Kyrie Irving (Team Durant) with a deep 3 vs the Team LeBron, 03/07/2021
Kyrie Irving (Team Durant) with a deep 3 vs the Team LeBron, 03/07/2021
Princess Charlotte is pictured waving at the camera in one of the cute photos taken by Kate Middleton.
SecureTech360 LLC, a small, woman- and veteran-owned IT consulting firm, will invest $155,000 to grow in Fairfax County, Va., and create 10 new jobs.
Cresco Labs Closes Acquisition of Bluma Wellness, Expands Into Florida
BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the Pristine™ Long-Term Hemodialysis Catheter, a new hemodialysis catheter with a unique side-hole free symmetric Y-Tip™ distal lumen design. The Pristine™ Catheter will be available in the U.S. in May 2021. The device was developed by Pristine Access Technologies, Ltd., a privately-owned company based in Israel, which was acquired by BD in July 2020 as part of the company's ongoing growth strategy focused on tuck-in acquisitions and R&D investments in improved treatments for chronic diseases.
Neurocrine Biosciences, Inc. (Nasdaq: NBIX) announced today that it will report first quarter 2021 financial results after the Nasdaq market closes on Wednesday, May 5, 2021. Neurocrine will then host a conference call and webcast to discuss its financial results and provide a company update that day at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
Ribbon Communications Inc. (Nasdaq: RBBN), ), a global provider of real time communications software and IP optical transport solutions to service providers, enterprises, and critical infrastructure sectors, today announced that it will report financial results for the first quarter of 2021 after the close of the market on Wednesday, April 28, 2021. Following the release, Ribbon Communications will host a conference call with the financial community at 4:30 p.m. ET to discuss the results.
Rob Delaney, of “Catrastrophe” and Twitter fame, will co-star with Chiwetel Ejiofor and Naomie Harris in Showtime’s forthcoming drama series “The Man Who Fell to Earth.” The project is based on Walter Tevis’ 1963 novel, as well as Nicolas Roeg’s 1976 film in which David Bowie played Dr. Thomas Jerome Newton, an alien from another […]
The Elevated Spirits Company is pleased to announce that Cierto Tequila was honored with a remarkable eight (8) medals at the Denver International Spirits Awards (DISC). The DISC honored Cierto with four Gold medals and four Silver medals - far surpassing all other tequila brands. With these eight new medals, Cierto Tequila has now won two hundred and seventy-eight (278) international medals and awards. Cierto Tequila is an authentic, 100% natural "true" tequila made exclusively from healthy, mature highland agave in Jalisco, Mexico. Due to its character, complexity and incredibly smooth taste, tequila experts around the globe have called Cierto the "World’s Finest Tequila."
NASHVILLE, Tenn., April 14, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW), an ophthalmic-focused healthcare company, today announced certain preliminary unaudited financial results for the first quarter ended March 31, 2021. Preliminary Estimate of Results for the Three Months Ended March 31, 2021 Total revenue between $14.9 million and $15.5 million.Adjusted EBITDA greater than $2.7 million.Cash and cash equivalents, including restricted cash, at March 31, 2021, of approximately $6.5 million, which further increased on April 12, 2021 as a result of the addition of gross proceeds of $10.6 million from the sale of 1,518,000 common shares of Eton Pharmaceuticals, Inc., a former subsidiary of Harrow Health, Inc. Harrow Health’s management utilizes Adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with U.S. generally accepted accounting principles, or GAAP, to evaluate the Company’s financial results and performance and to plan and forecast future periods. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, provides a more complete understanding of the Company’s results of operations and the factors and trends affecting its business. Management believes Adjusted EBITDA provides meaningful supplemental information regarding the Company’s performance because (i) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance; and (iii) it is used by institutional investors and the analyst community to help analyze the Company’s results. However, Adjusted EBITDA and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Set forth below is Harrow’s reconciliation of estimated preliminary Adjusted EBITDA to estimated preliminary net income, the most directly comparable GAAP measure. However, the Company is unable to determine with reasonable certainty the ultimate outcome of certain items necessary to calculate such GAAP measure without unreasonable effort. These items include, but are not limited to, final calculation of investment related gains/losses. These items are uncertain, depend on various factors, and could have a material impact on the GAAP reported results for the period. The estimate presented is subject to completion of the applicable quarter-end closing procedures. Harrow’s actual results for such period may vary from these estimates. In addition, estimated financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the estimated financial information described above will not materialize or will vary significantly from actual results. Accordingly, undue reliance should not be placed on this estimate. The preliminary estimate is not necessarily indicative of any future period and should be read together with the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements,” and under similar headings in the documents incorporated by reference in Harrow Health’s financial statements, related notes and other financial information incorporated by reference in its filings with the Securities and Exchange Commission, or SEC.The following is a reconciliation of estimated preliminary Adjusted EBITDA to estimated preliminary net income for the three months ended March 31, 2021 (in thousands): For the Three Months Ended March 31, 2021(Unaudited)GAAP Net