CoreCivic Inc. (CXW) – Solid Second Quarter Results

Posted on August 10, 2021 by Admin

Tuesday, August 10, 2021

CoreCivic, Inc. (CXW)
Solid Second Quarter Results

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q21 Results. CoreCivic reported solid second quarter results after the market closed yesterday. Revenue came in at $464.6 million, just below the $472.6 million in the same period last year, which was before populations were significantly reduced due to COVID. The Company reported net income of $15.6 million, or $0.13 per share, compared to $22.2 million, or $0.18 per share last year. Adjusted EPS was $0.25 compared to $0.33 last year. On a proforma basis to reflect the adoption of a C-corp structure EPS was $0.25 versus $0.23 last year. We had projected revenue of $445 million and EPS of $0.07.

Noise, Again. There was significant noise in the quarter. For example, special items included a charge of $52.2 million in expenses associated with debt repayments and refinancing transactions, $2.9 million in asset impairments, $2.6 million in shareholder litigation expense, $0.8 million in expenses associated with COVID-19, and a $38.8 million gain on the sale of non-core real estate assets, net …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Flotek Industries (FTK) – Second Quarter Results – Initial Thoughts

Posted on August 10, 2021 by Admin

Tuesday, August 10, 2021

Flotek Industries (FTK)
Second Quarter Results – Initial Thoughts

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Revenues were disappointing. Flotek reported revenues of $9.2 million below 2021-1Q revenues of $11.8 million and our forecast of $12.6 million due to the loss of two significant customers. The loss offset a 26% sequential increase in energy chemical tech customers and 58% increase in service customers.

Management offset lower revenues with lower costs. Operating costs (excl. DDA) were $12.1 million down from 2021-1Q costs of $13.8 million and our estimate of $14.8 million. SG&A costs were $2.9 million versus $4.4 million in the previous quarter, which was also our estimate. By lowering costs, the company was able to report adjusted EBITDA of ($6.7) million roughly in line with previous quarters …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Pyxis Tankers Inc. (PXS) – Quarter Below Expectations and Still Waiting for Market Turn

Posted on August 10, 2021 by Admin

Tuesday, August 10, 2021

Pyxis Tankers Inc. (PXS)
Quarter Below Expectations and Still Waiting for Market Turn

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Adjusted EBITDA of $0.4 million was below expectations. Lower TCE revenue of $4.1 million and flat rates of $10.9k/day and higher opex of $6.2k/day drove the negative variance. Versus our estimate, TCE revenue of $4.14 million was $0.38 million lower, opex of $2.83 million was $0.26 million higher, but G&A expense of $0.58 million was slightly lower than expected by $0.07 million. TCE rates were $379 off our estimate and operating days were 20 days below.

Adjusting 2021 EBITDA estimate. To reflect weaker 2Q2021 operating results and time charters at lower TCE rates, our new 2021 EBITDA estimate drops to $3.2 million (down from $5.4 million). Forward cover remains low as of August 4th with only 47% of 3Q2021 available MR days booked at at an average TCE rate of ~$10.9k/day. Forward cover visibility into 4Q2021 is limited to the Theta …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Powerful Technologies Borrowed from Nature

Posted on August 10, 2021 by Admin



	Image Credit: Jessica Na (Flickr)

From CRISPR to Glowing Proteins to Optogenetics – Scientists’ Most Powerful Technologies Have Been Borrowed from Nature

Watson and Crick, Schrödinger and Einstein all made theoretical breakthroughs that have changed the world’s understanding of science.

Today big, game-changing ideas are less common. New and improved techniques are the driving force behind modern scientific research and discoveries. They allow scientists – including chemists like me – to do our experiments faster than before, and they shine light on areas of science hidden to our predecessors.

Three cutting-edge techniques – the gene-editing tool CRISPR, fluorescent proteins and optogenetics – were all inspired by nature. Biomolecular tools that have worked for bacteria, jellyfish and algae for millions of years are now being used in medicine and biological research. Directly or indirectly, they will change the lives of everyday people.

Bacterial Defense Systems
as Genetic Editors

Bacteria and viruses battle themselves and one another. They are at constant biochemical war, competing for scarce resources.

One of the weapons that bacteria have in their arsenal is the CRISPR-Cas system. It is a genetic library consisting of short repeats of DNA gathered over time from hostile viruses, paired with a protein called Cas that can cut viral DNA as if with scissors. In the natural world, when bacteria are attacked by viruses whose DNA has been stored in the CRISPR archive, the CRISPR-Cas system hunts down, cuts and destroys the viral DNA.

Scientists have repurposed these weapons for their own use, with groundbreaking effect. Jennifer Doudna, a biochemist based at the University of California, Berkeley, and French microbiologist Emmanuelle Charpentier shared the 2020 Nobel Prize in chemistry for the development of CRISPR-Cas as a gene-editing technique.

The Human Genome Project has provided a nearly complete genetic sequence for humans and given scientists a template to sequence all other organisms. However, before CRISPR-Cas, we researchers didn’t have the tools to easily access and edit the genes in living organisms. Today, thanks to CRISPR-Cas, lab work that used to take months and years and cost hundreds of thousands of dollars can be done in less than a week for just a few hundred dollars.

There are more than 10,000 genetic disorders caused by mutations that occur on only one gene, the so-called single-gene disorders. They affect millions of people. Sickle cell anemia, cystic fibrosis and Huntington’s disease are among the most well-known of these disorders. These are all obvious targets for CRISPR therapy because it is much simpler to fix or replace just one defective gene rather than needing to correct errors on multiple genes.

For example, in preclinical studies, researchers injected an encapsuled CRISPR system into patients born with a rare genetic disease, transthyretin amyloidosis, that causes fatal nerve and heart conditions. Preliminary results from the study demonstrated that CRISPR-Cas can be injected directly into patients in such a way that it can find and edit the faulty genes associated with a disease. In the six patients included in this landmark work, the encapsuled CRISPR-Cas minimissiles reached their target genes and did their job, causing a significant drop in a misfolded protein associated with the disease.

Jellyfish Light up the Microscopic
World

The crystal jellyfish, Aequorea Victoria, which drifts aimlessly in the northern Pacific, has no brain, no anus and no poisonous stingers. It is an unlikely candidate to ignite a revolution in biotechnology. Yet on the periphery of its umbrella, it has about 300 photo-organs that give off pinpricks of green light that have changed the way science is conducted.

This bioluminescent light in the jellyfish stems from a luminescent protein called aequorin and a fluorescent molecule called green fluorescent protein, or GFP. In modern biotechnology GFP acts as a molecular lightbulb that can be fused to other proteins, allowing researchers to track them and to see when and where proteins are being made in the cells of living organisms. Fluorescent protein technology is used in thousands of labs every day and has resulted in the awarding of two Nobel Prizes, one in 2008 and the other in 2014. And fluorescent proteins have now been found in many more species.

This technology proved its utility once again when researchers created genetically modified COVID-19 viruses that express GFP. The resulting fluorescence makes it possible to follow the path of the viruses as they enter the respiratory system and bind to surface cells with hairlike structures.

Algae Let us Play the Brain
Neuron by Neuron

When algae, which depend on sunlight for growth, are placed in a large aquarium in a darkened room, they swim around aimlessly. But if a lamp is turned on, the algae will swim toward the light. The single-celled flagellates – so named for the whiplike appendages they use to move around – don’t have eyes. Instead, they have a structure called an eyespot that distinguishes between light and darkness. The eyespot is studded with light-sensitive proteins called channelrhodopsins.

In the early 2000s, researchers discovered that when they genetically inserted these channelrhodopsins into the nerve cells of any organism, illuminating the channelrhodopsins with blue light caused neurons to fire. This technique, known as optogenetics, involves inserting the algae gene that makes channelrhodopsin into neurons. When a pinpoint beam of blue light is shined on these neurons, the channelrhodopsins open up, calcium ions flood through the neurons and the neurons fire.

Using this tool, scientists can stimulate groups of neurons selectively and repeatedly, thereby gaining a more precise understanding of which neurons to target to treat specific disorders and diseases. Optogenetics might hold the key to treating debilitating and deadly brain diseases, such as Alzheimer’s and Parkinson’s.

But optogenetics isn’t only useful for understanding the brain. Researchers have used optogenetic techniques to partially reverse blindness and have found promising results in clinical trials using optogenetics on patients with retinitis pigmentosa, a group of genetic disorders that break down retinal cells. And in mouse studies, the technique has been used to manipulate heartbeat and regulate bowel movements of constipated mice.

What Else Lies Within Nature’s
Toolbox?

What undiscovered techniques does nature still hold for us?

According to a 2018 study, people represent just 0.01% of all living things by mass but have caused the loss of 83% of all wild mammals and half of all plants in our brief time on Earth. By annihilating nature, humankind might be losing out on new, powerful and life-altering techniques without having even imagined them.

This article was republished with permission from The
Conversation, a news site dedicated to sharing ideas from academic
experts. It represents the research-based findings and
opinions of Marc
Zimmer Professor of Chemistry, Connecticut College.

Suggested Reading:

Cells That Can Be Produced from Stem Cells

Advancing Research Into Alzheimer’s and Stem Cells

Preventing the Immune System from rejecting Gene Therapy

Stem Cell-Derived Retinal Pigment Epithelium Cells – Vision for the Future

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Release – Comtech Telecommunications Corp. Awarded $1.0 Million Contract for High-Power Amplifiers

Posted on August 10, 2021 by Admin

Comtech Telecommunications Corp. Awarded $1.0 Million Contract for High-Power Amplifiers

MELVILLE, N.Y.–(BUSINESS WIRE)–Aug. 10, 2021–
August 10, 2021—
Comtech Telecommunications Corp. (NASDAQ: CMTL), a global leading provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today, that during its fourth quarter of fiscal 2021, it was awarded a
$1.0 million contract for high-power amplifiers from a major domestic prime contractor.

These amplifiers, which utilize the latest in solid-state GaN transistor technology, are key transmit elements in a data communication system. They add to an installed base of
Comtech solid-state high-power RF amplifiers previously delivered to this major domestic prime contractor.

“This contract demonstrates our continued leadership position in providing high-power communications technology and the ongoing demand for our solid-state high-power amplifiers utilized by major OEMs in both domestic and international markets,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of
Comtech Telecommunications Corp.

