VANCOUVER, British Columbia--(BUSINESS WIRE)--Former Prime Minister of Canada Stephen Harper and Former President of Mexico Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on January 16th and 17th, 2022.
Alongside the former Canadian Prime Minister and Mexican President are best selling finance author Robert “Rich Dad” Kiyosaki, dozens of globally respected economists, legendary money managers, and investors. The conversations on stage will cover the most important investment opportunities and key issues in macro-finance.
The VRIC will include a marketplace of 225 investment opportunities in the mining industry, spanning early-stage exploration to advanced producing mines.
Guests can select from a variety of ticket options, including General Admission, VIP, and Super VIP.
“This is the biggest event in finance that Vancouver has ever seen. Vancouver is a world-class city, it’s about time we host a finance conference competitive with anything else on a global scale. We’ll be squaring off with world leaders live on stage, digging into the most sensitive and consequential events of our future.” - Jay Martin, CEO, Cambridge House & Host of the Vancouver Resource Investment Conference
This year's conference will mark a monumental change for the Vancouver Resource Investment Conference, with a greater focus on the various social, economic, and political issues shaping Canada's future, domestically and internationally. More information and event details can be found below:
Since 2011, Jay Martin has expanded Cambridge House from Canada's leading junior mining conferences to become Canada's most recognizable brand in public venture capital. Jay Martin is an early-stage investor and host of The Jay Martin Show, a YouTube show and podcast that dives into the most important conversations at the intersection of money and psychology. Jay sits on the board of the Entrepreneur Organization, a global business community of over 12,000 leading entrepreneurs in 53 countries worldwide.
Cambridge House International: At Cambridge House International, we believe in two simple philosophies: ideas are better when shared, and people are better when connected.
Reece Mack
Phone: 604 417 4234
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DUBLIN--(BUSINESS WIRE)--The "Solar Ingot Wafer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The latest study analyzes the historical and present-day scenario of the global solar ingot wafer market to accurately gauge its potential development.
The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the solar ingot wafer market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the solar ingot wafer market will progress during the forecast period of 2021 to 2031.
The report offers intricate dynamics about the different aspects of the solar ingot wafer market that aid companies operating in the market in making strategic development decisions. This study also elaborates on the significant changes that are highly anticipated to configure the growth of the solar ingot wafer market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the solar ingot wafer market. The report estimates statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the solar ingot wafer market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the solar ingot wafer market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Companies Mentioned
Key Questions Answered in this Report on Solar Ingot Wafer Market
The report provides detailed information about the global solar ingot wafer market on the basis of comprehensive research on various factors that are playing a key role in accelerating the market growth. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global solar ingot wafer market so as to help them design successful strategies and make target-driven decisions.
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Segmentation
2.2. Market Definitions
2.3. Market Indicators
3. Market Dynamics
3.1. Drivers and Restraints Snapshot Analysis
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunities
3.2. Porter's Five Forces Analysis
3.2.1. Threat of Substitutes
3.2.2. Bargaining Power of Buyers
3.2.3. Bargaining Power of Suppliers
3.2.4. Threat of New Entrants
3.2.5. Degree of Competition
3.3. Regulatory Scenario
3.4. Value Chain Analysis
3.4.1. List of Manufacturers
3.4.2. List of Potential Customers
4. Price Trend Analysis
5. Overview of Solar Ingot Wafer Process
6. COVID-19 Impact Analysis
7. Global Solar Ingot Wafer Market Value (US$ Mn) Analysis, by Type
8. Global Solar Ingot Wafer Market Analysis, by Application
9. Global Solar Ingot Wafer Market Analysis, by Cutting Method
10. Global Solar Ingot Wafer Market Analysis, by Region, 2020-2031
11. North America Solar Ingot Wafer Market Analysis, 2020-2031
12. Europe Solar Ingot Wafer Market Analysis, 2020-2031
13. Asia Pacific Solar Ingot Wafer Market Analysis, 2020-2031
14. Rest of World Solar Ingot Wafer Market Analysis, 2020-2031
15. Competition Landscape
15.1. Global Solar Ingot Wafer Market Share Analysis, by Company (2020)
15.2. Company Profiles
16. Primary Research - Key Insights
17. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/d3y7bn
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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VISTA, Calif.--(BUSINESS WIRE)--$FLUX #EVcharging--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, has engaged international investor relations specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets.
MZ Group will work closely with Flux Power management to develop and implement a comprehensive capital markets strategy designed to increase the Company’s visibility throughout the investment community. The campaign will highlight how Flux Power has achieved 13 consecutive quarters of year-over-year revenue growth and sold over 11,000 lithium-ion battery packs and energy storage solutions for industrial applications. The Company designs, develops, manufactures, and sells its UL Listed lithium-ion technology for lift trucks and other industrial equipment including airport ground support equipment (GSE), stationary energy storage for EV charging and has introduced a new Telematics technology called SkyBMS, which delivers battery pack data to optimize performance and customer fleet tracking. With the recent net proceeds of $14.1M from a registered direct offering, Flux Power is rapidly expanding into adjacent markets and developing a new, more efficient platform for its battery packs.
MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts and private investors and maintains offices worldwide.
Chris Tyson, Executive Vice President at MZ North America, will advise Flux Power’s IR team in all facets of investor relations including the coordination of roadshows and investment conferences across key cities and building brand awareness with financial and social media outlets.
Ted Haberfield, Chairman & President of MZ Group North America, commented: “The global lithium-ion battery market has continued to expand, propelled by electric vehicles and supportive government regulations. Grand View Research reports the global lithium-ion battery market size was $32.9 billion in 2019 and is expected to grow to $87.5 billion in 2027, at CAGR of 13%. Within this fragmented market, the industrial equipment segment is undergoing a multi-year transition away from internal combustion to electric power due to the cost savings and sustainability provided by electrification. The electric forklift battery market alone is projected to be $2.5 billion according to the ITA 2020 US Factory Shipments report. With only 5% penetration of lithium-ion batteries in the forklift market, Flux Power has significant opportunities to lead adoption for large Fortune 500 fleets. With a diverse and growing customer base across multiple segments, the Company is well-positioned to grow the value of its technology into markets including airport ground support equipment (GSE), stationary energy storage, electric autonomous shuttles and additional verticals. This creates untapped value which presents an exciting opportunity, and we look forward to sharing this with our network of institutional, family offices and retail investors.”
Chris Tyson added: “Flux Power has recently been delivering a full product line of high-performance lithium-ion battery packs that cater to large fleets in food, beverage, retail and grocery, manufacturing, and distribution. These battery packs help to improve performance, lifespan, and efficiency while eliminating required maintenance for fleets, ultimately lowering the total cost of ownership compared to alternative lead acid batteries and propane. Lithium-ion battery packs increase sustainability and ESG metrics for fleets and reduce environmental impacts, with one analysis for a Fortune 100 customer finding over 2,000 tons of CO2 emissions saved per year. Emerging new applications used in stationary energy storage are a natural and sustainable product extension. Reinforced by a 64,000 sq ft facility that can support production for $100 million annual revenue, the Company has charted a clear expansion pathway. We look forward to working with management to communicate the immense value proposition Flux Power represents based on its increasing revenue and gross margin profiles.”
“With a full range of lithium-ion battery product lines in place and a fortified balance sheet, we are focused on executing on our sales roadmap and delivering on our record order backlog of $28.0 million with marquee customers,” said Ron Dutt, CEO of Flux Power. “Our advanced technologies will enable us to serve an increasing range of customers with higher unit volume sales and efficiencies that will continue to drive revenue and gross profit margin. We look forward to working with Chris and the entire team at MZ Group to communicate our proven track record leading lithium-ion battery adoption for large fleets, and building long-term value for our shareholders,” concluded Dutt.
For more information on Flux Power, please view the Company’s Corporate Video or visit www.fluxpower.com. To schedule a conference call with management, please email your request to This email address is being protected from spambots. You need JavaScript enabled to view it. or call Chris Tyson at 949-491-8235.
About Flux Power Holdings, Inc.
Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, and other industrial equipment including airport ground support equipment (GSE), solar energy storage, and other commercial applications. Our lithium-ion battery packs, including our proprietary battery management system (BMS) and telemetry, provide our customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. For more information, please visit www.fluxpower.com.
