Category: Business

B&G Foods issues voluntary allergy alert on undeclared milk in a limited number of boxes of Back to Nature® Organic Rosemary & Olive Oil Stoneground Wheat Crackers

PARSIPPANY, N.J.–(BUSINESS WIRE)–B&G Foods announced today it is voluntarily recalling 1,502 cases of a single date code of 6 oz. Back to Nature Organic Rosemary & Olive Oil Stoneground Wheat Crackers, with a “best by” date of APR 07 2021, after learning that the product may contain undeclared milk ingredients. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume the product contained in the recalled boxes. There is no health risk associated with this product for individuals without an allergy to milk.

This recall affects only 1,502 cases of the following product, which were distributed in retail stores nationwide:

Description

Consumer UPC #

Size

Best By Date

Back to Nature Organic

Rosemary & Olive Oil

Stoneground Wheat

Crackers

8-19898-01015-8

6 oz.

APR 07 2021

(The “best by” date is located on

the top of the box.)

This recall does not apply to any other “best by” dates, sizes or varieties of Back to Nature products.

No allergic reactions related to this matter have been reported to date. This recall was initiated in cooperation with the FDA and the third party co-packer that produced the product.

B&G Foods discovered this issue when it received a consumer complaint that the foil bag within a single box of Back to Nature Organic Rosemary & Olive Oil Stoneground Wheat Crackers contained cheese crackers. B&G Foods initiated the recall based on the results of its investigation after locating a second box in its warehouse with the same “best by” date that was inadvertently filled with a foil bag of cheese crackers, potentially exposing consumers to undeclared milk. The foil bags do correctly indicate whether the crackers are rosemary & olive oil crackers or cheese crackers and the outer box provides an allergen advisory statement indicating that the product is “Made on the same equipment that processes milk.” However, out of an abundance of caution, B&G Foods is recalling all 1,502 cases with this particular “best by” date that have been shipped to its customers. Product with this particular “best by” date was shipped and distributed by B&G Foods to its customers’ warehouses located in Arizona, California, Colorado, Georgia, Iowa, Maryland, Missouri, New Jersey, New York, Tennessee, Washington and Wisconsin.

Consumers who have purchased the recalled products can return them to the place of purchase for a full refund. Consumers seeking a refund or additional information may also contact B&G Foods by calling 855.346.2225 Monday through Friday from 8:30 a.m. to 6:00 p.m. Eastern time or submitting a contact at https://backtonaturefoods.com/contact-us.

Contacts

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

Tags #Boxes, #Cases, #Limited, #Milk, #Sensitivity, Allergy, B&G Foods Inc, Back to Nature Organic Rosemary & Olive Oil Stoneground Wheat Crackers, Recall, Refund, Refund#Boxes

Business

Movado Group, Inc. announces second quarter results

Post author By Michelle Dryden
Post date August 27, 2020
No Comments on Movado Group, Inc. announces second quarter results

~ Second Quarter Net Sales of $88.5 million ~

~ Second Quarter Loss Per Share of ($0.28), or ($0.07) Excluding Restructuring Plan and Other Items ~

~ Ends Second Quarter with Cash of $170 million ~

~ Announces Licensing Partnership with Calvin Klein ~

PARAMUS, N.J.–(BUSINESS WIRE)–Movado Group, Inc. (NYSE: MOV) today announced second quarter and six-month results for the period ended July 31, 2020.

Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We remain focused on ensuring the safety and health of our employees, customers and the communities where we operate. In a quarter that was significantly impacted globally by the COVID-19 pandemic, I am proud of our team’s ability to build on our multi-year investments in our digital center of excellence and adapt to support our ongoing mission to put consumers first, allowing them to connect with our great brands, designs and platforms wherever and whenever they choose to shop. These efforts allowed us to capture strong online demand where our Movado brand generated a 130% increase in our own and third party ecommerce sales. In North America, we reopened our outlet stores in June and were encouraged by the improved sequential performance in July, despite reduced stores hours. We are also seeing encouraging demand in our domestic department store channel. In China, we had a 16% increase in sales for the quarter with trends continuing to accelerate and we had positive top line growth in France and Germany, despite our customers being closed for nearly half of the quarter.”

Mr. Grinberg continued, “The aggressive actions we took at the height of the pandemic have positioned us well to continue to navigate the current environment. We have implemented initiatives that are expected to generate $90 million in cost savings in this fiscal year and have strengthened our financial health as evidenced by our cash balance of $170 million after repaying $37 million on our revolver at quarter end. As we look to the remainder of the year, we continue to expect improving sales trends in the second half relative to the first half with improved profitability and we will continue to be disciplined and agile in managing the business given the continued uncertainty. The actions we have taken, combined with our strong liquidity, enable us to leverage our powerful portfolio of brands which will be further strengthened by the exciting new licensing partnership announced today to design and develop Calvin Klein timepieces and jewelry. As a result, we have confidence that we will emerge from this extraordinary period a stronger company that is even better positioned to deliver long-term shareholder value.”

Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)

Second quarter fiscal 2021 results of operations included the following items:

Operating expenses include a $0.7 million pre-tax charge, or $0.5 million after tax, representing $0.02 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition of Olivia Burton;
$0.3 million pre-tax charge, or $0.2 million after tax, representing $0.01 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT;
$7.4 million pre-tax charge, or $5.0 million after tax, representing $0.22 per diluted share, related to corporate initiatives primarily in response to the COVID-19 pandemic; and
Other non-operating income includes a $1.3 million pre-tax gain, or $0.8 million after tax, representing $0.04 per diluted share, associated with the sale of a non-operating asset in Switzerland.

Second quarter Fiscal 2020 results of operations included the following items:

Operating expenses include a $0.7 million pre-tax charge, or $0.6 million after tax, representing $0.02 per diluted share, associated with the amortization of acquired intangible assets related to Olivia Burton;
$1.1 million pre-tax charge, or $0.9 million after tax, representing $0.04 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT;
$0.3 million pre-tax gain, or $0.2 million after tax, representing $0.01 per diluted share, associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives; and
Other non-operating income includes a $13.6 million pre-tax benefit, or $10.4 million after tax, representing $0.44 per diluted share, associated with the remeasurement of the contingent consideration liability associated with the MVMT acquisition.

