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SOUTHFIELD, Mich.--(BUSINESS WIRE)--Atwell, LLC is pleased to welcome Andrew DeWitt to its team as a Team Leader in the environmental practice. Based in Atwell’s Southfield, Michigan office, Andrew will be responsible for managing renewable energy project teams, guiding team deliverables, and client relationship management and development across renewable energy markets nationwide. Andrew will play a key role in overseeing Atwell’s environmental programs and initiatives for clients developing and pursuing solar and wind energy assets. In doing so, Andrew will provide strategic advice and risk-management support.


Prior to joining Atwell, DeWitt was a senior project manager at Environmental Resources Management based in west Michigan. He specializes in managing multi-disciplinary teams on large-scale and complex projects for clients across a range of industries, including power and energy, oil and gas, mining, and telecommunications. He has notable success managing major capital projects that required challenging permitting and National Environmental Policy Act (NEPA) compliance, and he has managed NEPA projects under the direction of almost ten different lead federal agencies across the United States and its territories. In addition, Andrew has managed due diligence, brownfield redevelopment, and remediation projects throughout the Midwest. DeWitt holds a bachelor of science degree in Geology (Biology minor) from Grand Valley State University and a Master of Science in Geospatial Sciences in Geology and Geography from Missouri State University.

“Andrew’s permitting experience in the power and renewable energy industry will be put to good use for our clients and staff,” said Atwell Vice President Christopher Rutledge. “His ability to manage large capital projects as well as his ability to navigate the permitting process through federal, state and local regulatory agencies, make him an excellent addition to our team.”

Atwell, LLC is a national consulting, engineering, and construction services firm with technical professionals located across the country. Creating innovative solutions for clients in industries such as power and energy, real estate and land development, and oil and gas, Atwell provides comprehensive turnkey services including land and right-of-way support, planning, landscape architecture, engineering, land surveying, environmental compliance and permitting, and project and program management.


Contacts

Timothy Augustine, Senior Vice President
ATWELL, LLC
248.447.2005
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- Reported Record Revenue and Profits for 2020 -

- Q4 Outperformance Led by Strength in Federal Projects Group -

- Energy Assets in Development Exceed 350 MWe -

- Guiding to Continued Robust Growth for 2021 -

Fourth Quarter 2020 Financial Highlights:


  • Revenues of $314.3 million, up 3% compared to last year
  • Net Income of $23.5 million
  • GAAP EPS of $0.47, up 2%
  • Adjusted EBITDA of $35.7 million, up 21%

Full Year 2020 Financial Highlights:

  • Revenues of $1.03 billion, up 19% compared to last year
  • Net Income of $54.1 million, up 22%
  • GAAP EPS of $1.10, up 18%
  • Non-GAAP EPS of $1.18, up 42%
  • Adjusted EBITDA of $117.9 million, up 29%

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#earnings--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter and year ended December 31, 2020. The Company has also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information includes non-GAAP financial metrics and has been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.

“In 2020, our resilient Ameresco team demonstrated tremendous execution which led to outstanding results. We came together to ensure that the company remained operational throughout the year while implementing strict protocols to protect the health and safety of our employees and customers. We navigated difficult business conditions and delivered record year-on-year performance, laying the foundation for our continued profitable growth in 2021 and beyond.”

“In the fourth quarter, we continued to execute on our contracted project backlog, taking advantage of improved worksite access. Revenue during the quarter increased year-on-year despite COVID-19 conditions and a difficult comparison with the exceptional fourth quarter results reported last year. Additionally, our Energy Asset and O&M recurring revenue businesses continued to grow, contributing high margin, annuity-like revenue and providing excellent long-term visibility. We were very pleased to surpass 350 MWe of assets in development during the quarter with the addition of significant new solar and RNG assets. As a recognized industry leading provider of Distributed Energy Resources (DER) solutions, we continue to see very attractive growth opportunities in our overall clean technology markets.”

“In the fourth quarter, we were very pleased to have released our first Environmental, Social and Corporate Governance (ESG) report titled ‘Doing Well by Doing Good’ highlighting our corporate vision of energizing a sustainable world. We are proud that our renewable energy assets and customer projects delivered a carbon offset equivalent to approximately 12.6 million metric tons of carbon dioxide during 2020 and over 60 million cumulative metric tons since going public in 2010.”

“Recently Ameresco was named number six on Forbes’ list of 2021 America’s Best Mid-Size Companies. We were pleased to be the only energy solutions provider included among the annual list’s 100 companies, reflecting our market leadership and our growth-oriented entrepreneurial culture,” concluded George P. Sakellaris, President and Chief Executive Officer.

Fourth Quarter Financial Results

(All financial result comparisons made are against the prior year period unless otherwise noted.)

Revenues increased 3% to $314.3 million, compared to a particularly strong quarter the previous year. Continued strength in the Federal Solutions Group along with growth in our recurring revenue businesses drove this positive performance. We continued to prioritize pulling in and executing on our contracted backlog given uncertainties around COVID-19 and its impact on future job site access. Operating income increased to $24.6 million. Net income attributable to common shareholders increased to $23.5 million and GAAP EPS increased to $0.47. Adjusted EBITDA, a non-GAAP financial measure, increased 21% to $35.7 million.

Full Year 2020 Financial Results

Revenues were $1.03 billion, compared to $866.9 million last year, an increase of 19%. Operating income was $71.5 million, compared to $51.6 million, as we continued to benefit from controlled spending, lower travel expense due to COVID-19, higher employee utilization and the leverage inherent in our scalable business model. Net income attributable to common shareholders was $54.1 million, compared to $44.4 million. Non-GAAP net income was $57.8 million, compared to $39.9 million. Earnings per diluted share was $1.10, and non-GAAP EPS was $1.18, up from $0.83 in the prior fiscal year. EPS results reflected $0.13 of one-time tax benefits. Adjusted EBITDA was $117.9 million compared to $91.1 million, an increase of 29%.

Project Backlog and Awards

Total project backlog at December 31, 2020 remained strong at $2.2 billion and was comprised of:

  • $895.7 million in contracted backlog representing signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next one to three years, on average; and
  • $1.3 billion of awarded projects representing projects in development for which we do not have signed customer contracts.

Fourth Quarter Project Highlights:

  • A plant-wide energy efficiency project for The Mattabassett District in Cromwell, Connecticut. Under this energy services agreement (ESA), the project includes energy conservation measures across 9 buildings and operations, resulting in more than $1 million in energy cost savings over the 12-year contract term.
  • A citywide energy efficiency project for the City of Virginia, Minnesota. Improvements will guarantee energy cost savings and an overall reduction in municipal energy demand and is expected to reduce the City’s energy consumption by approximately 21%, or the equivalent of 819 metric tons of CO2 per year.
  • An Energy Savings Performance Contract (ESPC) with the City of Medford, Oregon to convert approximately 8,000 street lights and parks department lighting fixtures to light emitting diode (LED) technology.
  • An ESPC with Grants Pass School (District 7) in Oregon, at thirteen separate locations across the district. Work includes lighting, HVAC, and building envelope upgrades. Utilizing an ESPC and third-party financing, the district can complete upgrades and pay for them over time, aided by utility incentives and reimbursement programs, as well as energy savings.

