Slyce-The Want Engine-Acquires Mobile App Agency Drivetrain Appoints Prominent CTO to Drive Global Market Expansion Oct 31, 2014 07:30AM

TORONTO, ONTARIO -- (Marketwired) -- 10/31/14 -- Visual product search platform Slyce (TSX VENTURE: SLC) today announced the completion of its previously announced acquisition of Drivetrain Agency, LLC, ("Drivetrain"). Consideration for the Acquisition is a combination of Slyce common shares ("Common Shares") cash, and deferred cash payments in an amount up to US$3.5 million.

Led by founder and CEO Daniel Grigsby, Drivetrain is a prominent mobile App development agency that builds customized Apps for leading enterprise and consumer brands. The entire Drivetrain development and engineering team will now transfer to Slyce and contribute to the continuing technical development of the Slyce visual search platform.

The agency team will also now be positioned to service leading brands and retailers in the creation of bespoke branded apps utilizing the Slyce visual search platform for one-click, real-world commerce.

Mr. Grigsby has joined the Slyce executive team in the role of Chief Technology Officer ("CTO") and has overall responsibility for Slyce's technical organization. Mr. Grigsby has over 20 years of technical (software, hardware, mobile) experience. He was an original founder of Merchant Planet, an e-commerce provider that merged with LinkExchange before its acquisition by Microsoft as well as payMe.com, a successful early competitor to PayPal which was also acquired. Dan is a '40 under 40' alumni and, in August, was honored as one of Business Journal's 'Titans of Technology' for his work accelerating performance within the technology community.

Slyce CEO Mark Elfenbein said of the announcement "We're incredibly pleased to have tied up this acquisition of a market leader like Drivetrain. With the acquisition of the agency and its highly-specialized development and engineering team, Slyce is able to not only widen the scope of its product offering to leading brands and retailers but also, further deepen its technical expertise and capability.

Dan Grigsby said of the Acquisition, "In my career, I've had the good fortune of founding companies that benefitted from rapid growth in emerging business and technology trends. I see mobile visual search as the next great opportunity in this field and am, therefore, immensely excited to be joining Slyce at this point in their expansion."

The aggregate purchase price paid by Slyce for Drivetrain is comprised as follows: (i) US$1.5 million in cash payable at closing; (ii) US$1.0 million in Common Shares payable at closing at an issue price of US$0.539 (or approximately CDN$0.608) per share, such that 1,855,288 Common Shares of Slyce will be issued; and (iii) up to US$1.0 million in deferred cash payments payable in certain circumstances over a period of 24 months following the closing.

The Common Shares being issued will be subject to all applicable securities and regulatory hold periods. In addition, the Common Shares issuable pursuant to the Acquisition will also be subject to a voluntary lock-up agreement comprised of a period of 720 days following the closing date and will be released in one-eighth tranches on the closing date and every 90 days thereafter until fully released.

About Slyce

The Corporation is a visual search technology company based in Toronto, Ontario and is engaged in the business of providing advanced visual search software that allows consumers to purchase products at the moment they discover them - in the real-world and online.

Slyce has developed an advanced visual search platform that integrates with retail brands and digital content providers to give their customers the ability to instantly discover and purchase products that inspire them by simply snapping photographs with their smartphones or 'clicking' images on either their smartphones (mobiles) or desktop web browsers.

Slyce's strategy is to position itself as a pivotal player in the emerging visual web. Slyce will provide its technology to retailers, brands, app developers and digital publishers, enabling their apps to recognize products for instant purchase. Slyce will provide its technology in exchange for integration, licensing and per search fees, percentage sales splits and big data provision and analysis. Slyce is currently working with a growing list of fortune 1000 brands and companies as well as multiple innovative developers.

For image download and further company information please click for the Slyce Media Kit.

READER ADVISORY

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Statements in this joint press release contain forward-looking information including, without limitation, Slyce's business plan, strategy and related milestones, Slyce's suggestions of future outcomes, the future use and development of its technology, future customers and business partners, timing and completion of the Amalgamation, the Offering and ongoing corporate strategy and benefits of the Amalgamation. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Slyce

Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Slyce.

Slyce does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

None of the information contained on, or connected to, Slyce's website is incorporated by reference herein.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contacts:
Slyce
Mark Elfenbein
(587) 897-0993
mark@slycecorp.com

Source: Slyce Inc.


B. Braun Wins Patent Disputes Against Poly Medicure Ltd's Australian Distributor Multigate Medical Devices Pty. Ltd. and Spanish Distributor Dextromédica S. L. Oct 31, 2014 07:28AM

MELBOURNE, Australia and BARCELONA, October 31, 2014 /PRNewswire/ --

Multigate Medical Devices Pty Ltd (Multigate) was found to infringe two Australian patents of B. Braun Melsungen AG (B. Braun) by selling or offering for sale in Australia safety IV catheters manufactured by Poly Medicure Ltd (Polymed). The judgment of 17.10.14 in Federal Court of Australia proceeding number VID 463 of 2013 can be found at http://www.austlii.edu.au/au/cases/cth/FCA/2014/1110.html .