Second Quarter Fiscal 2021 (See attached table for GAAP and Non-GAAP measures)

Net sales decreased 43.9% to $88.5 million compared to $157.8 million in the second quarter of fiscal 2020 primarily due to the impact of the COVID-19 pandemic. Net sales on a constant dollar basis also decreased 43.9%.
Gross profit was $45.4 million, or 51.2% of sales, compared to $85.3 million, or 54.1% of sales, in the second quarter last year. The decrease in gross margin percentage was primarily the result of unfavorable changes in channel and product mix, decreased leverage on fixed costs due to decreased sales, and U.S. special tariff headwinds.
Operating expenses were $54.3 million compared to $76.6 million in the prior year period. For the second quarter of fiscal 2021, adjusted operating expenses were $45.9 million, which excludes the operating expense charges mentioned above in the Non-GAAP Items section. For the second quarter of fiscal 2020, adjusted operating expenses were $75.1 million, which excludes the operating expense charges mentioned above in the Non-GAAP Items section. The decrease in adjusted operating expenses was primarily due to the Company’s initiative to minimize all non-essential operating expenses such as certain marketing, selling and payroll related expenses.
Operating loss was $8.9 million compared to operating income of $8.8 million in the second quarter of fiscal 2020. Adjusted operating loss for the second quarter of fiscal 2021 was $0.6 million, which excludes the fiscal 2021 charges listed above in the Non-GAAP Items section, compared to adjusted operating income for the second quarter of fiscal 2020 of $10.3 million, which excludes the fiscal 2020 charges listed above in the Non-GAAP Items section.
The Company recorded a tax benefit of $1.6 million compared to a tax provision of $4.7 million in the second quarter of fiscal 2020. The Company recorded an adjusted tax provision in the second quarter of fiscal 2021 of $0.6 million compared to an adjusted tax provision of $1.8 million for the second quarter of fiscal 2020.
Net loss was $6.6 million, or $0.28 per diluted share, compared to net income of $17.5 million, or $0.75 per diluted share, in the second quarter of fiscal 2020 . Adjusted net loss for the fiscal 2021 period was $1.7 million, or $0.07 per diluted share, which excludes the second quarter fiscal 2021 net charges listed above in the Non-GAAP Items section after the associated tax effects. This compares to adjusted net income in the second quarter of fiscal 2020 of $8.3 million, or $0.36 per diluted share, which excludes the second quarter fiscal 2020 net charges listed above in the Non-GAAP Items section after the associated tax effects.

First Half Fiscal 2021 (See attached table for GAAP and Non-GAAP measures)

Net sales were $158.2 million compared to $304.4 million in the first six months of fiscal 2020, a decrease of 48.0% primarily due to the COVID-19 pandemic. Net sales on a constant dollar basis decreased 47.8%.
Gross profit was $77.2 million, or 48.8% of sales, compared to $164.2 million, or 54.0% of sales in the same period last year. Adjusted gross profit for the first six months of fiscal 2021, which excludes $3.5 million in corporate initiative charges related to the impact to the business of the COVID-19 pandemic, was $80.8 million, or 51.0% of net sales. Adjusted gross profit for the first six months of fiscal 2020, which excludes $0.1 million in adjustments associated with the amortization of acquisition accounting adjustments related to the MVMT acquisition, was $164.4 million, or 54.0% of net sales. The decrease in adjusted gross margin percentage was primarily the result of decreased leverage on fixed costs due to decreased sales, unfavorable changes in channel and product mix, unfavorable foreign currency exchange rates and U.S. special tariff headwinds.
Operating expenses were $268.3 million as compared to $150.5 million in the first six months of last fiscal year. For the first six months of fiscal 2021, adjusted operating expenses were $99.0 million, which excludes $155.9 million in adjustments related to the impairment of goodwill and certain intangible assets, $11.1 million in corporate initiative charges related to the impact to the business from the COVID-19 pandemic, $1.4 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and $1.0 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. For the first six months of fiscal 2020, adjusted operating expenses were $146.9 million, which excludes $1.4 million of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and $2.5 million in adjustments associated with the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to the MVMT acquisition, partially offset by $0.3 million in adjustments associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives. The decrease in adjusted operating expenses was primarily due to the Company’s initiative to minimize all non-essential operating expenses such as certain marketing, selling and payroll related expenses.
Operating loss was $191.1 million compared to operating income of $13.8 million in the first six months of fiscal 2020. Adjusted operating loss for the first six months of fiscal 2021 was $18.2 million, which excludes the fiscal 2021 charges listed in the immediately preceding bullet, compared to adjusted operating income of $17.4 million in the first six months of fiscal 2020 which excludes the fiscal 2020 net charges listed in the immediately preceding bullet.
The Company recorded a tax benefit in the first six months of fiscal 2021 of $33.9 million as compared to a tax provision of $5.6 million in the first six months of last year. Based upon adjusted pre-tax income, the adjusted tax benefit was $4.3 million in the first half of fiscal 2021 compared to an adjusted tax provision of $3.1 million in the first half of fiscal 2020.
Net loss was $156.6 million, or $6.75 per diluted share, compared to net income of $21.4 million, or $0.92 per diluted share, in the first six months of fiscal 2020. Adjusted net loss for the first half of fiscal 2021 was $14.7 million, or $0.63 per diluted shares, which excludes $131.1 million, net of $24.9 million of tax, in adjustments related to the impairment of goodwill and certain intangible assets, $10.0 million, net of $4.6 million of tax, in corporate initiative charges related to the impact to the business from the COVID-19 pandemic, $1.1 million, net of $0.3 million of tax, of expenses associated with the amortization of acquired intangible assets related to Olivia Burton and $0.6 million, net of $0.4 million of tax, in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition, and $0.8 million, net of $0.5 million of tax, associated with a gain on the sale of a non-operating asset in Switzerland. This compares to adjusted net income for the first half of fiscal 2020 of $13.9 million, or $0.60 per diluted share, which excludes $1.1 million, net of $0.3 million of tax, of expenses associated with the amortization of acquired intangible assets related to Olivia Burton; $2.0 million, net of $0.6 million of tax, of expenses related to the amortization of acquired intangible assets, accounting adjustments and deferred compensation related to MVMT; $10.4 million, net of $3.3 million of tax, of gains associated with the remeasurement of the contingent consideration liability associated with the MVMT acquisition; and $0.2 million, net of $0.1 million of tax, of gains associated with the change in estimate of the remaining accrual for the fiscal 2018 cost saving initiatives.

Fiscal 2021 Outlook

Given the dynamic nature of the COVID-19 crisis and lack of visibility, the potential financial impact to the business cannot be reasonably estimated. The Company is not providing fiscal 2021 guidance.

Conference Call

The Company’s management will host a conference call and audio webcast to discuss its results today, August 27, 2020 at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be archived on the Company’s website approximately one hour after the conclusion of the call. Additionally, a telephonic re-play of the call will be available at 12:00 p.m. ET on August 27, 2020 until 11:59 p.m. ET on September 10, 2020 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13708469.

Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI MINKOFF® watches worldwide, and operates Movado company stores in the United States and Canada.

