Business Wire | Page 1608

: Business Wire; Posted On Aug 14, 2020

Cypress Environmental Partners Reports Second Quarter Results

TULSA, Okla.--(BUSINESS WIRE)--#CELP--Today, Cypress Environmental Partners, L.P., (NYSE: CELP) reported its financial results for the three months ended June 30, 2020.

HIGHLIGHTS

Net loss attributable to common unitholders of $1.3 million for the three months ended June 30, 2020.
Distributable cash flow (DCF) of $0.3 million for the three months ended June 30, 2020.
Second quarter 2020 Adjusted EBITDA of $3.1 million, an increase of 17% over first quarter 2020.
Second quarter 2020 Pipeline Inspection Services segment gross margin of $4.4 million, a decrease of 31% from first quarter 2020.
Second quarter 2020 Pipeline & Process Services segment gross margin increased 276% from first quarter 2020, and 56% from second quarter 2019, driven by increased activity levels and backlog.
Second quarter 2020 Water & Environmental Services segment gross margin of $0.8 million, a 17% decrease from first quarter 2020.
Temporarily suspended our common unit distribution to protect our balance sheet and liquidity and completed cost reductions representing over $4.5 million of annual savings.
Paid down debt on our credit facility and exited the second quarter with approximately $27.8 million of cash and cash equivalents.
Started a new service line to offer corrosion inspection services, nondestructive examination, and related support services to the municipal water and the offshore energy markets.

SECOND QUARTER 2020 SUMMARY FINANCIAL RESULTS

	Three Months Ended
	June 30,
	2020		2019
	(Unaudited)
	(in thousands, except per unit amounts)

Net income	$	381	$	5,643
Net (loss) income attributable to common unitholders	$	(1,349)	$	4,333
Net (loss) income per limited partner unit - basic	$	(0.11)	$	0.36
Net (loss) income per limited partner unit - diluted	$	(0.11)	$	0.29
Adjusted EBITDA(1)	$	3,121	$	9,154
Distributable cash flow(1)	$	255	$	5,237

(1) This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure in schedules at the end of this press release.

CEO'S PERSPECTIVE

“The second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020 and until a vaccine is discovered. This pandemic is adversely impacting the energy industry, demand, prices, our customers, and in turn us. Given these factors, we are preparing for potential future volatility, while also focusing on structurally reducing our cost base and implementing several strategic initiatives across our companies. As a result, we took the necessary action to temporarily suspend our common unit distributions until our operating results improve. Our primary focus continues to be the health and safety of our employees and our operations during this unprecedented and dynamic environment," said Peter C. Boylan III, chairman, president, and CEO. “Our talented team delivered better than expected second quarter performance as a result of increased activity in our Pipeline & Process Services segment, early and decisive actions focused on cost reductions, and our commitment to operational excellence and safely serving our customers. We remain confident in our ability to navigate this challenging environment while maintaining our liquidity, culture, and safely providing excellent service to our valued customers."

GROWTH UPDATE

Pipeline Inspection Services

A new corrosion service line has been started that is led by a National Association of Corrosion Engineers (“NACE”)-certified engineer to offer a wide range of inspection, nondestructive examination, and related services to the municipal water industry as well as to our energy customers both onshore and offshore.
The Pipeline Inspection segment has been aggressively pursuing organic business development (despite the work from home environment) and has successfully been awarded some new customer contracts and relationships that should benefit us in the future.

Pipeline & Process Services (“PPS”)

The PPS segment is having an excellent year despite the challenges with COVID; continuing to expand its backlog and considering adding some new service lines to its current offerings.

Water & Environmental Services (“W&E”)

Volumes have improved significantly in the Bakken despite the rig count declining to 11 rigs, down from 55 in late 2019. The previous record low during the prior downturn was 22 rigs in May 2016. Operators are slowly returning production after having choked back wells earlier this year when oil prices collapsed, instead of selling the oil at such depressed levels.
A new contract was recently completed with a public energy company to connect their water pipeline into one of our facilities.

COMMON UNIT DISTRIBUTIONS

On July 28, 2020, CELP announced that it has temporarily suspended common unit distributions.

CELP generated distributable cash flow of $0.3 million for the three months ended June 30, 2020. Common unit distributions were $2.6 million for the first quarter of 2020.

SECOND QUARTER 2020 OPERATING RESULTS BY BUSINESS SEGMENT

Pipeline Inspection Services (“PIS”)

PIS segment results for the three months ended June 30, 2020 and 2019 were:

Revenue - $43.3 million and $104.0 million, respectively.
Gross Margin - $4.4 million and $11.4 million, respectively.

Pipeline & Process Services (“PPS”)

PPS segment results for the three months ended June 30, 2020 and 2019 were:

Revenue - $7.2 million and $4.4 million, respectively.
Gross Margin - $2.1 million and $1.4 million, respectively.

Water & Environmental Services (“Environmental”)

Environmental segment results for the three months ended June 30, 2020 and 2019 were:

Revenue - $1.3 million and $2.7 million, respectively.
Gross Margin - $0.8 million and $2.0 million, respectively

CAPITALIZATION, LIQUIDITY, AND FINANCING

Credit Facility

CELP has a $110 million revolving credit facility. Proceeds from this facility can be used to fund working capital requirements and other general partnership purposes, including growth and acquisitions. CELP had $27.8 million of cash and cash equivalents at June 30, 2020.

The credit facility matures on May 28, 2021. CELP is working with the agent and lenders regarding both a renewal and the possibility of utilizing one of the new US Federal Reserve Main Street Lending facilities.
As of June 30, 2020, CELP had $81.7 million of debt outstanding (inclusive of finance leases). At June 30, 2020, CELP's leverage ratio was 2.3 times on a net debt basis. The effective interest rate on CELP's debt as of June 30, 2020 was 3.7%.

CAPITAL EXPENDITURES

During the six months ended June 30, 2020, CELP had growth capital expenditures totaling $1.1 million and maintenance capital expenditures totaling $0.4 million that are reflective of our business model that allows us to generate attractive free cash flow with minimal capital expenditures.

QUARTERLY REPORT

CELP filed its quarterly report on Form 10-Q for the three months ended June 30, 2020 with the Securities and Exchange Commission today. CELP will also post a copy of the Form 10-Q on its website at www.cypressenvironmental.biz. Unitholders may request a printed copy of CELP’s complete audited financial statements and annual report for the year ended December 31, 2019 free of charge by contacting CELP at the email address below.

NON-GAAP FINANCIAL INFORMATION

This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. CELP's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including revenues, net income or loss attributable to limited partners, net cash provided by or used in operating activities, or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity, or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by CELP may not be comparable to similarly-titled measures of other entities because other entities may not calculate their measures in the same manner.

CELP defines adjusted EBITDA as net income or loss exclusive of (i) interest expense, (ii) depreciation, amortization, and accretion expense, (iii) income tax expense or benefit, (iv) equity-based compensation expense, (v) and certain other unusual or nonrecurring items. CELP defines adjusted EBITDA attributable to limited partners as adjusted EBITDA exclusive of amounts attributable to the general partner and to noncontrolling interests. CELP defines distributable cash flow as adjusted EBITDA attributable to limited partners less cash interest paid, cash income taxes paid, maintenance capital expenditures, and cash distributions on preferred equity. Management believes these measures provide investors meaningful insight into results from ongoing operations.

These non-GAAP financial measures are used as supplemental liquidity and performance measures by CELP's management and by external users of its financial statements, such as investors, commercial banks, research analysts, and others to assess:

financial performance of CELP without regard to financing methods, capital structure or historical cost basis of assets;
CELP's operating performance and return on capital as compared to those of other companies, without regard to financing methods or capital structure;
viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities; and
the ability of CELP's businesses to generate sufficient cash to pay interest costs, support its indebtedness, and make cash distributions to its unitholders.

ABOUT CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Cypress Environmental Partners, L.P. is a master limited partnership that provides essential environmental services to the energy and municipal water industries, including pipeline & infrastructure inspection, NDE testing, various integrity services, and pipeline & process services throughout the United States. Cypress also provides environmental services to upstream energy companies and their vendors in North Dakota, including water treatment, hydrocarbon recovery, and disposal into EPA Class II injection wells to protect our groundwater. Cypress works closely with its customers to help them protect people, property, and the environment, and to assist their compliance with increasingly complex and strict rules and regulations. Cypress is headquartered in Tulsa, Oklahoma.

CAUTIONARY STATEMENTS

This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding Cypress Environmental Partners, L.P., including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond CELP's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, CELP's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.

The key risk factors that may have a direct bearing on CELP's results of operations and financial condition are described in detail in the "Risk Factors" section of CELP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in CELP's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. CELP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.



CYPRESS ENVIRONMENTAL PARTNERS, L.P.
Unaudited Condensed Consolidated Balance Sheets
As of June 30, 2020 and December 31, 2019
(in thousands)
	June 30,			December 31,
		2020			2019

ASSETS
Current assets:
Cash and cash equivalents	$	27,761		$	15,700
Trade accounts receivable, net		35,008			52,524
Prepaid expenses and other		1,704			988
Total current assets		64,473			69,212
Property and equipment:
Property and equipment, at cost		26,903			26,499
Less: Accumulated depreciation		15,082			13,738
Total property and equipment, net		11,821			12,761
Intangible assets, net		18,719			20,063
Goodwill		50,287			50,356
Finance lease right-of-use assets, net		749			600
Operating lease right-of-use assets		2,207			2,942
Debt issuance costs, net		532			803
Other assets		588			605
Total assets	$	149,376		$	157,342

LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Accounts payable	$	3,594		$	3,529
Accounts payable - affiliates		141			1,167
Accrued payroll and other		9,813			14,850
Income taxes payable		1,385			1,092
Finance lease obligations		249			183
Operating lease obligations		421			459
Current portion of long-term debt		81,029			-
Total current liabilities		96,632			21,280
Long-term debt		-			74,929
Finance lease obligations		423			359
Operating lease obligations		1,717			2,425
Other noncurrent liabilities		169			158
Total liabilities		98,941			99,151

Owners' equity:
Partners’ capital:
Common units (12,209 and 12,068 units outstanding at
June 30, 2020 and December 31, 2019, respectively)		29,445			37,334
Preferred units (5,769 units outstanding at June 30, 2020 and December 31, 2019)		44,291			44,291
General partner		(25,876	)		(25,876	)
Accumulated other comprehensive loss		(2,368	)		(2,577	)
Total partners' capital		45,492			53,172
Noncontrolling interests		4,943			5,019
Total owners' equity		50,435			58,191
Total liabilities and owners' equity	$	149,376		$	157,342



CYPRESS ENVIRONMENTAL PARTNERS, L.P.
Unaudited Condensed Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2020 and 2019
(in thousands, except per unit data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2020			2019			2020			2019

Revenue	$	51,688		$	111,091		$	120,171		$	201,467
Costs of services		44,307			96,284			104,835			176,637
Gross margin		7,381			14,807			15,336			24,830

Operating costs and expense:
General and administrative		4,926			6,158			10,866			12,389
Depreciation, amortization and accretion		1,211			1,109			2,419			2,213
Gain on asset disposals, net		(11	)		(2	)		(23	)		(23	)
Operating income		1,255			7,542			2,074			10,251

Other (expense) income:
Interest expense, net		(1,152	)		(1,415	)		(2,276	)		(2,726	)
Foreign currency gains (losses)		184			84			(273	)		185
Other, net		165			50			270			138
Net income (loss) before income tax expense		452			6,261			(205	)		7,848
Income tax expense		71			618			291			824
Net income (loss)		381			5,643			(496	)		7,024

Net income attributable to noncontrolling interests		697			277			609			58
Net (loss) income attributable to partners / controlling interests		(316	)		5,366			(1,105	)		6,966

Net income attributable to preferred unitholder		1,033			1,033			2,066			2,066
Net (loss) income attributable to common unitholders	$	(1,349	)	$	4,333		$	(3,171	)	$	4,900

Net (loss) income per common limited partner unit:
Basic	$	(0.11	)	$	0.36		$	(0.26	)	$	0.41
Diluted	$	(0.11	)	$	0.29		$	(0.26	)	$	0.38

Weighted average common units outstanding:
Basic		12,209			12,053			12,153			12,012
Diluted		12,209			18,218			12,153			18,163



Reconciliation of Net Income (Loss) to Adjusted EBITDA and Distributable Cash Flow

	Three Months ended June 30,				Six Months ended June 30,
		2020		2019		2020			2019
	(in thousands)

Net income (loss)	$	381	$	5,643	$	(496	)	$	7,024
Add:
Interest expense		1,152		1,415		2,276			2,726
Depreciation, amortization and accretion		1,447		1,388		2,927			2,764
Income tax expense		71		618		291			824
Equity-based compensation		254		174		518			443
Foreign currency losses		-		-		273			-
Less:
Foreign currency gains		184		84		-			185
Adjusted EBITDA	$	3,121	$	9,154	$	5,789		$	13,596

Adjusted EBITDA attributable to noncontrolling interests		844		420		906			331
Adjusted EBITDA attributable to limited partners / controlling interests	$	2,277	$	8,734	$	4,883		$	13,265

Less:
Preferred unit distributions		1,033		1,033		2,066			2,066
Cash interest paid, cash taxes paid, and maintenance capital expenditures
attributable to limited partners		989		2,464		2,194			3,682
Distributable cash flow	$	255	$	5,237	$	623		$	7,517



Reconciliation of Net (Loss) Income Attributable to Limited Partners to Adjusted
EBITDA Attributable to Limited Partners and Distributable Cash Flow
	Three Months ended June 30,					Six Months ended June 30,
		2020			2019		2020			2019
	(in thousands)

