GoldQuest: Confirms two new gold systems in the Tireo Belt, Dominican Republic

VANCOUVER, BC–(Marketwired – March 30, 2017) – GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) („GoldQuest” or the „Company”) is pleased to report assay results from the latest 8-hole batch of drill holes of its ongoing minimum 10,000 metre drill program. The program is focused on identifying new gold systems within its 100% owned Tireo Concessions in the Dominican Republic. The results are from a 15 kilometre section of the Tireo Belt with no previous drilling. This portion of the trend is south of the Romero Deposit and the holes reported are from two groups of targets. The target areas are called Vaca Valley and Mineros Ridge, which are located 5 kilometres and 10 kilometres north of the Cachimbo Discovery respectively. In both cases, gold bearing sulphides were intersected with similar grades and thicknesses to intersections adjacent to the Romero Deposit and the Cachimbo Discovery.

Highlights of the new drilling include hole TIR-17-16 at Mineros Ridge which intersected 15 metres grading 0.4 g/t gold and 25.4 g/t silver. Hole TIR-16-12 at Vaca Valley intersected 56.8 metres grading 0.3 g/t gold (see table below for full results). The drill program is testing new targets and all holes have encountered sulphide mineralization consistent with hydrothermal activity in the belt. Three of the holes intersected gold-bearing sulphide mineralization.

Wide intersections of anomalous gold-in-pyrite have been encountered on the edge of the Romero Deposits and all of discoveries in the belt and may be indicative of proximity to higher grade mineralization. In particular, results from hole TIR-17-16 show higher silver values and similar gold to silver ratios as intersected at the Cachimbo Discovery.

„Finding new gold bearing hydrothermal systems is the objective of this first pass drilling program. Subsequent follow up drilling programs will vector toward potentially higher grade mineralization of such systems,” commented Bill Fisher, GoldQuest’s Executive Chairman. „Finding sulphides coinciding with anomalous gold and other metals, we are optimistic as to the potential of the district as VMS mineralization often occurs in clusters. With the recent $23 million investment by Agnico Eagle, and with the Romero mining project in full permitting mode to complement our ongoing exploration programs, GoldQuest is well-funded and positioned to be one of the most active mineral exploration and development companies of 2017.”

The 2016/17 drilling program was designed to test for previously unrecognized gold bearing hydrothermal systems in undrilled targets. Drilling at all targets to date has encountered hydrothermal systems, with the most notable discovery being hole TIR-16-09 at Cachimbo where a Volcanogenic Massive Sulphide (VMS) was discovered that returned a 4.9 metre interval grading 14 g/t gold, 74 g/t silver, 12 % zinc, 1% copper and 0.7% lead within a wider horizon of 15 metres grading 5 g/t gold, 31 g/t silver, 4 % zinc, 0.4% copper and 0.3% lead from 70 metre depth (See release of 10th January 2017). The 2017 Cachimbo Discovery (as well as Romero) was found using geophysics and nearby surface sampling and drilling data, where high grade mineralization was found within a larger, anomalous, lower gold grade halo, similar to the current drill holes TIR-16-10, TIR-16-12 and TIR-17-16.

Table 1. Tireo Drilling Intersections

                             
Hole_ID   From (m)   To (m)   Length (m)   Au g/t   Ag g/t   Cu %   Zn %
TIR-16-10   1.5   25.9   24.4   0.24   0.33   0.01   0.03
TIR-16-12   14.2   71.0   56.8   0.30   0.98   0.01   0.04
TIR-16-13   Intersected sulphides but no significant metal values
TIR-17-14   Intersected sulphides but no significant metal values
TIR-17-15   Intersected sulphides but no significant metal values
TIR-17-16   7.6   22.9   15.3   0.40   25.39   0.01   0
TIR-17-17   Intersected sulphides but no significant metal values
TIR-17-18   Intersected sulphides but no significant metal values
                             

*Interval grades are calculated using uncapped assays. Gold values did not exceed 1.4 gpt. Intervals may not represent true widths. There is insufficient drilling to determine the orientation of the mineralized zones at this time.

Table 2. Collar locations and hole directions for Tireo holes

                     
Hole_ID   Easting   Northing   Elevation   Azimuth   Dip
TIR-16-11   266,258   2097330.00   1140.47   0   -90
TIR-16-10   262,665   2101120.00   1386.00   270   -80
TIR-16-12   262,772   2101064.00   1442.70   220   -75
TIR-16-13   261,967   2102132.00   1030.70   270   -57
TIR-17-14   262,486   2104508.00   1282.00   225   -70
TIR-17-15   261,741   2106097.00   1245.00   270   -70
TIR-17-16   261,389   2106082.00   1181.10   270   -90
TIR-17-17   261,438   2106890.00   1113.00   270   -55
TIR-17-18   261,657   2106358.75   1225.00   270   -70
                     

The hole locations are shown on the map found here: http://www.goldquestcorp.com/images/Tireo_Drilling_Update_March_2017.pdf

QA/QC

As part of the Company’s Quality Assurance and Quality Control procedures (QA/QC the Company reviews results from Certified Standard Reference materials (CRSM or Standards), which are inserted at a rate of five per 100 samples. Within the results disclosed herein there was one sample that had a result below the recommended tolerances for gold. The samples was within a batch from hole TIR-17-15 which had no significant results. In GoldQuest’s drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres core length. The drill core is cut in half with one half of the core sample shipped to ACME Labs by GoldQuest technicians. The remaining half of the core is kept at the Company core shack for future assay verification, or any other further investigation. Assays within intervals below the 0.005 g/t detection limit for Au were given a zero value. All drill samples were prepared and screened by ACME Labs (Vancouver); metallic fire assay and multi‐element ICP‐MS were assayed by ACME Analytical Laboratories (Vancouver). Gold values are determined by standard fire assay with an AA finish, or, if over 10.0 g/t Au, were re‐assayed and completed with a gravimetric finish. Copper and zinc values exceeding 0.2% were re-assayed with a 4-acid digestion and AAS finish. When zinc values exceeded 10% a classic titration was carried out for zinc. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream, at random intervals within each batch. The comprehensive GoldQuest Quality Assurance and Quality Control protocols can be viewed on GoldQuest’s website at: http://www.goldquestcorp.com/index.php/corporate/corporate-governance.

The information in this press release has been reviewed and approved by Mr. Jeremy Niemi, P. Geo., Vice President, Exploration of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.

Forward‐looking statements:

Statements contained in this news release that are not historical facts are forward‐looking information that involves known and unknown risks and uncertainties. Forward‐looking statements in this news release include, but are not limited to, statements with respect to the 2015 drill program, the results of the drill program and the interpretation of the results of the drill program, further drilling, the timing of drilling and assay results, mineral resource estimates, the merits of the Company’s mineral properties, future drill programs and studies, and the Company’s plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward‐looking statements can be identified by the use of words such as „plans”, „has proven”, „expects” or „does not expect”, „is expected”, „potential”, „likelihood”, „appears”, „budget”, „scheduled”, „estimates”, „forecasts”, „at least”, „intends”, „anticipates” or „does not anticipate”, or „believes”, or variations of such words and phrases or state that certain actions, events or results „may”, „could”, „would”, „should”, „might” or „will be taken”, „occur” or „be achieved”.

Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, risks related to uncertainties inherent in drill results and the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward‐looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward‐looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward‐looking statements except as required under applicable securities laws. Forward‐looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.

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 news release.

Global Data Visualization Market by Technology, Delivery Mode, Industry, Trends, Forecast (2017-2022)

Orbis Research Present’s Global Data Visualization Market By Delivery Mode (On Premise, On Demand), Industry (Information Technology, Healthcare, Professional Services, Retail, Banking Insurance, Manufacturing, Entertainment and Media), Geography, Trends,

The Gloal data visualization applications market is currently valued at USD 4.12 billion and is expected to grow at a CAGR of 9.21%, to reach USD 6.99 billion by the end of 2022. Analyzing patterns and trends from large data sets can be a herculean process. Data visualization helps in simplifying this process and allows decision-makers to derive analytical results from information presented visually.

Growing competition from enterprises operating in different industry verticals is fueling the demand for new tools and solutions for faster and more effective decision-making. Enterprises are adopting newer methods of analyzing huge chunks of data coming from different avenues to beat the competition.

Get a PDF Sample of Global Data Visualization Market Report at: http://www.orbisresearch.com/contacts/request-sample/215437

The analysis of this data requires business intelligence solutions coupled with data visualization tools.

Rapid growth in big data, advancements in visualization software, and the growing need for faster decision-making are some of the factors accelerating the growth of the market. However, complex implementation, lack of œstorytellers, and new processes might have a negative impact on the demand growth of data visualization applications market worldwide. The market for data visualization applications, by usage, has been broadly segmented into information technology, healthcare, professional services, retail, banking/insurance, manufacturing, entertainment and media, travel and transport/logistics, the federal government, local government, telecommunications, legal services, life sciences, and others.

Place a Purchase Order for this Report at: http://www.orbisresearch.com/contact/purchase/215437

The data visualization applications market has also been geographically segmented into North America (the US, Canada and, Rest of North America), Europe (the UK, Germany, France, Switzerland, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Chile, Mexico, and Rest of Latin America), and Middle East & Africa (UAE, South Africa, Israel, and Rest of Middle East & Africa). Some of the major players in the data visualization applications industry mentioned in the report are: Actuate IBM Information Builders Microsoft Microstrategy Oracle Qliktech SAP SAS Institute TIBCO Key Deliverables in the Study Market analysis for data visualization applications, with region-specific assessments and competition analysis on a global and regional scale Market definition along with the identification of key drivers and restraints Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale Extensively researched competitive landscape section with profiles of major companies along with their market share Identification and analysis of the macro and micro factors that affect the data visualization applications market on both global and regional scale

A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market Insights into the major countries/regions in which this industry is growing and also identify the regions that are still untapped

Some Points From TOC:

1. Introduction

1.1 Research Methodology

1.2 Key Findings

1.3 Executive Summary

2. Current Market Trends

2.1 Market Overview

2.2 Technology Snapshot

2.3 Industry Usage

4. Industry Segmentation by Data Visualization Usage – Forecasts and Trends

4.1 Information Technology

4.2 Healthcare

4.3 Professional Services

4.4 Retail

4.5 Banking/Insurance

5 Competitive Landscape

5.1 Comparative Study of Solutions of Key Vendors

5.2 Strategies

5.3 Innovation and Patents

JinkoSolar Files 2016 Annual Report on Form 20-F

SHANGHAI, March 30, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2016 with the Securities and Exchange Commission on March 29, 2017.

The Company's annual report on Form 20-F contains its audited consolidated financial statements and is available on the Company's website at http://ir.jinkosolar.com. The Company will provide a hard copy of its annual report free of charge to its shareholders and holders of American depositary shares representing its ordinary shares upon request.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2),  Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com

Mr. Christian Arnell
Christensen, Beijing
Tel: +86 10 5900 2940
Email: carnell@christensenir.com

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com  

SOURCE JinkoSolar Holding Co., Ltd.

Lindsay Corporation Reports Fiscal 2017 Second Quarter Results

OMAHA, Neb.–(BUSINESS WIRE)–Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its second quarter ended February 28, 2017.

Second Quarter Results

Second quarter fiscal 2017 revenues were $124.1 million compared to revenues of $120.6 million in the prior year’s second quarter. Net earnings for the quarter were $5.0 million or $0.47 per diluted share compared with a net loss of $4.1 million or $0.37 per diluted share in the second quarter of the prior year. The prior year period included $13.0 million of environmental remediation expenses which, on an after-tax basis, reduced net earnings by $8.5 million, or $0.78 per diluted share.

Irrigation segment revenues for the second quarter increased three percent to $106.2 million from $103.1 million in the prior year’s second quarter. U.S. irrigation revenues of $61.5 million declined 15 percent, as harsh winter weather conditions in the Northwest resulted in lower irrigation equipment unit volume and lower revenue from other irrigation businesses. International irrigation revenues were $44.7 million, an increase of 46 percent compared to the second quarter of the prior year, driven primarily by improved demand and project activity in South America, Africa and the Commonwealth of Independent States region. Infrastructure segment revenues for the second quarter increased two percent to $17.9 million, as increased demand for road safety products and higher Road Zipper® system sales and lease revenue was offset in part by a decline in sales volume for rail products.

Gross margin for the second quarter of fiscal 2017 was 26.5 percent of sales compared to 26.9 percent of sales in the prior year’s second quarter. Improved margin in the infrastructure segment was more than offset by lower margin in the irrigation segment, as improved U.S. irrigation margin was offset by a higher mix of international revenue at comparatively lower margins. Improved infrastructure margin resulted from increased cost absorption in Road Zipper® system production and volume leverage from road safety product sales.

Operating expenses for the second quarter of fiscal 2017 were $24.4 million, a decrease of $12.7 million compared to the second quarter in the prior year. Excluding the impact of the environmental remediation expenses in the prior year’s second quarter, operating expenses were slightly higher in the current year primarily due to increased new product development and testing costs. Operating expenses were 19.7 percent of sales in the second quarter of fiscal 2017 compared with 30.8 percent of sales in the second quarter of the prior year. Operating margins were 6.9 percent in the second quarter of fiscal 2017, unchanged compared to the second quarter of the prior year after excluding the environmental expenses.

Cash and cash equivalents at the end of the second quarter were $102.8 million compared to $101.2 million at the end of the prior fiscal year and $89.5 million at the end of the prior year’s second quarter. There were no share repurchases made during the second quarter of fiscal 2017. A total of $63.7 million remains available under the Company’s share repurchase program as of February 28, 2017.