The contract was awarded to
Comtech PST Corp. (www.comtechpst.com) which is a leading independent supplier of high-power, high performance RF microwave amplifiers and control components for use in a broad spectrum of applications including defense, medical, satellite communications systems and instrumentation.

Comtech Telecommunications Corp. is a leading provider of next-generation 911 emergency systems and critical wireless communication technologies to commercial and government customers around the world. Headquartered in
Melville, New York and with a passion for customer success,
Comtech designs, produces and markets advanced and secure wireless solutions to customers in more than 100 countries. For more information, please visit www.comtechtel.com.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such
Securities and Exchange Commission filings.

Comtech Investor Relations:
631-962-7005
investors@comtech.com

Source:
Comtech Telecommunications Corp.

Release – Study of Non-Invasive Vagus Nerve Stimulation Shows Improvement in PTSD Symptoms and Decreased Inflammatory Response to Stress

Posted on August 10, 2021 by Admin

Study of Non-Invasive Vagus Nerve Stimulation (nVNS) Shows Improvement in PTSD Symptoms and Decreased Inflammatory Response to Stress

ROCKAWAY, NJ,
Aug. 10, 2021 (GLOBE NEWSWIRE) —
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced the publication of a peer reviewed manuscript, “Transcutaneous Cervical Vagal Nerve Stimulation (tcVNS/nVNS) in Patients with Posttraumatic Stress Disorder (PTSD): A Pilot Study of Effects on PTSD Symptoms and Interleukin-6 Response to Stress” in the Journal of Affective Disorders Reports. The manuscript reports the results of a randomized, double-blind, sham-controlled study conducted at
Georgia Institute of Technology and
Emory University that resulted from work funded in part by the
Defense Advanced Research Projects Agency (DARPA) Biological Technologies Office (BTO) Targeted Neuroplasticity Training (TNT) program through the
Naval Information Warfare Center.

PTSD is a psychiatric disorder that may occur in people who have experienced or witnessed a traumatic event such as a natural disaster, serious accident, terrorist act, war, combat, or who have been threatened with death, sexual violence or serious injury. Eight million American adults experience PTSD annually, and with limited FDA approved therapies, there is a large unmet medical need. The disorder is more prominent in women, with about 10% of women and 4% of men developing PTSD at some point in their lives.

The study enrolled twenty patients suffering from PTSD. Study participants were exposed to personalized traumatic scripts followed by an immediate stimulation by an active or sham non-invasive vagus nerve stimulator (nVNS). The results show that three-months of treatment with nVNS lead to a 31% reduction (p<0.013) in PTSD symptoms compared to sham on the PTSD Checklist (PCL), as well as a significant decrease in hyperarousal symptoms (p=0.008) and a decrease in overall and somatic (gastric) anxiety. At the conclusion of the study, patients who continued to use nVNS for a further 3 month open-label period showed a significant improvement in their overall symptoms reported by the Clinical Global Index (p=0.003). Furthermore, nVNS effectively blocked the increase in the levels of the inflammatory cytokine IL-6 that is overexpressed in patients with PTSD who are exposed to a traumatic script (p<0.05).

Dr. Douglas Bremner, Professor of Psychiatry and Radiology at
Emory University School of Medicine and the primary investigator for the study commented, “PTSD is a devastating condition that can strike at almost any time after physical or mental trauma. Current treatments do not address the breadth of what a person with PTSD experiences. Dr. Omer Inan, the Linda J. and Mark C. Smith Chair in Bioscience and Bioengineering, Associate Professor of Electrical and Computer Engineering at
Georgia Institute of Technology, and co-investigator on the study added, “the results from this study, while still preliminary, suggest a role for nVNS as a practical and safe novel treatment for PTSD.”

“We congratulate and thank Dr. Bremner, Dr. Inan, and their clinical and research teams at
Georgia Tech,
Emory University and the
University of Utah, as well as the patients and families that participated in this study,” commented Eric Liebler, Senior Vice President of Neurology at electroCore. “PTSD strikes both our veterans who serve at home and across the globe, as well friends and family members who can suffer from the repercussions of a trauma at any time. We are pleased to be able to support the team’s on-going efforts to further define the possible use of nVNS in people with PTSD.”

The full publication is available at: https://www.sciencedirect.com/science/article/pii/S2666915321001165?via%3Dihub

About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine and the acute treatment of migraine and episodic cluster headache.
For more information, visit www.electrocore.com.

About gammaCore^TM
gammaCore^TM (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.

gammaCore (nVNS) is FDA cleared in
the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients. gammaCore is CE-marked in the
European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.

gammaCore is contraindicated for patients if they:

Have an active implantable medical device, such as a pacemaker, hearing aid implant, or any implanted electronic device
Have a metallic device, such as a stent, bone plate, or bone screw, implanted at or near the neck
Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone)

Safety and efficacy of gammaCore have not been evaluated in the following patients:

Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
Pediatric patients (less than 12 years)
Pregnant women
Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia

Please refer to the gammaCore Instructions for Use for all of the important warnings and precautions before using or prescribing this product.

Forward-Looking Statements

This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; the availability and impact of payer coverage, the potential of nVNS generally and gammaCore in particular to treat PTSD symptoms and related disorders and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the
SEC available at www.sec.gov.

Investors:
Rich CockrellCG Capital
404-736-3838
ecor@cg.capital

or

Media Contact:
Jackie Dorsky
electroCore
908-313-6331
Jackie.dorsky@electrocore.com

Release – Comstock Announces Second Quarter 2021 Results and Business Update

Posted on August 10, 2021 by Admin

Comstock Announces Second Quarter 2021 Results and Business Update

Nears Completion of Transformational Green Shift to Tactical Decarbonization

VIRGINIA CITY, Nev., Aug. 10, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”), an emerging innovator and leader in the sustainable extraction, valorization, and production of high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products, today announced its unaudited financial results for the periods ended June 30, 2021:

Selected Strategic Highlights

Net income of $1.9 million for the six months ended June 30, 2021, or $0.05 per basic and diluted share, inclusive of $2.6 million in net gains related to the change in fair value of certain assets.
Net increase in shareholders’ equity of $38.5 million for the six months ended June 30, 2021, resulting from restructuring, financing, and investment activities, including total debt elimination and $34.2 million increase in total assets from $43.1 million as of December 31, 2020, to $77.3 million as of June 30, 2021.
Solid liquidity, with cash, cash equivalents and restricted cash of $5.3 million, over $20.0 million available under committed investment facilities as of June 30, 2021, and non-dilutive sales efforts underway for non-strategic assets with an expected aggregate cash value of over $25.0 million.
Transformational plans are nearing completion, after successfully liquidating non-core assets, eliminating debt, acquiring new technologies, strengthening management, and launching new strategic lines of business.
Recently announced lithium-ion battery, industrial hemp, and mercury remediation lines of business are expected to put the Company on track for consolidated annualized revenues exceeding $100,000,000, $300,000,000, and $900,000,000 in 2023, 2024, and 2025, respectively, during the first three full years of operations, not counting the impact of additional pending acquisitions.

“Our transformational efforts have quickened and have been especially impactful during the first half of this year,” said Corrado DeGasperis, Comstock’s Executive Chairman and Chief Executive Officer. “As a result, we have no debt, significant assets and book equity, material non-dilutive sources of cash, a portfolio of cutting-edge clean technologies, and an expanded management team that is laser focused on building an ecosystem of strategic businesses with the capacity for exponential growth and extraordinary financial, natural, and social impacts.”

Focus on Value Creation from Throughput, Revenue, Cash, and Decarbonization

“We are systemically strengthening our organization in ways that sustainably contribute to humanity’s rapidly-escalating demand for increasingly scarce natural resources, including the strategic resources needed to fuel the worldwide surge in, and transition to, clean energy and carbon-neutrality,” added DeGasperis. “To that end, we are targeting a few more commercially viable clean technology transactions that position us for extraordinary growth.”

“Throughput, revenue, cash and decarbonization are the lowest common denominators in each of our existing businesses,” continued DeGasperis. “Our team is focused on that math and the tactical activities that will be necessary to enable rapid and exponential financial, natural and social gains in markets that affect millions, but we are also keenly aware of the costs. We’ve structured each of our acquisitions to minimize dilution, by seeding each line of business with protected uses of our cash and equity, while positioning each line of business with its own cash, equity, and balance sheets, at the project and facility level. We believe that doing so will be an extremely cost-effective way to accelerate and dramatically exceed our pledge to sustainably deliver more than $500 million in shareholder value by 2023. Frankly, we believe our existing platform is already worth multiples of that target based on comparable valuations currently exceeding billions for similar lines of business. Our plans for exceeding those values come down to speed, scale, and leverage, with carbon as the common thread.”

Breakthrough Lithium-Ion Battery Recycling Technologies Enable Extraordinary Increase in Throughput

Comstock previously announced the filing of a Written Determination of Hazardous Waste Recycling (“Application”) by LINICO Corporation (“LiNiCo”), and its state-of-the-art lithium-ion battery (“LIB”) recycling facility (“LIB Recycling Facility”) that has now been designed for increased capacity and yields at a fraction of the capital of the known alternatives. Construction of the first phase of LiNiCo’s new processes will commence at the LIB Recycling Facility upon approval of the Application, with anticipated completion and start-up during the first half of 2022.

About 500,000 tons of expired LIBs containing over $900 million in strategic metals are being landfilled annually. A recent industry report estimated annual growth to more than $26 billion over the next two decades. Once complete, LiNiCo’s first LIB Recycling Facility is expected to scale up to its initial nameplate capacity, exceeding 100,000 tons per year of LIBs over three years, with revenues exceeding $500,000,000, in its third full year.

Renewable Process Solutions, An Engineering Powerhouse

LiNiCo’s capacity breakthroughs are the direct result of our recently acquired engineering, procurement, and construction (“EPC”) company, Renewable Process Solutions, Inc. (“RPS”), and its founder, Mr. Rahul Bobbili.

“Almost instantaneously, RPS and its network of engineering and advanced manufacturing experts integrated themselves into the LiNiCo team, enhancing designs, ensuring quality, reducing capital requirements and shortening lead times,” stated Mr. DeGasperis. “When the RPS engineers began developing breakthrough lithium extraction processes for us in real time, with their existing know-how, we also recognized other compelling synergies.”

