El Al Israel Airlines Announced Today Its Financial Results for the Year 2016 and the Fourth Quarter of the Year

LOD, Israel, March 23, 2017 /PRNewswire/ —

El Al Israel Airlines (TASE: ELAL) announced today that the Company’s revenues in 2016 amounted to approx. USD 2,038 million, compared to approx. USD 2,054 million in the previous year;

Profit before tax in 2016 was approx. USD 93 million, compared to a profit before tax of approx. USD 145 million in the previous year;

The Company completed 2016 with a net profit of approx. USD 81 million compared to a net profit of approx. USD 107 million in 2015;

The Company’s cash and deposit balances as of December 31, 2016 totaled approx. USD 212 million and the equity amounted to approx. USD 284 million;

The Company’s market-share of passenger traffic at Ben-Gurion Airport increased in 2016 to approx. 32.6%, compared to approx. 32.5% in the previous year.

Load factor in 2016 stood at approx. 84%, compared to 83.3% in the previous year;

Passenger segments increased by approx. 11%

EBITDA in 2016 amounted to approx. USD 287 million, compared to approx. USD 331 million last year;

Cash flow from operating activities in 2016 amounted to approx. USD 243 million, compared to a cash flow of approx. USD 271 million in 2015;

Equity in 2016 increased to approx. USD 284 million, compared to USD 198 million as of December 31, 2015;

The Company’s revenues in the fourth quarter of 2016 amounted to approx. USD 460.8 million, compared to approx. USD 476.3 million in the fourth quarter of 2015;

The Company recorded in the fourth quarter of 2016 a net loss of approx. USD 2.4 million, compared to a profit of approx. USD 12.2 million in the fourth quarter of 2015.

David Maimon, El Al’s CEO:

„The Company announced a net profit for 2016 of approx. USD 81 million and a growth in all operational parameters, including an increase of about 11% in passenger segments, a market-share increase to 32.6% and an impressive load-factor of 84%.

The 2016 results were affected by the pilots’ crisis that reached its peak in the fourth quarter of the year. The main impact was on the operating expense items.

We continue preparations for the arrival of the new wide-body 787 Dreamliners, the first of which is expected to arrive at the end of August 2017.

Additionally, in 2016 we continued the trend of rejuvenating our narrow-body aircraft fleet, upon completion of the 8 Boeing 737-900 aircraft arrival process. Currently, the average age of the Company’s narrow-body airplanes stands at seven years old. At the same time, as per our commitment, we continue the pilot of WIFI services during flights, which will be gradually installed in all Boeing 737-900 aircraft.

The Frequent Flyer Club, in Israel and overseas, and in particular the FLYCARD credit card, serve as a significant growth engine, which is translated into an impressive expansion trend. The number of said credit card holders has exceeded all expectations and stands at about 200 thousand since its launch. The number of EL AL’s Frequent Flyer Club members also continued to increase, reaching more than 1.76 million members.

We shall do all in our power to provide our customers with a quality service, maximum comfort, innovative technology and advanced airplanes, while continuing to successfully cope with market conditions as well as competition.

I wish to take this opportunity to thank you and express my highest appreciation for El Al employees, on the ground and in the air, in Israel and worldwide, who work with determination and dedication, allowing us to effectively deal with the challenges facing us.

We are committed to ensure the Company’s success and prosperity, and determined to restore our customers’ security and trust.”

Dganit Palti, El Al’s CFO, stated:

„The company enjoyed from lower average fuel prices last year, which resulted in a net savings of $ 95 million in fuel expenses. On the other hand, the company’s operating expenses increased significantly due to the 5% increase in flight hours and mainly due to disruptions in flights resulting from a crisis with the pilots.

We are working hard improve the Company’s operating indices.

Despite the damage to the activity this year , the EBITDA amounted to $ 287 million, the Company generated a cash flow from operating activities in excess of $ 240 million, and cash and deposits balances at the end of the period amounted to $ 212 million, attesting to the Company’s financial strength.

The company’s financial position enables us to move forward with confidence in the face of the challenge of the new fleet of aircraft program, which will enable the Company’s future development in the coming years.”

Results for the year Ended on December 31, 2016:

1.      Operating revenues – operating revenues decreased in 2016 by approx. USD 16 million (about 0.8%) compared to 2015. Revenue from passenger flights increased by approx. 0.1% whereas income from cargo flights decreased. Revenue from passengers was affected by two opposing trends – on the one hand, the trend of drop in flight ticket prices continued due to the intensified competition and the impact of the fuel price drop, and on the other hand, a significant increase was recorded in the number of passengers carried by the Company and in passenger revenue per kilometer (RPK) as a result of an increase in operations. Additionally, the Company’s passenger revenues were adversely affected by the erosion of exchange rates of currencies in which some of the Company’s sales transactions are made, in relation to the dollar. Furthermore, the growth in passenger revenue in 2016 compared to 2015 was partially offset by the disruptions in manning the Company’s flights due to the pilots’ sanctions (which started in October 2015 and continued intermittently throughout 2016). The Company’s cargo revenue decreased by approx. 11.4%, primarily due to the drop in yield per ton-kilometer and revenue-ton-kilometer (RTK) flown.

2.      Operating expenses – operating expenses increased in 2016 by approx. USD 50 million (about 3.4%) compared to 2015, after a decline of approx. USD 95 million in jet fuel expenses. The gross increase of approx. USD 145 million mainly resulted from an increase in operations and wages and increase in lease expenses primarily due to disruptions in manning flights, as a result of the pilots’ sanctions, and the need to find alternative solutions in connection therewith, mainly wet lease of aircrafts (lease of aircraft and crew), as well as due to an increase in depreciation expenses, primarily due to an increase in the number of the Company’s aircrafts and change in the residual value of the 777 aircrafts.

3.      Jet Fuel Expenses – the Company’s jet fuel expenses, including hedging impact, declined by approx. USD 94.7 million (about 20%) compared to the corresponding expenditure in 2015, as a result of a drop in the price of jet fuel, offset in part by an increase in the amount of jet fuel consumed due to the growth in the scope of the Company’s operations.

4.      Selling Expenses –selling expenses decreased in approx. USD 2.3 million (about 1.2%) compared to 2015, primarily due to the drop in distribution expenses.

5.      General and Administrative Expenses – general and administrative expenses recorded a growth of approx. USD 1.6 million (about 1.7%) compared to 2015, mainly due to the an increase in professional services and provisions for legal claims.

6.      Other Revenues (Expenses) – the USD 5.2 million improvement in results is primarily attributed to early retirement plan expenses recognized in 2015, and capital gain for the sale of a 737-700 aircraft, which was recognized during 2016.