The backlog of unshipped orders at February 28, 2017 was $62.3 million compared with $52.6 million at February 29, 2016. Order backlogs were improved in both the irrigation and infrastructure in comparison to the prior year.

Six Month Results

Total revenues for the six months ended February 28, 2017 were $234.5 million, a decrease of three percent compared to $242.2 million in the same prior year period. Net earnings were $5.9 million or $0.55 per diluted share compared with $2.8 million or $0.25 per diluted share in the prior year.

Irrigation segment revenues decreased four percent to $196.1 million for the six months ended February 28, 2017 from $204.4 million in the same prior year period, as U.S. irrigation revenues of $111.8 million decreased 15 percent and international irrigation revenues of $84.3 million increased 16 percent. Infrastructure segment revenues increased two percent to $38.4 million for the six months ended February 28, 2017, as increased demand for road safety products was offset in part by a decline in sales volume for rail products.

Outlook

Rick Parod, President and Chief Executive Officer, commented, “In the irrigation segment, orders and project levels improved in the second quarter after experiencing a slow start to the year in the first quarter. Strong sales growth in international irrigation reflects improving demand and increased project activity. I am pleased with the U.S. irrigation gross margin improvement achieved, especially in view of raw material inflation experienced in the quarter. In the infrastructure segment, second quarter revenues were modestly improved over the prior year in a seasonally lower period, and we continue to see improved operating performance in the segment.”

Parod continued, “We are currently in the midst of the primary selling season for irrigation equipment in North America where overall market conditions, affected by lower commodity prices and reduced farm incomes, are resulting in seasonal demand similar to the prior year. I am encouraged by the improving activity levels we are seeing in the international irrigation and infrastructure markets. The longer-term drivers for our markets of population growth, expanded food production and efficient water use, and infrastructure upgrades and expansion support our expectations for growth.”

Second-Quarter Conference Call

Lindsay’s fiscal 2017 second quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (888) 321-8161 in the U.S., or (706) 758-0065 internationally, and referring to conference ID # 90564253. Additionally, the conference call will be simulcast live on the Internet, and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. Replays of the conference call will remain on our Web site through the next quarterly earnings release. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

About the Company

Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name. At February 28, 2017, Lindsay had approximately 10.7 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.

For more information regarding Lindsay Corporation, see the Company’s Web site at www.lindsay.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words “anticipate,” “estimate,” “believe,” “intend,” „expect,” „outlook,” „could,” „may,” „should,” “will,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

               
 
Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)
 
Three months ended Six months ended
(in thousands, except per share amounts)

February 28,
2017

February 29,
2016

February 28,
2017

February 29,
2016

 
Operating revenues $ 124,125 $ 120,573 $ 234,515 $ 242,195
Cost of operating revenues   91,184     88,128     173,200     175,336  
Gross profit   32,941     32,445     61,315     66,859  
 
Operating expenses:
Selling expense 10,132 10,363 20,114 20,355
General and administrative expense 10,230 23,028 21,585 32,043
Engineering and research expense   4,057     3,748     8,359     7,407  
Total operating expenses   24,419     37,139     50,058     59,805  
 
Operating income (loss) 8,522 (4,694 ) 11,257 7,054
 
Interest expense (1,201 ) (1,201 ) (2,410 ) (2,397 )
Interest income 171 229 336 393

Other income (expense), net

  144     (527 )   (212 )   (847 )
 
Earnings (loss) before income taxes 7,636 (6,193 ) 8,971 4,203
 
Income tax expense (benefit)   2,624     (2,064 )   3,086     1,388  
 
Net earnings (loss) $ 5,012   $ (4,129 ) $ 5,885   $ 2,815  
 
Earnings (loss) per share:
Basic $ 0.47 $ (0.37 ) $ 0.55 $ 0.25
Diluted $ 0.47 $ (0.37 ) $ 0.55 $ 0.25
 
Shares used in computing earnings (loss) per share:
Basic 10,657 11,024 10,647 11,142
Diluted 10,674 11,024 10,670 11,163
 
Cash dividends declared per share $

0.29

$

0.28

$

0.58

$

0.56

           
 
Lindsay Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
February 28, February 29, August 31,
(in thousands) 2017 2016 2016
 
ASSETS
Current assets:
Cash and cash equivalents $ 102,825 $ 89,522 $ 101,246
Restricted cash 2,028 2,030
Receivables, net 78,828 79,225 80,610
Inventories, net 82,847 82,078 74,750
Prepaid expenses 5,208 4,418 3,671
Other current assets   15,968     12,802     14,468  
Total current assets   285,676     270,073     276,775  
 
Property, plant and equipment, net 75,632 78,916 77,627
Intangibles, net 44,890 49,475 47,200
Goodwill 76,577 76,628 76,803
Deferred income tax assets 3,094 3,108 4,225
Other noncurrent assets, net   4,747     5,070     4,885  
Total assets $ 490,616   $ 483,270   $ 487,515  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 44,254 $ 36,371 $ 32,268
Current portion of long-term debt 199 195 197
Other current liabilities   46,350     47,971     55,395  
Total current liabilities   90,803     84,537     87,860  
 
Pension benefits liabilities 6,708 6,431 6,869
Long-term debt 116,876 117,075 116,976
Deferred income tax liabilities 1,678 1,020 1,223
Other noncurrent liabilities   20,995     22,588     23,020  
Total liabilities   237,060     231,651     235,948  
 
Shareholders’ equity:
Preferred stock
Common stock 18,746 18,713 18,713
Capital in excess of stated value 59,002 55,908 57,338
Retained earnings 466,630 455,535 466,926
Less treasury stock – at cost (277,238 ) (261,118 ) (277,238 )
Accumulated other comprehensive loss, net   (13,584 )   (17,419 )   (14,172 )
Total shareholders’ equity   253,556     251,619     251,567  
Total liabilities and shareholders’ equity $ 490,616   $ 483,270   $ 487,515  
       
 
Lindsay Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)
 
(in thousands) Six months ended

February 28,
2017

February 29,
2016

CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 5,885 $ 2,815

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

Depreciation and amortization 8,120 8,536
Provision for uncollectible accounts receivable (609 ) (1,103 )
Deferred income taxes 1,707 (4,163 )
Share-based compensation expense 1,815 1,534
Other, net (594 ) 1,828
Changes in assets and liabilities:
Receivables 2,710 (5,220 )
Inventories (7,368 ) (8,094 )
Other current assets 3,375 (1,779 )
Accounts payable 11,926 (2,247 )
Other current liabilities (8,135 ) (5,273 )
Current taxes payable (5,987 ) (3,641 )
Other noncurrent assets and liabilities   (2,123 )   11,833  
Net cash provided by (used in) operating activities   10,722     (4,974 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (4,194 ) (7,392 )
Proceeds from settlement of net investment hedges 2,054 2,317
Payments for settlement of net investment hedges (482 ) (512 )
Other investing activities, net   136     1,073  
Net cash used in investing activities   (2,486 )   (4,514 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 647 113
Common stock withheld for payroll tax withholdings (635 ) (712 )
Principal payments on long-term debt (98 ) (96 )
Repurchase of common shares (32,215 )
Dividends paid   (6,181 )   (6,183 )
Net cash used in financing activities   (6,267 )   (39,093 )
 
Effect of exchange rate changes on cash and cash equivalents   (390 )   (990 )
Net change in cash and cash equivalents 1,579 (49,571 )
Cash and cash equivalents, beginning of period   101,246     139,093  
Cash and cash equivalents, end of period $ 102,825   $ 89,522  

ReneSola Connects 10MW of Ground-mount Solar Projects to UK Grid

SHANGHAI, March 30, 2017 /PRNewswire/ — ReneSola Ltd („ReneSola” or the „Company”) (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced the completion and grid connection of two ground-mount projects in the United Kingdom. These projects have a combined capacity of approximately 10 MW. ReneSola managed the design and construction of these projects, and will provide ongoing operation and maintenance services until final acceptance.