RPS and Mr. Bobbili have designed and built 21 advanced renewable fuels production facilities since 2006, and RPS currently provides EPC services for the metals, mining, and renewable fuels industries. RPS also provides advanced equipment manufacturing services through its affiliated manufacturing facilities in the United States and India, at consistently superior qualities and rates. RPS brings Comstock an extraordinary competitive advantage.

Industry Leading, Industrial Scale Hemp Systems

Comstock’s investment in recycling lithium, nickel, and cobalt for cathodes led the Company to identify sources of carbon for use in the production of the graphite needed for LIB anodes, including the possibility of extracting and valorizing carbon from various alternative sources of biomass, such as forestry wastes and industrial hemp.

Industrial hemp is an extraordinary natural resource with tens of thousands of known applications, including food, feed, fuel, and fiber, and an array of emerging applications in batteries, bioplastics, and other renewable alternatives to fossil fuel derived products. Hemp’s ability to produce over 400 natural phytochemicals, such as cannabidiol (“CBD”) and cannabigerol (“CBG”), has also garnered growing attention for the compelling potential of these phytochemicals in health and wellness applications. The corresponding green rush is propelling global demand and sales of industrial hemp products to grow to $6.9 billion worldwide by 2025, according to Hemp Industry Daily.

Comstock and MANA Corporation (“MANA”), acquired a 50% stake in a pre-existing large-scale solvent extraction facility (“Biosciences Facility”) from Lakeview Energy LLC, an experienced agriproducts management company (“Lakeview”), and formed a joint venture with Lakeview to build, operate, and grow the Biosciences Facility.

“We’re proud to have assembled a world class team of industry veterans to rapidly retrofit and commence large scale solvent extraction operations and set a new standard in the industrial hemp industry for quality, compliance, consistency, flexibility and speed at a remarkable scale,” stated Mr. DeGasperis. “Once retrofits are complete in mid-2022, our facility will generate significant free cash flow by servicing a rapidly growing customer base with wholesale hemp products through a suite of custom-tailored hemp extraction, remediation, and refining solutions.”

The Biosciences Facility is expected to scale up to its initial nameplate capacity exceeding 200,000 pounds per day over its first three years, as it extracts, remediates, and refines oil from industrial hemp to generate annualized revenues of over $400,000,000 in its third full year of operations based solely on the small oil fraction of hemp. The remaining biomass is mostly cellulose, with many known co-products that the Company is evaluating for decarbonization synergies, including electrification applications that Company believes have been hiding in plain sight.

Plain Sight Innovations

Comstock has been working closely this year with its research and development partner, Plain Sight Innovations LLC (“PSI”), on several new technologies, including existing and extremely exciting processes for the efficient extraction and valorization of carbon from ubiquitous low-cost sources of feedstock.

“We’re building an ecosystem of strategic extraction and valorization facilities with complimentary feedstocks and products,” continued DeGasperis. “The consumption of any product is powered by its feedstock and, as vast as some feedstock supplies may seem, they are all finite. The world is watching that story unfold in electrification products, with a current focus on the scarcity of lithium and other cathode constituents, and a shared goal of reducing global carbon emissions. However, every cathode in every LIB needs an anode, and the vast majority of anodes are comprised of synthetic graphite, the global supplies of which are nearly all met with carbon intensive fossil fuel derivatives. We see that to be counterproductive, and its exactly the sort of inevitable need that we intend to address with our innovations. We believe that we are positioned ahead of that curve with our carbon and graphite technology developments, and my own extensive experience in building and running carbon and graphite production facilities.”

Comstock believes that the global transition to clean energy, escalating population growth, and accelerating natural resource scarcities are converging into a “perfect storm” of global demand in a broad array of strategic materials, including carbon, metals, and energy – without the corresponding capacity to sustainably meet even a fraction of the demand. The Company is planning and building the capacity to make a material contribution to meeting that demand.

Accelerating Innovation

“Shifting human consumption practices from wasteful and carbon intensive to more profitable, yet sustainable, and carbon neutral or negative requires innovation at unprecedented scales and rates,” added DeGasperis. “Exponential growth requires exponential capacity. We’re designing and deploying our systems for that capacity with our systemic management approach and extensive existing technology portfolio, but we’re still going to need more breakthroughs, speed, and capacity. We strongly believe that breakthrough speed has arrived in the form of quantum computing.”

Classical computing relies on binary states in order to complete logical operations that are either on or off. True or false. One or zero. In contrast, quantum computing is based on physical systems that can be in multiple states simultaneously, with each state having a probability of occurring after measurement. For quantum, that state can simultaneously be black, white, and every shade of grey in between. The distinction is powerful, and it gives quantum computers the potential to process exponentially more operations far more efficiently than classical computers.

The Company invested in Quantum Generative Materials LLC (“GenMat”) to support its development of a proprietary quantum operating system that harnesses emerging quantum computing technologies to accelerate the innovation of breakthrough new materials for use in high-impact applications, including batteries, mining, and decarbonization.

“Quantum computing has the profound potential to resolve urgent challenges of our time, such as global resource scarcity and climate change,” said Mr. DeGasperis. “We’re proud to collaborate with GenMat’s rapidly growing world class team and strategic network of quantum computing professionals and material scientists as they develop exceptional technologies, including specific technologies for direct use in each of our lines of business.”

Comstock and GenMat are focused on applications that accelerate the development of new materials and processes that address resource scarcity by facilitating climate smart mining, electrification, and decarbonization. Consequently, in addition to its investment, Comstock also secured exclusive rights to use GenMat’s quantum technologies in each of those fields of use to complement and enhance its existing operations and planned new business developments.

Triple Bottom Line

DeGasperis concluded: “We are now building a self-sustaining system that develops, builds, scales, and operates systemically-managed, rapidly-scalable, throughput-generating businesses that serve very large, fast-growing markets that enable exponential revenue growth while making globally-meaningful contributions to atmospheric carbon reduction and positive social outcomes. Our plan to do so from here begins with rounding out and deploying our core systems, starting with the completion of some complementary acquisitions and other transactions during the second half of 2021, the completion of construction and the commencement of operations in our lithium-ion battery recycling and industrial hemp extraction facilities in 2022, and the rapid satisfaction of our performance objectives that exceeds our $500,000,000 market value goal well before 2023.”

Conference Call
The Company will host a conference call today, August 10, 2021 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Second Quarter results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 10 to 15 minutes prior to the scheduled start time. The link to register in advance for this live Webcast is as follows:

Register in Advance for Our Zoom Webinar
When: August 10, 2021 08:00 AM Pacific Time (US and Canada)
Topic: Comstock Mining Second Quarter 2021 Results and Business Update

Please click the link below to register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_AEfv_xN7RoiYEYpzl55gUw

The recording of the Webcast will be available, within 48 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future operating margins; available resources; environmental conservation outcomes; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; future employment and contributions of personnel, including consultants; future land sales, investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors or others; assertion of claims, lawsuits and proceedings; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; inability to maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company.

Contact Information
Comstock Mining Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstockmining.com	Corrado De Gasperis Executive Chairman & CEO Tel (775) 847-4755 degasperis@comstockmining.com	Zach Spencer Director of External Relations Tel (775) 847-5272 Ext.151 questions@comstockmining.com

Release – Flotek Announces Second Quarter 2021 Results

Posted on August 10, 2021 by Admin

Flotek Announces Second Quarter 2021 Results

HOUSTON, Aug. 9, 2021 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced second quarter results for the three months ended June 30, 2021.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer stated, “Two of our most significant customers changed ownership on accelerated timelines in the second quarter, and both buyers suspended our forecasted business immediately following their closings. Excluding these events, customer growth and diversification was strong, with a 26% sequential increase of new customers in our energy chemistry technologies business. Additionally, our Data Analytics segment improved slightly, experiencing the third sequential improvement in sales and representing our highest performing quarter since our acquisition of JP3 last year.”

“We remain focused on engaging with the industry to demonstrate the strategic benefits of our green chemistry solutions to support their ESG and operational goals. We are encouraged by the increased interest we are seeing in our value proposition; and to further accelerate these efforts, we have structurally realigned to reallocate resources to expand our sales team. This will support our strategy to diversify our customer base and expand our channels-to-market across the energy life cycle. Additionally, we are pleased that we have secured our first international sale for JP3 with a supermajor energy company in Southeast Asia, measuring hydrocarbons in their offshore operations – an exciting new frontier for our technologies.”

“We also continued to improve our liquidity, supported by recent actions. We have completed a lease agreement for our Waller facility with Resolute Oil, converting it into a more marketable, income-generating property. Further, we are pleased we have attained full forgiveness of our JP3 PPP loan. Additionally, we are exploring a number of credit-enhancing options, including an asset-based line of credit.”

Second Quarter Financial Results

Consolidated Revenues: Flotek generated second quarter 2021 consolidated revenue of $9.2 million, up 3.4% from $8.9 million in the second quarter 2020, and was down 22.0% versus $11.8 million in the first quarter 2021. The sequential decline in sales was driven by the loss of revenue associated with two major energy customers through M&A activity. The year-over-year increase in revenue was driven by the acquisition of JP3 in May 2020.
Consolidated Operating Expenses: Consolidated operating expenses (excluding depreciation and amortization) were $12.1 million in the second quarter 2021, a 12.3% decline from $13.8 million in the first quarter 2021 driven by a continued reduction in costs of sales, as well as lowering operating expenses. Year over year, consolidated operating expenses (excluding depreciation and amortization) rose 4.1% and were flat as a percentage of revenue.
Corporate General & Administrative Expenses (CG&A): Corporate general and administrative expenses for the second quarter of 2021 were $2.9 million, compared to $5.4 million for the second quarter of 2020 and $4.4 million for the first quarter of 2021. The declines were primarily driven by lower personnel costs and the Employee Retention Credit (“ERC”) recorded in the second quarter.
Adjusted EBITDA: Adjusted EBITDA for the second quarter 2021 was a loss of $6.7 million, slightly higher than the $6.5 million loss in the first quarter of 2021 and flat with the loss of $6.7 million last year.
Net Loss: The Company reported a net loss for the second quarter 2021 of $6.5 million, or a loss of $0.09 per basic/diluted share, an improvement over the net loss in the second quarter 2020 of $9.6 million, or a loss of $0.14 per basic/diluted share. Net loss for the second quarter 2021 improved compared to the net loss for the first quarter of 2021 of $8.3 million, or a loss of $0.12 per basic/diluted share.

