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Release – QuoteMedia Announces 18% Revenue Growth for Q1 2022

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QuoteMedia Announces 18% Revenue Growth for Q1 2022

Research, News, and Market Data on QuoteMedia

PHOENIX, May 13, 2022 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the quarter ended March 31, 2022.

QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.

Highlights for Q1 2022 include the following:

  • Quarterly revenue increased to $4,263,796 in Q1 2022 from $3,606,218 in 2021, an increase of $657,578 (18%).
  • Quarter over quarter revenue increased 9% when comparing Q1 2022 to Q4 2021.
  • Net income for Q1 2022 was $204,666 compared to $23,087 in Q1 2021, an improvement in profitability of $181,579.
  • Adjusted EBITDA for Q1 2022 was $680,424 compared to $243,913 in Q1 2021, an improvement of $436,511.

“2021 was a great year for QuoteMedia, and the momentum has carried over into 2022,” said Robert J. Thompson, Chairman of the Board. “We continued to increase our market share, developed important relationships with clients and partners, created new innovative product and service offerings, and we are continuing to explore other opportunities to grow the company. Consistent with our previous forecasts, we experienced very strong revenue growth during the quarter, and we fully expect to maintain this trajectory throughout the remainder of the year and beyond. Based on clients already under contract, or in final stages of negotiations, we anticipate particularly strong revenue growth in the second half of this year, and we remain on track to achieve full year revenue growth of 20% or higher.”

QuoteMedia will host a conference call Friday, May 13, 2022 at 2:00 PM Eastern Time to discuss the Q1 2022 financial results and provide a business update.

Conference Call Details:

Date: May 13, 2022

Time: 2:00 PM Eastern

Dial-in number: 866-342-8591

Conference ID: QUOTEMEDIA

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

About QuoteMedia

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

Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.

Below are the specific forward-looking statements included in this press release:

  • Consistent with our previous forecasts, we experienced very strong revenue growth during the quarter, and we fully expect to maintain this trajectory throughout the remainder of the year and beyond. Based on clients already under contract, or in final stages of negotiations, we anticipate particularly strong revenue growth in the 2nd half of this year, and we remain on track to achieve full year revenue growth of 20% or higher.

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

Note 1 on Non-GAAP
Financial Measures

We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.

We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.

Quotemedia, Inc. Adjusted EBITDA Reconciliation to Net Income

2022

2021

Net income

$

204,666

$

23,087

Depreciation and amortization

487,095

347,788

Stock-based compensation

4,239

6,939

Interest expense

1,224

1,008

Foreign exchange gain

(17,590)

(2,448)

Income tax expense

790

796

PPP loan forgiveness

–

(133,257)

Adjusted EBITDA

$

680,424

$

243,913

 


Release – Garibaldi’s Casper Vein Returns 30 G/T Gold Along Strike To The SE

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Casper Vein Returns 30 g/t Gold Along Strike To The South-East

Research, News, and Market Data on Garibaldi Resources

Vancouver, British
Columbia, May 13, 2022 – Garibaldi Resources (TSXV: GGI) (the “Company” or “Garibaldi”) is pleased to announce results from early-stage exploratory drill holes testing multiple mineralized veins and volcanic rock units at the Casper Quartz Gold Vein System (see news release October 31, 2021). Drilling at Casper, 20km north of E&L in the Eskay Camp of Northwestern British Columbia, was completed in late 2021.