These two projects are located in North Yorkshire and Shropshire.  Both projects are qualified under the 1.2 Renewable Obligations Certificate (ROC) program.

Xianshou Li, ReneSola’s Chief Executive Officer, said, „The United Kingdom remains one of our key developed markets for our downstream project business, and we are proud of the continued execution of our downstream strategy in the region. The successful grid connection of these projects solidified our competitive positon in developing downstream projects, and we look forward to driving incremental project development globally.”

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

Safe Harbor Statement

This press release contains statements that constitute „forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it „believes,” „plans,” „expects” or „anticipates” will occur, what „will” or „could” happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

SOURCE ReneSola Ltd.

Agenus Restructures Business to Sharpen Focus on Clinical Development of Cancer Therapies

- Will Host Conference Call at 9am ET Today -

LEXINGTON, Mass., March 30, 2017 /PRNewswire/ -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with a clinical stage pipeline of immune checkpoint antibodies and cancer vaccines, today announced that it is reorganizing its business and operations to sharpen its focus on clinical development of its two checkpoint inhibitor antibodies and vaccine program. Agenus plans to close its Basel site and consolidate key functions to its Cambridge, UK and Lexington, MA facilities, and phase out approximately 50 positions across the organization. Additionally, Robert Stein, M.D., Ph.D., President of R&D, will retire to become a senior R&D advisor exclusive to Agenus.

Agenus' goals for this realignment are to:

  • Accelerate development and commercialization of its product portfolio to drive shareholder value
  • Further extend the Company's cash runway beyond the impact from the recently amended Incyte partnership, which strengthened the balance sheet by $80 million and reduced development expenses
  • Consolidate operations to improve R&D efficiencies  
  • Ensure commercial readiness and manufacturing

Prioritized programs include combination therapies targeting CTLA-4 and PD-1. In addition, Agenus will continue to drive its innovative immuno-oncology portfolio towards clinical development with two preclinical antibodies targeting 4-1BB and TIGIT, as well as AutoSynVax, a clinical-stage neoantigen cancer vaccine. The Company is exploring combination studies with AutoSynVax and Agenus' checkpoint antibodies. Substantial focus will also be placed on the Company's manufacturing operations in Berkeley, CA to ensure GMP readiness. This is particularly pertinent as Agenus progresses its clinical registration trials with an intent to commercialize within the next four years.

As part of the restructuring, approximately 50 positions are planned to be phased out within the next six months. In addition, the Company will transition or consolidate certain key management positions, with the objective of streamlining leadership and reducing costs.

"These changes to our organizational structure make us a leaner and more focused organization, which is critically important for our next phase of advancement towards commercial readiness. We will also maintain a focused R&D effort to rapidly generate and develop best of breed novel immuno-oncology candidates. It is important to indicate that as an agile and efficient company we aim to rapidly deliver effective treatments at affordable prices," commented Dr. Armen.

Having built an extraordinary R&D capability for Agenus and spearheaded the advancement of five programs from discovery to clinical stage in the last three years, Dr. Robert Stein will be retiring from his current role as President of R&D and will become a senior R&D advisor to Agenus. The current R&D leadership, which has been assembled under his tutelage, will continue to have access to Dr. Stein for strategic R&D guidance.

"We are grateful to Dr. Stein for his outstanding leadership and contributions in defining and building our research engine," said Dr. Armen. "I look forward to continuing to work with him very closely in the future. I would also like to acknowledge the contributions of our other colleagues who will be departing the Agenus organization."

Conference Call and Webcast

Agenus executives, including Dr. Armen and Jennifer Buell, Ph.D., will host a conference call today at 9:00 a.m. Eastern Time. To access the live call, dial 1-844-492-3727 (U.S.) or 1-412-317-5118 (international) and ask to be joined into the Agenus call. The call will also be webcast and will be accessible from the Company's website at www.agenusbio.com/webcast. A replay will be available on the Company's website approximately two hours after the call and will remain available for 30 days.

About Agenus

Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing a number of combination approaches that leverage a broad repertoire of antibody therapeutics and proprietary cancer vaccine platforms. The Company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support early phase clinical programs. Agenus is based in Lexington, MA. For more information, please visit www.agenusbio.com; information that may be important to investors will be routinely posted on our website.

Forward Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the Company's restructuring and clinical development plans. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Contact:

Agenus Inc.
Michelle Linn, 781-674-4541
michelle.linn@agenusbio.com

SOURCE Agenus Inc.

SAIC Announces Fourth Quarter and Full Fiscal Year 2017 Results

MCLEAN, Va.–(BUSINESS WIRE)–Science Applications International Corporation (NYSE: SAIC), a leading technology integrator providing full life cycle services and solutions in the technical, engineering, intelligence, and enterprise information technology markets, today announced results for the fourth quarter and full fiscal year ended February 3, 2017.

“SAIC’s fourth quarter and full fiscal year 2017 results demonstrate continued execution of the business strategy and although revenue growth was a challenge, we are positioned well against an improving market backdrop,” said SAIC CEO Tony Moraco. “Program performance, margin improvement, strong cash flow generation and disciplined capital deployment continue to be the hallmarks of the SAIC shareholder value proposition.”