Balance Sheet and Liquidity
As of June 30, 2021, the Company had cash and equivalents of $27.8 million which were impacted by operating losses and partially offset by the ERC taken in the quarter. Flotek also had a combined $4.8 million of loans outstanding pursuant to the Paycheck Protection Program (“PPP”) related to the “Cares Act.” In the second quarter 2021, JP3 was given full forgiveness of its $881,000 loan, and recently, Flotek filed for forgiveness of its PPP loan. The Company has also completed a term sheet for an asset-based line of credit.

Chemistry Technologies Segment: Energy Chemistries and Professional Chemistries
In the second quarter 2021, sales in the Chemistry Technologies segment declined 3.4% year-over-year to $7.7 million. The decrease was primarily a result of the loss of sales from two energy customers impacted by M&A activity in the second quarter. Professional Chemistries improved sequentially driven by sales of degreasers and disinfectants.

Highlights from the quarter include:

Entered into a multi-year lease agreement with Resolute Oil, a leader in high-quality white mineral oil. The agreement will generate other income while offsetting costs for Flotek and will allow Resolute to utilize the Company’s chemical blending facility in Waller, Texas to manufacture and globally distribute USP-NF-grade white mineral oil. Additionally, the collaboration between Flotek and Resolute will enable the companies to leverage their expertise in adjacent market verticals for mutual benefit. The agreement includes options to renew until 2036.
In support of the Company’s efforts to accelerate its ESG (Environmental, Social & Governance) solutions for domestic and international E&P operators and service companies across the energy life cycle, Flotek realigned and reallocated resources to build out its sales and marketing talent. The reallocation will result in a net, annualized cost savings of more than $1 million in salaries and benefits, while doubling the headcount in the sales force.
Following a successful field trial for a customer in the Permian Basin, the customer expanded its green, reservoir-centric chemistry technologies to new unconventional basins and technology applications.
Secured multiple remediation treatment applications of its Complex nano-fluid^® technologies, the Company’s bio-based, high-performance chemistry built upon non-toxic, plant-based solvents. The technology is enabling Flotek’s customers to cost effectively remove the use of BTEX (benzene, toluene, ethylbenzene and xylene) and other harmful solvents thus reducing the environmental risk of their remediation and production programs.
Following its strategic focus to rebuild its indirect sales channel relationships, the Company grew its customer base and domestic revenue associated with service companies by 58% and 68%, respectively, over Q1 2021.
Partnered with a major customer to begin an ESG scorecard assessment of their chemistry usage, identifying new opportunities to support their ESG goals.
Increased sales in the Professional Chemistries business, driven by strength in janitorial disinfectants and cleaning products, as well as establishing new contractual relationships with leading large-scale distributors and redistributors.

Data Analytics Segment
In the second quarter 2021, Data Analytics’ (“JP3”) sales were flat with first quarter 2021. Second quarter 2021 revenue was driven by the addition of new customers and new purchases by existing customers. Flotek acquired JP3 in May 2020, and as a result full quarter year-over-year results are not available for comparison. Highlights include:

In the second quarter 2021, JP3 completed the specifications and manufacturing of the international Verax analyzer prototype.
JP3 is currently undergoing the extensive process to secure the approvals from multiple international certifying bodies to ready the equipment for deployment.
JP3 received its first international purchase order supporting a supermajor energy company in Southeast Asia. This order also represents JP3’s first offshore deployment, expanding both its application use cases and geographical footprint.
International pilot programs that began in the first quarter remain on-track.

Conference Call Details
Flotek will host a conference call on Tuesday, August 10, 2021, at 8:30 am CDT (9:30 a.m. EDT) to discuss its second quarter results for the three months ended June 30, 2021. Participants may access the call through Flotek’s website at www.flotekind.com under “Webcasts” or by telephone at 844-835-9986.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

Flotek Industries, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share data)

	June 30, 2021	December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$ 27,781	$ 38,660
Restricted cash	40	664
Accounts receivable, net of allowance for doubtful accounts of $1,329
and $1,316 at June 30, 2021 and December 31, 2020, respectively	9,713	11,764
Inventories, net	11,499	11,837
Income taxes receivable	71	403
Other current assets	3,255	3,127
Assets held for sale	546	—
Total current assets	52,905	66,455
Property and equipment, net	8,017	9,087
Operating lease right-of-use assets	2,162	2,320
Goodwill	8,092	8,092
Deferred tax assets, net	213	223
Other long-term assets	29	33
TOTAL ASSETS	$ 71,418	$ 86,210
LIABILITIES AND STOCKHOLDERS’ & EQUITY
Current liabilities:
Accounts payable	$ 6,587	$ 5,787
Accrued liabilities	17,221	18,275
Income taxes payable	39	21
Interest payable	58	34
Current portion of operating lease liabilities	589	636
Current portion of finance lease liabilities	55	60
Current portion of long-term debt	4,788	4,048
Total current liabilities	29,337	28,861
Deferred revenue, long-term	104	117
Long-term operating lease liabilities	8,011	8,348
Long-term finance lease liabilities	72	96
Long-term debt	0	1,617
TOTAL LIABILITIES	37,524	39,039
Stockholders’ Equity:
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued
and outstanding	—	—
Common stock, $0.0001 par value, 140,000,000 shares authorized; 79,606,743
shares issued and 70,152,591 shares outstanding at June 30, 2021;
78,669,414 shares issued and 73,088,494 shares outstanding at December 31, 2020	8	8
Additional paid-in capital	361,424	359,721
Accumulated other comprehensive income (loss)	13	(19)
Accumulated deficit	(293,534)	(278,688)
Treasury stock, at cost; 5,627,646 and 5,580,920 shares at June 30, 2021
and December 31, 2020, respectively	(34,017)	(33,851)
Total stockholders’ equity	33,894	47,171
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 71,418	$ 86,210

Flotek Industries, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended			Six Months Ended
	6/30/2021	6/30/2020	3/31/2021	6/30/2021	6/30/2020

Revenue	$ 9,165	$ 8,880	$ 11,770	$ 20,935	$ 28,296
Costs and expenses:
Operating expenses (excluding depreciation and amortization)	12,110	11,632	13,801	25,911	34,473
Corporate general and administrative	2,868	5,395	4,361	7,229	9,888
Depreciation and amortization	253	468	307	560	2,659
Research and development	1,466	1,638	1,542	3,008	4,193
Loss (gain) on disposal of long-lived assets	(71)	(22)	2	(69)	(55)
Impairment of fixed, long-lived and intangible assets	–	–	–	–	57,454
Total costs and expenses	16,626	19,111	20,013	36,639	108,612
Loss from operations	(7,461)	(10,231)	(8,243)	(15,704)	(80,316)
Other (expense) income:
Payment Protection Program forgiveness	881	–	–	881	–
Gain on lease termination	–	576	–	–	576
Interest expense	(17)	(16)	(18)	(35)	(20)
Other (expense) income, net	72	78	(32)	39	31
Total other (expense) income, net	936	638	(51)	885	587
Loss before income taxes	(6,525)	(9,593)	(8,294)	(14,819)	(79,729)
Income tax (expense) benefit	(21)	32	(6)	(27)	6,201
Net loss	(6,546)	(9,561)	(8,300)	(14,846)	(73,528)

Loss per common share:
Basic	$ (0.09)	$ (0.14)	$ (0.12)	$ (0.22)	$ (1.17)
Diluted	$ (0.09)	$ (0.14)	$ (0.12)	$ (0.22)	$ (1.17)

Weighted average common shares:
Weighted average common shares used in computing basic and diluted loss per common share	69,531	66,035	68,447	69,001	62,828

Flotek Industries, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

	Six months ended June 30,
	2021	2020
Cash flows from operating activities:
Net loss	$ (14,846)	$ (73,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of contingent consideration	(302)	–
Depreciation and amortization	560	2,659
Provision for doubtful accounts	(1)	474
Provision for excess and obsolete inventory	580	529
Impairment of right-of-use assets	–	7,434
Impairment of fixed assets	–	30,178
Impairment of intangible assets	–	19,842
Gain on sale of assets	(69)	(631)
Non-cash lease expense	163	242
Stock compensation expense	1,750	1,521
Deferred income tax provision (benefit)	10	(105)
PPP loan forgiveness	(881)	–
Changes in current assets and liabilities:
Accounts receivable, net	1,995	7,252
Inventories, net	(222)	6,418
Income taxes receivable	207	(6,351)
Other current assets	(672)	1,715
Other long-term assets	541	–
Accounts payable	801	(10,229)
Accrued liabilities	(1,048)	(16,755)
Income taxes payable	168	119
Interest payable	24	–
Net cash used in operating activities	(11,242)	(29,216)
Cash flows from investing activities:
Capital expenditures	(31)	(42)
Proceeds from sale of business	–	9,844
Proceeds from sale of assets	74	66
Purchase of JP3, net of cash acquired	–	(26,284)
Abandonment of patents and other intangible assets	–	(8)
Net cash provided by (used in) by investing activities	43	(16,424)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program loan	–	4,798
Purchase of treasury stock	(78)	(82)
Proceeds from sale of common stock	(166)	358
Payments for finance leases	(29)	(51)
Net cash (used in) provided by financing activities	(273)	5,023
Effect of changes in exchange rates on cash and cash equivalents	(31)	(31)
Net change in cash, cash equivalents and restricted cash	(11,503)	(40,648)
Cash and cash equivalents at beginning of period	38,660	100,575
Restricted cash at beginning of period	664	663
Cash and cash equivalents and restricted cash at beginning of period	39,324	101,238
Cash and cash equivalents at end of period	27,781	59,926
Restricted cash at the end of period	40	664
Cash, cash equivalents and restricted cash at end of period	$ 27,821	$ 60,590

Flotek Industries, Inc.
Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings
(in thousands)

GAAP Loss from Operations and Reconciliation to Adjusted EBITDA (Non-GAAP)

		Three Months Ended			Six Months Ended
		6/30/2021	6/30/2020	3/31/2021	6/30/2021	6/30/2020


Loss from Operations (GAAP)		$ (6,546)	$ (9,561)	$ (8,300)	$ (14,846)	$ (73,528)

	Interest Expense	17	16	18	35	20

	Interest Income	(3)	12	(5)	(8)	(257)

	Income Tax Benefit (Expense)	21	(32)	6	27	(6,201)

	Depreciation and Amortization	253	468	307	560	2,659

	Impairment of Fixed and Long Lived Assets	–	–	–	–	57,454

EBITDA (Non-GAAP)		$ (6,258)	$ (9,097)	$ (7,974)	$ (14,232)	$ (19,853)

	Stock Compensation Expense	969	1,059	738	1,707	1,521

	Severance and Retirement	946	1,227	33	979	2,765

	Inventory Write-Down	–	–	–	–	2,293

	M&A Transaction Costs	100	498	(157)	(57)	498

	Inventory Step-Up	32	155	48	80	155

	(Gain) loss on Disposal of Assets	(71)	(22)	2	(69)	(55)

	Gain on Lease Termination	–	(576)	–	–	(576)

	PPP Loan Forgiveness	(881)	–	–	(881)	–

	Employee Retention Credit	(1,923)	–	–	(1,923)	–

	Non-recurring Professional Fees	447	–	147	594	–

	Discontinued Legal Fees	(59)	73	518	459	322

	Winter Storm (Natural Disaster)	–	–	199	199	–

Adjusted EBITDA (Non-GAAP)		$ (6,698)	$ (6,683)	$ (6,446)	$ (13,144)	$ (12,930)

(1) Management believes that adjusted EBITDA for the three and six months ended June 30, 2021 and June 30, 2020, and the three months ended March 31, 2021, is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the expenses noted above to be outside of the Company’s normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish operational goals.

