SAN RAMON, Calif.--(BUSINESS WIRE)--Michael Wirth, chairman and CEO of Chevron Corporation (NYSE: CVX), will take part in the Bernstein Strategic Decisions Conference on Wednesday, June 2, 2021, at 3:30 PM EDT, discussing corporate strategy and the company’s approach to achieving higher returns and lower carbon.
Please visit www.chevron.com/investors to view a webcast of the conversation and Q&A session.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
Maggie McCourt -- +1 (713) 591-1064
COPENHAGEN--(BUSINESS WIRE)--Offshore wind investment analytics firm Aegir Insights announces a collaboration with Royal Dutch Shell plc (Shell), where Aegir Insights delivers data-driven analytics and intelligence to support Shell’s offshore wind market development.
"Leading offshore wind players recognize that having access to agile and advanced analytics solutions will provide them with a competitive edge in the fast-paced field of energy infrastructure investments,” says Scott Urquhart, CEO of Aegir Insights. “We are very happy to have such an ambitious, industry-leading partner at the outset of our business, and we look forward to sharing our forward-thinking, differentiated approaches to this rapidly evolving industry with Shell."
The collaboration provides Shell with access to the Aegir Analytics solution and market intelligence datasets, enabling better informed decisions on offshore wind opportunities. Through the cooperation, Shell will also provide feedback on Aegir Insights’ product development roadmap.
The Aegir Analytics platform was created to be a central solution for offshore wind investor workflows, allowing advanced project and portfolio assessments and rapid evaluation of new opportunities. Aegir Insights is continuously developing its solutions, incorporating cutting edge data science and strategy concepts to maximise value for developers, investors and governments.
About Aegir Insights
Headquartered in Copenhagen, Denmark, Aegir Insights empowers renewable energy investors to make better decisions through its advanced analytical solutions and deep market intelligence products. The team has a background from leading offshore wind industry players, including Orsted and Vattenfall, and extensive experience with market and investment analysis. Aegir Insights is a privately held company.
To learn more visit www.aegirinsights.com
Signe Soerensen
Communication and Research
+45 8190 8153
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WASHINGTON & CHICAGO--(BUSINESS WIRE)--Nodal Exchange and IncubEx today announced the successful launch of new nitrogen oxides (NOx) futures and options, plus extended vintages on two Texas voluntary renewable energy certificate (REC) contracts.
The new physically delivered NOx contracts are based on the US Environmental Protection Agency (EPA) Cross State Air Pollution Rule (“CSAPR”) Transport Rule (TR). Nodal will list:
Under CSAPR, the EPA established rules that limit summer season NOx emissions from power plants in 22 US states. The CSAPR update of March 15, 2021 established new rules to further reduce NOx emissions from power plants in 12 states and transferred those states from the Group 2 requirements to a new Group 3. The remaining 10 states continue to be limited by their existing Group 2 budget levels.
Each regulated power plant is assigned a limited number of tradable allowances, with each representing one ton of NOx emissions. For each compliance period, each regulated source must surrender CSAPR NOx ozone season allowances equal to its total emissions during the summer period.
The new contracts extend the CSAPR NOx and SO2 futures and options product group that was listed on Nodal in November 2018.
Meanwhile, Nodal also will extend vintages on two Texas CRS REC contracts:
Texas CRS wind and Texas CRS solar futures are the most actively traded voluntary REC futures contracts ever listed and have built open interest of more than 17,000 lots (each lot is 1,000 RECs and 17,000 lots is equal to 17 million MWh of renewable power).
"We're excited to list the new NOx contracts and add to the broadest suite of environmental markets contracts in the world," Paul Cusenza, CEO of Nodal said. "Already in 2021, we've posted our top two volume months for the product group in February and April, with open interest topping 140,000 lots in May setting new records."
"The new NOx contracts are especially meaningful because they build on a history of more than 30 years since the Clean Air Act Amendments of 1990 set the stage for environmental markets," said Dan Scarbrough, President and COO of IncubEx. "Those SO2 and NOx markets not only helped efficiently reduce acid rain pollution dramatically but served as a blueprint for market-based solutions to environmental issues around the world.”
With the new NOx contracts, Nodal will list 83 futures and options products on environmental markets in North America.
CSAPR Rule Update Fact Sheet: https://www.epa.gov/sites/production/files/2021-03/documents/revised_csapr_update_factsheet_for_final_rule.pdf
About IncubEx
IncubEx is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development firm. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX), Nodal Exchange and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies. The IncubEx team is led by former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners. The company was founded in 2016 and currently has offices in Chicago and London.
About Nodal
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
Jim Kharouf
IncubEx Communications Director
Phone: 773-391-0439
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Nicole Ricard
Nodal Exchange Chief Marketing Officer
Phone: 703-962-9816
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NEW YORK--(BUSINESS WIRE)--#Bernstein--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will participate in a fireside chat at the Alliance Bernstein 37th Annual Strategic Decisions Conference on Wednesday, June 2, 2021, at 1:30 p.m. Eastern Time.
A presentation will be posted and a replay of the audio webcast will be accessible via Hess Corporation’s website.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.
Cautionary Statements
This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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Recognize Leaders in Safety Excellence & Vision as National Safety Month Kicks Off
NEENAH, Wis.--(BUSINESS WIRE)--#Covid19--J. J. Keller & Associates, Inc., the nation’s leading provider of safety and regulatory compliance solutions, announced that nominations are now open for the J. J. Keller Safety Professional of the Year (SPOTY) Awards. This coincides with the kickoff of June as National Safety Month. The awards recognize workplace safety professionals who achieve excellence in safety for their companies through a culture and vision for safety. This year, nomination forms include recognition for those addressing safety of employees and others during the COVID-19 pandemic. Nominations are open through July 15, 2021, at 5:00 p.m. CST at jjkeller.com/spoty.
The winning safety professionals are chosen by members of J. J. Keller’s staff of 70+ safety consultants and editors. This year, guest judge Benita Mehta, chief editor of Industrial Safety & Hygiene News (ISHN) will join the J. J. Keller panel of judges. The winners will be announced in September.
The first-place J. J. Keller SPOTY Award winner receives more than $10,000 in cash and prizes. This includes $2,500, a plaque a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE for the winner and their staff (up to 10 users), and $1,200 in free online training from J. J. Keller.
“The SPOTY Awards differ from many other awards in the industry because they focus on the personal commitment and influence of safety managers. From our unique perspective providing safety solutions to more than 90% of Fortune 1000® companies, we see and advise on the safety practices that are head-and-shoulders above the others,” said Rustin Keller, J. J. Keller president and CEO. “We look forward to honoring those who have implemented forward-thinking approaches, especially in a pandemic world.”
SPOTY nominations are open to safety professionals overseeing operations in the United States. Awards are presented for the Safety Professional of the Year as well as second and third places. Second place receives $500, a plaque, and a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE. Third place receives $50, a plaque and certificate, and a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE.
“Safety is one of the most important things a company can provide for employees,” said Keller. “We want to honor safety professionals who do the work of creating a safety culture every day.”
This is the nineteenth year of the J. J. Keller SPOTY Awards.
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About J. J. Keller & Associates, Inc.
J. J. Keller & Associates, Inc. is the nation’s leading provider of regulatory, safety and compliance solutions, serving more than 600,000 customers, including 90% of Fortune 1000® companies. Organizations rely on our expert insights to help create safe work environments and simplify the complexities of regulatory compliance. Our diversified portfolio, including mobile technologies, online tools, publications, training, forms, supplies, consulting and professional services, is trusted to safeguard workers, reduce risk and build operational confidence. As a privately held, family-owned company since 1953, we help protect lives every day. www.jjkeller.com
About J. J. Keller® SAFETY MANAGEMENT SUITE
The J. J. Keller® SAFETY MANAGEMENT SUITE is the newest addition to J. J. Keller’s growing family of world-class cloud solutions – honored as a World-Changing Idea by Fast Company. It is a must-have for safety professionals at any level. It provides safety management tools and applications to help drive performance, reduce risk and ensure compliance. Developed using real-world insight from industry leaders across the country, SAFETY MANAGEMENT SUITE delivers round-the-clock access to all of J. J. Keller’s most popular safety management tools, making it easy to develop a full-service safety program from the ground up. Learn more at https://www.jjkeller.com/shop/Product/J-J-Keller-Safety-Management-Suite#overview.