In the detailed judgment, Multigate was found to have infringed claim 1 of Australian patent no. 2012258327 and claims 1 to 6 of Australian patent no. 2012260577. The judgment also dismissed the counter claim of Multigate, confirming that all of the asserted claims are valid.

Orders were made on 28.10.14 which formalized the judgment in the Australian proceeding. Under the orders, Multigate is enjoined from selling the infringing products in Australia for the life of patent numbers AU2012258327 and 2012260577 (subject to a stay which will remain in place pending the outcome of any appeal by Multigate). Multigate has also been ordered to pay B. Braun's costs of the proceedings, including the costs of defending the cross claim. The amount of money to be paid by Multigate to B. Braun as a result of the patent infringements is yet to be determined by the Australian Federal Court. Multigate now has two weeks to decide whether to seek leave to appeal the decision. Pending the outcome of any appeal lodged by Multigate, the injunction and certain other orders are currently stayed.  

B. Braun's victory in the Australian proceedings follows B. Braun's successes in other jurisdictions. As recently reported B. Braun was granted a preliminary injunction in a related patent dispute in Spain against Polymed's Spanish distributor Dextromédica S. L . Since that press release of 23.9.14 also the main proceedings have been decided in favor of B. Braun with judgment dated 1.10.14. See Commercial Cort 4 Barcellona Ordinary Proceedings 444/13-MI, Judgment 165/14. Dextromédica may appeal this decision until 30.10.14.

In view of the two above-mentioned successful litigations in Australia and Spain, B. Braun is confident it will also ultimately prevail in its German litigation before the Regional Court of Düsseldorf against Polymed and their German distributors (case no. 4b O 115_13) which is stayed upon the parties' request until the European Patent Office has rendered a first instance decision in the opposition against B. Braun's patent in suit EP 1 911 487.

Press contact:
Mechthild Claes, Phone +49-5661-711635
press@bbraun.com


SOURCE B. Braun Melsungen AG


Drew Industries Reports 2014 Third Quarter Results Oct 31, 2014 07:30AM

ELKHART, Ind., Oct. 31, 2014 /PRNewswire/ -- Drew Industries Incorporated (NYSE: DW), a leading supplier of components for recreational vehicles (RVs) and manufactured homes, reported net income of $15.5 million, or $0.64 per diluted share, for the third quarter ended September 30, 2014, compared to net income of $14.8 million, or $0.62 per diluted share, for the third quarter ended September 30, 2013.

Consolidated net sales in the third quarter of 2014 increased to $294 million, 17 percent higher than the 2013 third quarter. This growth in net sales primarily resulted from a 21 percent increase in net sales of Drew's RV Segment, which accounted for 90 percent of consolidated net sales this quarter. The four acquisitions completed by the Company in 2014 added $15 million in net sales in the third quarter of 2014, all of which related to Drew's RV Segment. RV Segment net sales growth was also due to a 7 percent increase in industry-wide wholesale shipments of RVs. Further, the Company's sales of new products for RVs increased, as did sales to adjacent industries and the aftermarket.

"Our net sales in 2014 continue to be strong, validating the effectiveness of our customer-focused business philosophy," said Jason Lippert, Drew's Chief Executive Officer. "Our sales growth continues to stem from the strong underlying demand in the RV industry, which has benefited from the improvement in consumer confidence over the past few years. For 2014, the RVIA projects the RV industry will produce 350,000 RVs, approximately the same number of RVs produced in 2007, while our RV Segment net sales have doubled over the same period to $1.0 billion for the twelve months ended September 30, 2014, up from $492 million in 2007."

"In addition to the positive impact from the industry-wide increases in RV production, our net sales to the RV and adjacent industries increased as a result of the introduction of new products and product enhancements, which have largely come through our investments in research and development, as well as from market share gains and acquisitions," continued Jason Lippert. "These same areas that generated our success historically continue to provide opportunities for us now and in the future. Furthermore, our heightened focus on the significant opportunities in the aftermarket and international RV markets has opened up broader potential for long-term growth."

The Company's content per travel trailer and fifth-wheel RV in the twelve months ended September 30, 2014, increased by $111, or 4 percent, to $2,814, compared to the prior twelve-month period. Content per motorhome RV reached $1,436 in the twelve months ended September 30, 2014, and $1,834 in the 2014 third quarter, reflecting market share gains through organic growth and the recent acquisition of the Power Gear® and Kwikee® brands from Actuant Corporation.

"As we plan for 2015 and beyond, we believe current economic and demographic factors point towards additional growth in the RV industry, as well as in the other industries we serve," added Jason Lippert. "Many of our OEM customers also believe there is further growth coming and have recently announced significant capacity expansions to meet the projected increases in demand. We also continue to identify ways to grow faster than the industries we serve and sustain our long track record of growth. We did just that in early 2014 with the acquisition of Innovative Design Solutions (IDS), a premier producer of state-of-the art electronic control devices for the RV industry, and IDS is continuing to develop new electronic control devices for the RV industry and adjacent industries for the future."