Net (loss) income attributable to limited partners	$	(316	)	$	5,366	$	(1,105	)	$	6,966
Add:
Interest expense attributable to limited partners		1,152			1,415		2,276			2,726
Depreciation, amortization and accretion attributable to limited partners		1,318			1,255		2,653			2,504
Income tax expense attributable to limited partners		53			608		268			811
Equity based compensation attributable to limited partners		254			174		518			443
Foreign currency losses attributable to limited partners		-			-		273			-
Less:
Foreign currency gains attributable to limited partners		184			84		-			185
Adjusted EBITDA attributable to limited partners		2,277			8,734		4,883			13,265

Less:
Preferred unit distributions		1,033			1,033		2,066			2,066
Cash interest paid, cash taxes paid, and maintenance capital expenditures
attributable to limited partners		989			2,464		2,194			3,682
Distributable cash flow	$	255		$	5,237	$	623		$	7,517



Reconciliation of Net Cash Flows Provided by (Used In) Operating
Activities to Adjusted EBITDA and Distributable Cash Flow
						Six Months ended June 30,
							2020			2019
						(in thousands)

Cash flows provided by (used in) operating activities						$	15,432		$	(9,040	)
Changes in trade accounts receivable, net							(17,516	)		25,595
Changes in prepaid expenses and other							734			(128	)
Changes in accounts payable and accrued liabilities							5,152			(6,358	)
Change in income taxes payable							(292	)		252
Interest expense (excluding non-cash interest)							1,987			2,465
Income tax expense (excluding deferred tax benefit)							291			824
Other							1			(14	)
Adjusted EBITDA						$	5,789		$	13,596

Adjusted EBITDA attributable to noncontrolling interests							906			331
Adjusted EBITDA attributable to limited partners / controlling interests						$	4,883		$	13,265

Less:
Preferred unit distributions							2,066			2,066
Cash interest paid, cash taxes paid, and maintenance capital expenditures
attributable to limited partners							2,194			3,682
Distributable cash flow						$	623		$	7,517



Operating Data
	Three Months						Six Months
	Ended June 30,						Ended June 30,
		2020			2019			2020			2019

Total barrels of water processed (in thousands)		1,769			3,518			4,091			6,333
Average revenue per barrel	$	0.72		$	0.77		$	0.72		$	0.77
Environmental Services gross margins		66.3	%		74.3	%		63.5	%		69.8	%
Average number of inspectors		700			1,673			858			1,553
Average number of U.S. inspectors		700			1,669			858			1,545
Average revenue per inspector per week	$	4,754		$	4,782		$	4,830		$	4,737
Pipeline Inspection Services gross margins		10.2	%		11.0	%		10.1	%		10.4	%
Average number of field personnel		27			29			27			28
Average revenue per field personnel per week	$	20,379		$	11,621		$	14,431		$	8,778
Pipeline & Pipeline Services gross margins		29.5	%		30.9	%		26.5	%		25.3	%
Capital expenditures including finance lease payments (in thousands)	$	357		$	708		$	1,497		$	1,061
Common unit distributions (in thousands)	$	-		$	2,531		$	2,564		$	5,062
Preferred unit distributions (in thousands)	$	1,033		$	1,033		$	2,066		$	2,066
Net debt leverage ratio	2.28x			2.85x			2.28x			2.85x

Contacts

Investors or Analysts:
Contact: Cypress Environmental Partners, L.P. - Jeff Herbers – Vice President & Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it. or 918-947-5730

: Business Wire; Posted On Aug 13, 2020

Diamond S Shipping Inc. Reports Second Quarter 2020 Results

GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the second quarter of 2020.

Highlights for the Second Quarter and Recent Events

-- Net income attributable to Diamond S of $45.7 million, or $1.15 per basic share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $84.1 million.

-- Repaid $73.6 million of debt in the quarter, $40.0 million on revolving credit facilities in addition to $33.6 million of scheduled repayments. Net debt at June 30, 2020 was $640.0 million, implying a net debt to asset value leverage ratio of 41% based on broker valuations as of June 2020. At quarter end, total free liquidity available to the Company was $128.4 million.

-- Entered into a strategic partnership with NORDEN A/S, DiaNor, to facilitate the commercial consolidation of two of the world’s largest owner/operators of product tankers. As of June 30, 2020, five of the expected 28 vessels were delivered into the Norient Product Pool. The remaining 23 vessels are expected to deliver in the first half of Q3 2020.

-- Entered into floating-to-fixed LIBOR interest rate swaps on approximately 25% of the Company’s total outstanding debt. The average fixed LIBOR rate of 0.54% matures in December 2024.

-- As of August 12, 2020, fixed approximately 59% of Crude Fleet revenue days operating in the spot market at an average rate of approximately $25,700 per day and approximately 55% of Product Fleet revenue days operating in the spot market at an average rate of approximately $11,000 per day in the third quarter of 2020.

Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “We are pleased with our performance in the second quarter, which is reflected in our strong financial results. Our primary focus is on positioning Diamond S to deliver outstanding cash flows in normalized market conditions. For this reason, we continue to lower our leverage, thereby improving our already competitive breakeven levels. We allocated excess capital in the quarter to paying down our debt by reducing exposure on our revolving credit facilities. These amounts may be redrawn in the future to provide liquidity or capital for opportunistic strategic moves. We remain positive in our long-term market outlook and we strongly believe the current market price of our shares does not reflect the underlying value of our vessels.”

Second Quarter 2020 Results

Net income attributable to Diamond S for the second quarter of 2020 was $45.7 million, or $1.15 basic and $1.14 diluted earnings per share, compared to a net loss of $8.5 million, or $0.21 basic and diluted loss per share, for the second quarter of 2019. The increase is primarily related to improved tanker market conditions in both the crude and product tanker segments.

The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $134.2 million for the second quarter of 2020 compared to $83.4 million for the second quarter of 2019. Net revenues from the Crude Fleet were $55.2 million in the second quarter of 2020 compared to $24.4 million for the second quarter of 2019. Net revenues from the Product Fleet were $79.0 million in the second quarter of 2020 compared to $59.0 million for the second quarter of 2019. The increase in net revenues in both the Crude Fleet and Product Fleet was principally driven by stronger market conditions. Despite the demand destruction caused by the global pandemic, tanker markets were firm because of the sharp contango structure of the crude oil price curve, where the future price of oil was expected to be substantially greater than current prices. This led to a strong demand for the floating storage of oil and petroleum products on tankers, which effectively decreased the supply of ships for transport cargos and increased freight rates.

Vessel expenses were $41.7 million for the second quarter of 2020 compared to $42.4 million for the second quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, decreased by $0.7 million primarily due to the sale of the two MR2 vessels in the third quarter of 2019.

Depreciation and amortization expense was $28.8 million in the second quarter of 2020 compared to $29.2 million for the second quarter of 2019. The decrease in depreciation and amortization expense was primarily due to the sale of two MR2 vessels in the third quarter of 2019.

General and administrative expenses were $7.5 million in the second quarter of 2020 compared to $7.3 million for the second quarter of 2019.

Interest expense was $9.7 million in the second quarter of 2020 compared to $13.4 million for the second quarter of 2019. Interest expense decreased in the second quarter of 2020 due to a lower average debt balance as a result of mandatory debt repayments and a decrease in the effective interest rate.

Other income, which consists primarily of interest income, was less than $0.1 million in the second quarter of 2020, compared to $0.3 million for the second quarter of 2019.

Liquidity

As of June 30, 2020, the Company had $124.1 million in cash and restricted cash. Restricted cash and minimum cash required by debt covenants was $55.7 million. In the second quarter of 2020, the Company repaid $40.0 million drawn from its revolving credit facilities, increasing available liquidity to $128.4 million net of minimum cash requirements as of June 30, 2020.

Outlook

Tanker market conditions are expected to weaken in the third quarter as the inventory storage cycle reverses during a seasonally weak period for demand. Demand has not yet fully recovered from the impact of COVID-19, although it has improved from low levels at the start of the second quarter of 2020. In the near term, however, effective fleet supply is expected to increase as the number of vessels used for storage decreases, while tanker demand is expected to be low due to drawdowns of inventory coupled with seasonal market weakness.

As of August 12, 2020, approximately 59% of the Crude Fleet revenue days operating in the spot market in the third quarter of 2020 have been fixed at an average rate of $25,700 per day. Approximately 55% of the Product Fleet revenue days operating in the spot market have been fixed at an average rate of $11,000 per day in the third quarter of 2020.

Conference Call

The Company will hold a conference call on August 13, 2020 at 8:00 a.m. Eastern Time to discuss its results for the second quarter of 2020.

To access the call, participants should dial +1 866 211-4137 for domestic callers and +1 647 689-6723 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 3179296.

A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.

An audio replay of the conference call will be available starting at 11 a.m. ET on Thursday August 13, 2020 through Thursday, August 20, 2020 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 3179296.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Some of the factors that could cause our actual results or conditions to differ materially include unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off‐hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.


DIAMOND S SHIPPING INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
as of June 30, 2020 and December 31, 2019
(In Thousands, except for share and per share data)
(Unaudited)

	June 30, 2020			December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	118,392		$	83,609
Due from charterers – Net of provision for doubtful accounts of $1,717 and $1,415, respectively		80,663			80,691
Inventories		21,730			32,071
Prepaid expenses and other current assets		13,815			13,179
Total current assets		234,600			209,550

Noncurrent assets:
Vessels – Net of accumulated depreciation of $605,350 and $553,483, respectively		1,821,428			1,865,738
Other property – Net of accumulated depreciation of $737 and $584, respectively		508			642
Deferred drydocking costs – Net of accumulated amortization of $21,505 and $17,975, respectively		35,720			37,256
Restricted cash		5,679			5,610
Advances to Norient pool		1,390			—
Time charter contracts acquired – Net of accumulated amortization of $3,914 and $2,296, respectively		3,486			5,004
Other noncurrent assets		3,543			4,582
Total noncurrent assets		1,871,754			1,918,832
Total	$	2,106,354		$	2,128,382

Liabilities and Equity
Current liabilities:
Current portion of long-term debt	$	134,389		$	134,389
Accounts payable and accrued expenses		37,569			44,062
Deferred charter hire revenue		6,482			1,934
Derivative liability		456			—
Total current liabilities		178,896			180,385

Long-term debt – Net of deferred financing costs of $14,258 and $15,866, respectively		633,468			744,055
Derivative liability		440			—
Total liabilities		812,804			924,440


Equity:
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,912,877 and 39,890,699 shares at June 30, 2020 and December 31, 2019, respectively		40			40
Treasury stock – at cost; 137,289 shares at June 30, 2020		(1,418	)		—
Additional paid-in capital		1,239,408			1,237,658
Accumulated other comprehensive loss		(896	)		—
Retained earnings (accumulated deficit)		22,189			(68,567	)
Total Diamond S Shipping Inc. equity		1,259,323			1,169,131
Noncontrolling interests		34,227			34,811
Total equity		1,293,550			1,203,942
Total	$	2,106,354		$	2,128,382


DIAMOND S SHIPPING INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
for the Three and Six Months Ended June 30, 2020 and 2019
(In Thousands, except for share and per share data)
(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Revenue:
Spot revenue	$	162,419		$	129,344		$	350,071		$	227,793
Time charter revenue		20,815			19,951			42,888			24,158
Pool revenue		319			—			319			—
Total revenue		183,553			149,295			393,278			251,951

Operating expenses:
Voyage expenses		49,349			65,895			124,030			107,473
Vessel expenses		41,738			42,376			83,274			67,177
Depreciation and amortization expense		28,771			29,243			57,531			51,199
General and administrative expenses		7,485			7,320			15,609			13,608
Total operating expenses		127,343			144,834			280,444			239,457
Operating income		56,210			4,461			112,834			12,494
Other (expense) income:
Interest expense		(9,711	)		(13,422	)		(21,087	)		(22,792	)
Other income		3			384			336			901
Total other expense – Net		(9,708	)		(13,038	)		(20,751	)		(21,891	)
Net income (loss)		46,502			(8,577	)		92,083			(9,397	)
Less: Net income (loss) attributable to noncontrolling interest		790			(74	)		1,327			132
Net income (loss) attributable to Diamond S Shipping Inc.	$	45,712		$	(8,503	)	$	90,756		$	(9,529	)

Net earnings (loss) per share – basic	$	1.15		$	(0.21	)	$	2.28		$	(0.28	)
Net earnings (loss) per share – diluted	$	1.14		$	(0.21	)	$	2.26		$	(0.28	)

Weighted average common shares outstanding – basic		39,920,559			39,890,698			39,861,943			33,774,260
Weighted average common shares outstanding – diluted		40,111,348			39,890,698			40,091,647			33,774,260

(1)

The Company is a 51% owner in NT Suez Holdco LLC (“NT Suez”), a joint venture that owns two Suezmax vessels. The Company also performs commercial, technical and administrative services for this joint venture.