About MZ Group
MZ North America is the US division of MZ Group, a global investor relations and corporate communications leader. MZ North America was founded in 1996 and provides full scale Investor Relations to both private and public companies across all industries. Supported by an exclusive one-stop-shop approach, MZ works with top management to support its clients’ business strategies via integrated product and service categories: 1) IR Consulting & Outreach – full service investor relations and roadshow services; 2) IPO Advisory & SPAC IR - preparation for the Pre-IPO journey and leading sponsor/target companies through the SPAC business combination; 3) Public Relations – targeted campaigns and broad media outreach; 4) ESG iQ & Advisory – reporting technology platform and ESG guidance; 5) Market Intelligence – real time ownership monitoring; 6) Technology Solutions – websites, webcasting, conference calls, distribution services and board portals. MZ has a global footprint with offices located in New York, Chicago, San Diego, Aliso Viejo, Austin, Minneapolis, Taipei and São Paulo. For more information, please visit www.mzgroup.us.
Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power
Media & Investor Relations:
Justin Forbes
877-505-3589
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External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
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www.mzgroup.us
HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian) (NYSE American: TELL) today named energy investment expert Claire R. Harvey as a new independent Board member. Ms. Harvey is the Founder and President of ARM Resource Partners, a joint venture making energy investments, and serves as Chairman of the Board of Falcon Minerals Corporation, a public company which owns and manages mineral interests in the United States. She was previously Founder and Chief Executive Officer of Gryphon Oil and Gas, LLC, and served in key roles at Pine Brook Partners and TPH Partners.
Executive Chairman Charif Souki said, “Claire has expertly led and executed both public and private financial transactions over the past 20 years and brings immense energy investment experience to Tellurian’s Board. We will rely on her experience to guide and support us as we finance Driftwood LNG and give Bechtel notice to proceed with construction in the first quarter of 2022.”
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, construction, financing and other aspects of the Driftwood project, including the timing of a notice to proceed with respect to the project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 24, 2021, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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Unique technology serves the emerging Carbon Removal market with solution costing <$100/ton at scale
CARY, N.C.--(BUSINESS WIRE)--#breakthroughenergy--Sustaera, a direct air capture (DAC) carbon dioxide removal company spun-out of Susteon Inc., announced the closing of its $10M Series A financing round led by Breakthrough Energy Ventures and Grantham Trust’s Neglected Climate Opportunities LLC. Seed R&D funding was provided by the United States Department of Energy (DOE) and North Carolina’s Department of Commerce through multiple grants including one in partnership with Columbia University over the past several years. Sustaera will use the investment to accelerate its research and development program and build its first pilot plant.
Limiting global temperatures between 1.5°C and 2°C will require significant and rapid scaling of carbon dioxide removal technologies. IPCC’s scenarios call for ~10 Gt/y of negative emissions by 2050 to achieve 1.5°C pathway of which DAC is to contribute up to 6 Gt/y. Sustaera’s low-cost DAC technology has the potential to provide a real pathway to meet these global carbon dioxide removal targets. At scale, Sustaera projects it will capture a ton of CO2 for less than $100/ton, serving the significant emerging Carbon Removal market projected to be >$ 1Trillion by 2030.
Sustaera’s DAC system is uniquely powered by carbon-free energy and differentiated by use of abundantly available natural minerals repurposed as carbon dioxide capture sorbents, as well as use of a modular component design to allow Sustaera to rapidly scale this technology using existing supply chains and manufacturing infrastructure. These benefits combined with significantly lower land requirements than land-based or natural CO2 capture methods, makes Sustaera a true pioneer of DAC 2.0.
“Sustaera plans to offer commercial DAC systems starting at 10 tons per day that can be multiplied to create facilities capable of capturing thousands of tons of carbon dioxide per day, with a goal of removing 500 million tons cumulatively over the next 20 years,” said Co-founder and Chief Executive Officer Shantanu Agarwal.
The Sustaera team is comprised of engineers who have experience building both small and commercial scale carbon capture plants in the past. Sustaera’s sorbent can be regenerated with renewable electricity at lower temperatures, thus significantly reducing the amount of energy required which often represents more than half of the total capture cost. Sustaera plans to initially sell credits in the voluntary market with Stripe as its first customer, and is in early discussions with several interested stakeholders.
“Sustaera’s Direct Air Capture technology is based on more than 100 person-years of R&D and technology scaleup experience in material science, sorbent chemistry, process design and engineering, and sorbent manufacturing,“ said Dr. Raghubir Gupta, Co-Founder and Chief Technology Officer, who has worked on the development and commercialization of several carbon capture and utilization technologies over the last 30 years. “We are excited to play an impactful role in capturing atmospheric carbon dioxide at scale to restore the planet’s temperature.”
Carmichael Roberts, Breakthrough Energy Ventures, said, “Sustaera's technology is positioned to accelerate the deployment of cost-efficient DAC globally using existing supply chains. This is the type of solution we look for, designed to scale quickly and provide a viable economic negative emission pathway.”
Kevin Tidwell, managing director at Grantham Environmental Trust, said in the announcement that, “We operate with a ‘Race of our Lives’ mindset where every small fraction of a degree will really matter. The Sustaera team, with their daily obsessions to find ways to cost-effectively reach a scale, as soon as possible, gives us great hope. We are grateful for their partnership.”
“We applaud Sustaera’s important work on carbon dioxide removal,” said Dr. Jennifer Wilcox, Principal Deputy Assistant Secretary in the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management. “And we’re excited that DOE’s seed investment is helping to advance their innovative DAC system, which has the potential to ultimately capture millions of tons of carbon dioxide.”
Sustaera is currently recruiting mechanical, electrical, chemical, process engineers, material scientists, chemists, and entrepreneurial business majors to support its growth. To learn more about job openings and the company, visit www.sustaera.com.
About Sustaera
Based in Cary, North Carolina, Sustaera is a Direct Air Capture technology startup with deep expertise in carbon capture, separations chemistry and process scale-up. Sustaera’s mission is to deliver low-cost, scalable, carbon removal systems to the world to “Restore the Carbon Balance”. Sustaera’s core technology is based on several breakthroughs in material science, process design, and modular manufacturing. The company is building its first demonstration unit in North Carolina in 2022. More information at www.sustaera.com
About Breakthrough Energy Ventures
Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. BEV’s strategy links government-funded research and patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible.
The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, non-profit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
About Grantham Trust’s Neglected Climate Opportunities
Neglected Climate Opportunities LLC is a climate-focused venture capital vehicle that is a wholly owned subsidiary of the Jeremy and Hannelore Grantham Environmental Trust. NCO invests to redesign energy systems, improve soil health, spare the ocean from acidification, and directly recapture carbon from the atmosphere. The Grantham Environmental Trust and its affiliate, the Grantham Foundation for the Protection of the Environment, believe that innovation and technology are the best hope for an enduring future. The Grantham Trust and Foundation have, for over 15 years, focused almost exclusively on climate change mitigation and currently support over eighty grantees and forty portfolio companies around the world.
Shantanu Agarwal
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PG&E Offers Ways to Save Money on Holiday Lighting and Avoid Safety Hazards
SAN FRANCISCO--(BUSINESS WIRE)--Holiday lights brighten the home, but they can also add costs to energy bills and represent a fire hazard if not properly handled. Pacific Gas and Electric Company (PG&E) provides customers with safety and energy efficiency reminders to get into the holiday spirit.
“We are focused on helping our customers make the holidays bright, safe and efficient,” said Chris Zenner, PG&E’s Vice President of Residential Services & Digital Channels. “We hope all of our customers use this information to have a safe and happy holiday season.”
According to the National Fire Protection Association (NFPA), almost one third of home Christmas tree fires are caused by electrical problems. Although Christmas tree fires are not common, when they do occur, they are more likely to be serious.
For a fire-safe holiday season make sure the tree is at least three feet away from any heat source, like fireplaces, radiators, candles, heat vents or lights. Also, purchase flame-retardant metallic or artificial trees. For real trees, make sure the tree has fresh, green needles that aren’t easily broken. And remember to keep live trees as moist as possible by giving them water daily.
Adding to possible safety risks, older, non-energy-efficient lighting can severely impact customers’ monthly energy bills. Standard incandescent holiday lights, including mini lights, use more energy and may require frequent bulb replacements. LED lights cost more to purchase but use much less energy and can produce bright light for up to 20 holiday seasons.
Based on PG&E testing, a string of 300 large incandescent lights cost an average of $135.08 to operate annually for 225 hours per year (5 hours/day for 45 days) at the current residential electric non-CARE rate, compared to $0.83 to annually operate a LED 300 count light strand during the same timeframe.
Here are additional tips to keep customers safe during the holidays:
Holiday Lighting Safety
Candle and Cooking Safety
More Ways to Save Energy
To learn more about ways to save this holiday season visit pge.com/saveenergy.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
Media Relations
415.973.5930
SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO) announced today that it will host a conference call on January 27, 2022 at 10:00 a.m. ET to discuss 2021 fourth quarter and full year earnings results, which will be released earlier that day, and provide an update on company operations.