 

Fourth Quarter and Full Fiscal Year 2017: Summary Operating Results

   
Three Months Ended Year Ended
   

February 3,
2017

 

Percent
change

 

January 29,
2016

 

February 3,
2017

 

Percent
change

 

January 29,
2016

    (in millions, except per share amounts)  
Revenues $ 1,026   (4 %)   $ 1,071 $ 4,450   3 %   $ 4,315
Operating income 61 13 % 54 271 19 % 227
Operating income as a percentage of revenues 5.9 % 90 bps 5.0 % 6.1 % 80 bps 5.3 %
Adjusted operating income(1) 61 (5 %) 64 281 11 % 253
Adjusted operating income as a percentage of revenues     5.9 %   -10 bps     6.0 %     6.3 %   40 bps     5.9 %
Net income     36     29 %     28       148     26 %     117  
EBITDA(1) 73 0 % 73 322 13 % 286
EBITDA as a percentage of revenues 7.1 % 30 bps 6.8 % 7.2 % 60 bps 6.6 %
Adjusted EBITDA(1) 73 (9 %) 80 330 7 % 309
Adjusted EBITDA as a percentage of revenues     7.1 %   -40 bps     7.5 %     7.4 %   20 bps     7.2 %
Diluted earnings per share $ 0.79 32 % $ 0.60 $ 3.22 30 % $ 2.47
Adjusted diluted earnings per share(1)   $ 0.79     7 %   $ 0.74     $ 3.35     18 %   $ 2.85  
Cash flows provided by operating activities $ 62 (43 %) $ 108 $ 273 21 % $ 226
Free cash flow(1)   $ 58     (41 %)   $ 99     $ 258     25 %   $ 206  
 

(1)

 

Non-GAAP measure, see Schedule 5 for information about this measure.

 

Revenues for the quarter decreased $45 million, or 4%, compared to the prior year primarily due to lower subcontractor activity within our AMCOM contract portfolio ($12 million), the re-compete loss of an IT integration program for the Department of Homeland Security ($8 million), customer driven delays on a Marine Corp IT services program ($12 million), various other decreases across our contract portfolio and one less productive day in the quarter ($17 million). These decreases were partially offset by revenues on newly awarded programs including the Amphibious Combat Vehicle (ACV) and GSA Enterprise Operations programs ($47 million).

Revenues for the fiscal year increased $135 million, or 3% compared to the prior year, primarily due to revenues earned on contracts obtained through the acquisition of Scitor (which occurred in the second quarter of the prior year period), revenues on newly awarded programs including the ACV and GSA Enterprise Operations programs ($138 million) and revenues due to one additional week in the current year period ($88 million). These increases were partially offset by lower activity on our supply chain and logistics services programs as the result of the loss of two contracts in the prior year ($75 million), the expected decline on the Assault Amphibious Vehicle program as we near completion of the prototyping phase ($25 million), and various other decreases across our contract portfolio due to programs that have ended or have experienced lower activity. Revenues from work performed jointly with our former parent company also decreased, as expected, as we complete pre-separation joint work ($22 million).

Operating income for the quarter increased $7 million to 5.9% of revenues, up from 5.0% for the prior year quarter. This increase was primarily due to lower acquisition and integration expenses ($10 million), lower intangible asset amortization ($5 million) and cost savings initiatives ($6 million). These increases were partially offset by higher bid and proposal (B&P) activity to address a strong pipeline of opportunities ($6 million), lease exit costs ($5 million) and lower revenue volume ($4 million).

Operating income for the fiscal year increased $44 million to 6.1% of revenues, up from $227 million, or 5.3% of revenues, in the prior fiscal year. The increase in operating income was primarily due to a decrease in acquisition and integration costs ($16 million), higher net favorable changes in estimates on contracts accounted for using the percentage-of-completion method ($9 million), cost savings initiatives ($10 million), lower intangible asset amortization ($8 million) and increased revenue volume ($12 million). These increases were partially offset by higher B&P activity ($9 million) and lease exit costs ($5 million).

Net income for the quarter increased $8 million from the comparable prior year period primarily due to increased operating income ($5 million, net of tax), lower effective tax rate ($1 million), higher other income ($1 million, net of tax), and lower interest expense primarily due to lower principal outstanding ($1 million, net of tax).

Net income for the fiscal year increased $31 million from the prior fiscal year primarily due to increased operating income ($28 million, net of tax) and a lower effective tax rate ($7 million), partially offset by increased interest expense primarily due to one additional quarter of interest in the current year on additional borrowings.

EBITDA(1) for the quarter increased to 7.1% of revenues, compared to EBITDA(1) of 6.8% for the comparable prior year quarter. The increase was primarily due to lower acquisition and integration expenses and cost savings initiatives, partially offset by higher B&P activity and lease exit costs.

EBITDA(1) for the fiscal year increased to 7.2% of revenues, compared to EBITDA(1) of 6.6% in the prior fiscal year. The increase was primarily due to an increase in net favorable changes in estimates on contracts accounted for under the percentage-of-completion method, cost savings initiatives, and lower costs related to the acquisition and integration of Scitor.

Diluted earnings per share was $0.79 for the quarter. The weighted-average diluted shares outstanding during the quarter was 45.3 million shares. Diluted earnings per share was $3.22 for the year. The weighted-average diluted shares outstanding during the year was 45.9 million shares.

Cash Generation and Capital Deployment

Total cash flows provided by operating activities for the fourth quarter were $62 million, which represented a decrease from the comparable prior year quarter. This decrease was primarily due to one more payroll payment in the current quarter and a net increase in working capital investments in Marine Corps platform integration and IT services programs ($7 million). These decreases were partially offset by cost savings initiatives in the current quarter ($6 million) and lower interest payments ($4 million). —

Total cash flows provided by operating activities for the year were $273 million, an increase from the prior year, primarily due to a net reduction in working capital investments in Marine Corps platform integration and IT services programs ($34 million), strong customer receipts, and lower payments for acquisition and integration costs ($13 million) and income taxes ($7 million). Cash flows also were higher due to one additional quarter of operating activities of Scitor. These increases were partially offset by higher interest payments due to one additional quarter of interest incurred on additional borrowings ($13 million) and one extra payroll payment in the current year.

During the quarter SAIC deployed $51 million of capital, consisting of $13 million in cash dividends and $38 million in plan share repurchases (457 thousand shares) under SAIC’s previously announced share repurchase program. For the year, cash dividends were $54 million and share repurchases totaled $149 million (approximately 2.4 million shares), with total share repurchases since the inception of the program in 2013 totaling $349 million (approximately 7.1 million shares).

Quarterly Dividend Declared

Subsequent to fiscal year-end, the Company’s Board of Directors declared a cash dividend of $0.31 per share of the Company’s common stock payable on April 28, 2017 to stockholders of record on April 14, 2017. SAIC intends to continue paying dividends on a quarterly basis, although the declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements and other factors.

New Business Awards

Net bookings for the quarter were approximately $0.8 billion, which reflects a book-to-bill ratio of approximately 0.8. Net bookings for the year were approximately $5.3 billion, which reflects a book-to-bill ratio of approximately 1.2, our strongest annual book to bill to date, achieved as a result of our go-to-market strategy against an expanding pipeline of contract opportunities. SAIC’s estimated backlog of signed business orders at the end of fiscal 2017 was approximately $8.0 billion of which $1.8 billion was funded.

SAIC was awarded the following notable contracts during the quarter:

U.S. Army – Human Resources Command (HRC): SAIC was awarded a bridge contract to continue to provide the U.S. Army HRC with full life-cycle information technology support, including maintenance, enhancement and development support for systems, programs, applications and databases that are vital to managing the Army’s personnel in peacetime and at war. The bridge contract has a one-year period of performance and a total contract value of $73 million.

