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Release – Capstone Green Energy Signs a 10-Year Service Contract on 1.2 MWs of Microturbines Installed in the Fourth-Tallest Building in New York City

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Capstone Green Energy (NASDAQ:CGRN) Signs a 10-Year Service Contract on 1.2 MWs of Microturbines Installed in the Fourth-Tallest Building in New York City

 

VAN NUYS, CA / ACCESSWIRE / July 28, 2021 / Capstone Green Energy Corporation(www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com)(NASDAQ:CPST) (“Capstone” or the “Company”), announced today that RSP Systems (www.rsp-systems.com), Capstone’s exclusive distributor for the Energy Efficiency, Renewable Energy and Critical Power Supply market verticals in New York, Connecticut, and Ohio recently signed a new Capstone Factory Protection Plan (FPP) long-term service contract for 1.2 megawatts (MWs) of Capstone microturbines installed on the fourth-tallest building in New York City located in midtown Manhattan.

The skyscraper’s 1.2 MW energy efficiency plant consists of two Capstone C600S microturbines with Capstone’s Integrated Heat Recovery Modules (iHRMs). The Capstone C600S systems have split bus bars allowing each C600S to reduce the building’s electrical load at three individual points of entry (POE) for a total of six POEs. The thermal energy recovered by the iHRMs is fed to a 200-ton Broad Absorption Chiller, which operates year-round, providing cooling for the building, thereby reducing the load on the building’s main electrical chillers. During the swing months of the year, when the cooling loads are less, the system can switch over to provide the recovered thermal energy to the building’s heating load.

Capstone’s Signature Series microturbines, utilizing a green energy technology with integrated iHRMs, provide an industry-leading combined heat and power (CHP) solution that is lightweight, quiet, and compact – the perfect complement to this sustainable design and construction in the heart of New York City. Capstone microturbines enable customers to meet their environmental, energy savings, and resiliency goals by complying with the world’s most stringent emissions standards.

“Continuing to grow our Energy as a Service (EaaS) business is critical to continuing our transition to more predictable cash flows and higher margins. EaaS includes not only our long-term service contracts but also long-term rental contracts, installation services, maintenance service, spare parts, leasing, PPAs, and project financing, as well as our unique distributor subscription fee or DSS program,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “The common elements are steadier cash flows, visibility, and higher margin rates, which are a critical part of our profitability plan,” added Mr. Jamison.

In signing this service agreement, RSP Systems has raised their fleet covered by Capstone’s FPP to over 25 megawatts. The Capstone FPP will provide the end-use customer with fixed costs for scheduled and unscheduled parts for the next 10 years, allowing for protection from future cost increases associated with the replacement of spare parts, commodity pricing, and import tariffs.

“RSP Systems continues to grow their remarkable install base and FPP contract base in the New York area by providing world-class service, from sales to application to aftermarket support,” said Tracy Chidbachian, Capstone Director of Customer Service. “RSP Systems’ highly experienced and talented team assists end-use customers in recognizing the value of the FPP program, which provides predictable maintenance costs and eliminates uncertainties about unexpected expenditures,” concluded Ms. Chidbachian.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: [email protected]. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
[email protected]

SOURCE: Capstone Green Energy

Release – Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30 2021

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Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2021

 

Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2021

Highlights of the Second Quarter of 2021:

  • Gross revenues: $28.9 million in Q2 2021 compared to $9.3 million in Q2 2020, up 209%
  • Net income: $2.0 million in Q2 2021, as compared to a net loss of $11.3 million in Q2 2020
  • EBITDA1: $10.8 million in Q2 2021, as compared to negative $2.1 million in Q2 2020
  • Adjusted EBITDA1: $11.3 million in Q2 2021, as compared to negative $1.8 million in Q2 2020

Highlights of First Six Months of 2021:

  • Gross revenues: $50.0 million in 6M 2021 compared to $23.1 million in 6M 2020, up 116%
  • Net income: $0.6 million in 6M 2021, as compared to a net loss of $19.6 million in 6M 2020
  • EBITDA1: $17.3 million in 6M 2021 as compared to negative $1.1 million in 6M 2020
  • Adjusted EBITDA1: $19.2 6M 2021, as compared to negative $0.5 million in 6M 2020

Second Quarter of 2021 and Recent Developments:

  • Fleet increase by 45% with the delivery of 5 modern Japanese Capesizes
  • Fleet modernization through substitution of the fleet’s oldest Capesize with an eight year younger vessel
  • New time charter agreements with prominent charterers
  • Financing and refinancing transactions of $117.3 million including a $30.9 million sale and leaseback & new loan commitment

July 29, 2021 – Athens, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), announced today its financial results for the second quarter ended June 30, 2021.

For the quarter ended June 30, 2021, the Company generated gross revenues of $28.9 million, a 209% increase compared to the second quarter of 2020. Adjusted EBITDA for the quarter was $11.3 million, from negative $1.8 million in the same period of 2020. Net income for the second quarter was $2.0 million compared to net loss of $11.3 million in the second quarter of 2020. The daily Time Charter Equivalent (“TCE”)1 of the fleet for the second quarter of 2021 was $20,095, marking a 270% increase compared $5,424 for the second quarter of 2020.

For the six-month period ended June 30, 2021, gross revenues were $50.0 million, increased by 116% when compared to $23.1 million in same period of 2020. Adjusted EBITDA for the first six months of 2021 was $19.2 million, compared to a negative adjusted EBITDA of $0.5 million in the same period of 2020. The daily TCE of the fleet for the first six months of 2021 was $18,327 compared to $6,985 in the first six months of 2020. The average daily OPEX was $5,766 compared to $5,353 of the respective period of 2020.

Cash and cash-equivalents, restricted cash and term deposits as of June 30, 2021 stood at $56.4 million. Shareholders’ equity at the end of the second quarter was $199.4 million, vs. $95.7 million in December 31, 2020. Long-term debt (senior and junior loans and financial leases) stood at $203.8 million as of June 30, 2021, from $169.8 million as of the end of 2020. In the same period, following the addition of four of our new acquisitions, the book value of our fleet (including vessels held for sale and advances for vessel acquisitions) increased by 43.3% to $367.9 million from $256.7 million.

Third Quarter 2021 TCE Guidance:

As of the date hereof, approximately 94% of the Company fleet’s expected operating days in the third quarter of 2021 have been fixed at an estimated TCE of approximately $28,8802, or 63% higher than the TCE recorded in the first half of the year. Our TCE guidance for the third quarter of 2021 includes certain conversions (8 vessels) of index-linked charters to fixed for the 3-month period ending on September 30, 2021 which were concluded in the first and second quarter of 2021 as part of our freight hedging strategy. The following table provides the break-down:

  Operating Days TCE
TCE – fixed rate (index-linked conversion) 719.6 $28,049
TCE – fixed rate 136.6 $28,782
TCE – index linked & spot 591.9 $29,913
Total / Average 1,448.1 $28,880

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“The six-month period that ended on June 30, 2021, marks a significant turning point for Seanergy, with strong financial performance, being the first profitable first-half since the Company’s relaunching in 2015. Most importantly, we have successfully concluded many milestone transactions that saw Seanergy’s fleet growing by more than 60% while solidifying our financial standing.

Concerning our results for the second quarter of 2021, our daily TCE was approximately $20,000, marking an increase of 270% compared to the TCE of the second quarter of 2020. The TCE of the fleet for the first 6 months of 2021 was about $18,300 per day as compared to a daily TCE of approximately $7,000 in the first half of 2020. As discussed in our last earnings release, our TCE performance in the second quarter was affected by certain less favorable conversions of index-linked charters to fixed which were concluded in the fourth quarter of 2020 as part of our freight hedging strategy. However, our Q3 guidance is very strong at close to $29,000 per day. Adjusted EBITDA for the second quarter and first half of 2021 was $11.3 million and $19.2 million respectively, as compared to negative adjusted EBITDA by $1.85 million and $0.5 million in the respective periods of 2020. Net result for the quarter was a profit of $2.0 million, which was sufficient to reverse the slight losses of the first quarter of the year resulting in a profitable first half for our Company.  

Regarding our fleet growth and renewal strategy, since the beginning of the year, our investment in our fleet has totaled approximately $160 million, and we have agreed to acquire 6 high-quality Japanese Capesize bulkers of an average age of 10.5 years, with the most recent acquisition being that of the 2009 built M/V Friendship. This vessel will essentially replace the oldest vessel in our fleet, the 2001 built M/V Leadership, which we agreed to sell to third-party buyers. This asset swap is improving the age profile of our fleet and enhances its competitiveness and compliance with the upcoming environmental regulations.

To date we have taken delivery of five out of the six new acquisitions and the last vessel, the 2012 built Worldship is scheduled to be delivered to us in August, followed by the delivery of the M/V Leadership to her new owners in September. The total investment capex of about $160 million has been fully funded by our cash reserves, which remain strong following these acquisitions, and newly concluded debt financing arrangements.