In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in the United States (“GAAP”). Specifically, the Company is presenting adjusted gross profit, adjusted gross margin, adjusted operating expenses and adjusted operating income, which are gross profit, gross margin, operating expenses and operating income, respectively, under GAAP, adjusted to eliminate the amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions, corporate initiatives and the impairment of goodwill and certain intangible assets. The Company is also presenting adjusted tax provision, which is the tax provision under GAAP, adjusted to eliminate the impact of charges for the Olivia Burton and MVMT acquisitions, corporate initiatives, the impairment of goodwill and certain intangible assets and the gain on sale of a non-operating asset. The Company believes these adjusted measures are useful because they give investors information about the Company’s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. The Company is also presenting adjusted net income, adjusted earnings per share and adjusted effective tax rate, which are net income, earnings per share and effective tax rate, respectively, under GAAP, adjusted to eliminate the after-tax impact of amortization of acquisition accounting adjustments related to the Olivia Burton and MVMT acquisitions, corporate initiatives, the impairment of goodwill and certain intangibles and the gain on sale of a non-operating asset. The Company believes that adjusted net income, adjusted earnings per share and adjusted effective tax rate are useful measures of performance because they give investors information about the Company’s financial performance without the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Company is presenting constant currency information to provide a framework to assess how its business performed excluding the effects of foreign currency exchange rate fluctuations in the current period. Comparisons of financial results on a constant dollar basis are calculated by translating each foreign currency at the same US dollar exchange rate as in effect for the prior-year period for both periods being compared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAP financial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measures presented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods of their calculation may differ substantially from similarly titled measures used by other companies.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,” “believes,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should” and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company’s products are sold, uncertainty regarding such economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters, pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in our retail stores and the stores of our wholesale customers, supply disruptions and delivery delays from our Chinese and other suppliers as a result of the COVID-19 pandemic, adverse impact on the Company’s wholesale customers and customer traffic in the Company’s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic, the stability of the European Union (including the impact of the United Kingdom’s process to exit from the European Union), the stability of the United Kingdom after its exit from the European Union, and defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, the impact of “smart” watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier’s inability to fulfill the Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets including goodwill if the carrying value of any reporting unit were to exceed its fair value, volatility in reported earnings resulting from changes in the estimated fair value of contingent acquisition consideration, the continuation of the company’s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.

(Tables to follow)


MOVADO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)


	Three Months Ended						Six Months Ended
	July 31,						July 31,

		2020			2019			2020			2019

Net sales	$	88,538		$	157,816		$	158,204		$	304,365

Cost of sales		43,182			72,477			80,955			140,153

Gross profit		45,356			85,339			77,249			164,212

Operating expenses		54,272			76,563			112,409			150,462
Impairment of goodwill and intangible assets		–			–			155,919			–
Total operating expenses		54,272			76,563			268,328			150,462

Operating (loss)/income		(8,916	)		8,776			(191,079	)		13,750

Non-operating (expense)/income:
Gain on sale of a non-operating asset		1,317			–			1,317			–
Change in contingent consideration		–			13,627			–			13,627
Interest expense		(590	)		(225	)		(861	)		(449	)
Interest income		8			24			23			45

(Loss)/Income before income taxes		(8,181	)		22,202			(190,600	)		26,973

(Benefit)/Provision for income taxes		(1,559	)		4,741			(33,889	)		5,588

Net (loss)/income		(6,622	)		17,461			(156,711	)		21,385

Less: Net loss attributable to noncontrolling interests		(7	)		(44	)		(103	)		(45	)

Net (loss)/income attributable to Movado Group, Inc.	$	(6,615	)	$	17,505		$	(156,608	)	$	21,430

Diluted Income Per Share Information
Net (loss)/income attributable to Movado Group, Inc.	$	(0.28	)	$	0.75		$	(6.75	)	$	0.92

Weighted diluted average shares outstanding		23,240			23,292			23,191			23,370


MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
(In thousands, except for percentage data)
(Unaudited)


	As Reported
	Three Months Ended
	July 31,				% Change

	2020		2019

Total net sales, as reported	$	88,538	$	157,816	-43.9	%

Total net sales, constant dollar basis	$	88,461	$	157,816	-43.9	%



	As Reported
	Six Months Ended
	July 31,				% Change

	2020		2019

Total net sales, as reported	$	158,204	$	304,365	-48.0	%

Total net sales, constant dollar basis	$	158,813	$	304,365	-47.8	%

MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)

	Net Sales		Gross Profit		Operating (Loss)/Income			Pre-tax (Loss)/Income			(Benefit)/Provision for Income Taxes			Net (Loss)/Income Attributable to Movado Group, Inc.			Diluted EPS
Three Months Ended July 31, 2020
As Reported (GAAP)	$	88,538	$	45,356	$	(8,916	)	$	(8,181	)	$	(1,559	)	$	(6,615	)	$	(0.28	)
Olivia Burton Costs (1)		–		–		671			671			139			532		$	0.02
MVMT Costs (2)		–		–		284			284			108			176		$	0.01
Gain On Sale of a Non-Operating Asset (3)		–		–		–			(1,317	)		(474	)		(843	)	$	(0.04	)
Corporate Initiatives (4)		–		–		7,368			7,368			2,353			5,015		$	0.22
Adjusted Results (Non-GAAP)	$	88,538	$	45,356	$	(593	)	$	(1,175	)	$	567		$	(1,735	)	$	(0.07	)


Three Months Ended July 31, 2019
As Reported (GAAP)	$	157,816	$	85,339	$	8,776		$	22,202		$	4,741		$	17,505		$	0.75
Olivia Burton Costs (1)		–		–		690			690			131			559			0.02
MVMT Costs (2)		–		–		1,125			1,125			270			855			0.04
Change In Contingent Consideration (5)		–		–		–			(13,627	)		(3,270	)		(10,357	)		(0.44	)
Cost Savings Initiatives (6)		–		–		(320	)		(320	)		(77	)		(243	)		(0.01	)
Adjusted Results (Non-GAAP)	$	157,816	$	85,339	$	10,271		$	10,070		$	1,795		$	8,319		$	0.36


	Net Sales		Gross Profit		Operating (Loss)/Income			Pre-tax (Loss)/Income			(Benefit)/Provision for Income Taxes			Net (Loss)/Income Attributable to Movado Group, Inc.			Diluted EPS
Six Months Ended July 31, 2020
As Reported (GAAP)	$	158,204	$	77,249	$	(191,079	)	$	(190,600	)	$	(33,889	)	$	(156,608	)	$	(6.75	)
Olivia Burton Costs (1)		–		–		1,356			1,356			258			1,098		$	0.05
MVMT Costs (2)		–		–		981			981			373			608		$	0.03
Goodwill and Intangible Asset Impairment (7)		–		–		155,919			155,919			24,867			131,052		$	5.65
Gain On Sale of a Non-Operating Asset (3)		–		–		–			(1,317	)		(474	)		(843	)	$	(0.04	)
Corporate Initiatives (4)		–		3,508		14,608			14,608			4,592			10,016		$	0.43
Adjusted Results (Non-GAAP)	$	158,204	$	80,757	$	(18,215	)	$	(19,053	)	$	(4,273	)	$	(14,677	)	$	(0.63	)


Six Months Ended July 31, 2019
As Reported (GAAP)	$	304,365	$	164,212	$	13,750		$	26,973		$	5,588		$	21,430		$	0.92
Olivia Burton Costs (1)		–		–		1,402			1,402			266			1,136			0.05
MVMT Costs (2)		–		140		2,598			2,598			624			1,974			0.08
Change In Contingent Consideration (5)		–		–		–			(13,627	)		(3,270	)		(10,357	)		(0.44	)
Cost Savings Initiatives (6)		–		–		(320	)		(320	)		(77	)		(243	)		(0.01	)
Adjusted Results (Non-GAAP)	$	304,365	$	164,352	$	17,430		$	17,026		$	3,131		$	13,940		$	0.60

Contacts

ICR, Inc.