Susan Baranczyk, This email address is being protected from spambots. You need JavaScript enabled to view it., 920-680-5797
HONG KONG--(BUSINESS WIRE)--CSOP Asset Management Limited (CSOP) is proud to announce the listing of CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF (stock ticker: 3134.HK) on the Hong Kong Stock Exchange (the “HKEX”). As the first pair of ETFs under the HKEX and the Shanghai Stock Exchange (the “SSE”) ETF Cross-Listing Scheme, 3134.HK will track the performance of the CSI Photovoltaic Industry Index (the index), before deduction of fees and expenses, by investing in the Huatai-Pinebridge CSI Photovoltaic Industry ETF1 listed on SSE via the QFI status. With listing price at around HKD 8 per share, trading lot of 100 and management fee of 0.99%, CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF will start to trade on 1 June, 2021. Upon inception, 3134.HK has received around RMB 53 million initial investment. On the same day, the feeder ETF investing in CSOP’s HKEX listed ETF - CSOP Hang Seng TECH Index ETF (stock ticker: 3033.HK) will also list on the SSE. The feeder ETF has already raised RMB 1.17 billion which will flow to 3033.HK before listing, boosting 3033.HK’s overall size and strengthening its leading status as the largest Hang Seng TECH index ETF in the world.2 Currently 3033.HK has assets under management over HKD 10 billion.3
Clean energy and carbon neutrality define the futures of mankind. China has put the carbon emission reduction into the 14th five-year plan formulation, with ultimate goal of achieving carbon neutrality in the long term.4 To materialize the goal, photovoltaic (PV) is the key solution to clean energy. PV refers to producing electricity from sunlight that can be used to power equipment or to recharge a battery. The whole PV industry chain includes the materials in the upstream, PV cells and modules in the midstream, and PV system in the downstream. PV is one of the high-conviction sectors in China with huge growth potential. In 2020, PV electricity generation increased 16.1% YoY, marking 3.47% of overall electricity generation.5 In 2020, PV electricity cumulative installed capacity reached 253GW, in 2035, PV electricity is expected to reach 600GW, more than doubling in cumulative installed capacity.6 With PV technology evolution, the cost of PV electricity will decrease significantly—hence, PV can become the major electricity source in the future. China is also the leading country in the PV industry regarding semiconductor materials, PV cells and modules, and PV system production.7
Weighted by free-float market capitalization, the CSI Photovoltaic Industry Index comprehensively contains 50 most representative China A-shares companies, capturing the performance of the whole PV industry chain from upstream to downstream. Rebalanced semi-annually, the index invariably ensures the most representative PV-related stock inclusion.8 As the end of 31 March, 2021, the index has market cap of RMB 1.568 trillion and return of 100.84% over the prior 12 months.9
To live smarter, healthier and greener has always been the development theme of human beings. As a leading ETF issuer in Hong Kong, CSOP not only provides ETFs/ETPs satisfying investors’ basic investment demands for asset allocation and trading, but also acts as a pioneer portraying the future of investment. The launch of 3134.HK is one of the strokes CSOP has been making to draw the blueprint of human future.
“Among the future thematic ETFs CSOP launched, CSOP Hang Seng TECH Index ETF (3033.HK) and CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK)10 outline how human can live smarter; CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF (3134.HK) maps out in which human can live greener; and there will be more CSOP ETFs coming to the market, enabling investors to envisage the future of human beings," says Melody He, Managing Director, Head of Business Development and Product Strategy & Solutions.
-End-
About CSOP Asset Management Limited
CSOP Asset Management Limited (“CSOP”) was founded in 2008 as the first offshore asset manager set up by a regulated asset management company in China. With a dedicated focus on China investing, CSOP manages public and private funds, as well as providing investment advisory services to Asian and global investors. In addition, CSOP is best known as an ETF leader in Asia. As of 31 March 2021, CSOP has more than USD 10 billion in assets under management.
For further information, please contact
CSOP Asset Management Limited
Larry Wang / 3406 5613 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Tina Shu/ 3406 5675/ This email address is being protected from spambots. You need JavaScript enabled to view it.
This material has not been reviewed by the Securities and Futures Commission.
Issuer: CSOP Asset Management Limited
Please refer to the offering documents for the index provider disclaimer.
IMPORTANT: Investment involves risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions.
The CSOP Huatai-PineBridge CSI Photovoltaic Industry ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series OFC (“Company”), which is a public umbrella open-ended fund company established under Hong Kong law with variable capital with limited liability and segregated liability between sub-funds. The Sub-Fund is a passively managed index tracking exchange traded fund (“ETF”) authorised under Chapters 7 and 8.6 of the Code on Unit Trusts and Mutual Funds. The shares of the Sub-Fund (the “Shares”) are traded on the Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks.
SFC registration and authorisation do not represent a recommendation or endorsement of the Company or the Sub-Fund nor do they guarantee the commercial merits of the Company or the Sub-Fund or their performance. They do not mean the Company or the Sub-Fund is suitable for all investors nor do they represent an endorsement of its suitability for any particular investor or class of investors.
Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus and the Product Key Facts Statement in detail before making any investment decision.
_______________________
1 Source: Huatai-PineBridge CSI Photovoltaic Industry ETF is not authorized by the Securities and Futures Commission for direct offering to the public in Hong Kong
2 Source: CSOP Asset Management Limited
3 Source: Bloomberg, as of 31 May, 2021
4 Source: China 14 Five Year Plan
5 Source: National Energy Administration
6 Source: National Energy Administration and Xinhua Net
7 Source: International Renewable Energy Agency
8 Source: China Securities Index Co. Ltd
9 Source: China Securities Index Co. Ltd
10 CSOP Yinhua CSI 5G Communications Theme ETF is a feeder fund. Its master fund, Yinhua CSI 5G Communication ETF, is not authorized by the Securities and Futures Commission for direct offering to the public in Hong Kong.
For further information, please contact
CSOP Asset Management Limited
Larry Wang / 3406 5613 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Tina Shu/ 3406 5675/ This email address is being protected from spambots. You need JavaScript enabled to view it.
Advanced digital solutions integrated with the Open Subsurface Data Universe (OSDU) Data Platform to accelerate field development planning and optimize production performance
LONDON--(BUSINESS WIRE)--Regulatory News:
Schlumberger announced today an enterprise-scale deployment of advanced digital solutions for PETRONAS enabled by the DELFI* cognitive E&P environment and integrated with the OSDU™ Data Platform. These digital solutions will enable PETRONAS to accelerate its field development planning and optimize production performance of its assets.
“The strategic approach to digital transformation, the adoption of the OSDU Data Platform, and the DELFI environment position PETRONAS among the digital leaders of the industry, and we are proud to be supporting them in this journey,” said Rajeev Sonthalia, president of Digital & Integration, Schlumberger. “Working together, we will liberate access to data and integrate cutting-edge AI into petrotechnical workflows to optimize field development resources, increase efficiency and vastly improve investment decision making.”
This enterprise-scale agreement follows the successful deployment of PETRONAS’ LiveFDP program in Malaysia, which leveraged the DELFI Petrotechnical Suite—Schlumberger’s collection of digital solutions for petrotechnical workflows—and the FDPlan* agile field development planning solution. Through this deployment, PETRONAS’ teams were able to rapidly generate competitive development scenarios across multiple data and functional domains.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
*Mark of Schlumberger
For further information, contact:
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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TORONTO--(BUSINESS WIRE)--$DYA #CityofWoodstock--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce the appointment of Mr. Stephen Kukucha to its Board of Directors, effective immediately.
Stephen adds numerous and significant new strengths to dynaCERT’s dedicated team in many aspects of our Carbon Emission Reduction Technology (“HydraGEN™ Technology”).
Hydrogen Economy Leaders Collaborating
dynaCERT’s Board of Directors is fully committed to maintaining a Canadian leadership role in the new Hydrogen Economy while collaborating meaningfully with other top-ranked industry leaders, such as Stephen, to further supplement and broaden the marketability of the Company’s clean-technology line of products currently available to the global market and to enhance our Company’s optimal corporate governance.
Leadership of Hydrogen Technology
Stephen is an investor, lawyer and corporate advisor who brings over 20 years of knowledge, experience and achievements in the Hydrogen and Clean Technology Industry to his role as a Director of dynaCERT. Stephen is currently a partner at PacBridge Partners (www.pacbridgepartners.com) which provides early-stage and growth capital to companies seeking to build and scale their business, including environmental technology.
Stephen has served on numerous industry boards throughout his career in Clean Technology and the New Hydrogen Economy. In Canada, he served as Vice-Chair, Fuel Cells Canada and Chair, Canadian Transportation Fuel Cell Alliance. Stephen is also a Board Member of Sustainable Development Technology Canada, SDTC, which is funded by the Canadian Federal government and invests in Clean Technology in Canada.
