition Corp
  • Rick White, Director, Legacy Acquisition Corp
  • Prashant Pathak, Chairman of Onyx
  • Antonino Ciappina, operating as the Chief Executive of Onyx
  • Kailas Agrawal, Chief Financial Officer of Onyx

With CARiD, Onyx has developed a distinctive proprietary technology platform for digital commerce and fulfillment, relying on insights extracted from nearly 14 billion data points, a physical footprint network comprising over 2,500 shipping locations, nearly 5,000 active brands, and machine-learning algorithms for complex fitment industries such as vehicle parts and accessories. In announcing their definitive business merger agreement with Legacy, Onyx is positioned to accelerate further growth with new cash funding resulting from the business combination as it looks to increase its already significant footprint in the auto aftermarket industry.

Onyx’s proprietary fitment data and algorithms used in CARiD.com and other verticals (such as MOTORCYCLEiD, TRUCKiD, and BOATiD) compiled over the past decade, combined with its substantial investments in artificial intelligence and machine learning, provide online consumers with an enhanced user experience featuring a breadth of offerings and service levels (including search capabilities, training and learning, and provision of data suppliers to enhance their product information), positioning it as a key leader in the already $400+ billion auto aftermarket industry.

The transaction values Onyx at an estimated enterprise value of $331.1 million, which represents a 0.7x EV / 2021E Revenue multiple, a discount to primary publicly-listed peer, PRTS’, EV / 2021E Revenue multiple of 1.2x1 and a 16.9x EV / 2021E Adjusted EBITDA multiple, a discount to PRTS’ EV / 2021E Adjusted EBITDA multiple of 25.1×1. As of June 30, 2020, CARiD was well-capitalized with approximately $45.7 million of cash on the balance sheet. CARiD’s existing common shareholders are rolling 100% of their equity in CARiD, which represents 67.1% of the pro forma company. The transaction is expected to close November 2020.

About Onyx Enterprises Int’l, Corp.

Onyx is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Onyx was founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market. Onyx has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings, and continued digital commerce innovation. For more information please visit www.onyx.com and www.carid.com.

About Legacy Acquisition Corp.

Legacy raised $300 million in November 2017 and its securities are listed on the New York Stock Exchange (“NYSE”). At the time of its listing, Legacy was the only Special Purpose Acquisition Company on the NYSE led predominantly by African American managers and sponsor investors. Legacy was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more target businesses. Legacy is sponsored by a team of proven leaders primarily comprised of former Procter & Gamble executives and is supported by a founder/shareholder group of proven operationally based value builders. These executives have extensive experience in building brands and transforming businesses for accelerated growth. Legacy’s founders and management expectation is that Legacy will serve as a role model for African Americans and other underrepresented business leaders to achieve success not just in the executive ranks of large Corporations, but also as entrepreneurs in the productive use of capital through mergers and acquisitions on Wall Street. For more information please visit www.LegacyAcquisition.com.

About SPACInsider

SPACInsider is a trusted intelligence and analysis provider specializing in the Special Purpose Acquisition Corporation (SPAC) asset class. SPACInsider’s mission is to be the best-in-class source for SPAC information benefiting investors, SPAC teams, bankers and service providers. The company provides comprehensive data covering the SPAC transaction universe, along with detailed analysis and coverage of IPO and acquisition events. SPACInsider is led by Kristi Marvin, a career investment banker with over 15 years of experience in the capital markets, who began working on SPACs in 2005.

About ICR

Established in 1998, ICR partners with companies to execute strategic communications and advisory programs that achieve business goals, build awareness and credibility, and enhance long-term enterprise value. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to more than 650 clients in approximately 20 industries. ICR’s healthcare practice operates under the Westwicke brand (www.westwicke.com). Today, ICR is one of the largest and most experienced independent communications and advisory firms in North America, maintaining offices in New York, Norwalk, Boston, Baltimore, San Francisco, San Diego and Beijing. ICR also advises on capital markets transactions through ICR Capital, LLC. Learn more at www.icrinc.com. Follow us on Twitter at @ICRPR.