7.      Financing Expenses – financing expenses amounted to approx. USD 23.1 million, compared to approx. USD 26.5 million in 2015. This drop is mostly due to a one-time fee payment in 2015 and a decrease in price differences in 2016 compared to 2015.

8.      Taxes on Income – taxes on income totaled approx. USD 12.8 million compared to approx. USD 38.1 million in 2015. This drop is the result of a decrease in profit before taxes on income and the impact of the decrease in the corporate tax on deferred taxes (a benefit of approx. USD 11 million).

9.      Profit for the Period – profit before tax in 2016 totaled approx. USD 93.5 million and profit after tax totaled approx. 80.7 million (constituting about 4.0 % of the turnover), compared to profit before tax of approx. USD 144.6 million in 2015 and profit after tax approx. USD 106.5 million (about 5.2% of the turnover).

Results for the Three-Month Period Ended on December 31, 2016:

1.      Operating revenues – decreased by approx. USD 15.5 million (about 3.3%) in the reported period compared to the fourth quarter of the previous year, with a drop of approx. USD 9.9 million (about 2.4%) in passenger revenues and approx. USD 7.0 million in cargo revenues (about 16.9%). The passenger revenue decrease was due to a decline in revenue passenger kilometer (RPK), for the above detailed reasons, as well as the erosion of exchange rates of currencies in which the Company’s sales transactions are made, in relation to the dollar. In addition, the drop in passenger revenues in the fourth quarter of 2016, compared to the fourth quarter of 2015, was also due to the disruptions in manning the Company’s flights. The Company’s cargo yield per ton-kilometer and revenue-ton-kilometer (RTK) flown recorded a decrease.

2.      Operating expenses – increased in the reported period by approx. USD 17.2 million (about 4.5%) compared to the fourth quarter of 2015, after a savings of approx. USD 9.6 million in jet fuel expenses. The gross increase of approx. USD 26.8 million was primarily due to disruptions in manning flights, caused by the pilots’ sanctions, and the need to find alternative solutions in connection therewith, mainly wet lease of aircrafts by the Company, as well as due to an increase in depreciation expenses.

3.      Selling Expenses –decreased by approx. 7.2% compared to the fourth quarter of 2015, primarily due to the drop in distribution and advertising expenses.

4.      General and Administrative Expenses – increased by approx. 6.0% compared to the fourth quarter of 2015, mainly due to the an increase in professional services and provisions for legal claims.

5.      Financing Expenses – amounted to approx. USD 6.1 million, compared to approx. USD 7.3 million in the fourth quarter of 2015. This drop is mostly due to a one-time fee payment that was recognized in 2015 and a decrease in exchange differences.

6.      Taxes on Income – the tax benefit in the reported period totaled approx. USD 10.2 million. Said tax benefit includes revenues, due to a corporate tax rate decrease from 25% to 23% (in the expected period, on the date of reversing timing differences in respect of which deferred taxes were recognized)

7.     Loss for the Period – loss before tax in 2016 totaled approx. USD 12.7 million (loss after tax totaled approx. 2.4 million, constituting about 0.5% of the turnover), compared to profit before tax of approx. USD 16.2 million in the fourth quarter of 2015 (profit after tax – approx. USD 12.2 million, constituting about 2.6% of the turnover),

 Additional Data as of December 31, 2016:

1.      Current Assets amounted to approx. USD 435.1 million, reflecting a growth of approx. USD 40.8 million compared to December 31, 2015. This growth resulted mostly from an increase in cash balances compared to the cash balances at the end of 2015, which was partially offset by a decrease in the Short Term Deposits item and the improvement in the fair value of jet fuel derivatives.

2.      Current Liabilities – amounted to approx. USD 800.1 million, reflecting a drop of approx. USD 37.9 million compared to December 31, 2015. This drop is primarily due to the improvement in the fair value of jet fuel derivatives and a drop in current maturities of long-term loans, which were partially offset by an increase in the Revenues item from pre-sale of airline tickets, as a result of a rise in airline ticket sales (not yet realized) in the last quarter of 2016 compared to the last quarter of 2015.

3.      Working Capital – the Company has a working capital deficit of approx. USD 365.1 million compared to a deficit of approx. USD 443.7 dollar as of December 31, 2015. It shall be noted that a substantial part of the working capital deficit does not reflect short-term cash flows, and consists of two substantial components which are included in the Company’s Current Liabilities items and are characterized by current business cycle; however, the Company is not required to use cash-flow sources in the short term in order to repay these components: prepaid revenue from the sale of airline tickets and from the Frequent Flyer Club, to be settled by providing future flight services, and liabilities to employees for vacation, which are expected to be paid over several years but classified as a short-term liability in accordance with accounting principles. Moreover, loans in an aggregate amount of approx. USD 78 million, whose original maturity date is in April and July 2017 and are therefore presented as short-term liabilities, were spread, after the date of the Statement of Financial Condition, over a period of 4 years, and thus will be classified, starting from the quarter of 2017, as  non-current liabilities.

4.      Non-Current Assets – amounted to approx. USD 1,281.9 million, showing a growth of approx. USD 12.0 million compared to their balance as of December 31, 2015, mainly as a result of the continued investment in the 787 Boeing aircraft acquisition program and the receipt of three 737-900 aircrafts during 2016, less current depreciation.

5.      Non-Current Liabilities – totaled approx. USD 632.8 million, similar to their balance as of December 31, 2015. Liabilities were affected by a decrease in loan balances, which was offset by an increase in deferred tax liabilities due to profit before tax for the year, offset by the impact of the decrease in corporate tax.

6.      Total Equity – amounted to approx. USD 284.1 million. The growth of approx. USD 86.1 million compared to equity as of December 31, 2015, mainly resulted from the profit for the period, which was partially offset by a USD 33.4 million dividend, announced and paid during the period, as well as by the impact of the Company’s hedging instruments on the equity funds, in a net-of-tax amount of approx. USD 48.0 million (increase), offset by actuarial losses in respect of employee benefits on the equity funds, which affected the equity funds in a net-of-tax amount of approx. USD 9.6 million.

About El Al

El Al Israel Airlines Ltd. (TASE: ELAL) is the National Air Carrier of Israel. In 2016, El Al recorded revenues amounting to nearly USD 2.04 billion. El Al carries about 5.5 million passengers a year. The Company operates flights to about 34 direct destinations around the world and many other destinations by means of cooperation agreements with other airlines, thus it currently operates 43 aircrafts, 28 of which are owned by the Company.

(www.elal.com)

Details of Conference Call

A conference call took p place on Wednesday, March 22, 2017, at 12:30. A recording of the conference call will be available to those interested starting from March 22, 2017, at 14:00, until March 29, 2017, via phone number 03-9255937, as well as on the Company’s Investor Relations website at: www.elal.com/investor-relations starting from March 24,2017.