Ameresco Asset Metrics

Total operating assets were 282 MWe:

  • Assets in development were 351 MWe
  • $900 million of estimated contracted revenue and incentives during power purchase agreement (PPA) period
  • 14-year weighted average PPA remaining

Fourth Quarter Asset Highlights:

  • 14 MWe placed into operations
  • Gross 46 MWe added to the in-development pipeline
  • 2 RNG plants
  • Completed construction and started commissioning of McCarty Road RNG plant

Contracted O&M Backlog

Total O&M backlog remained at $1.1 billion

  • 16-year weighted average contract life

Summary and Outlook

“Based on visibility from our project backlog and our increased levels of recurring revenues, we are pleased to provide guidance for another year of strong growth in 2021. Specifically, we expect revenues in the range of $1.1 billion to $1.15 billion and Adjusted EBITDA of $135 million to $145 million, representing year-over-year growth of 9% and 19% at the midpoints. We expect non-GAAP EPS to range from $1.18 to $1.26, representing 16% growth at the midpoint, excluding the impact of approximately $0.13 of one-time tax benefits realized in 2020. During the year, we anticipate commissioning between 60 to 80 MWe of energy assets. We currently plan to invest approximately $200 million to $250 million in capital investments in 2021, the majority of which will be funded with project finance debt.”

“We see substantial growth opportunities on the horizon for Ameresco. With the new Administration in Washington, low to no carbon energy solutions are once again in focus leading to an ever-increasing addressable market. At the same time, we also see a significant need for our full range of flexible financial solutions, including our Energy-as-a-Service (EaaS) offering, as our customers face financial challenges given the long-term budgetary impacts of the COVID-19 pandemic. Ameresco is well-positioned to benefit from these positive market dynamics with our flexible value propositions, our customer centric approach to delivering the best advanced technology solutions and our globally recognized expertise in sustainability,” Mr. Sakellaris concluded.

FY 2021 Guidance Ranges

Revenue

$1.1 billion

$1.15 billion

Gross Margin

18.5%

19.0%

Adjusted EBITDA

$135 million

$145 million

Interest Expense & Other

$20 million

$22 million

Effective Tax Rate

12%

18%

Non-GAAP EPS

$1.18

$1.26

The Company’s guidance excludes the impact of any non-controlling interest activity, one-time charges, asset impairment charges, restructuring activities, as well as any related tax impact.

Conference Call/Webcast Information

The Company will host a conference call today at 4:30 p.m. ET to discuss results and the Company’s business outlook and strategy. The conference call will be available via the following dial in numbers:

  • U.S. Participants: Dial 1-877-359-9508 (Access Code: 8769918)
  • International Participants: Dial 1-224-357-2393 (Access Code: 8769918)

Participants are advised to dial into the call at least ten minutes prior to register. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. An archived webcast will be available on the Company’s website for one year.

Use of Non-GAAP Financial Measures

This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. 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.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues and net income, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without unusual delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing for our projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the effects of our recent acquisitions and restructuring activities; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment; the addition of new customers or the loss of existing customers; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (SEC) on March 4, 2020, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 5, 2020, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 3, 2020. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on our financial condition, results of operations, cash flows and performance and the global economy and financial markets. The extent to which COVID-19 impacts us, suppliers, customers, employees and supply chains will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, you should interpret many of the risks identified in our Annual Report and Quarterly Report as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

AMERESCO, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

December 31,

 

2020

 

2019

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

66,422

 

 

 

$

33,223

 

 

Restricted cash

22,063

 

 

 

20,006

 

 

Accounts receivable, net

125,010

 

 

 

95,863

 

 

Accounts receivable retainage, net

30,189

 

 

 

16,976

 

 

Costs and estimated earnings in excess of billings

185,960

 

 

 

202,243

 

 

Inventory, net

8,575

 

 

 

9,236

 

 

Prepaid expenses and other current assets

26,854

 

 

 

29,424

 

 

Income tax receivable

9,803

 

 

 

5,033

 

 

Project development costs

15,839

 

 

 

13,188

 

 

Total current assets

490,715

 

 

 

425,192

 

 

Federal ESPC receivable

396,725

 

 

 

230,616

 

 

Property and equipment, net

8,982

 

 

 

10,104

 

 

Energy assets, net

729,378

 

 

 

579,461

 

 

Goodwill, net

58,714

 

 

 

58,414

 

 

Intangible assets, net

927

 

 

 

1,614

 

 

Operating lease assets

39,151

 

 

 

32,791

 

 

Restricted cash, non-current portion

10,352

 

 

 

24,035

 

 

Other assets

15,307

 

 

 

11,786

 

 

Total assets

$

1,750,251

 

 

 

$

1,374,013

 

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current liabilities:

 

 

 

Current portions of long-term debt and financing lease liabilities

$

69,362

 

 

 

$

69,969

 

 

Accounts payable

230,916

 

 

 

202,416

 

 

Accrued expenses and other current liabilities

41,748

 

 

 

31,356

 

 

Current portion of operating lease liabilities

6,106

 

 

 

5,802

 

 

Billings in excess of cost and estimated earnings

33,984

 

 

 

26,618

 

 

Income taxes payable

981

 

 

 

486

 

 

Total current liabilities

383,097

 

 

 

336,647

 

 

Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs

311,674

 

 

 

266,181

 

 

Federal ESPC liabilities

440,223

 

 

 

245,037

 

 

Deferred income taxes, net

2,363

 

 

 

115

 

 

Deferred grant income

8,271

 

 

 

6,885

 

 

Long-term operating lease liabilities, net of current portion

35,300

 

 

 

29,101

 

 

Other liabilities

37,660

 

 

 

29,575

 

 

Commitments and contingencies

 

 

 

Redeemable non-controlling interests

38,850

 

 

 

31,616

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2020 and 2019

$

 

 

 

$

 

 

Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 32,326,449 shares issued and 30,224,654 shares outstanding at December 31, 2020, 31,331,345 shares issued and 29,230,005 shares outstanding at December 31, 2019

3

 

 

 

3

 

 

Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at December 31, 2020 and 2019

2

 

 

 

2

 

 

Additional paid-in capital

145,496

 

 

 

133,688

 

 

Retained earnings

368,390

 

 

 

314,459

 

 

Accumulated other comprehensive loss, net

(9,290

)

 

 

(7,514

)

 

Treasury stock, at cost, 2,101,795 shares at December 31, 2020, and 2,101,340 shares at December 31, 2019

(11,788

)

 

 

(11,782

)

 

Total stockholder’s equity

492,813

 

 

 

428,856

 

 

Total liabilities, redeemable non-controlling interests and stockholders’ equity

$

1,750,251

 

 

 

$

1,374,013

 

 

AMERESCO, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2020

 

2019

 

2020

 

2019

 

(Unaudited)

 

(Unaudited)

 

 

 

 

Revenues

$

314,319

 

 

 

$

306,612

 

 

 

$

1,032,275

 

 

 

$

866,933

 

 

Cost of revenues

256,098

 

 

 

258,958

 

 

 

844,726

 

 

 

698,815

 

 

Gross profit

58,221

 

 

 

47,654

 

 

 

187,549

 

 