Rachel Schacter/Allison Malkin

203-682-8200

Read full story here

Tags #Pandemic, #Results, Business, Communties, COVID-19, Digital, Investment, Movado Group Inc., Quarter, Taxes, Taxes#Pandemic

Business

P360 listed as a sample vendor in Gartner’s Hype Cycle for Life Science Commercial Operations, 2020

Post author By Michelle Dryden
Post date August 26, 2020
No Comments on P360 listed as a sample vendor in Gartner’s Hype Cycle for Life Science Commercial Operations, 2020

P360 was recognized as a vendor under the Life Science Sales Performance Management category in the 2020 report

PISCATAWAY TOWNSHIP, N.J.–(BUSINESS WIRE)–#Gartner—P360, a leading developer of technology for life sciences companies, today announced that it has been identified as a Sample Vendor in the Gartner Hype Cycle for Life Science Commercial Operations, 2020. P360 was named Sample Vendor in the Life Science Sales Performance Management (LSSPM) category.^[1] As per the report, “LSSPM tools apply technology to streamline the sales operation processes through automation, intuitive workflows, advanced analytics and cloud-based connectivity.”

“P360’s solutions are built to streamline and accelerate sales operations for pharmaceutical commercial organizations, enabling them to work more efficiently and effectively,” stated P360 CEO and Founder Anupam Nandwana. “Swittons, our IoT powered smart devices for life sciences organizations, are a great example of the innovative solutions we develop. We believe in our solution’s value to our customers.”

Earlier this year, P360 launched its industry first IoT product Swittons as a platform for life sciences digital transformation initiatives. Swittons devices are an essential part of any advanced analytics and AI deployment. By integrating with existing systems and collecting data from sources across the enterprise, Swittons help automate messaging and other functions by utilizing push/pull data streams. Each device can be customized to align with specialized workflows, and can be used to authenticate via biometric and RFID models.

Swittons can be configured for labs, biotech organizations and medical device companies. They are also designed to be compatible with existing commercial infrastructure and integrate seamlessly with leading CRM and ERP systems. The devices, which can be custom branded, come programmed to execute up to four different predefined functions.

Bringing critical data from a device to the enterprise has never been easier, because Swittons takes care of all the complex technical work. To learn more about Swittons, simply visit Swittons.com.

Swittons is powered by the technology and expertise developed by P360. Delivering a 360 view through the pharma, physician and patient ecosystem, P360 designs and deploys capabilities that ensure the highest efficiencies and returns on sales operations, data management, clinical trials, patient centricity and IoT innovation. With expertise in supporting commercial operations for companies of all sizes, P360 has built an industry-leading platform that gives customers ownership of their data and the ability to leverage artificial intelligence and machine learning capabilities.

In addition to being listed as a sample vendor in Gartner’s Hype Cycle report, Swittons and P360 CEO Anupam Nandwana was recently named to the PharmaVoice 100, which recognize the most inspirational, motivational and transformational individuals throughout the life-sciences industry.

To learn more about P360, visit P360.com.

^[1]Gartner, “Hype Cycle for Life Science Commercial Operations,” Animesh Gandhi, Michael Shanler, August 6, 2020.

Gartner Disclaimer:

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research and Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Swittons

Based in Piscataway Township, New Jersey, and powered by P360, Swittons is an end-to-end enterprise IoT solution for commercial acceleration. From dashboard to device to data, Swittons powers seamless engagement. Swittons for physicians and pharma is changing everything about how businesses communicate. To learn more, visit Swittons.com.

About P360

Based in Piscataway Township, New Jersey, P360 is a leading developer of technology for the life sciences industry. Product offerings include BirdzAI, PatientJourney360, Data360, Trials360 and Swittons. To learn more about P360, visit P360.com.

Contacts

Brian Fitzgerald

Brian.Fitzgerald@P360.com
808-754-0437

Tags #LSSPM, #P360, Analytics, Automation, Gartner's Hype Cycle, Life Science, Life Science Commercial Operations, Performance Management, Pharmaceutical, sales, Sample Vendor, Swittons, Swittons#LSSPM

Business

MetLife Investment Management originates $6.2 billion in private placement debt for 1H 2020

Post author By Michelle Dryden
Post date August 26, 2020
No Comments on MetLife Investment Management originates $6.2 billion in private placement debt for 1H 2020

Private placement debt portfolio grows to $91.2 billion¹

WHIPPANY, N.J.–(BUSINESS WIRE)–MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced it originated $6.2 billion in private placement debt for the first half of 2020, across nearly 100 transactions. This included $1.7 billion of investments originated on behalf of institutional clients.

“Despite COVID-driven economic uncertainty and associated volatility in the fixed income markets, we remained active throughout the first six months of 2020, serving as a key capital partner to our issuers,” said John Wills, global head of private placements at MIM.

MIM’s private placement debt origination for the first half of 2020 comprised $4.5 billion in corporate private placement debt transactions and $1.7 billion in infrastructure private placement debt transactions. This origination activity, which added 29 new credits, helped grow MIM’s total private placement debt portfolio to $91.2 billion as of June 30, 2020.

MIM’s corporate private placement activity was diversified across industry sectors, including general industrial, healthcare, professional services, retail and utilities. MIM was selective in its infrastructure private placement opportunities and participated in transactions that provided strong structural protections and relative value across the following sectors: electric transmission, renewable power, social housing and infrastructure, and stadiums. Investments included nearly $550 million in six transactions across the renewable power and social housing and infrastructure sectors.

“I am proud of our team’s efforts to support our borrowers and institutional investor clients,” added Wills. “The breadth, depth and experience of our deal sourcing and credit management capabilities served our clients across the corporate, insurance and pension communities well during these extremely difficult times. We expect that MIM will continue to be a leading private placement provider in corporate and infrastructure debt, benefiting from our size, sector expertise and global footprint.”

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of June 30, 2020, had $629.1 billion² in total assets under management. For more information, visit https://investments.metlife.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “expect,” “will,” and “continue” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

______________________________

¹ As of June 30, 2020. At estimated fair value. Includes corporate and infrastructure private placement debt contained in MetLife’s general account, separate accounts and non-proprietary assets of unaffiliated/third party clients.

² Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.

Contacts

James Murphy

(973) 355-4673

Tags #1H, #Debt, #MIM, Asset, Business, COVID, Investment, Management, Markets, MetLife, MetLife#1H

Business

CS Energy achieves 1 gigawatt installed of solar projects

Post author By Michelle Dryden
Post date August 26, 2020
No Comments on CS Energy achieves 1 gigawatt installed of solar projects

National EPC energy firm, majority owned by funds managed by Ares Management Corporation, achieved significant milestone in August 2020

EDISON, N.J.–(BUSINESS WIRE)–CS Energy, LLC, a leading integrated energy firm that designs and builds optimized projects in the solar, storage and emerging energy industries, announced today that it has reached a major milestone: completing the installation of 1 gigawatt of solar energy projects.

The 1 GW achievement puts CS Energy in a distinguished category. According to Solar Power World’s Top Solar Contractors* rankings, fewer than 10 EPCs have installed 1 GW of solar as of 2020, but with CS Energy’s consistent 20 percent annual growth rate, the milestone was reached quickly. The company closed 2018 with 650 MW of completed solar projects and ended 2019 with 820 MW. In 2020, CS Energy reached 1,000 MW, despite industry contractions resulting from the COVID-19 pandemic.

“This is an incredible milestone, and one only possible because of the hard work and dedication of our team,” shared Matthew Skidmore, CEO of CS Energy. “I am so proud of our talented workforce, which has completed CS Energy projects to the highest standards of quality and safety across the country. We’re excited to put our deep experience to work for our clients as we begin installing the next gigawatt.”

CS Energy has completed nearly 200 solar projects across 16 states, in a mix of utility-scale solar projects and energy storage projects. Much of the 1 GW has been completed in the last three years as the firm manages increasingly larger projects, such as a recent 29 MW solar project in New Jersey. The growth coincides with funds managed by the Infrastructure and Power strategy of Ares Management Corporation taking majority ownership of the company in 2018.

“We made a strategic investment in CS Energy knowing the firm had the capabilities to expand its impact on renewable energy projects across the country,” shared Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “We are thrilled that CS Energy has been able to achieve such a substantial milestone and consider it a testament to the company’s legacy of experience and reliability.”

The 1 GW accomplishment comes as CS Energy garners additional recognition from the solar industry. CS Energy was named the nation’s number-one commercial solar installer in 2019 by global research firm Wood Mackenzie. With more than 10 percent of the U.S. market share, CS Energy installed as much as the second- and third-ranked companies combined. In 2020, CS Energy once again made Solar Power World magazine’s annual list of Top Solar Contractors, ranking in the Top 10 for national EPCs, and as the #1 solar contractor in both New York and New Jersey.

Additionally, the company utilizes its expertise to lead a variety of solar industry subsectors. CS Energy is considered an expert in landfill solar installations, having installed more than 160 MW on top of closed capped landfills. CS Energy is also on the forefront of Solar + Storage projects: the company has installed more than 135 MWh of energy storage projects and is ranked as the #2 Solar + Storage installer in the nation by Solar Power World.

Starting with just 12 employees in 2004, the company has grown to a highly skilled team of more than 160 people. CS Energy began in the solar industry as part of The Conti Group, a construction and engineering firm that has been operating for more than 115 years. Building on the organic success in the solar industry, the group branched out into Conti Solar, a wholly owned subsidiary of The Conti Group, in 2017. Conti Solar was majority acquired by funds managed by the Infrastructure and Power strategy of Ares Management Corporation in 2018 the company rebranded as CS Energy.

“CS Energy is thriving from the roots planted at The Conti Group—roots in skilled construction, quality customer service, and an educated leadership group. It’s been a pleasure to see CS Energy deliver on our shared vision of creating a nation-leading integrated energy company,” said Kurt Conti, Chairman of the Board of The Conti Group.

* https://www.solarpowerworldonline.com/2020-top-solar-contractors/

About CS Energy

CS Energy is an industry-leading engineering, procurement and construction (EPC) energy firm that designs and builds optimized projects in solar, energy storage, and emerging energy industries. CS Energy’s attention to detail, flawless execution and highly talented workforce has enabled the company to successfully design and install over 1 GW of solar projects across the United States. CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders. Majority-owned by Ares Infrastructure and Power, CS Energy has an experienced and committed management team and the financial resources required to continue expanding its solar and energy storage business as a trusted and long-term partner.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had approximately $165 billion of assets under management as of June 30, 2020 with more than 1,300 employees operating across North America, Europe, Asia and Australia, pro forma for the acquisition of SSG Capital Holdings Limited which closed on July 1, 2020.

About Ares Infrastructure and Power

Ares Infrastructure and Power (“AIP”) strategy seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed nearly $9 billion of capital in more than 200 different infrastructure and power assets and companies.

About The Conti Group

The Conti Group is a privately held group of companies spanning the construction, engineering, renewable energy, real estate, technology and biotech markets whose mission is to create positive impact and great value for customers, partners, employees, and society.

Contacts

CS Energy Media:
Dianaliz Santiago-Borcan

732.520.5143

dborcan@csenergy.com

Tags #Milestone, #Pandemic, #Projects, #Solar, #Storage, Business, Contractors, COVID-19, CS Energy, Gigawatt, Gigawatt#Milestone

Business

Statement in response to news of the indictment of Teva USA

Post author By Michelle Dryden
Post date August 26, 2020
No Comments on Statement in response to news of the indictment of Teva USA

TEL AVIV & PARSIPPANY, N.J.–(BUSINESS WIRE)–Today Teva Pharmaceutical Industries Ltd. (NYSE: and TASE: TEVA) is responding to news reports detailing that a federal grand jury in Philadelphia, Pennsylvania has returned a criminal indictment charging Teva USA with three counts of antitrust violations under the Sherman Act.

Teva is deeply disappointed that the government has chosen to proceed with this prosecution. The Company has been investigating this matter for over four years and has concluded that Teva did not participate in price fixing. Based on our internal review, Teva firmly rejects the allegations and will vigorously defend the Company in court. Teva has fully cooperated throughout the course of the Department of Justice (DOJ) investigation and has attempted to reach a resolution in the best interest of the Company, its stakeholders and the patients the company serves. The DOJ has shown an unwillingness to consider alternatives that would not deeply impact Teva and the stakeholders who depend on the Company, including the patients who benefit from our medicines.