For further details:

 

SOURCE EL AL Israel Airlines LTD

Aptys Solutions Selected by MY CU Services to Offer Member CUs a Single Payments Platform for All Payment

NORCROSS, Ga., March 23, 2017 /PRNewswire/ — Aptys Solutions, a leading provider of real-time processing and electronic payments solutions for financial institutions nationwide, announced today that MY CU Services, a CUSO providing a one-stop shop for payments, technology, and services, has signed an agreement to implement the full PayLOGICS Suite from Aptys.

PayLOGICS will allow MY CU Services to consolidate multiple payments products for check, ACH, and wire onto a single platform, streamlining payment operations and simplifying member credit access to electronic payments and data.

Aptys has established a track record in the payments industry for creative solutions that lower operational costs and create new revenue streams for financial institutions through end-to-end, streamlined electronic payments management.  MY CU Services’ new technology now gives member credit unions more data access and control with enhanced real-time security features through PayLOGICS Risk and Anomaly Detection.

„Because of our growth and success since 2010, we were looking for the right solution that would not only provide enhanced capability to our current members, but also position MY CU Services as a leader of electronic payment services to the credit union industry,” said MY CU Services President/CEO Drew Kishbaugh. „PayLOGICS becomes the foundation for future growth and provides new payment services to our members.”

MY CU Services will also benefit from PayLOGICS’ Active Archive which provides tools for managing payment data all in a single location. „Efficient data management isn’t just about having enough storage capacity anymore,” said Eric Dotson, EVP of Sales.  „Accessing and using data in a flexible infrastructure to better manage risk, reduce fraud, ensure regulatory compliance, and analyze data trends are all top priorities for FIs today.  Active Archive simplifies these tasks by consolidating data and making it accessible online.”

About MY CU Services

MY CU Services is a leading provider of electronic payment, mobile and technology solutions for credit unions; headquartered in Middletown, Pa. MY CU Services currently provide services to more than 1,300 credit unions nationwide. For more information, visit www.mycuservices.com. It’s time to Experience the Difference with MY CU Services.

About Aptys Solutions

Norcross, GA-based Aptys Solutions provides electronic payment services to over 2,800 financial institutions nationwide. Aptys’ PayLOGICS suite of products provide origination, processing, and fraud tools for check, ACH, and wire payments and serves as a clearinghouse of transactions providing least cost routing.  Aptys helps increase overall efficiencies while reducing expenses associated with processing electronic payments. For more information, visit www.aptyssolutions.com.

Media Contact:
Eric Dotson
Phone: 615-613-4080
Email: edotson@aptyssolutions.com

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MY CU Services’ website

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SOURCE Aptys Solutions

Uncover Studios and We The Kings Premiere New Original Podcast Series, „WTK: Encore”

WHITE PLAINS, N.Y., March 23, 2017 /PRNewswire/ — Uncover Studios and the platinum-selling band We The Kings are thrilled to announce the premiere of WTK: Encore, an original podcast series giving fans and music lovers an exclusive, unscripted look at the rock star lifestyle.

WTK: Encore debuted its first episode on March 23, 2017; now available to stream and download on iTunesStitcherGoogle Play Music, and more. Fans are encouraged to subscribe using their favorite podcatcher so they don’t miss a single episode.

Click here to listen to the first episode of WTK: Encore.

We The Kings is currently on their ten year anniversary tour, with stops across North America, Canada, and Europe. The band is excited to take the huge fanbase they’ve created throughout the past decade on an exclusive audio journey. WTK: Encore will take listeners behind the scenes to discover the riveting, hilarious, and untold stories of the band.

WTK: Encore is the VIP ticket to the band members’ lives on the road, in the tour bus, backstage, and with family and friends. The episodes are honest, funny, insightful, and beautifully recorded. For long-time fans, newcomers, and anyone who loves music, this is as real as it gets.

We The Kings has one of the most loyal fanbases out there, with over 7 million social media followers worldwide. They are a dedicated and devoted group of guys who keep it real and genuine with their fans.

„We The Kings bring an electricity to everything they do and the love and respect they show for their fans is why they’ve grown such a large, loyal following,” said Dave Keine, Uncover Studios’ Managing Director. „We’re really excited to explore where that magic comes from as we go behind-the-scenes and get closer to the band in WTK: Encore.”

Uncover Studios is giving brands a variety of unique opportunities to get involved in the excitement. From custom messages and content shaping, to viral promotions and once-in-a-lifetime experiences, Uncover Studios will customize a fully-integrated campaign with celebrity content at the core. Brands can partner with Uncover and We The Kings to deliver the right message to the right audience, and ensure their message is being heard.

About Uncover Studios
Uncover Studios is a new podcast and influencer company launched by TMPG, a promotional marketing agency. Uncover is devoted to sharing unique perspectives. Uncover creates original podcast shows, high-quality custom content, and multimedia campaigns to maximize brand impact. Visit www.uncoverstudios.com to learn more.

Uncover Studios Media Contact:
Caroline Valentino
Email: press@uncoverstudios.com

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Uncover Studios – Podcast & Influencer Company

WTK: Encore – Official Page

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SOURCE Uncover Studios

El Al Israel Airlines Announced Today Its Financial Results for the Year 2016 and the Fourth Quarter of the Year

LOD, Israel, March 23, 2017 /PRNewswire/ --

El Al Israel Airlines (TASE: ELAL) announced today that the Company's revenues in 2016 amounted to approx. USD 2,038 million, compared to approx. USD 2,054 million in the previous year;

Profit before tax in 2016 was approx. USD 93 million, compared to a profit before tax of approx. USD 145 million in the previous year;

The Company completed 2016 with a net profit of approx. USD 81 million compared to a net profit of approx. USD 107 million in 2015;

The Company's cash and deposit balances as of December 31, 2016 totaled approx. USD 212 million and the equity amounted to approx. USD 284 million;

The Company's market-share of passenger traffic at Ben-Gurion Airport increased in 2016 to approx. 32.6%, compared to approx. 32.5% in the previous year.

Load factor in 2016 stood at approx. 84%, compared to 83.3% in the previous year;

Passenger segments increased by approx. 11%

EBITDA in 2016 amounted to approx. USD 287 million, compared to approx. USD 331 million last year;

Cash flow from operating activities in 2016 amounted to approx. USD 243 million, compared to a cash flow of approx. USD 271 million in 2015;

Equity in 2016 increased to approx. USD 284 million, compared to USD 198 million as of December 31, 2015;

The Company's revenues in the fourth quarter of 2016 amounted to approx. USD 460.8 million, compared to approx. USD 476.3 million in the fourth quarter of 2015;

The Company recorded in the fourth quarter of 2016 a net loss of approx. USD 2.4 million, compared to a profit of approx. USD 12.2 million in the fourth quarter of 2015.