  • Five diamond drill holes followed-up the first four holes into the Casper Discovery reported on Feb. 12 2021. Eight of the nine holes have intersected significant gold mineralization, with increasing gold grades towards the southeast.
  • Drill core samples from silicified volcanic rocks containing quartz-carbonate-sulfide veins at a depth of 129.5 m returned 10.15 g/t gold over 4.5 m (CAS-21-05: 129.5-134m), including 29.94 g/t gold over 1.5 m (CAS-21-05: 129.5-131m). This intercept may be continuous with the 4-meter-thick mineralized silicified unit containing visible gold intercepted in 2020, located approximately 65 m to the northwest (see news dated Feb. 12, 2021). This hole validates the exploration concept that gold mineralization is associated with a broad silicified volcanic unit rather than discrete local veins, expanding the potential for a much larger gold-bearing mineral system.
  • Elevated gold abundances along a 260m strike length are confirmed by drilling, and the system remains open with increasing potential to the southeast. Previously reported surface trenching has also exposed the Casper vein for over 120m strike length, and select rock samples exceeding 1.0 g/t Au occur at surface for over 330m, within a 500 m wide zone of anomalous gold concentrations in soil.
  • Fine grained visible gold has been intercepted in both 2021 and 2022 drilling as well as 2022 trenching. Multiple grab samples with visible gold trenched in 2020 from the east side of the main Casper vein returned 249.0, 92.3, 75.3 and 58.4 g/t gold (see news dated Sept. 22, 2020)

Exploration at Casper has identified a continuous zone of gold-rich quartz vein mineralization in association with soil geochemical gold anomalies and extensive rock-chip gold anomalies both along strike and across strike indicating potential for multiple sub-parallel veins of mineralization. The development of silicified country rocks with elevated gold content, and the complex structural relationships evident from the LiDAR data highlight the potential that the results sit on the edge of a much larger gold-bearing mineral system where altered country rocks and quartz veins with elevated gold are controlled by NW-SE and N-S lineaments corresponding to a shear zone. An exciting opportunity exists to expand the footprint of the mineral zone and identify structurally-controlled blow-outs with economically interesting grade and thickness of gold-silver mineralization.

Jeremy Hanson, Garibaldi VP-Exploration, stated: “We are very encouraged by the second round of drilling results at Casper. We are still in the very early stages of this project, but we have confirmed that gold is present in both veins and the silicified host rocks. This verifies that the Casper system could be another gold rich system in the Eskay Camp.”

Steve Regoci, Garibaldi CEO stated “The Casper discovery continues to bolster our impressive Eskay area precious metal prospects. It is the first gold system discovered amongst our numerous gold showings which will be the focus of a separate exploration initiative along with Palm Springs during 2022.

The high-grade Ni-Cu-PGE E&L system at Nickel Mountain is the primary focus along with numerous base metal targets identified from the results of the property wide ZTEM geophysical survey. These new base and precious metal targets will provide additional opportunities for significant discoveries in the Golden Triangle.”

Drill Hole Results Table – CAS-21-05 to CAS-20-09

Drill Hole Coordinates Table

Hole

Easting*

Northing*

Elevation
(MASL)

Azimuth (°)

Dip (°)

Length (m)

CAS-21-05

397432

6284599

432

068

-55

248

CAS-21-06

397380

6284653

426

000

-55

210

CAS-21-07

397382

6284652

426

044

-55

180

CAS-21-08

397303

6284690

431

024

-50

262

CAS-21-09

397301

6284690

432

000

-50

253

* UTM Zone 9N WGS 84

Figure 1 – Drill hole traces from 2021-2022 along showing extent of gold mineralization in core and at surface. Drilling has confirmed gold mineralization is present along strike for over 220m, remains open and increases in grade to the southeast. Which is concurrent with exposed surface mineralization before system extends under cover.

Casper Drilling Plan & Sections Maps

See www.garibaldiresources.com for the latest Casper maps & sections outlining mineralized veins and volcanics units.

Quality Assurance/Quality Control (QA/QC)

Garibaldi Resources has applied a rigorous quality assurance/quality control program at the Casper Project using best industry practice. All core was logged by a geoscientist and selected intervals were sampled. NQ drill core was sawn in half and each sample half was placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory. All sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified assay laboratory standards and one blank standard were used in the process. Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 105 microns. Gold was analyzed using a 50-gram fire assay and ICP-AES, or metallic screen for coarse gold. Samples with coarse visible gold are subject to the nugget effect, may be difficult to reproduce or duplicate and may not be indicative of the overall mineralization of the vein. Samples with visible gold were analyzed using the Metallic Screen method where a minimum 500 gram sample is crushed and separated into two batches. A Minus batch with particles less than 106 microns, and a Plus batch with particles greater than 106 microns. Both batches of the sample are analyzed with a fire assay and finished with AAS, ICP-OES or gravimetric depending on grade. A final weighted average is calculated.