As we defend this matter, Teva will maintain focus on its critical role in the U.S. healthcare system, ensuring access to affordable medicines, including helping millions of patients who suffer multiple chronic conditions. One out of every 10 of the 3.69 billion generic prescriptions written in the United States each year is filled with a Teva product.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at http://www.tevapharm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding criminal charges filed by the DOJ against Teva USA, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:

our ability to successfully defend against the DOJ criminal charges;
the potential impact the DOJ criminal charges, and a potential criminal conviction, may have on our business and operations in general, including our ability to defend and reach a favorable resolution of the civil, private and other litigations related to this matter, the effects on our current indebtedness and our ability to incur additional indebtedness, engage in additional transactions, make new investments, and our ability to continue to do business with governmental bodies in the United States;
our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; consolidation of our customer base and commercial alliances among our customers; the increase in the number of competitors targeting generic opportunities and seeking U.S. market exclusivity for generic versions of significant products; competition for our specialty products, especially COPAXONE®, our leading medicine, which faces competition from existing and potential additional generic versions, competing glatiramer acetate products and orally-administered alternatives; the uncertainty of commercial success of AJOVY® or AUSTEDO®; competition from companies with greater resources and capabilities; delays in launches of new products and our ability to achieve expected results from investments in our product pipeline; ability to develop and commercialize biopharmaceutical products; efforts of pharmaceutical companies to limit the use of generics, including through legislation and regulations and the effectiveness of our patents and other measures to protect our intellectual property rights;
our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments, may result in a further downgrade of our credit ratings; and our inability to raise debt or borrow funds in amounts or on terms that are favorable to us;
our business and operations in general, including: uncertainty regarding the magnitude, duration, and geographic reach of the COVID-19 pandemic and its impact on our business, financial condition, operations, cash flows, and liquidity and on the economy in general; interruptions in our supply chain, including due to potential effects of the COVID-19 pandemic on our operations and business in geographic locations impacted by the pandemic and on the business operations of our customers and suppliers; adequacy of and our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the COVID-19 pandemic and associated costs therewith; effectiveness of our restructuring plan announced in December 2017; challenges associated with conducting business globally, including adverse effects of the COVID-19 pandemic, political or economic instability, major hostilities or terrorism; our ability to attract, hire and retain highly skilled personnel; our ability to develop and commercialize additional pharmaceutical products; compliance with anti-corruption sanctions and trade control laws; manufacturing or quality control problems; disruptions of information technology systems; breaches of our data security; variations in intellectual property laws; significant sales to a limited number of customers; our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions; our prospects and opportunities for growth if we sell assets and potential difficulties related to the operation of our new global enterprise resource planning (ERP) system;
compliance, regulatory and litigation matters, including: increased legal and regulatory action in connection with public concern over the abuse of opioid medications in the U.S. and our ability to reach a final resolution of the remaining opioid-related litigation; costs and delays resulting from the extensive governmental regulation to which we are subject or delays in governmental processing time including due to modified government operations due to the COVID-19 pandemic and effects on product and patent approvals; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; governmental investigations into S&M practices; potential liability for patent infringement; product liability claims; increased government scrutiny of our patent settlement agreements; failure to comply with complex Medicare and Medicaid reporting and payment obligations; and environmental risks;
other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; potential impairments of our intangible assets; potential significant increases in tax liabilities; and the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business;

and other factors discussed in our Quarterly Reports on Form 10-Q for the first and second quarters of 2020 and our Annual Report on Form 10-K for the year ended December 31, 2019, including in the sections captioned “Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

Contacts

IR Contacts
United States
Kevin C. Mannix (215) 591-8912

Israel
Yael Ashman 972 (3) 926-7516

PR Contacts
United States
Kelley Dougherty (973) 832-2810

Israel
Yonatan Beker 972 (54) 888 5898

Tags #DOJ, #Federal, #Indictment, #News, #Stakeholder, #Teva USA, Business, medicines, Pharmaceutical, products, products#DOJ

Business

Mercury Insurance offers contactless home inspections to policyholders in New York and New Jersey through Flyreel

Post author By Michelle Dryden
Post date August 25, 2020
No Comments on Mercury Insurance offers contactless home inspections to policyholders in New York and New Jersey through Flyreel

Mercury’s home inspection app minimizes health risks by eliminating the need for outsiders to make an in-person home visit

LOS ANGELES–(BUSINESS WIRE)–Today, Mercury Insurance announced that the company is offering New York and New Jersey homeowners policyholders DIY inspection services using an advanced Artificial Intelligence (AI) assistant. Created by Flyreel, the app guides homeowners through a self-inspection of their property and gives them the option for a contactless experience, helping policyholders maintain their physical distance from those outside of the household during the COVID-19 pandemic. The AI assistant is available to download as a mobile app from the Apple App Store and Google Play.

“We do so much with smartphones now that giving our insureds the ability to use photos and video to capture and verify the characteristics of their property made so much sense,” said Holly Sacks, Mercury Insurance portfolio underwriter. “The AI in our app is top-class, making it super simple to complete a self-inspection. The step-by-step instructions are easy to follow and fun to use!”

New Mercury homeowner policyholders will be emailed a link to download the app and activate it. Then, they can complete the self-inspection at their leisure with no appointment needed. The virtual inspection is conducted with state-of-the-art AI, high fidelity video and a conversation feature to streamline the experience while capturing everything Mercury needs to accurately underwrite a policy. It also helps catalog belongings and building materials in the event the customer needs to file a claim. On average, the self-inspection process takes less than 30 minutes.

Flyreel, Mercury’s home inspection app technology partner, is the pioneer in developing advanced AI to help insurance providers protect policyholders and their property using AI-assisted, self-service inspections.

“We’re grateful for the opportunity to support Mercury Insurance as they push the envelope of innovation, deploying the best of today’s technology to better serve their customers,” said Cole Winans, CEO of Flyreel. “Their relentless commitment to protecting homeowners while delivering an industry-leading customer experience makes us proud to be their partner.”

Visit https://www.mercuryinsurance.com/insurance/homeowners/ to learn more about Mercury’s products and services.

About Mercury Insurance

Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and business insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices. For more information, visit www.mercuryinsurance.com or Facebook and follow the company on Twitter.

About Flyreel

Flyreel provides Total Property Understanding^TM for underwriting, loss control and claims. Flyreel’s advanced AI assistant guides users through fully configurable workflows. As users scan their property with their smartphone camera, Flyreel’s proprietary computer vision technology automatically documents critical property data like hazards, risks, features, materials and more. Flyreel’s AI Assistant can “react and respond” to data collected by the policyholder, adapting and customizing conversational workflows based on the unique attributes that it “sees” in near real-time. To learn more about Flyreel, visit https://www.flyreel.co/.

Contacts

PCG – Kyle Reuter (424) 903-3657

kreuter@pacificcommunicationsgroup.com

Flyreel, Inc. – Alyson Austin (949) 403-0484

alyson@gaffneyaustin.com

Tags #Policyholders, Apple App, Business, COVID-19 Pandemic, Customers, Flyreel, Google Play, Homeowners, Mercury Insurance, Technology, Technology#Policyholders

Business

Many U.S. cities including New York, San Francisco, LA and major metros throughout Florida utilize Everbridge to mitigate the compounding threat from overlapping crises: COVID-19 pandemic, wildfires and hurricanes

Serving Eight of the Ten Largest U.S. Cities, and Over 3,700 Municipalities and Counties Across the Country, Everbridge Enables Local Governments to Execute Best Practices to Keep Citizens Safe and Informed Amid Critical Events

BURLINGTON, Mass.–(BUSINESS WIRE)–Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced a number of major U.S. cities relying on the company’s platform to coordinate emergency response and safeguard the public from the combined threats posed by COVID-19, as well as wildfires in the western part of the country and hurricanes along the Atlantic, Pacific and Gulf Coasts.