In October 2014, Drew's consolidated net sales reached approximately $115 million – 21 percent higher than October 2013 – as a result of continued growth in the Company's RV Segment. Excluding the impact of acquisitions, the Company's consolidated net sales for October 2014 were up approximately 15 percent. Future industry-wide wholesale production levels for RVs will depend on the strength of retail sales, which are sensitive to economic conditions and consumer confidence.

As a result of facility start-up and realignment costs, as well as higher health insurance and material costs, the Company's incremental margin was lower than its historical average. "As we discussed last quarter, we are making several substantial investments in our business during 2014," said Scott Mereness, Drew's President. "Two new leased facilities announced earlier in the year added more than 700,000 square feet of combined production and distribution capacity, and are now operational and expected to be fully occupied by the end of 2014. Further, we continue to expand and improve production capacity at other facilities in anticipation of growth, including investing in personnel in excess of current needs, as well as realigning certain operations and implementing improvements at many facilities. We continue to be forward looking, and by staying ahead of the curve on capacity, we expect to be able to fulfill customer orders efficiently as industry-wide demand increases."

Mereness added, "However, these investments come at a cost, lowering our net income per diluted share by $0.04 in the third quarter of 2014. In the fourth quarter of 2014, we also expect to incur costs related to facility re-alignment and process improvements, but as we complete these projects over the coming months, we expect these additional costs to decrease. Over the long term, we expect these investments will improve our operating efficiencies, which should result in improvements in customer service and operating profit margins."

"Our third quarter operating results were also impacted by increases in raw material costs, in particular steel and aluminum, as well as higher health insurance and other costs," continued Mereness. "Collectively, higher raw material and health insurance costs had a negative impact on net income in the third quarter of 2014 of $0.11 per diluted share, as compared to the third quarter of 2013. The increase in health insurance costs is primarily due to the increase in enrollment over the past year, which we believe is largely due to the new health care requirements. Although we are making every effort to offset higher costs through improved product designs and efficiency improvements, and by working with our vendors to identify opportunities to reduce input costs, we expect higher raw material costs and higher health insurance and other costs to impact the year-over-year comparison of operating results in the fourth quarter of 2014. Further, in response to the higher costs, we are implementing sales price increases which should be fully in place during the first quarter of 2015."

The effective tax rate for the 2014 third quarter was lower than in the prior-year third quarter, primarily as a result of higher federal tax credits.

"Consistent with our long-term strategic plan, during the third quarter of 2014 we completed the acquisition of certain assets and the business of Duncan Systems, which added replacement motorhome windshields, awnings, and RV, heavy truck, and specialty vehicle glass and windows to our product offerings, primarily to fulfill insurance claims," said Jason Lippert. "In the past few years, we increased our efforts to sell aftermarket replacement parts to warehouse distributors and retail RV dealers, as well as through our online store. The acquisition of Duncan Systems opens a new aftermarket channel for us, enabling us to fulfill insurance claims for replacement parts. Today, there are an estimated 10 million households in the United States and Canada that own an RV, creating a significant aftermarket opportunity for many of our products. Also, we believe the additional relationships Duncan Systems brings in the heavy trucking and specialty vehicle markets, as well as the broadened customer base of existing RV owners and expected synergies, will help accelerate Drew's growth."

Net sales of Duncan Systems for the twelve months ended July 31, 2014 were approximately $26 million. Drew estimates the aftermarket for the products it currently sells is in excess of $350 million. The purchase price was $18.0 million, plus contingent consideration based on future net sales. After funding this acquisition, the Company remains well-positioned with both financial capital and human resources to take advantage of additional investment opportunities. This acquisition was immediately accretive to Drew's earnings.

Conference Call & Webcast

Drew will provide an online, real-time webcast of its third quarter 2014 earnings conference call on the Company's website, www.drewindustries.com, on Friday, October 31, 2014, at 11:00 a.m. Eastern time.

Institutional investors can access the call via the password-protected site, StreetEvents (www.streetevents.com). A replay of the call will be available by dialing (888) 286-8010 and referencing access code 95921349. A replay of the webcast will also be available on Drew's website.

About Drew Industries

From 36 factories located throughout the United States, Drew Industries, through its wholly-owned subsidiary, Lippert Components®, supplies a broad array of components for the leading manufacturers of recreational vehicles and adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; truck campers; truck caps; manufactured housing; modular housing; and factory-built mobile office units. Drew's products include steel chassis; vinyl and aluminum windows; slide-out mechanisms and solutions; axles and suspension solutions; furniture and mattresses; thermoformed bath, kitchen and other products; manual, electric and hydraulic stabilizer and lifting systems; chassis components; entry, luggage, patio and ramp doors; electric and manual entry steps; awnings and slide toppers; electronic components; and other accessories. Additional information about Drew and its products can be found at www.drewindustries.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's Common Stock and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), cash flow, and financial condition, whenever they occur in this press release are necessarily estimates reflecting the best judgment of our senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, pricing pressures due to domestic and foreign competition, costs and availability of raw materials (particularly steel, steel based components and aluminum) and other components, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, availability and costs of labor, employee benefits, employee retention, inventory levels of retail dealers and manufacturers, levels of repossessed products for which we sell our components, seasonality and cyclicality in the industries to which we sell our products, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the pace of and successful integration of acquisitions and other growth initiatives, realization of efficiency improvements, the successful entry into new markets, the costs of compliance with increased governmental regulation, interest rates, oil and gasoline prices, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013, and in our subsequent filings with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