On the debt financing front, in the first half of 2021, we have successfully concluded new financings and refinancings of $104.3 million whilst making $69.7 million prepayments and repayments on our legacy debt facilities. The resulting net increase in our debt by $34.6 million, against an increase in the book value of our fleet by $158.9 million, implies a 22% effective loan-to-value on our new acquisitions. Next to the significant deleveraging of the balance sheet, the retirement of expensive debt and its replacement with competitively priced financings reflects positively on our bottom line. Indicatively, the weighted average interest rate on the facilities that were fully prepaid was 8.4% as compared to 3.35% for the new $104.3 million financings. We also expect that the terms of our financings will improve further going forward.

Concerning the commercial deployment of our fleet, in 2021 to date, we have concluded seven new period employment agreements ranging from 12 months to 5 years. All time-charters have been concluded with world-leading charterers in the Capesize sector, including NYK, Cargill, Anglo American and Ssangyong. The underlying rates are mainly index-linked, in most cases with options to convert to fixed based on the prevailing freight futures curve, allowing us to capitalize on potential spikes in the day-rates. Taking advantage of the strong market conditions, we have concluded fixed rate T/Cs at rates exceeding $31,000 per day for periods ranging from 12 to 18 months for two vessels. We continue to position our fleet optimally for what we believe to be an unfolding commodities super-cycle, which will underscore the importance of dry bulk shipping and especially that of the Capesize sector in global seaborne trade.

With respect to the implementation of our ESG agenda and as part of our continuous efforts to improve the energy efficiency rating of our fleet, we have installed Energy Saving Devices (“ESDs”) on an additional vessel and we have agreed with Cargill to install ESDs on another vessel in the coming months. Moreover, we have partnered with DeepSea for the installation of Artificial Intelligence performance systems on our fleet with proven benefit on fuel consumption. Finally we are in progressed discussions with other charterers for similar ESD projects, as well as for biofuel blend trials, which we believe to be one of the most efficient ways to transition into a greener future for shipping.

Regarding current market conditions, we are very pleased to see a consistent positive trend in our sector with daily rates above $20,000/ day since the beginning of April. Looking ahead, we are entering the seasonally “strong” period for Brazilian iron ore exports as local miners are ramping up production, supported by favorable weather conditions and “clean” plant maintenance schedules. At the same time coal prices are at the highest level of the last decade resulting in steadily rising seaborne coal volumes – a positive trend that defies the seasonal patterns of the last years. On that basis, and considering the favorable vessel-supply fundamentals of our sector with the orderbook standing at the lowest level of the last 25 years, as amplified by the catalytic effect of the upcoming environmental regulations, we feel confident about the prospects of the Capesize market.

As mentioned earlier, our daily TCE for the third quarter, based on 94% of our available days, stands at approximately $29,000, which is 63% higher than our 1H TCE. As part of our forward rates hedging strategy, we have triggered the “floating to fixed” feature on 8 of our index-linked charterers at an average net daily rate of approximately $28,050. This in combination with the solid outlook for our sector will form the basis for what we expect to be a further improved financial performance in the next quarter.

On a closing note, we have worked tirelessly and determinedly over the last 18 months to execute consistently on our strategic initiatives and place Seanergy amongst the most prominent Capesize owners globally. We remain committed to delivering additional value for our shareholders.”

Company Fleet following vessels’ deliveries and the sale of the M/V Leadership:

Vessel Name Vessel Size Class Capacity (DWT) Year Built Yard Scrubber Fitted Employment Type Minimum T/C duration
Partnership Capesize 179,213 2012 Hyundai Yes T/C Index Linked (1) 3 years
Championship Capesize 179,238 2011 Sungdong Yes T/C Index Linked (2) 5 years
Lordship Capesize 178,838 2010 Hyundai Yes T/C Index Linked (3) 3 years
Premiership Capesize 170,024 2010 Sungdong Yes T/C Index Linked (4) 3 years
Squireship Capesize 170,018 2010 Sungdong Yes T/C Index Linked (5) 3 years
Knightship Capesize 178,978 2010 Hyundai Yes T/C Index Linked (6) 3 years
Gloriuship Capesize 171,314 2004 Hyundai No T/C Index Linked (7) 10 months
Fellowship Capesize 179,701 2010 Daewoo No T/C Index Linked (8) 1 year
Geniuship Capesize 170,058 2010 Sungdong No T/C Index Linked (9) 11 months
Hellasship Capesize 181,325 2012 Imabari No T/C Index Linked (10) 11 months
Flagship Capesize 176,387 2013 Mitsui No T/C Index Linked (11) 5 years
Patriotship Capesize 181,709 2010 Saijo – Imabari Yes T/C Fixed Rate-$31,000/day (12) 1 year
Tradership Capesize 176,925 2006 Namura No T/C Index Linked(13) 11 months
Friendship Capesize 176,952 2009 Namura No T/C Index Linked(14) 17 months
Goodship Capesize 177,536 2005 Mitsui No Voyage/Spot  
Worldship (15) Capesize 181,415 2012 Japanese Shipyard Yes T/C Fixed Rate -$31,750/day(16) 1 year
Total / Average age 2,829,631                              11.4                       

(1)   Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize Forward Freight Agreement Rate (“FFA”) for the selected period.

(2)   Chartered by Cargill. The vessel was delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 24 to about 27 months at the charterer’s option. The daily charter hire is based on the BCI plus a net daily scrubber premium of $1,740. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of between 3 and 12 months based on the Capesize FFA for the selected period.

(3)   Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of 11-13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $3,735 until May 2021. In addition, the Company has the option to convert to a fixed rate for a period of between three and 12 months, based on the prevailing Capesize FFA for the selected period.

(4)   Chartered by Glencore and was delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(5)   Chartered by Glencore and was delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(6)   Chartered by Glencore and was delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI.

(7)   Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 initially for a period of about 10 to about 14 months. Upon expiration of the current T/C period, in June 2021, the vessel commenced the second extension period up to minimum January 1, 2022 to maximum April 30, 2022. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate, based on the prevailing Capesize FFA for the selected period.

(8)   Chartered by Anglo American, a leading global mining company, and expected to be delivered to the charterer towards the beginning of June 2021 for a period of minimum 12 to maximum 15 months from the delivery date. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of minimum three and maximum 12 months, based on the prevailing Capesize FFA for the selected period.

(9)   Chartered by Pacbulk Shipping and was delivered to the charterer on March 22, 2021 for a period of about 11 to about 14 months from the delivery date. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate based on the prevailing Capesize FFA for the selected period.

(10)   Chartered by NYK Line and was delivered to the charterer on May 10, 2021 for a period of minimum 11 to maximum 15 months. The daily charter hire is based at a premium over the BCI.

(11)   Chartered by Cargill. The vessel was delivered to the charterer on May 10, 2021 for a period of 60 months. The daily charter hire is based at a premium over the BCI minus $1,325 per day. In addition, the time charter provides the option to convert the index linked rate to a fixed rate for a period of minimum 3 to maximum 12 months based on the Capesize FFA for the selected period.

(12)   Chartered by a European cargo operator and was delivered to the charterer on June 7, 2021 for a period of minimum 12 to maximum 18 months. The daily charter hire is fixed at $31,000.

(13)   Chartered by a major South Korean industrial company and was delivered to the charterer on June 15, 2021 for a period employment of 11 to 15 months. The daily charter hire is based on the BCI.

(14)   Chartered by NYK Line and was delivered to the charterer on July 29, 2021 for a period of minimum 17 to maximum 24 months. The daily charter hire is based at a premium over the BCI.

(15)   Prompt delivery

(16)   Chartered by a U.S. commodity trading company and will be delivered to the charterer upon its delivery for a period of about 12 to 16 months. The daily charter hire is fixed at $31,750.

Fleet Data:

(U.S. Dollars in thousands)

  Q2 2021 Q2 2020 6M 2021 6M 2020
Ownership days (1) 1,164 910 2,155 1,820
Operating days (2) 1,122 863 2,055 1,764
Fleet utilization (3) 96.4% 94.8% 95.4% 96.9%
TCE rate (4) $20,095 $5,424 $18,327 $6,985
Daily Vessel Operating Expenses (5) $5,908 $5,140 $5,766 $5,353

(1)   Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(2)   Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days includes the days that our vessels are in ballast voyages without having finalized agreements for their next employment.

(3)   Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.

(4)   TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

(In thousands of U.S. Dollars, except operating days and TCE rate)

  Q2 2021 Q2 2020 6M 2021 6M 2020
Net revenues from vessels 27,832 9,042 48,230 22,381
Less: Voyage expenses 5,285 4,361 10,567 10,060
Net operating revenues 22,547 4,681 37,663 12,321
Operating days 1,122 863 2,055 1,764
TCE rate $20,095 $5,424 $18,327 $6,985

(5)   Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.