Persons interested in listening to the conference call may join the webcast on Valero’s Investor Relations website at www.investorvalero.com.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and it owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
First to offer service and further demonstrates commitment to lower-carbon future
HOUSTON--(BUSINESS WIRE)--Tennessee Gas Pipeline (TGP), a subsidiary of Kinder Morgan, Inc. (NYSE: KMI) today filed with the Federal Energy Regulatory Commission (FERC) a proposal to implement a responsibly sourced natural gas (RSG) supply aggregation pooling service at select locations across the TGP system. RSG is third-party certified natural gas that meets certain environmental, social and governance standards, particularly related to methane emission reductions. The proposed service is designed to enable suppliers and customers on TGP to purchase and sell RSG supply at non-physical trading locations, ultimately serving end-users, utilities, power plants and LNG facilities connected to the TGP system. Producers who have already obtained RSG certifications from qualified third-party organizations are anticipated to supply the RSG needed for the proposed pooling service, and the supply is expected to grow as RSG becomes the fuel of choice among customers. Pending regulatory approval from the FERC, this service is expected to be available in the first quarter of 2022.
“We are pleased that TGP is the first pipeline system to offer this RSG supply aggregation pooling service,” said TGP’s Vice President of Commercial Ernesto Ochoa. “We believe this lower methane intensity fuel is an essential component of the energy transition, and TGP is uniquely positioned to be the transporter of choice because of its connectivity to key basins and end-users. We are excited to continue to work with current and future customers to encourage the delivery of RSG supply into our systems and pursue new ways to facilitate the availability of these molecules to the market.”
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, renewable fuels, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning demand for RSG and the anticipated timing and benefits of the proposed RSG pooling program. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com.
Katherine Hill
Senior Corporate Communications Specialist
(713) 469-9176
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Investor Relations
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New software solution delivers access to pipeline performance trends and rich, actionable, data-driven insights
LONDON--(BUSINESS WIRE)--nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced the launch of nVent RAYCHEM Pipeline Supervisor software, the world’s premier temperature critical pipeline monitoring solution. nVent RAYCHEM Pipeline Supervisor software delivers continuous performance trends and actionable insights for distributed temperature sensing traced, electrically heated pipelines. The software’s predictive analytics take operators “inside the pipeline” to help them identify pending threats and maximize safe and efficient pipeline infrastructure operations.
“For more than 15 years, nVent has monitored the fiber optic temperatures of many of the world’s most critical pipeline installations, experiencing firsthand how important real-time information is to this process,” says David Parman, nVent technical fellow. “While it was previously unattainable for operators and field maintenance personnel to identify pending threats to temperature critical pipeline assets, the new nVent RAYCHEM Pipeline Supervisor solution provides real-time advanced analytics and predictive notification capabilities for these complex systems. Operators of both newer greenfield transfer pipelines and the aging network of temperature-sensitive pipeline installations will benefit from these insights as they work to ensure their pipelines are ready for the electrification of everything.”
Solutions to make pipeline operations safer, more efficient and more cost-effective in a connected, electrified world
nVent RAYCHEM Pipeline Supervisor software offers several features critical to operators, including:
For more information on nVent RAYCHEM Pipeline Supervisor software, please visit https://raychem.nvent.com/RPS
About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.
Will Wright
Marketing Manager
nVent Thermal Management
+1 (713) 735-8740
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RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the acquisition of the assets of Kibart, Inc. (“Kibart”). Established in 1986 and based in Towson, Maryland, Kibart delivers a variety of services including mechanical, electrical and energy engineering, master planning, utility and infrastructure design, commissioning, LEED-certification design, and construction administration. Under the leadership of Ed Abbott, Kibart services its clients with a team of 35+ employees including professional engineers, LEED accredited and certified commissioning professionals, and CSI certified document technicians.
“Kibart is a great addition to our growing portfolio of building services,” said Gary Bowman, CEO of Bowman. “Ed and his team have designed many award-winning projects that demonstrate market leadership and innovation. The addition of Kibart builds on our acquisitions of KTA Group and PCD earlier this year and accelerates our strategy of developing a building services practice that has a national reach. In keeping with our revenue-focused approach to acquisitions, Kibart as a part of Bowman provides immediate opportunity for the cross-selling of our services and revenue growth. We are extremely pleased with the breadth of leadership we are adding and welcome everyone from Kibart to Bowman.”
“We are all pleased to become part of Bowman,” said Ed Abbott, president of Kibart. “We are aligned with Gary and his team on our collective vision for Kibart’s future as a part of Bowman. The national reach of Bowman’s building services practice along with its expansive civil engineering and land surveying expertise all present immediate opportunities for growth for our clients, our business, and our people. We have similar cultures and overlapping values, and we are excited about this next chapter for all of us at Kibart.”
The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock. The Company expects the Kibart acquisition to initially contribute approximately $6.3 million of annualized net service billing.
“This is one of the acquisitions we expected to close prior to year end,” said Bruce Labovitz, Bowman’s CFO. “This transaction is within our previously communicated target multiple range for acquisitions and meets all of our objectives for performance metrics. We are pleased to have closed on our fourth transaction as a public company and fifth this year. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.”
About Kibart, Inc.
Founded in 1986, Kibart is an award-winning MEP engineering and commissioning firm that works collaboratively with all project stakeholders to provide solutions that are creative, contemporary, reliable, and sustainable. Having developed exceptionally relevant expertise in the equipment and total systems design process, Kibart’s staff of over 35 building performance experts focus on delivering the highest quality results to clients and the environment. Additional information on Kibart, its team, and its projects can be found at https://kibart.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering innovative infrastructure solutions to customers who own, develop, and maintain the built environment. With 950 employees and more than 35 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations
Bruce Labovitz
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Megan McGrath
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AMSTERDAM--(BUSINESS WIRE)--Accenture (NYSE: ACN) has acquired Zestgroup, a services firm specializing in energy transitions, net carbon-zero projects and procurement of renewables. Terms of the transaction were not disclosed.
Zestgroup brings deep industry knowledge, project expertise and market regulation experience into helping organizations move to net-zero. These capabilities enhance Accenture’s ability to build more trusted, circular and net-zero value chains while driving social and economic benefits for all stakeholders.
“By combining years of deep industry expertise and capabilities, Zestgroup advances our ability to help clients move faster in achieving their carbon emission objectives,” said Nicole van Det, country managing director of Accenture Netherlands. “A sustainable future relies on organizations moving faster to transition ways of working to those that make greater use of sustainable clean energy sources.”
In fact, the International Energy Agency reports that renewables will soon generate as much electricity as fossil fuels, organizations must move faster to convert existing practices into those that make use of sustainable clean energy sources. Zestgroup supports this transition to sustainable energy sources, such as solar, water, heat, wind and biogas, and helps clients achieve net-zero carbon. The combination of these services with Accenture’s SynOps platform will give Accenture the ability to leverage insights to help clients extract greater value out of existing investments and accelerate their sustainability journey.
“Creating a sustainable future will be defined by those that create value faster and maximize the impact of those investments,” said Manish Sharma, group chief executive of Accenture Operations. “We’re delighted to welcome Zestgroup to our team, adding significant expertise to our procurement business while extending our ability to deliver on our promise to embed sustainability into everything we do and with everyone we work with.”
Headquartered in the Netherlands, Zestgroup brings more than 120 professionals to Accenture Operations, with clients in a variety of sectors and deep expertise across energy transition and reconciliation, supplier market regulations, renewable spending category and project and procurement services. It also provides spend optimization services to help organizations better manage sustainability spend and energy reconciliation services to better optimize claim settlements across the energy value chain.
Ramon van der Wal, chief executive officer of Zestgroup, added: “Growing our business as part of Accenture will translate into new opportunities for our people and our combined expertise will help our clients move faster and smarter as they realize the benefits that emerge from a net-zero journey.”
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; the COVID-19 pandemic has impacted Accenture’s business and operations, and the extent to which it will continue to do so and its impact on the company’s future financial results are uncertain; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
Laura Van Horssen
Accenture
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Accenture
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And Announces Repurchase of Common Units From Occidental
HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced changes to the board of directors (the “Board”) of Western Midstream Holdings, LLC, its general partner (the “General Partner”), and to its management team, as well as the repurchase of WES common units from Occidental.
In connection with his retirement from Occidental Petroleum Corporation (“Occidental”), Mr. Glenn Vangolen will resign from the Board effective December 17, 2021. Mr. Vangolen will be succeeded as chairman of the Board by Peter J. (Jeff) Bennett, a current WES Director and also President, U.S. Onshore Resources and Carbon Management, Commercial Development, at Occidental.