 

DREW INDUSTRIES INCORPORATED

OPERATING RESULTS

(unaudited)

Nine Months Ended

Three Months Ended

September 30,

September 30,

Last Twelve

(In thousands, except per share amounts)

2014

2013

2014

2013

Months

Net sales

$     901,431

$     790,629

$     294,271

$     250,851

$   1,126,378

Cost of sales

703,736

625,479

231,788

194,725

880,724

Gross profit

197,695

165,150

62,483

56,126

245,654

Selling, general and administrative expenses

117,475

101,148

39,412

33,296

149,262

Sale of extrusion assets

1,954

-

-

-

1,954

Executive succession

-

1,876

-

-

-

Operating profit

78,266

62,126

23,071

22,830

94,438

Interest expense, net

324

279

130

76

396

Income before income taxes

77,942

61,847

22,941

22,754

94,042

Provision for income taxes

27,672

22,805

7,453

7,949

32,695

Net income

$       50,270

$       39,042

$       15,488

$       14,805

$       61,347

Net income per common share:

Basic

$          2.11

$          1.68

$          0.65

$          0.63

$          2.58

Diluted

$          2.07

$          1.65

$          0.64

$          0.62

$          2.53

Weighted average common shares outstanding:

Basic

23,870

23,243

23,935

23,451

23,800

Diluted

24,300

23,644

24,301

23,838

24,219

Depreciation and amortization

$       23,475

$       20,388

$         8,555

$         6,935

$       30,587

Capital expenditures

$       30,032

$       26,080

$       12,120

$         8,535

$       36,547

 

DREW INDUSTRIES INCORPORATED

SEGMENT RESULTS

(unaudited)

Nine Months Ended

Three Months Ended

September 30,

September 30,

Last Twelve

(In thousands)

2014

2013

2014

2013

Months

Net sales:

RV Segment:

RV OEMs:

Travel trailers and fifth-wheels

$     645,655

$     567,087

$     198,239

$     174,637

$     806,351

Motorhomes

49,679

35,278

19,622

12,388

62,338

RV aftermarket

32,777

19,785

16,015

6,904

38,326

Adjacent industries

84,355

72,882

29,728

24,034

104,113

Total RV Segment net sales

812,466

695,032

263,604

217,963

1,011,128

MH Segment:

Manufactured housing OEMs

58,550

62,941

21,269

22,571

75,854

Manufactured housing aftermarket

10,849

10,377

3,677

3,138

14,191

Adjacent industries

19,566

22,279

5,721

7,179

25,205

Total MH Segment net sales

88,965

95,597

30,667

32,888

115,250

Total net sales

$     901,431

$     790,629

$     294,271

$     250,851

$   1,126,378

Operating Profit:

RV Segment

$       72,048

$       54,098

$       20,287

$       19,234

$       86,198

MH Segment

8,172

9,904

2,784

3,596

10,194

Total segment operating profit

80,220

64,002

23,071

22,830

96,392

Sale of extrusion assets

(1,954)

-

-

-

(1,954)

Executive succession

-

(1,876)

-

-

-

Total operating profit

$       78,266

$       62,126

$       23,071

$       22,830

$       94,438

 

DREW INDUSTRIES INCORPORATED

BALANCE SHEET INFORMATION

(unaudited)

September 30,

December 31,

(In thousands)

2014

2013

2013

ASSETS

Current assets

Cash and cash equivalents

$               4

$       52,873

$        66,280

Accounts receivable, net

64,543

54,824

31,015

Inventories, net

127,078

96,164

101,211

Deferred taxes

12,557

10,073

12,557

Prepaid expenses and other current assets

18,410

8,396

14,467

Total current assets

222,592

222,330

225,530

Fixed assets, net

133,543

120,723

125,982

Goodwill

66,203

21,552

21,545

Other intangible assets, net

100,785

61,861

59,392

Other assets

26,286

23,230

20,735

Total assets

$     549,409

$     449,696

$       453,184

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable, trade

$       44,541

$       31,809

$        24,063

Dividend payable

-

-

46,706

Accrued expenses and other current liabilities

61,999

53,333

47,422

Total current liabilities

106,540

85,142

118,191

Long-term indebtedness

40,000

-

-

Other long-term liabilities

25,536

21,091

21,380

Total liabilities

172,076

106,233

139,571

Total stockholders' equity

377,333

343,463

313,613

Total liabilities and stockholders' equity

$     549,409

$     449,696

$       453,184

 

DREW INDUSTRIES INCORPORATED

SUMMARY OF CASH FLOWS

(unaudited)

Nine Months Ended

September 30,

(In thousands)

2014

2013

Cash flows from operating activities:

Net income

$       50,270

$       39,042

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

Depreciation and amortization

23,475

20,388

Stock-based compensation expense

7,909

8,224

Other non-cash items

2,837

1,787

Changes in assets and liabilities, net of acquisitions of businesses:

Accounts receivable, net

(27,162)

(32,829)

Inventories, net

(16,526)

1,246

Prepaid expenses and other assets

(3,668)

4,090

Accounts payable, trade

16,276

10,042

Accrued expenses and other liabilities

13,553

9,681

Net cash flows provided by operating activities

66,964

61,671

Cash flows from investing activities:

Capital expenditures

(30,032)

(26,080)

Acquisitions of businesses

(100,157)

(1,451)

Proceeds from note receivable

750

-

Proceeds from sales of fixed assets

3,344

1,381

Other investing activities

(66)

(117)

Net cash flows used for investing activities

(126,161)

(26,267)

Cash flows from financing activities:

Exercise of stock options and deferred stock units, net of shares tendered for payment

3,555

11,817

Proceeds from line of credit borrowings

330,346

135,452

Repayments under line of credit borrowings

(290,346)

(135,452)

Payment of special dividend

(46,706)

-

Payment of contingent consideration related to acquisitions

(3,732)

(4,287)

Other financing activities

(196)

-

Net cash flows (used for) provided by financing activities

(7,079)

7,530

Net (decrease) increase in cash

(66,276)

42,934

Cash and cash equivalents at beginning of period

66,280

9,939

Cash and cash equivalents at end of period

$               4

$       52,873

 

DREW INDUSTRIES INCORPORATED

SUPPLEMENTARY INFORMATION

(unaudited)

Nine Months Ended

Three Months Ended

September 30,

September 30,

Last Twelve

2014

2013

2014

2013

Months

Industry Data(1)(in thousands of units):

Industry Wholesale Production:

Travel trailer and fifth-wheel RVs

226.6

207.9

65.5

61.3

286.7

Motorhome RVs

34.0

28.9

10.7

9.4

43.4

Manufactured homes

48.0

(3)

45.3

17.3

(3)

16.2

62.9

(3)

Industry Retail Sales:

Travel trailer and fifth-wheel RVs

223.4

(2)

214.4

80.5

(2)

78.7

259.8

(2)

Impact on dealer inventories

3.2

(2)

(6.5)

(15.0)

(2)

(17.4)

26.9

(2)

Motorhome RVs

28.8

(2)

25.7

9.5

(2)

8.5

34.6

(2)

Twelve Months Ended

September 30,

2014

2013

Drew Estimated Content Per Industry Unit Produced:

Travel trailer and fifth-wheel RV

$         2,814

$         2,703

Motorhome RV

$         1,436

$         1,231

Manufactured home

$         1,205

(3)

$         1,401

September 30,

December 31,

2014

2013

2013

Balance Sheet Data:

Current ratio

2.1

2.6

1.9

Total indebtedness to stockholders' equity

0.1

-

-

Days sales in accounts receivable

20.2

21.0

16.5

Inventory turns, based on last twelve months

8.2

7.8

7.9

2014

Estimated Full Year Data:

Capital expenditures

$ 38 - $ 40 million

Depreciation and amortization

$ 31 - $ 33 million

Stock-based compensation expense

$ 11 - $ 13 million

Annual tax rate

36%

(1) Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry wholesale production data for manufactured homes provided by the Institute for Building Technology and Safety. Industry retail sales data provided by Statistical Surveys, Inc.

(2) September 2014 retail sales data for RVs has not been published yet, therefore 2014 retail data for RVs includes an estimate for September 2014 retail units.

(3) September 2014 wholesale data for manufactured homes has not been published yet, therefore 2014 manufactured housing wholesale data includes an estimate for September 2014 wholesale units.

 

SOURCE Drew Industries Incorporated


PNM Resources Reports Third Quarter Results Oct 31, 2014 07:30AM

2014 Earnings Guidance Affirmed, Conference Call Set for 11 a.m. Eastern Today

ALBUQUERQUE, N.M.--(BUSINESS WIRE)-- PNM Resources (NYSE: PNM):

               

 PNM Resources (In millions, except EPS)

 
      Q3 2014     Q3 2013     YTD 2014     YTD 2013
GAAP net earnings $ 55.7 $ 54.6 $ 97.3 $ 92.9
GAAP diluted EPS     $ 0.69     $ 0.68     $ 1.21     $ 1.15
Ongoing net earnings $ 54.5 $ 51.7 $ 100.1 $ 96.8
Ongoing diluted EPS $ 0.68 $ 0.64 $ 1.25 $ 1.20
 

PNM Resources (NYSE: PNM) today released the company’s 2014 third quarter earnings results. In addition, management affirmed its 2014 consolidated ongoing earnings guidance range of $1.44 to $1.51 per diluted share.

“This was another solid quarter for the company, with consistent financial performance and important constructive regulatory developments,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “Growth from the strong Texas economy is helping balance the challenges associated with a still-recovering New Mexico market. We’ve also made regulatory progress in New Mexico. Specifically, the San Juan Generating Station plan is moving forward, following recent EPA approval. We are now focused on obtaining New Mexico Public Regulation Commission sign-off on a settlement agreement reached with several key participating parties. I’m pleased that we continue to move forward with initiatives designed to better serve our customers and build a cleaner, balanced generation portfolio.”