DIAMOND S SHIPPING INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
for the Six Months Ended June 30, 2020 and 2019
(In Thousands)
(Unaudited)

	For the Six Months Ended June 30,
	2020			2019
Cash flows from Operating Activities:
Net income (loss)	$	92,083		$	(9,397	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		57,531			51,199
Amortization of deferred financing costs		1,771			1,892
Amortization of time charter hire contracts acquired		1,518			872
Amortization of the realized gain from recouponing swaps		—			(1,377	)
Stock-based compensation expense		2,443			861
Changes in assets and liabilities		6,802			(24,313	)
Cash paid for drydocking		(3,014	)		(7,691	)
Net cash provided by operating activities		159,134			12,046

Cash flows from Investing Activities:
Acquisition costs, net of cash acquired of $16,568		—			(292,683	)
Transaction costs		—			(18,804	)
Payments for vessel additions and other property		(7,481	)		(7,388	)
Net cash used in investing activities		(7,481	)		(318,875	)

Cash flows from Financing Activities:
Borrowings on long-term debt		—			300,000
Principal payments on long-term debt		(67,195	)		(35,496	)
Borrowings on revolving credit facilities		—			56,000
Repayments on revolving credit facilities		(45,000	)		(26,323	)
NT Suez Holdco LLC distribution		(1,911	)		—
Shares repurchased		(1,418	)		—
Cash paid to net settle employee withholding taxes on equity awards		(693	)		—
Proceeds from partners’ contributions in subsidiaries		—			980
Payments for deferred financing costs		(584	)		(6,959	)
Net cash (used in) provided by financing activities		(116,801	)		288,202
Net increase (decrease) in cash, cash equivalents and restricted cash		34,852			(18,627	)
Cash, cash equivalents and restricted cash – Beginning of period		89,219			88,158
Cash, cash equivalents and restricted cash – End of period	$	124,071		$	69,531

Supplemental disclosures:
Cash paid for interest	$	20,538		$	22,075
Unpaid transaction costs in Accounts payable and accrued expenses at the end of the period	$	—		$	280
Unpaid vessel additions in Accounts payable and accrued expenses at the end of the period	$	—		$	2,485


DIAMOND S SHIPPING INC. AND SUBSIDIARIES
Other Operating Data
(Unaudited)

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2020				2019				2020				2019
	Crude Fleet		Product Fleet		Crude Fleet		Product Fleet		Crude Fleet		Product Fleet		Crude Fleet		Product Fleet
Time Charter TCE per day⁽¹⁾	$	26,372	$	14,558	$	26,105	$	13,953	$	26,380	$	14,352	$	26,117	$	14,335
Spot TCE per day ^(1),(2)		44,214		18,956		15,528		12,815		45,510		17,686		17,862		13,463
Total TCE per day^(1),(2)	$	40,626	$	18,073	$	16,200	$	13,118	$	41,769	$	16,999	$	18,174	$	13,639
Vessel operating expenses per day⁽³⁾	$	7,030	$	6,407	$	7,195	$	6,677	$	7,367	$	6,535	$	6,745	$	6,590
Revenue days⁽⁴⁾		1,357		4,422		1,433		4,617		2,786		8,937		2,516		7,399
Operating days⁽⁴⁾		1,456		4,550		1,456		4,732		2,912		9,100		2,552		7,606

		(1)		Time charter equivalent (“TCE”) revenue represents voyage revenues, which commence at the time a vessel departs its last discharge port and end at the time the discharge of cargo at the next discharge port is complete, less voyage expenses incurred over such time. TCE rates are a non-GAAP measure, generally used in the shipping industry, used to compare revenue generated from voyage charters to revenue generated from time charters. TCE rates assist the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating the financial performance of vessels under commercial management. See Non-GAAP Measures below.
		(2)		Revenues are derived on a discharge-to-discharge basis less voyage expenses which primarily consist of fuel costs and port charges incurred over the same period. Voyage revenues, as presented in the income statement, are reported under a load-to-discharge basis under U.S. GAAP. A reconciliation is provided in the Non-GAAP Measures section of the press release.
		(3)		The vessel operating expenses primarily consist of crew wages and associated costs, insurance premiums, lubricants and spare parts, technical management fees and repair and maintenance costs and excludes nonrecurring items.
		(4)		Operating days include the calendar days in the period of owned vessels. Revenue days represent operating days less technical off-hire and drydocking.

Non-GAAP Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone.

TCE revenue, TCE per day, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance (“Adjusted EBITDA”) are non-GAAP financial measures that are presented in this press release and that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of TCE revenue, TCE per day, EBITDA and Adjusted EBITDA.

Reconciliation of Voyage Revenue to TCE per Day

(in thousands of U.S. dollars, except fleet data)	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2020						2019						2020						2019
	Crude Fleet			Product Fleet			Crude Fleet			Product Fleet			Crude Fleet			Product Fleet			Crude Fleet			Product Fleet
Voyage revenue	$	69,873		$	113,680		$	51,474		$	97,821		$	160,502		$	232,776		$	86,883		$	165,068
Voyage expense		(14,660	)		(34,689	)		(27,094	)		(38,801	)		(43,009	)		(81,021	)		(41,464	)		(66,009	)
Amortization of time charter contracts acquired		581			197			581			215			1,162			356			600			272
Off-hire bunkers in voyage expenses		147			227			211			230			281			301			211			603
Commercial management pool fees		-			9			-			-			-			9			-			-
Load-to-discharge/Discharge-to-discharge		(793	)		481			(1,955	)		1,096			(2,562	)		(495	)		(501	)		943
Revenue from sold vessels		-			4			-			-			-			(11	)		-			30
TCE Revenue	$	55,148		$	79,909		$	23,217		$	60,561		$	116,374		$	151,915		$	45,729		$	100,907
Operating days		1,456			4,550			1,456			4,732			2,912			9,100			2,552			7,606
Off-hire/Dry Docking days		99			128			23			115			126			163			36			207
Revenue days		1,357			4,422			1,433			4,617			2,786			8,937			2,516			7,399
TCE per day	$	40,626		$	18,073		$	16,200		$	13,118		$	41,769		$	16,999		$	18,174		$	13,639

Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA

EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income (loss) or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some limitations are:

EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.

Contacts

Investor Relations Inquiries:
Robert Brinberg
Tel: +1-212-517-0810
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Read full story here

: Business Wire; Posted On Aug 14, 2020

Brightcore Energy Executes Comprehensive Approach With City of White Plains to Drive Energy Savings Across Their Facility Portfolio

Brightcore has completed 9 projects that have delivered $100k in annual energy savings to the City of White Plains.

ARMONK, N.Y.--(BUSINESS WIRE)--#Brightcore--Brightcore Energy, a leading provider of end-to-end clean energy solutions to the commercial and institutional (“C&I”) market, announced today the continued execution of projects as part of a comprehensive energy sustainability strategy for the City of White Plains.

The multi-phase project includes a complete lighting upgrade of many of the facilities operated by the City of White Plains. Recreational fields, ice rinks, sanitation/service garage and a number of firehouses have been completed as part of the initial project execution plan. The sustainability projects were launched in 2019 and are expected to continue their progression through 2022.

“Brightcore is very proud to have a strategic engagement with City of White Plains regarding their sustainability plan,” said Mike Richter, president of Brightcore Energy. “Our teams have worked closely together to prioritize facility opportunities to drive energy savings while dramatically increase lighting effectiveness across a wide range of applications.”

Tom Roach, Mayor of the City of White Plains, added: “The City of White Plains is strongly committed to driving energy sustainability across our city government and community. Our partnership with Brightcore Energy has allowed our team to refine our plan and accelerate project execution to realize critical operational cost savings. Our anticipated energy and maintenance savings has reached $117k annually.”

Brightcore Energy has completed the installation of over 1,200 lighting fixture replacements or upgrades. Some highlights of the current projects include a complete upgrade of Delfino Field, which involved replacing and repointing fixtures to significantly improve “dark spots” while saving a large amount of energy. In addition, costly annual maintenance of the existing lights will be eliminated by the new LED fixtures.

The firehouses have also been a major focus for the lighting improvements. Extremely old and ineffective lighting has been replaced by LED retrofits improving both light level and safety in the buildings. Improving the working environment of our first responders is an uplifting experience, for both the community and our local heroes.

About Brightcore Energy

Armonk, N.Y.-based Brightcore Energy is a provider of end-to-end clean energy solutions to the commercial and institutional market, including LED lighting conversions, commercial and community solar, high-efficiency renewable heating and cooling (geothermal), electric vehicle (EV) charging and battery storage. Brightcore Energy accelerates the deployment of proven energy-efficiency and renewable energy technologies through its innovative Efficiency-as-a-Service (EaaS) model that requires no capital investment and provides for immediate operating cost savings, making it affordable and seamless for businesses and institutional buildings to quickly and easily transition their legacy energy platforms to significantly more efficient ones. Customers include, among others, Madison Square Garden, Citi Field, Montefiore Health System, Brookfield Properties, SL Green, Laz Parking and numerous public and private educational institutions.

For more information, visit the Company at www.brightcoreenergy.com or on LinkedIn.

Contacts

Michele Lea, 845-545-2431
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 13, 2020

Sypris Reports Second Quarter Results

Sypris Electronics Sales up 28%; Gross Profit Up 73%

LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its second quarter ended July 5, 2020. Having completed a series of strategic initiatives over the past several years, Sypris Solutions is now better positioned to achieve long-term growth and a return to profitable operations. These steps have included reducing and realigning the Company’s cost structure while diversifying its book of business in terms of both customers and markets.

Results for the second quarter of 2020 fundamentally reflected these expectations, highlighted by the improved performance of Sypris Electronics. The global economic impact of the COVID-19 pandemic was felt in the majority of the Company’s markets during the quarter, however the essential nature of the defense and communication programs served by Sypris Electronics allowed this segment to sustain operations near planned levels. The Company expects customer demand will improve sequentially in its other markets during the third quarter, albeit with continued uncertainty related to the pandemic.

HIGHLIGHTS
─────────────────────

The Company’s second quarter revenue decreased 29.8% compared to the prior-year quarter and 23.5% sequentially, reflecting lower market volumes driven by the temporary closure of customer operations in response to the pandemic, while the subsequent restart of operations in June has had a corresponding positive impact on demand.
Sypris Electronics revenue increased 28.3% during the quarter compared to the prior-year period and 11.5% sequentially, supported by a strong backlog of orders, which has increased 22.5% since year-end 2019.
Sypris Electronics gross profit increased 72.9% and 61.6% on a year-over-year and sequential basis, respectively. Gross margin increased 470 basis points compared to the prior year and 570 basis points sequentially to 18.3%.
As a result of the higher levels of shipments, operating margins for Sypris Electronics increased to 10.6%, reflecting a material improvement over its historical results on both a year-over-year and sequential basis.
Sypris Technologies revenue decreased 55.9% during the quarter compared to the prior-year period and 45.7% sequentially due to many customers idling operations throughout the quarter in response to the pandemic. These operations have since reopened, resulting in a positive impact on demand.
During the second quarter, the Company completed the sale of its 90-year-old former manufacturing facility that was located on approximately 20 acres of land in Louisville, Kentucky, for $1.7 million. The facility had been closed and unoccupied since the fourth quarter of 2017.
The Company secured a $3.6 million loan in May under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Securities Act. The proceeds have been used to cover payroll costs, rent and utility costs in accordance with the terms and conditions of the loan.
Subsequent to quarter-end, Sypris Electronics announced an initial contract award from the Leonardo DRS Naval Electronics business unit to manufacture and test electronic assemblies for a shipboard system with production to begin during 2020.
Subsequent to quarter-end, Sypris Technologies announced the award of orders for projects in Brazil and Canada. The contracts, which provide for the use of Ultra-High-Pressure closures in the Libra Oil Field deep water project in Brazil and Double-Bolt closures in the Trans Mountain Pipeline Expansion project in Canada, call for shipments to begin in the second half of 2020.

─────────────────────

“While the economic headwinds and disruptions in the quarter had an impact on our results, we are pleased with our performance during the period,” commented Jeffrey T. Gill, President and Chief Executive Officer. “In the face of unprecedented challenges brought on by the pandemic, our businesses pulled together to protect our people, while balancing the needs of our customers, communities and business partners during these difficult times.

“Revenue for Sypris Electronics increased 28.3% from the prior-year quarter and 11.5% sequentially, reflecting its strong backlog and improved electronic component availability. Sales are up 67.6% for the first half of 2020 compared to the prior year, while backlog has increased 22.5% since year-end. We have been designated as an essential supplier to our customers serving the defense and communications industries and as such, our team has done an excellent job making sure that we were able to provide for their increasing needs during the period.

“The temporary closure of operations by customers serving the energy, automotive, commercial vehicle, sport utility and off-highway markets had a significant impact on Sypris Technologies during the months of April and May, before we began to see demand recover in June. The outlook going forward has much improved with all customer plants open at this time. It is worth noting that this business of ours has remained profitable on a year-to-date basis, which is a remarkable feat and serves as testimony to the capabilities of our people.

“Sypris Technologies has also been designated as an essential supplier to our customers serving the energy and transportation sectors of our country and as a result, our team will continue to take whatever steps are necessary to ensure that the needs of our customers are reliably met without delay.”

Concluding, Mr. Gill said, “Our customer base and the markets we serve are considerably more diversified than at any point in our recent history. As an essential business, we have a responsibility to ensure that our defense, communications, energy and transportation sectors remain vibrant. We will continue to monitor developments, act promptly to mitigate the risks and take the necessary steps required to ensure deliveries continue to be made in a timely manner.”

Second Quarter Results

The Company reported revenue of $17.2 million for the second quarter ended July 5, 2020, compared to $24.4 million for the prior-year period. Additionally, the Company reported a net loss of $0.3 million for the second quarter, or $0.02 per share, compared to net income of $1.5 million, or $0.07 per share, for the prior‑year period. Results for the quarter ended July 5, 2020, include net gains of $0.8 million from the sale of idle assets by Sypris Technologies. Results for the quarter ended June 30, 2019, include a gain of $1.5 million in connection with a contract settlement with one of its customers.

For the six months ended July 5, 2020, the Company reported revenue of $39.6 million compared with $44.0 million for the first half of 2019. The Company reported a net loss for the six-month period of $0.7 million, or $0.03 per share, compared with a net loss of $1.5 million, or $0.07 per share, for the prior year period. Results for the six months ended July 5, 2020, include gains of $1.0 million from the sale of idle asset by Sypris Technologies. Results for the six months ended June 30, 2019, include a gain of $1.5 million in connection with a contract settlement with one of its customers and net gains of $0.5 million from the sale of idle assets.