“We are deeply grateful for Glenn’s steady and insightful leadership through WES’s transition to a stand-alone company, which was accomplished while simultaneously navigating the public health and market-driven challenges posed by COVID-19,” said Michael Ure, President and Chief Executive Officer. “Glenn leaves WES in a strong position to execute on its strategy of returning value to unitholders, and I’d like to thank him personally, and on behalf of the Board, for his contributions.”
Mr. Ure continued, “We are delighted to have Jeff as our new Chairman. His extensive oil and gas experience has already served WES well during his tenure on the Board, and we look forward to benefitting from his leadership and vision as Chairman.”
Also effective on December 17, 2021, Mr. Frederick A. Forthuber will be joining the Board. Mr. Forthuber currently serves as President of Oxy Energy Services, LLC, a subsidiary of Occidental. In this role, he has global functional responsibility for midstream and marketing of crude oil, natural gas liquids, and natural gas, as well as Health and Safety and the oil & gas regulatory and land functions.
“We are very excited to welcome Fred to the Board,” said Mr. Ure. “He brings to us over 35 years of valuable industry experience in oil and gas operations that will be instrumental in guiding WES toward achieving its strategic financial and operational goals.”
Additionally, in connection with a reorganization within WES’s operational and engineering groups, Mr. Charles G. Griffie, Senior Vice President, Operations and Engineering of the General Partner, will depart the organization effective December 31, 2021.
“I would like to thank Charles for his leadership and numerous contributions to WES during a dynamic and challenging environment over the past several years. He has been a valuable partner and resource to me and his team at WES, and we wish him the very best in his future endeavors,” said Craig Collins, Chief Operating Officer.
WES REPURCHASES COMMON UNITS FROM OCCIDENTAL
On December 13, 2021, WES repurchased 2.5 million WES common units from Occidental for aggregate consideration of $50.2 million, as part of WES’s previously announced $250 million common unit repurchase program. The repurchase of the common units was reviewed and approved by the Partnership's Special Committee, which includes only independent members of the board of directors of WES's general partner. The Special Committee was advised by Hunton Andrews Kurth LLP as legal counsel.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.
Kristen Shults
Senior Vice President, Finance and Communications
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Daniel Jenkins
Director, Investor Relations
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TORONTO--(BUSINESS WIRE)--Greenland Resources Inc. (NEO:MOLY, FSE:2LF) (“Greenland Resources” or the “Company”) is pleased to announce that Ms. Nauja Bianco, M.Pol.Sci has been appointed as a Non-Executive Director on the Company’s Board of Directors, effective immediately. Ms. Bianco will specifically help the Company on the social and governmental relations in respect of the development of the Malmbjerg Molybdenum Project in east Greenland.
Nauja Bianco was born and raised in the capital of Nuuk, Greenland. She currently resides in Copenhagen, Denmark, and is the Chief Executive Officer of the North Atlantic House & The Greenlandic House in Odense, Denmark. Nauja has had a career in diplomacy and international relations as Chief Consultant for Greenlandic & Arctic Affairs at the Ministry of Foreign Affairs in Denmark and as the Advisor for Arctic and Environmental Affairs at the Nordic Council of Ministers in Copenhagen. Nauja has also worked for the Government of Greenland at the Greenland Representation to the European Union in Brussels, Belgium; and for the Department for Culture, Education, Research and Ecclesiastical Affairs in Greenland. Nauja has also taught at Ilisimatusarfik, the University of Greenland in Nuuk. Nauja holds a Bachelor’s Degree (1998-2001) and a Master’s Degree (2002-2004), both in Political Science from the University of Aarhus, Denmark.
Dr. Ruben Shiffman, Chairman, founder commented: “Nauja represents the best of Greenland. She has spent her entire professional career helping the people of Greenland, including the people on the east coast where her family is from and where our Malmbjerg Molybdenum Project is located. As the regulatory and social side of the project moves swiftly and according to plan, Nauja will help ensure the project aligns with the values and needs of the people in Greenland, creating a positive contribution to their lives.”
Ms. Nauja Bianco said: “I’ve been following Greenland Resources Malmbjerg project for a while and I am delighted to join their Board of Directors. My role is to create awareness about the economic needs and the needs of the people at large and how to best approach the Greenlandic society in going forward with the project. I’m happy to build this type of bridge between Greenland and Canada and, hope to add value to the work of Greenland Resources Inc.”
Qualified Person Statement
Mr. Jim Steel, P.Geo., M.B.A., a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information in this press release.
About Greenland Resources Inc.
Greenland Resources is a Canadian reporting issuer with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum deposit has pit-constrained Measured and Indicated Resources of 281 million tonnes at 0.18% MoS2, for 661 million pounds of contained molybdenum metal (Tetra Tech, 2021). The Malmbjerg project benefits from a 2008 Feasibility Study completed by Wardrop (now Tetra Tech), an Environmental and Social Impact Assessment (SRK, 2007), an engineering optimization Concept Study (DRA, 2019) and had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com
About Molybdenum and the European Union
Molybdenum is a metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 546 million pounds of molybdenum in 2020 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate member country, for decades to come.
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan” and include, but are not limited to, statements with respect to: future opportunities, future operating and capital costs, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Malmbjerg molybdenum deposit, the technical viability of the Malmbjerg molybdenum deposit, the market and future price of and demand for molybdenum, the environmental impact of the Malmbjerg molybdenum deposit, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a Feasibility Study which recommends a production decision, the preliminary nature of metallurgical test results, difficulties with building fruitful government and societal relationships, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Ruben Shiffman, PhD Chairman, President
Keith Minty, P.Eng, MBA Engineering and Project Management
Jim Steel, P.Geo, MBA Exploration and Mining Geology
Nauja Bianco, M.Pol.Sci. Public and Community Relations
Gary Anstey Investor Relations
Corporate office Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7
Telephone +1 647 273 9913
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Web www.greenlandresources.ca
Net Sales of $684M and GAAP Net income of $(0.3)M;
Firm Order Backlog of 4,200+ units;
Electric Bus Backlog at 260+ units;
Adjusted EBITDA of $34.1M with 6,679 Buses Sold
MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading independent designer and manufacturer of school buses, announced today its fiscal 2021 fourth quarter and full year results. GAAP net income for the year of $(0.3) million was $12.5 million lower than FY2020. Adjusted EBITDA for the year was $34.1 million, $20.6 million lower than last year. Supply chain disruptions resulted in more than 2,000 bookings being delayed to fiscal 2022. Order backlog is strong at more than 4,200 buses, filling production slots through the first half of FY2022.
Highlights
(in millions except Unit Sales and EPS data) |
Three Months Ended
|
|
B/(W)
|
|
Fiscal Year Ended
|
|
B/(W)
|
||||||||||||
Unit Sales |
1,911 |
|
|
|
(965 |
) |
|
|
6,679 |
|
|
|
(2,199 |
) |
|
||||
GAAP Measures: |
|
|
|
|
|
|
|
||||||||||||
Revenue |
$ |
192.2 |
|
|
|
$ |
(89.2 |
) |
|
|
$ |
684.0 |
|
|
|
$ |
(195.2 |
) |
|
Net Income |
$ |
(2.4 |
) |
|
|
$ |
(14.3 |
) |
|
|
$ |
(0.3 |
) |
|
|
$ |
(12.5 |
) |
|
Diluted Earnings per Share |
$ |
(0.09 |
) |
|
|
$ |
(0.53 |
) |
|
|
$ |
(0.01 |
) |
|
|
$ |
(0.46 |
) |
|
Non-GAAP Measures1: |
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA |
$ |
7.6 |
|
|
|
$ |
(14.3 |
) |
|
|
$ |
34.1 |
|
|
|
$ |
(20.6 |
) |
|
Adjusted Net Income |
$ |
2.0 |
|
|
|
$ |
(11.3 |
) |
|
|
$ |
8.7 |
|
|
|
$ |
(13.5 |
) |
|
Adjusted Diluted Earnings per Share |
$ |
0.07 |
|
|
|
$ |
(0.42 |
) |
|
|
$ |
0.31 |
|
|
|
$ |
(0.51 |
) |
|
1 Reconciliation to relevant GAAP metrics shown below |
|||||||||||||||||||
“The results of FY2021 are characterized by a first half with soft demand and a second half fraught with supply chain disruptions when order volume recovered. However, there is clear evidence of exciting longer-term trends in demand and we are going to be ideally positioned to capture our profitable share. The unprecedented situation in the world around us has only temporarily delayed what I see as a remarkable opportunity ahead for our company and its investors," said Matthew Stevenson, President and Chief Executive Officer of Blue Bird Corporation. “We were encouraged by new orders of more than 9,700 buses this year as the school bus industry rebounded strongly in the second half of the year with schools reopening and fleet replacement resuming. Unfortunately, like the majority of the automotive industry, our production was limited by supply chain constrains. As such, we have built a substantial order backlog of more than 4,200 buses, comprising both our traditional internal combustion engine buses and a record level of electric buses.