SEGMENT REPORTING OF 2014 THIRD QUARTER AND YEAR TO DATE EARNINGS

PNM a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

               

PNM (In millions, except EPS)

 
      Q3 2014     Q3 2013     YTD 2014     YTD 2013
GAAP net earnings $ 45.2 $ 47.7 $ 73.0 $ 85.1
GAAP diluted EPS     $ 0.56     $ 0.59     $ 0.91     $ 1.06
Ongoing net earnings $ 44.0 $ 43.6 $ 75.6 $ 82.0
Ongoing diluted EPS $ 0.55 $ 0.54 $ 0.94 $ 1.02
 
  • PNM’s ongoing earnings benefitted from the purchase of the Delta Person Generating Station (renamed the Rio Bravo Generating Station), higher market prices for Palo Verde unit 3, nuclear decommissioning trust gains, and a 2013 contribution made to the Navajo Workforce Training Initiative that did not recur in 2014. These were partially offset by increased depreciation and property tax expense, the termination of the Gallup FERC generation contract, and unseasonably cooler weather.

TNMPan electric transmission and distribution utility in Texas.

               

TNMP (In millions, except EPS)

 
      Q3 2014     Q3 2013     YTD 2014     YTD 2013
GAAP net earnings $ 12.4 $ 10.1 $ 28.7 $ 22.2
GAAP diluted EPS     $ 0.15     $ 0.13     $ 0.36     $ 0.28
Ongoing net earnings $ 12.4 $ 10.1 $ 28.7 $ 22.2
Ongoing diluted EPS $ 0.15 $ 0.13 $ 0.36 $ 0.28
 
  • TNMP’s ongoing earnings benefitted from rate relief, increased load and we again exceeded our Energy Efficiency goal, which resulted in a bonus payment awarded in 2014 for 2013 results. These gains were partially offset by unseasonably cooler weather.

Corporate and Other – a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.

               

 Corporate and Other (In millions, except EPS)

 
      Q3 2014     Q3 2013     YTD 2014     YTD 2013
GAAP net earnings (loss) ($1.9 ) ($3.2 ) ($4.4 ) ($14.4 )
GAAP diluted EPS     ($0.02 )     ($0.04 )     ($0.05 )     ($0.18 )
Ongoing net earnings (loss) ($1.9 ) ($2.0 ) ($4.2 ) ($7.4 )
Ongoing diluted EPS ($0.02 ) ($0.03 ) ($0.05 ) ($0.10 )
 
  • Corporate and Other benefitted from lower interest expense.

Financial materials are available at http://www.pnmresources.com/investors/results.cfm.

THIRD QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY

PNM Resources will discuss third quarter earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.

A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. Investors and analysts can participate in the live conference call by dialing (877) 377-7098 or (631) 291-4547 five to 10 minutes prior to the event and referencing “the PNM Resources third quarter conference call.”

A telephone replay will be available at 2 p.m. Eastern today until midnight November 14, 2014 by dialing (855) 859-2056 or (404) 537-3406 and using the confirmation code 21507892. Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2013 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,572 megawatts of generation capacity and provides electricity to more than 746,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release that relate to future events or PNM Resources’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”) expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

Non-GAAP Financial Measures

The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company’s calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.

               

PNM Resources

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

 
PNM TNMP

Corporateand Other

Consolidated
(in thousands)

Three Months Ended September 30, 2014

GAAP Net Earnings (Loss) Attributable to PNMR: $ 45,219 $ 12,355 $ (1,921 ) $ 55,653
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1 (1,972 ) (1,972 )
Net change in unrealized impairments of available-for-sale securities2 791       791  
Total Adjustments (1,181 )     (1,181 )
Ongoing Earnings (Loss) $ 44,038   $ 12,355   $ (1,921 ) $ 54,472  
 

Nine Months Ended September 30, 2014

GAAP Net Earnings (Loss) Attributable to PNMR: $ 72,976 $ 28,691 $ (4,405 ) $ 97,262
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges5 (41 ) (41 )
Net change in unrealized impairments of available-for-sale securities2 517 517
New Mexico corporate income tax rate change6 241 241
Process improvement initiatives3 1,115 34 1,149
San Juan Coal Company audit arbitration4 1,015       1,015  
Total Adjustments 2,606   34   241   2,881  
Ongoing Earnings (Loss) $ 75,582   $ 28,725   $ (4,164 ) $ 100,143  
 

2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments.