Sypris Technologies

Revenue for Sypris Technologies was $7.4 million in the second quarter of 2020 compared to $16.9 million for the prior-year period, primarily reflecting reduced demand attributable to the COVID-19 pandemic coupled with the anticipated cyclical decline in the commercial vehicle market. Gross profit for the second quarter was $0.2 million, or 3.1% of revenue, compared to $3.0 million, or 17.6% of revenue, for the same period in 2019.

Sypris Electronics

Revenue for Sypris Electronics was $9.7 million in the second quarter of 2020 compared to $7.6 million for the prior-year period. Shipments during the second quarter reflected the fact that our customer base serving the defense and communications markets remained open at near normal levels throughout the period. Additionally, many of the challenges faced during the prior year with electronic component shortages and extensive lead-times have been resolved. Gross profit for the quarter was $1.8 million, or 18.3% of revenue, compared to $1.0 million, or 13.6% of revenue, for the same period in 2019.

Outlook

Commenting on the future, Mr. Gill added, “First and foremost, we are focused on the health and safety of our employees, their families and our customers. We are closely monitoring local, state and federal government agencies and will follow all recommendations. The environment is changing rapidly with regard to customers, suppliers and public policy, and we are paying close attention to developments on a daily basis. The extent and duration of the impacts that the pandemic may have on our business are not known at this time, but we are monitoring developments as we seek to navigate the challenging conditions in our markets.

“As anticipated, the impact of the pandemic has been felt less on customers in defense-related markets and as a result, the outlook for Sypris Electronics remains positive. We have seen a rebound in orders within the commercial vehicle market since June, resulting in an improvement in our outlook for Sypris Technologies to approach pre-pandemic expectations during the second half of 2020. While the energy market continues to be volatile, we continue to see wins on important large projects around the world.

“Our operations have remained open to meet the important needs of our customers who serve defense, communications, energy, transportation and other critical infrastructure industries. We expect the road back for the economy to be a potentially uncertain journey.”

Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company performs a wide range of manufacturing services, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.

Forward Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters. In March 2020, the President of the United States declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.

Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our ability to comply with the requirements of the SBA and seek forgiveness of all or a portion of the PPP Loan; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or other assets to fund operating losses; our failure to achieve targeted gains and cash proceeds from the anticipated sale of certain equipment; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; dependence on, retention or recruitment of key employees and distribution of our human capital; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability or environmental claims; our inability to develop new or improved products or new markets for our products; cost, quality and availability of raw materials such as steel, component parts (especially electronic components), natural gas or utilities; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; our inability to regain compliance with the NASDAQ listing standards minimum closing bid price in a timely manner our reliance on a few key customers, third party vendors and sub-suppliers; continued shortages and extensive lead-times for electronic components; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; other potential weaknesses in internal controls over financial reporting and enterprise risk management; failure to adequately insure or to identify environmental or other insurable risks; unanticipated or uninsured disasters, public health crises, losses or business risks; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; pension valuation, health care or other benefit costs; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.




SYPRIS SOLUTIONS, INC.
Financial Highlights
(In thousands, except per share amounts)

	Three Months Ended
	July 5,			June 30,
	2020			2019
	(Unaudited)
Revenue	$	17,153		$	24,444
Net (loss) income	$	(348	)	$	1,503
(Loss) income per common share:
Basic	$	(0.02	)	$	0.07
Diluted	$	(0.02	)	$	0.07
Weighted average shares outstanding:
Basic		21,016			20,875
Diluted		21,016			20,875


	Six Months Ended
	July 5,			June 30,
	2020			2019
	(Unaudited)
Revenue	$	39,578		$	44,008
Net loss	$	(653	)	$	(1,533	)
Loss per common share:
Basic	$	(0.03	)	$	(0.07	)
Diluted		(0.03	)		(0.07	)
Weighted average shares outstanding:
Basic		21,005			20,772
Diluted		21,005			20,772




Sypris Solutions, Inc.
Consolidated Statements of Operations
(in thousands, except for per share data)

	Three Months Ended						Six Months Ended
	July 5,			June 30,			July 5,			June 30,
	2020			2019			2020			2019
	(Unaudited)						(Unaudited)
Net revenue:
Sypris Technologies	$	7,445		$	16,878		$	21,162		$	33,019
Sypris Electronics		9,708			7,566			18,416			10,989
Total net revenue		17,153			24,444			39,578			44,008
Cost of sales:
Sypris Technologies		7,216			13,915			18,440			27,752
Sypris Electronics		7,934			6,540			15,544			11,407
Total cost of sales		15,150			20,455			33,984			39,159
Gross profit (loss):
Sypris Technologies		229			2,963			2,722			5,267
Sypris Electronics		1,774			1,026			2,872			(418	)
Total gross profit		2,003			3,989			5,594			4,849
Selling, general and administrative		2,830			3,604			6,053			7,058
Severance, relocation and other costs		33			103			124			201
Operating (loss) income		(860	)		282			(583	)		(2,410	)
Interest expense, net		193			232			420			449
Other (income), net		(769	)		(1,493	)		(486	)		(1,442	)
(Loss) income before taxes		(284	)		1,543			(517	)		(1,417	)
Income tax expense, net		64			40			136			116
Net (loss) income	$	(348	)	$	1,503		$	(653	)	$	(1,533	)
(Loss) income per common share:
Basic	$	(0.02	)	$	0.07		$	(0.03	)	$	(0.07	)
Diluted	$	(0.02	)	$	0.07		$	(0.03	)	$	(0.07	)
Dividends declared per common share	$	-		$	-		$	-		$	-
Weighted average shares outstanding:
Basic		21,016			20,875			21,005			20,772
Diluted		21,016			20,875			21,005			20,772




Sypris Solutions, Inc.
Consolidated Balance Sheets
(in thousands, except for share data)

	July 5,			December 31,
	2020			2019
	(Unaudited)			(Note)
ASSETS
Current assets:
Cash and cash equivalents	$	7,810		$	5,095
Accounts receivable, net		6,376			7,444
Inventory, net		18,485			20,784
Other current assets		4,309			4,282
Assets held for sale		1,230			2,233
Total current assets		38,210			39,838
Property, plant and equipment, net		9,883			11,675
Operating lease right-of-use assets		6,523			7,014
Other assets		1,407			1,529
Total assets	$	56,023		$	60,056
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	6,536		$	9,346
Accrued liabilities		12,358			12,495
Operating lease liabilities, current portion		919			841
Finance lease obligations, current portion		587			684
Note payable - related party, current portion		2,500			-
Note payable - PPP loan, current portion		1,581			-
Total current liabilities		24,481			23,366

Operating lease liabilities, net of current portion		6,433			6,906
Finance lease obligations, net of current portion		2,128			2,351
Note payable - related party		3,971			6,463
Note payable - PPP Loan		1,977			-
Other liabilities		5,515			7,539
Total liabilities		44,505			46,625

Stockholders’ equity:
Preferred stock, par value $0.01 per share, 975,150 shares authorized; no shares issued		-			-
Series A preferred stock, par value $0.01 per share, 24,850 shares authorized; no shares issued		-			-
Common stock, non-voting, par value $0.01 per share, 10,000,000 shares authorized; no shares issued		-			-

Common stock, par value $0.01 per share, 30,000,000 shares authorized; 21,384,618 shares issued and 21,369,580 outstanding in 2020 and 21,324,618 shares issued and 21,298,426 outstanding in 2019		213			213
Additional paid-in capital		154,923			154,702
Accumulated deficit		(118,086	)		(117,433	)
Accumulated other comprehensive loss		(25,532	)		(24,051	)
Treasury stock, 15,038 and 26,192 in 2020 and 2019		-			-
Total stockholders’ equity		11,518			13,431
Total liabilities and stockholders’ equity	$	56,023		$	60,056

Note: The balance sheet at December 31, 2019, has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.




Sypris Solutions, Inc.
Consolidated Cash Flow Statements
(in thousands)

	Six Months Ended
	July 5,			June 30,
	2020			2019
	(Unaudited)
Cash flows from operating activities:
Net loss	$	(653	)	$	(1,533	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,259			1,407
Stock-based compensation expense		228			283
Deferred loan costs recognized		7			7
Net gain on the sale of assets		(958	)		(477	)
Provision for excess and obsolete inventory		125			283
Non-cash lease expense		491			452
Other noncash items		100			(130	)
Contributions to pension plans		(34	)		(45	)
Changes in operating assets and liabilities:
Accounts receivable		1,053			(1,248	)
Inventory		1,813			(1,425	)
Prepaid expenses and other assets		(457	)		(1,088	)
Accounts payable		(2,697	)		(2,457	)
Accrued and other liabilities		(1,318	)		177
Net cash used in operating activities		(1,041	)		(5,794	)
Cash flows from investing activities:
Capital expenditures		(833	)		(671	)
Proceeds from sale of assets		1,968			634
Net cash provided by (used in) investing activities		1,135			(37	)
Cash flows from financing activities:
Finance lease payments		(320	)		(304	)
Proceeds from Paycheck Protection Program loan		3,558			-
Indirect repurchase of shares for minimum statutory tax withholdings		(7	)		(133	)
Net cash provided by (used in) financing activities		3,231			(437	)
Effect of exchange rate changes on cash balances		(610	)		26
Net increase (decrease) in cash and cash equivalents		2,715			(6,242	)
Cash and cash equivalents at beginning of period		5,095			10,704
Cash and cash equivalents at end of period	$	7,810		$	4,462

Contacts

Anthony C. Allen
Chief Financial Officer
(502) 329-2000

Read full story here

: Business Wire; Posted On Aug 14, 2020

PG&E Encourages Customers to Conserve Electricity as California Declares a Flex Alert on Friday

Conserve Power Between 3 p.m. and 10 p.m. Friday, Aug. 14

SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) urges customers to conserve electricity in response to a statewide Flex Alert called for Friday Aug. 14 from 3 to 10 p.m., by the California Independent System Operator (ISO), which manages the state's power grid.

A Flex Alert is an urgent call to immediately conserve electricity and shift power demand to off-peak hours to ease strain on the grid. The ISO issued the alert in response to forecasted high temperatures and a predicted increase in electric demand, primarily from residential air conditioning use.

Above-normal temperatures for California are expected to last through the weekend and into late next week. Prolonged heat over several consecutive days is expected to drive electricity demand higher, as nighttime temperatures are also forecast to be above average.

PG&E encourages customers to reduce electricity use during the Flex Alert on Friday, especially during the afternoon and evening, when air conditioners are typically at peak use. Customers should also follow these conservation tips:

Adjust your thermostat to 78 degrees or higher if health permits or turn it off if you will be away from home. Use a fan instead of air conditioning, when possible.
Draw drapes and turn off unnecessary lighting.
Unplug phone charges, power strips (those without a switch) and other equipment when not in use. Taken together, these small items can use as much power as your refrigerator. Avoid using electrical appliances and devices. Put off tasks such as vacuuming, laundry, dish washing and computer time until after 10 p.m.
Set your pool pump to run overnight instead of during the day.

These Flex Alert-related conservation efforts could reduce the risk of further emergency measures, including rotating power outages.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

Contacts

MEDIA RELATIONS:
415-973-5930

: Business Wire; Posted On Aug 13, 2020

Ampco-Pittsburgh Corporation Announces Pricing of Units and Series A Warrants for its Rights Offering

Subscription Period for Rights Offering to Commence on August 18, 2020, for Holders of Record on August 17, 2020

Investors Interested in Participating in the Rights Offering Must Acquire Shares by Market close Today in Order to Participate

CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) today announced the pricing of the units and Series A warrants being offered as part of its previously announced $20.0 million rights offering (the “rights offering”). The rights offering will allow Ampco-Pittsburgh’s shareholders of record as of August 17, 2020, to purchase up to 12,800,795 units. Units consist of shares of common stock (the “Common Shares”) and Series A warrants to purchase Common Shares, which expires on August 1, 2025. The subscription price for units entitling participants in the rights offering to a whole Common Share and receive a Series A warrant to purchase a whole Common Share has been set at $3.50, representing a 17% premium to the closing price for the Common Shares on the New York Stock Exchange on August 12, 2020. In addition, the exercise price for Series A warrants to purchase a whole Common Share has been set at $5.75 per share. The units and Series A warrants will be exercisable only for whole Common Shares.

For additional information on the rights offering, please see the prospectus included in the Corporation’s registration statement on Form S-1 and related amendments, which has not yet become effective, at https://www.sec.gov/edgar/searchedgar/companysearch.html

Commenting on the rights offering, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “We have made significant progress in turning around the business. The restructuring of our portfolio, cost reduction measures, and operation efficiency improvements over the past two years have helped position us to achieve positive results. Moving ahead with this equity rights offering will support our desire to accelerate our restructuring efforts through capital investments and strengthen our balance sheet and liquidity.”

The Corporation anticipates that all directors and executive officers of the Corporation will participate in the rights offering.

The rights offering includes an over-subscription privilege, entitling each rights holder that exercises all its basic subscription privileges in full the right to purchase additional units that remain unsubscribed at the expiration of the rights offering. Both the basic and over-subscription privileges are subject to the availability and pro-rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period of Tuesday, August 18, 2020, through 5:00 PM ET, Wednesday, September 16, 2020.

