Author: Admin

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QuickChek – April 30, 2021

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Milestone Reached as Gevo Breaks Ground on Renewable Natural Gas Project in Northwest Iowa

Gevo announced that is has officially broken ground on the Renewable Natural Gas Project, located in Northwest Iowa, which will generate RNG captured from dairy cow manure

Research, News & Market Data on Gevo

Watch recent presentation from NobleCon17



Online Media is Within an Hour of Becoming Main-Stream Media

Have you guessed which outlet has grown by 460% ?


Bert Alfonso Named Executive Vice President and CFO

Information Services Group announced that David Berger, Executive VP and CFO, will retire after nearly 12 years of service with the firm and that Humberto “Bert” Alfonso has been named to succeed him, effective June 7

Research, News & Market Data on Information Services Group

Watch recent presentation from NobleCon17



Aurania Confirms New Discovery That Extends Tiria-Shimpia to 22km

Aurania Resources Ltd. reports on the discovery of Shimpia North, an area in which elevated metal values have been found in streams draining a ridge that is seven kilometres long. Shimpia North is an extension to the high-grade silver-zinc-lead mineralization at Tiria-Shimpia in the Company’s Lost Cities – Cutucu Project in southeastern Ecuador.

Research, News & Market Data on Aurania Resources

Watch recent presentation from NobleCon17

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Online Media is Within an Hour of Becoming Main-Stream Media

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Online Media is Within an Hour of Becoming Main-Stream Media

 

The clock is ticking on broadcast radio and TV as the technology is becoming dated relative to the greatly accelerated use of mobile devices and growth (albeit slower) of desktop computing.

Since 2011, media consumption for U.S. adults is up 20% across all categories.

One of those categories has grown by 460%. To have earned that growth, quite a bit of erosion was from TV and traditional radio.

Have you guessed which outlet has grown so dramatically?

An average of 4 hours and 12 minutes is spent on mobile devices compared to only 45 minutes just ten years ago.

Take a look at the graphic below; it demonstrates just how quickly habits change.

 

Graphics by Visual Capitalist

 

From a business perspective, adaption is key to growth and critical for survival.  In this case, understanding and satisfying changing audience preferences need to be part of the business plans of all doing business in the industry(s) represented above.

Photo by Allen, no changes were made

What’s the Future of Media Consumption

Esports Investors Better Able to Evaluate Stocks


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Information Services Group (III) – ISG Announces David Berger to Retire as CFO in June; Bert Alfonso Named Executive Vice President and CFO

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ISG Announces David Berger to Retire as CFO in June; Bert Alfonso Named Executive Vice President and CFO

 

Alfonso Brings Extensive Financial, Capital Markets and Global M&A Experience to ISG

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, announced today that David Berger, executive vice president and chief financial officer, will retire after nearly 12 years of service with the firm and that Humberto “Bert” Alfonso has been named to succeed him, effective June 7.

Berger will remain with the firm for several months in an advisory role to assist in ongoing M&A projects and to support the transition. He joined ISG in 2009 as executive vice president and CFO and played a pivotal role in helping grow ISG through his financial stewardship of the firm and his work on a series of strategic acquisitions.

“On behalf of my ISG colleagues, I want to extend my deepest gratitude to David for his long and valued service to ISG,” said Michael P. Connors, chairman and CEO. “David has been a strong partner and advisor to me and our executive team and has made many contributions to our success over the last 12 years, including building a world-class finance and legal organization to support our growth plans. I want to thank David for his thoughtful retirement transition planning and his support over the coming months. We wish him and his family much happiness in their next chapter.”

Alfonso is a global senior executive with over 30 years of operating and finance experience with such distinguished companies as Hershey, Cadbury Schweppes and Pfizer. He spent 10 years with The Hershey Company in executive roles, including chief financial officer and president of Hershey International. Alfonso has a proven track record of driving growth, both organically and through mergers and acquisitions, building high-performance teams and creating shareholder value.

Alfonso will be responsible for all areas of finance, legal affairs and M&A for ISG, reporting to Connors, and will join the ISG executive leadership team.

“I am delighted to welcome Bert to ISG,” said Connors. “Bert and I have known each other for 10 years and I have been impressed with his business acumen and vast array of experience. His global operating leadership as a CEO, his service as a CFO of a multibillion-dollar company, his M&A accomplishments and his experience leveraging technology services to support business operations will be extremely valuable to ISG as we accelerate our growth coming out of the pandemic. Bert’s character, integrity and demeanor are an excellent fit for our growth ambitions.”

Alfonso most recently was the CEO of Yowie Group, a global brand licensing company specializing in the development of consumer products and listed on the Australian Securities Exchange. Prior to Hershey, he was executive vice president and CFO of Cadbury Schweppes Americas beverages and vice president and CFO of the Adams Division of Pfizer.

A native of Cuba, Alfonso has lived in Argentina, Canada, Puerto Rico, the U.K. and the U.S. He holds an MBA degree in marketing and a bachelor’s degree in accounting from Rutgers University. Alfonso is a certified public accountant and serves on the Board of Directors of the NYSE-listed Eastman Chemical Company and is chairman of the Board’s audit committee.

About ISG

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

Source: Information Services Group

Regulation of a SPAC

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Regulation of a Special Purpose Acquisition Company
(Part of a Channelchek Series on SPACs)

 

The primary U.S. regulator of publicly traded securities is the Securities and Exchange Commission (SEC). Their role is threefold; they’re responsible for protecting investors, maintaining the fair and orderly function of securities markets, and facilitate capital formation. SPACS are certainly part of capital formation, they are an investment vehicle, and they are traded on securities markets. So SPACs hit squarely on all three main responsibilities. If that isn’t enough to place the regulator as first in line for oversight (state laws, accounting rules, OCC regs could also apply), the SEC also promotes full public disclosure, protects investors against fraudulent and manipulative practices, and monitors corporate takeover actions. It also approves registration statements for bookrunning at underwriting firms. Combined, this places them solidly as the regulator overseeing special purpose acquisition corporations.

Although SPACs are not new offering types, the increased enthusiasm among both sponsors and investors over the past year has caused the SEC to increase their attention on all aspects of the SPAC lifecycle including sales and post-merger or acquisition trading. Regulation of a Special Purpose Acquisition Corporation is the third of a Channelchek series on SPACs. From this installment, you should better understand some of the heightened or unique considerations the SEC has regarding SPACs, including:

  • The unprecedented surge, celebrity-sponsored SPACs, and innovative non-standard SPAC structures
  • Disclosure and information made publicly available so holders and investors are best prepared to make informed investment and voting decisions
  • How SPACs differ from traditional IPOs and whether or not they should
  • Accounting treatment of warrants 

As unique as many aspects of everyone’s work lives have been over the past 13 months, the SEC has had its own unprecedented, out-of-the-blue situations to quickly analyze, understand and determine if actions should be taken to protect investors. This could include “meme-investors” and the market gyrations they promote, broker-dealers halting trading on issues; the SEC halted trading activity in 15 firms themselves, and also an unprecedented surge in SPAC IPOs coming to market.

As it relates to the SPAC IPOs, for the whole process, including after the de-SPAC stage, the SEC has indicated it has some concerns. They have made it clear they are paying attention and they have issued some changes that may reduce the boiling pace of SPAC creation, to a more manageable and sustainable simmer. 

 

SEC Concerns

The SEC in its role of overseeing trading, has issued guidance, voiced some concerns, and changed the way accounting is handled of an important part of the sponsors’ compensation.  Applying existing regulation and making sure safeguards are in place is designed to be good for everyone involved, here we’ll look at concerns that seem to have moderated the SPAC IPO pace for now.

Concerns they have communicated include risks from fees, conflicts of interest, sponsor compensation, celebrity sponsorship and the potential for retail participation drawn by hype, and the sheer amount of capital pouring into SPACs, each of which is designed to hunt for a private target to take public. There is a finite number of targets and presumably a slow level of potential new targets being “born.”