(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

  Q2 2021 Q2 2020 6M 2021 6M 2020
Vessel operating expenses 8,879 4,677 14,428 9,742
Less: Pre-delivery expenses 2,002 – 2,002 –
Vessel operating expenses excluding pre-delivery expenses 6,877 4,677 12,426 9,742
Ownership days 1,164 910 2,155 1,820
Daily Vessel Operating Expenses 5,908 5,140 5,766 5,353

Net Loss to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

  Q2 2021 Q2 2020 6M 2021 6M 2020
Net income/(loss) 1,961 (11,286) 640 (19,629)
Add: Net interest and finance cost 4,277 5,556 8,307 11,244
Add: Depreciation and amortization 4,520 3,674 8,337 7,308
EBITDA 10,758 (2,056) 17,284 (1,077)
Add: stock based compensation 528 207 1,931 589
Adjusted EBITDA 11,286 (1,849) 19,215 (488)

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock based compensation, which the Company believes is not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:

(In thousands of U.S. Dollars)

  Q2 2021 Q2 2020 6M 2021 6M 2020
Interest and finance costs, net (4,277) (5,556) (8,307) (11,244)
Add: Amortization of deferred finance charges 985 177 1,702 349
Add: Amortization of convertible note beneficial conversion feature 61 1,279 1,238 2,416
Add: Amortization of other deferred charges 333 149 174 302
Cash interest and finance costs (2,898) (3,951) (5,193) (8,177)

Second Quarter and Recent Developments:

Update on Vessel Acquisitions and Time-Charter Agreements

Deliveries and Time Charters Commencement

During the first half, the Company has agreed to acquire six high-quality Japanese Capesize bulkers and has taken delivery of five, while the sixth vessel is scheduled to be delivered in August. All newly acquired units have been fixed on medium to long-term time charters as of their respective deliveries.

M/V Hellasship

In May 2021, the Company took delivery of the 181,325 dwt Capesize bulk carrier, built in 2012 in Japan, which was renamed M/V Hellasship. The M/V Hellasship was fixed on a time charter with NYK Line, a leading Japanese shipping company and operator. The T/C commenced on May 10, 2021 and will have a term of minimum 11 to maximum 15 months. The gross daily rate of the T/C is based at a premium over the BCI.

M/V Flagship

In May 2021, the Company took delivery of the 176,387 dwt Capesize bulk carrier, built in 2013 in Japan, which was renamed M/V Flagship. The M/V Flagship is the second vessel of the Company’s fleet time-chartered to Cargill International S.A. (“Cargill”). The daily hire is based on the BCI, while the Company has the option to convert the index-linked hire to fixed for a minimum period of three months to a maximum of 12 months based on the prevailing Capesize FFA curve. The rate is 102% of the BCI minus $1,325 per day. The term of the T/C is 5 years from the delivery of the vessel to Cargill, which took place on May 10, 2021.

M/V Patriotship

In June 2021, the Company took delivery of the 181,709 dwt Capesize bulk carrier, built in 2010 in Japan, which was renamed M/V Patriotship. The M/V Patriotship has been fixed on a time charter with a major European cargo operator. The T/C commenced on June 7, 2021 and will have a term of minimum 12 to maximum 15 months. The gross daily hire is $31,000.

M/V Tradership

In June 2021, the Company took delivery of the 176,925 dwt Capesize bulk carrier, built in 2006 in Japan, which was renamed M/V Tradership. The M/V Tradership has been fixed on a time charter with a major South Korean industrial company. The T/C commenced on June 15, 2021 and will have a term of minimum 11 to maximum 15 months. The gross daily rate of the T/C is based on the BCI.

M/V Worldship

In May 2021, the Company agreed to acquire a 181,415 dwt Capesize bulk carrier, built in 2012 in Japan, which will be renamed M/V Worldship. The M/V Worldship has been fixed on a T/C with a world-leading U.S. commodity trading company, at a gross daily rate of $31,750 for a period of minimum 12 to maximum16 months. The T/C is expected to commence immediately upon the vessel’s upcoming delivery, which is anticipated within August 2021.

Vessel Replacement

M/V Friendship

In July 2021, the Company took delivery of the 176,952 dwt Capesize bulk carrier, built in 2009 in Japan, which was renamed M/V Friendship. The M/V Friendship has been fixed on a time charter with NYK Line, a leading Japanese shipping company and operator. The T/C will commence promptly, upon finalization of the customary handover process and will have a term of minimum 17 to maximum 24 months. The gross daily rate of the T/C is based on 102% of the BCI.

M/V Leadership

Additionally, the Company has agreed to sell the 2001-built M/V Leadership to an unaffiliated party for a net sale price of $12.0 million. The substitution will improve the average age of the Company’s fleet. The vessel’s delivery to her new owners is anticipated within September 2021.

Financing Updates

During the second quarter, the Company has successfully concluded new financings and refinancing of $104.3 million and has received a commitment letter for a loan facility of up to $13.0 million.

Alpha Bank S.A.

On May 20, 2021, the Company entered into a $37.45 million credit facility to (i) refinance the existing facilities of $25.5 million secured by the M/V Leadership and the M/V Squireship and (ii) finance the previously unencumbered M/V Lordship. The earliest maturity date of the facility will be in December 2024 and the interest rate is 3.5% plus LIBOR per annum.

Aegean Baltic Bank S.A.

On April 22, 2021, the Company entered into a credit facility for an amount of $15.5 million secured by the M/V Goodship and the M/V Tradership. The facility has a term of 4.5 years, with latest maturity date falling in December 2025 and bears interest of LIBOR plus 4% per annum.

Cargill International S.A.

On May 11, 2021, the Company entered into a sale and leaseback transaction with Cargill to partially fund the acquisition cost of the M/V Flagship. The financing amount is $20.5 million at an implied interest rate of approximately 2% all-in, fixed for five years.

New Financing Agreement of $30.9 million

In June 2021, the Company successfully concluded the financing of two of its new acquisitions, the 2012-built Capesize M/V Hellasship and the 2010-built M/V Patriotship through a sale and leaseback agreement with a major Chinese financial institution. The vessels were sold and chartered back on a bareboat basis for a five-year period, the combined financing amount is $30.9 million and the applicable interest rate is LIBOR + 3.50% p.a.

Alpha Bank Commitment Letter – Friendship

In July 2021, the Company obtained a commitment letter from Alpha Bank S.A. for a loan facility of up to $13.0 million, in order to finance the acquisition of the 2009-built Capesize M/V Friendship. The interest rate will be LIBOR plus 3.25% p.a., and the term of the loan will be four years. The facility will be repaid through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment. The new loan facility will be structured as an additional loan tranche in the existing Alpha Bank facility secured by the M/Vs Lordship, Squireship and Leadership mentioned above.



 

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)

    June 30,
2021		     December 31, 2020*  
ASSETS            
Cash and cash equivalents, restricted cash and term deposits   56,394     23,651  
Vessels, vessel held for sale and advances for vessels’ acquisitions, net   367,897     256,737  
Other assets   16,483     14,857  
TOTAL ASSETS   440,774     295,245  
             
LIABILITIES AND STOCKHOLDERS’ EQUITY            
      Long-term debt and other financial liabilities   203,829     169,762  
Convertible notes   16,196     14,516  
Other liabilities   21,335     15,273  
Stockholders’ equity   199,414     95,694  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   440,774     295,245  

* Derived from the audited consolidated financial statements as of the period as of that date

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

 

 

 		   Three months ended
June 30,		   Six months ended
June 30,		    
    2021   2020   2021     2020    
Revenues:                      
Vessel revenues   28,867   9,341   50,023     23,148    
Commissions   (1,035 ) (299 ) (1,793 )   (767 )  
Vessel revenue, net   27,832   9,042   48,230     22,381    
Expenses:                      
Voyage expenses   (5,285 ) (4,361 ) (10,567 )   (10,060 )  
Vessel operating expenses   (8,879 ) (4,677 ) (14,428 )   (9,742 )  
Management fees   (348 ) (251 ) (629 )   (503 )  
General and administrative expenses   (2,566 ) (1,786 ) (5,296 )   (3,145 )  
Depreciation and amortization   (4,520 ) (3,674 ) (8,337 )   (7,308 )  
Operating income/(loss)   6,234   (5,707 ) 8,973     (8,377 )  
Other income / (expenses):                      
Interest and finance costs, net   (4,277 ) (5,556 ) (8,307 )   (11,244 )  
Other, net   4   (23 ) (26 )   (8 )  
Total other expenses, net:   (4,273 ) (5,579 ) (8,333 )   (11,252 )  
Net income/(loss)   1,961   (11,286 ) 640     (19,629 )  
                       
Net income/(loss) per common share, basic and diluted   0.01   (0.65 ) 0.01     (2.05 )  
Weighted average number of common shares outstanding, basic   160,171,874   17,478,283   137,590,311     9,588,854    
Weighted average number of common shares outstanding, diluted   174,592,644   17,478,283   152,052,538     9,588,854    
                       

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a ‘fully-delivered’ basis, the Company’s fleet will consist of 16 Capesize vessels with an average age of 11.4 years and aggregate cargo carrying capacity of 2,829,631 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: [email protected]

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

1 EBITDA and Time Charter Equivalent (“TCE”) rate are non-GAAP measures. Please see the reconciliation below of EBITDA to net loss and TCE rate to net revenues from vessels, in each case the most directly comparable U.S. GAAP measure.

2 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of an index-linked T/C is equal to the last invoiced average of the BCI for the respective T/C, which is approximately equal to $30,000 as compared to an average FFA rate of $36,000 per day for August and September 2021 as of July 26, 2021. Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.