In addition, the Corporation recommends that current shareholders consider notifying their broker or financial advisor to ensure they will maximize their ability to participate in the rights offering. Ampco-Pittsburgh reminds shareholders that most purchases settle two trading days following the transaction date, so Common Shares must be acquired by market close at 4:00 PM Eastern Time on Thursday, August 13, 2020, to be considered a shareholder of record on the record date.

The rights offering is being made pursuant to Ampco-Pittsburgh’s registration statement on Form S-1 (Reg. No. 333-239446), which is not yet effective, on file with the U.S. Securities and Exchange Commission (the “SEC”). Investors should consider the information in the prospectus contained in the registration statement carefully before making any decision to participate in the rights offering. Copies of the prospectus and related materials are being sent to holders of record on the record date of August 17, 2020. Requests for copies of the prospectus and questions from shareholders relating to the rights offering may be directed to the information agent for the rights offering at the address, phone number, and e-mail address below.

Ampco-Pittsburgh has engaged Advisory Group Equity Services, Ltd. d/b/a RHK Capital to act as dealer-manager for the rights offering.

Questions about the rights offering may be directed to and, when available, copies of the prospectus may be obtained from the information agent for the rights offering, as follows:

Rights Offering Information Agent

D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Telephone at (212) 269-5550 (bankers and brokers) or (800) 290-6432 (all others)
This email address is being protected from spambots. You need JavaScript enabled to view it.

RHK Capital invites any broker-dealers interested in participating in the rights offering to contact This email address is being protected from spambots. You need JavaScript enabled to view it.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. The rights offering, which is expected to be launched immediately following the effectiveness of the registration statement, will be made only by means of a prospectus.

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.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of the Corporation. The information contained in this press release may include, but are not limited to, statements about undertaking the rights offering described herein, operating performance, trends, events that we expect or anticipate will occur in the future, statements about sales levels, restructuring, the impact from global pandemics (including COVID-19), profitability and anticipated expenses and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inability to satisfy the continued listing requirements of the New York Stock Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully in documents filed with the SEC by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s Form 10-K for the year ended December 31, 2019, and Part II of the Corporation’s Form 10-Q for the quarter ended March 31, 2020. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

Contacts

Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 14, 2020

ComEd Restores Power to More Than 90 Percent of Customers Following Damaging Derecho and Tornados

3,300 crew members continue work, focusing on highly impacted areas

CHICAGO--(BUSINESS WIRE)--ComEd has restored power to more than 695,000 families and businesses, or more than 90 percent of the customers affected by the derecho that slammed northern Illinois on Monday afternoon causing significant damage across the entire region. The storm brought hurricane force winds with gusts higher than 90 miles per hour, extensive lightning, golf ball-sized hail and 10 confirmed tornados in communities that ComEd serves. About 66,000 customers remain without power.

ComEd’s focus is on areas with significant devastation. Following the storms, some communities saw block-long lines of poles and wires down, transmission towers that were blown onto distribution lines and decades-old trees that toppled into electrical equipment.

“This was a storm of historical proportion, both meteorologically and in its impact on our system,” said Terry Donnelly, president and COO of ComEd. “In many hard-hit areas, we are not repairing the system, we’re rebuilding it. There are instances where the damage would take weeks to repair under normal circumstances. We’re getting it done in days. Our redoubled efforts have reduced the amount of time our customers are out of power.”

More than 1,900 ComEd employees and contractors have been working around the clock since Monday afternoon to restore power to customers quickly and safely. Additionally, More than 1,400 mutual assistance workers from across the country are assisting with the restoration effort.

ComEd is on target to restore power to over 95 percent of customers by Friday night. Hundreds of additional customers are being restored each hour, but outages in areas where tornados or other intense storm events occurred may take longer to restore.

In spite of the extensive damage caused by the tornados and derecho, ComEd restored power to 540,000 customers within a day, the fastest restoration of 500,000 customers in the company’s history. This is due in large part to the smart grid investments ComEd has made since 2012, including in technologies that automatically detect outages and reroute power around problem areas, avoiding significant outages that otherwise would have occurred. These technologies helped avoid more than 700,000 additional interruptions from the storm.

ComEd offers the following tips and information for customers to stay safe following severe weather:

If you encounter a downed power line, immediately call ComEd at 1-800-EDISON1 (1-800-334-7661) or go to ComEd.com to report the location. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).

Never approach a downed power line. Always assume a power line is energized and extremely dangerous.

In the event of an outage, do not approach ComEd crews working to restore power to ask about restoration times. Crews may be working on live electrical equipment and the perimeter of the work zone may be hazardous.

ComEd urges customers to contact the company immediately if they experience a power outage. Customers can text OUT to 26633 (COMED) to report an outage and receive restoration information, and can follow the company on Twitter @ComEd or on Facebook at Facebook.com/ComEd. Customers can also call 1-800 EDISON1 (1-800-334-7661), or report outages via the website at www.ComEd.com/report. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).

ComEd has introduced a mobile app for iPhone and Android® smart phones that gives customers the ability to report power outages and manage their accounts; download the app at www.ComEd.com/app.

ComEd has an interactive outage map on its website at www.ComEd.com/map, which allows customers to easily find information on the location and size of outages and get estimated power restoration times.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

Contacts

ComEd Media Relations
312-394-3500

: Business Wire; Posted On Aug 13, 2020

New Study Finds Colorado Energy Policy Discourages All-Electric Buildings Despite Lower Upfront Costs

The state is constructing tens of thousands of new buildings that cost more to build and lock in higher CO2 emissions all amid growing efforts to accelerate emission reductions

DENVER--(BUSINESS WIRE)--A report commissioned by Community Energy finds that the upfront cost to build new residential buildings with all-electric space and water heating is roughly 25% less expensive than comparable equipment powered by natural gas. Similar, but smaller percentage savings arise for new all-electric commercial buildings. This shift to all-electric has not yet occurred, however, principally because current electricity rates and rebate programs for all-electric systems in Colorado produce higher total costs.

Prepared by Group14 Engineering, the report further concludes that once buildings are constructed, the economics of retrofitting from natural gas to all-electric are far more difficult — bordering on cost prohibitive. As a result, Colorado is currently building tens of thousands of new residential and commercial buildings that both cost more and lock in higher CO2 emissions for the majority of a building’s +50-year life.

“Colorado spent over $16 billion on new residential and commercial construction in 2019, with the overwhelming majority of these new buildings relying on natural gas,” said Eric Blank, Co-Founder and Director of Community Energy, Inc. “Colorado has a near-term opportunity to modify its energy rates and rebate programs to encourage building electrification and accelerate the clean energy transition.”

Through a detailed economic case study of an individual single-family residence and commercial building in Colorado, the report shows that the state can quickly modify its rates and rebates to make all-electric the most cost-effective choice. This would begin to move new construction toward all-electric, enabling a low-carbon future.

“Simple changes today can make a large difference in realizing the low-hanging fruit of electrifying new building construction and reducing carbon emissions, all while providing comparable comfort and service,” said the report’s lead author Celeste Cizik, Principal at Group14 Engineering.

------------------------------------------------------------------------------------------------------------------------------------------

About Community Energy:

For more than twenty years, Community Energy has partnered with utilities, Fortune 500 companies and local communities to develop roughly 2,000 MW of wind and solar, representing a close to $4 Billion investment. As an early entrant in commercializing clean energy, Community Energy leverages emerging technologies and resources to support decarbonization of our energy systems and promote fuel-free approaches. Headquartered in Radnor, Pennsylvania, with offices in Boulder, Colorado and Chapel Hill, North Carolina, Community Energy has a strong presence in diverse geographical markets. For more information about Community Energy please visit www.communityenergyinc.com.

About Group14 Engineering:

Group14 Engineering is a nationally recognized engineering and sustainability consulting firm delivering technical expertise, practical solutions and innovative best practices in the built environment that benefit developers, building owners, their occupants and society throughout the life-cycle of the building. Group14’s mission is to transform the built environment to realize a more resilient future. Based in Denver and in business since 1992, Group14 Engineering brings solutions to projects throughout the United States. For more information about Group14 Engineering, please visit www.group14eng.com.

The Full Report is available at www.communityenergyinc.com/COelec

Contacts

Antenna Group on behalf of Community Energy
Regan Keller
415-977-1933
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 14, 2020

Eaton Launches New Line of Wireless Mobile Control Solutions for Heavy Machinery and Field Operations

SOUTHFIELD, Mich.--(BUSINESS WIRE)--Power management company Eaton today announced its eMobility business has launched a new and improved line of Eaton OMNEX Trusted Wireless™ mobile control solutions for heavy machinery and field operations. The 900 MHz two-way remote-control units allow for the wireless control of high-value machinery in harsh environments, including mining, construction, agriculture, locomotive and marine markets.

“Our next generation of rugged, weatherproof OMNEX wireless controllers were designed with customer input, and offer a number of benefits, including enhanced safety and productivity for machine operators,” said Scott Adams, president, eMobility, Eaton. “Overall, we’ve improved upon the reliability and connectivity that was always a benefit over the competition – and we continue to advance our wireless technology in those areas.”

On a construction site, the wireless controllers can operate heavy machinery, such as vacuum trucks, tow trucks, concrete mixers and cranes. Remote operation provides a number of benefits, including reducing the amount of personnel on-site and keeping workers out of harm’s way. The new units have a range of up to 1,650 feet and can be programmed for a wide range of functions. For example, an operator could remotely control boom functions, rotate a mixer barrel, or raise and lower a crane, all from a safe distance. The wireless controls can also be programmed to provide feedback via a screen, haptic response or sequenced light-emitting diodes. This function can be used to signal an operator when a crane is fully extended or be programmed to display the amount of weight a trailer is carrying.

The units have undergone Eaton’s proprietary cyber security protocols to prevent the signal being hacked into by an outside source, while sophisticated control algorithms guarantee fail-safe operation. Each controller can be programmed to connect with a vehicle that has been equipped with a receiver installed in the electronic systems of a remote vehicle or machinery.

The wireless controls are compliant with Ingress Protection Code 65 & 67 (IP65 & IP67) ratings, which are “dust tight” and protected against water spray as well as complete, continuous submersion in water. They have been redesigned for better form, fit and function, making them easier to hold and control. The new control units also feature updated radios and lithium ion batteries for better performance.

Eaton’s new wireless lineup offers flexible solutions for customers, and includes the following models:

Hand-held TD110
Hand-held TD1140 with optional E-Stop
Pistol-grip TD2100
Small belly-pack TD3100

In addition to the 900 MHz two-way wireless remote-control units, 2.4 GHz versions will launch later this year. Learn more at Eaton.com/wireless.

Eaton’s eMobility business was formed by combining products, expertise and global manufacturing capabilities from Eaton’s Electrical and Vehicle businesses. Eaton plans to further develop new products and technologies, including smart diagnostics, intelligent power electronics and predictive health monitoring systems, to strengthen its global capabilities and deliver intelligent electrification solutions to passenger car, commercial vehicle and off-highway customers. Learn more about Eaton’s eMobility business at Eaton.com/eMobility.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 93,000 employees. For more information, visit www.eaton.com.

Contacts

Thomas Nellenbach
This email address is being protected from spambots. You need JavaScript enabled to view it.
(216) 333-2876 (cell)

: Business Wire; Posted On Aug 13, 2020

Global Motor Soft Starters Industry (2020 to 2027) - Market Trajectory & Analytics - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Motor Soft Starters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 6th edition of this report. The 204-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Motor Soft Starters Market to Reach $2.1 Billion by 2027

Amid the COVID-19 crisis, the global market for Motor Soft Starters estimated at US$1.5 Billion in the year 2020, is projected to reach a revised size of US$2.1 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027.

Oil & Gas, one of the segments analyzed in the report, is projected to record a 4.6% CAGR and reach US$745.1 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mining segment is readjusted to a revised 5.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $405.1 Million, While China is Forecast to Grow at 7.5% CAGR

The Motor Soft Starters market in the U.S. is estimated at US$405.1 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$426.7 Million by the year 2027 trailing a CAGR of 7.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.

Power Segment to Record 5.1% CAGR

In the global Power segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$213.5 Million in the year 2020 will reach a projected size of US$294.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$279.2 Million by the year 2027, while Latin America will expand at a 6.2% CAGR through the analysis period.

Competitors identified in this market include, among others:

Siemens AG
ABB Ltd.
General Electric Company
Schneider Electric SA
Eaton Corporation PLC
Rockwell Automation, Inc.
Emerson Electric Company
Crompton Greaves Ltd.
Littelfuse, Inc.
Danfoss A/S
WEG SA
Toshiba International Corporation Pty., Ltd.
Carlo Gavazzi Holding AG
Fairford Electronics Ltd.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Global Competitor Market Shares
Motor Soft Starter Market Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 57

For more information about this report visit https://www.researchandmarkets.com/r/v8icak

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

: Business Wire; Posted On Aug 14, 2020

Sunnova Announces Pricing of Secondary Offering of Shares of Common Stock

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced the pricing of its underwritten public offering (the “Offering”) of 10,000,000 shares of Sunnova’s common stock by certain of its stockholders, including affiliates of Energy Capital Partners (collectively, the “Selling Stockholders”), at $25.00 per share. Certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase an additional 1,500,000 shares of common stock. Sunnova is not offering any shares of its common stock in the Offering and will not receive any proceeds from the sale of shares by the Selling Stockholders in the Offering.

BofA Securities, J.P. Morgan, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers. Baird and Roth Capital Partners are acting as co-managers.

Sunnova has filed a shelf registration statement on Form S-3 relating to the Offering (including a prospectus) with the Securities and Exchange Commission (the “SEC”) that has become effective. A prospectus supplement relating to the Offering has also been filed with the SEC. Before you invest, you should read the prospectus, the prospectus supplement and other documents that Sunnova may file with the SEC for more complete information about Sunnova and this Offering. A copy of the prospectus supplement and accompanying prospectus relating to the Offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone 1-866-803-9204 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, Telephone: 1-800-221-1037, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, Email: This email address is being protected from spambots. You need JavaScript enabled to view it..