The Securities and Exchange Commission staff are looking at the filing process and disclosures by SPACs and their private targets. According to the SEC, staff professionals are reviewing these filings and may seek clearer disclosure when guidance is provided to registrants and the public. They are focusing their “places for improvement” efforts on SPAC and private target disclosure to allow for the public to make informed investment and voting decisions about SPAC transactions.

An issue they have expressed is that they believe evaluation has been a little different with some SPACs. They have said that forward-looking statements and future expected cash flows are generally considered more important when evaluating a deal rather than what celebrity may be touting the future prospect or other possible hype.  Forward-looking information needs a solid basis to have utility, they suspect putting a celebrity out front as the face of a SPAC may give undo credibility for success. The SEC is concerned that the nature of the transactions relative to a more standard IPO of a private company lends itself to increased levels of speculation and could open the door to fraud. This is especially true if “stars” are brought in to garner attention and also because there is an urgency and time factor that could rush judgment. The issue is heightened not because of cases of misuse of information and projections but because with the sheer amount and size of the transactions may invite potential misuse.  

The SEC is also looking at the trading that goes on at the time of the business combination. Many shares are sold at that time and then wind up in the hands of others.  In other words, many investors in the SPAC’s own initial offering are not the investors in the ultimate public company’s new financial structure and business operations. The SEC has decided that if a major shift in ownership is occurring in most SPACs, just before and after de-SPAC, they should view it as a new speculative entity. Almost as though it is a whole new process.  They’re looking at this with the question in mind, “are additional safeguards needed?”

 

 

Accounting

On April 12, 2021, the SEC released a statement titled Staff
Statement on Accounting and Reporting Considerations for Warrants
Issued by SPACs. The statement clarified that SPAC warrants with certain common features must be booked as liabilities rather than equity. The SEC suggested the warrants, typically considered compensation to sponsors for the risks they’ve taken and costs they’ve endured, are not equity. They recommend these be restated as debt in most of the common configurations. This is important as it changes the balance sheet of the operating company and it alters the nature of the warrants, which often trade as equities in addition to SPAC shares.

 

Other Information

It’s important to understand that the SEC is neutral. They want to understand what disclosures investors need so they may make informed investment and voting decisions. It is one of their critical functions to make sure investor information is reliable and not materially misleading (in every securities transaction). They want investors to have unfettered access to information – and then be free to make their own decisions about how to invest or vote. In the case of SPACs, although the SECs high-profile review may have slowed the process, their intent is to make sure all the proper protections are in place.

 

Suggested Reading

Lifecycle of a SPAC

Analysis of a SPAC



Do Microcap Stocks Provide Better Diversification?

SPAC Activity Accelerating in 2020

 

Sources

https://www.sec.gov/news/public-statement/munter-spac-20200331
https://www.cnbc.com/2021/01/30/what-is-a-spac.html

https://www.sec.gov/oiea/investor-alerts-and-bulletins/celebrity-involvement-spacs-investor-alert

https://news.crunchbase.com/news/athletes-and-celebrities-join-the-spac-boom-sec-takes-notice/

https://www.sec.gov/news/public-statement/accounting-reporting-warrants-issued-spacs

https://www.sec.gov/news/public-statement/division-cf-spac-2021-03-31

https://www.sec.gov/corpfin/disclosure-special-purpose-acquisition-companies

https://www.thestreet.com/investing/sec-halts-trading-in-15-firms-due-to-questionable-market-moves

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Release – Aurania Resources Ltd. (AUIAF)(ARU:CA) – Confirms New Discovery That Extends Tiria-Shimpia to 22km

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Aurania Confirms New Discovery That Extends Tiria-Shimpia to 22km

Toronto, Ontario, April 30, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports on the discovery of Shimpia North, an area in which elevated metal values have been found in streams draining a ridge that is seven kilometres (“km”) long.  Shimpia North is an extension to the high-grade silver-zinc-lead mineralization at Tiria-Shimpia in the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.  Shimpia North extends the Tiria-Shimpia target from 15 km to a total length of 22 km.

Outcropping mineralization in the first reconnaissance exploration in this new area gave a grade of 40 grams per tonne (“g/t”) silver in an extensively weathered gossan (iron-rich residue that remains after intense weathering of sulphide-rich rock) and, among other samples, a boulder of barite in a stream returned 19g/t silver, 6.5% lead and 1.1% zinc.

Aurania’s Chairman & CEO, Dr. Keith Barron commented, “Shimpia North appears to have the same character, style and mineralization type as Tiria-Shimpia, though it is displaced to the northwest.  I consider it to be part of the same system. This may be the distal expression of the copper/silver -in-sediment system we have traced further to the south across country for 23 kilometres.  In any case, the Cutucu is proving to be a rare case of a metal-rich basin, that though uplifted and exposed has appeared to not be eroded to significant extent.  The siliceous sinters we find at Kuri-Yawi are evidence of the original land surface in the Jurassic, when we expect the mineralizing event took place.  What I find astounding is that Cretaceous and younger cover rocks have been stripped off to just the right erosional level to expose mineralization.  Otherwise, we would never have guessed it was there.  Equally significant, our very large land parcel has allowed us to piece this story together.  If we had had a postage stamp type parcel, we never would have guessed the magnitude of these mineralizing systems.  Serendipity has worked in our favour.”

Rock-chip and stream sediment sampling that highlights the extent of the mineralized zone, corresponds closely with high potassium detected in radiometric data from the Company’s geophysical survey completed in 2017.  The potassium enrichment feature extends approximately 10 km beyond the area investigated so far (Figure 1), providing an invaluable exploration guide to finding possible further extensions of the mineralized system.  Though it is not yet confirmed, it is believed the potassium mineral is langbeinite, a potassium magnesium sulphate which could potentially occur with the other sulphates like barite, celestite, or gypsum.  The Company has commenced selection of drill sites at the Tiria-Shimpia target area and expects to begin drilling in this quarter.

Geological Details of the Area Sampled at Shimpia North

The mineralization is sediment-hosted, found parallel to the sedimentary layering in limestone intercalated with sandstone.   Hard rock samples contain galena (lead sulphide) and sphalerite (zinc sulphide) with barite (barium sulphate) and celestite (strontium sulphate).   Gossan, weathered rock in which the sulphide minerals have been removed by oxidation to leave an iron oxide residue, has also been encountered.  Although zinc and lead would have been leached out of the gossans, these residues allow us to map out the original extent of the sulphide-rich layers at surface, which could guide us to fresh, sulphide-rich rock below the weathered zone as illustrated in Figure 2.

 

Figure 1.  Image of potassium radiometric data from the geophysical survey that Aurania carried out over the Lost Cities – Cutucu Project in 2017 showing the distribution of silver in rock-chip samples and lead in stream sediment samples.  (Red and purple are areas rich in potassium, blue and green have little potassium). Lead was selected to demonstrate the extent of the Tiria-Shimpia and Shimpia North target areas because it is not easily leached – hence its distribution provides a footprint that is faithful to the extent of the mineralization.

 

Table 1.  Selected analytical results for grab samples of rocks from the Shimpia target (Ag is silver, Pb is lead and Zn is zinc).

 

 

 

Figure 2.  Gossan found on the jungle floor was excavated to reveal fresh, sulphide-bearing mineralization below the weathered layer at Shimpia North.

 

Sample Analysis & Quality Assurance / Quality Control
(“QAQC”)

Laboratories: The stream and rock samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200-gram (“g”) split was set aside for analysis.