Release – Comstock Forms Joint Venture with Lakeview Energy

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Comstock Forms Joint Venture with Lakeview Energy

 

Acquires 50% Stake in 200,000 Pound Per Day Hemp Extraction, Remediation, and Refinement Facility

VIRGINIA CITY, NEVADA, July 29, 2021 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of a series of agreements with Lakeview Energy LLC (“Lakeview”) and its subsidiaries, pursuant to which the Company acquired 50% of the equity of Lakeview’s subsidiary, LP Biosciences LLC (“LPB”), and agreed to provide the financing needed to retrofit LPB’s pre-existing industrial scale solvent extraction and valorization facility in Merrill, Iowa (“LPB Facility”), for the production of an array of wholesale products from up to 200,000 pounds per day of industrial hemp. Comstock issued 3,500,000 restricted shares of its common stock to LPB in connection with its acquisition and financing commitments, and simultaneously acquired 100% of MANA Corporation (“MANA”), an industrial hemp technology development, marketing, and management company, for 4,200,000 restricted shares of Comstock common stock.

Industrial Scale Infrastructure

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. However, hemp’s ability to produce over 400 natural phytochemicals, such as cannabidiol (“CBD”) and cannabigerol (“CBG”), has recently garnered significant attention as some of those chemicals are seen to have compelling potential in health and wellness applications. The corresponding green rush propelled global demand and sales of industrial hemp products to an estimated $1.9 billion as of 2020, and the industry is expected to grow to $6.9 billion worldwide by 2025, according to Hemp Industry Daily.

“The processing infrastructure needed to achieve those aspirations does not exist today at the scales and sophistication expected of mature supply chains for comparable commodities,” said MANA’s Chief Executive Officer, William McCarthy. “The absence of large scale capacity represents the hemp industry’s most significant bottleneck today. MANA is addressing that deficiency by acquiring and partnering with experienced agriproducts management teams and pre-existing industrial scale facilities in adjacent agricultural markets. We are excited to do so today with Comstock, Lakeview, and the LPB Facility, and we’re looking forward to making a market leading contribution to the debottlenecking and evolution of the industry.”

Mature Agriproducts Management

Lakeview is an experienced agriproducts management company that owns and operates three renewable fuels facilities, including two 55 million gallon dry mill corn ethanol facilities located in Ohio and Iowa, and a 10 million gallon per year biodiesel production facility located in Missouri. Importantly, LPB’s LPB Facility is ideally co-located with Lakeview’s ethanol facility in Iowa, where the two facilities can exploit operational and other synergies to maximize throughput, profitability, and cash flow. Comstock’s and MANA’s agreements with Lakeview call for Lakeview to provide construction, operating, administrative, logistics, commodities, risk management and other services to LPB as the parties work together to build, operate and grow the LPB Facility. MANA additionally agreed to provide a suite of complimentary technology, marketing and other management services, with a focus on acquiring and using pre-existing and new feedstock and offtake arrangements to fill the LPB Facility.

“Industrial hemp has remarkable potential in several important respects, including its potential for new jobs and stimulating economic, environmental and social value creation in our community,” said Jim Galvin, Lakeview’s Chief Executive Officer. “We’re pleased to partner with Comstock and MANA as we upgrade and use the LPB Facility to provide comprehensive hemp extraction, remediation, and refinement services at scales that are currently unheard of in the hemp industry.”

Industry Leading Scale, Quality, Compliance, and Flexibility

Comstock’s Executive Chairman and Chief Executive Officer, Corrado DeGasperis, added: “We are proud to have assembled a world class asset with a team of industry veterans, process engineers, and partners to rapidly retrofit and commence operations with the LPB Facility, thereby setting a global standard for quality, compliance, consistency, flexibility and speed at an extraordinary scale. Once retrofits are complete in mid-2022, the LPB Facility will generate significant free cash flow by servicing the most astute, demanding, and rapidly growing buyers of wholesale hemp products with custom tailored solutions.”

The LPB Facility is conservatively expected to scale up to its initial nameplate capacity exceeding 200,000 pounds per day and 36,500 tons per year of industrial hemp over its first three years of operations, as it extracts, remediates, and refines oil from industrial hemp to generate annualized revenues exceeding $53,000,000, $154,000,000, and $409,000,000 per year during LPB’s first, second, and third full years of operations, respectively, as shown in the following excerpt from LPB’s internal projections:

Ecosystem of Strategic Feedstocks, Processes and Products

DeGasperis concluded: “Comstock is focused on the rapid and simultaneous maximization of financial, natural, and social impact, in large part by building an ecosystem of strategic extraction and valorization facilities with complimentary feedstocks and products. In this example, the LPB Facility’s revenue estimates are based only on the oil fraction of industrial hemp, which corresponds to a small portion of total feedstock biomass. The rest of that biomass is mostly comprised of cellulose with many known co-product applications, as well as some very exciting new applications that we are actively evaluating for use in our existing and planned new decarbonization efforts.”

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, the fund or any other issuer.

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

[email protected]

 Zach Spencer

Director of External Relations

Tel (775) 847-5272 Ext.151

[email protected]

Release – Comtech Telecommunications Corp. Awarded Multi-Million Dollar Order for New Ground Station Development Contract

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Comtech Telecommunications Corp. Awarded Multi-Million Dollar Order for New Ground Station Development Contract

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jul. 29, 2021– 
July 29, 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 year 2021, it was awarded a multi-million dollar contract from an overseas agency for development of a large transportable launch tracking ground station.

“We are pleased that our long-term customer continues to rely on 
Comtech for yet another ground station development contract,” said  Fred Kornberg, Chairman of the Board and Chief Executive Officer of 
Comtech Telecommunications Corp.

The contract was awarded to Comtech’s Space and Component Technology (“SCT”) division, which specializes in providing ground station services in the form of turnkey site development, infrastructure, operations and maintenance of several range tracking stations in the 
South Pacific. Using the concepts of product families and platform-based product development to increase variety, shorten lead-times and reduce costs without compromising system performance, SCT provides turnkey ground station solutions for both launch vehicle and satellite tracking. SCT also supplies high reliability microelectronics (for use in satellite, launch vehicle and manned space applications) as well as the most extensive line of LEO/MEO X/Y tracking antennas in the industry. For more information, visit www.comtechspace.com.

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
[email protected]

Source: 
Comtech Telecommunications Corp.

Heres How the 100 Most Recognizable Companies Compare in Terms of Brand Reputation

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	I


Here’s How the 100 Most Recognizable Companies Compare in Terms of Brand Reputation

 

How was Brand Reputation Measured?

Nearly 43,000 Americans were polled nationally to find out which 100 companies emerge as top of mind—both positive and negative.

The polling was conducted by Axios Harris and asked
which two companies the respondent felt excelled or faltered in the U.S.—in other words, which companies were the most “visible” in their eyes.

The top 100 brands that emerged from this framework were then judged by poll respondents across seven dimensions, over three key pillars:

  • Character
    Includes a company’s culture, ethics, and citizenship (whether a consumer shares a company’s values or the company supports good causes)
  • Trajectory
    Includes a company’s growth prospects, vision for the future, and product and service offerings (whether they are innovative, and of high quality)
  • Trust
    Does a consumer trust the brand in the first place?

Once these dimensions are taken into account, the final scores portray how these “visible brands” rank in terms of their reputation among a representative sample of Americans:

  • Score range: 80.0 and above

    Reputation: Excellent
  • Score range: 75.0-79.9
    Reputation: Very Good
  • Score range: 70.0-74.9
    Reputation: Good
  • Score range: 65.0-69.9
    Reputation: Fair
  • Score range: 64.9 and below

    Reputation: Poor

Companies with a Very Poor reputation (a score below 50) didn’t make it on the list. Here’s how the 100 most visible companies stack up in terms of brand reputation:

 

 

Source:

The Visual Capitalist

Release – Orion Group Holdings Inc. Reports Second Quarter 2021 Results

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Orion Group Holdings, Inc. Reports Second Quarter 2021 Results

 

HOUSTON–(BUSINESS WIRE)–Jul. 28, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported net income of 
$3.5 million (
$0.11 diluted earnings per share) for the second quarter ended 
June 30, 2021.

Second Quarter 2021 Highlights

  • Operating income was 
    $5.6 million for the second quarter of 2021 compared to operating income of 
    $4.1 million for the second quarter of 2020.
  • Net income was 
    $3.5 million (
    $0.11 diluted earnings per share) for the second quarter of 2021 compared to net income of 
    $2.0 million (
    $0.07 diluted earnings per share) for the second quarter of 2020.
  • The second quarter 2021 net income included 
    $3.0 million (
    $0.10 earnings per diluted share) of non-recurring items and 
    $1.1 million (
    $0.04 loss per diluted share) of tax expense associated with the movement of certain valuation allowances. Second quarter 2021 adjusted net income was 
    $1.7 million (
    $0.05 diluted earnings per share). (Please see page 9 of this release for a reconciliation of adjusted net income).
  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring items, was 
    $7.4 million in the second quarter of 2021, which compares to adjusted EBITDA of 
    $12.6 million for the second quarter of 2020. (Please see page 10 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure).
  • Backlog at the end of the second quarter was 
    $394.4 million on a second quarter book-to-bill of 1.20x.