 
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $3,227 thousand increase in "Electric Operating Revenues" and $28 thousand reduction in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities"
3Pre-tax7 impact reflected in "Administrative and general"
4Pre-tax7 impact reflected in "Cost of energy"
5Pre-tax7 impacts reflected as $138 thousand reduction in "Electric Operating Revenues" and $205 thousand reduction in "Cost of energy"
6Impact reflected in "Income Taxes"
7Tax impacts reflected in "Income Taxes"
 
               

PNM Resources

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

 
PNM TNMP

Corporateand Other

Consolidated
(in thousands)

Three Months Ended September 30, 2013

GAAP Net Earnings (Loss) Attributable to PNMR: $ 47,691 $ 10,106 $ (3,242 ) $ 54,555
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1 (4,629 ) (4,629 )
Net change in unrealized impairments of available-for-sale securities2 (472 ) (472 )
Loss on reacquired debt3 1,202 1,202
Regulatory disallowance4 1,048       1,048  
Total Adjustments (4,053 )   1,202   (2,851 )
Ongoing Earnings (Loss) $ 43,638   $ 10,106   $ (2,040 ) $ 51,704  
 

Nine Months Ended September 30, 2013

GAAP Net Earnings (Loss) Attributable to PNMR: $ 85,120 $ 22,170 $ (14,431 ) $ 92,859
Adjusting items, net of income tax effects
New Mexico corporate income tax rate change5 1,234 1,234
Mark-to-market impact of economic hedges6 (3,538 ) (3,538 )
Net change in unrealized impairments of available-for-sale securities2 (606 ) (606 )
Loss on reacquired debt3 1,908 1,908
State tax credit impairment5 3,880 3,880
Regulatory disallowance4 1,048       1,048  
Total Adjustments (3,096 )   7,022   3,926  
Ongoing Earnings (Loss) $ 82,024   $ 22,170   $ (7,409 ) $ 96,785  
 
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise noted
 
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $7,568 thousand increase in "Electric Operating Revenues" and $95 thousand reduction in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities"
3Pre-tax7 impact reflected in "Other (deductions)"
4Pre-tax7 impact reflected in "Regulatory disallowances"
5Impact reflected in "Income Taxes"
6Pre-tax7 impacts reflected as $5,021 thousand increase in "Electric Operating Revenues" and $837 thousand reduction in "Cost of energy"
7Tax impacts reflected in "Income Taxes"
 
               

PNM Resources

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

 
PNM TNMP

Corporateand Other

Consolidated
(per diluted share)

Three Months Ended September 30, 2014

GAAP Net Earnings (Loss) Attributable to PNMR: $ 0.56 $ 0.15 $ (0.02 ) $ 0.69
Adjusting items
Mark-to-market impact of economic hedges (0.02 ) (0.02 )
Net change in unrealized impairments of available-for-sale securities 0.01       0.01  
Total Adjustments (0.01 )     (0.01 )
Ongoing Earnings (Loss) $ 0.55   $ 0.15   $ (0.02 ) $ 0.68  
Average Diluted Shares Outstanding: 80,223,101
 

Nine Months Ended September 30, 2014

GAAP Net Earnings (Loss) Attributable to PNMR: $ 0.91 $ 0.36 $ (0.05 ) $ 1.21
Adjusting items
Mark-to-market impact of economic hedges
Net change in unrealized impairments of available-for-sale securities 0.01 0.01
New Mexico corporate income tax rate change
Process improvement initiatives 0.01 0.01
San Juan Coal Company audit arbitration 0.01       0.01  
Total Adjustments 0.03       0.03  
Ongoing Earnings (Loss) $ 0.94   $ 0.36   $ (0.05 ) $ 1.25  
Average Diluted Shares Outstanding: 80,279,154
 
Tables may not appear visually accurate due to rounding.
 
               

PNM Resources

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

 
PNM TNMP

Corporateand Other

Consolidated
(per diluted share)

Three Months Ended September 30, 2013

GAAP Net Earnings (Loss) Attributable to PNMR: $ 0.59 $ 0.13 $ (0.04 ) $ 0.68
Adjusting items
Mark-to-market impact of economic hedges (0.05 ) (0.05 )
Net change in unrealized impairments of available-for-sale securities (0.01 ) (0.01 )
Loss on reacquired debt 0.01 0.01
Regulatory disallowance 0.01       0.01  
Total Adjustments (0.05 )   0.01   (0.04 )
Ongoing Earnings (Loss) $ 0.54   $ 0.13   $ (0.03 ) $ 0.64  
Average Diluted Shares Outstanding: 80,333,822
 

Nine Months Ended September 30, 2013

GAAP Net Earnings (Loss) Attributable to PNMR: $ 1.06 $ 0.28 $ (0.18 ) $ 1.15
Adjusting items
New Mexico corporate income tax rate change 0.02 0.02
Mark-to-market impact of economic hedges (0.04 ) (0.04 )
Net change in unrealized impairments of available-for-sale securities (0.01 ) (0.01 )
Loss on reacquired debt 0.02 0.02
State tax credit impairment 0.05 0.05
Regulatory disallowance 0.01       0.01  
Total Adjustments (0.04 )   0.09   0.05  
Ongoing Earnings (Loss) $ 1.02   $ 0.28   $ (0.10 ) $ 1.20  
Average Diluted Shares Outstanding: 80,456,181
 
Tables may not appear visually accurate due to rounding.
 