Income, exclusive of investment gains/losses$2,851 Stock-based compensation and expenses 798 Interest expense, net 512 Income taxes - Depreciation 465 Amortization of intangible assets 40 Other (income), net (1,966)Adjusted EBITDA$2,700 The foregoing estimate of results for the three months ended March 31, 2021 has not been reviewed by Harrow’s auditors, is based on preliminary information as of the date hereof and is subject to material changes following completion of the quarter-end review process and other adjustments that may be made before the Company’s financial results are finalized. In addition, these preliminary unaudited results are not comprehensive financial results for the quarter ended March 31, 2021, should not be viewed as a substitute for complete GAAP financial statements or more comprehensive financial information, and are not indicative of the results for any future period. The Company expects to announce full first quarter 2021 financial and operating results on May 11, 2021, after market close. Management will host a conference call, including a question-and-answer session, for shareholders later that same day. Additional details on the call will be released in a separate press release. About Harrow HealthHarrow Health, Inc. (NASDAQ: HROW) is an ophthalmic-focused healthcare company. The Company owns ImprimisRx, the nation’s leading ophthalmology outsourcing and pharmaceutical compounding business, and Visionology, a direct-to-consumer eye care subsidiary focused on chronic eye disease. Harrow Health also holds large equity positions in Eton Pharmaceuticals, Surface Ophthalmics and Melt Pharmaceuticals, all of which started as Harrow Health subsidiaries. Harrow Health also owns royalty rights in four clinical stage drug candidates being developed by Surface Ophthalmics and Melt Pharmaceuticals. For more information about Harrow Health, please visit the Investors section of the corporate website, harrowinc.com. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks related to: the impact of the COVID-19 pandemic on our financial condition, liquidity or results of operations; our ability to successfully implement our business plan, develop and commercialize our proprietary formulations in a timely manner or at all, identify and acquire additional proprietary formulations, manage our pharmacy operations, service our debt, obtain financing necessary to operate our business, recruit and retain qualified personnel, manage any growth we may experience and successfully realize the benefits of our previous acquisitions and any other acquisitions and collaborative arrangements we may pursue; competition from pharmaceutical companies, outsourcing facilities and pharmacies; general economic and business conditions; regulatory and legal risks and uncertainties related to our pharmacy operations and the pharmacy and pharmaceutical business in general; physician interest in and market acceptance of our current and any future formulations and compounding pharmacies generally; and our limited operating history. These and additional risks and uncertainties are more fully described in our filings with the SEC, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Such documents may be read free of charge on the SEC's web site at www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Harrow Health undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Contact:Jamie Webb, Director of Communications and Investor Relationsjwebb@harrowinc.com615-733-4737
Con Edison today was named a leader among U.S. energy companies for its actions to create a clean, carbon-free energy system.
Vonage Holdings Corp. (Nasdaq: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, will hold its annual meeting of stockholders on Thursday, June 3, 2021 at 10:00 AM ET. The 2021 annual meeting webcast will be accessible live through Vonage's Investor Relations website.
The "Americas Structural Insulated Panel Market Size, Share & Trends Analysis Report by Product (EPS, XPS, Glass Wool, Polyurethane), by Application (Walls & Floors, Roofs, Cold Storage) and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
NEW YORK, April 14, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Renewable Energy Group, Inc. (NASDAQ: REGI), Athenex, Inc. (NASDAQ: ATNX), Ontrak, Inc. (NASDAQ: OTRK), and Leidos Holdings, Inc. (NYSE: LDOS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Renewable Energy Group, Inc. (NASDAQ: REGI) Class Period: May 3, 2018 to February 25, 2021 Lead Plaintiff Deadline: May 3, 2021 On February 25, 2021, Renewable Energy issued a press release announcing its fourth quarter and full year 2020 financial results. Therein, the Company revealed that it would restate “$38.2 million in cumulative revenue from January 2018 through September 30, 2020” because Renewable Energy was not the “proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020.” Renewable Energy further stated that it had reached an agreement with the Internal Revenue Service “on a $40.5 million assessment, excluding interest” to correct these claims. On this news, the Company’s share price fell $8.17, or 9.5%, over two consecutive trading sessions to close at $77.77 per share on February 26, 2021. The complaint, filed on March 2, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company’s customers; (2) that, as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) that, as a result, Renewable Energy’s revenue and net income were overstated for certain periods; (4) that there was a material weakness in the Company’s internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Renewable Energy Group class action go to: https://bespc.com/cases/REGI Athenex, Inc. (NASDAQ: ATNX) Class Period: August 7, 2019 to Februrary 26, 2021 Lead Plaintiff Deadline: May 3, 2021 On March 1, 2021, Athenex announced that the U.S. Food and Drug Administration (FDA) issued a complete response letter (CRL) for the company's New Drug Application for oral paclitaxel plus encequidar for the treatment of metastatic breast cancer. In the CRL, the FDA cited safety risks to