 

168,118

 

 

Selling, general and administrative expenses

33,647

 

 

 

29,108

 

 

 

116,050

 

 

 

116,504

 

 

Operating income

24,574

 

 

 

18,546

 

 

 

71,499

 

 

 

51,614

 

 

Other expenses, net

1,904

 

 

 

3,702

 

 

 

15,071

 

 

 

15,061

 

 

Income before (benefit) provision for income taxes

22,670

 

 

 

14,844

 

 

 

56,428

 

 

 

36,553

 

 

Income tax (benefit) provision

(1,091

)

 

 

(5,748

)

 

 

(494

)

 

 

(3,748

)

 

Net income

23,761

 

 

 

20,592

 

 

 

56,922

 

 

 

40,301

 

 

Net (income) loss attributable to redeemable non-controlling interest

(276

)

 

 

1,611

 

 

 

(2,870

)

 

 

4,135

 

 

Net income attributable to common shareholders

$

23,485

 

 

 

$

22,203

 

 

 

$

54,052

 

 

 

$

44,436

 

 

Net income per share attributable to common shareholders:

 

 

 

 

 

 

 

Basic

$

0.49

 

 

 

$

0.47

 

 

 

$

1.13

 

 

 

$

0.95

 

 

Diluted

$

0.47

 

 

 

$

0.46

 

 

 

$

1.10

 

 

 

$

0.93

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

48,015

 

 

 

47,101

 

 

 

47,702

 

 

 

46,586

 

 

Diluted

49,440

 

 

 

48,061

 

 

 

49,006

 

 

 

47,774

 

 

AMERESCO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

Year Ended December 31,

 

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income

$

56,922

 

 

 

$

40,301

 

 

Adjustments to reconcile net income to net cash flows from operating activities:

 

 

 

Depreciation of energy assets

38,039

 

 

 

35,543

 

 

Depreciation of property and equipment

3,317

 

 

 

2,987

 

 

Amortization of debt discount and debt issuance costs

2,686

 

 

 

2,229

 

 

Amortization of intangible assets

685

 

 

 

909

 

 

Accretion of ARO and contingent consideration

93

 

 

 

137

 

 

Provision for (recoveries of) bad debts

282

 

 

 

(216

)

 

Loss on disposal / impairment of long-lived assets

2,696

 

 

 

 

 

Gain on deconsolidation of a VIE

 

 

 

(2,160

)

 

Net gain from derivatives

(705

)

 

 

(1,068

)

 

Stock-based compensation expense

1,933

 

 

 

1,620

 

 

Deferred income taxes

3,401

 

 

 

(3,346

)

 

Unrealized foreign exchange gain

(306

)

 

 

(130

)

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(24,178

)

 

 

(8,499

)

 

Accounts receivable retainage

(13,113

)

 

 

(3,370

)

 

Federal ESPC receivable

(227,078

)

 

 

(188,060

)

 

Inventory, net

660

 

 

 

(1,471

)

 

Costs and estimated earnings in excess of billings

19,474

 

 

 

(106,696

)

 

Prepaid expenses and other current assets

517

 

 

 

(18,397

)

 

Project development costs

(3,085

)

 

 

8,120

 

 

Other assets

536

 

 

 

1,056

 

 

Accounts payable, accrued expenses and other current liabilities

29,047

 

 

 

43,531

 

 

Billings in excess of cost and estimated earnings

8,042

 

 

 

2,662

 

 

Other liabilities

1,844

 

 

 

(1,625

)

 

Income taxes payable, net

(4,292

)

 

 

(350

)

 

Cash flows from operating activities

(102,583

)

 

 

(196,293

)

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(2,211

)

 

 

(6,674

)

 

Purchases of energy assets

(180,546

)

 

 

(134,738

)

 

Grant award proceeds for energy assets

1,874

 

 

 

784

 

 

Acquisitions, net of cash received

 

 

 

(1,294

)

 

Contributions to equity investment

(132

)

 

 

(301

)

 

Cash flows from investing activities

$

(181,015

)

 

 

$

(142,223

)

 

 

 

 

 

 

 

 

 

AMERESCO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

(In thousands)

 

 

 

 

 

Year Ended December 31,

 

2020

 

2019

Cash flows from financing activities:

 

 

 

Payments of debt discount and debt issuance costs

$

(5,234

)

 

 

$

(1,666

)

 

Proceeds from exercises of options and ESPP

9,875

 

 

 

7,417

 

 

Repurchase of common stock

(6

)

 

 

(144

)

 

Proceeds from senior secured credit facility, net

3,000

 

 

 

73,347

 

 

Proceeds from long-term debt financings

116,067

 

 

 

43,883

 

 

Proceeds from Federal ESPC projects

248,917

 

 

 

199,358

 

 

Proceeds for energy assets from Federal ESPC

1,378

 

 

 

2,277

 

 

Proceeds from investments by redeemable non-controlling interests, net

4,805

 

 

 

21,372

 

 

Payments on long-term debt and financing leases

(73,633

)

 

 

(28,425

)

 

Cash flows from financing activities

305,169

 

 

 

317,419

 

 

Effect of exchange rate changes on cash

2

 

 

 

447

 

 

Net increase (decrease) in cash and cash equivalents, and restricted cash

21,573

 

 

 

(20,650

)

 

Cash, cash equivalents, and restricted cash, beginning of year

77,264

 

 

 

97,914

 

 

Cash, cash equivalents, and restricted cash, end of year

$

98,837

 

 

 

$

77,264

 

 

Non-GAAP Financial Measures (Unaudited, in thousands)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2020

 

2019

 

2020

 

2019

Adjusted EBITDA:

 

 

 

 

 

 

 

Net income attributable to common shareholders

$

23,485

 

 

 

$

22,203

 

 

 

$

54,052

 

 

 

$

44,436

 

 

Impact from redeemable non-controlling interests

276

 

 

 

(1,611

)

 

 

2,870

 

 

 

(4,135

)

 

Less: Income tax benefit

(1,091

)

 

 

(5,748

)

 

 

(494

)

 

 

(3,748

)

 

Plus: Other expenses, net

1,904

 

 

 

3,702

 

 

 

15,071

 

 

 

15,061

 

 

Plus: Depreciation and amortization

10,525

 

 

 

10,305

 

 

 

42,041

 

 

 

39,439

 

 

Plus: Stock-based compensation

553

 

 

 

425

 

 

 

1,933

 

 

 

1,620

 

 

Plus: Energy asset impairment

 

 

 

 

 

 

1,028

 

 

 

 

 

Plus: Restructuring and other charges

66

 

 

 

219

 

 

 

1,376

 

 

 

629

 

 

Less: Gain on deconsolidation of VIE

 

 

 

 

 

 

 

 

 

(2,160

)

 

Adjusted EBITDA

$

35,718

 

 

 

$

29,495

 

 

 

$

117,877

 

 

 

$

91,142

 

 

Adjusted EBITDA margin

11.4

 

%

 

9.6

 

%

 

11.4

 

%

 

10.5

 

%

 

 

 

 

 

 

 

 

Non-GAAP net income and EPS:

 

 

 

 

 

 

 

Net income attributable to common shareholders

$

23,485

 

 

 

$

22,203

 