David Maimon, El Al's CEO:

"The Company announced a net profit for 2016 of approx. USD 81 million and a growth in all operational parameters, including an increase of about 11% in passenger segments, a market-share increase to 32.6% and an impressive load-factor of 84%.

The 2016 results were affected by the pilots' crisis that reached its peak in the fourth quarter of the year. The main impact was on the operating expense items.

We continue preparations for the arrival of the new wide-body 787 Dreamliners, the first of which is expected to arrive at the end of August 2017.

Additionally, in 2016 we continued the trend of rejuvenating our narrow-body aircraft fleet, upon completion of the 8 Boeing 737-900 aircraft arrival process. Currently, the average age of the Company's narrow-body airplanes stands at seven years old. At the same time, as per our commitment, we continue the pilot of WIFI services during flights, which will be gradually installed in all Boeing 737-900 aircraft.

The Frequent Flyer Club, in Israel and overseas, and in particular the FLYCARD credit card, serve as a significant growth engine, which is translated into an impressive expansion trend. The number of said credit card holders has exceeded all expectations and stands at about 200 thousand since its launch. The number of EL AL's Frequent Flyer Club members also continued to increase, reaching more than 1.76 million members.

We shall do all in our power to provide our customers with a quality service, maximum comfort, innovative technology and advanced airplanes, while continuing to successfully cope with market conditions as well as competition.

I wish to take this opportunity to thank you and express my highest appreciation for El Al employees, on the ground and in the air, in Israel and worldwide, who work with determination and dedication, allowing us to effectively deal with the challenges facing us.

We are committed to ensure the Company's success and prosperity, and determined to restore our customers' security and trust."

Dganit Palti, El Al's CFO, stated:

"The company enjoyed from lower average fuel prices last year, which resulted in a net savings of $ 95 million in fuel expenses. On the other hand, the company's operating expenses increased significantly due to the 5% increase in flight hours and mainly due to disruptions in flights resulting from a crisis with the pilots.

We are working hard improve the Company's operating indices.

Despite the damage to the activity this year , the EBITDA amounted to $ 287 million, the Company generated a cash flow from operating activities in excess of $ 240 million, and cash and deposits balances at the end of the period amounted to $ 212 million, attesting to the Company's financial strength.

The company's financial position enables us to move forward with confidence in the face of the challenge of the new fleet of aircraft program, which will enable the Company's future development in the coming years."

Results for the year Ended on December 31, 2016:

1.      Operating revenues – operating revenues decreased in 2016 by approx. USD 16 million (about 0.8%) compared to 2015. Revenue from passenger flights increased by approx. 0.1% whereas income from cargo flights decreased. Revenue from passengers was affected by two opposing trends – on the one hand, the trend of drop in flight ticket prices continued due to the intensified competition and the impact of the fuel price drop, and on the other hand, a significant increase was recorded in the number of passengers carried by the Company and in passenger revenue per kilometer (RPK) as a result of an increase in operations. Additionally, the Company's passenger revenues were adversely affected by the erosion of exchange rates of currencies in which some of the Company's sales transactions are made, in relation to the dollar. Furthermore, the growth in passenger revenue in 2016 compared to 2015 was partially offset by the disruptions in manning the Company's flights due to the pilots' sanctions (which started in October 2015 and continued intermittently throughout 2016). The Company's cargo revenue decreased by approx. 11.4%, primarily due to the drop in yield per ton-kilometer and revenue-ton-kilometer (RTK) flown.

2.      Operating expenses – operating expenses increased in 2016 by approx. USD 50 million (about 3.4%) compared to 2015, after a decline of approx. USD 95 million in jet fuel expenses. The gross increase of approx. USD 145 million mainly resulted from an increase in operations and wages and increase in lease expenses primarily due to disruptions in manning flights, as a result of the pilots' sanctions, and the need to find alternative solutions in connection therewith, mainly wet lease of aircrafts (lease of aircraft and crew), as well as due to an increase in depreciation expenses, primarily due to an increase in the number of the Company's aircrafts and change in the residual value of the 777 aircrafts.

3.      Jet Fuel Expenses – the Company's jet fuel expenses, including hedging impact, declined by approx. USD 94.7 million (about 20%) compared to the corresponding expenditure in 2015, as a result of a drop in the price of jet fuel, offset in part by an increase in the amount of jet fuel consumed due to the growth in the scope of the Company's operations.

4.      Selling Expenses –selling expenses decreased in approx. USD 2.3 million (about 1.2%) compared to 2015, primarily due to the drop in distribution expenses.

5.      General and Administrative Expenses - general and administrative expenses recorded a growth of approx. USD 1.6 million (about 1.7%) compared to 2015, mainly due to the an increase in professional services and provisions for legal claims.

6.      Other Revenues (Expenses) – the USD 5.2 million improvement in results is primarily attributed to early retirement plan expenses recognized in 2015, and capital gain for the sale of a 737-700 aircraft, which was recognized during 2016.

7.      Financing Expenses - financing expenses amounted to approx. USD 23.1 million, compared to approx. USD 26.5 million in 2015. This drop is mostly due to a one-time fee payment in 2015 and a decrease in price differences in 2016 compared to 2015.

8.      Taxes on Income – taxes on income totaled approx. USD 12.8 million compared to approx. USD 38.1 million in 2015. This drop is the result of a decrease in profit before taxes on income and the impact of the decrease in the corporate tax on deferred taxes (a benefit of approx. USD 11 million).

9.      Profit for the Period – profit before tax in 2016 totaled approx. USD 93.5 million and profit after tax totaled approx. 80.7 million (constituting about 4.0 % of the turnover), compared to profit before tax of approx. USD 144.6 million in 2015 and profit after tax approx. USD 106.5 million (about 5.2% of the turnover).

Results for the Three-Month Period Ended on December 31, 2016:

1.      Operating revenues – decreased by approx. USD 15.5 million (about 3.3%) in the reported period compared to the fourth quarter of the previous year, with a drop of approx. USD 9.9 million (about 2.4%) in passenger revenues and approx. USD 7.0 million in cargo revenues (about 16.9%). The passenger revenue decrease was due to a decline in revenue passenger kilometer (RPK), for the above detailed reasons, as well as the erosion of exchange rates of currencies in which the Company's sales transactions are made, in relation to the dollar. In addition, the drop in passenger revenues in the fourth quarter of 2016, compared to the fourth quarter of 2015, was also due to the disruptions in manning the Company's flights. The Company's cargo yield per ton-kilometer and revenue-ton-kilometer (RTK) flown recorded a decrease.