The stream sediment samples were wet-sieved through a 20 mesh (0.84mm) screen in the field and placed in cloth bags so that excess water could drain.  The samples were transported from the field to Aurania’s field office in Macas, Ecuador and batched for delivery to at MSA in Cuenca, for drying and screening at 80 mesh (0.18mm sieve aperture).  The -80 mesh silt was packaged by MSA for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp or -80# soil underwent four-acid digestion and analysis for 48 elements by ICP-MS.  For the over-limit samples, those that had a grade of greater than 1% lead and zinc, or 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

Stream sediment: a 0.5g split of the -80 mesh fraction of the stream silt underwent digestion with aqua regia and the liquid was analyzed for 48 elements by ICP-MS.

Apart from being analyzed by ICP-MS, gold was also analyzed by fire assay with an ICP-AES finish.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

 

For further information, please contact:

Carolyn Muir

VP Investor Relations

Aurania Resources Ltd.

(416) 367-3200

[email protected]

 

Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367-3200

[email protected]

 

Neither the 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 Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Release – Information Services Group (III) – ISG Announces David Berger to Retire as CFO in June; Bert Alfonso Named Executive Vice President and CFO

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ISG Announces David Berger to Retire as CFO in June; Bert Alfonso Named Executive Vice President and CFO

 

Alfonso Brings Extensive Financial, Capital Markets and Global M&A Experience to ISG

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, announced today that David Berger, executive vice president and chief financial officer, will retire after nearly 12 years of service with the firm and that Humberto “Bert” Alfonso has been named to succeed him, effective June 7.

Berger will remain with the firm for several months in an advisory role to assist in ongoing M&A projects and to support the transition. He joined ISG in 2009 as executive vice president and CFO and played a pivotal role in helping grow ISG through his financial stewardship of the firm and his work on a series of strategic acquisitions.

“On behalf of my ISG colleagues, I want to extend my deepest gratitude to David for his long and valued service to ISG,” said Michael P. Connors, chairman and CEO. “David has been a strong partner and advisor to me and our executive team and has made many contributions to our success over the last 12 years, including building a world-class finance and legal organization to support our growth plans. I want to thank David for his thoughtful retirement transition planning and his support over the coming months. We wish him and his family much happiness in their next chapter.”

Alfonso is a global senior executive with over 30 years of operating and finance experience with such distinguished companies as Hershey, Cadbury Schweppes and Pfizer. He spent 10 years with The Hershey Company in executive roles, including chief financial officer and president of Hershey International. Alfonso has a proven track record of driving growth, both organically and through mergers and acquisitions, building high-performance teams and creating shareholder value.

Alfonso will be responsible for all areas of finance, legal affairs and M&A for ISG, reporting to Connors, and will join the ISG executive leadership team.

“I am delighted to welcome Bert to ISG,” said Connors. “Bert and I have known each other for 10 years and I have been impressed with his business acumen and vast array of experience. His global operating leadership as a CEO, his service as a CFO of a multibillion-dollar company, his M&A accomplishments and his experience leveraging technology services to support business operations will be extremely valuable to ISG as we accelerate our growth coming out of the pandemic. Bert’s character, integrity and demeanor are an excellent fit for our growth ambitions.”

Alfonso most recently was the CEO of Yowie Group, a global brand licensing company specializing in the development of consumer products and listed on the Australian Securities Exchange. Prior to Hershey, he was executive vice president and CFO of Cadbury Schweppes Americas beverages and vice president and CFO of the Adams Division of Pfizer.

A native of Cuba, Alfonso has lived in Argentina, Canada, Puerto Rico, the U.K. and the U.S. He holds an MBA degree in marketing and a bachelor’s degree in accounting from Rutgers University. Alfonso is a certified public accountant and serves on the Board of Directors of the NYSE-listed Eastman Chemical Company and is chairman of the Board’s audit committee.

About ISG

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

Source: Information Services Group

Release – Gevo (GEVO) – Milestone Reached as Gevo Breaks Ground on Renewable Natural Gas Project in Northwest Iowa

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Milestone Reached as Gevo Breaks Ground on Renewable Natural Gas Project in Northwest Iowa

 

ENGLEWOOD, Colorado – April 30, 2021
– Gevo, Inc. (NASDAQ: GEVO), announced today that is has officially broken ground on the Renewable Natural Gas (“RNG”) Project, located in Northwest Iowa, which will generate RNG captured from dairy cow manure.

“Breaking ground on this project is an exciting step in bringing Gevo’s Net-Zero strategy closer to life,” said Dr. Patrick Gruber, CEO of Gevo. “Upon completion of the project in 2022, the digesters are anticipated to generate approximately 355,000 MMBtu of RNG per year and reduce significant quantities of methane, a potent greenhouse gas, from being released into the atmosphere. After the methane is extracted from the processed manure, the remaining solids will be returned to the farmers as soil nutrients for use as fertilizer. This will allow the farmers to reduce their raw manure application, which will improve odor, water quality and nutrient management practices.”

 

About Gevo

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

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

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

 

Forward-Looking Statements

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

 

Investor and Media Contact
+1 720-647-9605
[email protected]

Esports Investors are Now Better Able to Evaluate Performance Comparisons

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Investors are Handed More Tools to Evaluate Esports and iGaming Performance

 

As the esports, gaming, and iGaming sector of digital media and technology grow, so does investor interest and the attention paid to measuring its performance relative to other media and technology sectors. Measurement tools now include indexes that can be used as a proxy for the industry segment to assist investors in determining the segment’s performance relative to other business sectors or to understand how well a company did relative to those operating in the same industry.

 

Indexes Worth Attention

Last year on April 30, Roundhill Investments launched what they say is the first iGaming index. The Roundhill Sports Betting & iGaming Index is designed to track the performance of the sports betting and iGaming industry globally. The Index consists of a tiered weight portfolio of internationally listed companies that are involved in the sports betting & iGaming industry.   The index’s valuation increased by 17.92% during the first quarter of 2021. By comparison, the S&P 500 index experienced a 6.2% increase.  The two largest weightings represented  8.77%, they are Entain PLC (ENT LN) and DraftKings, Inc. (DKNG).

In the category of esports, MVIS introduced their Global Video Gaming & eSports Index in July of 2018, with a full look back to January 2015. This index’s universe weighs less on gambling-associated companies — focusing primarily on those with at least 50% of their revenues from video gaming and/or eSports. This includes developers and related software/hardware, streaming services, and those involved in eSports events. The index declined 2.7% over the first quarter. There are currently 25 components in the measurement, the top two holdings have a weighting of 16.54%, they are NVIDIA Corp. (NVDA) and Sea Ltd. (SE).

A more inclusive index was launched at the start of 2021 by Noble Capital Markets. Details of the Noble Esports and iGaming Index, which includes components of the other two indexes are found in a recently released report. According to their Digital, Media &
Entertainment Industry Quarterly Report from April 19 written by Michael Kupinski, Director of Research, the index is now formulated by 16 publicly traded companies, with the two largest companies in the sector, Flutter Entertainment (ISE: FLTRl) and DraftKings (ticker DKNG). 

The Esports/Gaming Noble Index added 42.7% in the first quarter of 2021. The esports and iGaming section of the report drilled down and discussed strong performance by some of the index components, including Draft Kings, up 32.7% and BRAG, up 47%, The strongest stock performances within the Noble Esports and iGaming Index were from AESE, up 82.3%, SLGG, up 148.8%, SCR, up 124.5%, EGLX, up 106.2%, and, finally, GMBL (eSports Entertainment), Noble very closely follows, was up 136.4%.

 

 

Take-Away

Sports is changing in much the same way communication, media, transportation, and other industries have evolved to include new outlets. At some point, the new subsets reach a tipping point, and best serve investors if they have their own separate sets of measures. After all, as with all change, they may provide opportunities for investors. The different approaches by Roundhill Investments, MVIS, and Noble Capital Markets also help investors better grasp where performance has been and where strength and weakness can be capitalized on.