State and local governments need to be proactive in their response and recovery to events impacting the public that range from severe weather, active shooter, and hazmat situations to occurrences such as heat advisories, rolling blackouts, large-scale gatherings, protests and construction projects. These events require information to be shared with residents, visitors and emergency personnel, over any device, providing the confidence that critical information like evacuation routes, lockdowns, or road closures reach recipients immediately.

“A critical part of any emergency response is the ability to disseminate accurate information in a timely manner. Our dedication to public messaging is at the forefront of our mission to connect with every individual we serve, providing them life-saving information before, during, and after an emergency,” said NYC Emergency Management Commissioner Deanne Criswell.

“Our partnership with Everbridge allows us to communicate effectively with New Yorkers during difficult times. This held true during COVID-19, where our Notify NYC team developed a text alert short code in both English and Spanish to provide individuals with a streamlined method of receiving critical information about the pandemic. This crucial messaging continued through heat emergencies and Tropical Storm Isaias. We are grateful for the opportunity to work with Everbridge’s first-class team and remain committed to providing New Yorkers with the essential information they need no matter the challenge or emergency.”

In Hoboken, New Jersey, Isaias’s heavy winds downed trees and power lines, leaving more than one million people statewide without power. “Preparing for the summer hurricane season is challenging under normal conditions, but during a pandemic, it calls for unique measures,” said Ravi Bhalla, Mayor of Hoboken. “Throughout the COVID-19 outbreak, we have reminded our residents of our commitment to sharing potentially life-saving information.”

Continued Mayor Bhalla, “With an unusually active hurricane season ahead of us, we’ve renewed that commitment. Our number one priority is keeping our people safe by providing them access to real-time public information when they need it most. Our partnership with Everbridge allows Hoboken to disseminate this information quickly and accurately, ensuring residents have access to vital data, whether it be about the ongoing coronavirus pandemic, impending storms, or other threats to the city.”

Cities, counties and municipalities across the U.S. leverage the Everbridge Platform to execute the following six best practices for effectively communicating with citizens during a crisis:

Deploy a population-wide opt-in means for the public to receive critical updates and information via their mobile device – provide communities with a quick and easy-to-implement, opt-in solution for citizens to text a keyword or zip-code to an established SMS short-code.
Contribute to a risk data sharing network that connects the public sector with the private sector – enable government agencies, hospitals, universities, airports, and local businesses to share life-saving information to respond quicker to emergency situations.
Leverage pre-established communications templates – empower government agencies to send more complex emergency notifications quickly and at scale to over 100 different modalities.
Execute special/functional needs registries – identify at-risk citizens during an emergency to ensure high-priority individuals (i.e. nursing homes, hospitals) receive specialized care.
Create incident zones by geographic location – trigger mobile emergency alerts from government authorities when an individual travels into, or returns back to, an area designated as an active critical event.
Maximize outreach with robust database of contacts – to complement opt-in databases, emergency officials turn to the Everbridge Resident Connection database – a robust database of landline, voice over Internet protocol (VoIP) and cellular business and residential contacts to reach the greater population with more confidence.

As the coronavirus pandemic continues to impact how municipalities navigate the public’s return to work, return to school, and return to public spaces, many cities now face the impact of an extremely active hurricane and wildfire season.

Current wildfires in areas grappling with the COVID-19 virus present unprecedented threats for firefighters, emergency managers and the public, particularly when it comes to evacuations. Cities such as Los Angeles and San Francisco, and counties including Sonoma and Lake, turn to the Everbridge Platform to warn residents of fire dangers and poor air quality. In Napa County, where the Hennessy Fire continues to threaten residents, the Office of Emergency Services relies on Everbridge to alert at-risk residents to evacuate their homes and take shelter, all while adhering to social distancing guidelines.

“As we head into wildfire season, we are focused on prepping the public to create an emergency plan and listen to authorities,” explained Soraya Sutherlin, Joint Information Center Manager for Alert SouthBay, an Everbridge customer and regional communications system shared by 13 California cities including Inglewood, El Segundo, Hermosa Beach, Redondo Beach, and Torrance. “People are reluctant to leave their homes to go to a shelter because of COVID-19 concerns, which are likely to increase. We encourage residents to find a trusted source for information; plan where they will go if they are afraid of staying in a shelter; and identify at least two ways to get out of their neighborhood and leave when they feel unsafe. Finally, ensure masks are part of any emergency kit, including hand sanitizers, wipes, and first aid supplies.”

As hurricane season continues, dozens of cities from Florida to Massachusetts rely on Everbridge to keep citizens informed and their employees updated on internal preparations, response, and recovery activities. Among the cities deploying Everbridge are Jacksonville FL; Charleston and Myrtle Beach, SC; Charlotte, NC; Norfolk, VA; Washington, DC; Philadelphia, PA; Hoboken, NJ; and New York City, NY.

“Emergency Management and Public Health officials are working tirelessly around the clock since this pandemic broke out,” said Brian Toolan, Head of Government Strategy at Everbridge. “Everbridge salutes our first responder community and supports their daily mission with a global platform for cities to protect residents and mitigate the impact of multiple crises through the most comprehensive and scalable notification system, reaching diverse populations in multiple languages.”

To bolster Florida’s ongoing hurricane preparedness efforts, the Florida Division of Emergency Management (FDEM) uses Everbridge to power AlertFlorida, distributing critical information to residents, businesses and visitors across the state. Video interviews with six Florida counties, as well as the city of Miami, document best practices for ensuring hurricane readiness, the benefits of mutual aid assistance across counties, coordinating safe evacuations for all residents, as well as the many use cases for a scalable mass notification platform.

Everbridge supports population-wide alerting in 11 countries across Europe, Asia, Oceania, The Middle East, Africa, and South America including Australia, Greece, Iceland, the Netherlands, New Zealand, Norway, Peru, Singapore and Sweden. Everbridge’s population alerting capabilities also power the entire states of California, Massachusetts, Vermont, New York, Connecticut, and Florida, as well as municipalities, counties and cities within 49 of the 50 United States, within all of Canada’s provinces, and throughout Europe and Asia, including deployments within multiple populous states in India.