 

 

$

54,052

 

 

 

$

44,436

 

 

Adjustment for accretion of tax equity financing fees

(30

)

 

 

 

 

 

(121

)

 

 

 

 

Impact from redeemable non-controlling interests

276

 

 

 

(1,611

)

 

 

2,870

 

 

 

(4,135

)

 

Plus: Energy asset impairment

 

 

 

 

 

 

1,028

 

 

 

 

 

Plus: Restructuring and other charges

66

 

 

 

219

 

 

 

1,376

 

 

 

629

 

 

Less: Gain on deconsolidation of VIE

 

 

 

 

 

 

 

 

 

(2,160

)

 

Income tax effect of non-GAAP adjustments

(769

)

 

 

1,101

 

 

 

(1,377

)

 

 

1,101

 

 

Non-GAAP net income

$

23,028

 

 

 

$

21,912

 

 

 

$

57,828

 

 

 

$

39,871

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

$

0.47

 

 

 

$

0.46

 

 

 

$

1.10

 

 

 

$

0.93

 

 

Effect of adjustments to net income

 

 

 

 

 

 

0.08

 

 

 

(0.10

)

 

Non-GAAP EPS

$

0.47

 

 

 

$

0.46

 

 

 

$

1.18

 

 

 

$

0.83

 

 

Weighted average common shares outstanding - diluted

49,439,602

 

 

 

48,061,000

 

 

 

49,005,959

 

 

 

47,774,071

 

 

 

 

 

 

 

 

 

 

Adjusted cash from operations:

 

 

 

 

 

 

 

Cash flows from operating activities

$

(18,794

)

 

 

$

(75,568

)

 

 

$

(102,583

)

 

 

$

(196,293

)

 

Plus: proceeds from Federal ESPC projects

54,331

 

 

 

83,802

 

 

 

248,917

 

 

 

199,358

 

 

Adjusted cash from operations

$

35,537

 

 

 

$

8,234

 

 

 

$

146,334

 

 

 

$

3,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

2020

 

2019

Project backlog:

 

 

 

 

 

 

 

Awarded (1)

 

 

 

 

$

1,318,660

 

 

 

$

1,160,400

 

 

Fully-contracted

 

 

 

 

895,660

 

 

 

1,107,580

 

 

Total project backlog

 

 

 

 

$

2,214,320

 

 

 

$

2,267,980

 

 

 

 

 

 

 

 

 

 

Energy assets in development (2)

 

 

 

 

$

1,021,800

 

 

 

$

681,000

 

 


Contacts

Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Eric Prouty, AdvisIRy Partners 212.750.5800,
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Lynn Morgen, AdvisIRy Partners, 212.750.5800,
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Read full story here

MILLBROOK, N.Y.--(BUSINESS WIRE)--Tankfarm, a new kind of propane distribution company, announced today that it has brought on veteran tech investor Edward Mirsepahi as its founding CFO.


“Edward comes to us after an investing career that spans over 25 years on Wall Street and, most recently, as a Silicon Valley-based investment manager who consistently delivered market-beating returns to his investors,’ said Andrew Heaney, Tankfarm co-founder and CEO. ‘Edward’s experience in leading and managing organizations, plus his unique understanding of technology-enabled service businesses like Tankfarm, is going to be a tremendous asset to us, especially as we embark on raising our Series-B.”

Tankfarm invests in software and tank monitors to make deliveries more efficient and profitable for suppliers and more convenient for consumers. The company aims to improve the propane industry’s approach to technology, so it can begin to meet the expectations of today’s propane consumer. The U.S. propane industry is highly fragmented and has been slow to embrace new technology.

“In less than two years, Tankfarm has built a high-powered C-suite with over a hundred years experience in the propane, technology and financial industries, “Heaney explained. “Combined with our amazing and talented product, sales and customer support teams we’re well-positioned to develop the best customer experience in the propane industry.”

Tankfarm builds software and applications that connect propane customers with suppliers in an easy, intuitive, transparent way. The company is laser focused on the residential propane market and delivers a seamless customer experience. The software is free to use, Tankfarm does not charge any hidden nuisance fees, and customer service is a priority. To fulfill deliveries, Tankfarm has partnered with top propane marketers in 30 states and from over 200 locations. Its mobile app communicates with a wireless monitor Tankfarm places on all tanks to help customers know how much propane they have in their tank, how much they’re using and when they’re using it.

Tankfarm is headquartered in Millbrook, New York. For more information, visit: https://tankfarm.io

About Tankfarm

Tankfarm is a propane distribution company that invests in software and tank monitors to make deliveries more efficient and profitable for our suppliers, and to delight our users. Tankfarm’s free software connects residential propane customers with suppliers; offers transparent, upfront pricing; and provides superior customer service. The Tankfarm supplier network spans 30 states and over 200 locations. Our mission is to improve the propane industry’s approach to technology and improve the customer experience.

Tankfarm is a member of the National Propane Gas Association (NPGA), the Propane Gas Association of New England (PGANE), the Maine Energy Marketers Association, the New York Propane Gas Association (NYPGA), the New Jersey Propane Gas Association (NJPGA), the Pennsylvania Propane Gas Association (PAPGA), the Mid-Atlantic Propane Gas Association (MAPGA) the Virginia Propane Gas Association (VPGA), the Rocky Mountain Propane Association(RMPA), the Western Propane Gas Association (WPGA), the Pacific Propane Gas Association (PPGA), and the Texas Propane Gas Association (TPGA).


Contacts

Andrew Heaney
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CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Thursday, March 18, 2021, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Corporation expects to issue its earnings press release on Wednesday, March 17, 2021.


If you would like to participate in the conference call, please register using the link below or by dialing 1-844-308-3408 at least five minutes before the 10:30 a.m. ET start time.

We encourage participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to: https://dpregister.com/sreg/10152460/e2dc80e4bc

Those without internet access or unable to pre-register may dial in by calling:

  • Participant Dial-in (Toll Free): 1-844-308-3408
  • Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will become available one hour after the event concludes on our website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.


Contacts

Melanie L. Sprowson
Director, Investor Relations
412-429-2454
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Wisconsin-based company delivers engines for USS John L. Canley that will reduce operational costs through fuel efficiency, improved performance and lower emissions

BELOIT, Wis.--(BUSINESS WIRE)--Fairbanks Morse, a portfolio company of Arcline Investment Management and a leading provider of solutions that are powering the world forward, recently delivered four FM 6L48/60CR engines to General Dynamics NASSCO in San Diego for Military Sealift Command on the USS John L. Canley (ESB 6). The ship is the sixth in the U.S. Navy’s Military Sealift Command Expeditionary Transfer Dock (ESD)/Expeditionary Sea Base (ESB) program and is designed to serve as a mobile sea base that provides access to critical infrastructure for the deployment of forces and supplies.


“We are proud to once again deliver American-made power and propulsion systems that support critical operations for the U.S. Navy’s global missions,” said George Whittier, Fairbanks Morse CEO. “Our common rail technology solution is one of the most fuel-efficient and reliable maritime power solutions available and will generate significant cost savings for the U.S. Navy over the operational lifetime of the engines.”