As well, Stephen led the External Affairs Group at Ballard Power Systems and co-founded both a renewable power company and two strategic advisory firms.
In the United States, Stephen served on the Steering Team & Planning Committee of the California Fuel Cell Partnership and was a Member of the Hydrogen and Fuel Cell Advisory Panel of the US Department of Energy, Director of the National Hydrogen Association (U.S.) and also a Director of the US Fuel Cells Council.
Stephen Kukucha, new director of dynaCERT, stated, “The advanced technology of dynaCERT presents a significant opportunity for substantial, near term benefits for both adopters and the environment. I look forward to introducing dynaCERT’s innovative HydraGEN™ Technology solutions and products to leaders in the Logistics, Transportation, Trucking, Rail and Marine Industries. dynaCERT’s technology, software and product solutions can be difference makers as both leading companies and governments work to find solutions to a net-zero economy.”
Jim Payne, CEO of dynaCERT, stated, “I warmly welcome Stephen who brings to dynaCERT the high profile, the applauded stimulus and his unwavering dedication to prominently supplement our sales and marketing penetration. It is a great honour of dynaCERT’s Board of Directors to work side by side with a proficient and highly respected Canadian industry authority such as Stephen. This great distinction is backed by our commitment at dynaCERT to constantly improve and drive our devoted team with the utmost industry doyens who share our corporate mission and corporate culture. We all look forward to our noteworthy association together in the weeks, months and years to come as we continue to grow and expand our technology for today and into the future of the new Hydrogen Economy.”
The Company also announces today the resignation of former board member Elliot Strashin and thanks him for his numerous years of service on the Board of Directors of the Company. Elliot continues as loyal shareholder and a strategic co-owner of a newly active dynaCERT dealer focussing on sales of dynaCERT’s Clean Technology innovations in the significant mining industry of China featuring the heavy-duty C-Series of dynaCERT’s line of HydraGEN™ Technology and commences as a consultant to dynaCERT, thereby continuing to provide global insight and international reach on a planetary scale. Yesterday, the Company also issued, in its customary annual grant, 7,850,000 five-year stock options to its employees, consultants, officers and directors at an exercise price of fifty cents.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
Comprehensive Suite of Enterprise AI-based Solutions Delivers Significant Value Across Asset Operations
REDWOOD CITY, Calif.--(BUSINESS WIRE)--C3 AI (NYSE:AI), a leading enterprise AI software provider, and Shell (NYSE:RDS) today announced a five-year renewal of their strategic agreement to accelerate the deployment of enterprise AI and ML applications on the C3 AI® Suite across Shell. This renewal is a significant expansion of the relationship C3 AI and Shell initially developed several years ago. The primary objective of the agreement is to address reliability, asset integrity, and process optimization across Shell businesses.
Today’s announcement builds upon the launch earlier this year of the Open AI Energy Initiative™ (OAI), a first-of-its-kind open ecosystem of AI solutions to help transform the energy industry. The OAI, launched by C3 AI, Shell, Baker Hughes, and Microsoft, provides a framework for energy operators, service providers, equipment providers, and independent software vendors for energy services to offer interoperable solutions, including enterprise AI and physics-based models, monitoring, diagnostics, prescriptive actions, and services, powered by the BHC3™ AI Suite and Microsoft Azure. With this expansion, C3 AI and Shell will accelerate the adoption of enterprise AI applications within Shell and across the wider energy market.
“The Shell.ai program has been a foundational element in the development of our digital strategy, and C3 AI has been a key partner in helping to scale our innovative products,” said Shell CTO Yuri Sebregts. “We now see enterprise AI technology becoming mainstream and are excited by the potential as we seek to transform the energy system.”
“The need to accelerate the digital transformation of the energy industry and to ensure climate security has never been greater,” said C3 AI Chairman and CEO Thomas M. Siebel. “Together with Shell, we are committed to driving cleaner energy and climate initiatives globally through the power of tried, tested, and scalable enterprise AI-based solutions. Our collaboration will shape the global market for AI/ML applications in the energy and resource industries.”
“C3 AI is an integral part of enabling Shell’s deployment of enterprise AI solutions at scale,” said Shell CIO Jay Crotts. “We are continuing our journey to replicate and scale our solutions in the areas of reliability, asset optimization, and integrity management, while exploring applications in subsurface workflows. Our predictive maintenance solutions, built on the C3 AI Suite platform, have realized value through increased reliability and reduction in cost. The adoption of enterprise AI and data-centric workflows are changing how we work with our assets and driving efficiency across our businesses.”
For more information on C3 AI and Enterprise AI solutions, visit https://c3.ai/what-is-enterprise-ai/.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is a leading provider of Enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.
C3 AI Public Relations
Edelman
Lisa Kennedy
415-914-8336
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Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Global Port Automated Driving Report, 2021" report has been added to ResearchAndMarkets.com's offering.
The surging global freight shipping rates will rev up the deployment of automated driving in ports.
The global freight shipping rates have enjoyed a marked increase since June 2020, for example, from USD1,358 per FEU on March 5, 2021 to USD4,115 per FEU on March 6, 2021. The frequent shipping crises in 2021 have forced many exporters to sign freight contracts for the next 12 months at high prices.
A combination of factors including soaring demand for goods boosted by global fiscal and monetary stimulus, saturated ports, and shortage of ship and dock workers and truck drivers trigger the increase in shipping costs. Port operators are keen on higher operation efficiency and solutions to labor shortage.
Globally, foreign countries made an early start on straddle carrier and AGV, having won a place in the market. Yet it is hard for them to accelerate port container turnover and lower operating cost in a short time, due to rising international shipping costs, too long time taken to deploy AGVs, and larger space needed for autonomous straddle carriers. While, autonomous container trucks cost less than other solutions, its rapid deployment only requires introduction of intelligent roadside facilities to existing smart terminals. It is predicted that large container ports worldwide will work to deploy autonomous container trucks from 2021 onwards.
As a key importer and exporter in the world, China is trying hard to promote autonomous driving that enables port logistics and enhance the construction of new-generation automated terminals and the mass adoption of autonomous container trucks.
By 2025, some coastal container hub ports should preliminarily build intelligent systems that enable comprehensive perception, internet of everything, and port-truck cooperation; by 2035, container hub ports should complete the construction of intelligent systems, according to the Guideline to Accelerate the Building of World-class Ports issued by the Ministry of Transport of China. Faster progress in construction of "new infrastructure" in ports comes with the boom of 5G, CVIS and autonomous driving technologies.
Autonomous logistics covers the whole process from port shipping hubs to trunk highways.
Port automated driving is a typical closed scenario of low speed operation and a representative scenario that is the first one to allow for commercial use of autonomous driving. In current stage, China boasts the ownership of more than 25,000 container trailers, but most port terminals still depend on manned container trucks, with the penetration of autonomous ones lower than 2%.
It is expected that in 2025, 6,000 to 7,000 L4 autonomous container trucks will come into service in Chinese ports, with their penetration over 20%; China's port automated driving market will be worth more than RMB6 billion in 2025, holding roughly 30% of the global market.
Despite not a big market, port automated driving creates a demonstration effect and many derivatives, such as autonomous logistics scenario covering the whole process from shipping to port and then to trunk highway and logistics hub.
At first, port autonomous container trucks take priority to acquire the rights of transporting containers from ships to container yards to distributing centers. On one estimate, China's trunk logistics market valued at RMB5 trillion or so (approximately USD700 billion) attracts autonomous driving investors.
In 2020, half the autonomous driving funding cases in China targeted start-ups making deployments in commercial vehicles. Among the 19 investees, 8 that deploy trunk logistics scenarios averagely raised more funds than those focusing on other segments.