patients and uncertainty over the results of the primary endpoint of the objective response rate (ORR) which might have introduced unmeasured bias and influence on the blinded independent central review. The FDA further recommended that “Athenex conduct a new adequate and well-conducted clinical trial in a patient population with metastatic breast cancer representative of the population in the U.S.” The FDA also noted that additional risk mitigation strategies to improve toxicity would be required for this cancer treatment to be approved. On this news, shares of Athenex stock fell approximately 55% in one day, to close at $5.46 per share. The complaint, filed on March 3, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the data included in the Oral Paclitaxel plus Encequidar NDA presented a safety risk to patients in terms of an increase in neutropenia-related sequalae; (ii) the uncertainty over the results of the primary endpoint of objective response rate (ORR) at week 19 conducted by BICR; (iii) the BICR reconciliation and re-read process may have introduced unmeasured bias and influence on the BICR; (iv) that the Company’s Phase 3 study that was used to file the NDA was inadequate and not well-conducted in a patient population with metastatic breast cancer representative of the U.S. population, such that the FDA would recommended a new such clinical trial; (v) as a result, it was foreseeable that the FDA would not approve the Company’s NDA in its current form; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times. For more information on the Athenex class action go to: https://bespc.com/cases/ATNX Ontrak, Inc. (NASDAQ: OTRK) Class Period: November 5, 2020 to February 26, 2021 Lead Plaintiff Deadline: May 3, 2021 On March 1, 2021, Ontrak issued a press release announcing preliminary financial results for fourth quarter and full year 2020. Therein, the Company stated that its largest customer had terminated its contract with Ontrak, effective June 26, 2021. The Company stated that this customer “evaluated Ontrak on a provider basis” and “[a]s such, the customer evaluated [Ontrak’s] performance based on [its] ability to achieve the lowest possible cost per medical visit, and not on [its] clinical outcomes data or medical cost savings.” The Company also stated that “the coaching model which Ontrak has pioneered for over a decade was seen by the customer to be less relevant to their performance metrics.” On this news, the Company’s share price fell $27.32, or more than 46%, to close at $31.62 per share on March 1, 2021. The complaint, filed on March 3, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that Ontrak’s largest customer evaluated the Company on a provider basis, valuing Ontrak’s performance based on achieving the lowest cost per medical visit rather than clinical outcomes or medical cost savings; (2) that, as a result, Ontrak’s largest customer did not find the Company’s program to be effective and was reasonably likely to terminate its contract with Ontrak; (3) that, because this customer accounted for a significant portion of the Company’s revenue, the loss of the customer would have an outsized impact on Ontrak’s financial results; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Ontrak class action go to: https://bespc.com/cases/OTRK Leidos Holdings, Inc. (NYSE: LDOS) Class Period: May 4, 2020 to February 23, 2021 Lead Plaintiff Deadline: May 3, 2021On February 16, 2021, Spruce Point Capital Management LLC (“Spruce Point”) published a research report, alleging, among other things that “Leidos is potentially covering up at least $100m of fictitious sales, mischaracterizing $355 - $367m of international revenue.” The report also alleged that the Company was “concealing numerous product defects from investors, notably faulty explosive detection systems at airports and borders.” On this news, the Company’s share price fell $2.58, or 2.4%, to close at $105.22 per share on February 16, 2021. On February 23, 2021, Leidos announced its fourth quarter and full year 2020 financial results in a press release. Therein, the Company reported $89 million revenue related to the SD&A businesses for the fourth quarter, meaning that after two full quarters, the acquisition generated only $163 million in sales (or $326 million annualized), falling well short of projected $500 million sales. The Company expected cash flow of $850 million, well below analyst estimates of $1.083 billion. On this news, the Company’s stock price fell $10.29, or 9.91%, to close at $93.51 per share on February 23, 2021. On February 24, 2021, Spruce Point highlighted that Leidos had “materially expanded” the risk disclosures in its annual report for the year ended December 31, 2020. Spruce Point tweeted: “We believe it is validating all the major points of our report.” On this news, the Company’s stock price fell $3.13, or 3.3%, to close at $90.38 per share on February 24, 2021. The complaint, filed on March 4, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the purported benefits of the Company’s acquisition of L3Harris’ Security Detection & Automation businesses were significantly overstated; (2) that Leidos’ products suffered from numerous product defects, including faulty explosive detection systems at airports, ports, and borders; (3) that, as a result of the foregoing, the Company’s financial results were significantly overstated; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Leidos class action go to: https://bespc.com/cases/LDOS About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information:Bragar Eagel & Squire, P.C.Brandon Walker, Esq. Melissa Fortunato, Esq.Marion Passmore, Esq.(212) email@example.com