Additional Information about the Business Combination and Where to Find It

This communication is being made in respect of the proposed business combination involving Legacy Acquisition Corp. and Onyx Enterprises Int’l, Corp. Legacy Acquisition Corp. has filed a preliminary information statement on Schedule 14C with the Securities and Exchange Commission (the “SEC”) and will file a definitive information statement and other documents with the SEC regarding the proposed transaction. A copy of the definitive information statement will also be sent to the stockholders of Legacy Acquisition Corp. Before making any voting or investment decision, investors and security holders of Legacy Acquisition Corp. are urged to carefully read the entire information statement and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Legacy Acquisition Corp. with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov or by directing a request to: Legacy Acquisition Corp., 1308 Race Street, Suite 200, Cincinnati, Ohio 45202, Attention: Secretary, (513) 618-7161.

Participants in the Solicitation

Legacy and its directors and executive officers may be deemed participants in the solicitation of consents from Legacy’s warrantholders with respect to the proposed amendments (the “Warrant Amendments”) to the Warrant Agreement between Legacy and Continental Stock Transfer & Trust Company, dated as of November 16, 2017. A list of the names of those directors and executive officers and a description of their interests in Legacy will be contained in Legacy’s definitive consent solicitation statement that will be filed with respect to the Warrant Amendments and are contained in the preliminary consent solicitation statement and in its annual report on Form 10-K for the fiscal year ended December 31, 2019, which were filed with the SEC and are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to: Legacy Acquisition Corp., 1308 Race Street, Suite 200, Cincinnati, Ohio 45202, Attention: Secretary, (513) 618-7161.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or in accordance with an exemption from registration therefrom.

Forward-Looking Statements

This press release includes “forward-looking statements.” Legacy’s and Onyx’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “propose,” “plan,” “contemplate,” “may,” “will,” “might,” “shall,” “would,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “positioned,” “goal,” “conditional,” “opportunities” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the transaction value of the proposed business combination, as well as the anticipated closing date of the transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Legacy’s and Onyx’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement, (2) the outcome of any legal proceedings that may be instituted against Legacy and other transaction parties following the announcement of the business combination agreement and the transactions contemplated therein; (3) the inability to complete the proposed transaction, including due to the inability to satisfy conditions to closing in the business combination agreement; (4) the occurrence of any event, change or other circumstance that could otherwise cause the transaction to fail to close; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the proposed transaction; (6) the inability to obtain or maintain the listing of the post-acquisition company’s Class A common stock on the NYSE (or such other nationally recognized stock exchange on which shares of the Class A common stock are then listed) following the proposed transaction; (7) the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the proposed transaction; (8) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to operate cohesively as a standalone group, grow and manage growth profitably and retain its key employees; (9) costs related to the proposed transaction; (10) changes in applicable laws or regulations; (11) the possibility that Onyx or the combined company may be adversely affected by other economic, business, and/or competitive factors; (12) the aggregate number of Legacy shares tendered in the tender offer by the holders of Legacy’s Class A common stock in connection with the proposed transaction; (13) disruptions in the economy or business operations of Onyx or its suppliers due to the impact of COVID-19; (14) the outcome of pending legal proceeding with certain Onyx stockholders; (15) potential adjustments to the unaudited non-GAAP interim financial results of Onyx; and (16) other risks and uncertainties indicated from time to time in the information statement relating to the proposed transaction, including those under “Risk Factors” therein, and in Legacy’s other filings with the SEC, including the Schedule TO that will be filed with the SEC in connection with the transaction. Legacy cautions that the foregoing list of factors is not exclusive. Legacy cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Legacy does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

1 Based on Wall Street analyst consensus estimates as of 10/12/20.

Contacts

Legacy/Investors:

Dawn Francfort / Brendon Frey

ICR

PARTSiDIR@icrinc.com

Media:

Keil Decker

ICR

PARTSiDPR@icrinc.com

Categories
Business

NRG Energy, Inc. to report Third Quarter 2020 financial results November 5, 2020

PRINCETON, N.J.–(BUSINESS WIRE)–$NRG #earnings–NRG Energy, Inc. (NYSE:NRG) plans to report Third Quarter 2020 financial results on Thursday, November 5, 2020. Management will present the results during a conference call and webcast at 9:00 a.m. Eastern.