 

Suggested Content:

eSports Entertainment Group, NobleCon17 Presentation (Video)

eSports Entertainment Group Virtual Road Show (Video)



Esports: Show me the Money!

What’s the Future of Entertainment Consumption?

 

Sources:

Noble, Digital, Media & Entertainment Industry Quarterly Report

Roundhill Sports Betting & iGaming Index

MVIS Video Gaming and Esports

 

Photo Credit: Helix eSports 

 

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Allegiant Gold (AUXXF)(AUAU:CA) – Completes 9 Hole 3800 Metre Drill Program Near Original Pit Zone At Eastside

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Allegiant Gold Completes 9 Hole, 3800 Metre Drill Program Near Original Pit Zone At Eastside

 

Reno, Nevada / April 29, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is very pleased to announce the completion of a 9-hole drill program (approximately 3,800 metres) near the Original Pit Zone at Eastside, our flagship project, 30 km northwest of Tonopah, NV.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have completed the recent drill program which was conducted on the western flank of the Original Pit Zone. Our initial objectives for this drill program were three-fold: First, to test the perspectivity of the western flank immediately outside the Original Pit Zone. Second, test deeper targets within the Original Pit Zone. Third, potentially expand the pit wall leading to a reduced strip ratio in the Pit Zone. We expect to release a summary of all assays upon receipt and analysis. Furthermore, we expect to provide a more thorough corporate update in the near future.”

Allegiant continues to develop and expand upon our inferred resource base of 57 million tonnes grading 0.54 g au/t (approx. 1 million gold ounces inferred) at Eastside. Over the past six months, Allegiant has now drilled approximately 10,000 metres at Eastside including 6,000 metres in the Castle Area and 3,800 metres nearby the Original Pit Zone

Graph 1: Map of Eastside
https://www.allegiantgold.com/nr/2020-01-27-map.pdf

Qualified Person

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

About Allegiant

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

[email protected]

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

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Source: Allegiant Gold

Research coverage of Allegiant Gold (AUXXF) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent AUXXF report for more information.

Gray Television (GTN) – Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

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Gray Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

 

ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today reached an agreement to divest certain television stations currently owned by Quincy Media, Inc. (“Quincy”) to Byron Allen’s Allen Media Broadcasting, LLC (“Allen Media”) for $380 million dollars in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks including The Weather Channel and the free-streaming service Local Now. Allen Media Group was founded by Byron Allen in 1993.

Earlier this year, Gray reached an agreement to acquire Quincy for $925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell to Allen Media the following television stations currently owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station:

KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
WKOW (ABC), Madison, Wisconsin (DMA 81)
WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois (DMA 84)
KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
WREX (NBC), Rockford, Illinois (DMA 139)

Gray’s acquisition of Quincy and Gray’s sale of the foregoing Quincy stations to Allen Media will close simultaneously. As such, at no time will Gray own, control or operate any of the divestiture television stations. Gray expects to close these transactions following receipt of regulatory and other approvals in the third quarter of 2021.

“I truly appreciate Gray and Quincy, two of the best broadcast groups in the business, working with us to acquire and transfer these amazing assets. Over the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates,” said Byron Allen, Founder/Chairman/CEO of Allen Media Group. “We plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and FOX television stations over the next two years with the goal of being the largest broadcast television group in America. All of our media assets, including these broadcast television stations, will work in concert to amplify our free-streaming service, Local Now.”

“We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship,” said Gray’s Executive Chairman and CEO Hilton H. Howell.

About Gray Television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisition of Quincy Media, Inc., Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

Wells Fargo Securities, LLC served as financial advisor to Gray.

About Allen Media Group / Entertainment Studios

Chairman and CEO Byron Allen founded Allen Media Group/Entertainment Studios in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, and Raleigh. Allen Media Group owns 23 ABC-NBC-CBS-FOX network affiliate broadcast television stations and ten 24-hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns LOCAL NOW and THE GRIO free-streaming AVOD services, powered by THE WEATHER CHANNEL and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group also produces, distributes, and sells advertising for 67 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. Allen Media Group International Television continues to extend its corporate branding and content around the globe. It currently has active license agreements and programming in South Africa, The United Arab Emirates, Australia, The Bahamas, Canada and New Zealand. With a library of over 5,000 hours of owned content across multiple genres, Allen Media Group provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.

Entertainment Studios Motion Pictures is a full-service, theatrical motion picture distribution company specializing in wide release commercial content. ESMP released 2017’s highest-grossing independent movie, the shark thriller 47 METERS DOWN, which grossed over $44.3 million. In 2018, ESMP also released the critically-acclaimed and commercially successful Western HOSTILES, the historic mystery-thriller CHAPPAQUIDDICK and the sequel to 47 METERS DOWN, 47 METERS DOWN: UNCAGED. The digital distribution unit of Entertainment Studios Motion Pictures, Freestyle Digital Media, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team, Freestyle Digital Media is a true home for independent films.

In 2016, Allen Media Group purchased The Grio, a highly-rated digital video-centric news community platform devoted to providing AfricanAmericans with compelling stories and perspectives currently underrepresented in existing national news outlets. The Grio features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 100 million annual visitors. For more information, visit: www.entertainmentstudios.com

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Allen Media Group Contact:
Eric Peterkofsky
Allen Media Group/Entertainment Studios
310-277-3500 x124 [email protected]

Source: Gray Television

Release – Gray Television (GTN) – Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

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Gray Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

 

ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today reached an agreement to divest certain television stations currently owned by Quincy Media, Inc. (“Quincy”) to Byron Allen’s Allen Media Broadcasting, LLC (“Allen Media”) for $380 million dollars in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks including The Weather Channel and the free-streaming service Local Now. Allen Media Group was founded by Byron Allen in 1993.

Earlier this year, Gray reached an agreement to acquire Quincy for $925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell to Allen Media the following television stations currently owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station:

KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
WKOW (ABC), Madison, Wisconsin (DMA 81)
WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois (DMA 84)
KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
WREX (NBC), Rockford, Illinois (DMA 139)

Gray’s acquisition of Quincy and Gray’s sale of the foregoing Quincy stations to Allen Media will close simultaneously. As such, at no time will Gray own, control or operate any of the divestiture television stations. Gray expects to close these transactions following receipt of regulatory and other approvals in the third quarter of 2021.

“I truly appreciate Gray and Quincy, two of the best broadcast groups in the business, working with us to acquire and transfer these amazing assets. Over the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates,” said Byron Allen, Founder/Chairman/CEO of Allen Media Group. “We plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and FOX television stations over the next two years with the goal of being the largest broadcast television group in America. All of our media assets, including these broadcast television stations, will work in concert to amplify our free-streaming service, Local Now.”

“We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship,” said Gray’s Executive Chairman and CEO Hilton H. Howell.

About Gray Television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisition of Quincy Media, Inc., Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

Wells Fargo Securities, LLC served as financial advisor to Gray.

About Allen Media Group / Entertainment Studios

Chairman and CEO Byron Allen founded Allen Media Group/Entertainment Studios in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, and Raleigh. Allen Media Group owns 23 ABC-NBC-CBS-FOX network affiliate broadcast television stations and ten 24-hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns LOCAL NOW and THE GRIO free-streaming AVOD services, powered by THE WEATHER CHANNEL and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group also produces, distributes, and sells advertising for 67 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. Allen Media Group International Television continues to extend its corporate branding and content around the globe. It currently has active license agreements and programming in South Africa, The United Arab Emirates, Australia, The Bahamas, Canada and New Zealand. With a library of over 5,000 hours of owned content across multiple genres, Allen Media Group provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.