SOURCE Flotek Industries, Inc.

Release – CoreCivic Reports Second Quarter 2021 Financial Results

Posted on August 10, 2021 by Admin

CoreCivic Reports Second Quarter 2021 Financial Results

BRENTWOOD, Tenn., Aug. 09, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the second quarter of 2021.

Financial Highlights – Second Quarter 2021

Total revenue of $464.6 million
- CoreCivic Safety revenue of $419.9 million
- CoreCivic Community revenue of $24.9 million
- CoreCivic Properties revenue of $19.7 million
Diluted earnings per share of $0.13
Adjusted diluted EPS of $0.25
Normalized FFO per diluted share of $0.46
Adjusted EBITDA of $101.7 million
Sale of five non-core real estate assets for gross proceeds of $328.7 million
Issuance of $450.0 million of Unsecured Senior Notes

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “We had a strong quarter as our business remains resilient and our cash flows are stable. Adjusted EBITDA generated in the second quarter of 2021 slightly exceeded Adjusted EBITDA for the same period in the prior year despite the continuing impact of COVID-19. During the quarter we continued to make meaningful progress on our capital allocation strategy to extend debt maturities, reduce overall debt leverage and improve our credit profile through the sale of our non-core real estate assets and our issuance of unsecured bonds in April. We are confident in the stability of our cash flows and believe our capital allocation strategy best positions the company to generate long-term value.”

Second Quarter 2021 Financial Results Compared With Second Quarter 2020

Net income attributable to common stockholders in the second quarter of 2021 totaled $15.6 million, or $0.13 per diluted share, compared with net income attributable to common stockholders generated in the second quarter of 2020 of $22.2 million, or $0.18 per diluted share. Adjusted for special items, net income in the second quarter of 2021 was $31.1 million, or $0.25 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the second quarter of 2020 of $39.6 million, or $0.33 per diluted share. Special items in the second quarter of 2021 included a charge of $52.2 million in expenses associated with debt repayments and refinancing transactions, $2.9 million in asset impairments, $2.6 million in shareholder litigation expense, $0.8 million in expenses associated with COVID-19, and a $38.8 million gain on the sale of non-core real estate assets, net of $4.2 million of income tax benefits for such items. Special items in the second quarter of 2020 included $11.7 million in asset impairments, $8.2 million in expenses associated with COVID-19 (including hero bonuses of $6.3 million to facility staff), $0.3 million of expenses associated with the evaluation of our change in corporate tax structure, and a $2.8 million gain on the sale of non-core real estate assets.

EBITDA was $82.1 million in the second quarter of 2021, compared with $83.7 million in the second quarter of 2020. Adjusted EBITDA, which excludes the special items described above, was $101.7 million in the second quarter of 2021, compared with $101.1 million in the second quarter of 2020. Adjusted EBITDA increased from the prior year quarter despite a $3.2 million reduction in facility EBITDA attributable to the operations in the second quarter of 2020 of the 42 properties sold in the fourth quarter of 2020 and the five additional non-core real estate assets sold in the second quarter of 2021.

Funds From Operations (FFO) was $11.4 million, or $0.09 per diluted share, in the second quarter of 2021, compared to $57.4 million, or $0.47 per diluted share, in the second quarter of 2020. Normalized FFO, which excludes the special items described above, was $56.0 million, or $0.46 per diluted share, in the second quarter of 2021, compared with $67.8 million, or $0.56 per diluted share, in the second quarter of 2020. FFO and Normalized FFO were also impacted by our new corporate tax structure.

Adjusted financial results in the second quarter of 2021, compared with the second quarter of 2020, declined primarily because 2021 financial results reflect an income tax provision under our new corporate tax structure effective January 1, 2021, compared with the prior year when we were entitled to a deduction for dividends paid as a real estate investment trust (REIT), which significantly reduced our income tax expense.

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and related note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.

Business Development Updates

New Contract Award with Mahoning County at the Northeast Ohio Correctional Center. On May 28, 2021, we entered into a new three-year contract with Mahoning County, Ohio to utilize up to 990 beds at our 2,016-bed Northeast Ohio Correctional Center. Mahoning County is responsible for County inmates and federal detainees, and the County is using the Northeast Ohio facility to address its population needs. The management contract with Mahoning County replaces a contract we had with U.S. Marshals Service (USMS) for up to 992 beds at the Northeast Ohio facility. In addition to providing much needed capacity for Mahoning County, the Company also cares for approximately 800 inmates under a management contract with the state of Ohio at the Northeast Ohio Correctional Center.

Contract Expansion with the State of Montana at the Crossroads Correctional Center. On July 27, 2021, we entered into an amendment to our contract with the state of Montana to utilize all of the capacity at the 664-bed Crossroads Correctional Center, including approximately 96 beds recently vacated by the USMS due to a contract expiration, and to extend the existing contract to June 30, 2023, with additional renewal options by mutual agreement through August 31, 2029.

Contract Renewal with the State of Hawaii at the Saguaro Correctional Facility. On July 1, 2021, we received a Notice of Award from the State of Hawaii for the rebid of our contract at the 1,896-bed Saguaro Correctional Facility in Eloy, Arizona. We expect to enter into a new three-year contract with Hawaii, and currently care for approximately 1,100 inmates from Hawaii, along with approximately 375 inmates from the state of Idaho, at this facility.

Contract Renewal with ICE at the Elizabeth Detention Center. ICE has notified the Company of its intent to exercise its renewal option to extend our contract at the 300-bed Elizabeth Detention Center through August 31, 2023.

Sale of Five Non-Core Properties for $328.7 Million. On June 29, 2021, the Company announced it had completed the sale of 100% of the membership interests of SSA Baltimore Holdings, LLC, a wholly-owned unrestricted subsidiary of ours and the owner of the approximately 541,000 square-foot Social Security Administration office building in Baltimore, Maryland (SSA-Baltimore). Earlier in the second quarter of 2021, we completed the sale of two additional properties, our approximately 277,000 square-foot office property in Tallahassee, Florida (Capital Commerce Center) and our approximately 217,000 square-foot warehouse property in Dayton, Ohio (NARA-Dayton) in a single transaction. These three properties were sold for an aggregate gross sales price of $326.0 million. The Company had purchased all three properties in 2018 in separate transactions for an aggregate gross purchase price of $293.6 million. Concurrent with the sale of these three properties, the Company used $194.4 million of the aggregate sales proceeds to fully repay two non-recourse mortgage notes associated with SSA-Baltimore and Capital Commerce Center, including prepayment premiums of an aggregate of $32.5 million. The total outstanding balances of the non-recourse mortgage notes, both of which had interest rates of 4.5%, were $161.9 million in the aggregate on the dates sold. The sale of these three non-core government-leased properties generated net proceeds of nearly $122.5 million after repayment of the non-recourse mortgage notes and other transaction-related costs.

During the second quarter of 2021, we also sold two idled non-core real estate properties located in St. Louis, Missouri and Philadelphia, Pennsylvania, in separate transactions for gross proceeds of $2.7 million, generating net proceeds of $2.5 million after transaction-related costs.

Recent Developments

Balance Sheet and Debt Reduction Update

On April 14, 2021, we completed the offering of $450.0 million aggregate principal amount of 8.25% senior unsecured notes, due April 2026. We used net proceeds from the offering of the new notes of approximately $435.1 million, after deducting the original issuance and underwriting discounts, and estimated offering expenses, to redeem all $250.0 million principal amount of our outstanding 5.0% senior unsecured notes due 2022. We used additional net proceeds from the offering to repay $149.0 million of the $350.0 million principal amount of our outstanding 4.625% senior unsecured notes due 2023 (the 2023 notes) at an aggregate purchase price of $151.2 million in privately negotiated transactions, reducing the outstanding balance of the 2023 notes to $201.0 million.

On June 21, 2021, we purchased an additional $27.0 million of the 2023 notes at par in a privately negotiated transaction, further reducing the outstanding balance of the 2023 notes to $174.0 million. Following these transactions, the 2023 notes are the Company’s nearest-term unsecured note maturity.

As of June 30, 2021, we had $162.9 million in cash and only $112.0 million drawn on our $800 million revolving credit facility, which matures in April 2023. We have made substantial progress in reducing debt toward our targeted total leverage ratio, or net debt to Adjusted EBITDA, of 2.25x to 2.75x. Using the trailing twelve months ended June 30, 2021, our total leverage ratio was 3.3x, compared with 3.9x using the trailing twelve months ended June 30, 2020. Including repayments of the mortgage notes associated with the sale of non-core assets, we have reduced our net debt balance by almost $550.0 million during the last twelve months.

Termination of Leases by the State of Alabama

In February 2021, we entered into two 30-year lease agreements with the Alabama Department of Corrections (ADOC) for the development of two correctional facilities in Alabama, which was subject to the successful completion of financing we were pursuing on behalf of the state of Alabama. Subsequent to quarter-end, we received notice from the ADOC of its decision to terminate the leases effective August 6, 2021. We continue to engage in discussions with the ADOC regarding our potential involvement in their pursuit of construction and financing of the facilities. As a result of the lease terminations, during the third quarter of 2021, we expect to report asset impairment charges of $4.0 million to $6.0 million for pre-development activities, subject to certain vendor negotiations.