"With the school-bus industry recovery well underway, we are focused on ensuring we ramp production quickly and profitably as supply chain challenges ease, likely in the spring of 2022. We have taken actions to realize manufacturing efficiency improvements while also lowering our operating expenses through cost controls. In addition, we recently increased all vehicle prices by 11% in response to the global escalation in commodity prices, while implementing a variable pricing model to mitigate future commodity price increases.
"The interest in electric buses continues to grow, with more than 550 buses sold or in our backlog in fiscal 2021. In fact, total units sold and in backlog since we began production three years ago is more than 750 electric buses, covering Type A, C and D configurations. With the growth rate we are seeing, and the breadth of chassis and powertrain choices that we offer, we are increasing our focus and resources in the EV business. We are very pleased that the recently-passed infrastructure bill will rapidly accelerate adoption of EV school buses, with $5 billion dollars of funding for clean school buses.
"As we look to FY2022, there are two primary headwinds that we are facing through the first half of the fiscal year. First, the majority of the units that were pushed from FY2021 into FY2022 were ordered prior to the price increases that were implemented through the summer in response to escalating commodity costs. Second, supplier constraints on a few key components, significantly restrict our first half build capacity. With these in mind, we are announcing FY2022 Guidance for net revenue of $750 million - $850 million, Adjusted EBITDA of $30 million - $50 million and Adjusted Free Cash Flow of $35 million - $55 million.
"As frustrating as the continuing supply chain disruptions are, they will be mitigated, and we will emerge from this challenging period with enhanced abilities to execute through our continued focus on our people and lean transformation. The intermediate and longer-term outlook for Blue Bird is very strong. We have a record backlog and a strong tailwind on EV and clean emission buses in which we are the leader. As we capture that strong secular demand opportunity with an increasingly efficient sales and manufacturing engine, we are confident that the bottom line results for investors in our company will see new heights in the years ahead.
"I am also very excited about the recently-announced, $75 million investment by Coliseum Capital Management LLC.. Coliseum is very familiar with Blue Bird and recognizes the incredibly bright future ahead us. Coliseum was previously an investor from 2015 – 2017. I look forward to having Adam Gray, Co-Founder of Coliseum Capital Management, LLC., return to the Blue Bird Board. This capital injection will help fuel the scaling of our EV production and infrastructure, ensuring we remain the leaders in the space. Also, it provides resources to accelerate our previously announced intentions to offer chassis with factory-installed electric drivetrains to other segments of the commercial vehicle market, thus expanding our total addressable market beyond school buses. These are exciting times at Blue Bird and for our investors!”
Fiscal 2021 Fourth Quarter Results
Net Sales
Net sales were $192.2 million for the fourth quarter of fiscal 2021, a decrease of $89.2 million, or 31.7%, from prior year period. Bus unit sales were 1,911 units for the quarter compared with 2,876 units for the same period last year.
Gross Profit
Fourth quarter gross profit of $13.0 million represented a decrease of $16.6 million from the fourth quarter of last year. Gross profit margin declined 3.7 points to 6.8%.
Net Income
Net Income was $(2.4) million for the fourth quarter of fiscal 2021, which was $14.3 worse than the same period last year.
Adjusted Net Income
Adjusted Net Income was $2.0 million, representing a decrease of $11.3 million compared with the same period last year.
Adjusted EBITDA
Adjusted EBITDA was $7.6 million, which was a decrease of $14.3 million compared with the fourth quarter last year. Supply disruptions resulted in moving more than 2,000 bookings out of the fiscal year and caused substantial operating cost increases.
Full Year 2021 Results
Net Sales
Net sales were $684.0 million for the fiscal year ended October 2, 2021, a decrease of $195.2 million, or 22.2%, compared with the prior year. Bus unit sales were 6,679 units for the fiscal year ended October 2, 2021 compared with 8,878 units for the same period last year.
Gross Profit
Full year gross profit was $72.1 million, a decrease of $24.1 million from the prior year.
Net Income
Net Income was $(0.3) million for the fiscal year ended October 2, 2021, which was $12.5 million below the prior year.
Adjusted Net Income
Year-to-date Adjusted Net Income was $8.7 million, representing a decrease of $13.5 million compared with the prior year.
Adjusted EBITDA
Adjusted EBITDA was $34.1 million for the fiscal year ended October 2, 2021, a decrease of $20.6 million from the prior year. The decrease was driven by lower volume and inefficiencies from supplier disruptions, partially offset by bus pricing and cost and efficiency improvements.
Conference Call Details
Blue Bird will discuss its fourth quarter and full year 2021 results in a conference call at 4:30 PM ET today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the Investor Relations portion of Blue Bird's website at www.blue-bird.com.
A replay of the webcast will be available approximately two hours after the call concludes via the same link on Blue Bird’s website.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer of school buses, with more than 585,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered and compressed natural gas-powered school buses. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio.
Key Non-GAAP Financial Measures We Use to Evaluate Our Performance
This press release includes the following non-GAAP financial measures “Adjusted EBITDA,” "Adjusted EBITDA Margin," "Adjusted Net Income," "Adjusted Diluted Earnings per Share," “Free Cash Flow” and “Adjusted Free Cash Flow”. Adjusted EBITDA and Free Cash Flow are financial metrics that are utilized by management and the board of directors to determine (a) the annual cash bonus payouts, if any, to be made to certain members of management based upon the terms of the Company’s Management Incentive Plan, and (b) whether the performance criteria have been met for the vesting of certain equity awards granted annually to certain members of management based upon the terms of the Company’s Omnibus Equity Incentive Plan. Additionally, consolidated EBITDA, which is an adjusted EBITDA metric defined by our Amended Credit Agreement that could differ from Adjusted EBITDA discussed above as the adjustments to the calculations are not uniform, is used to determine the Company's ongoing compliance with several financial covenant requirements, including being utilized in the denominator of the calculation of the Total Net Leverage Ratio. Accordingly, management views these non-GAAP financial metrics as key for the above purposes and as a useful way to evaluate the performance of our operations as discussed further below.
Adjusted EBITDA is defined as net income or loss prior to interest income; interest expense including the component of operating lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our GAAP financial statements) that represents interest expense on lease liabilities; income taxes; and depreciation and amortization including the component of operating lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our GAAP financial statements) that represents amortization charges on right-of-use lease assets; as adjusted for certain non-cash charges or credits that we may record on a recurring basis such as stock-compensation expense and unrealized gains or losses on certain derivative financial instruments; net gains or losses on the disposal of assets as well as certain charges such as (i) significant product design changes; (ii) transaction related costs; (iii) discrete expenses related to major cost cutting initiatives; or (iv) costs directly attributed to the COVID-19 pandemic. While certain of the charges that are added back in the Adjusted EBITDA calculation, such as transaction related costs and operational transformation and major product redesign initiatives, represent operating expenses that may be recorded in more than one annual period, the significant project or transaction giving rise to such expenses is not considered to be indicative of the Company’s normal operations. Accordingly, we believe that these, as well as the other credits and charges that comprise the amounts utilized in the determination of Adjusted EBITDA described above, should not be used in evaluating the Company’s ongoing annual operating performance. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures of performance defined in accordance with GAAP. The measures are used as a supplement to GAAP results in evaluating certain aspects of our business, as described below.
We believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share are useful to investors in evaluating our performance because the measures consider the performance of our ongoing operations, excluding decisions made with respect to capital investment, financing, and certain other significant initiatives or transactions as outlined in the preceding paragraph. We believe the non-GAAP measures offer additional financial metrics that, when coupled with the GAAP results and the reconciliation to GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Diluted Earnings per Share should not be considered as alternatives to net income or GAAP earnings per share as an indicator of our performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although we believe the non-GAAP measures may enhance an evaluation of our operating performance based on recent revenue generation and product/overhead cost control because they exclude the impact of prior decisions made about capital investment, financing, and other expenses, (i) other companies in Blue Bird’s industry may define Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share differently than we do and, as a result, they may not be comparable to similarly titled measures used by other companies in Blue Bird’s industry, and (ii) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share exclude certain financial information that some may consider important in evaluating our performance.
We compensate for these limitations by providing disclosure of the differences between Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share and GAAP results, including providing a reconciliation to GAAP results, to enable investors to perform their own analysis of our operating results.