To obtain a copy of the prospectus supplement or prospectus, free of charge, visit the SEC’s website, www.sec.gov, and search under the registrant’s name “Sunnova Energy International Inc.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these 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 any such state or jurisdiction.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the conduct of the Offering and the size and terms of the Offering. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2020 and in the registration statement on Form S-3 related to the Offering filed with the SEC. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

Contacts

INVESTOR AND ANALYST CONTACT
Rodney McMahan
Sunnova Energy International Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
(281) 971-3323

PRESS AND MEDIA CONTACT
Kelsey Hultberg
Sunnova Energy International Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 13, 2020

Calpine Reports Second Quarter 2020 Results

HOUSTON--(BUSINESS WIRE)--Calpine Corporation:

Summary of Second Quarter 2020 Financial Results (in millions):
	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		*% Change*		2020		2019		*% Change*

Operating Revenues	$	1,744	$	2,599	(32.9	)%	$	4,036	$	5,198	(22.4	)%
Income from operations	$	312	$	444	(29.7	)%	$	661	$	802	(17.6	)%
Cash provided by operating activities	$	221	$	278	(20.5	)%	$	434	$	519	(16.4	)%
Net Income¹	$	163	$	266	(38.7	)%	$	291	$	441	(34.0	)%
Commodity Margin²	$	723	$	752	(3.9	)%	$	1,311	$	1,531	(14.4	)%
Adjusted Unlevered Free Cash Flow²	$	319	$	360	(11.4	)%	$	545	$	779	(30.0	)%
Adjusted Free Cash Flow²	$	182	$	203	(10.3	)%	$	262	$	467	(43.9	)%

^{1 Reported as Net Income attributable to Calpine on our Consolidated Condensed Statements of Operations.}

^{2 Non-GAAP financial measure, see “Regulation G Reconciliations” for further details.}

Calpine Corporation today reported Net Income of $163 million for the second quarter of 2020 compared to $266 million in the prior year period. The period-over-period decrease in Net Income was primarily due to a decrease in Commodity Margin² driven in large part by a reduction in capacity revenue received in the ISO-NE and PJM markets and a decrease in non-cash, mark-to-market earnings on our commodity hedge positions for the three months ended June 30, 2020, compared to the same period in 2019. The decrease was partially offset by a favorable period-over-period change in our income taxes resulting from the partial release of our valuation allowance associated with our NOLs during the second quarter of 2020. Cash provided by operating activities for the second quarter of 2020 was $221 million compared to $278 million in the prior year period. The decrease in Cash provided by operating activities, after adjusting for non-cash items, was primarily due to the decrease in Commodity Margin,² as previously discussed, and an increase in working capital employed primarily resulting from a period-over-period change in energy margin posting requirements due to the return of cash collateral to a counterparty in exchange for a letter of credit during the second quarter of 2020.

Net Income for the first half of 2020 was $291 million compared to Net Income of $441 million in the prior year period. The period-over-period decrease in Net Income was primarily due to a decrease in Commodity Margin²driven in large part by a reduction in capacity revenue received in the ISO-NE and PJM markets as well as a reduction in contribution from hedges as a result of milder weather in the first quarter of 2020. Cash provided by operating activities for the first half of 2020 was $434 million compared to $519 million in the prior year period. The period-over-period decrease in cash provided by operating activities was primarily due to the decrease in Commodity Margin,² as previously discussed, partially offset by a decrease in working capital employed primarily resulting from a period-over-period net decrease in energy margin posting requirements and lower inventory purchases.

REGIONAL SEGMENT REVIEW OF RESULTS

Table 1: Commodity Margin by Segment (in millions)
	Three Months Ended June 30,							Six Months Ended June 30,
	2020		2019		Variance			2020		2019		Variance
West	$	269	$	251	$	18		$	503	$	515	$	(12	)
Texas	172		173		(1		)	285		335		(50		)
East	193		235		(42		)	343		500		(157		)
Retail	89		93		(4		)	180		181		(1		)
Total	$	723	$	752	$	(29	)	$	1,311	$	1,531	$	(220	)

West Region

Second Quarter: Commodity Margin in our West segment increased by $18 million in the second quarter of 2020 compared to the prior year period. Primary drivers were:

+ higher resource adequacy revenue,

+ increased contribution from higher generation driven in part by the restart of our South Point Energy Center during the second half of 2019, and

+ the acquisition on January 28, 2020 of the 25% noncontrolling interest of Russell City Energy Company, LLC which was previously owned by a third party.

Year-to-Date: Commodity Margin in our West segment decreased by $12 million in the first half of 2020 compared to the prior year period. Primary drivers were:

– lower market spark spreads in January and February 2020 resulting largely from lower natural gas prices in Southern California, and

– lower contribution from hedging activity, partially offset by

+ higher resource adequacy revenue, and

+ increased contribution from higher generation driven in part by the restart of our South Point Energy Center during the second half of 2019.

Texas Region

Second Quarter: Commodity Margin in our Texas segment decreased by $1 million in the second quarter of 2020 compared to the prior year period. Primary drivers were:

– lower contribution from hedging activity largely offset by

+ modestly higher market spark spreads.

Year-to-Date: Commodity Margin in our Texas segment decreased by $50 million in the first half of 2020 compared to the prior year period, primarily due to lower contribution from hedging activity.

East Region

Second Quarter: Commodity Margin in our East segment decreased by $42 million in the second quarter of 2020 compared to the prior year period. Primary drivers were:

– lower regulatory capacity revenue in ISO-NE and PJM and

– the sale of our Garrison and RockGen Energy Centers in July 2019.

Year-to-Date: Commodity Margin in our East segment decreased by $157 million in the first half of 2020 compared to the prior year period. Primary drivers were:

– lower regulatory capacity revenue in ISO-NE and PJM,

– the sale of our Garrison and RockGen Energy Centers in July 2019, and

– lower contribution from hedging activity resulting from milder weather during the first quarter of 2020, partially offset by

+ the commencement of commercial operations at our 828 MW York 2 Energy Center in March 2019.

Retail

Second Quarter: Commodity Margin in our Retail segment remained largely unchanged in the second quarter of 2020 compared to the prior year period.

Year-to-Date: Commodity Margin in our Retail segment remained largely unchanged in the first half of 2020 compared to the prior year period.

LIQUIDITY, CASH FLOW AND CAPITAL RESOURCES

Table 2: Liquidity (in millions)
	June 30, 2020		December 31, 2019
Cash and cash equivalents, corporate⁽¹⁾	$	574	$	1,072
Cash and cash equivalents, non-corporate	103		59
Total cash and cash equivalents	677		1,131
Restricted cash	241		345
Corporate Revolving Facility availability⁽²⁾	1,534		1,392
CDHI revolving facility availability⁽³⁾	1		1
Other facilities availability⁽⁴⁾	37		3
Total current liquidity availability⁽⁵⁾	$	2,490	$	2,872

^{(1) Our ability to use corporate cash and cash equivalents is unrestricted. On January 21, 2020, we used the remaining cash on hand from the issuance of our 2028 First Lien Notes and 2028 Senior Unsecured Notes to redeem approximately $1,052 million aggregate principal amount of our 2022 and 2024 First Lien Notes and 2023 Senior Unsecured Notes.}

^{(2) Our ability to use availability under our Corporate Revolving Facility is unrestricted. At June 30, 2020, the approximately $2.0 billion in total capacity under our Corporate Revolving Facility is comprised of $462 million in letters of credit outstanding, no borrowings outstanding and $1,534 million in remaining available capacity.}

^{(3) Our CDHI revolving facility is restricted to support certain obligations under PPAs and power transmission and natural gas transportation agreements as well as fund the construction of our Washington Parish Energy Center.}

^{(4) On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022. On June 9, 2020, we entered into the GPC Term Loan which provides for $200 million in letter of credit facilities.}

^{(5) Includes $23 million and $127 million of margin deposits posted with us by our counterparties at June 30, 2020 and December 31, 2019, respectively.}

Liquidity was approximately $2.5 billion as of June 30, 2020. Cash, cash equivalents and restricted cash decreased by $558 million during the first half of 2020, largely due to the redemption of the remaining $1.1 billion aggregate principal amount of our 2022 and 2024 First Lien Notes and our 2023 Senior Unsecured Notes on January 21, 2020, as further discussed below, partially offset by cash provided by operating activities.

Table 3: Cash Flow Activities (in millions)
	Six Months Ended June 30,
	2020			2019
Beginning cash, cash equivalents and restricted cash	$	1,476		$	406
Net cash provided by (used in):
Operating activities	434			519
Investing activities	(304		)	(315		)
Financing activities	(688		)	(51		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(558		)	153
Ending cash, cash equivalents and restricted cash	$	918		$	559

Cash provided by operating activities for six months ended June 30, 2020 was $434 million compared to $519 million in the prior year period. The period-over-period decrease in cash provided by operating activities is primarily driven by the reduction in Commodity Margin for the six months ended June 30, 2020, when compared to the same period in 2019. This reduction is partially offset by a reduction in cash employed for working capital driven by a reduction in energy margin posting requirements and lower inventory purchases.

Cash used in investing activities was $304 million for six months ended June 30, 2020 compared to $315 million in the prior year period. The period-over period decrease in cash used is primarily attributable to a decrease in capital expenditures associated with the completion of construction of our York 2 Energy Center in March 2019 as well as timing differences in normal, recurring maintenance projects.

Cash used in financing activities was $688 million during the six months ended June 30, 2020 compared to $51 million in the prior period. The cash used during the first half of 2020 is primarily attributable to the redemption of the outstanding aggregate principal amount of $623 million of our 2023 Senior Unsecured Notes, $245 million of our 2022 First Lien Notes and $184 million of our 2024 First Lien Notes with the proceeds from our 2028 Senior Unsecured Notes and 2028 First Lien Notes issued in December of 2019. In addition, we issued our $900 million Geysers Power Company, LLC (GPC) Term Loan in June 2020 and used a portion of the proceeds to repay approximately $348 million in aggregate principal amount of project debt. We also acquired the 25% noncontrolling interest in Russell City Energy Center, LLC for $35 million plus working capital adjustments of approximately $14 million for a total purchase price of approximately $49 million in January 2020.

COVID-19 Pandemic Update

In March 2020, the World Health Organization categorized the novel coronavirus disease 2019 (COVID-19) as a pandemic, and the President declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world negatively affecting the global economy, disrupting global supply chains and workforce participation and resulting in significant volatility and disruption of financial markets. While we have noted recovery in certain key geographic areas where we own generation facilities, we continue to closely monitor the impact of the COVID-19 outbreak on all aspects of our business, including how it has affected and continues to affect our employees, customers, suppliers and the communities in which we operate.

Our first priority with regard to the COVID-19 outbreak is to ensure the health and safety of our employees and contractors. As one of the largest independent power producers in the U.S., we are designated as an “essential business” and have an obligation to operate our fleet of power plants to sustain the bulk electric system and manage retail customer power delivery obligations. To ensure the continued reliable operations of our generation fleet and delivery of power to our retail customers, we continue to abide by a set of safety and health measures as a means to ensure we are able to provide reliable energy to the markets we serve. These measures include restricting access at our power plants to only mission-critical individuals and adherence to social distancing protocols wherever possible. Additionally, our commercial and retail operations, including all support staff such as legal, accounting, finance, information technology and human resources, continue to work remotely.

To date, the COVID-19 outbreak has not had a material adverse effect on our operations, financial condition or cash flows. While the ultimate determination depends on the length and severity of the crisis, at this time, we anticipate our cash flows from operations and our available sources of liquidity will be sufficient to meet our current cash requirements during this period. As the impact of the COVID-19 outbreak on the economy and our operations evolves, we will continue to assess and manage our liquidity needs.

The ultimate extent to which the COVID-19 pandemic may impact our business, operating results, financial condition or liquidity will depend on future developments, including the duration of the outbreak, continued business and workforce disruptions, the effectiveness of actions taken to contain and treat the disease and the lasting effect on the economy, especially in the geographic areas where we own and operate power generating facilities and serve retail customers. Given the uncertainty concerning the overall impact of the COVID-19 outbreak, while we do not anticipate the effect of the outbreak to have a material adverse effect on our financial condition, results of operations or cash flows for the year ended December 31, 2020, we are unable to predict the ultimate impact of the outbreak on our future results. For further discussion, see “Item 1A. Risk Factors” in Part II of our Form 10-Q for the quarterly period ended June 30, 2020.

Portfolio Management

On January 28, 2020, we completed the acquisition of the 25% noncontrolling interest of Russell City Energy Company, LLC for $35 million plus working capital adjustments of approximately $14 million for a total purchase price of approximately $49 million. Prior to the acquisition, we accounted for the third party ownership interest as a noncontrolling interest.

Balance Sheet Management

On January 21, 2020, we redeemed the outstanding aggregate principal amount of $245 million of our 2022 First Lien Notes, $184 million of our 2024 First Lien Notes and $623 million of our 2023 Senior Unsecured Notes, which were included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes and 2028 Senior Unsecured Notes that we issued in December 2019, which were included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

On June 9, 2020, GPC and the guarantors party thereto entered into a seven-year $900 million first lien senior secured term loan facility and three senior secured revolving letter of credit facilities totaling $200 million. The GPC Term Loan is certified under the Climate Bonds Standard. Any letters of credit issued under the GPC Term Loan letter of credit facilities must be at the request of and for the account of GPC. The GPC Term Loan bears interest, at GPC’s option, at either (i) the Base Rate, equal to the highest of (a) the Federal Funds Rate plus 0.50% per annum, (b) the prime rate published in the Wall Street Journal, or (c) 1.0% plus an applicable margin of 1.0%, increasing by 0.125% every three years, or (ii) LIBOR plus an applicable margin of 2.0% per annum, increasing by 0.125% every three years. The GPC Term Loan matures on June 9, 2027, but may be prepaid at any time upon irrevocable notice to the Administrative Agent. We used a portion of the proceeds from the GPC Term Loan to repay approximately $348 million of project debt.