2.      Operating expenses – increased in the reported period by approx. USD 17.2 million (about 4.5%) compared to the fourth quarter of 2015, after a savings of approx. USD 9.6 million in jet fuel expenses. The gross increase of approx. USD 26.8 million was primarily due to disruptions in manning flights, caused by the pilots' sanctions, and the need to find alternative solutions in connection therewith, mainly wet lease of aircrafts by the Company, as well as due to an increase in depreciation expenses.

3.      Selling Expenses –decreased by approx. 7.2% compared to the fourth quarter of 2015, primarily due to the drop in distribution and advertising expenses.

4.      General and Administrative Expenses – increased by approx. 6.0% compared to the fourth quarter of 2015, mainly due to the an increase in professional services and provisions for legal claims.

5.      Financing Expenses - amounted to approx. USD 6.1 million, compared to approx. USD 7.3 million in the fourth quarter of 2015. This drop is mostly due to a one-time fee payment that was recognized in 2015 and a decrease in exchange differences.

6.      Taxes on Income – the tax benefit in the reported period totaled approx. USD 10.2 million. Said tax benefit includes revenues, due to a corporate tax rate decrease from 25% to 23% (in the expected period, on the date of reversing timing differences in respect of which deferred taxes were recognized)

7.     Loss for the Period – loss before tax in 2016 totaled approx. USD 12.7 million (loss after tax totaled approx. 2.4 million, constituting about 0.5% of the turnover), compared to profit before tax of approx. USD 16.2 million in the fourth quarter of 2015 (profit after tax - approx. USD 12.2 million, constituting about 2.6% of the turnover),

 Additional Data as of December 31, 2016:

1.      Current Assets - amounted to approx. USD 435.1 million, reflecting a growth of approx. USD 40.8 million compared to December 31, 2015. This growth resulted mostly from an increase in cash balances compared to the cash balances at the end of 2015, which was partially offset by a decrease in the Short Term Deposits item and the improvement in the fair value of jet fuel derivatives.

2.      Current Liabilities - amounted to approx. USD 800.1 million, reflecting a drop of approx. USD 37.9 million compared to December 31, 2015. This drop is primarily due to the improvement in the fair value of jet fuel derivatives and a drop in current maturities of long-term loans, which were partially offset by an increase in the Revenues item from pre-sale of airline tickets, as a result of a rise in airline ticket sales (not yet realized) in the last quarter of 2016 compared to the last quarter of 2015.

3.      Working Capital – the Company has a working capital deficit of approx. USD 365.1 million compared to a deficit of approx. USD 443.7 dollar as of December 31, 2015. It shall be noted that a substantial part of the working capital deficit does not reflect short-term cash flows, and consists of two substantial components which are included in the Company's Current Liabilities items and are characterized by current business cycle; however, the Company is not required to use cash-flow sources in the short term in order to repay these components: prepaid revenue from the sale of airline tickets and from the Frequent Flyer Club, to be settled by providing future flight services, and liabilities to employees for vacation, which are expected to be paid over several years but classified as a short-term liability in accordance with accounting principles. Moreover, loans in an aggregate amount of approx. USD 78 million, whose original maturity date is in April and July 2017 and are therefore presented as short-term liabilities, were spread, after the date of the Statement of Financial Condition, over a period of 4 years, and thus will be classified, starting from the quarter of 2017, as  non-current liabilities.

4.      Non-Current Assets – amounted to approx. USD 1,281.9 million, showing a growth of approx. USD 12.0 million compared to their balance as of December 31, 2015, mainly as a result of the continued investment in the 787 Boeing aircraft acquisition program and the receipt of three 737-900 aircrafts during 2016, less current depreciation.

5.      Non-Current Liabilities - totaled approx. USD 632.8 million, similar to their balance as of December 31, 2015. Liabilities were affected by a decrease in loan balances, which was offset by an increase in deferred tax liabilities due to profit before tax for the year, offset by the impact of the decrease in corporate tax.

6.      Total Equity – amounted to approx. USD 284.1 million. The growth of approx. USD 86.1 million compared to equity as of December 31, 2015, mainly resulted from the profit for the period, which was partially offset by a USD 33.4 million dividend, announced and paid during the period, as well as by the impact of the Company's hedging instruments on the equity funds, in a net-of-tax amount of approx. USD 48.0 million (increase), offset by actuarial losses in respect of employee benefits on the equity funds, which affected the equity funds in a net-of-tax amount of approx. USD 9.6 million.

About El Al

El Al Israel Airlines Ltd. (TASE: ELAL) is the National Air Carrier of Israel. In 2016, El Al recorded revenues amounting to nearly USD 2.04 billion. El Al carries about 5.5 million passengers a year. The Company operates flights to about 34 direct destinations around the world and many other destinations by means of cooperation agreements with other airlines, thus it currently operates 43 aircrafts, 28 of which are owned by the Company.

(www.elal.com)

Details of Conference Call

A conference call took p place on Wednesday, March 22, 2017, at 12:30. A recording of the conference call will be available to those interested starting from March 22, 2017, at 14:00, until March 29, 2017, via phone number 03-9255937, as well as on the Company's Investor Relations website at: www.elal.com/investor-relations starting from March 24,2017.

For further details:

Dafna Cohen           

Head of Group Business Control and Investor Relations

El Al Israel Airlines Ltd.

03-9717439

dafnac@elal.co.il 

Amir Eisenberg

CEO

Eisenberg-Eliash Ltd.

03-7538828

amir@pr-ir.co.il 

 

 

Neovia Announces Final Settlement of Tender and Exchange Offer and Consent Solicitation

IRVING, Texas, March 23, 2017 /PRNewswire/ — Neovia Logistics, LP („Neovia”) today announced the final settlement of the previously announced private offer (the „Tender and Exchange Offer”) by its direct parent, Neovia Logistics Intermediate Holdings, LP (the „Issuer”), and Neovia Logistics Intermediate Finance Corporation (the „Co-Issuer,” together with the Issuer, the „Issuers”) to certain eligible noteholders („Eligible Holders”) of their 10.00%/10.75% Senior PIK Toggle Notes due 2018 (CUSIP Nos 64066FAA1 and U64058AA5) (the „Existing Notes”), upon the terms and subject to the conditions set forth in the Confidential Tender and Exchange Offer Statement and Consent Solicitation Statement (as amended and supplemented by the supplement, dated January 12, 2017, the press releases dated February 7, 2017, February 14, 2017, February 22, 2017, March 1, 2017 and March 8, 2017, and the supplement dated March 9, 2017, the „Tender and Exchange Offer Statement”), to exchange Existing Notes validly tendered for a combination of newly-issued 10.00%/10.75% (with adjustable step-up) Senior PIK Toggle Notes due 2020 (the „Exchange Notes”) and cash, as described in the Tender and Exchange Offer Statement.