Sample 71604 (CAS-21-05 129.5-131m) was submitted for fire assay with gravimetric analysis and returned a value of 27.9 g/t Au. Following this result, two duplicates were prepared at the lab from the initial drill core sample and submitted for metallic screening procedure at 106 um mesh followed by fire assay with gravimetric analysis, and a separate fire assay with gravimetric analysis to confirm the initial result. Metallic screen returned a value of 31.43 g/t Au, with the secondary fire assay and gravimetric analysis returning a value of 30.51 g/t Au for an overall average of 29.94 g/t Au

Qualified Person & Data Verification

Jim Hutter, P.Geo., a qualified person as defined by NI- 43-101, has supervised the preparation of and reviewed and approved of the disclosure of information in this news release. Mr. Hutter has verified the data, including drilling, sampling, test and recovery data, by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.

About Garibaldi

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

We seek safe harbor.

GARIBALDI RESOURCES CORP.

Per: “Steve Regoci”
Steve Regoci, President

Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the adequacy or the
accuracy of this release

Protecting Portfolios from Losses While Capturing Gains

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Image Credit: Pixabay (Pexels)


Better Your Risk Management Investing Strategy with Protective Puts

The year 2020 and 2021, despite the coronavirus-related selloff, left most stock market investors with outsized gains. From January 1, 2020, through today (May 13), the S&P is up 20%. So while this year’s moves may be negative, many investors still have gains to either realize or protect. Realizing gains is easy; you pick your spot and sell out of your position. But what may not be easy is the taxes that may accompany those gains or parting with a position that you believe over the long term will excel. If you are confident the best place for your assets is your current position, protecting it with an options strategy may be the best way to protect against your downside, and only curtail your upside potential by the price of the protective options used as insurance.

Hedging Against Downward Moves

If you have unrealized capital gains, you are probably glad but may be an anxious trader or investor. Volatility, as measured by the VIX is at a level that is considered negative for stocks. Yet, if you believe stocks you own still have upside once we get through this period where covid, crypto, low unemployment, higher interest rates, and war can cause the prices on your holdings to swing in an unpredictable fashion, an options strategy may make sense for you.  

One method experienced investors employ is the protective put.


Image: Koyfin

What is a Protective Put?

There are two main types of options: put and call options. The buyer of a call has the right to buy a stock at a set price until the options contract expires. The buyer of a put has the right to sell a stock at a set price until the contract expires.

If you own a stock, a protective put position is created by purchasing put options on the name or something highly correlated to the stock. And, at a quantity that will roughly trade one to one with your position. The put allows the owner to sell the underlying stock at the price predefined in the options contract. This is the mirror trade to a covered call which involves selling the right to buy a stock owned. Investors that are more comfortable with covered call options can think of purchasing a put to protect a long stock position, much like a synthetic long call.

The benefit of a protective put strategy is it helps protect against losses during a price decline in the assets name, while still benefitting from capital appreciation if the stock increases in value. Of course, there is a cost to any insurance against big losses: in the case of a protective put, it is the price of the option. Essentially, if the stock goes up, you have unlimited profit potential (less the cost of the put options), and if the stock goes down, the put goes up in value to offset losses on the stock.

Removing the Mystery

Assume you own 100 shares of ABC Company at $50 per share from April 2020. The cost of this trade was $5,000.

The stock is now trading at $65 per share, and you think it might go to $70 or more. However, you are concerned about stablecoin problems and the Fed putting the kibosh on growth.

A protective put reduces risk if you maintain your position in the stock so you benefit if it reaches your $70 price target. At the same time, the put offers protection in case the market weakens or there is an unforeseen event with the company you own.