Our measures of “Free Cash Flow” and "Adjusted Free Cash Flow" are used in addition to and in conjunction with results presented in accordance with GAAP and free cash flow and adjusted free cash flow should not be relied upon to the exclusion of GAAP financial measures. Free cash flow and adjusted free cash flow reflect an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. We strongly encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
We define Free Cash Flow as total cash provided by/used in operating activities as adjusted for net cash paid for the acquisition of fixed assets and intangible assets. We use Free Cash Flow, and ratios based on Free Cash Flow, to conduct and evaluate our business because, although it is similar to cash flow from operations, we believe it is a more conservative measure of cash flow since purchases of fixed assets and intangible assets are a necessary component of ongoing operations.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. Specifically, forward-looking statements include statements in this press release regarding guidance, seasonality, product mix and gross profits and may include statements relating to:
These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. The factors described above, as well as risk factors described in reports filed with the SEC by us (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements.
BLUE BIRD CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||||||
(in thousands except for share data) |
October 2, 2021 |
|
October 3, 2020 |
||||||
Assets |
|
|
|
||||||
Current assets |
|
|
|
||||||
Cash and cash equivalents |
$ |
11,709 |
|
|
|
$ |
44,507 |
|
|
Accounts receivable, net |
9,967 |
|
|
|
7,623 |
|
|
||
Inventories |
125,206 |
|
|
|
56,523 |
|
|
||
Other current assets |
9,191 |
|
|
|
8,243 |
|
|
||
Total current assets |
$ |
156,073 |
|
|
|
$ |
116,896 |
|
|
Property, plant and equipment, net |
105,482 |
|
|
|
103,372 |
|
|
||
Goodwill |
18,825 |
|
|
|
18,825 |
|
|
||
Intangible assets, net |
49,443 |
|
|
|
51,632 |
|
|
||
Equity investment in affiliate |
14,817 |
|
|
|
14,320 |
|
|
||
Deferred tax assets |
4,413 |
|
|
|
4,365 |
|
|
||
Finance lease right-of-use assets |
5,486 |
|
|
|
6,983 |
|
|
||
Other assets |
1,481 |
|
|
|
1,022 |
|
|
||
Total assets |
$ |
356,020 |
|
|
|
$ |
317,415 |
|
|
Liabilities and Stockholders' Deficit |
|
|
|
||||||
Current liabilities |
|
|
|
||||||
Accounts payable |
$ |
72,270 |
|
|
|
$ |
57,602 |
|
|
Warranty |
7,385 |
|
|
|
8,336 |
|
|
||
Accrued expenses |
12,267 |
|
|
|
15,773 |
|
|
||
Deferred warranty income |
7,832 |
|
|
|
8,540 |
|
|
||
Finance lease obligations |
1,327 |
|
|
|
1,280 |
|
|
||
Other current liabilities |
8,851 |
|
|
|
10,217 |
|
|
||
Current portion of long-term debt |
14,850 |
|
|
|
9,900 |
|
|
||
Total current liabilities |
$ |
124,782 |
|
|
|
$ |
111,648 |
|
|
Long-term liabilities |
|
|
|
||||||
Revolving credit facility |
$ |
45,000 |
|
|
|
$ |
— |
|
|
Long-term debt |
$ |
149,573 |
|
|
|
$ |
164,204 |
|
|
Warranty |
11,165 |
|
|
|
13,038 |
|
|
||
Deferred warranty income |
12,312 |
|
|
|
14,048 |
|
|
||
Deferred tax liabilities |
3,673 |
|
|
|
254 |
|
|
||
Finance lease obligations |
4,538 |
|
|
|
5,879 |
|
|
||
Other liabilities |
14,882 |
|
|
|
14,315 |
|
|
||
Pension |
22,751 |
|
|
|
47,259 |
|
|
||
Total long-term liabilities |
$ |
263,894 |
|
|
|
$ |
258,997 |
|
|
Stockholders' deficit |
|
|
|
||||||
Preferred stock, $0.0001, 10,000,000 shares authorized, 0 issued with
|
$ |
— |
|
|
|
$ |
— |
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized, 27,204,435
|
3 |
|
|
|
3 |
|
|
||
Additional paid-in capital |
96,170 |
|
|
|
88,910 |
|
|
||
Accumulated deficit |
(33,753 |
) |
|
|
(33,464 |
) |
|
||
Accumulated other comprehensive loss |
(44,794 |
) |
|
|
(58,397 |
) |
|
||
Treasury stock, at cost, 1,782,568 shares at October 2, 2021 and October 3, 2020 |
(50,282 |
) |
|
|
(50,282 |
) |
|
||
Total stockholders' deficit |
$ |
(32,656 |
) |
|
|
$ |
(53,230 |
) |
|
Total liabilities and stockholders' deficit |
$ |
356,020 |
|
|
|
$ |
317,415 |
|
|
BLUE BIRD CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||||||
(in thousands except for share data) |
October 2, 2021 |
|
October 3, 2020 |
|
October 2, 2021 |
|
October 3, 2020 |
||||||||||||
Net sales |
$ |
192,204 |
|
|
|
$ |
281,411 |
|
|
|
$ |
683,995 |
|
|
|
$ |
879,221 |
|
|
Cost of goods sold |
179,183 |
|
|
|
251,762 |
|
|
|
611,854 |
|
|
|
783,021 |
|
|
||||
Gross profit |
$ |
13,021 |
|
|
|
$ |
29,649 |
|
|
|
$ |
72,141 |
|
|
|
$ |
96,200 |
|
|
Operating expenses |
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses |
15,495 |
|
|
|
16,060 |
|
|
|
65,619 |
|
|
|
74,206 |
|
|
||||
Operating profit |
$ |
(2,474 |
) |
|
|
$ |
13,589 |
|
|
|
$ |
6,522 |
|
|
|
$ |
21,994 |
|
|
Interest expense |
(2,613 |
) |
|
|
(2,292 |
) |
|
|
(9,682 |
) |
|
|
(12,253 |
) |
|
||||
Interest income |
3 |
|
|
|
(16 |
) |
|
|
4 |
|
|
|
11 |
|
|
||||
Other income, net |
285 |
|
|
|
184 |
|
|
|
1,776 |
|
|
|
739 |
|
|
||||
Loss on debt modification |
— |
|
|
|
— |
|
|
|
(598 |
) |
|
|
— |
|
|
||||
(Loss) income before income taxes |
$ |
(4,799 |
) |
|
|
$ |
11,465 |
|
|
|
$ |
(1,978 |
) |
|
|
$ |
10,491 |
|
|
Income tax benefit (expense) |
2,079 |
|
|
|
(1,898 |
) |
|
|
1,191 |
|
|
|
(1,519 |
) |
|
||||
Equity in net income of non-consolidated affiliate |
332 |
|
|
|
2,373 |
|
|
|
498 |
|
|
|
3,213 |
|
|
||||
Net (loss) income |
$ |
(2,388 |
) |
|
|
$ |
11,940 |
|
|
|
$ |
(289 |
) |
|
|
$ |
12,185 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) earnings per share: |
|
|
|
|
|
|
|
||||||||||||
Basic weighted average shares outstanding |
27,204,719 |
|
|
|
27,048,404 |
|
|
|
27,139,054 |
|
|
|
26,850,999 |
|
|
||||
Diluted weighted average shares outstanding |
27,204,719 |
|
|
|
27,145,335 |
|
|
|
27,139,054 |
|
|
|
27,086,555 |
|
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Basic (loss) earnings per share |
$ |
(0.09 |
) |
|
|
$ |
0.44 |
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.45 |
|
|
Diluted (loss) earnings per share |
$ |
(0.09 |
) |
|
|
$ |
0.44 |
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.45 |
|
|
BLUE BIRD CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
|
Fiscal Year Ended |
||||||||
(in thousands of dollars) |
October 2, 2021 |
|
October 3, 2020 |
||||||
Cash flows from operating activities |
|
|
|
||||||
Net (loss) income |
$ |
(289 |
) |
|
|
$ |
12,185 |
|
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
||||||
Depreciation and amortization |
13,446 |
|
|
|
14,400 |
|
|
||
Non-cash interest expense |
2,754 |
|
|
|
3,651 |
|
|
||
Share-based compensation |
5,938 |
|
|
|
4,141 |
|
|
||
Equity in net income of non-consolidated affiliate |
(498 |
) |
|
|
(3,213 |
) |
|
||
Gain on disposal of fixed assets |
(679 |
) |
|
|
(76 |
) |
|
||
Deferred taxes |
(925 |
) |
|
|
29 |
|
|
||
Amortization of deferred actuarial pension losses |
1,861 |
|
|
|
1,720 |
|
|
||
Loss on debt modification |
598 |
|
|
|
— |
|
|
||
Changes in assets and liabilities: |
|
|
|
||||||
Accounts receivable |
(2,345 |
) |
|
|
2,914 |
|
|
||
Inventories |
(68,684 |
) |
|
|
22,308 |
|
|
||
Other assets |
(409 |
) |
|
|
5,068 |
|
|
||
Accounts payable |
14,081 |
|
|
|
(40,258 |
) |
|
||
Accrued expenses, pension and other liabilities |
(19,090 |
) |
|
|
(19,410 |
) |
|
||
Total adjustments |
$ |
(53,952 |
) |
|
|
$ |
(8,726 |
) |
|
Total cash (used in) provided by operating activities |
$ |
(54,241 |
) |
|
|
$ |
3,459 |
|
|
Cash flows from investing activities |
|
|
|
||||||
Cash paid for fixed assets |
$ |
(12,212 |
) |
|
|
$ |
(18,968 |
) |
|
Proceeds from sale of fixed assets |
903 |
|
|
|
165 |
|
|
||
Total cash used in investing activities |
$ |
(11,309 |
) |
|
|
$ |
(18,803 |
) |
|
Cash flows from financing activities |
|
|
|
||||||
Net borrowings under the revolving credit facility |
$ |
45,000 |
|
|
|
$ |
— |
|
|
Repayments under the term loan |
(9,900 |
) |
|
|
(9,900 |
) |
|
||
Principal payments on finance leases |
(1,294 |
) |
|
|
(945 |
) |
|
||
Cash paid for debt costs |
(2,476 |
) |
|
|
(935 |
) |
|
||
Net cash received (paid) for stock option exercises and employee taxes on vested
|
1,422 |
|
|
|
(3,568 |
) |
|
||
Proceeds from exercises of warrants |
— |
|
|
|
4,240 |
|
|
||
Total cash provided by (used in) financing activities |
$ |
32,752 |
|
|
|
$ |
(11,108 |
) |
|
Change in cash and cash equivalents |
(32,798 |
) |
|
|
(26,452 |
) |
|
||
Cash and cash equivalents, beginning of year |
44,507 |
|
|
|
70,959 |
|
|
||
Cash and cash equivalents, end of year |
$ |
11,709 |
|
|
|
$ |
44,507 |
|
|
Mark Benfield
Profitability & Investor Relations
(478) 822-2315
This email address is being protected from spambots. You need JavaScript enabled to view it.