Key Topics Covered:
1 Overview of Automated Driving for Autonomous Ports
1.1 Introduction to Autonomous Ports and Automated Driving
1.2 Classification of Port Automated Driving
1.2.1 Three Automation Solutions for Port Automated Driving
1.2.2 Comparison of Advantages and Disadvantages between Automation Solutions for Port Automated Driving
1.2.3 Port Container Straddle Carrier
1.2.4 Competitive Landscape of Port Container Straddle Carrier Industry
1.2.5 AGV (Automated Guided Vehicle)
1.2.6 AGV Application
1.2.7 Port Autonomous Container Trucks
1.3 Advantages of Port Automated Driving (1)
1.4 Advantages of Port Automated Driving (2)
1.5 Port Automated Driving Industry Chain
1.6 Development Trends of Port Automated Driving
2 Status Quo of Port Automated Driving Market and Forecast
2.1 Standards and Policies Concerning Port Automated Driving Industry
2.2 Status Quo of Port Industry
2.3 Port Automated Driving Market Size
2.4 Port Automated Driving Industry Chain and Business Models
2.5 Competitive Landscape and Financing of Port Automated Driving
2.6 Classification of Port Autonomous Vehicles
2.7 Problems and Challenges in Development of Port Automated Driving
3 Port Automated Driving Solutions and Development Trends
3.1 Solution Framework
3.1.1 Classification of Solutions
3.1.2 Solutions-Westwell Lab Automated Driving Solution
3.1.3 Main Application Technologies
3.1.4 Homemade AI Chips to be Applied to Port Automated Driving
3.1.5 Heading Data Intelligent Provides HD Maps for Shanghai Yangshan Port Terminal
3.1.6 DeepMotion Provides Vision-based HD Map Solutions for Shanghai Yangshan Port
4 Port Automated Driving Application Cases
4.1 Summary of Port Automated Driving Scenario Applications
4.2 Automated Driving in Tianjin Port
4.2.1 Demonstration Zone
4.2.2 5G Remote Control and Whole Loading and Unloading Process
4.2.3 Ship Container Loading and Unloading Operation
4.3 Phase IV Autonomous Terminal of Shanghai Yangshan Port
4.3.1 AGV
4.3.2 5G Intelligent Heavy Duty Truck
4.4 Operation of Autonomous Container Trucks at Xiamen Ocean Gate Terminal of COSCO SHIPPING Ports Limited
4.5 Mawan Smart Port 5G+ Automated Driving Project
4.6 New Explorations of Autonomous Ports
5 Main Port Automated Driving Players
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Advanced digital solutions integrated with the Open Subsurface Data Universe (OSDU) Data Platform to accelerate field development planning and optimize production performance
LONDON--(BUSINESS WIRE)--Schlumberger announced today an enterprise-scale deployment of advanced digital solutions for PETRONAS enabled by the DELFI* cognitive E&P environment and integrated with the OSDU™ Data Platform. These digital solutions will enable PETRONAS to accelerate its field development planning and optimize production performance of its assets.
“The strategic approach to digital transformation, the adoption of the OSDU Data Platform, and the DELFI environment position PETRONAS among the digital leaders of the industry, and we are proud to be supporting them in this journey,” said Rajeev Sonthalia, president of Digital & Integration, Schlumberger. “Working together, we will liberate access to data and integrate cutting-edge AI into petrotechnical workflows to optimize field development resources, increase efficiency and vastly improve investment decision making.”
This enterprise-scale agreement follows the successful deployment of PETRONAS’ LiveFDP program in Malaysia, which leveraged the DELFI Petrotechnical Suite—Schlumberger’s collection of digital solutions for petrotechnical workflows—and the FDPlan* agile field development planning solution. Through this deployment, PETRONAS’ teams were able to rapidly generate competitive development scenarios across multiple data and functional domains.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
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DUBLIN--(BUSINESS WIRE)--The "Boat Building Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
Major players in the boat building market are Armstrong Marine USA Inc., Brunswick Corporation (BC), Survitec Group, Ancasta International Boat Sales Ltd, Metal Shark, Gulf Craft LLC, Dakota Creek Industries Inc., and Main Iron Works.
The global boat building market is expected to grow from $34.76 billion in 2020 to $37.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $48.36 billion in 2025 at a CAGR of 6.8%.
The development of autonomous boats is gaining popularity in the boat building market. Top companies in the market are developing technologically advanced autonomous boats to maintain their position in a competitive business environment. For instance, in August 2020, Ocious Technology Ltd., an Australian public listed company, provided Australia with autonomous boats to watch out for refugees at sea. The company was awarded $5.5 billion by the Australian government's Department of Defense for the development of autonomous unmanned surface vessels.
In May 2019, Hike Metal, a Canada-based boat builder, collaborated with Sea Machine Robotics, a US-based autonomous technology company engaged in building autonomous and navigation systems for the commercial boating and marine industry, to develop an unmanned search-and-rescue (SAR) boat.
The boat building market covered in this report is segmented by type into recreational boats; commercial boats; military boats; others and by propulsion into motor boats; sail boats.
In April 2020, Century Boats, an American boat building company, acquired Vanquish Boats, a US-based dayboat manufacturer for an undisclosed amount. The acquisition is expected to expand Century Boats' dealership, distribution network, and service network. The existing models of Vanquish will be reintroduced as Century Coronado, which will add to Century Boats' existing product portfolio. Vanquish Boats is a builder of a dual console, cuddy, premium center console, and runabout dayboats.
The increasing demand for recreational boats is anticipated to boost the demand for the boat building market. Recreational boating is a popular leisure activity across the globe. Many people participate in recreational boating activities such as water skiing, fishing, and travel.
According to the National Marine Manufacturers Association (NMMA) representing recreational boat, marine accessories, and engine manufacturers, the USA recreational boating industry saw a seventh consecutive year of growth in 2018 with the retail unit sales of new powerboats of about 280,000 units in 2018, highest since 2007 and the sales grew by approximately 3% to 4% in 2019. Therefore, the surge in recreational boating is likely to contribute to the demand for boat building.
Environmental concerns associated with the usage of certain materials such as exotic woods, plastics, and resins during boat manufacturing is expected to limit the growth of the boat building market. Exotic woods from forests, plastics, and resins manufactured from petroleum have a significant environmental impact.
There are many environmental issues associated with boat building due to hazardous chemicals used in boat building, exhaust emissions from boat engines, evaporative emissions from fuel systems, and styrene emissions.
According to the United States Environmental Protection Agency, boat manufacturing has been identified as a major source of hazardous air pollution. Furthermore, global issues such as energy usage and minimizing the carbon footprint is a major challenge for players operating in the boat building market.
Key Topics Covered:
1. Executive Summary
2. Boat Building Market Characteristics
3. Boat Building Market Trends and Strategies
4. Impact of COVID-19 on Boat Building
5. Boat Building Market Size and Growth
5.1. Global Boat Building Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Boat Building Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Boat Building Market Segmentation
6.1. Global Boat Building Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Boat Building Market, Segmentation by Propulsion, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Boat Building Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Boat Building Market Regional and Country Analysis
7.1. Global Boat Building Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Boat Building Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
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Leading Supplier of Engineered Equipment to the Defense and Aerospace/Space Industries
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM) (“Graham” or the “Company”), a global business that designs, manufactures and sells critical equipment to the oil refining, petrochemical and defense industries, today announced that it has completed the acquisition of management-owned Barber-Nichols Inc. (“BNI”) for $70.1 million in a combination of 87% cash and 13% stock. The Company also announced it has entered into new credit facilities including a 5-year term loan to finance a portion of the purchase price.
With $56 million in revenue and low-double digit EBITDA margins, BNI designs and manufactures specialty turbomachinery including highly specialized pumps, compressors and fans, and rocket engine turbopumps for critical applications, primarily in the defense and space industries.
James R. Lines, Graham’s Chief Executive Officer, commented, “We are excited to announce the acquisition of BNI which is transformative for Graham and immediately amplifies our financial performance. It significantly increases our sales and earnings, accelerates our diversification into the less-cyclical defense sector, and provides a platform for strong growth with a broader range of engineered solutions. This combination positions Graham for higher, more stable growth as well as an improving margin profile with room for expansion.”
He continued, “Known for their entrepreneurial culture, innovation, creativity, and specialized product development along with their design-for-manufacturing and engineering expertise, BNI has built excellent brand recognition over the years. With proven capabilities for product development for critical industries’ demanding requirements, BNI’s strong brand attracts opportunities for new product design projects and strategic partnerships. These have been drivers of its backlog growth and provides multi-year visibility. We welcome their extensive engineering capabilities, industry know-how and long-history of innovation. Our core energy and petrochemicals platform will continue to be an important contributor to our future and, when complemented by a much larger and more diverse defense and aerospace platform, we believe our earnings power and shareholder value are magnified.”
Compelling Strategic Rationale
Terms of the Transaction and Financing
Graham acquired BNI for total consideration of $70.1 million comprised of approximately $61.1 million in cash and $9.0 million in equity, or approximately 610 thousand shares at $14.69 per share. The purchase price is subject to typical working capital adjustments. The cash consideration was paid using a combination of $41.1 million of cash on hand and $20.0 million from a new credit facility. The purchase price represents an 11x twelve-month forward Adjusted EBITDA multiple. Following the acquisition, Graham’s total shares outstanding are 10.6 million.