U.S. Navy – Space and Naval Warfare Systems Center (SSC) Pacific: SAIC was awarded an indefinite delivery, indefinite quantity (IDIQ) contract by the SSC Pacific to continue to provide network service solutions and engineering support to U.S. Navy and joint Department of Defense shore units worldwide. The multiple-award contract has a three-year base period of performance with two one-year option ordering periods and a total potential value of $84 Million. SAIC is one of four awardees.

Defense Logistics Agency (DLA): SAIC was awarded a new IDIQ contract by the DLA to provide a variety of information technology support services. The multiple-award contract has a five-year base period of performance and one three-year option for a potential contract award ceiling of $6 billion. SAIC is one of 142 awardees.

SAIC was awarded the following notable contracts subsequent to the end of the quarter:

U.S. Army Contracting Command-Redstone: SAIC was awarded a new position on an IDIQ contract in support of the Army Space and Missile Defense Command/Army Forces Strategic Command’s Design, Development, Demonstration and Integration, or D3I, Domain 1 – space, high altitude and missile defense program. The multiple-award contract has a five-year base period of performance and two consecutive two-year options for a total value of more than $3 billion for all awardees. SAIC is one of eight awardees.

Webcast Information

SAIC management will discuss operations and financial results in an earnings conference call beginning at 8 a.m. Eastern time on March 30, 2017. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the SAIC website (http://investors.saic.com). We will be providing webcast access only – “dial-in” access is no longer available. Additionally, a supplemental presentation will be available to the public through links to the Investor Relations section of the SAIC website. After the call concludes, an on-demand audio replay of the webcast can be accessed on the Investor Relations website.

(1)

 

Non-GAAP measure, see Schedule 5 for information about this measure.

 

About SAIC

SAIC is a premier technology integrator providing full life cycle services and solutions in the technical, engineering, intelligence, and enterprise information technology markets. SAIC is Redefining Ingenuity through its deep customer and domain knowledge to enable the delivery of systems engineering and integration offerings for large, complex projects. SAIC’s approximately 15,500 employees are driven by integrity and mission focus to serve customers in the U.S. federal government. Headquartered in McLean, Virginia, SAIC has annual revenues of approximately $4.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Forward-Looking Statements

Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from the guidance and other forward-looking statements made in this release depending on a variety of factors, including: developments in the U.S. government defense budget, including budget reductions, implementation of spending cuts (sequestration) or changes in budgetary priorities; delays in the U.S. government budget process or approval to raise the U.S. debt ceiling; delays in the U.S. government contract procurement process or the award of contracts; delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to retain key employees and customers of recently acquired Scitor Holdings, Inc. and its subsidiaries (collectively, Scitor); our ability to successfully integrate Scitor, including implementing IT and other control systems relating to Scitor’s operations; our ability to generate sufficient earnings to meet the required leverage ratio under our credit facilities, which if unsuccessful would give lenders the right to, among other things, foreclose on all of our assets; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs associated with our firm-fixed price and other contracts; cybersecurity, data security or other security threats, systems failures or other disruptions of our business; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; our ability to effectively deploy capital and make investments in our business; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts, including complex engineering projects; the adequacy of our insurance programs designed to protect us from significant product or other liability claims; our ability to declare future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable laws and contractual agreements; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, which may be viewed or obtained through the Investor Relations section of our website at www.saic.com.

All information in this release is as of March 30, 2017. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

 
Schedule 1:
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED AND CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three Months Ended Year Ended
   

February 3,
2017

 

January 29,
2016

 

February 3,
2017

 

January 29,
2016

 

(in millions, except per share amounts)

Revenues $ 1,026   $ 1,071 $ 4,450   $ 4,315
Cost of revenues 919 965 4,003 3,904
Selling, general and administrative expenses 46 42 166 158
Acquisition and integration costs         10     10     26
Operating income     61     54     271     227
Interest expense 11 13 52 44
Other income (expense), net     1         1    
Income before income taxes 51 41 220 183
Provision for income taxes     (15 )     (13 )     (72 )     (66 )
Net income   $ 36   $ 28   $ 148   $ 117
Weighted-average number of shares outstanding:
Basic     43.9     45.4     44.5     45.8
Diluted     45.3     47.0     45.9     47.4
Earnings per share:
Basic   $ 0.82   $ 0.61   $ 3.33   $ 2.55
Diluted   $ 0.79   $ 0.60   $ 3.22   $ 2.47
Cash dividends declared and paid per share   $ 0.31   $ 0.31   $ 1.24   $ 1.21
 
 
Schedule 2:
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED AND CONSOLIDATED BALANCE SHEETS
(Unaudited)
     
   

February 3,
2017

   

January 29,
2016

(in millions)
ASSETS
Current assets:
Cash and cash equivalents $ 210 $ 195
Receivables, net 539 635
Inventory, prepaid expenses and other current assets     152       122
Total current assets 901 952
Goodwill 863 860
Intangible assets, net 200 224
Property, plant and equipment, net 60 71
Other assets     18       15
Total assets   $ 2,042     $ 2,122
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 432 $ 447
Accrued payroll and employee benefits 158 184
Long-term debt, current portion     25       57
Total current liabilities 615 688
Long-term debt, net of current portion 1,022 1,013
Other long-term liabilities 51 41
Total equity     354       380
Total liabilities and equity   $ 2,042     $ 2,122
 
 
Schedule 3:
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   
Three Months Ended Year Ended
   

February 3,
2017

 

January 29,
2016

 

February 3,
2017

 

January 29,
2016

(in millions)
Cash flows from operating activities:    
Net income $ 36 $ 28 $ 148 $ 117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 12 20 53 62
Deferred income taxes 1 3 1 3
Stock-based compensation expense 6 8 31 33
Excess tax benefits from stock-based compensation (3 ) (1 ) (18 ) (10 )
Loss on disposal of property, plant, and equipment 1 1 1 1
Loss on extinguishment of debt 2
Increase (decrease) resulting from changes in operating assets and liabilities net of the effect of the acquisition:
Receivables 77 39 96 (5 )
Inventory, prepaid expenses and other current assets (23 ) (6 ) (36 ) (11 )
Other assets 1 (1 )
Accounts payable and accrued liabilities 12 8 16 44
Accrued payroll and employee benefits (59 ) 11 (26 ) (4 )
Other long-term liabilities     1       (2 )     5       (4 )
Total cash flows provided by operating activities 62 108 273 226
Cash flows from investing activities:
Change in restricted cash 2 2 6 (14 )
Expenditures for property, plant, and equipment (4 ) (9 ) (15 ) (20 )
Asset acquisition (2 )
Cash paid for acquisition, net of cash acquired                       (764 )
Total cash flows used in investing activities (2 ) (7 ) (11 ) (798 )
Cash flows from financing activities:
Dividend payments to stockholders (13 ) (14 ) (54 ) (55 )
Principal payments on borrowings (43 ) (236 ) (72 )
Issuances of stock 2 1 5 4
Stock repurchased and retired or withheld for taxes on equity awards (43 ) (33 ) (180 ) (69 )
Excess tax benefits from stock-based compensation 3 1 18 10
Disbursements for obligations assumed from Scitor acquisition (2 ) (2 ) (7 ) (5 )
Proceeds from borrowings 209 670
Deferred financing costs                 (2 )     (17 )
Total cash flows (used in) provided by financing activities     (53 )     (90 )     (247 )     466  
Total increase (decrease) in cash and cash equivalents 7 11 15 (106 )
Cash and cash equivalents at beginning of period     203       184       195       301  
Cash and cash equivalents at end of period   $ 210     $ 195     $ 210     $ 195  
 