The Tigo and Sungrow partnership drives solar adoption by bringing proven, high-quality, and compatible solutions to solar installers.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s worldwide leader in Flex MLPE (Module Level Power Electronics), today celebrates an installation milestone with its Tigo Enhanced inverter partner, Sungrow Power Supply Co., Ltd, the U.S. market leader for 3-phase string inverters. The partnership powers 50MW of Tigo Enhanced solar installations throughout North America in the commercial and industrial market and has generated significant co-marketing funds for Sungrow. Tigo Enhanced is a comprehensive partnership program that promotes partners who improve the installer experience with UL tested and integrated Tigo rapid shutdown, energy monitoring, and optimization technologies.
The Tigo Enhanced partnership program formalizes collaboration on technical integrations, product certification, customer support, and marketing with major inverter companies. Sungrow joined the Tigo Enhanced partnership program in October 2020 and has integrated more than 2,200 Tigo Rapid Shutdown System (RSS) Transmitter units into its inverters. Sungrow’s industry-leading commercial inverters have been deployed with hundreds of thousands of Tigo TS4 Flex MLPE products.
“Our work through the Tigo Enhanced program has allowed us to provide compatible, reliable solutions that simplify the installation process and give peace of mind to solar installers,” said Naveed Hassan, Director of External Affairs at Sungrow Americas. “With the built-in Tigo RSS Transmitter and UL Photovoltaic Rapid Shutdown System (PVRSS) certification, installers get rapid shutdown solutions for their projects that are simple to install and reliable.”
Tigo incentivizes its program partners to promote Tigo Enhanced inverters by allocating marketing funds for every inverter sold under the program. In addition, the Tigo Enhanced logo, displayed on Tigo Flex MLPE products and inverter partner products, creates a clear visual link of compatibility between devices. With 13 years of experience with MLPE and leadership in commercial and residential industries, Tigo is refining plug-and-play solar solutions and ensuring maximum performance and longevity for PV projects.
“Beyond developing solar hardware and software solutions, Tigo is on a mission to improve the solar industry through Tigo Enhanced by improving the installer experience in all aspects of the business,” says Dru Sutton, Vice President of Sales for North America at Tigo Energy. “The solar industry is at a critical stage of growth, and we must be proactive on all fronts to continue the adoption of solar power everywhere. We are pleased to have top-tier players like Sungrow active in the Tigo Enhanced program.”
The Tigo Enhanced program ensures compatibility across partner inverters and Tigo TS4 units to support solar installation performance and fulfill safety code requirements. All Tigo Enhanced Sungrow inverters are integrated with Tigo RSS Transmitters to communicate with Tigo TS-A-F and TS4-A-2F devices.
For inquiries, visit the Tigo Where to Buy page or contact the sales team directly here: https://www.tigoenergy.com/contacts
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
About Sungrow
Sungrow Power Supply Co., Ltd. (“Sungrow”) is the world’s most bankable inverter brand with over 182 GW installed worldwide as of June 2021. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 24-year track record in the PV space, Sungrow products power installations in over 150 countries. Learn more about Sungrow by visiting www.sungrowpower.com.
Technica Communications
Gabrielle Reitano
(408) 806-9626 Ext. 9783
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PORTLAND, Ore.--(BUSINESS WIRE)--NuScale announces today that James T. Hackett will become the non-executive Chairman of the Board of Managers for NuScale Power, LLC. Hackett has served on the board of NuScale since November 2021 and as a Director on Fluor Corporation’s Board of Directors since 2016. He joins a strong governing board, which includes others such as Kent Kresa, and builds upon our staunch leadership, service, and industry experience.
“To change the power that changes the world, NuScale needs experienced, dedicated leaders to help ensure the benefits of our small modular reactors reach every community,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “Jim will be an invaluable asset to the company, and we will undoubtedly benefit from his expertise and counsel as we approach and achieve commercialization.”
Hackett has several decades of executive and Board experience in the energy sector, including three current public boards. He has held major civic leadership roles including Chairman of the Board of the Federal Reserve Bank of Dallas during the financial crisis of 2008. He currently serves as the President of Tessellation Services, LLC, a privately held consulting services firm. Previously, Hackett served as Executive Chairman of Alta Mesa Resources, Inc., a Partner of Riverstone Holdings LLC, and Chairman and CEO of Anadarko Petroleum Corporation. He has an engineering and finance background and previously oversaw the nuclear engineering consulting business at Duke Energy.
Kresa, who was named to the board in January 2020, brings an impressive history of service, which spans leadership roles as the Chairman of the Board and Chief Executive Officer of Northrop Grumman, and on the Boards of Fluor Corporation, General Motors Company (GM), as well as several non-profit organizations and universities, and more.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.
Diane Hughes, Vice President, Marketing & Communications, NuScale Power
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(C) (503)-270-9329
New program features incentives, live advisors, vetted contractors, ambassadors and more
SAN FRANCISCO--(BUSINESS WIRE)--Today, the Building Decarbonization Coalition (BDC) and its partners launched the “Switch Is On“ campaign to help Californians switch from gas-powered to all-electric appliances. This campaign is the first of its kind in California, and hopes to serve as a template for similar programs across the nation. An all-electric home reduces health risks, contributes to a more resilient energy system, supports the state’s decarbonization goals, and in many cases can save money for homeowners.
“The only way California -- and the world at large -- will meet its climate goals will be to electrify our homes and businesses,” said Panama Bartholomy, executive director of the Building Decarbonization Coalition. “Modern electric appliances are cleaner, more efficient, and simply better than gas-powered alternatives. By sharing knowledge with everyday Americans and guiding them through the process of electrifying their homes, this campaign will catalyze the transformation to a cleaner, safer energy future.”
In addition to promoting regional and statewide incentives for electrification, the “Switch Is On“ campaign will educate, inspire, and support Californians who want to join the movement to electrify their homes. People can visit Switchison.org to speak one-on-one with home electrification advisors, find vetted contractors, get information on incentives and rebates, and find additional resources about home electrification.
The campaign’s statewide launch comes after a 2020 pilot program promoting electrification in the Bay Area and two years of market research. Through creative media, a grassroots ambassador program and a robust website, the campaign educates people about the value of swapping out gas-powered water heaters, dryers, cooktops and furnaces for electric alternatives, and provides information on a variety of incentives to support the switch. The campaign also educates homeowners about clean energy initiatives such as energy efficiency and weatherization, and related technologies like home solar and battery storage.