Jeffrey F. Glajch, Graham’s Vice President Finance and Chief Financial Officer, commented, “After nearly three years of working with the BNI leadership team, I am pleased we were able to successfully consummate this acquisition. The strategic rationale is abundantly clear. Importantly, we anticipate this acquisition, along with further organic and M&A investment opportunities in the defense and aerospace markets, will strengthen long term shareholder returns.”
The stock purchase agreement also includes a contingent earn-out dependent upon certain post-acquisition financial measures of BNI, in which the sellers are eligible to receive up to $14 million in additional cash consideration.
Graham entered into a new five-year, $20 million term loan to pay a portion of the acquisition purchase price and a $30 million revolver with a $10 million accordion feature for potential acquisitions. The interest rate on the term loan is variable based on levels of borrowings. At the current level, the rate is the Bloomberg BSBY short-term credit sensitive index plus 1.50%.
Mr. Glajch added, “We put our significant cash reserves to work with this acquisition with the intent of improving the efficiency of our balance sheet by adding low-cost debt. This debt supports our growth and enables greater financial flexibility. We expect this will drive improved returns on assets and further enhance shareholder value.”
Management Announcements
The Company also announced today that Daniel J. Thoren, who was BNI’s Chairman of the Board and served as President and CEO for 24 years, has been appointed as President and COO of Graham Corporation. Matthew Malone, who had been recently named BNI’s President & CEO, has been appointed Vice President and General Manager- Barber-Nichols for Graham Corporation.
Mr. Lines said, “We are thrilled to welcome the BNI team and value their commitment to continue to advance the business forward. We are especially pleased to have Dan accept the role as President and COO of Graham. Dan has a proven track record of strong leadership, taking BNI from $5 million in revenue to where they are today. He built an excellent organization, a strong, talented team and I believe he is well qualified to be a key leader in our now much larger organization. We expect that Dan will be a key driver of our strategy to further strengthen our presence in the defense and aerospace markets.
Daniel J. Thoren, the newly appointed President and Chief Operating Officer of Graham, commented, “This is a really exciting time for BNI and we are very enthusiastic about joining the Graham team. We believe that combined we have more financial strength to invest in continued growth and a greater opportunity to advance our technologies into new and extraordinary applications. Importantly, there are many cultural and process similarities between Graham and BNI. We are both engineering firms that manufacture complex, high quality solutions for our customers’ critical applications. Customer focus and quality are core values of both teams. Together, I anticipate we become an even more formidable force in our markets.”
Dan Thoren has served as the President and CEO of Barber-Nichols since 1997. From 1991 to 1997, he held Senior Engineer and Engineering management posts at the company. Mr. Thoren earned a B.S. degree in Mechanical Engineering from the University of Wyoming and an M.S. in Organizational Management from the University of Colorado, Denver.
Matt Malone joined BNI in 2015 as a Project Engineer focused on rocket engine turbopump design and development. He was promoted to Navy program manager in 2018, overseeing key U.S. Navy programs. Mr. Malone was appointed Vice President of Operations of BNI in 2020. He began his career at GE Transportation where he held a variety of engineering and management positions.
Mr. Malone earned his B.S. in Mechanical Engineering with honors in design optimization from Pennsylvania State University and his M.S. in Mechanical Engineering from Georgia Institute of Technology.
About Barber-Nichols, Inc.
BNI designs and builds products and systems for a variety of U.S. Department of defense customers including the U.S. Navy and Air Force, NASA, and commercial customers in the aerospace, medical, computer and automotive industries. This broad range of industry and customer experience has delivered sustained business growth through varying economic cycles of the industries served. BNI provides complicated turbomachinery solutions for critical applications in the aerospace, defense, cryogenics and energy industries. The company has had strong growth over the last 20-years from the expansion of its engineering capabilities for programs that involve complex production and system integration. Founded in 1966, BNI operates from a leased 96,000 square foot campus including a new, 43,000 square foot, state-of-the-art manufacturing facility in Arvada, Colorado where it is headquartered. More information on BNI can be found on their website www.barber-nichols.com.
Webcast and Conference Call
Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review the acquisition in addition to its fiscal 2021 financial results. A slide presentation regarding the acquisition can be found Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A question-and-answer session will follow the formal presentation.
Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A telephonic replay will be available from 2:00 p.m. ET today through Tuesday, June 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718347. A transcript of the call will be placed on Graham’s website, once available.
ABOUT GRAHAM CORPORATION
Graham, with its wholly owned subsidiary Barber-Nichols Inc, is a global business that designs, manufactures and sells critical equipment for the energy, defense, aerospace, medical, technology, automotive and chemical/petrochemical industries. Graham and BNI’s global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, responsive and flexible service and unsurpassed quality.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news 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 are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “continue,” “could,” “opportunities,” “seeking,” “potential,” “will” “plans,” “aim,” “pursuit,” “look towards” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the integration and operation of BNI, the accretive impact of the acquisition of BNI, the effect of the BNI acquisition on our growth, diversification strategy, markets, returns and solutions, our ability to achieve our operating priorities, improve efficiencies and increase stockholder value, our ability to retain and hire key personnel, including as a result of the BNI acquisition, expected expansion and growth opportunities within our domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, our ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which we operate, our liquidity and capital requirements, our ability to attract or retain customers, and , changes in general economic conditions and customer behavior, , are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Jeffrey F. Glajch
Vice President – Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading supplier of marine transportation services, announced today that it has entered into a contract with Yangzijiang Shipyard in Taicang City, China to build a new Seaway-Max self-unloading vessel for its domestic dry-bulk fleet.
The as-yet unnamed vessel will be the first of the new Equinox 2.0 Class, a design that builds on the original Equinox Class standards to achieve better fuel efficiency, improved speed at lower engine power, and enhanced deadweight capacity. The new Equinox 2.0 incorporates a number of design changes, including various weight-saving innovations and a reconfigured stern that incorporates a dual-rudder design to increase cargo hold size, resulting in an increase in the capacity of the vessel by approximately 1,440 metric tonnes. Other design improvements include an efficiency upgrade to the propeller and changes in the shape of cargo holds to improve the handling of certain “sticky” cargoes.
“We are very excited to exercise one of our options at the YZJ shipyard for the first Equinox 2.0 vessel,” said Gregg Ruhl, President and Chief Executive Officer of Algoma. “Our in-house design team is relentless in their pursuit of improvements in our vessel designs. Each previous Equinox Class ship incorporated modest improvements over its predecessors, as we learned more about the vessels during construction and as they entered operations. The changes made for this vessel were such an improvement over the previous design that we feel adding a version number to the design name makes sense,” Mr. Ruhl continued.
The new vessel is scheduled to replace the Algoma Transport, one of the oldest vessels in the Algoma dry-bulk fleet. Triggering the option now enables Algoma to lock in a building slot with ideal delivery timing. Construction of the ship will begin in late 2022 and the vessel is expected to join the fleet at the beginning of the 2024 navigation season.
Algoma also reports that the Captain Henry Jackman, the Company’s new Equinox Class gearless bulk carrier, is making good progress on its homeward journey. As previously announced, Algoma took delivery of the vessel in early April and its voyage to Canada commenced on April 29th. The delivery voyage has been going remarkably well, demonstrating that the effort Algoma has invested into incrementally improving the design of Equinox Class ships is already showing promising dividends. At similar power settings to those used on the previous delivery voyages, the Captain Henry Jackman has an overall slightly lower daily fuel consumption but is making a much better speed. Weather permitting, the ship is expected to arrive in Panama on June 6th and transit the canal on June 7th, before starting the final leg of the delivery voyage across the Caribbean and up the US East Coast to enter the St. Lawrence River. The Captain Henry Jackman is expected to arrive in Montreal around June 19th and will join the Algoma dry-bulk fleet as an operating vessel following a flag change and completion of inspections and other Canadianization procedures.
Both the Captain Henry Jackman and the new Equinox 2.0 ship feature important sustainability advantages that will help Algoma meet its greenhouse gas targets, reducing the amount of emissions per cargo tonne-kilometre. Investing in new, more sustainable capacity is just part of what Algoma is doing to be your Marine Carrier of Choice.