The four FM 6L48/60CR engines are rated at 6,480 kW and will deliver a total of 25,920 kW of installed power. The engines utilize common rail technology to deliver high fuel efficiency throughout the ships’ operational conditions. Common rail technology uses a high-pressure header, high-pressure pumps, electronically controlled fuel delivery, electronic governing system and an advanced control system to deliver precise amounts of fuel throughout all engine operations. This results in improved performance, increased fuel efficiency and lower emissions.

ESB class ships are used for a wide range of military operations and may support multiple operational phases. Among these are Air Mine Counter Measures (AMCM), counter-piracy operations, maritime security operations, humanitarian aid and disaster relief missions and U.S. Marine Corps crisis response.

ESB 6 honors Marine Corp Sergeant Major (Retired) John L. Canley, a Medal of Honor Recipient for his actions serving during the Battle of Hue City in Vietnam Jan. 31 – Feb. 6, 1968. The Medal of Honor is our nation’s highest military honor.

General Dynamics NASSCO started construction on ESB 6 in June 2020 and is also contracted to build ESB 7. Fairbanks Morse will begin construction on engines for ESB 7 later this year.

Fairbanks Morse has served the U.S. Navy for more than 70 years, providing high-quality engines for marine propulsion and ship service systems. Today, Fairbanks Morse engines are installed on approximately 80% of U.S. Navy ships with a medium speed application.

About Fairbanks Morse

Fairbanks Morse manufactures and services heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse® and ALCO® brand names, which are used primarily in marine and power generation applications. Fairbanks Morse has been the original equipment manufacturer of its engines for over 125 years and has a large installed base for which it supplies aftermarket parts and services. Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and the Canadian Coast Guard. One hundred percent of manufacturing is conducted in its U.S.-based facility in Beloit, Wis., while aftermarket parts and services are delivered through its growing network of service centers strategically located around the U.S. and through its affiliates Ward Leonard and Breco International. Fairbanks Morse is a portfolio company of Arcline Investment Management. Learn more about Fairbanks Morse by visiting www.fairbanksmorse.com.


Contacts

Mercom Communications
Michelle Hargis
1.512.215.4452
www.mercomcapital.com
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release fourth quarter 2020 results before market open on Friday, March 12, 2021.


The Company will host a conference call to discuss its fourth quarter 2020 results at 9:00 a.m. Eastern Time (“ET”) on Friday, March 12, 2021.

To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, March 12, 2021 through 11:59 p.m. ET on Friday, March 19, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10152888.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.


Contacts

Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
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RegLynk GRC Integrates Directly Within Organizations Creating Comprehensive and Intuitive Compliance Risk Management

SAN FRANCISCO--(BUSINESS WIRE)--Dividend Finance, a top-five lender to U.S. residential solar and home energy markets, today announced the public launch of RegLynk, its proprietarily- developed Governance, Risk and Compliance (GRC) platform software solution which will now be made available to third-party customers. RegLynk solves the pain points experienced by so many regulated companies in effectively managing and navigating a complex meshwork of policies, processes, regulations, licenses, and contracts relating to their businesses.


Dividend, which was founded in 2013 as the first residential solar lending platform, has always operated with both innovation and regulatory compliance top-of-mind, and the launch of its RegLynk platform offering to third-parties marks the culmination of several years of platform development inspired by these two themes.

Originally conceived as a Compliance Management System (CMS) by Dividend Finance compliance officers for supporting Dividend’s own business needs as a regulated lender, RegLynk has evolved into a first-of-its-kind modularized GRC solution suite that enables any business across any industry to seamlessly manage governance, risk, and compliance functions in an integrated platform experience.

RegLynk addresses the pervasive lack of oversight that exists with business processes in many sectors, and the risks associated with those processes. Process flows and spreadsheets are traditionally siloed, but RegLynk brings these two elements together into an active, living and automated Risk Control Matrix. This comprehensive, integrated methodology minimizes oversight gaps and risk. In addition to financial services customers, RegLynk applies to installers, including Dividend Finance’s extensive contractor network. It provides significant value to these professionals, including vendor management, licensing management, complaint management and a variety of other critical issues.

We have always taken great pride in our compliance first culture at Dividend,” said Dave Sterlitz, General Counsel and Chief Compliance Officer, Dividend Finance. “Over the years and through countless hours we have developed and refined a Governance, Risk and Compliance solution that not only serves Dividend well, but has also captured the admiration of our bank and depository partners and investors. The market is anticipated to grow to roughly $55 billion by 2025 with a CAGR of nearly 53 percent over that period, and with a change in the regulatory environment we see an opportunity to take our best-in-class GRC to a market that is in great demand and growing.”

RegLynk is a powerful asset for any organization, and Dividend has demonstrated in its own use-case that RegLynk can be effectively utilized to complement business operational goals,” said Eric White, CEO, Dividend Finance. “Compliance has always been an essential part of our daily lives at Dividend and now we are transforming the GRC landscape by removing the perception of compliance being an intrusive obligation, to instead being a mission critical management capability and business enabler.

RegLynk connects regulatory policies and procedures, and Risk/Control Matrix, to a company’s unique business operations. The solution’s configurable compliance testing tool allows users to establish a fully-integrated testing oversight program that ingests business data – providing real-time insight into compliance performance.

RegLynk also includes a Learning Management System that allows users to tailor training and lessons specific to operational functions, providing relevant compliance training to ensure that staff are educated and kept informed of regulatory requirements. The solution’s Vendor Management System (VMS) includes an efficient and automated vendor onboarding, diligence, risk assessment, contract management and oversight process, fully integrated and connected to RegLynk’s Business Continuity and Information Security modules, enabling comprehensive oversight of vendor risk and business resiliency.

Compliance management is of the utmost importance to Advanced Financial Company and when we considered compliance management solutions, we wanted a comprehensive tool that could be tailored to our business to ensure our operations were in compliance at all levels of governance, local, state and federal,” said Kyle Kolsky, AFC’s Chief Operations Officer. “RegLynk was the only compliance software we found that could do so. Many of the other tools monitored the compliance department’s activities, not the actual compliance of our operation. Having the ability to create operational flow charts and testing to ensure we’re within our compliance programs is an incredibly powerful oversight tool. We’re thrilled to have the RegLynk GRC as our source of compliance management.”

Critical RegLynk features include:

  • Automated Compliance Management, whereby regulation changes automatically initiate tasks to update relevant business processes, policies, procedures, KRI’s and internal training
  • Regulatory Intelligence, providing an integrated Lexology news feed for daily insights to the changing regulatory landscape
  • State Compliance Management, monitoring state specific regulations, managing exams, document versions and complaints for comprehensive compliance coverage at the state level
  • Complaint Management, tying complaints directly to business processes, allowing management to see which processes contain the most risk to reputation and regulatory oversight

About Dividend Finance

Dividend Finance, which has originated more than $2 billion in loans, is a national provider of renewable energy and energy-efficient home improvement financing options to property owners. With the launch of RegLynk, the company is proudly entering the RegTech market. Dividend Finance gives its customers the opportunity to obtain clean energy financing through a comprehensive suite of financing options and is excited to now provide the company’s world class approach to compliance risk management to other financial services companies. More broadly, Dividend Finance brings significant value to its installer network, including vendor management, licensing management, complaint management, state disclosure and other critical issues.