According to information provided by D.F. King & Co., Inc., the exchange agent and information agent for the Tender and Exchange Offer and Consent Solicitation (as defined below), as of midnight, New York City time, at the end of March 22, 2017 (the „Expiration Date”), the Issuers had received tenders and consents from holders of $123,238,498 in aggregate principal amount of the Existing Notes, representing approximately 99.7% of the total outstanding principal amount of the Existing Notes, excluding $414,300 aggregate principal amount of Existing Notes that have been repurchased by the Issuers but not cancelled. This amount includes $121,661,042 in aggregate principal amount of the Existing Notes tendered on or prior to 5:00 p.m., New York City time, on March 15, 2017 (the „Early Participation Date”) and accepted for exchange on March 16, 2017 (the „Early Settlement Date”).

The Issuers previously waived the condition requiring the valid tender of at least 100% of the principal amount of Existing Notes outstanding as of March 9, 2017.

The Issuers issued an aggregate of $77,601,233 principal amount of Exchange Notes and paid an aggregate of $46,781,333.87 in cash for Existing Notes validly tendered on or prior to the Expiration Date and accepted for exchange, including $76,604,684 principal amount of Exchange Notes issued and an aggregate of $46,182,531.56 in cash paid on the Early Settlement Date.

As previously announced, the Issuers received consents (the „Consent Solicitation”) sufficient to approve the proposed amendments to the indenture governing the Existing Notes, and the Issuers and the trustee for the Existing Notes entered into a supplemental indenture containing such proposed amendments. Such amendments are operative with respect to the Existing Notes that remain outstanding.

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this press release contains statements that are forward-looking. The words „believe,” „may,” „will,” „aim,” „estimate,” „continue,” „anticipate,” „intend,” „plan,” „expect,” „should” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs.  Factors that could cause such differences in future results include, but are not limited to, the risks described in the Tender and Exchange Offer and Consent Solicitation Statement related to the Tender and Exchange Offer and Consent Solicitation.

About Neovia

Neovia is a global non-asset based provider of service parts logistics, offering customized solutions to assist our clients in designing, managing and optimizing their supply chains. Neovia provides fully integrated supply chain solutions to approximately 55 large and mid-sized clients, primarily in the automotive and industrial service parts industries. Through these services, and its proprietary advanced information systems, it is able to provide our clients with tailored solutions that improve efficiency, reliability and control throughout their supply chains. Service parts logistics addresses the need for replacement aftermarket parts for automobiles, industrial machinery, infrastructure, plants and equipment. Specifically, once finished goods are produced by an original equipment manufacturer, service parts logistics helps dealers, intermediaries and end-customers acquire parts for immediate use or to replenish inventory levels.

CONTACT:
Greg Artkop, Neovia Logistics, LP
469-804-2483 or
greg.artkop@neovialogistics.com

SOURCE Neovia

EPIC’s Suzannah Gill and Carl Pilger to Present at SOAHR SHRM-Atlanta HR 2017 Conference

SAN FRANCISCO and ATLANTA, March 23, 2017 /PRNewswire/ -- EPIC Insurance Brokers & Consultants, a retail property, casualty insurance brokerage and employee benefits consultant, announced today that Benefits Strategy Consultant Suzannah Gill and Director of Employee Benefits Compliance Carl Pilger will present at SOAHR, SHRM-Atlanta's 27th Annual HR Conference, on Wednesday, March 29 at 2:40 p.m. at the Cobb Galleria Centre in Atlanta, Ga.

This event provides Atlanta HR professionals the opportunity to participate in cutting-edge educational content and create meaningful relationships with peers. In addition to two keynote presentations, the conference will feature dozens of education sessions touching on all of the major HR and talent management competencies.

Gill and Pilger will share their employee benefits consulting expertise in their presentation "Protecting Your Business in 2017 & Beyond: Employee Benefits Compliance."

Click here to view the full agenda.

About Suzannah Gill, benefits strategy consultant, EPIC

Part of EPIC's employee benefits consulting team in Atlanta, benefits strategy consultant Suzannah Gill brings a broad spectrum of experience to EPIC. She was previously a senior associate and benefits consultant for a large Atlanta benefits consulting firm with a focus on strategic management and business development. Prior to that, Gill provided strategic benefits expertise to her clients as an ERISA attorney at a prominent Atlanta law firm, representing clients in both Employee Benefits & Executive Compensation matters.

Gill is a responsive and results-oriented benefits consultant, helping her clients understand and navigate the complexities of employee benefits, so they can focus on managing and growing their businesses. Additionally, her skill set further expands EPIC's legal expertise in employee benefits.

Gill earned a Bachelor of Science in Management with Marketing Certification, highest honor, from Georgia Tech and a Juris Doctor, cum laude, from the University of Georgia School of Law.

About Carl Pilger, director of employee benefits compliance, EPIC

Carl Pilger has advised and represented businesses as an ERISA attorney for more than 20 years. Across his career he has focused exclusively on ERISA compliance, including representing his clients in DOL and IRS audits. As EPIC's Director of Employee Benefits Compliance Pilger continues to consult with and advise clients on ERISA and ACA compliance. Pilger is based in Duluth, Georgia and reports to John Gaffney, EPIC's Director, National Benefits Operations.

Prior to joining EPIC, Pilger served as Vice President, Legal Counsel with Digital Insurance where he spearheaded ERISA and ACA compliance initiatives. Previously, he held positions with three prominent Atlanta law firms including; Taylor English Duma, LLP, Miller & Martin, PLLC, and Fisher & Phillips, LLP.

Pilger is a well-known subject matter expert on the Affordable Care Act and he has traveled the country speaking to numerous industry groups regarding the law's complexities.

Pilger earned a Bachelor's degree in Journalism from Northwestern University, Medill School of Journalism and a Juris Doctorate degree from Northwestern University School of Law. He is a member of the Georgia Bar Association.

About SOAHR 2017

SOAHR 2017 is SHRM-Atlanta's 27th Annual HR Conference that includes two days of education seminars.

Presentations will focus on increasing HR effectiveness, building leadership and business acumen, and providing solutions to challenges that fellow HR professionals have faced. SHRM-Atlanta's session offerings also mirror important competencies as defined by the SHRM Body of Competency & Knowledge (BoCK), with educational topics covering Business Acumen & Strategy, Employment Law & Legislation, Talent Acquisition & Retention, and Total Rewards.

There are over two dozen total sessions – all created and delivered by HR experts, two thought-provoking keynote sessions to infer new lessons, and the opportunity to earn up to 9 HRCI CEUs/SHRM PDCs.