For more, please see the Sustainability Report on our website at https://www.algonet.com/sustainability/.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley CPA, CA
Chief Financial Officer
905-687-7897
Or visit
www.algonet.com
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries, today reported financial results for its fourth quarter and full fiscal year ended March 31, 2021 (“fiscal 2021”). The Company separately announced that today it has completed the acquisition of Barber-Nichols Inc. (“BNI”), a specialty turbomachinery designer and manufacturer for total consideration of $70 million, subject to customary working capital adjustments.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “Overall, we had a solid year, slightly exceeding our expectations as short cycle sales were stronger than expected in the quarter. As we look back at fiscal 2021, I believe that the results of our persistent efforts to diversify our business as we continue to focus on becoming a more significant defense industry supplier were apparent, with 25% of revenue generated by sales to the U.S. Navy. While orders still indicate a weak environment in our energy and petrochemical markets, our strong backlog reflects $69.2 million of U.S. Navy orders received in fiscal 2021. We now have $104 million of firm backlog related to the U.S. Navy. This strong backlog, combined with the acquisition of Barber-Nichols, significantly advances our diversification strategy into the defense industry. BNI will be immediately accretive to fiscal 2022 earnings and expand our top line by 50%. We are excited to welcome the BNI team to Graham and look forward to working together for continued growth.”
Fourth Quarter Fiscal 2021 Sales Summary (All comparisons are with the same prior-year period unless noted otherwise. See accompanying financial tables for a breakdown of sales by industry and region)
Net sales were $25.7 million compared with $23.1 million in the fourth quarter of fiscal 2020. Stronger than expected demand in the short cycle business drove the higher-than-expected sales in the quarter.
Sales to the refining markets increased $2.9 million from the prior-year period to $10.3 million and represented 40% of total sales. Sales to the defense markets were up 16% to $6.5 million this quarter and represented 25% of total revenue. Chemical/petrochemical market sales were $5.8 million compared with $7.1 million in the prior year.
From a geographic perspective, international sales were approximately 40% of which 18% were in Asia. Domestic sales in the fiscal 2021 fourth quarter were 60% of total sales and include the impact of sales to the defense industry.
Fluctuations in Graham’s sales among geographic locations and industries can vary measurably from quarter-to-quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which it believes are more apparent on a trailing twelve-month basis.
Fourth Quarter Fiscal 2021 Performance Review All comparisons are with the same prior-year period unless noted otherwise.)
| ($ in millions except per share data) | |||||
| Q4 FY21 | Q4 FY20 | Change | |||
| Net sales | $ 25.7 |
$ 23.1 |
$ 2.6 |
||
| Gross profit | $ 5.0 |
$ 4.4 |
$ 0.5 |
||
| Gross margin | 19.4% |
19.2% |
|||
| Operating profit | $ 0.6 |
$ 0.3 |
$ 0.3 |
||
| Operating margin | 2.3% |
1.4% |
|||
| Net income | $ 0.4 |
$ 0.6 |
$ (0.2) |
||
| Diluted EPS | $ 0.04 |
$ 0.06 |
|||
| EBITDA | $ 1.0 |
$ 0.9 |
$ 0.1 |
||
| EBITDA margin | 4.0% |
3.9% |
*Graham believes that EBITDA (defined as consolidated net income before net interest income, income taxes, depreciation, and amortization), and EBITDA margin (EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on EBITDA. See the attached table on page 10 for additional important disclosures regarding Graham’s use of EBITDA and EBITDA margin as well as the reconciliation of net income to EBITDA.
Gross margin expanded 20 basis points in the quarter to 19.4%.
Selling, general and administrative (“SG&A”) expenses were $4.4 million, up $0.4 million, or 9%, primarily due to variable compensation costs. SG&A, as a percent of sales for the three-month periods ended March 31, 2021 and 2020 were 17.1% and 17.4%, respectively.
Operating profit was $0.6 million, up from $0.3 million from the prior year from operating leverage gained with volume. Net income was $0.4 million, or $0.04 per share, compared with $0.06 per share in the prior year due to lower interest income and higher provision for income taxes.
Full Year Fiscal 2021 Performance Review (All comparisons are with the same prior-year period unless noted otherwise.)
| ($ in millions except per share data) | |||||
| FY 2021 | FY 2020 | Change | |||
| Net sales | $ 97.5 |
$ 90.6 |
$ 6.9 |
||
| Gross profit | $ 20.5 |
$ 18.1 |
$ 2.3 |
||
| Gross margin | 21.0% |
20.0% |
|||
| Operating profit | $ 3.0 |
$ 0.7 |
$ 2.3 |
||
| Operating margin | 3.1% |
0.7% |
|||
| Net income | $ 2.4 |
$ 1.9 |
$ 0.5 |
||
| Diluted EPS | $ 0.24 |
$ 0.19 |
|||
| EBITDA | $ 5.1 |
$ 3.0 |
$ 2.1 |
||
| EBITDA margin | 5.2% |
3.3% |
Sales to the U.S. were $52.7 million, or 54% of total sales, compared with $58.0 million, or 64% of total sales, in the prior fiscal year. International sales were $44.8 million and represented 46% of total sales, compared with $32.6 million, or 36% of total sales in fiscal 2020.
Gross profit and margin improved due to higher volume and a more favorable mix of projects.
SG&A was up 4%, or $0.6 million, to $17.5 million driven by higher sales commissions, variable compensation expense and acquisition costs related to BNI. As a percent of sales, SG&A improved to 17.9% compared with 18.6% in the prior year.
The effective tax rate was 27.3%, compared with 19.0% in the prior-year period. The higher effective tax rate in fiscal 2021 reflects the mix of earnings by geography, which were weighted toward higher rate tax jurisdictions.
Strong Balance Sheet with Ample Liquidity
Cash, cash equivalents and investments at March 31, 2021 decreased $8 million to $65.0 million from March 31, 2020. Net cash used by operating activities for fiscal 2021 was $1.7 million compared with $1.2 million of net cash provided by operating activities in the prior year. The decline in cash generation was the result of the utilization of customer deposits. At March 31, 2021, Graham had no debt.
Capital spending was $0.7 million in the fourth quarter of fiscal 2021 and was $2.2 million in fiscal 2021. The Company expects capital expenditures for fiscal 2022, including BNI, to be between $4.5 million and $5.5 million. The organic business is expected to have capital expenditures of $2.8 million to $3.0 million of which approximately 90% is expected to be for machinery and equipment and the remainder to be used for other items.
Subsequent to the end of the fiscal year, the Company utilized $41.1 million of cash, cash equivalents and investments, and incurred debt of $20 million pursuant to a 5-year term loan associated with the BNI acquisition.
Orders and Backlog
Orders for the quarter were $13.4 million, up $1.1 million from the prior-year period, and included defense orders of $5.4 million. The remaining $8.0 million in orders were primarily from the global refining and chemical/petrochemical markets, which have been heavily impacted by the global pandemic and weak oil prices. Chemical and petrochemical orders were $2.7 million, compared with $9.4 million in the prior-year period. Refining orders were $2.3 million in the current quarter, compared with $0.1 million in the fourth quarter of fiscal 2020 during which was the onset of the global pandemic.
Domestic orders were 88% of total net orders in the fourth quarter of fiscal 2021, reflecting the demand from the U.S. Navy. Domestic orders were 46% in the prior-year period.
Backlog at the end of the fiscal 2021 was $137.6 million, down $12.1 million from December 31, 2020, but up 22% from the end of fiscal 2020.
Backlog by industry at March 31, 2021 was approximately:
The Company expects approximately 40% to 45% of backlog will convert to revenue in fiscal 2022. Approximately $25 million to $27 million of backlog related to the defense industry is expected to convert to sales in fiscal 2022.
Fiscal 2022 Guidance
Mr. Lines concluded, “We believe the strategic and financial benefits resulting from the acquisition of BNI are compelling. Our results will be driven by sales to the defense industry, amplifying our ongoing efforts to diversify our revenue base.”
Revenue in fiscal 2022 is expected to be $130 million to $140 million, inclusive of BNI’s revenue for the ten-month period, which is expected to be $45 million to $48 million. Adjusted EBITDA* for the combined businesses is expected to be approximately $7.0 million to $9.0 million.
Jeffrey F. Glajch, Vice President Finance and Chief Financial Officer, commented, “Our outlook for fiscal 2022 includes ten months of BNI. Upon completion of purchase accounting, we will be in a better position to provide more clarity and guidance on potential gross margin and SG&A expenses.”
*See the safe harbor statement regarding forward-looking non-GAAP measures.
Webcast and Conference Call
Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review its financial condition and operating results for the fourth quarter and full year of fiscal 2021, as well as its strategy and outlook. The review will be accompanied by a slide presentation which will be made available immediately prior to the conference call on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A question-and-answer session will follow the formal presentation.
Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.”
A telephonic replay will be available from 2:00 p.m. ET today through Tuesday, June 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718347. A transcript of the call will be placed on Graham’s website, once available.
ABOUT GRAHAM CORPORATION
Graha is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality.
Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
BNI, which was acquired following the end of fiscal 2021, designs and builds products and systems for a variety of U.S. Department of defense customers including the U.S. Navy and Air Force, NASA, and commercial customers in the aerospace, medical, computer and automotive industries. This broad range of industry and customer experience has delivered sustained business growth through varying economic cycles of industries served. BNI provides complicated turbomachinery solutions for critical applications in the aerospace, defense, cryogenics and energy industries. The company has had strong growth over the last 20-years from the expansion of its engineering capabilities for programs that involve complex production and system integration. Founded in 1966, BNI operates from a new, 43,000 square foot, state-of-the-art manufacturing facility in Arvada, Colorado where it is headquartered. More information on BNI can be found on their website www.barber-nichols.com.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news 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 are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “indicates”, “believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look towards” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, effects of the COVID-19 global pandemic, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, the effect on its business of volatility in commodities prices, including, but not limited to, the extreme price volatility seen in the first six months of calendar year 2020, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
In addition, forward looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s 2021 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end and year-end adjustments. Any variation between the Company’s actual results and preliminary financial data set forth above may be material.
Graham Corporation
|
|||||||||||||||
(unaudited) |
(audited) |
||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
March 31, |
March 31, |
||||||||||||||
|
|
||||||||||||||
2021 |
2020 |
% Change |
2021 |
2020 |
% Change |
||||||||||
| Net sales | $ 25,671 |
$ 23,082 |
11% |
$ 97,489 |
$ 90,604 |
8% |
|||||||||
| Cost of products sold | 20,690 |
18,640 |
11% |
77,020 |
72,456 |
6% |
|||||||||
| Gross profit | 4,981 |
4,442 |
12% |
20,469 |
18,148 |
13% |
|||||||||
| Gross margin | 19.4% |
19.2% |
|
21.0% |
20.0% |
|
|||||||||
|
|
||||||||||||||
| Other expenses and income: |
|
|
|||||||||||||
| Selling, general and administrative | 4,380 |
4,024 |
9% |
17,471 |
16,879 |
4% |
|||||||||
| Other expense | - |
94 |
N/A |
- |
617 |
N/A |
|||||||||
| Operating profit | 601 |
324 |
85% |
2,998 |
652 |
360% |
|||||||||
| Operating margin | 2.3% |
1.4% |
|
3.1% |
0.7% |
|
|||||||||
|
|
||||||||||||||
| Net other interest (income)/expense | 29 |
(328) |
N/A |
(269) |
(1,660) |
(84%) |
|||||||||
| Income before provision for income taxes | 572 |
652 |
(12%) |
3,267 |
2,312 |
41% |
|||||||||
| Provision for income taxes | 184 |
76 |
142% |
893 |
440 |
103% |
|||||||||
| Net income | $ 388 |
$ 576 |
(33%) |
$ 2,374 |
$ 1,872 |
27% |
|||||||||
|
|
||||||||||||||
| Per share data: |
|
|
|||||||||||||
| Basic: |
|
|
|||||||||||||
| Net income | $ 0.04 |
$ 0.06 |
(33%) |
$ 0.24 |
$ 0.19 |
26% |
|||||||||
| Diluted: |
|
|
|||||||||||||
| Net income | $ 0.04 |
$ 0.06 |
(33%) |
$ 0.24 |
$ 0.19 |
26% |
|||||||||
|
|
||||||||||||||
| Weighted average common shares outstanding: |
|
|
|||||||||||||
| Basic | 9,989 |
9,888 |
|
9,959 |
9,876 |
|
|||||||||
| Diluted | 9,989 |
9,888 |
|
9,959 |
9,879 |
|
|||||||||
|
|
||||||||||||||
| Dividends declared per share | $ 0.11 |
$ 0.11 |
|
$ 0.44 |
$ 0.43 |
|
|||||||||
|
|
||||||||||||||
|
|
||||||||||||||
|
|
||||||||||||||
| N/A: Not Applicable |
|
|
|||||||||||||
Graham Corporation
|
|||
| (audited) | (audited) | ||
| March 31, | March 31, | ||
2021 |
2020 |
||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | $ 59,532 |
$ 32,955 |
|
| Investments | 5,500 |
40,048 |
|
| Trade accounts receivable, net of allowances ($29 and $33 | |||
| at March 31, 2021 and 2020, respectively) | 17,378 |
15,400 |
|
| Unbilled revenue | 19,994 |
14,592 |
|
| Inventories | 17,332 |
22,291 |
|
| Prepaid expenses and other current assets | 512 |
906 |
|
| Income taxes receivable | - |
485 |
|
| Total current assets | 120,248 |
126,677 |
|
| Property, plant and equipment, net | 17,618 |
17,587 |
|
| Prepaid pension asset | 6,216 |
3,460 |
|
| Operating lease assets | 95 |
243 |
|
| Other assets | 103 |
153 |
|
| Total assets | $ 144,280 |
$ 148,120 |
|
| Liabilities and stockholders’ equity | |||
| Current liabilities: | |||
| Current portion of finance lease obligations | $ 21 |
$ 40 |
|
| Accounts payable | 17,972 |
14,253 |
|
| Accrued compensation | 6,106 |
4,453 |
|
| Accrued expenses and other current liabilities | 4,628 |
3,352 |
|
| Customer deposits | 14,059 |
26,983 |
|
| Operating lease liabilities | 46 |
153 |
|
| Income taxes payable | 741 |
- |
|
| Total current liabilities | 43,573 |
49,234 |
|
| Finance lease obligations | 34 |
55 |
|
| Operating lease liabilities | 37 |
82 |
|
| Deferred income tax liability | 635 |
721 |
|
| Accrued pension liability | 1,557 |
747 |
|
| Accrued postretirement benefits | 515 |
557 |
|
| Total liabilities | 46,351 |
51,396 |
|
| Stockholders’ equity: | |||
| Preferred stock, $1.00 par value, 500 shares authorized | - |
- |
|
| Common stock, $0.10 par value, 25,500 shares authorized, | |||
| 10,748 and 10,689 shares issued and 9,959 and 9,881 shares | |||
| outstanding at March 31, 2021 and 2020, respectively | 1,075 |
1,069 |
|
| Capital in excess of par value | 27,272 |
26,361 |
|
| Retained earnings | 89,372 |
91,389 |
|
| Accumulated other comprehensive loss | (7,397) |
(9,556) |
|
| Treasury stock (790 and 808 shares at March 31 2021 and 2020, | |||
| respectively) | (12,393) |
(12,539) |
|
| Total stockholders’ equity | 97,929 |
96,724 |
|
| Total liabilities and stockholders’ equity | $ 144,280 |
$ 148,120 |
|
Graham Corporation
|
||||
| (audited) | ||||
| Year Ended | ||||
| March 31, | ||||
2021 |
2020 |
|||
| Operating activities: | ||||
| Net income | $ 2,374 |
$ 1,872 |
||
| Adjustments to reconcile net income to net cash provided (used) by operating |
||||
| activities: | ||||
| Depreciation | 1,945 |
1,957 |
||
| Amortization | - |
11 |
||
| Amortization of actuarial losses | 1,066 |
997 |
||
| Goodwill and other impairments | 184 |
- |
||
| Equity-based compensation expense | 864 |
975 |
||
| Gain on disposal or sale of property, plant and equipment | 2 |
(1) |
||
| Loss on sale of Energy Steel & Supply Co. | - |
181 |
||
| Deferred income taxes | (561) |
(287) |
||
| (Increase) decrease in operating assets: | ||||
| Accounts receivable | (1,791) |
2,044 |
||
| Unbilled revenue | (5,298) |
(7,070) |
||
| Inventories | 5,185 |
2,279 |
||
| Prepaid expenses and other current and non-current assets | 416 |
358 |
||
| Income taxes receivable | 1,215 |
588 |
||
| Operating lease assets | 155 |
214 |
||
| Prepaid pension asset | (841) |
(871) |
||
| Increase (decrease) in operating liabilities: | ||||
| Accounts payable | 3,556 |
1,826 |
||
| Accrued compensation, accrued expenses and other current and | ||||
| non-current liabilities | 3,101 |
(52) |
||
| Customer deposits | (13,206) |
(3,683) |
||
| Operating lease liabilities | (158) |
(140) |
||
| Long-term portion of accrued compensation, accrued pension | ||||
| liability and accrued postretirement benefits | 70 |
41 |
||
| Net cash provided (used) by operating activities | (1,722) |
1,239 |
||
| Investing activities: | ||||
| Purchase of property, plant and equipment | (2,158) |
(2,417) |
||
| Proceeds from disposal of property, plant and equipment | 7 |
12 |
||
| Proceeds from the sale of Energy Steel & Supply Co. | - |
602 |
||
| Purchase of investments | (42,603) |
(181,462) |
||
| Redemption of investments at maturity | 77,151 |
204,146 |
||
| Net cash provided by investing activities | 32,397 |
20,881 |
||
| Financing activities: | ||||
| Principal repayments on finance lease obligations | (40) |
(51) |
||
| Principal repayments on long-term debt | (4,599) |
- |
||
| Proceeds from the issuance of long-term debt | 4,599 |
- |
||
| Issuance of common stock | - |
24 |
||
| Dividends paid | (4,391) |
(4,250) |
||
| Purchase of treasury stock | (23) |
(230) |
||
| Net cash used by financing activities | (4,454) |
(4,507) |
||
| Effect of exchange rate changes on cash | 356 |
(231) |
||
| Net increase in cash and cash equivalents, including | ||||
| cash classified within current assets held for sale | 26,577 |
17,382 |
||
| Net decrease in cash classified within current assets held for sale | - |
552 |
||
| Net increase in cash and cash equivalents | 26,577 |
17,934 |
||
| Cash and cash equivalents at beginning of period | 32,955 |
15,021 |
||
| Cash and cash equivalents at end of period | $ 59,532 |
$ 32,955 |
||
Jeffrey F. Glajch
Vice President – Finance and CFO
Phone: (585) 343-2216
This email address is being protected from spambots. You need JavaScript enabled to view it.