“During the second quarter we closed on the sale of our 
Tampa property further strengthening our balance sheet and enhancing our liquidity,” stated  Mark Stauffer, Orion’s Chief Executive Officer. “The gain on the sale is included in our results for the second quarter, which were also impacted by inordinately wet weather in our key operating geographies, which affected both business segments, but predominantly our concrete business.”

“Our concrete segment’s production was hampered during the quarter by wet weather conditions across 
Texas, and as a result, our labor capacity was underutilized. Our concrete segment’s ability to catch up on work and execute effectively in normal weather conditions will allow us to efficiently complete any delayed projects in subsequent quarters. The wet weather unfortunately resulted in under recovery of indirect costs, including labor and equipment utilization, during the quarter.”

“We remain optimistic about our end markets and future project opportunities. During the second quarter we bid on a significant volume of bids, including several large projects, and we ended the quarter with a substantial amount of quoted work outstanding. We are confident that bidding opportunities will continue to materialize, especially in end-markets that have been adversely impacted by COVID, including the cruise and energy industries, which have begun generating project opportunities again. We also are continuing to track progress on the Federal infrastructure bill, which would provide an additional catalyst for our end markets and drive absorption of industry capacity. The diversity of our end markets and our unique capabilities across both of our business segments make us confident in our ability to capitalize on a wide range of attractive projects as they continue to materialize across our operating footprint.”

“We also continue to enhance our financial flexibility with the strengthening of our balance sheet. On a basis of net debt, this is the strongest balance sheet the Company has had in many years, which not only offers us flexibility to continue to execute on projects in backlog and pursue new awards, but also position us to consider accretive acquisition opportunities, as well as exploring other opportunities to achieve the best return for our shareholders.”

Mr. Stauffer concluded, “Given the reopening of the US economy, the project opportunities we see on the horizon as a result, and our extremely strong balance sheet and financial position, we are confident in our ability to continue to generate growth in our profitability and maximizing shareholder value over the long-term.”

Consolidated Results for Second Quarter 2021 Compared to Second Quarter 2020

  • Contract revenues were 
    $145.9 million, down 20.6% as compared to 
    $183.7 million. The decrease was primarily driven by a reduction in project activity compared to the prior year in the marine segment and decreased production volumes in the concrete segment due to weather related impacts.
  • Gross profit was 
    $12.3 million, as compared to 
    $20.7 million. Gross profit margin was 8.4%, as compared to 11.3%. The decrease in gross profit dollars and percentage was primarily driven by the decreased activity and volumes, which negatively impacted revenue and contributed to an under recovery of indirect costs primarily related to decreased equipment utilization.
  • Selling, General, and Administrative expenses were 
    $13.7 million, as compared to 
    $16.5 million. As a percentage of total contract revenues, SG&A expenses increased 0.4%. The decrease in SG&A dollars was driven primarily by a decrease in bonus expense as compared to the prior year period.
  • Operating income was 
    $5.6 million as compared to 
    $4.1 million. The increase in operating income in the second quarter of 2021 reflects the 
    $6.8 million net gain on the 
    Tampa property sale.
  • EBITDA was 
    $12.1 million, representing an 8.3% EBITDA margin, as compared to EBITDA of 
    $11.1 million, or a 6.1% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the second quarter of 2021 was 
    $7.4 million, representing a 5.1% EBITDA margin. (Please see page 10 of this release for an explanation of EBITDA, Adjusted EBITDA and a reconciliation to the nearest GAAP measure).

Backlog

Backlog of work under contract as of 
June 30, 2021, was 
$394.4 million, which compares with backlog under contract as of 
June 30, 2020, of 
$528.4 million. The second quarter 2021 ending backlog was comprised of 
$170.2 million for the marine segment, and 
$224.2 million for the concrete segment. At the end of the second quarter 2021, the Company had approximately 
$2.0 billion worth of bids outstanding, including approximately 
$30 million on which it is the apparent low bidder or has been awarded contracts subsequent to the end of the second quarter of 2021, of which approximately 
$12 million pertains to the marine segment and approximately 
$18 million to the concrete segment.

“During the second quarter, we bid on approximately 
$2.0 billion of work and were successful on approximately 
$175 million of these bids,” stated  Robert Tabb, 
Orion Group Holding’s Executive Vice President and Chief Financial Officer. “This resulted in a 1.20 times book-to-bill ratio and a win rate of 8.8%. In the marine segment, we bid on approximately 
$1.0 billion during the second quarter 2021 and were successful on approximately 
$79 million, representing a win rate of 7.6% and a book-to-bill ratio of 1.24 times. In the concrete segment we bid on approximately 
$1.0 billion of work and were awarded approximately 
$96 million, representing a win rate of 10.1% and a book-to-bill ratio of 1.17 times.”

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company’s projects, which generally range from three to nine months, the Company’s backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve-month period.

Conference Call Details

Orion Group Holdings will host a conference call to discuss results for the second quarter 2021 at 
10:00 a.m. Eastern Time/
9:00 a.m. Central Time on 
Thursday, July 29, 2021. To listen to a live webcast of the conference call, or access the replay, visit the Calendar of Events page of the Investor Relations section of the website at www.oriongroupholdingsinc.com. To participate in the call, please dial (201) 493-6739 and ask for the Orion Group Holdings Conference Call.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income,” “adjusted earnings per share,” “EBITDA,” “Adjusted EBITDA” and “Adjusted EBITDA margin.” These measurements are “non-GAAP financial measures” under rules of the 
Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income and adjusted earnings per share are not an alternative to net income or earnings per share. Adjusted net income and adjusted earnings per share exclude certain items that management believes impairs a meaningful comparison of operating results. The company believes these adjusted financial measures are a useful adjunct to earnings calculated in accordance with GAAP because management uses adjusted net income available to common stockholders to evaluate the company’s operational trends and performance relative to other companies. Generally, items excluded, are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Orion Group Holdings defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes impairs a meaningful comparison of operating results. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company’s ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company’s financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with generally accepted accounting principles in 
the United States, or as a measure of the Company’s profitability or liquidity.

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, the effects of the ongoing COVID-19 pandemic, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the 
SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

Contract revenues

 

 

145,875

 

 

183,713

 

 

299,184

 

 

350,333

Costs of contract revenues

 

 

133,574

 

 

162,969

 

 

271,428

 

 

309,831

Gross profit

 

 

12,301

 

 

20,744

 

 

27,756

 

 

40,502

Selling, general and administrative expenses

 

 

13,715

 

 

16,512

 

 

28,345

 

 

32,381

Amortization of intangible assets

 

 

381

 

 

517

 

 

761

 

 

1,033

Gain on disposal of assets, net

 

 

(7,361)

 

 

(369)

 

 

(8,971)

 

 

(1,361)

Operating income

 

 

5,566

 

 

4,084

 

 

7,621

 

 

8,449

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

72

 

 

39

 

 

109

 

 

136

Interest income

 

 

25

 

 

54

 

 

51

 

 

94

Interest expense

 

 

(2,943)

 

 

(1,169)

 

 

(3,983)

 

 

(2,571)

Other expense, net

 

 

(2,846)

 

 

(1,076)

 

 

(3,823)

 

 

(2,341)

Income before income taxes

 

 

2,720

 

 

3,008

 

 

3,798

 

 

6,108

Income tax (benefit) expense

 

 

(810)

 

 

980

 

 

(660)

 

 

1,357

Net income

 

$

3,530

 

$

2,028

 

$

4,458

 

$

4,751

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.12

 

$

0.07

 

$

0.15

 

$

0.16

Diluted earnings per share

 

$

0.11

 

$

0.07

 

$

0.15

 

$

0.16

Shares used to compute income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

30,671,952

 

 

30,031,188

 

 

30,569,284

 

 

29,842,298

Diluted

 

 

30,702,151

 

 

30,031,188

 

 

30,601,669

 

 

29,842,298

Orion Group Holdings, Inc. and Subsidiaries

Selected Results of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

 

 

2021

 

2020

 

 

 

Amount

 

Percent

 

Amount

 

Percent

 

 

 

(dollar amounts in thousands)

 

Contract revenues

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

44,667

 

69.9

%

$

59,820

 

65.2

%

Private sector

 

 

19,275

 

30.1

%

 

31,899

 

34.8

%

Marine segment total

 

$

63,942

 

100.0

%

$

91,719

 

100.0

%

Concrete segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

6,500

 

7.9

%

$

12,022

 

13.1

%

Private sector

 

 

75,433

 

92.1

%

 

79,972

 

86.9

%

Concrete segment total

 

$

81,933

 

100.0

%

$

91,994

 

100.0

%

Total

 

$

145,875

 

 

 

$

183,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

$

8,606

 

13.5

%

$

3,810

 

4.2

%

Concrete segment

 

 

(3,040)

 

(3.7)

%

 

274

 

0.3

%

Total

 

$

5,566

 

 

 

$

4,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

2021

 

2020

 