Contacts

Phillip Bergman
Viewstream
845-728-3984
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TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed its previously-announced sale of its crude oil terminalling segment to Enbridge, Inc. (NYSE: ENB) for a purchase price of $132 million, subject to customary post-closing adjustments and excluding crude oil linefill and inventory.


Including the previously-announced sale of its crude oil pipeline and trucking segments, both of which closed in February 2021, Blueknight has successfully completed an exit of its crude oil business, strategically positioning the Partnership as a pure-play terminalling company focused on infrastructure and transportation end-markets.

Exiting our crude oil businesses has been a top priority for Blueknight since early 2020,” said Andrew Woodward, Chief Executive Officer. “Now with a more focused strategy and business model, coupled with an improved leverage profile and available liquidity, we believe we are well-positioned to identify and capture growth opportunities and benefit from long-term positive investment trends in U.S. infrastructure.”

Total cash consideration for the combined crude oil terminalling, pipeline, and trucking transactions was approximately $164 million, including estimated crude oil linefill and inventory and is subject to customary post-closing adjustments. Net proceeds, after transaction costs, will be used initially to reduce borrowings outstanding under the Partnership’s revolving credit facility and for general partnership purposes.

Forward-Looking Statements

This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.8 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling and innovative solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.


Contacts

Investor Contact:
Chase Jacobson, Blueknight Investor Relations
(918) 237-4032
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Building Trades lay out Energy Infrastructure Priorities

SAINT PAUL, Minn.--(BUSINESS WIRE)--#BuildingTrades--As Minnesota develops public policy to transition to a reliable, carbon-free energy future, Minnesota construction trade unions representing 70,000 union construction professionals, are advocating for secure, reliable, accessible and cost-affordable energy to ensure the long-term success for Minnesota workers and communities.



“We need a strong, statewide strategy for investments in reliable energy that leaves no Minnesotan behind,” said Harry Melander, President of the Minnesota State Building and Construction Trades. “Building Trades members are building and maintaining a state-of-the-art, leading-edge energy infrastructure critical to our state’s future.”

“Our union members’ voices need to help shape a thoughtful path forward to build the best energy future possible,” said Joel Smith, President and Business Manager, Laborers District Council of Minnesota and North Dakota. “Trades unions will continue partnering with industry, government, and advocacy groups to maintain safe energy infrastructure operations while supporting a smooth transition over the coming decades — with a keen focus on creating new living wage jobs for our members.”

“Climate change must be addressed with investments in the operations, maintenance and repair of Minnesota’s energy infrastructure. The loss of good-paying union construction and maintenance jobs will hit Minnesota’s communities hard,” said Luke Voigt, Business Manager of Boilermakers Union 647. “However, we need a strong plan so that we can reduce the economic impact on Minnesota communities and legacy energy workers while delivering the reliable and affordable energy that Minnesotans require in the years to come.”

Minnesota’s Energy Infrastructure Priorities

Building an energy infrastructure that benefits all Minnesotans will require thoughtful planning, strategic investments, and critical policy decisions in the years to come. The Minnesota State Building and Construction Trades Council has identified eight critical energy policy priorities upon which to guide that process. These priorities include:

  • Climate change must be addressed.
  • Investments must be made in the operations, maintenance and repair of Minnesota’s current energy infrastructure.
  • Investments must be made in the development and deployment of technologies such as solar, wind, nuclear, hydro-electric, carbon capture and utilization, battery storage and low carbon and electrified transportation.
  • Investments must be made to increase energy efficiency in industrial, commercial and residential buildings, retrofit and upgrades to schools and public buildings, and to make our built environment safe and resilient.
  • All work in the legacy, renewable, and energy efficiency sectors must be performed by the safest, most highly trained, skilled workers in Minnesota.
  • Minnesota’s prevailing wages, labor and licensing standards are critical to successfully building the infrastructure for our clean energy future.
  • A clean energy beneficial transition plan must address legacy energy workers and communities and ensure that all workers and communities are safe and respected.
  • Energy must be reliable, accessible, and affordable.

“Minnesota’s energy infrastructure work is complex, and it will continue to evolve over time,” said Melander. “Our state needs to use the expertise of our construction trades professionals today, so we have the infrastructure in place 20 to 30 years from now to meet the energy needs of future generations.”

To learn more about Minnesota’s energy infrastructure priorities, visit www.mntrades.org/energy.

About the Minnesota State Building and Construction Trades Council

Representing 70,000 skilled union construction professionals working in 15 trades, the Minnesota State Building and Construction Trades Council (www.mntrades.org) is focused on growing a diverse and inclusive construction industry workforce, protecting the physical and financial health of construction workers, and advocating for increased public and private investment in construction and infrastructure.


Contacts

Jennifer Hathaway
Communications Director
Mobile: 612-816-1710
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
web: www.mntrades.org

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) today announced that an affiliate of Brookfield Asset Management Inc. and Brookfield Business Partners LP, members of the Brookfield consortium that has an existing ownership interest in GrafTech, intends, subject to market conditions, to offer 30,000,000 shares of GrafTech common stock in an underwritten secondary offering. The selling stockholder will receive all of the net proceeds from the offering. GrafTech is not offering any shares of common stock in the offering.


Morgan Stanley & Co. LLC is acting as the sole underwriter for the offering.

The offering is being made pursuant to an effective shelf registration statement (including a prospectus) (File No. 333-232190) and a preliminary prospectus supplement relating to the offering to be filed by GrafTech with the Securities and Exchange Commission (“SEC”) to which this communication relates. Before you invest, you should read the prospectus included in that registration statement, the preliminary prospectus supplement and the other documents GrafTech has filed with the SEC and incorporated by reference into that registration statement for more complete information about GrafTech, its common stock and the offering. You may obtain a copy of the preliminary prospectus supplement, the prospectus included in the registration statement and the documents incorporated by reference therein, when available, for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of the preliminary prospectus supplement for this offering may also be obtained, when available, by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering of the common stock will be made only by means of the prospectus and related prospectus supplement.

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals.

Special note regarding Forward-Looking Statements

This press release and related discussions may contain forward-looking statements that reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward‑looking statements by the use of forward‑looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident” or the negative versions of those words or other comparable words. Any forward‑looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward‑looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward‑looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: the ultimate impact that the COVID-19 pandemic has on our business, results of operations, financial condition and cash flows; the cyclical nature of our business and the selling prices of our products may lead to periods of reduced profitability and net losses in the future; the possibility that we may be unable to implement our business strategies, including our ability to secure and maintain longer-term customer contracts, in an effective manner; the risks and uncertainties associated with litigation, arbitration, and like disputes, including the recently filed stockholder litigation and disputes related to contractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; pricing for graphite electrodes has historically been cyclical and the price of graphite electrodes may continue to decline in the future; the sensitivity of our business and operating results to economic conditions and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the competitiveness of the graphite electrode industry; our dependence on the supply of petroleum needle coke; our dependence on supplies of raw materials (in addition to petroleum needle coke) and energy; our manufacturing operations are subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the possibility that we may divest or acquire businesses, which could require significant management attention or disrupt our business; the sensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security; our dependence on protecting our intellectual property; the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility that significant changes in our jurisdictional earnings mix or in the tax laws of those jurisdictions could adversely affect our business; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; the fact that borrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility of a lowering or withdrawal of the ratings assigned to our debt; the possibility that disruptions in the capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that highly concentrated ownership of our common stock may prevent minority stockholders from influencing significant corporate decisions; the possibility that we may not pay cash dividends on our common stock in the future; the fact that our stockholders have the right to engage or invest in the same or similar businesses as us; the possibility that the market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates; the fact that certain provisions of our Amended and Restated Certificate of Incorporation and our Amended and Restated By-Laws could hinder, delay or prevent a change of control; the fact that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders; and the loss of our status as a “controlled company” within the meaning of the New York Stock Exchange corporate governance standards, which will result in us no longer qualifying for exemptions from certain corporate governance requirements.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements, including the Risk Factors sections included in our most recent Annual Report on Form 10-K and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward‑looking statement, except as required by law, whether as a result of new information, future developments or otherwise.