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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DUBLIN--(BUSINESS WIRE)--The "Severe Duty Motors - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Severe Duty Motors Market to Reach $10.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Severe Duty Motors estimated at US$8.9 Billion in the year 2020, is projected to reach a revised size of US$10.7 Billion by 2027, growing at a CAGR of 2.6% over the analysis period 2020-2027.
Oil & Gas, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$4.6 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 Chemical & Petrochemical segment is readjusted to a revised 2.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.4 Billion, While China is Forecast to Grow at 4.9% CAGR
The Severe Duty Motors market in the U.S. is estimated at US$2.4 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2027 trailing a CAGR of 4.9% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Water & Wastewater Segment to Record 2.1% CAGR
In the global Water & Wastewater segment, USA, Canada, Japan, China and Europe will drive the 1.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1 Billion in the year 2020 will reach a projected size of US$1.1 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$1.5 Billion by the year 2027, while Latin America will expand at a 2.9% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 42 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/i77dye.
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
DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) today announced that Chief Executive Officer Scott Sheffield, will participate in a fireside discussion at the Wells Fargo Virtual Energy Conference on Wednesday, June 2, 2021, at 9:20 a.m. ET.
The live presentation will be available to the public via webcast - click here. Replays will be available using this link for thirty days after the event.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
Pioneer Natural Resources Contacts:
Investors-
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770
Media and Public Affairs-
Tadd Owens – 972-969-5760
DUBLIN--(BUSINESS WIRE)--The "Mass Flow Controller Market Research Report by Flow Rate, by Media Type, by Connectivity Technology, by End-Use - Global Forecast to 2025 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The Global Mass Flow Controller Market is expected to grow from USD 929.06 Million in 2020 to USD 1,210.15 Million by the end of 2025.
Companies Mentioned
Market Segmentation & Coverage:
This research report categorizes the Mass Flow Controller to forecast the revenues and analyze the trends in each of the following sub-markets:
The Asia-Pacific is projected to witness the highest growth during the forecast period
Based on Geography, the Mass Flow Controller Market is examined across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded the largest size in the Mass Flow Controller Market in 2020, and it is expected to grow at the fastest CAGR during the forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Mass Flow Controller Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Mass Flow Controller Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Mass Flow Controller Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Mass Flow Controller Market?
4. What is the competitive strategic window for opportunities in the Global Mass Flow Controller Market?
5. What are the technology trends and regulatory frameworks in the Global Mass Flow Controller Market?
6. What are the modes and strategic moves considered suitable for entering the Global Mass Flow Controller Market?
For more information about this report visit https://www.researchandmarkets.com/r/j56gkw
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
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$1.225 Billion acquisition includes 4 natural gas storage facilities and 3 pipelines serving Northeast market demand and Marcellus supply
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that it has agreed to acquire Stagecoach Gas Services LLC (Stagecoach), a natural gas pipeline and storage joint venture between Consolidated Edison, Inc. (NYSE: ED) and Crestwood Equity Partners LP (NYSE: CEQP). Stagecoach consists of 4 natural gas storage facilities with a total FERC-certificated working gas capacity of 41 billion cubic feet and 185 miles of natural gas pipelines with multiple interconnects to major interstate natural gas pipelines, including Tennessee Gas Pipeline (TGP), a KMI subsidiary. The transaction requires regulatory approval under Hart-Scott-Rodino, and it is expected to close in the third quarter of 2021.
“Acquiring Stagecoach will enhance our service to customers in this part of the country,” said KMI’s President of Interstate Natural Gas Pipelines Kimberly S. Watson. “These natural gas pipeline and storage facilities help connect natural gas supply sources and Northeast demand areas. Natural gas has long been responsible for providing heat and hot water to homes and businesses in the Northeast, and it now has an increasingly vital role as a reliable, low emissions partner backing up growing renewable power generation. We look forward to integrating these facilities into our suite of existing assets in the region.”
KMI expects the investment to be immediately accretive to its shareholders. The $1.225 billion purchase price represents approximately 10 times Stagecoach 2020 EBITDA that, with synergies, is expected to improve to a high single-digit EBITDA multiple.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel, jet fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the proposed transaction, including the parties’ ability to satisfy customary conditions to closing (such as with respect to required regulatory approvals) and the anticipated timing and benefits to KMI’s business and stockholders. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
KINDER MORGAN CONTACTS
Melissa Ruiz
Director, Corporate Communications
(713) 369-8060
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www.kindermorgan.com
DOHA, Qatar--(BUSINESS WIRE)--Lulu Hypermarket in Qatar has become one of the first retailers in MENA to achieve sustainable operations certification under the Global Sustainability Assessment System (GSAS) from the Gulf Organisation for Research & Development (GORD).
Upon completion of necessary audits by sustainability experts from GORD, LuLu Hypermarket building located in Qatar’s Al Messila area has achieved an overall score of 1.51 which corresponds to a ‘GOLD’ rating under the GSAS Operations certification. Dr. Mohamed Althaf, Director of Lulu Group International, received the GSAS certificate and plaque during the awarding ceremony held at Lulu’s Al Messila branch.
Presenting the plaque and certificate, Dr. Yousef Alhorr, Founding Chairman of GORD, said, “By achieving GSAS Operations certificate with ‘GOLD’ Rating, Lulu International has demonstrated its conscious efforts towards operational excellence which is incomplete without environmental sustainability. We congratulate the organization and hope that its initiative inspires others in the retail sector.”
Dr. Mohamed Althaf said, “Lulu Group has been making serious efforts to minimize our impact on environment and reduce our carbon footprint by half by 2030 and to achieve carbon neutrality by 2050. Our cooperation with GORD began in 2019. We appreciate the support given by GORD’s Founding Chairman Dr. Yousef Mohammed Alhorr and his dedicated, committed professional team.”
GSAS is MENA region’s first green building certification system that assesses and guides projects on reducing their environmental footprint during design, construction and operations stages. In this context, GSAS Operations aims to reduce the environmental impact of the existing buildings while also improving the health and wellbeing of its occupants.
To achieve ‘GOLD’ rating, several site audits and desk reviews were conducted for the assessment of current operational and maintenance practices at Lulu’s Al Messila branch. All these audits were conducted during operational hours without interrupting the day-to-day business at the hypermarket. The project was evaluated against six categories, namely energy performance, indoor environment, waste management, facility management, water performance, and environmental policy and awareness.
Based on the outcomes of the energy audits conducted during the certification course, Lulu and GORD are now initiating dialogue on facility upgrades through the GORD-managed ‘ESCO model’ approach whereby energy saving opportunities will be implemented resulting in cost savings and carbon emission reduction.
*Source: AETOSWire
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