       

PNM Resources

Schedule 5

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

 

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

2014     2013 2014     2013
(In thousands, except per share amounts)
Electric Operating Revenues $ 413,951   $ 399,730   $ 1,089,008   $ 1,064,993  
Operating Expenses:
Cost of energy 132,499 114,674 354,532 325,039
Administrative and general 42,190 46,915 131,283 134,744
Energy production costs 43,287 41,142 136,422 131,546
Regulatory disallowances 1,735 1,735
Depreciation and amortization 44,295 42,743 128,424 125,189
Transmission and distribution costs 16,884 17,248 49,857 50,690
Taxes other than income taxes 17,997   17,534   51,641   49,739  
Total operating expenses 297,152   281,991   852,159   818,682  
Operating income 116,799   117,739   236,849   246,311  
Other Income and Deductions:
Interest income 2,084 2,264 6,241 7,731
Gains on available-for-sale securities 962 2,188 8,234 6,935
Other income 2,895 3,254 7,648 7,577
Other (deductions) (2,084 ) (5,970 ) (7,185 ) (13,516 )
Net other income and deductions 3,857   1,736   14,938   8,727  
Interest Charges 30,115   30,365   89,621   92,279  
Earnings before Income Taxes 90,541 89,110 162,166 162,759
Income Taxes 31,055   30,296   53,368   58,600  
Net Earnings 59,486 58,814 108,798 104,159
(Earnings) Attributable to Valencia Non-controlling Interest (3,701 ) (4,127 ) (11,140 ) (10,904 )
Preferred Stock Dividend Requirements of Subsidiary (132 ) (132 ) (396 ) (396 )
Net Earnings Attributable to PNMR $ 55,653   $ 54,555   $ 97,262   $ 92,859  
Net Earnings Attributable to PNMR per Common Share:
Basic $ 0.70 $ 0.68 $ 1.22 $ 1.16
Diluted $ 0.69 $ 0.68 $ 1.21 $ 1.15
Dividends Declared per Common Share $ 0.185 $ 0.165 $ 0.555 $ 0.495
 

PNM Resources

Analysts

Jimmie Blotter, 505-241-2227

Media

Pahl Shipley, 505-241-2782

Source: PNM Resources


Dril-Quip, Inc. Announces Results For Third Quarter 2014 Oct 31, 2014 07:30AM

HOUSTON, Oct. 31, 2014 /PRNewswire/ -- Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $55.7 million, or $1.40 per diluted share, for the three months ended September 30, 2014, versus net income of $40.0 million, or $0.98 per diluted share, for the third quarter of 2013. Total revenues were $241.7 million during the quarter ended September 30, 2014 compared to $224.7 million for the same period in 2013. The third quarter 2014 results were favorably impacted by an after-tax foreign exchange gain of $3.1 million, or $0.08 per diluted share, as compared to an after-tax foreign exchange loss of $5.8 million, or $0.14 per diluted share, during the third quarter of 2013.

For the nine months ended September 30, 2014, net income was $149.6 million, or $3.70 per diluted share, compared with net income of $122.8 million, or $3.01 per diluted share, for the same period in 2013.  Total revenues rose to $676.1 million during the nine months ended September 30, 2014 from $639.9 million during the same period in 2013. The results for the first nine months of 2014 were favorably impacted by an after-tax foreign exchange gain of $800,000, or $0.02 per diluted share, as compared to an after-tax foreign exchange loss of $2.2 million, or $0.05 per diluted share during the first three quarters of 2013.

In addition, the Company announced that its backlog at September 30, 2014 was approximately $1.25 billion, compared to its September 30, 2013 backlog of approximately $1.15 billion and its June 30, 2014 backlog of $1.32 billion. Based upon current market conditions and excluding foreign currency gains/losses or any unusual items, the Company expects its earnings per diluted share for the quarter ending December 31, 2014 to approximate $1.25 to $1.35 per share. The Company also announced that it currently expects its full-year 2014 earnings per diluted share to be in the range of $4.95 to $5.05, excluding foreign currency gains/losses or any unusual items, up from previous guidance of $4.70 to $4.90 per diluted share.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications.

Statements contained herein relating to future operations and financial results that are forward-looking statements are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company's control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, uncertainties regarding the effects of new governmental regulations, the Company's international operations, operating risks, and other factors detailed in the Company's public filings with the Securities and Exchange Commission.  Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Dril-Quip, Inc

Comparative Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

Three months endedSeptember 30,

Nine months endedSeptember 30,

2014

2013

2014

2013

Revenues

$ 241,750

$ 224,724

$ 676,138

$ 639,910

Cost and expenses:

Cost of sales

135,250

132,131

371,030

381,662

Selling, general and administrative

20,845

29,830

70,300

68,732

Engineering and product development

12,663

10,778

34,295

29,139

168,758

172,739

475,625

479,533

Operating income

72,992

51,985

200,513

160,377

Interest income

206

203

555

486

Interest expense

(3)

(4)

(15)

(24)

Income before income taxes

73,195

52,184

201,053

160,839

Income tax provision

17,512

12,189

51,428

38,075

Net income

$   55,683

$   39,995

$ 149,625

$ 122,764

Diluted earnings per share

$       1.40

$       0.98

$       3.70

$       3.01

Weighted average shares–diluted

39,880

40,911

40,444

40,821

Depreciation and amortization

$     7,648

$     7,364

$   22,774

$   21,717

Capital expenditures

$     7,946

$     6,936

$   31,164

$   30,037

 

SOURCE Dril-Quip, Inc.


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