Entertainment Studios Motion Pictures is a full-service, theatrical motion picture distribution company specializing in wide release commercial content. ESMP released 2017’s highest-grossing independent movie, the shark thriller 47 METERS DOWN, which grossed over $44.3 million. In 2018, ESMP also released the critically-acclaimed and commercially successful Western HOSTILES, the historic mystery-thriller CHAPPAQUIDDICK and the sequel to 47 METERS DOWN, 47 METERS DOWN: UNCAGED. The digital distribution unit of Entertainment Studios Motion Pictures, Freestyle Digital Media, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team, Freestyle Digital Media is a true home for independent films.

In 2016, Allen Media Group purchased The Grio, a highly-rated digital video-centric news community platform devoted to providing AfricanAmericans with compelling stories and perspectives currently underrepresented in existing national news outlets. The Grio features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 100 million annual visitors. For more information, visit: www.entertainmentstudios.com

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Allen Media Group Contact:
Eric Peterkofsky
Allen Media Group/Entertainment Studios
310-277-3500 x124 [email protected]

Source: Gray Television

Release – Allegiant Gold (AUXXF)(AUAU:CA) – Completes 9 Hole 3800 Metre Drill Program Near Original Pit Zone At Eastside

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Allegiant Gold Completes 9 Hole, 3800 Metre Drill Program Near Original Pit Zone At Eastside

 

Reno, Nevada / April 29, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is very pleased to announce the completion of a 9-hole drill program (approximately 3,800 metres) near the Original Pit Zone at Eastside, our flagship project, 30 km northwest of Tonopah, NV.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have completed the recent drill program which was conducted on the western flank of the Original Pit Zone. Our initial objectives for this drill program were three-fold: First, to test the perspectivity of the western flank immediately outside the Original Pit Zone. Second, test deeper targets within the Original Pit Zone. Third, potentially expand the pit wall leading to a reduced strip ratio in the Pit Zone. We expect to release a summary of all assays upon receipt and analysis. Furthermore, we expect to provide a more thorough corporate update in the near future.”

Allegiant continues to develop and expand upon our inferred resource base of 57 million tonnes grading 0.54 g au/t (approx. 1 million gold ounces inferred) at Eastside. Over the past six months, Allegiant has now drilled approximately 10,000 metres at Eastside including 6,000 metres in the Castle Area and 3,800 metres nearby the Original Pit Zone

Graph 1: Map of Eastside
https://www.allegiantgold.com/nr/2020-01-27-map.pdf

Qualified Person

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

About Allegiant

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

[email protected]

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

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Source: Allegiant Gold

Research coverage of Allegiant Gold (AUXXF) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent AUXXF report for more information.

Release – 1-800-Flowers.com (FLWS) – Reports Record Revenue and Earnings Results for its Fiscal 2021 Third Quarter

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1-800-FLOWERS.COM, Inc. Reports Record Revenue and Earnings Results for its Fiscal 2021 Third Quarter

 

  • Total net revenues increased 70.1 percent to $474.2 million, compared with total revenues of $278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent.
  • Net Income for the quarter increased $11.1 million to $1.4 million, or $0.02 per share, compared with a net loss of $9.7 million, or a loss of $0.15 per diluted share in the prior year period. On an adjusted basis, net income for the quarter was $1.5 million, or $0.02 per share, compared with an adjusted net loss of $9.0 million, or a loss of $0.14 per share, in the prior year period.
  • Adjusted EBITDA1 for the quarter increased $17.8 million to $15.4 million, compared with a loss of $2.4 million in the prior year period.
  • Company guides to 10-to-15 percent revenue growth for its fiscal fourth quarter and approximately 40 percent for its full 2021 fiscal year. Company also states that it anticipates double-digit revenue growth will continue in its next fiscal year.


(1 Refer to “Definitions of Non-GAAP Financial Measures” and the tables attached at the end of this press release for reconciliation of Non-GAAP results to applicable GAAP results.)

CARLE PLACE, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading e-commerce provider of products and services designed to inspire more human expression, connection, and celebration, today reported results for its Fiscal 2021 third quarter ended March 28, 2021.

Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said “The record top and bottom-line results for our fiscal third quarter reflect the strength of the ecommerce platform that we have built to drive solid, sustainable growth. The strong results for the quarter represent a continuation of the momentum that we have been building over the past several years. In addition, the acceleration provided by COVID has resulted in profound shifts in consumer behavior that our massive database, strong brand portfolio, and leading-edge technology will turn into a new era of growth.

“Our highly scalable and leverageable business platform includes our all-star family of trusted brands, our advanced technology stack, our experience and expertise in digital marketing, our large and rapidly growing customer file, and our extensive manufacturing, distribution and logistics capabilities. We have continued to make significant investments in these areas to help drive strong organic growth while concurrently augmenting our capabilities and product selection with highly accretive acquisitions such as Personalization Mall.”

McCann said that in addition to the strong top and bottom-line performance during the quarter, the Company also continued to grow its customer file at a record pace. “We have continued to leverage our digital marketing programs to take advantage of the structural shift that consumers have made to ecommerce. As a result, we have added millions of new customers while driving increased purchase frequency from existing customers this year. In addition, we continue to see strong, double-digit growth in customers joining our Celebrations Passport® loyalty program, which now has more than 1 million members. Passport is a key driver of increased purchase frequency, customer retention, and customer lifetime value. The continuation of these positive trends further enhances our ability to deliver sustainable growth both near and longer term.”

Regarding the Company’s current fiscal fourth quarter, McCann said that the Company continued to see solid ecommerce demand in its 1-800-Flowers.com floral business through the first four weeks of the quarter. “We enter the fiscal fourth quarter with continued strong momentum and we expect double digit topline growth for the quarter despite the steep change in ecommerce growth which began in the prior year fourth quarter that we are now comparing against. That will put us on track to achieve over 
$2 billion of revenue in our current fiscal year.”

McCann concluded, “Based on our expectations for the fourth quarter, combined with what we see going forward, we anticipate driving double-digit growth in our next fiscal year.”

Third Quarter 2021 Financial Results

Total consolidated revenues increased 70.1 percent, or 
$195.4 million, to 
$474.2 million, compared with total consolidated revenues of 
$278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent. Revenue growth in the quarter included contributions from PersonalizationMall.com which the Company acquired in August 2020. Excluding the contribution from PersonalizationMall.com total net revenues increased 55.7 percent, compared with the prior year period.

Gross profit margin for the quarter increased 40 basis points to 38.9 percent, compared with 38.5 percent in the prior year period. Operating expenses as a percent of total revenues improved 340 basis points to 39.0 percent, compared with 42.4 percent in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and one-time transaction costs, operating expenses, as a percentage of total revenues improved 430 basis points to 38.8 percent in the quarter.

The combination of these factors resulted in an increase of 
$17.8 million, in Adjusted EBITDA to 
$15.4 million, compared with Adjusted EBITDA loss of 
$2.4 million in the prior year period. Net income for the quarter increased 
$11.1 million, to 
$1.4 million, or 
$0.02 per diluted share, compared with a net loss of 
$9.7 million, or 
$0.15 per share, in the prior year period. On an adjusted basis, net income for the quarter was 
$1.5 million, or 
$0.02 per share, compared with an adjusted net loss of 
$9.0 million, or a loss of 
$0.14 per share, in the prior year period.