Update on Contracts with the United States Marshals Service.

Pursuant to President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities (the Private Prison EO), the USMS has indicated that it has been advised by the Office of the Deputy Attorney General not to renew existing contracts, or enter into new contracts for private detention facilities. We currently have two remaining contracts with the USMS that expire in 2021.

The USMS has full access to our 600-bed West Tennessee Detention Facility and our 1,033-bed Leavenworth Detention Center under direct contracts with the USMS that expire in September 2021 and December 2021, respectively. We do not yet know if the USMS will relocate the detainees at our West Tennessee and Leavenworth facilities. We continue to work with the USMS to enable it to fulfill its mission, including at the West Tennessee and Leavenworth facilities. However, we can provide no assurance that we will be able to provide a solution that is acceptable to all parties that would be involved in such a solution.

Financial Guidance

At this time we are not providing 2021 financial guidance because of uncertainties associated with COVID-19, including a resurgence caused by the Delta variant, as well as uncertainties associated with the application of the administration’s various executive actions and policies related to immigration and criminal justice. We do not expect to provide financial guidance until we have further clarity around these uncertainties. Our business is very durable, and continues to generate cash flow even during these unprecedented disruptions to the economy and criminal justice system. This resiliency is due to the essential nature of our facilities and services in our Safety and Community segments, further enhanced by the stability of our Properties segment, all supported by payments from highly rated federal, state, and local government agencies.

Supplemental Financial Information and Investor Presentations

We have made available on our website supplemental financial information and other data for the second quarter of 2021. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation, and disclaim any duties to update any of the information disclosed in this report.

Management may meet with investors from time to time during the third quarter of 2021. Written materials used in the investor presentations will also be available on our website beginning on or about August 30, 2021. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.

Conference Call, Webcast and Replay Information

We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Tuesday, August 10, 2021, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. The live broadcast can also be accessed by dialing 800-353-6461 in the U.S. and Canada, including the confirmation passcode 7244786. An online replay of the call will be archived on our website promptly following the conference call. In addition, there will be a telephonic replay available beginning at 1:00 p.m. central time (2:00 p.m. eastern time) on August 10, 2021, through 1:00 p.m. central time (2:00 p.m. eastern time) on August 18, 2021. To access the telephonic replay, dial 888-203-1112 in the U.S. and Canada. International callers may dial +1 719-457-0820 and enter passcode 7244786.

About CoreCivic

CoreCivic is a diversified government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy (including the United States Department of Justice, or DOJ, not renewing contracts as a result of the Private Prison EO) (two agencies of the DOJ, the United States Federal Bureau of Prisons and the USMS utilize our services), legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, and the impact of any changes to immigration reform and sentencing laws (our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels, competition, contract renegotiations or terminations, increases in costs of operations, fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19; (vii) government and staff responses to staff or residents testing positive for COVID-19 within public and private correctional, detention and reentry facilities, including the facilities we operate; (viii) restrictions associated with COVID-19 that disrupt the criminal justice system, along with government policies on prosecutions and newly ordered legal restrictions that affect the number of people placed in correctional, detention, and reentry facilities; (ix) whether revoking our REIT election, effective January 1, 2021, and our revised capital allocation strategy can be implemented in a cost effective manner that provides the expected benefits, including facilitating our planned debt reduction initiative and planned return of capital to shareholders; (x) our ability to successfully identify and consummate future development and acquisition opportunities and our ability to successfully integrate the operations of our completed acquisitions and realize projected returns resulting therefrom; (xi) our ability to have met and maintained qualification for taxation as a REIT for the years we elected REIT status; and (xii) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

ASSETS	June 30, 2021			December 31, 2020

Cash and cash equivalents	$	162,891		$	113,219
Restricted cash		8,864			23,549
Accounts receivable, net of credit loss reserve of $6,777 and $6,103, respectively		282,227			267,705
Prepaid expenses and other current assets		37,267			33,243
Assets held for sale		–			279,406
Total current assets		491,249			717,122
Real estate and related assets:
Property and equipment, net of accumulated depreciation of $1,602,276 and $1,559,388, respectively		2,318,161			2,350,272
Other real estate assets		223,293			228,243
Goodwill		4,844			5,902
Non-current deferred tax assets		–			11,113
Other assets		386,649			396,663

Total assets	$	3,424,196		$	3,709,315

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses	$	284,604		$	274,318
Current portion of long-term debt		31,999			39,087
Total current liabilities		316,603			313,405

Long-term debt, net		1,480,293			1,747,664
Deferred revenue		27,336			18,336
Non-current deferred tax liabilities		86,323			–
Other liabilities		203,411			216,468

Total liabilities		2,113,966			2,295,873

Commitments and contingencies

Preferred stock ? $0.01 par value; 50,000 shares authorized; none issued and outstanding at June 30, 2021, and December 31, 2020, respectively		–			–
Common stock ? $0.01 par value; 300,000 shares authorized; 120,285 and 119,638 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		1,203			1,196
Additional paid-in capital		1,842,395			1,835,494
Accumulated deficit		(556,639	)		(446,519	)
Total stockholders’ equity		1,286,959			1,390,171
Non-controlling interest – operating partnership		23,271			23,271
Total equity		1,310,230			1,413,442

Total liabilities and equity	$	3,424,196		$	3,709,315

CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020

REVENUES:
Safety	$	419,880		$	424,117		$	829,649		$	861,882
Community		24,929			26,004			48,587			56,603
Properties		19,732			22,483			40,987			45,162
Other		30			37			66			95
		464,571			472,641			919,289			963,742

EXPENSES:
Operating
Safety		307,280			323,739			612,707			654,476
Community		20,024			22,201			41,124			46,650
Properties		5,668			6,906			11,942			13,860
Other		98			81			181			256
Total operating expenses		333,070			352,927			665,954			715,242
General and administrative		33,228			30,145			62,758			61,424
Depreciation and amortization		34,084			38,619			66,796			76,571
Shareholder litigation expense		2,550			–			54,295			–
Asset impairments		2,866			11,717			4,174			12,253
		405,798			433,408			853,977			865,490

OTHER INCOME (EXPENSE):
Interest expense, net		(23,222	)		(20,996	)		(41,650	)		(43,534	)
Expenses associated with debt repayments and refinancing transactions		(52,167	)		–			(52,167	)		–
Gain on sale of real estate assets, net		38,766			2,818			38,766			2,818
Other income (expense)		(8	)		169			(156	)		702

INCOME (LOSS) BEFORE INCOME TAXES		22,142			21,224			10,105			58,238

Income tax benefit (expense)		(6,519	)		962			(120,050	)		(2,814	)
NET INCOME (LOSS)		15,623			22,186			(109,945	)		55,424

Net income attributable to non-controlling interest		–			–			–			(1,181	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	15,623		$	22,186		$	(109,945	)	$	54,243


BASIC EARNINGS (LOSS) PER SHARE	$	0.13		$	0.19		$	(0.92	)	$	0.45

DILUTED EARNINGS (LOSS) PER SHARE	$	0.13		$	0.18		$	(0.92	)	$	0.45

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020

Net income (loss) attributable to common stockholders	$	15,623		$	22,186		$	(109,945	)	$	54,243
Non-controlling interest		–			–			–			1,181
Diluted net income (loss) attributable to common stockholders	$	15,623		$	22,186		$	(109,945	)	$	55,424

Special items:
Expenses associated with debt repayments and refinancing transactions		52,167			–			52,167			–
Expenses associated with mergers and acquisitions		–			–			–			338
Expenses associated with COVID-19		836			8,165			2,434			8,165
Expenses associated with changes in corporate tax structure		–			347			–			347
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Gain on sale of real estate assets, net		(38,766	)		(2,818	)		(38,766	)		(2,818	)
Shareholder litigation expense		2,550			–			54,295			–
Asset impairments		2,866			11,717			4,174			12,253
Income tax expense (benefit) for special items		(4,185	)		–			(18,245	)		–
Adjusted net income	$	31,091		$	39,597		$	60,363		$	76,794
Weighted average common shares outstanding – basic		120,283			119,630			120,098			119,483
Effect of dilutive securities:
Restricted stock-based awards		434			2			275			25
Non-controlling interest – operating partnership units		1,342			1,342			1,342			1,342
Weighted average shares and assumed conversions – diluted		122,059			120,974			121,715			120,850
Adjusted Earnings Per Diluted Share	$	0.25		$	0.33		$	0.50		$	0.63

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020

Net income (loss)	$	15,623		$	22,186		$	(109,945	)	$	55,424
Depreciation and amortization of real estate assets		24,926			28,244			48,685			56,350
Impairment of real estate assets		–			9,750			1,308			10,155
Gain on sale of real estate assets, net		(38,766	)		(2,818	)		(38,766	)		(2,818	)
Income tax expense (benefit) for special items		9,641			–			9,291			–
Funds From Operations	$	11,424		$	57,362		$	(89,427	)	$	119,111

Expenses associated with debt repayments and refinancing transactions		52,167			–			52,167			–
Expenses associated with mergers and acquisitions		–			–			–			338
Expenses associated with COVID-19		836			8,165			2,434			8,165
Expenses associated with changes in corporate tax structure		–			347			–			347
Income taxes associated with change in corporate tax structure and other special tax items		–			–			114,249			3,085
Shareholder litigation expense		2,550			–			54,295			–
Goodwill and other impairments		2,866			1,967			2,866			2,098
Income tax benefit for special items		(13,826	)		–			(27,536	)		–
Normalized Funds From Operations	$	56,017		$	67,841		$	109,048		$	133,144

Funds From Operations Per Diluted Share	$	0.09		$	0.47		$	(0.73	)	$	0.99
Normalized Funds From Operations Per Diluted Share	$	0.46		$	0.56		$	0.90		$	1.10

CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

CALCULATION OF EBITDA AND ADJUSTED EBITDA

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020

Net income (loss)	$	15,623		$	22,186		$	(109,945	)	$	55,424
Interest expense		25,843			23,873			46,768			48,428
Depreciation and amortization		34,084			38,619			66,796			76,571
Income tax expense (benefit)		6,519			(962	)		120,050			2,814
EBITDA	$	82,069		$	83,716		$	123,669		$	183,237
Expenses associated with debt repayments and refinancing transactions		52,167			–			52,167			–
Expenses associated with mergers and acquisitions		–			–			–			338
Expenses associated with COVID-19		836			8,165			2,434			8,165
Expenses associated with changes in corporate tax structure		–			347			–			347
Gain on sale of real estate assets, net		(38,766	)		(2,818	)		(38,766	)		(2,818	)
Shareholder litigation expense		2,550			–			54,295			–
Asset impairments		2,866			11,717			4,174			12,253
Adjusted EBITDA	$	101,722		$	101,127		$	197,973		$	201,522

NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company’s results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management. FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT).

NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. EBITDA, Adjusted EBITDA, and Normalized FFO are useful as supplemental measures of performance of the Company’s properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company’s tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company’s properties, management believes that assessing performance of the Company’s properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, M&A activity, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented. Even though expenses associated with mergers and acquisitions may be recurring, the magnitude and timing fluctuate based on the timing and scope of M&A activity, and therefore, such expenses, which are not a necessary component of the ongoing operations of the Company, may not be comparable from period to period.

Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company’s consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204

Release – 1-800-FLOWERS.COM Inc. to Release Results for its Fiscal 2021 Fourth Quarter and Full Year on Thursday August 26 2021

Posted on August 9, 2021 by Admin

1-800-FLOWERS.COM, Inc. to Release Results for its Fiscal 2021 Fourth Quarter and Full Year on Thursday, August 26, 2021

CARLE PLACE, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS),a leading provider of gifts designed to help customers express, connect and celebrate, today announced that the Company will release financial results for its fiscal 2021 fourth quarter and full year (ended 6/27/21) on Thursday, August 26, 2021. The press release will be issued prior to market opening and will be followed by a conference call with members of senior management at 8:00 a.m. (ET).

The conference call will be available via live webcast from the Investor Relations section of the Company’s website at www.1800flowersinc.com. A recording of the call will be posted on the website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (ET) on August 26 through September 2, 2021, at: (US) 1-877-344-7529; (
Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #:10159487. If you have any questions regarding the above information, please call Patty Altadonna at (516) 237-6113 or the Investor Relations office at (516) 237-6131.

Special Note Regarding Forward-Looking Statements:

Some of the statements contained in the Company’s scheduled Thursday, August 26, 2021 press release and conference call regarding its fiscal 2021 first quarter (ended 9/27/20) results, other than statements of historical fact, may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. For a more detailed description of these and other risk factors, please refer to the Company’s SEC filings including its Annual Reports and Forms 10K and 10Q available at the Investor Relations section of the Company’s website at www.1800flowersinc.com. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in the scheduled conference call and any recordings thereof, or in any of its SEC filings, except as may be otherwise stated by the Company.

About 1-800-FLOWERS.COM, Inc.

1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help customers express, connect and celebrate. The Company’s ecommerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Stock Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco?, a resource for floral gifts and seasonal décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-FLOWERS.COM, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.

FLWS-CP

Investor Contact:

Joseph D. Pititto
(516) 237-6131
E-mail: invest@1800flowers.com

Media Contact:

Kathleen Waugh
(516) 237-6028
kwaugh@1800flowers.com

Source: 1-800-FLOWERS.COM, Inc.

Release – Information Services Group Announces Second-Quarter 2021 Results

Posted on August 9, 2021 by Admin

Information Services Group Announces Second-Quarter 2021 Results

Reports strong second-quarter GAAP revenues of $71 million, up 23% from prior year, exceeding guidance
Reports second-quarter net income of $4 million, GAAP EPS of $0.08 and adjusted EPS of $0.12
Reports second-quarter adjusted EBITDA of $10 million, up 32 percent versus prior year, exceeding guidance
Achieves quarter-end cash balance of $44 million, up 39 percent from prior year
Announces $25 million expansion of share repurchase program
Declares third-quarter dividend of $0.03 per share, payable September 24
Sets third-quarter 2021 guidance: revenues between $66 million and $68 million and adjusted EBITDA of between $8 million and $9 million

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced financial results for the second quarter ended June 30, 2021.

“ISG delivered an excellent second quarter, increasing our business momentum,” said Michael P. Connors, chairman and CEO. “Our double-digit revenue and adjusted EBITDA growth in Q2 reflects a more robust demand environment, highlighted by our 28 percent growth in the Americas, as the pandemic recedes and clients double-down on their digital investments. Our results also reflect the impact of our solution-centric and agile ISG NEXT operating model, which continues to deliver greater account expansion opportunities, higher consulting utilization and improved profitability.”

Connors said ISG sees market momentum continuing in the second half, reflecting both pent-up demand and a structural shift to more cloud adoption and digital transformation. “Our in-depth research and analysis, world-class advisory capabilities and SaaS-based platforms offer our clients the insights, expertise and tools they need to digitally transform their businesses for operational excellence and faster growth. Operating at the center of an increasingly technology-driven economy, ISG is well-positioned for continued success,” said Connors.

Connors noted that the firm’s recurring revenues grew by 18 percent in the second quarter, fueled, in particular, by the ISG Research business.

Second-Quarter 2021 Results

Reported revenues for the second quarter were $70.6 million, up 23 percent versus last year (up 17 percent in constant currency). Currency translation positively impacted reported revenues by $3.0 million versus the prior year. Reported revenues were $40.3 million in the Americas, up 28 percent versus the prior year; $23.7 million in Europe, up 13 percent versus the prior year on a reported basis and up 4 percent in constant currency, and $6.5 million in Asia Pacific, up 36 percent versus the prior year on a reported basis and up 18 percent in constant currency.

ISG reported second-quarter operating income of $5.8 million, compared with operating income of $3.5 million in the second quarter of 2020. The firm also reported second-quarter net income and earnings per share of $4.1 million and $0.08, respectively, compared with a net income of $0.6 million and earnings per share of $0.01 in the prior year’s second quarter.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the second quarter was $6.3 million, or $0.12 per share on a fully diluted basis, compared with adjusted net income of $2.9 million, or $0.06 per share on a fully diluted basis, in the prior year’s second quarter.

Second-quarter adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $9.7 million, up 32 percent from the second quarter last year. Adjusted EBITDA margin was 14 percent, up 100 basis points from the prior year.

Other Financial and Operating Highlights

ISG generated $8.9 million of cash from operations in the second quarter, compared with $22.4 million in the prior year. The firm’s cash balance totaled $43.8 million at June 30, 2021, up 39 percent from $31.6 million in the prior year. ISG paid down $1.1 million of debt during the quarter, paid dividends of $1.5 million and repurchased $8.3 million of shares. As of June 30, 2021, ISG had $76.6 million in debt outstanding, compared with $80.9 million at the end of the second quarter last year. The firm’s gross debt-to-adjusted-EBITDA ratio of 2.1 is at a multiyear low.

2021 Third-Quarter Revenue and Adjusted EBITDA Guidance

“Balancing the seasonal summer holidays and lingering Covid effects, particularly in Europe, with increasing demand momentum, we are targeting double-digit growth for the third quarter of 2021, with revenues between $66 million and $68 million and adjusted EBITDA between $8 million and $9 million,” said Connors. “We will continue to monitor the macro-economic environment, including the impact of the coronavirus, and adjust our business outlook as markets dictate.”

Share Repurchase Authorization

The Board of Directors approved a new share repurchase authorization of $25.0 million, increasing to $28.2 million the aggregate available under the firm’s share repurchase program. The new share repurchase program will take effect upon completion of the current program, which had approximately $3.2 million remaining as of June 30, 2021.

“ISG remains committed to a disciplined capital allocation strategy that consists of reinvesting in our business, reducing debt, returning capital to shareholders via dividends and share repurchases, and supplementing our organic growth with strategic acquisitions to drive long-term shareholder value. During Q2, we returned $9.8 million to shareholders via share buyback and dividends, and reduced our debt by $1.1 million,” said Connors.

Third-Quarter Dividend

The ISG Board of Directors declared a third-quarter dividend of $0.03 per share, payable on September 24, 2021, to shareholders of record on September 7, 2021.

Conference Call

ISG has scheduled a call for 9 a.m., U.S. Eastern Time, Monday, August 9, 2021, to discuss the company’s second-quarter results. The call can be accessed by dialing 1-800-437-2398; or, for international callers, by dialing 001-323-289-6576. The access code is 1506173. A recording of the conference call will be accessible on ISG’s website (www.isg-one.com) for approximately four weeks following the call.

Forward-Looking Statements

This communication contains “forward-looking statements” which represent the current expectations and beliefs of management of ISG concerning future events and their potential effects. Statements contained herein including words such as “anticipate,” “believe,” “contemplate,” “plan,” “estimate,” “target,” “expect,” “intend,” “will,” “continue,” “should,” “may,” and other similar expressions, are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those risks relate to inherent business, economic and competitive uncertainties and contingencies relating to the businesses of ISG and its subsidiaries including without limitation: (1) failure to secure new engagements or loss of important clients; (2) ability to hire and retain enough qualified employees to support operations; (3) ability to maintain or increase billing and utilization rates; (4) management of growth; (5) success of expansion internationally; (6) competition; (7) ability to move the product mix into higher margin businesses; (8) general political and social conditions such as war, political unrest and terrorism; (9) healthcare and benefit cost management; (10) ability to protect ISG and its subsidiaries’ intellectual property or data and the intellectual property or data of others; (11) currency fluctuations and exchange rate adjustments; (12) ability to successfully consummate or integrate strategic acquisitions; (13) outbreaks of diseases, including coronavirus, or similar public health threats or fear of such an event; and (14) engagements may be terminated, delayed or reduced in scope by clients. Certain of these and other applicable risks, cautionary statements and factors that could cause actual results to differ from ISG’s forward-looking statements are included in ISG’s filings with the U.S. Securities and Exchange Commission. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Non-GAAP Financial Measures

ISG reports all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). In this release, ISG has presented both GAAP financial results as well as non-GAAP information for the three months and six months ended June 30, 2021 and June 30, 2020. ISG believes that evaluating its ongoing operating results will be enhanced if it discloses certain non-GAAP information. These non-GAAP financial measures exclude non-cash and certain other special charges that many investors believe may obscure the user’s overall understanding of ISG’s current financial performance and the Company’s prospects for the future. ISG believes that these non-GAAP measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate the Company’s performance.