CHATTANOOGA, Tenn., April 14, 2021 (GLOBE NEWSWIRE) -- You are invited by Astec Industries, Inc. (NASDAQ:ASTE) to participate in a conference call to review the company’s First Quarter financial results. Astec Industries, Inc. will be releasing the company’s First Quarter financial results to the wire service on Wednesday, May 5, 2021 at approximately 7:00 A.M. Eastern Time. The live call will begin on Wednesday, May 5, 2021 at 10:00 A.M. Eastern Time. Barry A. Ruffalo, President and Chief Executive Officer, Rebecca A. Weyenberg, Chief Financial Officer, and Stephen C. Anderson, Senior Vice President of Administration and Investor Relations will host the call. To access the call, dial 877-407-9210 on Wednesday, May 5, 2021 at least 10 minutes prior to the scheduled time for the call. International callers should dial 201-689-8049. You may also access a live webcast of the call by visiting https://www.webcaster4.com/Webcast/Page/2146/40763. You will need to give your name and company affiliation and reference Astec. An archived web cast will be available for ninety days at www.astecindustries.com. A replay of the call can be accessed by dialing 877-481-4010, or 919-882-2331 for international callers, Conference ID# 40763. A transcript of the conference call will be made available under the Investor Relations section of the Astec Industries, Inc. website within 5 business days after the call. About Astec Industries, Inc. Astec (www.astecindustries.com) is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec’s manufacturing operations are divided into two primary business segments: Infrastructure Solutions that includes road building, asphalt and concrete plant, thermal and storage solutions; and Materials Solutions that include our aggregate processing and mining equipment. For Additional Information Contact: Stephen C. Anderson Senior Vice President of Administration and Investor Relations Phone: (423) 899-5898 Fax: (423) 899-4456 E-mail: firstname.lastname@example.org
Atrium Health has opened new, state-of-the-art facilities in Charlotte's Midtown neighborhood. Atrium Health Kenilworth Medical Plaza I and II is a $228.1 million investment into improved care. The more than 400,000 square-foot plaza integrates a range of top-rated specialty services across disciplines into one location. Patients will have access to outpatient care across the medical spectrum, including teams from Atrium Health Sanger Heart & Vascular Institute, Atrium Health Neurosciences Institute, Atrium Health Pharmacy, Atrium Health Perspective Health & Wellness, gastroenterology, infectious disease, palliative care, pulmonology and urology.
Marketing leader unveils star speaker lineup for annual marketing conferenceNEW YORK, April 14, 2021 (GLOBE NEWSWIRE) -- Conductor, the leader in organic marketing, announced today the keynote speakers and agenda for its C3 Conference. The C3 Conference will be held on Tuesday, April 20 and Wednesday, April 21, 2021. Daymond John, Founder of FUBU and star of Shark Tank will deliver a keynote address at the 10th annual C3 Conference, which will be entirely digital in 2021. The conference will also host more than a dozen distinguished panelists and speakers, including marketing, digital, and SEO leaders like: Crispin Sheridan, VP of Digital and Social Optimization, SAP; Scott Messina, Director of Search and Design Strategy, Samsung; Eric Farkas, Senior Director of Digital Marketing, WeWork; Kristi Dillman, Search Manager, Zurich North America; and Matt O’Such, VP of SEO, Getty Images & iStock Photo. The conference, which is free to attend, will include 11 different workshops, panels, and speaking sessions over the course of the two-day event. Attendees will hear from Conductor executives and industry leaders for the latest insights and trends in the SEO, content marketing, and digital marketing field. Conductor CEO Seth Besmertnik will lead the opening keynote address, “The Search Evolution is Here” to kick off the conference on Tuesday, April 20 at 1:00 PM ET. Post-event, sessions and workshops will be made available to watch on-demand, enabling attendees to return to the sessions for repeated viewing. "The past year has accelerated the digitalization of marketing beyond what the industry was anticipating, and we've designed C3 to help marketers capitalize on the new trends in search and content marketing,” said Conductor Co-Founder and CEO Seth Besmertnik. “While we can’t wait to gather in person once again, our new virtual programming will enable those who join us to consume crucial content and network with their peers across the industry.” During the event, attendees will have the opportunity to network with fellow marketers in the C3 networking center where they can live chat with marketing experts and join breakout rooms to connect with peers and other attendees. The conference is designed to enhance both hard and soft skillsets, enabling marketing teams to increase organic traffic, convert more leads, and ultimately drive more sales. Those interested in attending the C3 Conference can register and find the detailed agenda for additional information at https://c3.conductor.com/. About Conductor: Conductor is the world's leading organic marketing platform, helping businesses accelerate search traffic, digital growth and revenue. Conductor's technology helps marketers create powerful marketing content to drive high quality traffic to their site and track their organic performance. In today’s new world with Covid-19, websites are more valuable than ever and getting found online is a #1 enterprise priority. Conductor ranked at the top of the 2020 Forrester Wave for SEO platforms and is rated #1 on TrustRadius and G2 by enterprise marketers. Their forward-thinking customers include global and emerging enterprise brands such as Citibank, Visa, and Slack. For more information, visit Conductor.com. Media Contact: Lindsay Boyajian, email@example.com
The Trade Group, an award-winning event marketing and creative design firm, has officially opened its Showroom in the new Grapevine, TX, facility. Previously, the company was based in Carrollton, TX.
Cross Country Healthcare, Inc. (Nasdaq: CCRN) will hold its quarterly conference call to discuss its first quarter 2021 financial results on Wednesday, May 5, 2021 at 5:00 p.m. Eastern Time. Cross Country Healthcare, Inc. (the "Company") intends to distribute its earnings press release after market close on Wednesday, May 5, 2021.