Segment Results:

The Company provides selected financial results for its Gourmet Foods and Gift Baskets, Consumer Floral and Gifts, and BloomNet® segments in the tables attached to this release and as follows:

  • Gourmet Foods and Gift Baskets: Revenues for the quarter increased 82.7 percent, or 
    $79.3 million, to 
    $175.2 million, compared with 
    $95.9 million in the prior year period, reflecting strong ecommerce growth. Gross profit margin increased 500 basis points to 39.4 percent, compared with 34.4 percent in the prior year period reflecting reduced promotional marketing partially offset by increased labor and shipping costs. Segment contribution margin improved 293.4 percent, or 
    $18.4 million, to 
    $12.1 million, compared with a loss of 
    $6.3 million in the prior year period.
  • Consumer Floral and Gifts: Revenues in this segment increased 70.6 percent, or 
    $107.8 million, to 
    $260.4 million, compared with 
    $152.6 million in the prior year period. Excluding the contribution from PMall, revenues in this segment increased 44.3 percent compared with the prior year period. Gross profit margin decreased 150 basis points to 37.8 percent, compared with 39.3 percent in the prior year period, primarily reflecting higher shipping costs and weather-related costs incurred during the Valentine holiday period. Segment contribution margin increased 46.0 percent, or 
    $7.1 million, to 
    $22.5 million, compared with 
    $15.4 million in the prior year period. Excluding the contribution from PMall, segment contribution margin increased 15.3 percent, or 
    $2.4 million, compared with the prior year period.
  • BloomNet: Revenues for the quarter increased 27.7 percent to 
    $38.8 million, or 
    $8.4 million, compared with 
    $30.4 million in the prior year period. Gross profit margin was 44.3 percent, a decrease of 300 basis points compared with 47.3 percent in the prior year period, primarily reflecting product mix. Segment contribution margin increased 20.1 percent to 
    $12.0 million, or 
    $2.0 million, compared with 
    $10.0 million in the prior year period.

Company Guidance

  • The Company’s guidance for its fiscal fourth quarter ending June 27, 2021 is based on several factors including:
    • continued solid ecommerce demand in the 1-800-Flowers.com floral business that has carried into April combined with anticipated contributions from PMall, partially offset by the shift of some Easter revenues into the Company’s third quarter, and;
    • the challenging comparison with the prior year period which included record top and bottom-line growth resulting from the surge in ecommerce demand and significantly lower year-over-year digital marketing pricing associated with the initial impact of the COVID-19 pandemic.
  • As a result, the Company expects to achieve total consolidated revenue growth for its fiscal fourth quarter in a range of 10-to-15 percent, compared with the prior year period.
  • Based on this revenue growth, somewhat offset by higher digital marketing costs, the Company anticipates achieving Adjusted EBITDA for its fiscal fourth quarter in a range of 
    $25.0 million -to- 
    $30 million, compared with 
    $32.5 million in the prior year period, and EPS in a range of 
    $0.18-to-
    $0.20, compared with EPS of 
    $0.23 in the prior year period.
  • Combined with the results of its first three fiscal quarters, the Company anticipates achieving the following results for its full 2021 fiscal year:
    • Revenue growth of approximately 40 percent to total revenue for the year of more than 
      $2.0 billion compared with 
      $1.49 billion in the prior year.
    • Adjusted EBITDA in a range of 
      $208.0 million -to- 
      $213.0 million compared with 
      $129.5 million in the prior year,
    • EPS in a range of 
      $1.75 -to- 
      $1.80 compared with EPS of 
      $0.98 in the prior year, and
    • Free Cash Flow of more than 
      $100 million.


Definitions of non-GAAP Financial Measures:

We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with 
U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered “non-GAAP financial measures” under the 
U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

EBITDA and Adjusted EBITDA

We define EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of stock-based compensation, Non-Qualified Plan Investment appreciation/depreciation, and for certain items affecting period-to-period comparability. See Selected Financial Information for details on how EBITDA and Adjusted EBITDA were calculated for each period presented. The Company presents EBITDA and Adjusted EBITDA because it considers such information meaningful supplemental measures of its performance and believes such information is frequently used by the investment community in the evaluation of similarly situated companies. The Company uses EBITDA and Adjusted EBITDA as factors to determine the total amount of incentive compensation available to be awarded to executive officers and other employees. The Company’s credit agreement uses EBITDA and Adjusted EBITDA to determine its interest rate and to measure compliance with certain covenants. EBITDA and Adjusted EBITDA are also used by the Company to evaluate and price potential acquisition candidates. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of the limitations are: (a) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, the Company’s working capital needs; (b) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and EBITDA does not reflect any cash requirements for such capital expenditures. EBITDA and Adjusted EBITDA should only be used on a supplemental basis combined with GAAP results when evaluating the Company’s performance.

Segment Contribution Margin and Adjusted Segment Contribution Margin

We define Segment Contribution Margin as earnings before interest, taxes, depreciation and amortization, before the allocation of corporate overhead expenses. Adjusted Contribution Margin is defined as Contribution Margin adjusted for certain items affecting period-to-period comparability. See Selected Financial Information for details on how Segment Contribution Margin and Adjusted Segment Contribution Margin were calculated for each period presented. When viewed together with our GAAP results, we believe Segment Contribution Margin and Adjusted Segment Contribution Margin provide management and users of the financial statements meaningful information about the performance of our business segments. Segment Contribution Margin and Adjusted Segment Contribution Margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of the Segment Contribution Margin and Adjusted Segment Contribution Margin is that they are an incomplete measure of profitability as they do not include all operating expenses or non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as Operating Income and Net Income.

Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:

We define Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share as Net Income (Loss) and Net Income (Loss) Per Common Share adjusted for certain items affecting period-to-period comparability. See Selected Financial Information below for details on how Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share were calculated for each period presented. We believe that Adjusted Net Income (Loss) and Adjusted or Comparable EPS are meaningful measures because they increase the comparability of period-to-period results. Since these are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, GAAP Net Income (Loss) and Net Income (Loss) Per Common share, as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.

About 1-800-FLOWERS.COM, Inc.

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

Special Note Regarding Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements regarding the Company’s ability to achieve its expected results for the fiscal-year 2021 fourth quarter and full year as well as its guidance for revenue growth in its fiscal 2022 full year; the impact of the COVID-19 pandemic on the Company; its ability to successfully integrate acquired businesses and assets; its ability to cost-effectively acquire and retain customers; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. Reconciliations for forward looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including for example those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The lack of such reconciling information should be considered when assessing the impact of such disclosures. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

Conference Call:

The Company will conduct a conference call to discuss the above details and attached financial results today, Thursday, April 29, 2021, at 8:00 a.m. (EDT). The call will be webcast live (Webcast URL: https://services.choruscall.com/links/flws210429GQPS0B7R.html) which can be accessed from the Investor Relations section of the 1-800-FLOWERS.COM, Inc. website at 1800flowersinc.com. A recording of the call will be posted on the Investor Relations section of the Company’s website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (EDT) on the day of the call through May 6, 2021, at: (US) 1-877-344-7529; (
Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #:10155340. To access the replay using an international dial-in number, please use the link: https://services.choruscall.com/ccforms/replay.html.

Note: The attached tables are an integral part of this press release without which the information presented in this press release should be considered incomplete.

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

 

 

March 28, 2021

 

 

June 28, 2020

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

256,783

 

 

$

240,506

 

Trade receivables, net

 

 

39,121

 

 

 

15,178

 

Inventories

 

 

122,385

 

 

 

97,760

 

Prepaid and other

 

 

30,243

 

 

 

25,186

 

Total current assets

 

 

448,532

 

 

 

378,630

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

197,490

 

 

 

169,075

 

Operating lease right-of-use assets

 

 

86,616

 

 

 

66,760

 

Goodwill

 

 

208,048

 

 

 

74,711

 

Other intangibles, net

 

 

139,962

 

 

 

66,273

 

Other assets

 

 

26,672

 

 

 

18,986

 

Total assets

 

$

1,107,320

 

 

$

774,435

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

60,217

 

 

$

25,306

 

Accrued expenses

 

 

215,177

 

 

 

141,741

 

Current maturities of long-term debt

 

 

17,500

 

 

 

5,000

 

Current portion of long-term operating lease liabilities

 

 

11,021

 

 

 

8,285

 

Total current liabilities

 

 

303,915

 

 

 

180,332

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

166,213

 

 

 

87,559

 

Long-term operating lease liabilities

 