 
Schedule 4:
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
BACKLOG
(Unaudited)
 

The estimated value of our total backlog as of the dates presented was:

     
   

February 3,
2017

 

November 4,
2016

 

January 29,
2016

(in millions)
Funded backlog $ 1,811 $ 2,044 $ 1,879
Negotiated unfunded backlog     6,209       6,189       5,319
Total backlog   $ 8,020     $ 8,233     $ 7,198
 

Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts and task orders as work is performed and excludes contract awards which have been protested by competitors until the protest is resolved in our favor. SAIC segregates backlog into two categories, funded backlog and negotiated unfunded backlog. Funded backlog for contracts with government agencies primarily represents contracts for which funding is appropriated less revenues previously recognized on these contracts, and does not include the unfunded portion of contracts where funding is incrementally appropriated or authorized by the U.S. government and other customers even though the contract may call for performance over a number of years. Funded backlog for contracts with non-government agencies represents the estimated value of contracts which may cover multiple future years under which SAIC is obligated to perform, less revenues previously recognized on these contracts. Negotiated unfunded backlog represents the estimated future revenues to be earned from negotiated contracts for which funding has not been appropriated or authorized, and unexercised priced contract options. Negotiated unfunded backlog does not include any estimate of future potential task orders expected to be awarded under indefinite delivery, indefinite quantity (IDIQ), U.S. General Services Administration (GSA) schedules or other master agreement contract vehicles.

 

Schedule 5:

 

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

NON-GAAP FINANCIAL MEASURES

(Unaudited)

 
This schedule describes the non-GAAP financial measures included in this earnings release. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Other companies may define similar measures differently.
       

Internal revenue growth

 

Three
Months
Ended

Year
Ended

       

February 3,
2017

(in millions)
Prior year period’s revenues, as reported $ 1,071 $ 4,315
Prior year period’s revenues performed by former Parent (3 ) (31 )
Revenues of acquired business for the pre-acquisition prior year period               154  
Prior year period’s revenues, as adjusted 1,068 4,438
Current year revenues, as reported 1,026 4,450
Revenues performed by former Parent (1 ) (9 )
Estimated impact of 53rd week               (88 )
Current year period’s revenues, as adjusted         1,025       4,353  
Internal revenue growth (contraction)(1)       $ (43 )   $ (85 )
Internal revenue growth (contraction) percentage (4.0 %) (1.9 %)
 

We utilize internal revenue growth (or internal revenue contraction if negative) to evaluate revenue growth after the completion of acquisitions. Internal revenue growth is calculated by comparing our reported revenues for the current year to the reported revenues for the prior year comparable period adjusted to include any pre-acquisition historical revenues of acquired businesses. We also adjust current and prior year revenue to exclude the impact of revenue performed by our former parent company, Leidos Holdings, Inc. (“former Parent”) since revenues on pre-separation joint work are recorded equal to cost and are expected to decline over time. For fiscal 2017, a 53-week fiscal year, we have also adjusted revenue to exclude the estimated impact of the additional week in order to facilitate comparison to the prior year period. We estimate the revenue impact of the additional week by dividing the current year’s revenues for the first quarter by the number of days in the first quarter and multiplying that amount by the number of additional days in the first quarter. We believe that adjusting current year revenues to reflect the impact of the additional week improves comparability since differences in the number of days generally have a direct impact on the amount of revenues earned during the respective periods. We believe that internal revenue growth provides management and investors with useful information in assessing trends on how successful the Company has been in growing revenues as we develop our base business and access new markets and capabilities provided by acquisitions.

(1)

 

Non-GAAP measure, see above for definition.

 
 
Schedule 5 (continued):
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES (continued)
(Unaudited)
 
 

Adjusted operating income, EBITDA, Adjusted EBITDA, and Adjusted diluted earnings per share

 

   
Three Months Ended Year Ended
   

February 3,
2017

 

January 29,
2016

 

February 3,
2017

 

January 29,
2016

(in millions, except per share amounts)
                                 
Net income $ 36   $ 28 $ 148   $ 117
Interest expense 11 13 52 44
Provision for income taxes 15 13 72 66
Depreciation and amortization     11       19       50       59  
EBITDA(1) 73 73 322 286
EBITDA as a percentage of revenues 7.1 % 6.8 % 7.2 % 6.6 %
Acquisition and integration costs 10 10 26
Depreciation included in acquisition and integration costs           (3 )     (2 )     (3 )
Adjusted EBITDA(1) $ 73 $ 80 $ 330 $ 309
Adjusted EBITDA as a percentage of revenues     7.1 %     7.5 %     7.4 %     7.2 %
                                 
Operating income $ 61 $ 54 $ 271 $ 227
Operating income as a percentage of revenues 5.9 % 5.0 % 6.1 % 5.3 %
Acquisition and integration costs           10       10       26  
Adjusted operating income(1) $ 61 $ 64 $ 281 $ 253
Adjusted operating income as a percentage of revenues     5.9 %     6.0 %     6.3 %     5.9 %
       
Diluted earnings per share $ 0.79 $ 0.60 $ 3.22 $ 2.47
Acquisition and integration costs, divided by diluted weighted-average number of shares outstanding $ $ 0.21 $ 0.22 $ 0.55
Acquisition and integration costs tax benefit, divided by diluted weighted-average number of shares outstanding   $     $ (0.07 )     (0.09 )     (0.17 )
Adjusted diluted earnings per share(1)   $ 0.79     $ 0.74     $ 3.35     $ 2.85  
 

EBITDA is a performance measure that is calculated by taking net income and excluding interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA, adjusted operating income, and adjusted diluted earnings per share are performance measures that exclude acquisition and integration costs that we do not consider to be indicative of our ongoing operating performance as they relate to the Company’s significant acquisition of Scitor. Adjusted EBITDA and adjusted operating income are calculated by excluding acquisition and integration costs from EBITDA and operating income, respectfully. Adjusted diluted earnings per share is calculated by excluding the impact of acquisition and integration costs from diluted earnings per share. In order to calculate the impact on diluted earnings per share, we use the effective income tax rates for each period excluding the negative effect of certain non-deductible acquisition and integration costs included in net income. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

(1)

 

Non-GAAP measure, see above for definition.