Example

Let’s say the stock is trading at $65, and suppose you’re tired of seeing your gains erode so you decide to purchase the 62 ABC Company October put option contract (the underlying asset is ABC Company stock, the exercise price is $62, and the expiration month is November) at $3 per contract (option price) for a total cost of $300 ($3 per contract multiplied by 100 contract shares).

If ABC continues to go up in value, your underlying stock position increases as normal and the put option falls “out of the money” (it can’t be exercised). For instance, if, at the expiration of the put contract, the stock reaches your $70 price target, you might then choose to sell the stock for a pretax profit of $1,700 ($2,000 profit on the underlying stock less the $300 cost of the option) and the option would expire worthless. It the stock went to $74, your overall net would be $2100. And you could realize it without having concerns about a sinking price.

But what if the price did get beaten up? If your fears about the market were realized and the stock was negatively impacted, your capital gains would be protected against a decline by the put.

Here’s how:

Assume ABC Corp. common shares declined from $65 to $55 prior to the option’s expiration. Without owning the put, if you sold the stock at $55, your pretax profit would be just $500 ($5,500 less $5,000). If you purchased the 62 ABC October put, and then sold the stock by exercising the option, your pretax profit would be $900. You could then sell the stock at the (put) exercise price of $62. As a result the profit from the put position would be $900. To calculate, use the $500 profit on the underlying stock, plus the $700 from the in-the-money put profit, less the $300 cost of that option. Compare this with a profit of $500 without the option contract.

The cost of the option doesn’t take much away from upside potential, by it protects against downside losses. If you think your stock price will not move in either direction, a put option may not benefit your strategy.

 

Circumstances to Consider Put Protection

Protective puts can be a useful strategy for traders and investors that expect a short- or intermediate-term decline in the price of a stock they own and have reasons not to sell. The reasons could be tax related, you may be somehow restricted from selling the shares, fierce volatility in the share price, it is exposure to the company you work for and selling is not yet permitted, building the position in thinly traded shares took time, etc.

Any one of these reasons might make it prudent to consider a protective put. Additionally there may be an event such as an earnings report that you expect will drive the price in ne direction or another, and you want to protect against the downside risk of that report.

 

Take -Away

Option protection in the form of puts comes at a cost that the investor needs to factor into their overall strategy. However, in volatile markets, knowing you’ll capture a large part of the upside if your stock moves up, and are protected from profit erosion if the stock declines allow for more overall comfort with the limited risk in the position.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.nerdwallet.com/article/investing/put-options

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Glucose Fuel Cells Powering Medical Implant Technology

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Image Credit: Kent Dayton (MIT News Office)


Ultrathin Fuel Cell Uses the Body’s Own Sugar to Generate Electricity

Jennifer Chu | MIT News
Office

Glucose is the sugar we absorb from the foods we eat. It is the fuel that powers every cell in our bodies. Could glucose also power tomorrow’s medical implants?

Engineers at MIT and the Technical University of Munich think so. They have designed a new kind of glucose fuel cell that converts glucose directly into electricity. The device is smaller than other proposed glucose fuel cells, measuring just 400 nanometers thick, or about 1/100 the diameter of a human hair. The sugary power source generates about 43 microwatts per square centimeter of electricity, achieving the highest power density of any glucose fuel cell to date under ambient conditions.

The new device is also resilient, able to withstand temperatures up to 600 degrees Celsius. If incorporated into a medical implant, the fuel cell could remain stable through the high-temperature sterilization process required for all implantable devices.

The heart of the new device is made from ceramic, a material that retains its electrochemical properties even at high temperatures and miniature scales. The researchers envision the new design could be made into ultrathin films or coatings and wrapped around implants to passively power electronics, using the body’s abundant glucose supply.

“Glucose is everywhere in the body, and the idea is to harvest this readily available energy and use it to power implantable devices,” says Philipp Simons, who developed the design as part of his PhD thesis in MIT’s Department of Materials Science and Engineering (DMSE). “In our work we show a new glucose fuel cell electrochemistry.”