Contacts

Wendy Watson
216-676-2000

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that the 2020 tax packages, which include the Schedule K-1’s for Series A, Series B and Series C preferred units and common units, are available online at www.nustarenergy.com in the Investors section of the website. The partnership expects to begin mailing the 2020 tax packages on March 2, 2021. For additional information, NuStar Energy L.P. unitholders may call K-1 Tax Package Support toll free at (844) 364-7560 for Series A, Series B and Series C preferred units and (800) 310-6595 for common units, weekdays between 8 a.m. and 5 p.m. CT.


NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and the partnership has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com.


Contacts

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W or the “Company”) expects to host a conference call and webcast on Tuesday, March 9, 2021 at 8 a.m. ET.


B&W Chairman and Chief Executive Officer, Kenneth Young, and B&W Chief Financial Officer, Louis Salamone, will discuss the Company’s fourth quarter and full year 2020 results. A news release detailing the results is expected to be issued before the market opens on Tuesday, March 9, 2021.

The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 227-5843; the dial-in number for participants outside the U.S. is (647) 689-4070. The conference ID for all participants is 5390408. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

About B&W

Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.


Contacts

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that it has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission. A copy of this 10-K may be found on the Partnership’s website www.genesisenergy.com under “Investors – SEC Reports.” In addition, GEL unitholders may receive a hard copy of the Form 10-K free of charge upon request by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling 1-800-284-3365.


Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.


Contacts

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern” or the “Company”) announced today that it plans to issue its earnings release with respect to fourth quarter and year-end 2020 financial and operating results on Friday, March 12, 2021, before the market opens. Additionally, the Company will host a conference call on Friday, March 12, 2021 at 10:00 a.m. Central Time.


Those wishing to listen to the conference call may do so via the Company’s website www.northernoil.com or by phone.

Conference Call and Webcast Details:

Date:

March 12, 2021

Time:

10:00 a.m. Central Time

Dial-In:

(866) 373-3407

International Dial-In:

(412) 902-1037

Conference ID:

13717215

Webcast:

www.northernoil.com

Replay Information:
A replay of the conference call will be available through March 19, 2022 by dialing:

Dial-In:

(877) 660-6853

International Dial-In:

(201) 612-7415

Conference ID:

13717215

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.


Contacts

Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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Hoover Ferguson is Now Hoover CS

HOUSTON--(BUSINESS WIRE)--Signaling a shift in the company’s strategy towards the support of sustainability and environmental responsibility in industrial packaging, Hoover Ferguson, a leader in the industrial container space, has renamed its organization Hoover CS (Hoover Circular Solutions). As part of this alignment, the Company has streamlined its offering to focus on reusable dry and liquid container products, logistics and service support.


Right now, reusable industrial containers are used in far less applications than they could be employed for. As a company, we are holding ourselves accountable for growing this usage, not just for Hoover CS, but for the industry at large. We are making it easy for customers to make a more environmentally sound choice and we are supporting them in articulating what that means in context of their sustainability goals,” shared Kevin Friar, Chief Executive Officer of Hoover CS. “We all have a great deal of work to do in ensuring that we search out environmentally sustainable alternative solutions so that resources are managed responsibly, and the environment is protected for future generations. The industry has our full commitment to this end.”

Hoover CS’s fully integrated offerings offer further environmental benefit because of their efficient cleaning and restoration processes, refined over the course of the organization’s 110-year history.

About Hoover CS

Hoover CS is paving the way for customers across the chemical, refining and general industrial-end markets to move away from single-use containers. Through its large rental fleet of reusable IBCs, catalyst bins, and ISO tanks, combined with integrity management and fleet management services, Hoover CS’s sustainable packaging solutions facilitate circularity across the supply chain, yielding an optimized environmental footprint through reduced plastic, water conservation, and lower greenhouse gas emissions. For more information, please visit hooversolutions.com.


Contacts

Lana Belmokadem,
Vice President of Marketing, Hoover CS
+1-281-870-8402 x 1075
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX: SPB) announced today the pricing of the previously announced private offering (the “offering”) by its wholly-owned subsidiaries, Superior Plus LP (“Superior LP”) and Superior General Partner Inc. (together with Superior LP, the “Issuers”) of US$600 million aggregate principal amount of senior unsecured notes due March 15, 2029 (the “notes”). The size of the offering reflects an increase of US$100 million from the previously announced offering size of US$500 million. The notes will bear interest at a rate of 4.500% per annum.


The Issuers intend to use the net proceeds of the offering to redeem in full US$350 million aggregate principal amount of the Issuers’ 7.0% senior unsecured notes due July 15, 2026 (the “7.0% Notes”) and use all remaining net proceeds to repay a portion of the outstanding indebtedness under the Issuers’ senior credit facility. The closing of the offering, which is subject to customary conditions, is expected to occur on March 11, 2021.

The offering of notes is being made solely by means of a private placement either to persons reasonably believed to be qualified institutional buyers in the United States, as defined in Rule 144A promulgated under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the U.S. Securities Act. The notes have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state or jurisdiction thereof, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder and applicable securities law. In Canada, the notes are being offered and sold on a private placement basis to certain accredited investors in the provinces of Canada. The notes have not been and will not be qualified under the securities laws of any province or territory of Canada for distribution to the public and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any notes, nor shall there by any offer, solicitation or sale of the notes in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of an offering memorandum.

About Superior Plus Corp.
Superior currently consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals. On February 18, 2021, Superior announced that the Issuers have entered into a definitive agreement to sell the Specialty Chemicals business.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable U.S. and Canadian securities laws. Such information is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the proposed offering of notes, the use of proceeds therefrom, the timing and successful completion of the offering and the redemption of the 7.0% Notes. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks and assumptions relating to U.S. and Canadian market conditions and satisfaction of conditions to, and completion of, the offering and redemption of the 7.0% Notes. Forward-looking information herein is based on information currently available to Superior. No assurance can be given that these assumptions and expectations will prove to be correct. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Superior cautions readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.