"The need to electrify everything is one of the most important climate narratives of our lifetime, and not enough people are talking about it," said Saul Griffith, co-founder of Rewiring America and author of Electrify!. "The Switch Is On campaign is a needed, timely and critical effort that will educate Californians about how they can electrify their lives with technology that already exists, and save money on their bills without sacrificing their lifestyles. It turns out that we can all do our part to address climate change by improving our personal infrastructure. We are excited to help the Building Decarbonization Coalition build this movement, and to promote the campaign’s success.”
“I couldn't be happier living in a decarbonized home,” said Ann Edminster of Petaluma. “The Switch Is On campaign will help Californians understand the benefits of swapping out their gas appliances for electric ones that are better for their health, convenience, and the environment. I have no hesitation recommending electrification to all my friends, neighbors, and family.”
The campaign is supported by TECH Clean California, a statewide initiative under the auspices of the California Public Utilities Commission (CPUC), designed to accelerate the adoption of clean space and water heating technology by providing incentives and training to support contractors electrifying homes. Additional campaign partners include Bay Area Air Quality Management District, the Bay Area Regional Energy Network (BayREN), East Bay Community Energy, Peninsula Clean Energy, Pacific Gas & Electric (PG&E), Southern California Edison (SCE), City of Santa Monica, City of San Jose, Silicon Valley Clean Energy, Central Coast Community Energy, Marin Clean Energy, Los Angeles Department of Water and Power (LADWP), and the Tri-Country Regional Energy Network (3C-REN).
The Switch Is On campaign can be found at www.switchison.org. All Californians — including homeowners, renters and contractors — are encouraged to go to the website to learn more and get support in electrifying their homes. Those who have already begun their electrification journey can join the campaign’s ambassador program here.
About The Building Decarbonization Coalition
Launched in 2018, the Building Decarbonization Coalition (BDC) forges public-private partnerships among government authorities, utilities, manufacturers, builders and other vital sector stakeholders. These diverse and dynamic partnerships drive the development of clean energy powered, zero-emission homes, commercial Buildings and communities.
Media:
Nia Evans
Media Senior Account Executive, Antenna
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415-316-7965
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) was recognized across several key rankings in 2021– including CDP, Dow Jones Sustainability Index, Sustainalytics and MSCI – for the company’s commitment to transparency and governance around climate change. Williams ranked first in its peer group in the DJSI and was the only U.S. energy company to be included in their world index.
CDP, another widely recognized disclosure and scoring process, gave Williams a ‘B’ score for its commitment to transparency around climate change. This ranking exceeds the sector oil and gas storage and transportation activity group average of ‘B-’ as well as the North American regional average of ‘C’. Williams’ score signifies the company is taking coordinated action on climate change. This is the second year Williams participated in the full disclosure and scoring process through the CDP climate change questionnaire.
In addition, S&P Global Platts recently named Williams the winner of its 2021 Award of Excellence – Midstream for the company’s leadership in the industry, particularly as it relates to progressing toward climate goals and incorporating solar, renewable natural gas and green hydrogen into its existing energy infrastructure network.
"I am proud of the strides we are making as a company to tackle emissions with right here, right now solutions while also leveraging new technologies alongside our natural gas infrastructure to deliver clean, reliable and affordable energy,” said Alan Armstrong, president and chief executive officer of Williams. “These recent ESG ratings validate our commitment to holding ourselves accountable and being transparent with customers, employees and shareholders, but we still have lots to accomplish on this journey. I want to thank our employees for their efforts this past year to make all this possible as we continue to execute our clean energy strategy and deliver long-term value to our stakeholders.”
Williams’ focus on sustainable performance ranked as follows in 2021:
To read the company’s 2020 Sustainability Report, visit https://www.williams.com/sustainability/
To learn more about how Williams is exploring ways to leverage its existing footprint to incorporate new energy opportunities, visit https://www.williams.com/sustainability/new-energy-ventures/
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
MEDIA:
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(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
Addition of new LED lighting technology and infrastructure upgrades estimated to save Merthyr Tydfil County Borough £136,000 annually
FRAMINGHAM, Mass. & MERTHYR TYDFIL, Wales--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with Merthyr Tydfil Council on a £1.09 million energy conservation project. Ameresco’s partnership with Merthyr Tydfil Council expands the renewable energy company’s presence in the United Kingdom.
Known as the former “Iron Capital of the World,” Merthyr Tydfil is in the process of transforming itself into a modern commercial hub and smart city. With the help of Ameresco, the city council will look to provide solutions across the council’s 31 sites, including upgrades to the town’s aging infrastructure, optimizing the lifespan of the existing equipment, installing nine solar pv systems and 30 LED lighting upgrades, and implementing smart heating and hot water systems.
Implemented upgrades will reduce Merthyr Tydfil’s energy costs, cut carbon emissions and improve the internal environment of buildings for town residents. Once completed, the project is estimated to save the city £136,000 per year and reduce carbon emissions from buildings by 251 tonnes per year. Throughout the survey process, Ameresco adhered to Covid-19 safety protocols to ensure the safety of Merthyr Tydfil Council staff.
“With over one hundred properties in the council’s portfolio, and an energy spend in buildings of over £1.2 million per year, the potential benefits of this project could be significant,” said Judith Jones, chief officer of planning, engineering, estates and neighbourhood services at Merthyr Tydfil Council. “We are delighted to be working with Ameresco as our principal contractor on the project and look forward to optimising the energy efficiency of our properties, to improve the condition of our schools, reduce carbon emissions and save money.”
Improving the well-being and quality of life for Merthyr Tydfil’s residents is a key component of this energy conservation overhaul. The project also marks progress toward Merthyr Tydfil’s goal of reaching net zero carbon emissions by 2030, as outlined by the Welsh government.
“We are excited to help Merthyr Tydfil reach its goals of net zero carbon neutrality,” said Britta MacIntosh, Senior Vice President, Ameresco. “Through our partnership, we hope to not only cut energy costs, but improve the comfort levels for town staff and building users.”
Construction is expected to be completed in March 2022.
To learn more about the Merthyr Tydfil Council project, visit https://www.ameresco.com/portfolio-item/merthyr-tdyfil-council-uk/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Merthyr Tydfil Council
Merthyr Tydfil, one of the most historically fascinating and beautiful regions of Wales is ideally placed between Brecon Beacons National Park and Cardiff the Welsh Capital. It was once the most important town in Wales. Long before Cardiff became capital city and chief commercial centre, Merthyr Tydfil’s pioneering mass iron production made it the hub of Welsh industry, a crucible of innovation and at the very forefront of Britain’s industrial revolution. Merthyr Tydfil has a wealth of historical and cultural attractions: the magnificent Cyfarthfa Castle and Park, Parc Taff Bargoed nature reserve, museums, theatres, libraries, historic churches and chapels and incredible outdoor activity facilities – attracting over 1.7m visitors a year. Today’s Merthyr Tydfil is unbelievably well connected. Its location is one of its many strengths: at the crossroads of Wales’s major transport routes – the A470 South to North Wales trunk road and the A465, the main artery linking Swansea to the Midlands. The effects of climate change are already having an impact in Merthyr Tydfil. As Greenhouse gases have increased Merthyr Tydfil has experienced all of the key symptoms of man-made climate change including erratic weather patterns, air pollution, heatwaves and changes in biodiversity. This has also come with associated economic and social costs as businesses and residents have struggled with issues like flood damage and interruption to their daily lives. Merthyr Tydfil Council will be carrying out a number of Decarbonisation initiatives and projects that reduce the Carbon Emissions of its operations and impacts on Climate Change.
The announcement of a customer’s award of or entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported awarded backlog as of September 30, 2021.
Media Contact:
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on December 27, 2021 based on the Trust’s calculation of net profits generated during October 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.6 million. Revenues from the Developed Properties were approximately $3.4 million, lease operating expenses including property taxes were approximately $1.8 million. The average realized price for the Developed Properties was $79.93 per Boe for the Current Month, as compared to $70.76 per Boe in September 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to October 2020. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.3 million, to approximately $22.0 million in the Current Month versus approximately $23.3 million in the prior month.
The Current Month’s calculation included approximately $109,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $77.80 per Boe in the Current Month, as compared to $68.14 per Boe in September 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $233,000 and was approximately $2.4 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC, together with Trust general and administrative expenses of approximately $67,000 and the payment to PCEC of approximately $13,000 of accrued interest under the promissory note between the Trust and PCEC, exceeded the payment of approximately $109,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $67,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $67,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,999,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
|||||
Sales Volumes |
Average Price |
||||
(Boe) |
(Boe/day) |
(per Boe) |
|||
Developed Properties (a) |
42,550 |
1,373 |
$79.93 |
||
Remaining Properties (b) |
19,268 |
622 |
$77.80 |
||
(a) Crude oil sales represented 99% of sales volumes |
|||||
(b) Crude oil sales represented 99% of sales volumes |
|||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $24.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
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