“Instead of using a battery, which can take up 90 percent of an implant’s volume, you could make a device with a thin film, and you’d have a power source with no volumetric footprint,” says Jennifer L.M. Rupp, Simons’ thesis supervisor and a DMSE visiting professor, who is also an associate professor of solid-state electrolyte chemistry at Technical University Munich in Germany.

 

A “Hard” Separation

The inspiration for the new fuel cell came in 2016, when Rupp, who specializes in ceramics and electrochemical devices, went to take a routine glucose test toward the end of her pregnancy.

“In the doctor’s office, I was a very bored electrochemist, thinking what you could do with sugar and electrochemistry,” Rupp recalls. “Then I realized, it would be good to have a glucose-powered solid state device. And Philipp and I met over coffee and wrote out on a napkin the first drawings.”

The team is not the first to conceive of a glucose fuel cell, which was initially introduced in the 1960s and showed potential for converting glucose’s chemical energy into electrical energy. But glucose fuel cells at the time were based on soft polymers and were quickly eclipsed by lithium-iodide batteries, which would become the standard power source for medical implants, most notably the cardiac pacemaker.

However, batteries have a limit to how small they can be made, as their design requires the physical capacity to store energy.

“Fuel cells directly convert energy rather than storing it in a device, so you don’t need all that volume that’s required to store energy in a battery,” Rupp says.

In recent years, scientists have taken another look at glucose fuel cells as potentially smaller power sources, fueled directly by the body’s abundant glucose.


A glucose fuel cell’s basic design consists of three layers: a top anode, a middle electrolyte, and a bottom cathode. The anode reacts with glucose in bodily fluids, transforming the sugar into gluconic acid. This electrochemical conversion releases a pair of protons and a pair of electrons. The middle electrolyte acts to separate the protons from the electrons, conducting the protons through the fuel cell, where they combine with air to form molecules of water — a harmless byproduct that flows away with the body’s fluid. Meanwhile, the isolated electrons flow to an external circuit, where they can be used to power an electronic device.

The team looked to improve on existing materials and designs by modifying the electrolyte layer, which is often made from polymers. But polymer properties, along with their ability to conduct protons, easily degrade at high temperatures, are difficult to retain when scaled down to the dimension of nanometers, and are hard to sterilize. The researchers wondered if a ceramic — a heat-resistant material which can naturally conduct protons — could be made into an electrolyte for glucose fuel cells.

“When you think of ceramics for such a glucose fuel cell, they have the advantage of long-term stability, small scalability, and silicon chip integration,” Rupp notes. “They’re hard and robust.”

Peak Power

The researchers designed a glucose fuel cell with an electrolyte made from ceria, a ceramic material that possesses high ion conductivity, is mechanically robust, and as such, is widely used as an electrolyte in hydrogen fuel cells. It has also been shown to be biocompatible.

“Ceria is actively studied in the cancer research community,” Simons notes. “It’s also similar to zirconia, which is used in tooth implants, and is biocompatible and safe.”

The team sandwiched the electrolyte with an anode and cathode made of platinum, a stable material that readily reacts with glucose. They fabricated 150 individual glucose fuel cells on a chip, each about 400 nanometers thin, and about 300 micrometers wide (about the width of 30 human hairs). They patterned the cells onto silicon wafers, showing that the devices can be paired with a common semiconductor material. They then measured the current produced by each cell as they flowed a solution of glucose over each wafer in a custom-fabricated test station.

 

They found many cells produced a peak voltage of about 80 millivolts. Given the tiny size of each cell, this output is the highest power density of any existing glucose fuel cell design.

“Excitingly, we are able to draw power and current that’s sufficient to power implantable devices,” Simons says.

“It is the first time that proton conduction in electroceramic materials can be used for glucose-to-power conversion, defining a new type of electrochemstry,” Rupp says. “It extends the material use-cases from hydrogen fuel cells to new, exciting glucose-conversion modes.”