About Everbridge

Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Businesses Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, over 5,300 global customers rely on the company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication devices, and track progress on executing response plans. The company’s platform sent over 3.5 billion messages in 2019 and offers the ability to reach over 550 million people in more than 200 countries and territories, including the entire mobile populations on a country-wide scale in Australia, Greece, Iceland, the Netherlands, New Zealand, Peru, Singapore, Sweden, and a number of the largest states in India. The company’s critical communications and enterprise safety applications include Mass Notification, Incident Management, Safety Connection™, IT Alerting, Visual Command Center®, Public Warning, Crisis Management, Community Engagement™ and Secure Messaging. Everbridge serves 8 of the 10 largest U.S. cities, 9 of the 10 largest U.S.-based investment banks, 47 of the 50 busiest North American airports, 9 of the 10 largest global consulting firms, 8 of the 10 largest global auto makers, all 4 of the largest global accounting firms, 9 of the 10 largest U.S.-based health care providers, and 7 of the 10 largest technology companies in the world. Everbridge is based in Boston and Los Angeles with additional offices in Lansing, San Francisco, Abu Dhabi, Beijing, Bangalore, Kolkata, London, Munich, New York, Oslo, Singapore, Stockholm and Tilburg. For more information, visit www.everbridge.com, read the company blog, and follow on LinkedIn, Twitter, and Facebook.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Contacts

Everbridge:
Jim Gatta

Media Relations

jim.gatta@everbridge.com
215-290-3799

Joshua Young

Investor Relations

joshua.young@everbridge.com
781-236-3695

Tags #CEM, #L.A., #Public, Cities, COVID-19, Critical Event Management, Deanne Criswell, Everbridge, Florida, Hurricanes, Metros, New York, San Francisco, Wildfires, Wildfires#CEM

Business

AM Best affirms credit ratings of American Federated Insurance Company and American Federated Life Insurance Company

Post author By Michelle Dryden
Post date August 22, 2020
No Comments on AM Best affirms credit ratings of American Federated Insurance Company and American Federated Life Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Ratings of “bb” of American Federated Insurance Company (AFIC) and American Federated Life Insurance Company (AFLIC). The outlook of these Credit Ratings (ratings) is stable. Both companies are known collectively as American Federated Insurance Companies and are domiciled in Flowood, MS.

The ratings of AFIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings also reflect drag from the parent holding company, First Tower Finance Company LLC (First Tower Finance).

The ratings of AFLIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and marginal ERM. The ratings also reflect drag from the parent holding company, First Tower Finance.

The American Federated Insurance Companies are indirect, wholly owned subsidiaries of First Tower Finance, a multiline specialty finance company. Prospect Capital Corporation [NASDAQ: PSEC], a publicly traded closed-end investment company, indirectly owns an 80.1% majority interest in First Tower Finance and its subsidiaries.

AFIC provides credit insurance coverage on collateralized personal loans originated by the consumer finance subsidiaries of First Tower Finance, and involuntary unemployment insurance.

AFLIC provides credit life and credit accident and health insurance coverages for individuals that have personal loans originated by the consumer finance subsidiaries of First Tower Finance. Given the products offered by the two companies, AM Best will continue to monitor the potential effects of COVID-19 and the macroeconomic environment on the business profiles and operations of AFIC and AFLIC.

The drag to the ratings of AFIC and AFLIC reflects the considerable financial leverage with a deficit in members’ equity at First Tower Finance, stemming from a 2014 transaction involving the return of First Tower Finance’s capital to its members.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Jeffrey Stary

Financial Analyst
+1 908 439 2200, ext. 5689
jeffrey.stary@ambest.com

Raymond Thompson, CPCU, ARe, ARM
Director
+1 908 439 2200, ext. 5621
raymond.thompson@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Tags #AFIC, #AFLIC, #Stable, AM Best, American Federated Insurance Company, American Federated Life Insurance Company, Business, Collateral, Credit Ratings, Finance, Finance#AFIC

Business

AM Best: Pandemic, economic issues dampen Chile insurance market (AM BestTV)

Post author By Michelle Dryden
Post date August 22, 2020
No Comments on AM Best: Pandemic, economic issues dampen Chile insurance market (AM BestTV)

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of ^AMBestTV, Eli Sanchez, associate director, AM Best, said the rating agency’s negative market segment outlook on Chile’s insurance sector is based on declines in insurance activity, tied to the pandemic and longer-running economic issues. Click on http://www.ambest.com/v.asp?v=chileoutlook_english720 to view the entire program.

Sanchez addressed to what extent COVID-19 is affecting insurers in Chile.

“As of March 2020, there has been a 10% contraction in the overall insurance industry,” said Sanchez. “There was a contraction of around 1.8% last year. AM Best has seen declines, especially in the life side, related to annuities, some accident and health, as well as the property/casualty segment. Additionally, there has been lower economic activity. As of May, the monthly economic indicator contracted by approximately 15%. That puts a lot of pressure on underlying industries that use insurance as a way of protecting its relative assets.”

Chile is having economic problems that the pandemic has exacerbated. Sanchez spoke about how COVID-19 has affected insurers’ ability to grow.

“With lower global economic activity, there have been tensions, specifically commercial tensions between China and the United States. These countries are important partners for Chile. These tensions have created a lot of flight to quality, which have threaten the Chilean peso. In addition, with the tensions in trade, copper prices have come down. That limits a lot of the growth that could happen in the country, which in turn affects a lot that could happen in the demand for insurance.”

To view this video in Spanish, please go to http://www.ambest.com/v.asp?v=chileoutlook_spanish720.

To access the related market segment report, titled, “Market Segment Outlook: Chile Insurance,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=532765.

Recent ^AMBestTV coverage includes:

AM Best: Cyber Insurance Profitability Challenged by New Risks: AM Best analysts say standalone cyber insurance premiums are growing as companies reduce silent cyber risk: http://www.ambest.com/v.asp?v=ambcyber720.
BDO Director: Companies Should Review Hurricane Response Plans: The COVID-19 pandemic adds a layer of complexity to hurricane response plans, said James MacDonnell, director of crisis management/ business continuity at BDO, an advisory firm: http://www.ambest.com/v.asp?v=macdonnell820.
ITC Conference Expands to Month Long ‘Celebration of Insurtech Innovation’: InsureTech Connect is launching ‘ITC September to Remember’ leading up to its flagship global conference, said Mee-Jung Jang, president, InsureTech Connect: http://www.ambest.com/v.asp?v=itc820.
Allianz: Docked Cruise Ships in Hurricane-Prone Areas Are ‘Hot Spots’ to Watch: Cruise ships grounded due to the pandemic are among risks requiring “constant vigilance,” said Andrew Kinsey, senior marine risk consultant, Allianz Global Corporate & Specialty: http://www.ambest.com/v.asp?v=covidshipping820.

^AMBestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html. View ^AMBestTV episodes at www.ambest.tv.

Contacts

Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Tags #Issues, #Pandemic, #Peso, #Risks, AM Best, AM BestTV, Chile, China, COVID-19, economic, Insurance, prices, prices#Issues