Contacts

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that the 2020 tax packages, including Schedule K-1s, are now available online. They may be accessed through the K-1 Partner Relations support website www.PartnerDataLink.com/Genesis or through the Quick Link on the Home page at www.genesisenergy.com. The partnership expects to complete mailing of the 2020 Genesis Energy, L.P. tax packages by Friday, March 5, 2021. For additional information, unitholders may call K-1 Partner DataLink toll free at 855-502-0936.


Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.


Contacts

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

ATLANTA--(BUSINESS WIRE)--PIC Group, Inc., a global power and energy service provider, announces the full operation of its remote operating center (ROC), headquartered in Atlanta, Georgia. Particularly suited for renewable energy applications such as wind, solar and hydropower, PIC Group’s ROC is a versatile platform for all technologies including simple cycle and combined cycle power plants as well as refining operations. Compliant with NERC CIP protocols and industry cyber-security standards, the ROC integrates all available data sources for a central hub of operations tailored to a plants unique configuration.


“Manned 24-hours per day, 7-days per week, PIC Group’s remote operations center combines state-of-the-art technology with highly qualified and experienced control room operators for unmatched operations and control capability,” said Frank Avery, President and CEO at PIC Group.

Offering full start, stop and control capability, fully documented operations protocols for coordinating ROC and site staff as well as immediate response to plant issues including plant trips, and equipment failures, PIC Group’s ROC enables improved plant performance through production models that minimize lost production through advanced scheduling of maintenance activities and Advanced Artificial Intelligence Application (AI) modeling to identify and predict failure.

Completed in January 2020, PIC Group’s ROC is currently contracted to perform operations and control services with several plants including a wind power station in California, a PV solar energy system in Mexico and an ethanol plant in North Carolina.

To learn more about PIC Group and its ROC capabilities, visit: www.picgroupinc.com.

PIC Group, Inc. is dedicated to delivering value by providing global energy services to facilities across six continents – North America, South America, Asia, Africa, Australia/Oceania and Europe. Industries served include power generation, oil and gas, petrochemical, pulp and paper and manufacturing. PIC provides O&M Services (Care, Custody and Control), Commissioning and Startup, Training, Documentation and Staffing. PIC has been providing services for over thirty years and has 700 employees.

PIC Group, Inc. is a wholly owned subsidiary of Marubeni Corporation, a Fortune Global 500 Company. Marubeni is a major Japanese sogo shosha (international trading company) and the third largest global independent power producer (IPP).

Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business including consumer products, food, agriculture, chemicals, energy and metals and power business machinery and infrastructure.


Contacts

Douglas Shuda, Director of Marketing
678-627-4142
This email address is being protected from spambots. You need JavaScript enabled to view it.

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) announced today the release of its 2021 ESG Report, which details the Company’s environmental, social and governance (ESG) strategies and commitments.


I am pleased to introduce Rogers’ first ESG Report,” stated Bruce D. Hoechner, Rogers' President and CEO. “This Report highlights the many actions Rogers takes to ensure we are a responsible corporate citizen for our employees, customers, shareholders, suppliers and the communities in which we operate. At Rogers we believe in ‘Results, but Results in the Right Way.’”

Mr. Hoechner continued, “Ever since our founder’s son, Henry Rogers, developed a process to remove dye from paper – enabling the paper to be recycled – sustainability has been rooted at the core of Rogers. Today, we supply our advanced materials for leading-edge technologies including electric and hybrid electric vehicles that reduce CO2 emissions; advanced driver assistance systems that improve automotive safety and enable autonomous vehicles; renewable energy applications that deliver clean energy solutions; and medical applications that protect the health of our frontline workers. We are dedicated to reducing our environmental impact as we strive to enable a cleaner, safer and more connected world.”

The Report follows established sustainability and reporting frameworks, including those published by the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD). The Report includes details regarding the Company’s carbon footprint, approach to Diversity and Inclusion, and COVID-19 response, which prioritized the health and safety of Rogers’ employees, as it continued to supply customers with products.

The Report is available at the Company’s website.

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable the company’s growth drivers -- advanced connectivity and advanced mobility applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.

Safe Harbor Statement

This release contains forward-looking statements, which may concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to attract and retain management and skilled technical personnel; employee benefit costs and other risks applicable to our business. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent quarterly reports on Forms 10-Q filed with the Securities and Exchange Commission. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

 


Contacts

Media Contact:
Amy Kweder
Director, Corporate Communications
Phone: 480.203.0058
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact:
Steve Haymore
Director, Investor Relations
Phone: 480.917.6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website address: https://www.rogerscorp.com

 

  • The consolidation of the Company’s issued and outstanding common shares ("Common Shares") was approved by the Company’s shareholders
  • The Company will release its 2020 annual financial results after the close of market trading on March 17, 2021
  • Shareholder conference call with Paulo Misk, President and CEO, Ernest Cleave, CFO, Paul Vollant, Director of Sales and Trading, and Shazad Butt, VP of Engineering will be conducted at 3:00 p.m. ET on Thursday, March 18, 2021

TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announces voting results from its Special Meeting of Shareholders held on Monday, March 1, 2021 (the “Meeting”).


The consolidation of the Company’s Common Shares on the basis of up to one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Consolidation") was approved by the Company’s shareholders at the Meeting. A total of 434,131,240 Common Shares were voted at the Meeting representing 72.92% of the Company’s Common Shares as of January 25, 2021, (the “Record Date”).

Results of the votes on the Consolidation are as follows:

Common Shares

Voted For

%

Common Shares

Voted Against

%

Common Shares

Abstained

%

432,868,875

99.71%

1,260,965

0.29%

0

0.00%

For further detailed voting results on the Meeting, please refer to the Company’s Report of Voting Results filed on Largo’s profile at www.sedar.com. Further details of the Consolidation are contained within the Company’s Management Information Circular dated January 25, 2021, which is also available under Largo’s profile on SEDAR. Readers should review the Management Information Circular for the specific terms and conditions of the Consolidation.

Annual 2020 Results Conference Call

The Company will release its 2020 audited annual financial results on Wednesday, March 17, 2021 after the close of market trading. Additionally, the Company will host a conference call to discuss 2020 operating and financial results on Thursday, March 18, 2021 at 3:00 p.m. ET.

Details of the conference call are listed below:

Date:

Thursday, March 18, 2021

Time:

3:00 p.m. ET

Dial-in Number:

Local / International: +1 (416) 764-8688

North American Toll Free: (888) 390-0546

Brazil Toll Free: 08007621359

Q&A Portal / Audio Only Conference Line:

https://produceredition.webcasts.com/starthere.jsp?ei=1438431&tp_key=39b19e657c

Q&A Details:

The Company requests all questions be submitted through the online portal link provided above. The ability to submit questions over the phone will not be available during this call.

Conference ID:

00739969

Replay Number:

Local / International: + 1 (416) 764-8677

North American Toll Free: (888) 390-0541

Replay Passcode: 739969 #

Website:

To view press releases or any additional financial information, please visit the Investor Relations section of the Largo Resources website at: www.largoresources.com/investors

About Largo Resources

Largo Resources is an industry preferred producer and supplier of high-quality vanadium. Largo can service multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".

For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.

For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.


Contacts

Investor Relations:
Alex Guthrie
Senior Manager, External Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 416‐861‐9797

Media Enquiries:
Crystal Quast
Bullseye Corporate
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 647-529-6364

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