The researchers “have opened a new route to miniature power sources for implanted sensors and maybe other functions,” says Truls Norby, a professor of chemistry at the University of Oslo in Norway, who did not contribute to the work. “The ceramics used are nontoxic, cheap, and not least inert both to the conditions in the body and to conditions of sterilization prior to implantation. The concept and demonstration so far are promising indeed.”

 

 

Reprinted with permission of MIT News (http://news.mit.edu/)


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Another Clue Consumer Inflation Will Remain Hot

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Image Credit: Shvets Anna (Pexels)


Wholesale Prices are Still Hot and Passing the Cost Increases on to Final Goods

Last Thursday, while the markets were transfixed on watching a so-called stablecoin on its rapid path down to almost $0.00, the Bureau of Labor Statistics (BLS) released the Producer Price Index Report (PPI). If not for the cryptocurrency distraction, the BLS report may have been the most market impactful data made available so far this May. PPI measures the inputs to manufacturing and services and calculates the average change over time of these production costs. It’s often an indicator of where consumer prices are headed.

For April 2022, year-over-year growth in the producer price inflation data came in at 11%. It has been over 10 percent for five consecutive months. PPI experienced a small drop from March’s year-over-year rate of 11.5 percent but continues to scream that costs are rising at a double-digit pace, at least for those manufacturing goods. The monthly figure was a deceleration from March, but the increase is on a growing base.

Year-over-year changes in the PPI have been over 7 percent for 11 months.

Producer Price Index (PPI)

As with the Consumer Price Index (CPI), the expectations just a few months ago were overly optimistic. Analysts forecast that PPI would moderate significantly in April and signal a downward turn. Instead, the April number disappointed those that were looking for signs of a more transitory rise in prices that then quickly moderate.

The report included some signs that price increases have reduced acceleration, but from a surprisingly high level. Despite the tapered increase, prices are still rising at a historically quick pace. Wholesale food costs rose 1.5% during April from March, this one-month increase is extreme. Even more extreme are shipping and warehousing price increases for the month of 3.6%.

What it Could Mean

There are still no indications that inflationary pressures have reached a peak and will move more toward the Fed’s target of 2% to 3%. And from a policy standpoint, there are concerns that neither the Federal Reserve (US Central Bank), Congress, nor the White House have decided to show plans that decisively wage a battle against the purchasing power erosion of US dollars. So the trend may endure for an extended period.

The Federal Reserve which embraced the stimulative position back in 2008 of adding significant liquidity to the US economy and then expanded its efforts during the government’s reaction to the pandemic starting in 2020 has been a significant catalyst to rising prices. Some analysts fear that its tepid steps do little to extinguish the raging price increases.

After nearly a year of historically relevant elevated inflation rates, the Fed has more or less assured us it will decrease its balance sheet. This would take money out of the system of at least $47.5 billion each month. As compared to the size of the overall economy, these Fed held maturities of US Treasuries and Mortgaged Backed Securities reduce money in the system by a like amount and require non-Fed investors to participate in the rolling of this debt. With consumer inflation running above 8% and 10-year US Treasuries only at 3%, history suggests either interest rates will gravitate upward to compensate investors, or inflation needs to come down. The PPI number on Thursday made it clear that the pipeline of costs that lead to consumer prices has not pulled back by much.

Take-Away

The Fed has raised interest rates twice this year. Word is they will continue to move 50 bp for at least one, probably the next two meetings. In the meantime, the pipeline of rising price inputs to consumer goods hasn’t backed off much. Equity investors view stocks as a natural hedge against inflation. What they do however need to watch is the notion that higher interest rates could cause some money that never wanted to take on risk, may leave the stock market. Fewer investors lead to lower prices.

Paul Hoffman

Managing Editor, Channelchek

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Bowlero (BOWL) – Scores Another Big Quarter

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Thursday, May 12, 2022

Bowlero (BOWL)
Scores Another Big Quarter

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Impressive Q3 results. The company reported fiscal Q3 revenue of $257.8 million, an increase of 130% from the year earlier quarter and a solid 8.3% above our estimate of $238.1 million. Adj. EBITDA was even more impressive at $108.4 million, a 296% increase from the year earlier quarter and a whopping 36.3% higher than our estimate of $79.5 million.