CHICAGO, April 14, 2021 (GLOBE NEWSWIRE) -- Royal Financial, Inc. (the “Company”) (OTCQX: RYFL), incorporated under the laws of Delaware on March 15, 2004, for the purpose of serving as the holding company of Royal Savings Bank (the “Bank”), announced record earnings for the third quarter of fiscal year 2021. The Company reported net income of $1.8 million, or $0.69 per common share, for the quarter and $3.9 million or $1.50 per common share, for the nine-month year-to-date (“YTD”) period, respectively, ended March 31, 2021. The Company also reported total assets of $523.9 million and stockholders’ equity of $46.8 million as of March 31, 2021. As of the same date, the Company’s book value per share was $18.22 and tangible book value per share was $17.31. Comparison of Results of Operation for the Three and Nine Months Ended March 31, 2021 and 2020 The Company reported net earnings of $1.8 million, compared to a net loss of $578,000 in the same period of fiscal 2020, an increase of $2.4 million (408%). The Company recorded YTD net income of $3.9 million, which increased by $2.9 million during the same period of last year. The loss in income recorded for March 2020 quarter end was a result of increased provisions to the Allowance for Loan Losses (“ALLL”) because of the COVID-19 pandemic, a replenishment to the ALLL for a single customer loan charge-off and an increase to the valuation reserve for the State Deferred Tax Asset due to the net loss incurred for the quarter. Total net interest income for the quarter increased by $831,000 (25%) to $4.1 million from March 31, 2020. Total interest income on loans (including fees) increased by $581,000 (15%) to $4.5 million and decreases in interest expense by $391,000 (43%) to $510,000 due to the low interest rate environment, offset by decreases in federal funds sold and other sources by $69,000 (87%), and a decrease in investment security interest income by $72,000 (31%). The decrease in interest income on investment securities was the result of taxable agency security maturing. The decrease in interest expense resulted from a decreased cost of funds for customer deposits and other liabilities. Total non-interest income for the quarter increased by $9,000 (4%) to $203,000 from March 31, 2020. This increase in income was from service charges on deposit accounts of $14,000 (10%) to $156,000, offset by a decrease in secondary mortgage market fees of $5,000 (100%). The Company recorded a credit of $300,000 in the ALLL based on the total quarter recoveries of $508,000. Total non-interest expense for the quarter decreased by $273,000 (10%) to $2.5 million from the same period last year resulting from a decrease in professional services by $86,000 (31%) to $194,000, a decrease in salaries and employee benefits of $43,000 (3%) to $1.2 million, and a decrease in acquisition expense of $237,000 (306%) due to the repayment of legal costs incurred due to the North Shore litigation matter by the insurance company. This decrease is offset by an increase in data processing expenses of $5,000 (2%) to $227,000, increases in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $53,000 (210%) and in marketing expenses of $10,000 (33%). The increase in the FDIC expense was due to the increase in asset size of the Bank and a result of the FDIC assessment credits received that were issued last fiscal year as the FDIC reserve requirement was met as of June 30, 2019. Comparison of Financial Condition at March 31, 2021 and June 30, 2020 The Company’s total assets increased $89.8 million (21%), to $523.9 million at March 31, 2021, from $434.1 million at June 30, 2020. Cash and cash equivalents increased $12.3 million (83%) to $27.0 million at March 31, 2021, from $14.8 million at June 30, 2020, due to the increase in deposits and maturity of an agency bond, offset by the funding of loans. Securities available for sale decreased $4.2 million (13%), to $27.1 million at March 31, 2021 from $31.3 million at June 30, 2020. During the quarter, a $5.0 million agency bond matured, and a $750,000 taxable municipal bond was purchased. Loans, net of allowance, increased $84.1 million (24%) to $440.8 million at March 31, 2021, from $356.7 million at June 30, 2020. Commercial loans increased $50.8 million and mortgage loans increased $33.1 million from June 30, 2020, which was the result of the purchase of a $69.5 million single family, owner occupied ARM purchase, offset by $36.4 million in mortgage loan payoffs. The allowance for loan losses was $3.7 million, or 0.84% of total loans, at December 31, 2020, as compared to $3.2 million, or 0.87% of total loans, at June 30, 2020. In addition to the allowance for loan losses, net purchase discount on acquired loans was $385,000 at March 31, 2021 compared to $478,000 at June 30, 2020. Individual loan discounts are being accreted into interest income over the life of the loans; however, they can offset loan losses upon loan default. Nonperforming loans totaled $2.2 million, or 0.50% of outstanding loans, at March 31, 2021 compared to $2.0 million or 0.56%, at June 30, 2020. Other real estate owned (“OREO”) decreased $297,000 (100%) from June 30, 2020 to $780. The remaining balance of OREO is the small portion of the Neighborhood Housing Services of Chicago (“NHS”) owned by the Bank that was acquired in 2016 from the Park Federal Bank for Savings merger and acquisition. The Bank sold off one OREO property for a gain of $13,000, offset by the sale of NHS OREO for a loss of $7,000. The Deferred Tax Asset (“DTA”) decreased $2.0 