 

79,803

 

 

 

61,964

 

Deferred tax liabilities

 

 

26,501

 

 

 

28,632

 

Other liabilities

 

 

30,773

 

 

 

16,174

 

Total liabilities

607,205

 

 

 

374,661

 

Total stockholders’ equity

 

 

500,115

 

 

 

399,774

 

Total liabilities and stockholders’ equity

 

$

1,107,320

 

 

$

$774,435

 
1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information

Consolidated Statements of Operations

(in thousands, except for per share data)

(unaudited)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 28,
2021

 

 

March 29,
2020

 

 

March 28,
2021

 

 

March 29,
2020

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E-Commerce

 

$

424,768

 

 

$

231,851

 

 

$

1,441,441

 

 

$

847,985

 

Other

 

 

49,466

 

 

 

46,925

 

 

 

193,821

 

 

 

223,696

 

Total net revenues

 

 

474,234

 

 

 

278,776

 

 

 

1,635,262

 

 

 

1,071,681

 

Cost of revenues

 

 

289,535

 

 

 

171,324

 

 

 

936,837

 

 

 

618,911

 

Gross profit

 

 

184,699

 

 

 

107,452

 

 

 

698,425

 

 

 

452,770

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing and sales

 

 

127,923

 

 

 

78,606

 

 

 

402,904

 

 

 

262,849

 

Technology and development

 

 

14,281

 

 

 

11,900

 

 

 

39,937

 

 

 

34,436

 

General and administrative

 

 

30,912

 

 

 

20,031

 

 

 

89,960

 

 

 

64,187

 

Depreciation and amortization

 

 

11,892

 

 

 

7,803

 

 

 

31,792

 

 

 

23,268

 

Total operating expenses

 

 

185,008

 

 

 

118,340

 

 

 

564,593

 

 

 

384,740

 

Operating income (loss)

 

 

(309

)

 

 

(10,888

)

 

 

133,832

 

 

 

68,030

 

Interest expense, net

 

 

1,553

 

 

 

147

 

 

 

4,520

 

 

 

1,727

 

Other (income) expense, net

 

 

(945

)

 

 

2,605

 

 

 

(4,201

)

 

 

1,714

Income (loss) before income taxes

 

 

(917

)

 

 

(13,640

)

 

 

133,513

 

 

 

64,589

 

Income tax expense (benefit)

 

 

(2,344

)

 

 

(3,983

)

 

 

28,171

 

 

 

15,365

 

Net income (loss)

 

$

1,427

 

 

$

(9,657

)

 

$

105,342

 

 

$

49,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per common share

 

$

0.02

 

 

$

(0.15

)

 

$

1.63

 

 

$

0.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share

 

$

0.02

 

 

$

(0.15

)

 

$

1.58

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in the calculation of net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

64,885

 

 

 

64,348

 

 

 

64,644

 

 

 

64,517

 

Diluted

 

 

66,474

 

 

 

64,348

 

 

 

66,564

 

 

 

66,378

 

1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Nine months ended

 

March 28, 2021

 

March 29, 2020

 

 

 

 

Operating activities:

 

 

 

Net income

$

105,342

 

 

$

49,224

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

31,792

 

 

 

23,268

 

Amortization of deferred financing costs

 

844

 

 

 

486

 

Deferred income taxes

 

(2,131

)

 

 

(1,597

)

Bad debt expense

 

959

 

 

 

1,201

 

Stock-based compensation

 

8,229

 

 

 

6,441

 

Other non-cash items

 

(79

)

 

 

(23

)

Changes in operating items:

 

 

 

Trade receivables

 

(23,520

)

 

 

(15,044

)

Inventories

 

(7,627

)

 

 

19,353

 

Prepaid and other

 

(1,301

)

 

 

3,148

 

Accounts payable and accrued expenses

 

96,947

 

 

 

31,442

 

Other assets and liabilities

 

8,756

 

 

 

(557

)

Net cash provided by operating activities

 

218,211

 

 

 

117,342

 

 

 

 

 

Investing activities:

 

 

 

Acquisitions, net of cash acquired

 

(250,943

)

 

 

(20,500

)

Capital expenditures, net of non-cash expenditures

 

(26,821

)

 

 

(22,282

)

Purchase of equity investments

 

(1,251

)

 

 

(1,176

)

Net cash used in investing activities

 

(279,015

)

 

 

(43,958

)

 

 

 

 

Financing activities:

 

 

 

Acquisition of treasury stock

 

(14,825

)

 

 

(10,667

)

Proceeds from exercise of employee stock options

 

1,596

 

 

 

285

 

Proceeds from bank borrowings

 

265,000

 

 

 

20,000

 

Repayment of notes payable and bank borrowings

 

(172,497

)

 

 

(23,750

)

Debt issuance cost

 

(2,193

)

 

 

(60

)

Net cash provided by (used in) financing activities

 

77,081

 

 

 

(14,192

)

 

 

 

 

Net change in cash and cash equivalents

 

16,277

 

 

 

59,192

 

Cash and cash equivalents:

 

 

 

Beginning of period

 

240,506

 

 

 

172,923

 

End of period

$

256,783

 

 

$

232,115

 

1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information – Category Information

(dollars in thousands) (unaudited)

 

Three Months Ended

March 28, 2021

March 29, 2020

Personalization
Mall Litigation
& Transaction Costs

As Adjusted
(non-GAAP)
March 29, 2020

% Change

Net revenues:

Consumer Floral & Gifts

$

260,393

 

$

152,620

 

$

–

$

152,620

 

70.6

%

BloomNet

 

38,833

 

 

30,414

 

 

30,414

 

27.7

%

Gourmet Foods & Gift Baskets

 

175,245

 

 

95,906

 

 

95,906

 

82.7

%

Corporate

 

54

 

 

112

 

 

112

 

-51.8

%

Intercompany eliminations

 

(291

)

 

(276

)

 

 

(276

)

-5.4

%

Total net revenues

$

474,234

 

$

278,776

 

$

–

$

278,776

 

70.1

%
 

Gross profit:

Consumer Floral & Gifts

$

98,397

 

$

59,943

 

$

59,943

 

64.2

%

 

37.8

%

 

39.3

%

 

39.3

%
 

BloomNet

 

17,194

 

 

14,401

 

 

14,401

 

19.4

%

 

44.3

%

 

47.3

%

 

47.3

%
 

Gourmet Foods & Gift Baskets

 

69,091

 

 

32,956

 

 

32,956

 

109.6

%

 

39.4

%

 

34.4

%

 

34.4

%
 

Corporate

 

17

 

 

152

 

 

152

 

-88.8

%

 

31.5

%

 

135.7

%

 

135.7

%

 

 

 

 

Total gross profit

$

184,699

 

$

107,452

 

$

–

$

107,452

 

71.9

%

 

38.9

%

 

38.5

%

 

–

 

38.5

%
 

EBITDA (non-GAAP):

Segment Contribution Margin (non-GAAP) (a):

Consumer Floral & Gifts

$

22,537

 

$

15,439

 

$

–

$

15,439

 

46.0

%

BloomNet

 

12,042

 

 

10,025

 

 

10,025

 

20.1

%

Gourmet Foods & Gift Baskets

 

12,132

 

 

(6,275

)

 

 

(6,275

)

293.3

%

Segment Contribution Margin Subtotal

 

46,711

 

 

19,189

 

 

–

 

19,189

 

143.4

%

Corporate (b)

 

(35,128

)

 

(22,274

)

 

911

 

(21,363

)

-64.4

%

EBITDA (non-GAAP)

 

11,583

 

 

(3,085

)

 

911

 

(2,174

)

632.8

%

Add: Stock-based compensation

 

2,871

 

 

2,396

 

 

2,396

 

19.8

%

Add: Compensation charge related to NQ Plan Investment Appreciation/(Depreciation)