 
 
Schedule 5 (continued):
 
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES (continued)
(Unaudited)
 
 

Free Cash Flow

   
Three Months Ended Year Ended
   

February 3,
2017

 

January 29,
2016

 

February 3,
2017

 

January 29,
2016

    (in millions)
Cash flows provided by operating activities $ 62   $ 108 $ 273   $ 226
Expenditures for property, plant, and equipment     (4 )     (9 )     (15 )     (20 )
Free cash flow(1)   $ 58     $ 99     $ 258     $ 206  
 

Free cash flow is calculated by taking cash flows provided by operating activities less expenditures for property, plant, and equipment. We believe that free cash flow provides management and investors with useful information in assessing trends in our cash flows and in comparing them to other peer companies, many of whom present a similar non-GAAP liquidity measure. This measure should not be considered as a measure of residual cash flow available for discretionary purposes.

(1)

 

Non-GAAP measure, see above for definition.

 

GEE Group Inc. to Ring NYSE Closing Bell

NAPERVILLE, IL / ACCESSWIRE / March 30, 2017 / GEE Group Inc. (NYSE MKT: JOB) („the Company” or „GEE Group”), a provider of professional staffing services and solutions, today announced that the Company will ring The Closing Bell televised live at the New York Stock Exchange on Monday, April 3rd, 2017 starting at 3:56 pm ET. Members of the GEE Group executive management team and board of directors, investors and invited guests will gather on the podium to ring the NYSE bell during the ceremony.

Chairman and Chief Executive Officer of the Company, Derek Dewan, commented on the bell ringing, stating: „GEE Group is delighted to ring The Closing Bell on behalf of our dedicated employees, associates, customers and investors. We are celebrating our new name, GEE Group, which incorporates our specialty units focused on higher-margin professional staffing services and human resource solutions. GEE Group reached a milestone by almost doubling its fiscal year revenues in one year. Ringing The Closing Bell is a wonderful festivity that has a long history and rich tradition at the New York Stock Exchange. We are pleased to ring The Closing Bell in this historic building, and we are thrilled to take part in this bell ringing ceremony as we continue to grow the Company into an exceptional leader in the staffing industry.” Dewan continued, „We enjoy serving our clients and providing value-added human resource solutions while also providing our workers with premier employment opportunities where they can grow their skills and thrive.”

In addition to live television coverage of the ceremony, the New York Stock Exchange will stream The Closing Bell ringing on its website: https://livestream.com/NYSE. The bell ringing is scheduled for 3:56 – 4:00 p.m. ET. A video of the bell-ringing will also be archived on that same page after the livestream.

About GEE Group Inc.

GEE Group Inc. is a provider of specialized staffing solutions and is the successor to employment offices doing business since 1893. The Company operates in two industry segments, providing professional staffing services and solutions in the information technology, engineering, finance and accounting specialties and commercial staffing services through the names of Access Data Consulting, Agile Resources, Ashley Ellis, General Employment, Omni-One, Paladin Consulting, and Triad. Also, in the healthcare sector, GEE Group, through its Scribe Solutions brand, staffs medical scribes who assist physicians in emergency departments of hospitals and in medical practices by providing required documentation for patient care in connection with electronic medical records (EMR).

Forward-Looking Statements

In addition to historical information, this press release contains statements relating to the Company’s future results (including certain projections, pro forma financial information, and business trends) that are „forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, (the „Exchange Act”), and are subject to the „safe harbor” created by those sections. The statements made in this press release that are not historical facts are forward-looking statements that are predictive in nature and depend upon or refer to future events. Such forward-looking statements often contain, or are prefaced by, words such as „will”, „may,” „plans,” „expects,” „anticipates,” „projects,” „predicts,” „estimates,” „aims,” „believes,” „hopes,” „potential,” „intends,” „suggests,” „appears,” „seeks,” or variations of such words or similar words and expressions. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and, consequently, as a result of a number of factors, the Company’s actual results could differ materially from those expressed or implied by such forward-looking statements. Certain factors that might cause the Company’s actual results to differ materially from those in the forward-looking statements include, without limitation: (i) the loss, default or bankruptcy of one or more customers; (ii) changes in general, regional, national or international economic conditions; (iii) an act of war or terrorism or cyber security breach that disrupts business; (iv) changes in the law and regulations; (v) the effect of liabilities and other claims asserted against the Company; (vi) changes in the size and nature of the Company’s competition; (vii) the loss of one or more key executives; (viii) increased credit risk from customers; (ix) the Company’s failure to grow internally or by acquisition or the failure to successfully integrate acquisitions; (x) the Company’s failure to improve operating margins and realize cost efficiencies and economies of scale ; (xi) the Company’s failure to attract, hire and retain quality recruiters, account managers and salesmen; (xii) the Company’s failure to recruit qualified candidates to place at customers for contract or full-time hire; and such other factors as set forth under the heading „Forward-Looking Statements” in the Company’s annual reports on Form 10-K, its quarterly reports on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission (SEC). More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company is under no obligation to (and expressly disclaims any such obligation to) and does not intend to publicly update, revise or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact:

GEE Group Inc.
Andrew J. Norstrud
813.803.8275
[email protected]

SOURCE: GEE Group Inc.

ReneSola Connects 10MW of Ground-mount Solar Projects to UK Grid

SHANGHAI, March 30, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced the completion and grid connection of two ground-mount projects in the United Kingdom. These projects have a combined capacity of approximately 10 MW. ReneSola managed the design and construction of these projects, and will provide ongoing operation and maintenance services until final acceptance.

These two projects are located in North Yorkshire and Shropshire.  Both projects are qualified under the 1.2 Renewable Obligations Certificate (ROC) program.

Xianshou Li, ReneSola's Chief Executive Officer, said, "The United Kingdom remains one of our key developed markets for our downstream project business, and we are proud of the continued execution of our downstream strategy in the region. The successful grid connection of these projects solidified our competitive positon in developing downstream projects, and we look forward to driving incremental project development globally."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

SOURCE ReneSola Ltd.

ReneSola Connects 10MW of Ground-mount Solar Projects to UK Grid

SHANGHAI, March 30, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced the completion and grid connection of two ground-mount projects in the United Kingdom. These projects have a combined capacity of approximately 10 MW. ReneSola managed the design and construction of these projects, and will provide ongoing operation and maintenance services until final acceptance.

These two projects are located in North Yorkshire and Shropshire.  Both projects are qualified under the 1.2 Renewable Obligations Certificate (ROC) program.

Xianshou Li, ReneSola's Chief Executive Officer, said, "The United Kingdom remains one of our key developed markets for our downstream project business, and we are proud of the continued execution of our downstream strategy in the region. The successful grid connection of these projects solidified our competitive positon in developing downstream projects, and we look forward to driving incremental project development globally."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

SOURCE ReneSola Ltd.