A live webcast of the conference call, including presentation materials, can be accessed through NRG’s website at http://www.nrg.com and clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page. The webcast will be archived on the site for those unable to listen in real time.

About NRG Energy

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.

Contacts

Investors:
Kevin L. Cole, CFA

609.524.4526

investor.relations@nrg.com

Media:
Candice Adams

609.524.5428

candice.adams@nrg.com

Categories
Business

Tegra118 and Red Rock Strategic Partners join forces to help firms drive growth and improve advisor-client engagement

Strategic partnership helps firms and advisors gain untapped value from technology to accelerate growth, reduce expenses and enhance client experiences

WARREN, N.J.–(BUSINESS WIRE)–Tegra118, a top provider of wealth and asset management technology and Motive Partners company, today announced a partnership with Red Rock Strategic Partners providing comprehensive and results-driven approaches for firms to accelerate growth, foster technology adoption and increase sales opportunities. Through a collaborative alliance, Tegra118 and Red Rock Strategic Partners will perform “health checks” for firms to help identify the best strategy for their business and find value in technology investments to propel growth and create better advisor-client experiences.

The partnership will help firms and their leaders address challenges related to:

  • Utilizing and monetizing the investments in tools, resources and technology
  • Addressing the needs of advisors and clients relating to current platforms and service model
  • Identifying growth opportunities with maximum efficiency and results
  • Delivering an omnichannel client experience to keep pace with changing needs and demands

“We are in sync with Red Rock Strategic Partners and eager to help our clients gain maximum efficiencies and identify new growth opportunities,” said Tito Singh, Chief Revenue Officer, Tegra118. “As an extension of our Tegra118 team, Red Rock Strategic Partners will help our clients take full advantage of the tools and solutions they use by demonstrating easy to use applications, creating new workflows for improved productivity and establishing real return on investment strategies. Tegra118’s technology combined with Red Rock Strategic Partner’s expertise will deliver limitless opportunities to clients.”

Red Rock Strategic Partners CEO Matt Johnston added, “Working closely with financial institutions that span the spectrum of the industry, leaders are reimagining profitable distribution. We believe Tegra118 has a unique capacity to deliver forward-thinking, integrated and modern technology solutions in a holistic manner that offers exceptional experiences to advisors and clients and optimizes growth potential. Our partnership allows for focus on full platform adoption, advancing the skills and capabilities that advisors bring to their clients to drive profitable revenue growth, advisor retention, client expansion and satisfaction. We couldn’t be more excited to begin our journey with Tegra118.”

About Tegra118

Tegra118 is an industry leading provider of software solutions to the wealth and asset management industry with a vast network of broker-dealers, asset managers, and custodians and trading interfaces. Its technology platform provides portfolio management, trading, accounting, rebalancing and reporting for managed accounts. Tegra118 also provides modular, goals-based financial planning, performance reporting and fee billing software for financial advisors and asset managers using modern API-based open technology. Tegra118 is committed to delivering powerful solutions that set a new standard for how people interact with, manage, and grow their wealth.

Tegra118 is a Motive Partners company, a specialist private equity firm with offices in New York City and London, focused on technology-enabled business and financial services companies. Please visit www.tegra118.com.

About Red Rock Strategic Partners

Red Rock Strategic Partners operates as an advisor to wealth and asset management firms and their leaders focusing on opportunities to accelerating profitable revenue growth. Red Rock assists with core business strategy, refinements and modifications to a firms operating model and business platforms including technology leverage, assists in driving productivity and the full utilization of technology solutions as well as supporting business leaders’ growth objectives. Red Rock Strategic Partners is a privately held company located in Atlanta, Georgia.

Contacts

Media Relations:
Tricia Viola

Vice President, Marketing

Tegra118

Tel: 201 253 3389

tricia.viola@fiserv.com