million (30%) to $4.7 million at March 31, 2021, from $6.7 million at June 30, 2020. During the current quarter, the Bank reversed out $200,000 of the valuation allowance for the State of Illinois DTA, due to updated projections and higher income recognized throughout the year. As of March 31, 2021, the Bank has a remaining $300,000 valuation allowance for the State of Illinois DTA, as it is more likely than not that Company will be unable to utilize the State Net Operating Losses (“NOLs”) that expire in fiscal years 2023 and 2024, which are NOLs of $17.0 million and $10.4 million, respectively. The Bank paid $800,000 in federal taxes to the Holding Company as of March 31, 2021. The Bank has no remaining Federal DTA. The Core Deposit Intangibles (“CDI”) held by the Company decreased $106,000 (16%) as of March 31, 2021. The decrease was the result of three quarters of amortization. Total deposits increased $91.9 million (25%) to $465.2 million at March 31, 2021, from $373.3 million at June 30, 2020. The increase was $60.0 million in brokered certificates of deposits and an increase of $21.0 million in deposit listing certificates of deposit, an increase in money market accounts of $2.7 million, an increase of $10.5 million in savings accounts, an increase of $1.9 million in NOW accounts, and an increase of $15.1 million in non-interest checking accounts, offset by $19.4 million in certificate of deposit maturities. The brokered deposits have $10.0 million blocked laddered maturities over the next five years and a weighted average rate of 0.47%; the first $10 million block will mature in July 2021. As of March 31, 2021, the Company had no Federal Home Loan Bank advances outstanding. Notes payable decreased $500,000 (6%) due to the Company’s quarterly payments. The Company currently has outstanding $7.3 million on the amortizing note payable. Per the agreement, the Company made an interest only payment in August for the note. The note will amortize in full over 7.75 years with quarterly payments of $250,000 in principal reduction and interest at the rate of 0.25% below the Wall Street Journal Prime Rate; however, the interest rate will not be below 3% per annum. Total stockholders’ equity increased $4.0 million (9%), to $46.8 million at March 31, 2021, from $42.8 million at June 30, 2020, which was primarily a result of the net income of $3.9 million earned in the period, an increase in accumulated other comprehensive income of $187,000 (19%), an increase in additional paid in capital of $437,000 (2%), and an increase in treasury stock of $666,000 (48%). The Bank paid a cash dividend of $144,000 to the Company in the quarter ended March 31, 2021. The Bank is “well capitalized” under prompt corrective action regulations. This classification requires the Bank to maintain regulatory capital that meets or exceeds the following ratios: Tier 1 Capital leverage of 5.00%, Common Equity Tier 1 Capital of 6.50%, Tier 1 Capital of 8.00%, and Total Capital of 10.00%. At March 31, 2021, the Bank exceeded each of these requirements with ratios of 9.08%, 13.20%, 13.20% and 14.26%, respectively. At March 31, 2021, the book value per common share was $18.22 compared to the book value per common share of $16.75 at June 30, 2020, for shares outstanding of 2,567,573 and 2,556,518, respectively. The tangible book value per share was $17.31 at March 31, 2021, compared to tangible book value per share of $15.80 at June 30, 2020. Total treasury shares as of March 31, 2021 is 77,427 shares, compared to June 30, 2020, with treasury shares at 88,482. During the third quarter of fiscal year 2021, Mr. Szwajkowski, the Company President and CEO, exercised 400 options from the 2018 Option plan; Mr. Morua, Senior Vice President and Chief Lending Officer, exercised 400 options from the 2018 Option plan; Mr. Nichols, Senior Vice President an Commercial Loan Officer, exercised 415 options from the 2018 Option plan; Ms. Gonzalez, Senior Vice President and Chief Operations Officer, exercised 370 options from the 2018 Option plan; and Ms. Thomiszer, Senior Vice President and Chief Financial Officer, exercised 400 options from the 2018 Option plan. All the vested options of the 2018 Option plan for the management team have been exercised. In August 2019, the Board of Directors authorized a stock repurchase program for up to 76,849 shares of its outstanding common stock. The Company repurchased a total of 7,633 shares during fiscal year 2020. The Company repurchased 75 shares during the third quarter of fiscal year 2021 at a weighted cost of $14.15 per share. During the third quarter of fiscal year 2021, Mr. Szwajkowski purchased a total of 1,100 shares at a weighted average price of $15.93. The complete audited consolidated financial statements for fiscal years ended 2020 and 2019 are available at www.royalbankweb.com The COVID-19 Pandemic Update on Business Operations. As of March 1, 2021, the Company has reopened all branch lobbies and continues to implement social distancing measures as advised by the Centers for Disease Control and Prevention (“CDC”) and continues to follow guidance from all local, state, and federal authorities. Lending operations and accommodations to borrowers In response to the pandemic, the Company offered fee waivers, payment deferrals for up to 120 days, and other expanded assistance for mortgage, commercial real estate, small business, and personal lending customers. Secondary payment deferral assistance is limited to 60 days requiring a hardship letter and payment of any required escrows. The