 

 

Amount

 

Percent

 

Amount

 

Percent

 

 

 

(dollar amounts in thousands)

 

Contract revenues

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

86,336

 

63.4

%

$

113,331

 

63.8

%

Private sector

 

 

49,752

 

36.6

%

 

64,337

 

36.2

%

Marine segment total

 

$

136,088

 

100.0

%

$

177,668

 

100.0

%

Concrete segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

11,279

 

6.9

%

$

28,074

 

16.3

%

Private sector

 

 

151,817

 

93.1

%

 

144,591

 

83.7

%

Concrete segment total

 

$

163,096

 

100.0

%

$

172,665

 

100.0

%

Total

 

$

299,184

 

 

 

$

350,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

$

11,454

 

8.4

%

$

9,559

 

5.4

%

Concrete segment

 

 

(3,833)

 

(2.4)

%

 

(1,110)

 

(0.6)

%

Total

 

$

7,621

 

 

 

$

8,449

 

 

 

Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)

(In thousands except per share information)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

Net income

 

$

3,530

 

$

2,028

 

$

4,458

 

$

4,751

One-time charges and the tax effects:

 

 

 

 

 

 

 

 

 

 

 

 

ERP implementation

 

 

853

 

 

310

 

 

1,439

 

 

310

ISG initiative

 

 

—

 

 

—

 

 

—

 

 

369

Severance

 

 

—

 

 

38

 

 

—

 

 

72

Costs related to debt extinguishment

 

 

2,062

 

 

—

 

 

2,062

 

 

—

Net gain on 
Tampa property sale

 

 

(6,767)

 

 

—

 

 

(6,767)

 

 

—

Tax rate of 23% applied to one-time charges (1)

 

 

886

 

 

(80)

 

 

751

 

 

(173)

Total one-time charges and the tax effects

 

 

(2,966)

 

 

268

 

 

(2,515)

 

 

578

Federal and state tax valuation allowances

 

 

1,121

 

 

(968)

 

 

970

 

 

(1,631)

Adjusted net income

 

$

1,685

 

$

1,328

 

$

2,913

 

$

3,698

Adjusted EPS

 

$

0.05

 

$

0.04

 

$

0.10

 

$

0.12
______________________________

(1)

 

Items are taxed discretely using the Company’s blended tax rate.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Net income

 

$

3,530

 

$

2,028

 

$

4,458

 

$

4,751

 

Income tax (benefit) expense

 

 

(810)

 

 

980

 

 

(660)

 

 

1,357

 

Interest expense, net

 

 

2,918

 

 

1,115

 

 

3,932

 

 

2,477

 

Depreciation and amortization

 

 

6,429

 

 

7,004

 

 

12,915

 

 

13,896

 

EBITDA (1)

 

 

12,067

 

 

11,127

 

 

20,645

 

 

22,481

 

Stock-based compensation

 

 

1,245

 

 

1,167

 

 

1,628

 

 

1,629

 

ERP implementation

 

 

853

 

 

310

 

 

1,439

 

 

310

 

ISG initiative

 

 

—

 

 

—

 

 

—

 

 

369

 

Severance

 

 

—

 

 

38

 

 

—

 

 

72

 

Net gain on 
Tampa property sale

 

 

(6,767)

 

 

—

 

 

(6,767)

 

 

—

 

Adjusted EBITDA(2)

 

$

7,398

 

$

12,642

 

$

16,945

 

$

24,861

 

Operating income margin

 

 

3.8

%

 

2.2

%

 

2.5

%

 

2.4

%

Impact of other income (expense), net

 

 

—

%

 

—

%

 

—

%

 

—

%

Impact of depreciation and amortization

 

 

4.4

%

 

3.9

%

 

4.5

%

 

4.0

%

Impact of stock-based compensation

 

 

0.9

%

 

0.6

%

 

0.5

%

 

0.5

%

Impact of ERP implementation

 

 

0.6

%

 

0.2

%

 

0.5

%

 

0.1

%

Impact of ISG initiative

 

 

—

%

 

—

%

 

—

%

 

0.1

%

Impact of severance

 

 

—

%

 

—

%

 

—

%

 

—

%

Impact of net gain on 
Tampa property sale

 

 

(4.6)

%

 

—

%

 

(2.3)

%

 

—

%

Adjusted EBITDA margin(2)

 

 

5.1

%

 

6.9

%

 

5.7

%

 

7.1

%
_____________________________

(1)

 

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(2)

 

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative, severance and the net gain on the 
Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine

 

Concrete

 

 

 

Three months ended

 

Three months ended

 

 

 

June 30,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Operating income (loss) (1)

 

 

8,606

 

 

3,810

 

 

(3,040)

 

 

274

 

Other income (expense), net

 

 

72

 

 

39

 

 

—

 

 

—

 

Depreciation and amortization

 

 

4,322

 

 

4,744

 

 

2,107

 

 

2,260

 

EBITDA (2)

 

 

13,000

 

 

8,593

 

 

(933)

 

 

2,534

 

Stock-based compensation

 

 

1,219

 

 

1,128

 

 

26

 

 

39

 

ERP implementation

 

 

379

 

 

155

 

 

474

 

 

155

 

ISG initiative

 

 

—

 

 

—

 

 

—

 

 

—

 

Severance

 

 

—

 

 

14

 

 

—

 

 

24

 

Net gain on 
Tampa property sale

 

 

(6,767)

 

 

—

 

 

—

 

 

—

 

Adjusted EBITDA(3)

 

$

7,831

 

$

9,890

 

$

(433)

 

$

2,752

 

Operating income margin

 

 

13.4

%

 

4.2

%

 

(3.7)

%

 

0.3

%

Impact of other income (expense), net

 

 

0.1

%

 

—

%

 

—

%

 

—

%

Impact of depreciation and amortization

 

 

6.8

%

 

5.2

%

 

2.6

%

 

2.5

%

Impact of stock-based compensation

 

 

1.9

%

 

1.2

%

 

—

%

 

—

%

Impact of ERP implementation

 

 

0.6

%

 

0.2

%

 

0.6

%

 

0.2

%

Impact of ISG initiative

 

 

—

%

 

—

%

 

—

%

 

—

%

Impact of severance

 

 

—

%

 

—

%

 

—

%

 

—

%

Impact of net gain on 
Tampa property sale

 

 

(10.6)

%

 

—

%

 

—

%

 

—

%

Adjusted EBITDA margin (3)

 

 

12.2

%

 

10.8

%

 

(0.5)

%

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine

 

Concrete

 

 

 

Six months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Operating income (loss) (1)

 

 

11,454

 

 

9,559

 

 

(3,833)

 

 

(1,110)

 

Other income (expense), net

 

 

109

 

 

134

 

 

—

 

 

2

 

Depreciation and amortization

 

 

8,680

 

 

9,520

 

 

4,235

 

 

4,376

 

EBITDA (2)

 

 

20,243

 

 

19,213

 

 

402

 

 

3,268

 

Stock-based compensation

 

 

1,570

 

 

1,540

 

 

58

 

 

89

 

ERP implementation

 

 

655

 

 

155

 

 

784

 

 

155

 

ISG initiative

 

 

—

 

 

190

 

 

—

 

 

179

 

Severance

 

 

—

 

 

26

 

 

—

 

 

46

 

Net gain on 
Tampa property sale

 

 

(6,767)

 

 

—

 

 

—

 

 

—

 

Adjusted EBITDA(3)

 

$

15,701

 

$

21,124

 

$

1,244

 

$

3,737

 

Operating income margin

 

 

8.3

%

 

5.4

%

 

(2.3)

%

 

(0.5)

%

Impact of other income (expense), net

 

 

0.1

%

 

0.1

%

 

—

%

 

—

%

Impact of depreciation and amortization

 

 

6.4

%

 

5.4

%

 

2.6

%

 

2.5

%

Impact of stock-based compensation

 

 

1.2

%

 

0.9

%

 

—

%

 

0.1

%

Impact of ERP implementation

 

 

0.5

%

 

—

%

 

0.5

%

 

—

%

Impact of ISG initiative

 

 

—

%

 

0.1

%

 

—

%

 

0.1

%

Impact of severance

 

 

—

%

 

—

%

 

—

%

 

—

%

Impact of net gain on 
Tampa property sale

 

 

(5.0)

%

 

—

%

 

—

%

 

—

%

Adjusted EBITDA margin (3)

 

 

11.5

%

 

11.9

%

 

0.8

%

 

2.2

%
_____________________________

(1)

 

In connection with the preparation of the financial statements for the quarter ended 
June 30, 2021, the Company has identified and corrected certain immaterial errors in segment reporting for all periods presented. Specifically, certain corporate overhead costs previously recorded to the marine segment as part of operating income (loss) and allocated from the marine segment to the concrete segment below operating income in the other income (expense) line have been allocated from the marine segment to the concrete segment as part of the determination of operating income for each segment.