About EPIC Insurance Brokers & Consultants

EPIC is a unique and innovative retail property and casualty and employee benefits insurance brokerage and consulting firm. EPIC has created a values-based, client-focused culture that attracts and retains top talent, fosters employee satisfaction and loyalty and sustains a high level of customer service excellence. EPIC team members have consistently recognized their company as a "Best Place to Work" in multiple regions and as a "Best Place to Work in the Insurance Industry" nationally.

EPIC now has 1,100 team members operating from offices across the U.S., providing Property Casualty, Employee Benefits, Specialty Programs and Private Client solutions to more than 20,000 clients.

With roughly $280 million in run rate revenues, EPIC ranks among the top 20 retail insurance brokers in the United States. Backed by the Carlyle Group, the company continues to expand organically and through strategic acquisitions across the country. For additional information, please visit www.epicbrokers.com.

*PHOTOS for Media:
- Send2press.com/mediaboom/16-0119-Carl-Pilger-300dpi.jpg

- Send2Press.com/mediaboom/17-0323s2p-sue-gill-300dpi.jpg

MEDIA CONTACTS:
Dave Hock, of EPIC
650-295-4608
dave.hock@epicbrokers.com

Nicole Conley
408-295-4309 x104
nicole.conley@taniscomm.com

This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com

 

SOURCE EPIC Insurance Brokers & Consultants

New Smartphone-Enabled UPMC AnywhereCare Provides 24/7 Care

-Benefits of new technology platform include high-quality physician care, low copays, added convenience, and short wait times-

PITTSBURGH, March 23, 2017 /PRNewswire/ -- With spring allergy season upon us, UPMC Health Plan recently launched the new smartphone-enabled UPMC AnywhereCare, an easy-to-use platform that allows patients to receive high-quality care from emergency room professionals 24 hours a day and with reduced copays – all from the comfort of their own home or office.

Using the video camera on a smartphone, tablet, laptop or desktop computer, patients age three and older with a variety of non-emergency symptoms ranging from sore throats and upper respiratory illnesses to back pain and seasonal allergies, can be seen face-to-face by a health care professional who will assess the symptoms and recommend a personal treatment plan, just like a traditional in-office visit.

But unlike most doctor's offices, AnywhereCare is available anytime, anywhere, with health care professionals always on call. And the service is provided without the typical time needed to schedule a health care appointment or the additional hassles of traffic or parking.

"UPMC members and patients now have access to a UPMC physician, 24 hours a day, seven days a week through their computer or mobile device," said Kim Jacobs, vice president of consumer innovation at UPMC Health Plan. "Consumers are seeking convenient and high quality care, when and where they need it. Using AnywhereCare, patients can initiate a visit with a UPMC physician without traveling to an office or taking time off of work. AnywhereCare visits are low cost, typically about half the cost of a health care plan copay, and they allow patients within Pennsylvania to be cared for by UPMC clinicians in their homes, at work, or on the road."

"Patients couldn't be more pleased with this very convenient, personal and high-quality health care option available to them," said Dr. Bruce Rosenthal, medical director of AnywhereCare. "Patients receive care similar to the house calls physicians made years ago except that they don't have to make an appointment and the provider can see patients at any time. We recommend downloading the app and registering for AnywhereCare ahead of time and while you're feeling healthy, for added convenience the next time you need care."

Since the launch of the smartphone-enabled app in November 2016, satisfaction with AnywhereCare has ranked highly among consumers, with patients rating the overall experience 4.8 out of 5.

The average wait time for AnywhereCare services is just over six-and-a-half minutes, a much shorter wait time than a typical physician's visit and without the travel time.

Following each patient evaluation, if needed, health care professionals are able to send prescriptions directly to the patient's pharmacy so that treatment can begin immediately.

"The platform allows patients to use technology to be seen by doctors more quickly," said Jacobs. "AnywhereCare also helps to free the backlog in doctor's offices, urgent care facilities, and hospital emergency rooms and allows doctors to spend more time with patients who suffer from chronic conditions. Nearly 90 percent of patient issues are resolved during the AnywhereCare virtual visit and do not require follow-up care."

UPMC AnywhereCare is available for all patients within Pennsylvania, regardless of whether they are UPMC Health Plan members. The cost of an AnywhereCare visit is between $10 and $49, depending on insurance coverage. Medically-appropriate prescriptions, if needed, must be paid separately by the patient. If a prescription is needed, it may often be a low-cost or generic prescription.

The app is available for free download on smartphones or tablets via the Apple App Store or the Google Play Store by searching for "UPMC AnywhereCare." A desktop version is also available at https://myupmc.upmc.com/anywhere-care/.

About UPMC Insurance Services Division

The UPMC Insurance Services Division is owned by UPMC (University of Pittsburgh Medical Center) a world-renowned health care provider and insurer based in Pittsburgh, Pa. As a provider-led organization that is part of an integrated health care delivery system, the UPMC Insurance Services Division is committed to providing its members better health, more financial security and the peace of mind they deserve. The UPMC Insurance Services Division partners with UPMC and community network providers to produce a combination of knowledge and expertise that provides the highest quality care at the most affordable price. The UPMC Insurance Services Division – which includes UPMC Health Plan, UPMC WorkPartners, LifeSolutions, UPMC for Life, UPMC for You, UPMC for Kids, and Community Care Behavioral Health – offers a full range of group health insurance, Medicare, Special Needs, CHIP, Medical Assistance, behavioral health, employee assistance and workers' compensation products and services to more than 3 million members. For more information, visit www.upmchealthplan.com.

About UPMC

A $14 billion world-renowned health care provider and insurer, Pittsburgh-based UPMC is inventing new models of patient-centered, cost-effective, accountable care. UPMC provides nearly $900 million a year in benefits to its communities, including more care to the region's most vulnerable citizens than any other health care institution. The largest nongovernmental employer in Pennsylvania, UPMC integrates 65,000 employees, more than 25 hospitals, 600 doctors' offices and outpatient sites, and a more than 3 million-member Insurance Services Division, the largest medical and behavioral health insurer in western Pennsylvania. Affiliated with the University of Pittsburgh Schools of the Health Sciences, UPMC ranks No. 12 in the prestigious U.S. News & World Report annual Honor Roll of America's Best Hospitals. UPMC Enterprises functions as the innovation and commercialization arm of UPMC while UPMC International provides hands-on health care and management services with partners in 12 countries on four continents. For more information, go to UPMC.com.