Eased COVID restrictions. Management noted that the strong quarter was boosted by the easing of COVID restrictions in many regions and as the Covid Omicron variant faded. This allowed retail revenue to increase and event revenue to significantly improve. This was evident by a 133% increase in Food & Beverage in the quarter. Notably, revenue was up 25.8% compared with pre-pandemic performance and up 12.2% compared with pre-pandemic on a same-store basis.  

…

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

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

Cocrystal Pharma (COCP) – Influenza Trial Continues With New Clinical Trials Planned For COVID-19

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Thursday, May 12, 2022

Cocrystal Pharma (COCP)
Influenza Trial Continues With New Clinical Trials Planned For COVID-19

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Cocrystal Reported 1Q22 With Pipeline Updates.  Cocrystal reported a 1Q22 loss of $4.2 million or $(0.04) per share.  The company reviewed its recent clinical progress, including its ongoing Phase 1 study of CC-42344 in influenza and plans to initiate two Phase 1 studies of CC-45205 in COVID-19.  Cash at the end of 1Q22 was $54.8 million.

Influenza programs.  Cocrystal reported Phase 1 data from the CC-42344, its oral PB2 inhibitor for pandemic and seasonal influenza A.  The first two cohorts of healthy adults receiving escalating doses of 100 mg and 200 mg, reported positive safety and pharmacokinetic data.  This Phase 1 dose escalation trial began in March 2022 in Australia, with additional cohorts continuing enrollment.  Additional data is expected during 2022….

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

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

Endeavour Silver (EXK) – First Quarter Earnings Exceed Expectations; Project Milestones Draw Near

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Thursday, May 12, 2022

Endeavour Silver (EXK)
First Quarter Earnings Exceed Expectations; Project Milestones Draw Near

Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

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

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

First quarter results exceed expectations. Endeavour Silver reported first quarter net earnings of $11.7 million, or $0.07 per share, compared to an adjusted net loss of $4.5 million, or $(0.03) per share during the prior year period. We had forecast net income of $8.4 million, or $0.05 per share. The company generated adjusted EBITDA of $27.1 million compared to $8.3 million during the prior year period and our estimate of $17.1 million. Variances to our estimate included lower direct production costs and $6.6 million of other income, including foreign exchange and investments. Revenue of $57.7 million was modestly ahead of our $57.2 million estimate.

Updating estimates. While we are maintaining our 2022 EPS estimate, we have increased our EBITDA estimate to $67.8 million from $60.6 million. Our revised estimates reflect lower direct production costs and higher depreciation, depletion, and amortization….

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

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

InPlay Oil (IPOOF) – Results surpass expectations once again

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Thursday, May 12, 2022

InPlay Oil (IPOOF)
Results surpass expectations once again

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

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

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

2022-1Q results surpass expectations. Production levels continue to soar as the company executes a robust drilling program. Production was 8,221 boed up 66% and above our 8,000 boed estimate. Realized prices of $97.5 per barrel and $5.18 per thousand cubic feet (mcf) were up sharply from last year but slightly below that in our models. Resulting operating income of $34.1 million and adjusted funds from operations of $29.4 million were in line with expectations.

This is just the beginning for InPlay. The company was very active in the quarter, drilling six wells.  InPlay will continue to be active in the June quarter drilling five wells, three of which should come online in the second quarter. Management indicates a payback of three months for the wells at current prices. At such a rate of return, expanding drilling efforts is an easy decision. Rising costs, including steel and crew costs, have yet to significantly impact well drilling costs but bear watching….