(2)

 

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(3)

 

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative, severance and the net gain on the 
Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows Summarized

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

Net income

 

$

3,530

 

$

2,028

 

$

4,458

 

$

4,751

Adjustments to remove non-cash and non-operating items

 

 

2,609

 

 

9,246

 

 

9,504

 

 

17,828

Cash flow from net income after adjusting for non-cash and non-operating items

 

 

6,139

 

 

11,274

 

 

13,962

 

 

22,579

Change in operating assets and liabilities (working capital)

 

 

(3,982)

 

 

6,347

 

 

(2,687)

 

 

10,495

Cash flows provided by operating activities

 

$

2,157

 

$

17,621

 

$

11,275

 

$

33,074

Cash flows provided by (used in) investing activities

 

$

19,690

 

$

(1,719)

 

$

20,462

 

$

(2,044)

Cash flows used in financing activities

 

$

(24,079)

 

$

(19,081)

 

$

(30,916)

 

$

(21,773)

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (included in investing activities above)

 

$

(3,097)

 

$

(2,283)

 

$

(4,715)

 

$

(5,036)

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

4,458

 

$

4,751

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

 

 

 

 

 

 

Depreciation and amortization

 

 

11,313

 

 

12,311

Amortization of ROU operating leases

 

 

2,794

 

 

3,066

Amortization of ROU finance leases

 

 

1,602

 

 

1,585

Write-off of debt issuance costs upon debt extinguishment

 

 

790

 

 

—

Amortization of deferred debt issuance costs

 

 

429

 

 

286

Deferred income taxes

 

 

(81)

 

 

(99)

Stock-based compensation

 

 

1,628

 

 

1,629

Gain on disposal of assets, net

 

 

(8,971)

 

 

(1,361)

Allowance for credit losses

 

 

—

 

 

411

Change in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

5,147

 

 

23,645

Income tax receivable

 

 

(682)

 

 

(97)

Inventory

 

 

277

 

 

(172)

Prepaid expenses and other

 

 

337

 

 

900

Contract assets

 

 

9,159

 

 

5,050

Accounts payable

 

 

(3,754)

 

 

(23,680)

Accrued liabilities

 

 

(5,290)

 

 

2,818

Operating lease liabilities

 

 

(2,571)

 

 

(2,721)

Income tax payable

 

 

(538)

 

 

(296)

Contract liabilities

 

 

(4,772)

 

 

5,048

Net cash provided by operating activities

 

 

11,275

 

 

33,074

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from sale of property and equipment

 

 

24,737

 

 

1,749

Purchase of property and equipment

 

 

(4,715)

 

 

(5,036)

Contributions to CSV life insurance

 

 

—

 

 

(99)

Insurance claim proceeds related to property and equipment

 

 

440

 

 

1,342

Net cash provided by (used in) investing activities

 

 

20,462

 

 

(2,044)

Cash flows from financing activities:

 

 

 

 

 

 

Borrowings from Credit Facility

 

 

20,000

 

 

5,000

Payments made on borrowings from Credit Facility

 

 

(49,086)

 

 

(24,500)

Payments of finance lease liabilities

 

 

(1,675)

 

 

(1,858)

Payments related to tax withholding for stock-based compensation

 

 

(241)

 

 

(24)

Exercise of stock options

 

 

86

 

 

—

Net cash used in financing activities

 

 

(30,916)

 

 

(21,773)

Net change in cash, cash equivalents and restricted cash

 

 

821

 

 

9,257

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,589

 

 

1,086

Cash, cash equivalents and restricted cash at end of period

 

$

2,410

 

$

10,343

Orion Group Holdings, Inc. and Subsidiaries

Condensed Balance Sheets

(In Thousands, Except Share and Per Share Information)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,410

 

 

1,589

Accounts receivable:

 

 

 

 

 

 

Trade, net of allowance for credit losses of 
$323 and 
$411, respectively

 

 

89,671

 

 

96,369

Retainage

 

 

38,388

 

 

36,485

Income taxes receivable

 

 

1,101

 

 

419

Other current

 

 

66,967

 

 

59,492

Inventory

 

 

2,102

 

 

1,548

Contract assets

 

 

23,112

 

 

32,271

Prepaid expenses and other

 

 

6,973

 

 

7,229

Total current assets

 

 

230,724

 

 

235,402

Property and equipment, net of depreciation

 

 

104,917

 

 

125,497

Operating lease right-of-use assets, net of amortization

 

 

16,204

 

 

18,874

Financing lease right-of-use assets, net of amortization

 

 

12,289

 

 

12,858

Inventory, non-current

 

 

4,839

 

 

6,455

Intangible assets, net of amortization

 

 

9,316

 

 

10,077

Deferred income tax asset

 

 

41

 

 

70

Other non-current

 

 

4,875

 

 

4,956

Total assets

 

$

383,205

 

$

414,189

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current debt, net of issuance costs

 

$

6,139

 

$

4,344

Accounts payable:

 

 

 

 

 

 

Trade

 

 

44,189

 

 

48,252

Retainage

 

 

984

 

 

716

Accrued liabilities

 

 

83,638

 

 

84,637

Income taxes payable

 

 

101

 

 

639

Contract liabilities

 

 

28,363

 

 

33,135

Current portion of operating lease liabilities

 

 

4,395

 

 

4,989

Current portion of financing lease liabilities

 

 

2,085

 

 

3,901

Total current liabilities

 

 

169,894

 

 

180,613

Long-term debt, net of debt issuance costs

 

 

294

 

 

29,523

Operating lease liabilities

 

 

12,687

 

 

14,537

Financing lease liabilities

 

 

9,890

 

 

8,376

Other long-term liabilities

 

 

23,316

 

 

19,837

Deferred income tax liability

 

 

97

 

 

207

Interest rate swap liability

 

 

—

 

 

1,602

Total liabilities

 

 

216,178

 

 

254,695

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock — 
$0.01 par value, 10,000,000 authorized, none issued

 

 

—

 

 

—

Common stock — 
$0.01 par value, 50,000,000 authorized, 31,617,998 and 31,171,804 issued;
30,906,767 and 30,460,573 outstanding at 
June 30, 2021 and 
December 31, 2020, respectively

 

 

316

 

 

312

Treasury stock, 711,231 shares, at cost, as of 
June 30, 2021 and 
December 31, 2020, respectively

 

 

(6,540)

 

 

(6,540)

Accumulated other comprehensive loss

 

 

—

 

 

(1,602)

Additional paid-in capital

 

 

185,793

 

 

184,324

Retained loss

 

 

(12,542)

 

 

(17,000)

Total stockholders’ equity

 

 

167,027

 

 

159,494

Total liabilities and stockholders’ equity

 

$

383,205

 

$

414,189

 

Orion Group Holdings Inc.
Francis Okoniewski, VP Investor Relations
(346) 616-4138
www.oriongroupholdingsinc.com

-OR-

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Mike Gaudreau (212) 836-9620

Source: 
Orion Group Holdings, Inc.

Release – Comtech Telecommunications Corp. Awarded $4.0 Million Contract Renewal with Channel Partner

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Comtech Telecommunications Corp. Awarded $4.0 Million Contract Renewal with Channel Partner

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Jul. 28, 2021– 
July 28, 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, its Location Technologies group, a division of Comtech’s Commercial Solutions segment, was awarded a 
$4.0 million maintenance renewal agreement with a channel partner to continue to provide messaging application support for a 
U.S. tier-one mobile network operator.

“We are pleased to continue working with this customer of over 20 years to supply reliable text messaging services,” said  Fred Kornberg, Chairman of the Board and Chief Executive Officer of 
Comtech Telecommunications Corp. “Our commitment to this customer sustained the exponential growth in demand throughout the pandemic. We remain dedicated to providing the highest level of service even in the most challenging of times.”

The Location Technologies group of 
Comtech Telecommunications Corp. is a leading provider of precise device location, mapping and messaging solutions for public safety, mobile network operators, and enterprise solutions. Sold around the world to mobile network operators, government agencies, and Fortune 100 enterprises, our platforms locate, map, track and message. For more information, visit www.comtechlocation.com.

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
[email protected]

Source: 
Comtech Telecommunications Corp.

Release – Capstone Green Energy to Announce Its First Quarter Fiscal Year 2022 Financial Results on Wednesday August 11 2021

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Capstone Green Energy (NASDAQ:CGRN) to Announce Its First Quarter Fiscal Year 2022 Financial Results on Wednesday, August 11, 2021

 

VAN NUYS, CA / ACCESSWIRE / July 28, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that on Wednesday, August 11, 2021, after market close, it expects to release full financial results for its first quarter of fiscal year 2022, ended June 30, 2021. Later that same day, at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time), Capstone will host a live webcast to discuss those results.

At the end of the conference call, Capstone will host a question-and-answer session to provide an opportunity for financial analysts to ask questions. Investors and interested individuals are invited to listen to the webcast by logging on to the Company’s investor relations webpage at www.capstonegreenenergy.com. A replay of the webcast will be available on the site for 30 days.