ISG provides adjusted EBITDA (defined as net income plus interest, taxes, depreciation and amortization, foreign currency transaction gains/losses, non-cash stock compensation, change in contingent consideration, acquisition-related costs, severance, integration and other expense and financing-related costs), adjusted net income (defined as net income plus amortization of intangible assets, non-cash stock compensation, foreign currency transaction gains/losses, change in contingent consideration, acquisition-related costs, severance, integration and other expense, financing-related costs, and write-off of deferred financing costs, on a tax-adjusted basis), adjusted net income per diluted share and selected financial data on a constant currency basis which are non-GAAP measures that the Company believes provide useful information to both management and investors by excluding certain expenses and financial implications of foreign currency translations, which management believes are not indicative of ISG’s core operations. These non-GAAP measures are used by ISG to evaluate the Company’s business strategies and management’s performance.

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP financial measure, excludes the impact of year-over-year fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current and prior-periods local currency financial results using the same point in time exchange rates and then compare the adjusted current and prior period results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP, nor should such amounts be considered in isolation.

Management believes this information facilitates comparison of underlying results over time. Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the forward-looking non-GAAP estimates contained herein to the corresponding GAAP measures is not being provided, due to the unreasonable efforts required to prepare it.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Information Services Group, Inc.
Condensed Consolidated Statement of Income and Comprehensive Income (Loss)
(unaudited)
(in thousands, except per share amounts)



		Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020

Revenues		$ 70,597	$ 57,394	$ 137,168	$ 121,104
Operating expenses
Direct costs and expenses for advisors		43,007	33,759	84,163	74,776
Selling, general and administrative		20,492	18,593	39,532	40,474
Depreciation and amortization		1,255	1,529	2,615	3,060
	Operating income	5,843	3,513	10,858	2,794
Interest income		60	54	131	127
Interest expense		(613)	(819)	(1,256)	(2,203)
Foreign currency transaction gain (loss)		8	(82)	(3)	80

	Income before taxes	5,298	2,666	9,730	798
Income tax provision		1,192	2,054	2,200	1,545
	Net income (loss)	$ 4,106	$ 612	$ 7,530	$ (747)

Weighted average shares outstanding:
	Basic	48,307	47,601	48,406	47,458
	Diluted	51,315	48,962	51,814	47,458

Earnings (loss) per share:
	Basic	$ 0.08	$ 0.01	$ 0.16	$ (0.02)
	Diluted	$ 0.08	$ 0.01	$ 0.15	$ (0.02)

Information Services Group, Inc.
Reconciliation from GAAP to Non-GAAP
(unaudited)
(in thousands, except per share amounts)



			Three Months Ended June 30,		Six Months Ended June 30,
			2021	2020	2021	2020

Net income (loss)			$ 4,106	$ 612	$ 7,530	$ (747)
Plus:
	Interest expense (net of interest income)		553	765	1,125	2,076
	Income taxes		1,192	2,054	2,200	1,545
	Depreciation and amortization		1,255	1,529	2,615	3,060
	Change in contingent consideration		34	–	66	–
	Acquisition-related costs		13	201	(32)	250
	Severance, integration and other expense		1,165	196	1,300	367
	Financing-related costs		–	–	–	92
	Foreign currency transaction (gain) loss		(8)	82	3	(80)
	Non-cash stock compensation		1,428	1,966	3,576	4,385
Adjusted EBITDA			$ 9,738	$ 7,405	$ 18,383	$ 10,948

Net income (loss)			$ 4,106	$ 612	$ 7,530	$ (747)
Plus:
	Non-cash stock compensation		1,428	1,966	3,576	4,385
	Intangible amortization		644	860	1,358	1,705
	Change in contingent consideration		34	–	66	–
	Acquisition-related costs		13	201	(32)	250
	Severance, integration and other expense		1,165	196	1,300	367
	Financing-related costs		–	–	–	92
	Write-off of deferred financing costs		–	–	–	167
	Foreign currency transaction (gain) loss		(8)	82	3	(80)
	Tax effect ⁽¹⁾		(1,048)	(1,058)	(2,007)	(2,204)
Adjusted net income			$ 6,334	$ 2,859	$ 11,794	$ 3,935

Weighted average shares outstanding:
	Basic		48,307	47,601	48,406	47,458
	Diluted		51,315	48,962	51,814	47,458

Adjusted earnings per share:
	Basic		$ 0.13	$ 0.06	$ 0.24	$ 0.08
	Diluted		$ 0.12	$ 0.06	$ 0.23	$ 0.08

⁽¹⁾		Marginal tax rate of 32.0% applied.

Information Services Group, Inc.
Selected Financial Data
Constant Currency Comparison

			Three Months			Three Months
	Three Months	Constant	Ended	Three Months	Constant	Ended
	Ended	currency	June 30, 2021	Ended	currency	June 30, 2020
	June 30, 2021	impact	Adjusted	June 30, 2020	impact	Adjusted
Revenue	$ 70,597	$ (1,666)	$ 68,931	$ 57,394	$ 1,305	$ 58,699
Operating income (loss)	$ 5,843	$ (466)	$ 5,377	$ 3,513	$ 318	$ 3,831
Adjusted EBITDA	$ 9,738	$ (495)	$ 9,243	$ 7,405	$ 331	$ 7,736

			Six Months			Six Months
	Six Months	Constant	Ended	Six Months	Constant	Ended
	Ended	currency	June 30, 2021	Ended	currency	June 30, 2020
	June 30, 2021	impact	Adjusted	June 30, 2020	impact	Adjusted
Revenue	$ 137,168	$ (3,062)	$ 134,106	$ 121,104	$ 2,661	$ 123,765
Operating income	$ 10,858	$ (696)	$ 10,162	$ 2,794	$ 866	$ 3,660
Adjusted EBITDA	$ 18,383	$ (740)	$ 17,643	$ 10,948	$ 889	$ 11,837

Source: Information Services Group, Inc.

Release – QuoteMedia Q2 2021 Financial Results and Investors Conference Call August 12 2021

Posted on August 9, 2021 by Admin

QuoteMedia Q2 2021 Financial Results and Investors’ Conference Call August 12, 2021

PHOENIX, Aug. 09, 2021 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that its earnings for its quarter ended June 30, 2021 will be released the morning of August 12, 2021. That same day, the company will host a conference call at 2:00 PM Eastern time to discuss the financial results and provide a business update.

Conference Call Details:

Date: August 12, 2021

Time: 2:00 PM Eastern

Dial-in numbers: 877-876-9173

Conference ID: QUOTEMEDIA

An audio rebroadcast of the call will be available later at: www.quotemedia.com

About QuoteMedia

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, Ally Invest, Inc., Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Warrior Trading and others. Quotestream^®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com..

QuoteMedia Investor Relations
Brendan Hopkins
Email: investors@quotemedia.com
Call: (407) 645-5295

Release – Gevo to Sell Renewable Natural Gas to bp

Posted on August 9, 2021 by Admin

Gevo to Sell Renewable Natural Gas to bp

ENGLEWOOD, Colo., Aug. 09, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), is extremely pleased to announce today that its wholly-owned dairy manure-based renewable natural gas (“RNG”) project company located in northwest Iowa, Gevo NW Iowa RNG, LLC (“NW Iowa RNG”), has signed binding, definitive agreements with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “bp” ) for the sale of NW Iowa RNG’s production (the “bp Agreements”).

The NW Iowa RNG project is currently being constructed and is expected to commence production in early 2022. Upon project completion, NW Iowa RNG is estimated to produce approximately 355,000 MMBtu of RNG per year. The RNG is expected to be sold into the California market under dispensing agreements bp has in place with Clean Energy Fuels Corp., the largest fueling infrastructure in the U.S. for RNG.

RNG-fueled vehicles are estimated to result in up to 95 percent lower emissions than those fueled by gasoline or diesel on a lifecycle basis, according to a US Department of Energy study .

It is anticipated that NW Iowa RNG will benefit from environmental product revenues under California’s Low Carbon Fuel Standard program and the U.S. Environmental Protection Agency’s Renewable Identification Number program.

Beginning in late 2022 upon stabilized operations and pathway certifications of its environmental products, NW Iowa RNG is expected to generate cash distributions to Gevo of approximately $9 to $16 million per year. Starting in 2024, Gevo will have the right to use a portion of NW Iowa RNG’s production as process energy at its Net-Zero 1 Project or other production facilities, including future Net-Zero projects.

“RNG is proving to be a key fuel in the energy transition. bp has a value chain that allows RNG to reach the transportation market, and it’s a pleasure to work with a company that shares our vision of a low-carbon future,” said Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “This is an excellent opportunity to meet the growing demand for RNG and to expand our RNG business. We are glad to be working with bp.”

For more information and details about the terms of the bp Agreements, please see the Current Report on Form 8-K that Gevo has filed with the U.S. Securities and Exchange Commission on August 9, 2021.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the development and construction of the the NW Iowa RNG project, the bp Agreements, the ability of Gevo to realize production of RNG with NW Iowa RNG, Gevo’s ability to generate cash from NW Iowa RNG, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

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Pyxis Tankers Inc. (PXS)Quarter Below Expectations and Still Waiting for Market Turn

From CRISPR to Glowing Proteins to Optogenetics – Scientists’ Most Powerful Technologies Have Been Borrowed from Nature

Cells That Can Be Produced from Stem Cells

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Stem Cell-Derived Retinal Pigment Epithelium Cells – Vision for the Future

Comtech Telecommunications Corp. Awarded $1.0 Million Contract for High-Power Amplifiers

Study of Non-Invasive Vagus Nerve Stimulation (nVNS) Shows Improvement in PTSD Symptoms and Decreased Inflammatory Response to Stress

Comstock Announces Second Quarter 2021 Results and Business Update

Nears Completion of Transformational Green Shift to Tactical Decarbonization

Flotek Announces Second Quarter 2021 Results

CoreCivic Reports Second Quarter 2021 Financial Results

1-800-FLOWERS.COM, Inc. to Release Results for its Fiscal 2021 Fourth Quarter and Full Year on Thursday, August 26, 2021

Information Services Group Announces Second-Quarter 2021 Results

QuoteMedia Q2 2021 Financial Results and Investors’ Conference Call August 12, 2021

Gevo to Sell Renewable Natural Gas to bp

CoreCivic, Inc. (CXW)
Solid Second Quarter Results

Flotek Industries (FTK)
Second Quarter Results – Initial Thoughts

Pyxis Tankers Inc. (PXS)
Quarter Below Expectations and Still Waiting for Market Turn