Bank’s forbearance program as of June 30, 2020, assisted 8.8% of borrowers for a total of $42.2 million in loans. As of March 31, 2021, a total of 5 borrowers, totaling $1.7 million in loans, remain on the forbearance program. Additionally, the Company made accommodations to 21 commercial loan customers with balances of $38.5 million in March 2020. The Company has no outstanding accommodation requests at March 31, 2021. The Company has designated staff to assist customers to access funding provided by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act passed at the end of the first quarter, including the PPP, for which the Bank received SBA approval and has funded 153 loans totaling approximately $11.7 million. As of March 31, 2021, the Company has received forgiveness for 124 loans from round one of the PPP, totaling $8.8 million in SBA loans. The Company has booked $411,000 in fee income for round one for the current fiscal year. The remaining fee income will be accreted over the life of the remaining PPP loans. Within the second round of the PPP, the Company has funded 83 loans totaling approximately $5.7 million and has received approval for 89 loans, totaling $6.5 million. The Company anticipates $375,000 in additional PPP fee income from the second round. Update on Litigation Matters. North Shore Bank, FSB Matter In October 2019, the Company announced that the Bank entered a definitive purchase and assumption agreement to acquire two Illinois State Bank branch banking centers located in Lake in the Hills, Illinois and McHenry, Illinois. The Bank terminated the purchase and assumption agreement in April 2020. North Shore Bank, FSB subsequently filed suit against the Bank, alleging such termination was in breach of the agreement. In June 2020, the Bank filed its Answer to the Complaint along with its Counterclaim against North Shore Bank FSB, alleging multiple material violations of the purchase and assumption agreement, which ultimately led to the April 2020 termination. The Bank continues to work with Howard and Howard Attorneys, PLLC, to steadfastly represent the Company in this matter and seek breach damages of $500,000, legal fees, along with other monetary damages to the Bank and Company in the mid to high seven figure range. The Bank is continuing the discovery phase of the claim and believes that the likelihood of an adverse event occurring is remote. As a result of the limited knowledge of the facts and circumstances of the situation to date and that a loss is neither considered probable or estimable at this point, a loss contingency does not need to be recorded, nor disclosed, in the financial statements. Accounting guidance supports the accrual of probable and reasonably estimable legal fees that relate to loss contingencies. Management concludes that it is probable that legal fees will be incurred, and those fees are reasonably estimable (based on communications from the attorney’s handing the matter). The Bank has been receiving updated estimates monthly from Howard and Howard and continues to accrue for those expenses monthly. As of June 30, 2020, the Bank has met its $50,000 deductible and the expense has been recorded with the year end June 30, 2020 financial statements. The Company received reimbursement from the insurance bond, for previous period accruals, for a total of $235,000. Any future legal costs for defense expense are expected to be reimbursed by the Company bond. Fraudulent Loan Matter From the March 31, 2020 quarter, the Company continues to monitor and work through a $1.7 million-dollar commercial relationship that filed for Chapter 11 bankruptcy protection early in June. Prior to this Chapter 11 bankruptcy, collection efforts included the use of the courts in DuPage County, IL. The case was converted by the court to a full Chapter 7 whereby the Bank continues to hold senior priority lien rights on remaining assets. In addition, the Bank holds personal guarantees of the three principals. Through discovery the Company believes its collateral position was diluted through misappropriated acts by the borrower, which was identified in the first 30 days by the Bank and is now being investigated by the US Trustee. As a result, the Company has taken $1.1 million in write downs and made the appropriate provisions to the ALLL. The Company has received recoveries of $504,000 during the current quarter end and believes there will be further recoveries in the future as the situation continues resolution through the court process. The remaining $639,000, which the Bank holds, is guaranteed by the Small Business Administration (“SBA”). The Bank is in the process of an SBA buyback of that remaining $639,000 balance. The SBA has been cooperative, has approved their portion of legal fees, and is seeking a referral to the SBA Office of Inspector General for further criminal investigation. Concurrently, since February 2020, the Company is a Plaintiff in DuPage County, Illinois, for the personal guarantees. About Royal Financial, Inc. Royal Savings Bank offers a range of checking and savings products and a full line of home and commercial lending solutions. Royal Savings Bank has been operating continuously in the Chicagoland area since 1887, and currently has nine branches and lending centers in Homewood and St. Charles, Illinois. Visit Royal Financial, Inc. and Royal Savings Bank at www.royalbankweb.com. Safe–Harbor Forward Looking Statements: This press release may include forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on the operations and