 

SOURCE UPMC Health Plan

ANSI Releases Schedule of Events for World Standards Week 2017

Save the Date for October 16-20 Celebration in Washington, DC

NEW YORK, March 23, 2017 /PRNewswire-USNewswire/ -- The American National Standards Institute (ANSI) has announced the schedule of events for World Standards Week (WSW) 2017, which will be held October 1620 in Washington, DC. WSW is an annual event where members of the standards and conformity assessment community come together in the spirit of cooperation and collaboration.

The schedule for WSW 2017 is as follows:

MONDAY, OCTOBER 16, 2017

TUESDAY, OCTOBER 17, 2017

WEDNESDAY, OCTOBER 18, 2017

THURSDAY, OCTOBER 19, 2017

FRIDAY, OCTOBER 20, 2017

Registration for all events will open in late spring 2017.

Sponsorship opportunities are available at a variety of levels for companies and organizations wishing to show their valuable support for the voluntary standardization community.

For updated information on WSW, including further details on events and registration as they become available, visit www.ansi.org/wsweek.

Mark your calendar for next year: World Standards Week 2018 will be held October 15-19, 2018.

About ANSI
The American National Standards Institute (ANSI) is a private non-profit organization whose mission is to enhance U.S. global competitiveness and the American quality of life by promoting, facilitating, and safeguarding the integrity of the voluntary standardization and conformity assessment system. Its membership is made up of businesses, professional societies and trade associations, standards developers, government agencies, and consumer and labor organizations. The Institute represents the diverse interests of more than 125,000 companies and organizations and 3.5 million professionals worldwide.

The Institute is the official U.S. representative to the International Organization for Standardization (ISO) and, via the U.S. National Committee, the International Electrotechnical Commission (IEC).

 

SOURCE American National Standards Institute

Littelfuse and Monolith Semiconductor to Demonstrate New SiC Power Semiconductor Technologies at APEC 2017

TAMPA, Fla.–(BUSINESS WIRE)–Littelfuse, Inc., the global leader in circuit protection, and Monolith Semiconductor Inc., a Texas-based start-up company developing silicon carbide technology, today announced demonstrations and other activities planned for their booth (#536) at the Applied Power Electronics Conference & Exposition (APEC 2017), March 26-30, 2017. The theme for their display this year is “Making SiC Mainstream—Defined by Customers. Developed by Monolith. Delivered by Littelfuse.”

In their first joint appearance since the recent majority investment by Littelfuse was announced, Littelfuse and Monolith technical experts will be on hand in the booth throughout the show to present several demonstrations and new technology platforms with products nearing introduction, including the new GEN2 Series of 1200 V silicon carbide (SiC) Schottky diodes manufactured in an automotive-qualified 150mm CMOS foundry.

Monolith Semiconductor experts will be making several presentations as part of the APEC 2017 Conference:

  • “Silicon Carbide MOSFETs – Deep Dive to Accelerate Your Next Power Converter Design,” Professional Education Seminar – Session S02, Room 15/16, March 26, 9:30 am to 1:00 pm.
  • “Large Scale Test Bed for in-Circuit Reliability Testing of Silicon Carbide Diodes and MOSFETs Emulating Real Life Voltage and Current Stress,” Session T12 – Power Device Reliability, Room 21, March 29, 8:30 am to 10:10 am.
  • “Rugged 1.2 kV SiC MOSFETs Fabricated in High-Volume 150mm CMOS Fab,” Industry Sessions Lecture, Session IS15 – Industrial Power Applications of Silicon Carbide Semiconductors, Room 13, March 30, 8:30 am to 11:30 am.

Applications experts will be available to walk booth visitors through the design process. Kiosks in the booth will offer visitors videos and models of several new technology platforms:

  • Advanced power converters demonstrating the benefits of SiC-based platform designs, delivering module-like power, higher efficiency, increased power density and performance with discrete SiC devices.
  • Evaluation kits and design platforms that can simplify the design and optimization of power converters using SiC diodes and MOSFETs.

„The theme for our booth at APEC 2017 says it all,” said Ian Highley, senior vice president and general manager, semiconductor products and CTO for Littelfuse. „We’re working together toward making silicon carbide a mainstream technology for power conversion, and APEC gives us an opportunity to reach potential customers to demonstrate the progress we’ve made over the last year in a meaningful way.”

„Between the kiosks and our experts in the booth, and the presentations we’ll be giving this year, people in the silicon carbide industry will be impressed by how far and how quickly we’ve come,” said Sujit Banerjee, PhD, CEO of Monolith Semiconductor. „The big difference, however, will be one of approach; we will provide not only highest quality SiC devices, but also the best service and support to design our devices into customer applications.”

About Monolith Semiconductor

Monolith Semiconductor Inc., a Round Rock, Texas-based start-up company, is focused on improving the affordability and reliability of silicon carbide power devices by utilizing advanced manufacturing techniques and high-performance processes and designs. Learn more at Monolithsemi.com.

About Littelfuse

Founded in 1927, Littelfuse is the world leader in circuit protection with growing global platforms in power control and sensing. The company serves customers in the electronics, automotive and industrial markets with technologies including fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has over 10,000 employees in more than 40 locations throughout the Americas, Europe and Asia. For more information, please visit the Littelfuse website: Littelfuse.com.

LFUS-G

Neovia Logistics Successfully Completes Note Exchange

IRVING, Texas–(BUSINESS WIRE)–Neovia Logistics, LP, a leading third-party logistics company, announced earlier today the successful completion of the previously announced private offer by its direct parent, Neovia Logistics Intermediate Holdings, LP and Neovia Logistics Intermediate Finance Corporation.

In pursuing the note exchange, the company achieved debt reduction of more than $46 million primarily due to a cash infusion by its investors and extended the maturity of its unsecured notes from 2018 to 2020.

“The successful completion of the exchange offer and equity infusion by our owners represent a strong vote of confidence by Neovia’s shareholders and creditors,” said Pat Olney, Chief Executive Officer of Neovia. “As we enter our fifth year as a standalone company, these moves will position us for continued growth and success. We are happy to have this transaction behind us so that we can continue to focus on providing value to our customers.”

About Neovia Logistics

Neovia is a global non-asset based provider of service parts logistics, offering customized solutions to assist our clients in designing, managing and optimizing their supply chains. Neovia provides fully integrated supply chain solutions to approximately 55 large and mid-sized clients, primarily in the automotive and industrial service parts industries. Through these services, and its proprietary advanced information systems, it is able to provide our clients with tailored solutions that improve efficiency, reliability and control throughout their supply chains. Service parts logistics addresses the need for replacement aftermarket parts for automobiles, industrial machinery, infrastructure, plants and equipment. Specifically, once finished goods are produced by an original equipment manufacturer, service parts logistics helps dealers, intermediaries and end-customers acquire parts for immediate use or to replenish inventory levels.