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

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

Onconova Therapeutics (ONTX) – Clinical Trials Progressing As Expected As 1Q22 Reported

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Thursday, May 12, 2022

Onconova Therapeutics (ONTX)
Clinical Trials Progressing As Expected As 1Q22 Reported

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two separate and complementary Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China. Onconova’s product candidate rigosertib is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Onconova Reported 1Q22.  Onconova reported a loss of $4.1 million or $(0.20) per share and gave updates to its clinical trial progress.  The Phase 1 dose escalation trials for narazaciclib in solid organ tumors continue to treat patients.  The trial in China continues to treat its fifth cohort, while the US trial continues to treat its fourth cohort. Rigosertib trials in non-small cell lung cancer and RDEB continue, with a new Phase 2 rigosertib trial in metastatic melanoma expected to begin during 2Q22.

Narazacliclib Data To Be Presented At ASCO.  An abstract on narazaciclib is scheduled for publication at the American Society of Clinical Oncology (ASCO) Annual Meeting, scheduled for June 3 to 7.  We expect the data to include its action on CDK4, CDK6 and inhibition of targets in the pathways of cell proliferation, invasion, metastasis, and drug resistance.  The studies will also show comparisons with the three approved CDK4/6 inhibitor drugs….

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

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

Pangaea Logistics (PANL) – Results in line, upcoming quarters look favorable

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Thursday, May 12, 2022

Pangaea Logistics (PANL)
Results in line, upcoming quarters look favorable

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.

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

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

2022-1Q Results reflect strong market conditions. Revenues soared 53% surpassing expectations. TCE rates rose to $26,472 from $16,524. Offsetting the rise in revenues was an increase in operating costs. Adjusted EBITDA was $31.3 million versus $12.1 million and  adjusted net income rose to $15.7 million ($0.35 per share) versus $3.8 million ($0.09 per share). Reported results were in line with expectations.

Future looks good especially for Pangaea Shipping rates remain favorable and are poised to improve. Northern routes remain tight. Pangaea has a dominate position in the ice-breaking fleet industry. TCE rates for the second quarter as currently booked are $29,432 up from the first quarter’s rate of $26,472. In response to favorable pricing and results, the board of directors has increased the annual dividend 50% to $0.30 per share….

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

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

PDS Biotechnology Corp (PDSB) – Clinical Progress Continues As 1Q22 Results Were Within Expectations

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Thursday, May 12, 2022

PDS Biotechnology Corp (PDSB)
Clinical Progress Continues As 1Q22 Results Were Within Expectations

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

PDS Biotechnology Reported 1Q22.  PDS Biotechnology reported a loss of $8.5 million or $(0.32) per share for 1Q22, consistent with our expectations.  The company also gave updates on its clinical trials and pipeline products, and has two  upcoming poster presentations scheduled to provide clinical data updates from PDS0101 trials in trials for HPV-associated cancers.  Cash on hand at the end of the quarter was $58.9 million.

PDS0101 Has Four Trials For HPV-Associated Cancer.    The lead product is PDS0101, a cancer therapy that uses the Versamune technology to deliver the HPV16 antigen. There are four trials in progress that test the drug in HPV-associated cancers found in any tissue or location, and at different stages of disease, and in combination with other drugs. Two clinical updates are scheduled for the American Society of Clinical Oncology (ASCO) from June 3-7….

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

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

Vectrus (VEC) – Solid First Quarter Results Set the Table for 2022

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Thursday, May 12, 2022

Vectrus (VEC)
Solid First Quarter Results Set the Table for 2022

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

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

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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1Q22 Results. Revenue of $456.5 million was up 5.2% y-o-y and above our $427 million estimate, with the revenue beat due to the pull forward of some business. Adjusted EBITDA margin of 4% continued to be impacted by the phase-in of new awards and pass through content. Adjusted EPS in the quarter was $1.01 versus $1.20. We had estimated $0.77.

Kwajalein. Vectrus was able to transition to full operational control of Kwajalein a full six weeks from original expectations. Not only did this add to first quarter results, but several of the functions being provided are additive to the Company’s core O&M offerings and will provide a path to pursue adjacent and expanded opportunities with clients in the future.…

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

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