future prospects of the Company and the Bank include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions, including but not limited to the coronavirus outbreak; continued credit deterioration in our loan portfolio that would cause us to further increase our allowance for loan losses; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of the loan and securities portfolios; demand for loan products in our market areas; deposit flows; competition; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Contact: Mr. Leonard Szwajkowski President and CEO Royal Financial, Inc. Telephone: (773) 382-2111 E-mail: firstname.lastname@example.org Royal Financial, Inc. and SubsidiaryConsolidated Statements of OperationsThree and Nine Months Ended March 31, 2021 and 2020(Unaudited) Three Months EndedMarch 31, Nine Months EndedMarch 31, 2021 2020 2021 2020 Interest income Loans, including fees$4,489,697 $3,908,286 $13,562,026 $12,180,098 Securities 163,292 235,452 517,315 731,824 Federal funds sold and other 10,615 79,931 31,535 251,384 Total interest income 4,663,604 4,223,669 14,110,876 13,163,306 Interest expense Deposits 455,362 807,916 1,709,401 2,704,859 Borrowings 54,652 93,579 171,850 352,761 Total interest expense 510,014 901,495 1,881,251 3,057,620 Net interest income 4,153,590 3,322,175 12,229,625 10,105,686 Provision (credit) for loan losses (300,000) 1,290,000 260,000 1,290,000 Net interest income after provision for loan losses 4,453,590 2,032,175 11,969,625 8,815,686 Non-interest income Service charges on deposit accounts 156,053 141,903 477,788 462,894 Secondary mortgage market fees - 5,365 348 27,985 Rental Income 46,527 47,044 139,288 158,079 Loss on sale of premises and equipment - - - (8,185)Other 554 249 1,005 715 Total non-interest income 203,134 194,560 618,428 641,488 Non-interest expense Salaries and employee benefits 1,203,737 1,246,268 3,411,492 3,529,904 Occupancy and equipment 542,996 512,967 1,604,623 1,497,075 Data processing 226,605 221,648 715,730 669,291 Professional services 194,383 280,198 449,812 567,062 Director fees 42,000 42,000 126,000 126,000 Marketing 39,461 29,747 92,536 83,041 FDIC insurance expense 77,600 25,000 227,534 14,305 Insurance premiums 27,517 31,887 76,454 77,528 Other real estate owned expense, net 7,230 9,847 (4,477) 29,117 Acquisition Expense (159,839) 77,547 31,887 197,004 Amortization on Core Deposit Intangibles 35,207 35,207 105,620 105,620 Other 214,886 212,026 638,468 740,522 Total non-interest expense 2,451,784 2,724,343 7,475,678 7,636,470 Income (loss) before income taxes 2,204,940 (497,608) 5,112,375 1,820,704 Provision for income taxes 428,000 80,000 1,257,000 819,000 Net Income (Loss)$1,776,940 $(577,608)$3,855,375 $1,001,704 Basic earnings (loss) per share$0.69 $(0.23) $1.50 $0.39 Diluted earnings (loss) per share$0.68 $(0.23) $1.48 $0.39 This report has not been prepared in accordance with Securities and Exchange Commission ("SEC") rules applicable to SEC registrant companies and is not intended to comply with such rules. Royal Financial, Inc. and SubsidiaryConsolidated Statements of Financial Condition March 31, 2021 and June 30, 2020(Unaudited) March 31, 2021 June 30, 2020 Assets Cash and non-interest bearing balances in financial institutions$3,341,573 $3,757,301 Interest bearing balances in financial institutions 23,579,980 10,872,461 Federal funds sold 106,265 133,515 Total cash and cash equivalents$27,027,819 $14,763,277 Investment certificates of deposit$492,000 $672,000 Securities available for sale 27,133,753 31,355,841 Loans Receivable, net of Allowance for loan losses 440,848,191 356,735,349 of $3,738,215 at March 31, 2021, $3,150,808 at June 30, 2020 Federal Home Loan Bank Stock, at cost 836,300 836,300 Premises and equipment, net 15,479,859 15,694,976 Accrued interest receivable 2,225,247 1,788,867 Other real estate owned 780 297,544 Deferred tax asset 4,708,504 6,736,969 Core deposit intangibles 573,386 679,006 Goodwill 1,755,189 1,755,189 Other assets 2,807,413 2,799,407 Total Assets$ 523,888,442 $ 434,114,725 Liabilities & Stockholders Equity Deposits$465,211,097 $373,340,219 Advances from borrowers for taxes and insurance 4,106,046 4,876,363 Federal Home Loan Bank advances - 4,000,000 Notes payable 7,250,000 7,750,000 Accrued interest payable and other liabilities 537,050 1,333,685 Total Liabilities$477,104,193 $391,300,267 Stockholder's Equity Preferred Stock, $0.01 par value per share, authorized 1,000,000 shares, no issues are outstanding$- $- Common Stock, $0.01 par value per share, authorized 5,000,000 shares, 2,645,000 shares issued at June 30, 2020 and 2019 26,450 26,450 Additional Paid-In Capital 24,362,134 23,924,787 Retained Earnings 22,208,315 18,352,940 Treasury Stock, 77,427 shares as of March 31, 2021 and 88,482 shares as of June 30, 2020, at cost (665,954) (450,370)Accumulated other comprehensive income 853,303 960,651 Total Capital$46,784,249 $42,814,458 Total Liabilities and Stockholder's Equity$ 523,888,442 $ 434,114,725 This report has not been prepared in accordance with Securities and Exchange Commission ("SEC") rules applicable to SEC registrant companies and is not intended to comply with such rules.
Masimo (NASDAQ: MASI) will release first quarter 2021 financial results for the period ended April 3, 2021, after the market closes on Tuesday, April 27, 2021. The conference call to review the results will begin at 1:30 p.m. PT (4:30 p.m. ET) and will be hosted by Joe Kiani, Chairman and Chief Executive Officer, and Micah Young, Executive Vice President and Chief Financial Officer.