The GPC Term Loan is secured by certain real and personal property of GPC consisting primarily of the Geysers Assets. The GPC Term Loan is not guaranteed by Calpine Corporation and is without recourse to Calpine Corporation or any of our non-GPC subsidiaries or assets; however, GPC generates a portion of its cash flows from an intercompany tolling agreement with Calpine Energy Services, L.P. and has various service agreements in place with other subsidiaries of Calpine Corporation.

On August 10, 2020, we issued $650 million in aggregate principal amount of 4.625% senior unsecured notes due 2029 and $850 million in aggregate principal amount of 5.000% senior unsecured notes due 2031 in private placements. The 2029 Senior Unsecured Notes bear interest at 4.625% per annum and the 2031 Senior Unsecured Notes bear interest at 5.000% per annum with interest payable on both series of notes semi-annually on February 1 and August 1 of each year, beginning on February 1, 2021. The 2029 Senior Unsecured Notes and 2031 Senior Unsecured Notes mature on February 1, 2029 and February 1, 2031, respectively.

On August 10, 2020, we utilized proceeds from our 2029 Senior Unsecured Notes and 2031 Senior Unsecured Notes, together with cash on hand, to purchase approximately $255 million and $1,045 million in aggregate principal amount of our 2024 Senior Unsecured Notes and 2025 Senior Unsecured Notes, respectively. On August 12, 2020, we redeemed the remaining amounts outstanding under our 2024 Senior Unsecured Notes and 2025 Senior Unsecured Notes.

PG&E Bankruptcy

On July 1, 2020, PG&E and PG&E Corporation emerged from bankruptcy. Under PG&E's plan of reorganization, our PPAs were assumed and any restrictions on our projects arising from the bankruptcy were cured.

We currently have several power plants that provide energy and energy-related products to PG&E under PPAs, many of which have PG&E collateral posting requirements. Subsequent to the bankruptcy filing, we received all material payments under the PPAs, either directly or through the application of collateral. We also currently have numerous other agreements with PG&E related to the operation of our power plants in Northern California, under which PG&E continued to provide service subsequent to its bankruptcy filing.

ABOUT CALPINE

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 78 power plants in operation or under construction represents over 26,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses Calpine Energy Solutions and Champion Energy, we serve customers in 23 states, Canada and Mexico. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. Please visit www.calpine.com to learn more about how Calpine is creating power for a sustainable future.

Calpine’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, will be filed with the Securities and Exchange Commission (SEC) and will be available on the SEC’s website at www.sec.gov.

FORWARD-LOOKING INFORMATION

In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements may appear throughout this release. We use words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. We believe that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to:

Public health threats or outbreaks of communicable diseases, such as the ongoing COVID-19 pandemic and its impact on our business, suppliers, customers, employees and supply chains;
Financial results that may be volatile and may not reflect historical trends due to, among other things, seasonality of demand, fluctuations in prices for commodities such as natural gas and power, changes in U.S. macroeconomic conditions, fluctuations in liquidity and volatility in the energy commodities markets and our ability and the extent to which we hedge risks;
Laws, regulations and market rules in the wholesale and retail markets in which we participate and our ability to effectively respond to changes in laws, regulations or market rules or the interpretation thereof including those related to the environment, derivative transactions and market design in the regions in which we operate;
Our ability to manage our liquidity needs, access the capital markets when necessary and comply with covenants under our Senior Unsecured Notes, First Lien Term Loans, First Lien Notes, Corporate Revolving Facility, CCFC Term Loan and other existing financing obligations;
Risks associated with the operation, construction and development of power plants, including unscheduled outages or delays and plant efficiencies;
Risks related to our geothermal resources, including the adequacy of our steam reserves, unusual or unexpected steam field well and pipeline maintenance requirements, variables associated with the injection of water to the steam reservoir and potential regulations or other requirements related to seismicity concerns that may delay or increase the cost of developing or operating geothermal resources;
Extensive competition in our wholesale and retail business, including from renewable sources of power, interference by states in competitive power markets through subsidies or similar support for new or existing power plants, lower prices and other incentives offered by retail competitors, and other risks associated with marketing and selling power in the evolving energy markets;
Structural changes in the supply and demand of power resulting from the development of new fuels or technologies and demand-side management tools (such as distributed generation, power storage and other technologies);
The expiration or early termination of our PPAs and the related results on revenues;
Future capacity revenue may not occur at expected levels;
Natural disasters, such as hurricanes, earthquakes, droughts and floods, acts of terrorism, cyber attacks or wildfires that may affect our power plants or the markets our power plants or retail operations serve and our corporate offices;
Disruptions in or limitations on the transportation of natural gas or fuel oil and the transmission of power;
Our ability to manage our counterparty and customer exposur

Contacts

Media Relations:
Brett Kerr
713-830-8809
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:
Bryan Kimzey
713-830-8777
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read full story here

: Business Wire; Posted On Aug 14, 2020

Analysis on Impact of COVID-19: Maritime Patrol Naval Vessels Market 2020-2024 | Increasing Transnational Maritime Crimes to Boost the Market Growth | Technavio

LONDON--(BUSINESS WIRE)--#GlobalMaritimePatrolNavalVesselsMarket--Technavio has been monitoring the maritime patrol naval vessels market and it is poised to grow by $ 14.37 bn during 2020-2024, progressing at a CAGR of almost 9% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Austal Ltd., BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., Naval Group SA, NAVANTIA SA, and Saab AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Increasing transnational maritime crimes has been instrumental in driving the growth of the market. However, high costs associated with patrol naval vessels might hamper market growth.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Maritime Patrol Naval Vessels Market 2020-2024: Segmentation

Maritime Patrol Naval Vessels Market is segmented as below:

Type
- Manned Maritime Patrol Vessels
- Unmanned Maritime Patrol Vessels
Geographic Landscape
- APAC
- Europe
- MEA
- North America
- South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40050

Maritime Patrol Naval Vessels Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The maritime patrol naval vessels market report covers the following areas:

Maritime Patrol Naval Vessels Market Size
Maritime Patrol Naval Vessels Market Trends
Maritime Patrol Naval Vessels Market Industry Analysis

This study identifies the adoption of innovative approaches in procuring patrol naval vessels as one of the prime reasons driving the maritime patrol naval vessels market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Maritime Patrol Naval Vessels Market 2020-2024: Key Highlights

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist maritime patrol naval vessels market growth during the next five years
Estimation of the maritime patrol naval vessels market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the maritime patrol naval vessels market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of maritime patrol naval vessels market, vendors

Table of Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

2.1 Preface
2.2 Preface
2.3 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

Market ecosystem
Market characteristics
Market segmentation analysis

PART 04: MARKET SIZING

Market definition
Market sizing 2019
Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition

PART 06: MARKET SEGMENTATION BY TYPE

Market segmentation by type
Comparison by type
Manned maritime patrol vessels - Market size and forecast 2019-2024
Unmanned maritime patrol vessels - Market size and forecast 2019-2024
Market opportunity by type

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

Geographic segmentation
Geographic comparison
APAC - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

Market drivers
Market challenges

PART 11: MARKET TRENDS

Development of high-speed patrol naval vessels
Adoption of innovative approaches in procuring patrol naval vessels
Growing adoption of 3D printing

PART 12: VENDOR LANDSCAPE

Overview
Landscape disruption
Competitive scenario

PART 13: VENDOR ANALYSIS

Vendors covered
Vendor classification
Market positioning of vendors
Austal Ltd.
BAE Systems Plc
Damen Shipyards Group NV
Fincantieri Spa
Fr. Fassmer GmbH & Co. KG
Fr. Lürssen Werft GmbH & Co. KG
Mitsubishi Heavy Industries Ltd.
Naval Group SA
NAVANTIA SA
Saab AB

PART 14: APPENDIX

Research methodology
List of abbreviations
Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

: Business Wire; Posted On Aug 13, 2020

HubMD P.C. and Loma Linda University Health Partner to Expand Specialists’ Virtual Reach to Patients Across Southern California.

Through a partnership with Loma Linda University Health, virtual medical group HubMD P.C. acquires additional expertise from top tier specialists, improving the quality and reach of its service to safety-net populations in the region.

REDLANDS, Calif.--(BUSINESS WIRE)--#InlandEmpire--HubMD P.C., a virtual medical group comprised of fully-credentialed and licensed, board-certified specialist physicians, is proud to announce its partnership with Loma Linda University Health, effective July 1.

The Loma Linda University Health Faculty Medical Group (LLUHFMG) is comprised of 544 physicians across 72 specialties in 62 office locations. By joining HubMD, LLUHFMG spurs the expansion of the virtual medical group and fuels its purpose—to improve access to specialty care for safety-net and vulnerable populations.

“Our Faculty Medical Group is built up from a profound knowledge base and rich set of experiences from skilled specialists,” remarked Dr. Anthony Hilliard, Chief Operating Officer; LLUHFMG. “We are thrilled to be joining HubMD in collectively channeling skills and efforts to improve specialty care access among medically underserved populations in the region.”

HubMD specialists offer their expertise to primary care physicians (PCPs) and patients in programs including VideoConsults and eConsult. Short for "electronic consultation," eConsult is a virtual care process that enables PCPs to message specialists regarding patient care and the need for specialty referral. A secure web-based application facilitates this message exchange, allowing specialists to respond, usually within a day, to PCPs’ questions. Through this PCP-specialist dialog, all patients gain virtual access to specialty care and can obtain referrals in a quicker, more efficient manner.

134 carefully selected HubMD specialists covering over 20 specialties have reached hundreds of thousands of patients through safety net hospitals, physicians, health systems, and health plans. HubMD’s recent partnership with the Inland Empire Health Plan (IEHP) allows HubMD specialists to communicate with 530+ primary care physicians across 93 clinics via eConsult through the IEHP-funded Multi-County eConsult Initiative (MCeI). Through this work, HubMD specialists are helping to facilitate access to specialty care for over 1.25 million safety-net patients.

Over 30 LLUHFMG specialists in cardiology, hepatology, pulmonology, infectious diseases, and endocrinology have already been working with HubMD. The newly signed contract holds that HubMD will continue to work with LLUHFMG to fill any needed gaps among safety net physicians for which LLUHFMG possesses unique expertise, such as transplant hematology and nephrology.

“With the addition of the Loma Linda Health Faculty Medical Group’s expansive specialty expertise, HubMD will continue its work for IEHP and expand access to other safety net providers,” said HubMD CEO Dr. Stanley Frencher Jr.

About HubMD P.C.

HubMD P.C. is a virtual care medical group of physician specialists transforming how healthcare is delivered. Enabling virtual care and telehealth through professional services provided by fully-credentialed and licensed, board-certified doctors, HubMD's primary mission lies in improving access to quality care for vulnerable patients—those who are geographically isolated in rural communities, socially isolated in correctional facilities, as well as economically disadvantaged in often racially and ethnically segregated communities. 100 carefully selected specialists covering over 20 specialties have reached hundreds of thousands of patients through HubMD’s work with safety net hospitals, physicians, health systems, and health plans. HubMD specialists offer their expertise to primary care physicians and patients in programs like eConsult and VideoConsults.

Together, HubMD and WISE Healthcare are broadening their reach and ability to impact patient lives through innovative means. Activating collaborative ethics, HubMD specialists are shaping a future where both access and delivery of healthcare prove flexible, mindful, and, most of all, empowering to patients and to clinicians alike.

For more information, please visit www.HubMD.org

About Loma Linda University Health

Loma Linda University Health includes Loma Linda University's eight professional schools, Loma Linda University Medical Center's six hospitals and more than 1,200 faculty physicians located in the Inland Empire of Southern California. Established in 1905, Loma Linda University Health is a global leader in education, research and clinical care. It offers over 100 academic programs and provides quality health care to over 40,000 inpatients and 1.5 million outpatients each year.

For more information, please visit https://lluh.org/

Contacts

WISE Healthcare
Lisa Aubry
This email address is being protected from spambots. You need JavaScript enabled to view it.

HubMD
Dr. Stanley Frencher Jr.
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 14, 2020

Southwestern Energy Prices Offering of 55,000,000 Shares of Common Stock

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN) priced its previously announced underwritten public offering of 55,000,000 shares of its common stock (the “offering”) at a price to the public of $2.50 per share, before underwriting discounts and commissions. The total gross proceeds of the offering (before underwriter's discounts and commissions and estimated offering expenses) are expected to be approximately $137.5 million. In addition, Southwestern Energy granted the respective underwriters a 30-day option to purchase up to 8,250,000 additional shares of its common stock.

Southwestern Energy intends to use the net proceeds from the offering to partially redeem Montage Resource Corporation’s (“Montage”) issued and outstanding senior notes that it will assume upon the closing of its recently announced merger with Montage (the “Merger”). If the Merger is not consummated, Southwestern Energy intends to use the net proceeds from this offering for general corporate purposes, including the repayment of debt. Until Southwestern Energy applies the net proceeds from this offering for the purposes described above, it may invest such proceeds in short-term, liquid investments or to reduce the balance under its credit agreement. The net proceeds from any exercise by the underwriters of their option to purchase additional shares of common stock from us will be used to redeem additional Montage notes after the consummation of the Merger or for general corporate purposes, including the repayment of debt. The closing of the offering, which is expected to occur on August 18, 2020, is subject to customary closing conditions.

Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan are acting as representatives of the underwriters and joint book-running managers for the offering. BofA Securities, BMO Capital Markets, RBC Capital Markets and Wells Fargo Securities are also serving as joint book-running managers for the offering.

The offering is being made under an effective automatic shelf registration statement on Form S-3 (Registration No. 333-238633) filed by Southwestern Energy with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement has been filed with the SEC to which this communication relates. Prospective investors should read the preliminary prospectus supplement and the accompanying base prospectus included in the registration statement and other documents Southwestern Energy has filed with the SEC for more complete information about Southwestern Energy and the offering. These documents are available at no charge by visiting EDGAR on the SEC website at http://www.sec.gov.

Alternatively, a copy of the base prospectus and the preliminary prospectus supplement may be obtained, when available, from:

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 800-831-9146

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 866-471-2526
Facsimile: 212-902-9316
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
Attention: Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 866-803-9204

This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Southwestern Energy

Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.

Forward Looking Statement

This news release contains forward-looking statements. Forward-looking statements relate to future events, including, but not limited to, anticipated results of operations, business strategies, other aspects of Southwestern Energy’s operations or operating results, the proposed offering, the use of proceeds of the offering and the consummation of the Merger. In many cases you can identify forward-looking statements by terminology such as words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “predict,” “budget,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “continue,” “project,” “projection,” “goal,” “model,” “target,” “potential,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “are likely” and other similar expressions. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to the company’s business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting the company’s business generally as set forth in the company’s filings with the SEC. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
This email address is being protected from spambots. You need JavaScript enabled to view it.

Bernadette Butler
Investor Relations Advisor
(832) 796-6079
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 13, 2020

Global Drilling Waste Management Industry (2020 to 2027) - Market Trajectory & Analytics - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Drilling Waste Management - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 6th edition of this report. The 173-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Drilling Waste Management Market to Reach $6.4 Billion by 2027

Amid the COVID-19 crisis, the global market for Drilling Waste Management estimated at US$4.7 Billion in the year 2020, is projected to reach a revised size of US$6.4 Billion by 2027, growing at a CAGR of 4.6% over the analysis period 2020-2027.

Treatment & Disposal, one of the segments analyzed in the report, is projected to record a 4.4% CAGR and reach US$2.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Containment & Handling segment is readjusted to a revised 4.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 4.3% CAGR

The Drilling Waste Management market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2027 trailing a CAGR of 4.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.

Solids Control Segment to Record 5.2% CAGR

In the global Solids Control segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$731.5 Million by the year 2027.

Competitors identified in this market include, among others:

Augean plc
Baker Hughes, a GE company
Derrick Equipment Company
Halliburton
HeBei GN Solids Control Co.Ltd.
Imdex Ltd
National Oilwell Varco, Inc.
Nuverra Environmental Solutions, Inc.
Ridgeline Canada, Inc.
Schlumberger Ltd.
Scomi Group Bhd
Secure Energy Services Inc.
Soiltech AS
Soli-Bond, Inc.
Specialty Drilling Fluids Ltd.
STEP OILTOOLS
Tervita Corporation
Twma Ltd.
Weatherford International Ltd.
Xi'an Kosun Machinery Co., Ltd.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Global Competitor Market Shares
Drilling Waste Management Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
Impact of COVID-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 41

For more information about this report visit https://www.researchandmarkets.com/r/mbtc73

Contacts

: Business Wire; Posted On Aug 13, 2020

Guidehouse Insights Report Recommends Looking Past AI’s Hype to Understand Technology’s Benefits for Commercial Buildings

AI is already used in commercial facilities to reduce energy consumption and improve operations, and could help create safer socially distant spaces during COVID-19

BOULDER, Colo.--(BUSINESS WIRE)--#AI--A new report from Guidehouse Insights defines artificial intelligence (AI) for the commercial building space, discusses how AI can help solve problems in commercial buildings, and offers a roadmap for assessing and deploying AI solutions.

Despite its hype across many sectors, AI is simply the use of advanced computer science techniques that mimic human cognition to solve problems. In commercial buildings, the technology is already being used to reduce energy consumption and improve operations, and is also being evaluated for its ability to support social distancing protocols arising from COVID-19. Click to tweet: According to a new report from @WeAreGHInsights, beyond the hype, use cases demonstrate AI’s value to building owners, managers, and tenants.

“Vendors often tout their solutions for commercial buildings in ways that sound almost magical,” says Neil Strother, principal research analyst at Guidehouse Insights. “But seen in its proper context, AI is the implementation of advanced computer science techniques that emulate human-like capabilities to solve problems, create greater efficiencies, and deliver positive business outcomes for commercial facilities.”

To position for success, Guidehouse Insights recommends stakeholders overlook AI’s hype and learn from companies already using the technology. Stakeholders should embrace AI as part of a short-term and long-term strategy, and must focus on using quality data to support implementations.

The report, The Future of AI for Smart Buildings, examines AI for the commercial building space and discusses how AI can help solve problems in commercial buildings. In addition, the report offers a roadmap for assessing and deploying AI solutions, as well as recommendations for stakeholders. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, The Future of AI for Smart Buildings, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Contacts

Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 13, 2020

ALLETE Clean Energy announces large grant to Oklahoma school district to support students during COVID-19 pandemic

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE (NYSE: ALE), announced today a $50,000 grant in partnership with GE Renewable Energy and Wanzek to the Mill Creek School District in Mill Creek, Oklahoma.

The school district will use most of the money to purchase about 70 iPads for students and 16 laptops for teachers. With the grant money in hand, in addition to a $33,000 federal grant, the school district can afford to supply all K-12 students and teachers with the devices and curriculum they need for remote learning.

“We have a long tradition at ALLETE Clean Energy of working with our partners to donate to communities near our wind sites, which deliver clean energy while also supporting local communities and economies. We saw a timely grant to equip the school district with the tools it needs to conduct remote classes, and to keep students and staff safer at home, as the most meaningful way we could help during COVID-19,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “Anything we can do to sustain students’ engagement and learning during this challenging time will help keep their education on track. We appreciate GE and Wanzek as strong partners who share our values, and are happy to have their support as we make a difference in our host communities.”

ALLETE Clean Energy owns and is developing the nearby Diamond Spring wind project, which will supply Walmart, Starbucks and Smithfield Foods with renewable energy. Diamond Spring, which is expected to be operational this fall, will be capable of producing 303 megawatts of electricity, enough to power about 110,000 homes. GE Renewable Energy supplied 112 2.X MW turbines for Diamond Spring, and Wanzek is the engineering, procurement and construction contractor at the site.

“Wanzek enters every project with the understanding that we are simply guests in the local community,” said Diamond Spring Senior Project Manager Brendon Lamppa. “Part of our planning process is to find creative ways to integrate ourselves into these communities while we are in the area. When the opportunity to partner up with ALLETE Clean Energy to assist a local school in their time of need amidst the current pandemic presented itself, Wanzek was on board without hesitation. Wanzek team members truly believe that leaving a positive and lasting memory that exists long after our departure is of the utmost importance.”

Vikas Anand, GE Renewable Energy’s CEO for Onshore Wind, Americas, said, “GE Renewable Energy is a proud partner with ALLETE Clean Energy on the Diamond Spring wind project. Together with ALLETE and Wanzek, we’re happy to support the Mill Creek School District and local community with critical technology necessary for students and teachers during these unprecedented times.”

The donation is a relief to Mill Creek School administrators facing the daunting task of educating students during a pandemic.

“These companies have never been in this school nor have I met their people and they were so willing to help,” said School Superintendent Lorinda Chancellor. “I look forward to the day we can meet soon and I can personally thank them for this amazing donation. We are so grateful and blessed!”

ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects. ALLETE Clean Energy owns, operates and has in advanced construction approximately 1,300 megawatts of nameplate capacity wind energy generation in seven states that is contracted under PSAs of various durations. ALLETE Clean Energy also engages in the development of wind energy facilities to operate under long-term PSAs or for sale to others upon completion.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Contacts

Amy Rutledge
Manager - Corporate Communications
Minnesota Power/ALLETE
218-723-7400
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 13, 2020

Global Wind Energy Equipment Logistics Market 2020-2024 - Projected to Grow by $23.85 Billion Over the Forecast Period - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Wind Energy Equipment Logistics Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.

The global wind energy equipment logistics market is poised to grow by $23.85 billion during 2020-2024, progressing at a CAGR of 7% during the forecast period.

This report provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment.

The market is driven by the growing global oversized cargo transportation market, increased capacity of trailers and shipping vessels, and increased service reliability by implementing new technologies in logistics industry.

The study identifies the increasing long-term revenues driven by long-term agreements in wind energy projects as one of the prime reasons driving the wind energy equipment logistics market growth during the next few years. Also, augmented demand for offshore wind projects, and increased use of multimodal transportation in wind energy projects will lead to sizable demand in the market.

The global wind energy equipment logistics market is segmented as below:

By End-user

Road
Sea
Rail
Air

By Geographic Landscapes

APAC
Europe
North America
South America
MEA

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading wind energy equipment logistics market vendors that include:

A.P. Moller-Maersk
BDP International Inc.
C.H. Robinson Worldwide Inc.
CEVA Logistics
DB Schenker
Deutsche Post DHL Group
DSV Panalpina A/S
Expeditors International of Washington Inc.
FedEx Corp.
Nippon Express Co. Ltd.

Also, the wind energy equipment logistics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

For more information about this report visit https://www.researchandmarkets.com/r/yz0av

Contacts

: Business Wire; Posted On Aug 13, 2020

Industrial Pump Rentals Global Market to 2027 - 47 Companies Profiled Including Barco Pump, Cornell Pump & Selwood - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Industrial Pump Rentals - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 8th edition of this report. The 290-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Industrial Pump Rentals Market to Reach $3.9 Billion by 2027

Amid the COVID-19 crisis, the global market for Industrial Pump Rentals estimated at US$2.5 Billion in the year 2020, is projected to reach a revised size of US$3.9 Billion by 2027, growing at a CAGR of 7% over the analysis period 2020-2027.

Bypass Pumping, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$1.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Dewatering segment is readjusted to a revised 6.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $664.4 Million, While China is Forecast to Grow at 10.7% CAGR

The Industrial Pump Rentals market in the U.S. is estimated at US$664.4 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$868.8 Million by the year 2027 trailing a CAGR of 10.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.

Large Volume Pumping Segment to Record 6.4% CAGR

In the global Large Volume Pumping segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$605.4 Million in the year 2020 will reach a projected size of US$905.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$538.8 Million by the year 2027, while Latin America will expand at a 7.7% CAGR through the analysis period.

Competitors identified in this market include, among others:

ACTION International Services
Barco Pump
CORNELL PUMP COMPANY
Global Pump Company, LLC
Holland Pump Company
Integrated Pump Rental (Pty.) Ltd.
MWI Pumps
Selwood Ltd.
Thompson Pump
Tsurumi America, Inc.
United Rentals, Inc.
Xylem, Inc.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Global Competitor Market Shares
Industrial Pump Rental Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
Impact of COVID-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 47

For more information about this report visit https://www.researchandmarkets.com/r/6yjwjm

Contacts

Business Wire News

Cypress Environmental Partners Reports Second Quarter Results

Diamond S Shipping Inc. Reports Second Quarter 2020 Results

Brightcore Energy Executes Comprehensive Approach With City of White Plains to Drive Energy Savings Across Their Facility Portfolio

Sypris Reports Second Quarter Results

PG&E Encourages Customers to Conserve Electricity as California Declares a Flex Alert on Friday

Ampco-Pittsburgh Corporation Announces Pricing of Units and Series A Warrants for its Rights Offering

ComEd Restores Power to More Than 90 Percent of Customers Following Damaging Derecho and Tornados

New Study Finds Colorado Energy Policy Discourages All-Electric Buildings Despite Lower Upfront Costs

Eaton Launches New Line of Wireless Mobile Control Solutions for Heavy Machinery and Field Operations

Global Motor Soft Starters Industry (2020 to 2027) - Market Trajectory & Analytics - ResearchAndMarkets.com

Sunnova Announces Pricing of Secondary Offering of Shares of Common Stock

Calpine Reports Second Quarter 2020 Results

Analysis on Impact of COVID-19: Maritime Patrol Naval Vessels Market 2020-2024 | Increasing Transnational Maritime Crimes to Boost the Market Growth | Technavio

HubMD P.C. and Loma Linda University Health Partner to Expand Specialists’ Virtual Reach to Patients Across Southern California.

Southwestern Energy Prices Offering of 55,000,000 Shares of Common Stock

Global Drilling Waste Management Industry (2020 to 2027) - Market Trajectory & Analytics - ResearchAndMarkets.com

Guidehouse Insights Report Recommends Looking Past AI’s Hype to Understand Technology’s Benefits for Commercial Buildings

ALLETE Clean Energy announces large grant to Oklahoma school district to support students during COVID-19 pandemic

Global Wind Energy Equipment Logistics Market 2020-2024 - Projected to Grow by $23.85 Billion Over the Forecast Period - ResearchAndMarkets.com

Industrial Pump Rentals Global Market to 2027 - 47 Companies Profiled Including Barco Pump, Cornell Pump & Selwood - ResearchAndMarkets.com

News Sections

Quick Links

Corporate Offices

Search

Subscribe to Offshore Source
Newsletter today!

Business Wire News

News Sections

Quick Links

Corporate Offices

Search

Subscribe to Offshore Source Newsletter today!

Subscribe to Offshore Source
Newsletter today!