 

916

 

 

(2,611

)

 

(2,611

)

135.1

%

Adjusted EBITDA (non-GAAP)

$

15,370

 

$

(3,300

)

$

911

$

(2,389

)

743.4

%
1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information – Category Information

(dollars in thousands) (unaudited)

Nine Months Ended

March 28,
2021

Personalization
Mall Litigation &
Transaction Costs

Harry &
David Store
Closure Costs

As Adjusted
(non-GAAP)
March 28, 2021

March 29,
2020

Personalization
Mall Litigation &
Transaction Costs

As Adjusted
(non-GAAP)
March 29, 2020

%
Change

Net revenues:

Consumer Floral & Gifts

$

727,296

 

$

–

$

–

 

$

727,296

 

$

359,104

 

$

–

$

359,104

 

102.5

%

BloomNet

 

105,622

 

 

105,622

 

 

81,576

 

 

81,576

 

29.5

%

Gourmet Foods & Gift Baskets

 

803,439

 

 

803,439

 

 

631,705

 

 

631,705

 

27.2

%

Corporate

 

295

 

 

295

 

 

472

 

 

472

 

-37.5

%

Intercompany eliminations

 

(1,390

)

 

 

 

(1,390

)

 

(1,176

)

 

 

(1,176

)

-18.2

%

Total net revenues

$

1,635,262

 

$

–

$

–

 

$

1,635,262

 

$

1,071,681

 

$

–

$

1,071,681

 

52.6

%
 

Gross profit:

Consumer Floral & Gifts

$

298,457

 

$

–

$

–

 

$

298,457

 

$

140,537

 

$

–

$

140,537

 

112.4

%

 

41.0

%

 

41.0

%

 

39.1

%

 

39.1

%
 

BloomNet

 

48,852

 

 

48,852

 

 

40,520

 

 

40,520

 

20.6

%

 

46.3

%

 

46.3

%

 

49.7

%

 

49.7

%
 

Gourmet Foods & Gift Baskets

 

350,988

 

 

350,988

 

 

271,360

 

 

271,360

 

29.3

%

 

43.7

%

 

43.7

%

 

43.0

%

 

43.0

%
 

Corporate

 

128

 

 

128

 

 

353

 

 

353

 

-63.7

%

 

43.4

%

 

43.4

%

 

74.8

%

 

74.8

%

Total gross profit

$

698,425

 

$

–

$

–

 

$

698,425

 

$

452,770

 

$

–

$

452,770

 

54.3

%

 

42.7

%

 

–

 

–

 

 

42.7

%

 

42.2

%

 

–

 

42.2

%
 

EBITDA (non-GAAP):

Segment Contribution Margin (non-GAAP) (a):

Consumer Floral & Gifts

$

87,430

 

$

–

$

–

 

$

87,430

 

$

34,853

 

$

–

$

34,853

 

150.9

%

BloomNet

 

34,604

 

 

34,604

 

 

27,516

 

 

27,516

 

25.8

%

Gourmet Foods & Gift Baskets

 

145,172

 

 

 

(483

)

 

144,689

 

 

100,512

 

 

 

100,512

 

44.0

%

Segment Contribution Margin Subtotal

 

267,206

 

 

–

 

(483

)

 

266,723

 

 

162,881

 

 

–

 

162,881

 

63.8

%

Corporate (b)

 

(101,582

)

 

5,403

 

 

(96,179

)

 

(71,583

)

 

911

 

(70,672

)

-36.1

%

EBITDA (non-GAAP)

 

165,624

 

 

5,403

 

(483

)

 

170,544

 

 

91,298

 

 

911

 

92,209

 

85.0

%

Add: Stock-based compensation

 

8,229

 

 

8,229

 

 

6,441

 

 

6,441

 

27.8

%

Add: Compensation charge related to NQ Plan Investment Appreciation/(Depreciation)

 

4,123

 

 

4,123

 

 

(1,653

)

 

(1,653

)

349.4

%

Adjusted EBITDA (non-GAAP)

$

177,976

 

$

5,403

$

(483

)

$

182,896

 

$

96,086

 

$

911

$

96,997

 

88.6

%

1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information

(in thousands) (unaudited)

Reconciliation of net income (loss) to adjusted net income (loss) (non-GAAP):

Three Months Ended

Nine Months Ended

March 28,
2021

March 29,
2020

March 28,
2021

March 29,
2020
 

Net income (loss)

$

1,427

$

(9,657

)

$

105,342

 

$

49,224

 

Adjustments to reconcile net income (loss) to adjusted net income (loss) (non-GAAP)

Add: PersonalizationMall litigation and transaction costs

 

–

 

911

 

 

5,403

 

 

911

 

Deduct: Harry & David store closure cost adjustment

 

–

 

–

 

 

(483

)

 

–

 

Deduct: Income tax benefit on adjustments

 

79

 

(217

)

 

(1,038

)

 

(217

)

Adjusted net income (loss) (non-GAAP)

$

1,506

$

(8,963

)

$

109,224

 

$

49,918

 
 

Basic and diluted net income (loss) per common share

Basic

$

0.02

$

(0.15

)

$

1.63

 

$

0.76

 

Diluted

$

0.02

$

(0.15

)

$

1.58

 

$

0.74

 
 
 

Basic and diluted adjusted net income (loss) per common share (non-GAAP)

Basic

$

0.02

$

(0.14

)

$

1.69

 

$

0.77

 

Diluted

$

0.02

$

(0.14

)

$

1.64

 

$

0.75

 
 

Weighted average shares used in the calculation of net income (loss) and adjusted net income (loss) per common share

Basic

 

64,885

 

64,348

 

 

64,644

 

 

64,517

 

Diluted

 

66,474

 

64,348

 

 

66,564

 

 

66,378

 

1-800-FLOWERS.COM, Inc. and Subsidiaries

Selected Financial Information

(in thousands) (unaudited)

Reconciliation of net income (loss) to adjusted EBITDA (non-GAAP):

 

Three Months Ended

 

Nine Months Ended

March 28,
2021

March 29,
2020

March 28,
2021

March 29,
2020
 

Net income (loss)

$

1,427

$

(9,657

)

$

105,342

 

$

49,224

 

Add: Interest expense, net

 

608

 

2,752

 

 

319

 

 

3,441

 

Add: Depreciation and amortization

 

11,892

 

7,803

 

 

31,792

 

 

23,268

 

Add: Income tax expense

 

–

 

–

 

 

28,171

 

 

15,365

 

Deduct: Income tax benefit

 

2,344

 

3,983

 

 

–

 

 

–

 

EBITDA

 

11,583

 

(3,085

)

 

165,624

 

 

91,298

 

Add: Stock-based compensation

 

2,871

 

2,396

 

 

8,229

 

 

6,441

 

Add: Compensation charge related to NQ plan investment

appreciation/(depreciation)

 

916

 

(2,611

)

 

4,123

 

 

(1,653

)

Add: Personalization Mall litigation and transaction costs

 

–

 

911

 

 

5,403

 

 

911

 

Deduct: Harry & David store closure cost adjustment

 

–

 

–

 

 

(483

)

 

–

 

Adjusted EBITDA

$

15,370

$

(2,389

)

$

182,896

 

$

96,997

 

(a) Segment performance is measured based on segment contribution margin or segment Adjusted EBITDA, reflecting only the direct controllable revenue and operating expenses of the segments, both of which are non-GAAP measurements. As such, management’s measure of profitability for these segments does not include the effect of corporate overhead, described above, depreciation and amortization, other income (net), and other items that we do not consider indicative of our core operating performance.

(b) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. To leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment.

FLWS-CP

Investors:

Joseph D. Pititto

(516) 237-6131

E-mail: [email protected]



Media:

Kathleen Waugh

(516) 237-6028

[email protected]

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