About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: [email protected]. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
[email protected]

SOURCE: Capstone Green Energy Corporation

Release – CanAlaska Appoints Two New Board Members and Advisor

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CanAlaska Appoints Two New Board Members and Advisor

 

Karen Lloyd and Geoff Gay Appointed to Board of Directors

Shane Shircliff Appointed to Advisory Board

Vancouver, British Columbia–(Newsfile Corp. – July 28, 2021) – CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) (“CanAlaska” or the “Company”) is pleased to announce the appointment of Ms. Karen Lloyd and Mr. Geoff Gay to the Board of Directors of the Company, effective immediately. In addition, the Company is pleased to announce Mr. Shane Shircliff’s appointment to the Advisory Board of the Company.

Ms. Lloyd (B. Comm., M.B.A.) comes from a strong and significant strategy and marketing background across five different industries including mining, telecommunications, online payments, executive training and banking. This depth of experience comes from her employment with Telus Communications, Hongkong Bank of Canada and Cameco Corporation. Between 2009 and 2020, Ms. Lloyd managed a team of contract and inventory specialists to seamlessly fulfill global uranium sales generating annual revenue of between $1.8 and $2.4 billion for Cameco Corporation as a Director in Cameco’s Marketing team. In April 2021, Ms. Lloyd joined Kreos Aviation as Chief Operating Officer where she oversees all aspects of the Kreos operations including asset management, strategic alliances, flight operations, maintenance, fuel operations, marketing and sales, and business development.

Mr. Gay (BBA) is currently Chief Executive Officer of Athabasca Basin Development, an Indigenous-owned investment company based in Saskatchewan. Mr. Gay has been its executive leader, and subsequent CEO, since the company’s inception nineteen years ago and was instrumental in establishing and growing the company to where it is today. As CEO, Mr. Gay is responsible to articulate the vision of the partnership with a focus on creating value for the unit holders and leading the company in long term strategic planning and implementation, evaluating new opportunities for investment, assessing and mitigating risk, and overseeing all financial aspects of the partnership. Athabasca Basin Development is an investment company committed to building and investing in successful businesses. Since establishment, the company has grown to include partial or complete ownership in thirteen companies providing a wide range of services to the mining and resources industry, with consolidated revenues regularly exceeding $100M. In 2017, Mr. Gay was named Business Leader of the Year by Saskatchewan Chamber of Commerce at its annual ABEX awards.

Mr. Shircliff (B. Comm., M.B.A.), now appointed to CanAlaska’s Advisory Board, has over twenty years of experience in senior management and corporate director roles for both publicly traded and private companies, and has extensive experience with various publicly traded regulatory regimes. Mr. Shircliff’s breadth of expertise over his career includes negotiation, deal structure, due diligence and transacting mergers, acquisitions and divestitures totaling over one billion dollars in value. Industries of experience include logistics, finance, natural resources, exploration and mining, retail, real estate and construction. Mr. Shircliff has been directly involved with all aspects of developing resource projects encompassing lithium, uranium, gold, silver, industrial minerals, diamonds as well as oil and gas in a variety of countries. Mr. Shircliff is the founder and Chief Executive Officer of Clinworth Management Corp., a private company, which provides management, acquisition, divestiture and corporate development services to a wide range of clients. Clinworth most recently has been working with and advising clients in the areas of acquisitions, strategy, resources, retail, real estate and construction. In addition to industry clients, Clinworth continues to advise First Nations and their economic development entities on strategy, negotiation and growth opportunities.

The Company also announces that it has granted incentive stock options to Directors and Advisors of the Company to purchase up to 400,000 common shares of the Company pursuant to the Company’s share option plan. The options are exercisable for a period of three years at a price of $0.47 per share.

CanAlaska CEO, Cory Belyk, comments; “On behalf of the Board, it is my pleasure to welcome Karen, Geoff and Shane to the CanAlaska team. Each bring a depth of local and global knowledge across a multitude of industries, which will assist CanAlaska along its journey to discover the carbon-free energy sources that are now in demand world-wide.”

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 214,000 hectares (530,000 acres), in Canada’s Athabasca Basin – the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

On behalf of the Board of Directors
“Peter Dasler”
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: [email protected]

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Release – Capstone Green Energy Wins Multiple Contracts With Wastewater Treatment Plants in Austria and Germany

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Capstone Green Energy Wins Multiple Contracts With Wastewater Treatment Plants in Austria and Germany

 

VAN NUYS, CA / ACCESSWIRE / July 28, 2021 / Capstone Green Energy Corporation(www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), announced today that it received orders for several different customers in Austria and Germany to provide its microturbines as part of upgraded and expanded systems at multiple industrial and wastewater treatment plants. The orders, secured by long-time Capstone distributor Wels Strom, are expected to provide reliable, low maintenance energy for these critical infrastructure sites, several of which are repeat Capstone customers.

A total of eight C65 Microturbines and five C30s have been ordered. Five of the C65s will run on biogas and three on natural gas, while the C30s will all run on biogas. Because biogas is a waste byproduct that would otherwise need to be flared at these sites, the systems are expected to reduce emissions, while also saving on fuel costs.

In addition to the microturbine purchases, several customers have already signed 5- or 10-year service contracts provided by Capstone’s Factory Protection Plan (FPP). Through the FPP, maintenance costs are fixed, and both planned and unplanned repairs are covered for the life of the contract, thereby maintaining high performance and limiting long-term system costs.

“One of the big lessons of the global pandemic for these kinds of critical infrastructure sites was that they needed to operate without interruption, and often with limited personnel,” said Leopold Berger, Head of Energy Systems at Wels Strom. “So when it came to reliability and remote monitoring capabilities, Capstone Green Energy was the ideal choice,” added Mr. Berger.

“These orders are a healthy sign that our market is starting to rebound in Europe, in this case, specifically, Austria and Germany,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “As we work with prospective customers on their near-term and long-term energy goals, we’re finding that there is greater interest in finding solutions that address both the issues of power security and the environment. For those reasons, wastewater treatment facilities are prime candidates for these types of system upgrades,” concluded Mr. Jamison.

About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: [email protected]. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
[email protected]

SOURCE: Capstone Green Energy Corporation

Seanergy Maritime (SHIP) – Another Acquisition Closed, Leaving One to Go

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Wednesday, July 28, 2021

Seanergy Maritime (SHIP)
Another Acquisition Closed, Leaving One to Go

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

    One Cape delivery down, one to go. The acquisition of the Friendship, a 2009—built Cape, closed, which leaves only the Worldship closing to go. Debt of $13.0 million at Libor plus 300 bps was approved by an existing lender, with debt amortization of $2.8 million in year one, $1.5 million in years two through four and a balloon payment of $5.7 million due in 2025.

    2Q2021 results BMO out on July 29th and call scheduled for 10am EST.  Call number is 877-870-9135 and code is 5697340. EBITDA estimate is $10.1 million based on TCE rates of $19.5k/day …



This 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. 

Palladium One Mining Inc. (NKORF)(PDM:CA) – Tyko Nickel-Copper Project Area Enlarged with Purchase and Earn-In Agreements

Posted on by Admin

Wednesday, July 28, 2021

Palladium One Mining Inc. (NKORF)(PDM:CA)
Tyko Nickel-Copper Project Area Enlarged with Purchase and Earn-In Agreements

Palladium One Mining Inc is a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa and Kostonjarvi PGE-Cu-Ni projects, located in north-central Finland and the Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu properties in Ontario, Canada. LK is targeting disseminated sulphide along 38 kilometers of favorable basal contact. The KS project is targeting massive sulphide within a 20,000-hectare land package covering a regional scale gravity and magnetic geophysical anomaly. Tyko is a 13,000-hectare project targeting disseminated and massive sulphide in a highly metamorphosed Archean terrain. Disraeli is a 2,500-hectare project targeting PGE-rich disseminated and massive sulphide in a highly productive Proterozoic mid-continent rift.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

    Expansion of the Tyko project. The Tyko Nickel-Copper project area has been increased to 24,550 hectares from 20,100 hectares with the purchase of new claims representing 3,500 hectares, along with two separate earn-in agreements representing an additional 950 hectares. These acquisitions follow the completion of the Phase II drill program which revealed high-grade nickel intercepts and significant exploration potential.

    Airborne geophysical survey completed.  An airborne versatile time-domain electromagnetic (VTEM) survey has been completed across the entire Tyko project. A key focus of the program is to trace the Smoke Lake sulphide lens to depth and identify the source of sulphide mineralization, along with identifying other zones of nickel-copper sulphide mineralization on the Tyko property. The results will be …



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) – Flotek Leases Out Part of Its Facilities

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Wednesday, July 28, 2021

Flotek Industries (FTK)
Flotek Leases Out Part of Its Facilities

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.

    Flotek announced a long-term agreement with Resolute Oil to lease out its 15-acre blending facility in Waller, TX. Terms of the agreement were not announced. Resolute will use the facility to blend white mineral oil which is used in a variety of industries from agriculture to food to cosmetics. Resolute will have the right to upgrade the facilities (perhaps to manufacture products for Kosher foods) and the option to renew the lease until 2036.

    The lease should not affect Flotek’s current operations.  Flotek has six operating facilities. Flotek’s other operating facilities are located in Texas (2), Oklahoma, Canada, and Europe. We do not believe the lease of the Waller plant will have an adverse impact on its ability to manufacture its oil service and cleaning products at current levels. By leasing out the facilities instead of selling …



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.