Connect with us

IT Industry

Grant of Incentive Subscription Rights in IDEX 14 Aug 2019

GlobeNewswire

Published

on

Reading Time: 1 minute

The board of directors of IDEX Biometrics ASA resolved on 14 August 2019 to issue 12,766,500 incentive subscription rights to employees and individual contractors in the IDEX group. Most of the grant was related to the company’s practice of making additional grants each year to ensure a long-term incentive for employees at all times. The grant was made under the company’s 2019 incentive subscription rights plan as resolved at the annual general meeting on 9 May 2019. The exercise price of the subscription rights is NOK 1.65 per share. The subscription rights vest by 25% per year, and expire on 9 May 2024. Following the grant there will be 48,886,925 subscription rights outstanding in IDEX.

For further information contact:
Stuart Hunt, Head of Investor Relations & Communications, +44 1276 534 632

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is the leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast-growing multi-billion-unit opportunity.

For more information, visit www.idexbiometrics.com and follow @IDEXBiometrics

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

IT Industry

UPDATE – ChinaCache Announces Changes to the Composition of the Company’s Board of Directors

GlobeNewswire

Published

on

Reading Time: 2 minutes

BEIJING, Aug. 17, 2019 (GLOBE NEWSWIRE) — ChinaCache International Holdings Ltd. (“ChinaCache” or the “Company”) (Nasdaq GS: CCIH), a leading total solutions provider of Internet content and application delivery services in China, today announced changes to the composition of the Company’s Board of Directors (“the Board”).

Ms. Jean Xiaohong Kong and Mr. Yunjie Liu resigned from the management team and the Board on August 15, 2019. Mr. Bin Liu (acting CEO) and Mr. Xiaoqiang Wei (Vice President) were elected to the Board on that same date. In addition, the Board has strengthened its composition with the election of Dong Yu on August 11, 2019, to serve as an independent director of the Company’s Board.

Mr. Dong Yu, a CPA, based in Shanghai, serves as Vice President of Finance, APAC Region for Nexans Cable (China) Co., Limited, a regional subsidiary of Nexans S.A. a global player in the cable and optical fiber industry and second largest global manufacturer of cables. Mr. Yu through his deep experience working in the APAC region, joins ChinaCache’s Board with deep leadership experience across commercial, operational and compliance functions.

About ChinaCache International Holdings Ltd.

ChinaCache International Holdings Ltd. is a leading total solutions provider of Internet content and application delivery services in China. Through its distinctive 3-tier Internet ecosystem, ChinaCache also offers Internet data center management, Internet Exchange operations and cloud hosting services.  ChinaCache’s network is interconnected with the incumbent carriers as well as other local Internet & broadband service providers in China.  With two decades of experience in developing customized solutions for China’s complex Internet infrastructure, ChinaCache has helped enterprises, SME clients, government agencies and other organizations enhance the reliability and scalability of their online services and applications.  To learn more about ChinaCache and how it has improved end-user experience, please visit ir.chinacache.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. ChinaCache may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: the Company’s goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company’s expectations regarding keeping and strengthening its relationships with its customers, and the general economic and business conditions in the regions where the Company provides its solutions and services. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and ChinaCache undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries please contact:

Investor Relations Department
ChinaCache International Holdings
Tel: +86 10 6408-5686
Email: ir@chinacache.com

Continue Reading

IT Industry

ChinaCache Announces Changes to the Composition of the Company’s Board of Directors

GlobeNewswire

Published

on

Reading Time: 2 minutes

BEIJING, Aug. 16, 2019 (GLOBE NEWSWIRE) — ChinaCache International Holdings Ltd. (“ChinaCache” or the “Company”) (Nasdaq GS: CCIH), a leading total solutions provider of Internet content and application delivery services in China, today announced changes to the composition of the Company’s Board of Directors (“the Board”).

Ms. Jean Xiaohong Kong and Mr. Yunjie Liu resigned from the management team and the Board on August 15, 2019. Mr. Bin Liu (acting CEO) and Mr. Xiaoqing Wei (Vice President) were elected to the Board on that same date. In addition, the Board has strengthened its composition with the election of Donny Dong Yu on August 11, 2019, to serve as an independent director of the Company’s Board.

Mr. Donny Yu, a CPA, based in Shanghai, serves as Vice President of Finance, APAC Region for Nexans Cable (China) Co., Limited, a regional subsidiary of Nexans S.A. a global player in the cable and optical fiber industry and second largest global manufacturer of cables. Mr. Yu through his deep experience working in the APAC region, joins ChinaCache’s Board with deep leadership experience across commercial, operational and compliance functions.

About ChinaCache International Holdings Ltd.

ChinaCache International Holdings Ltd. is a leading total solutions provider of Internet content and application delivery services in China. Through its distinctive 3-tier Internet ecosystem, ChinaCache also offers Internet data center management, Internet Exchange operations and cloud hosting services.  ChinaCache’s network is interconnected with the incumbent carriers as well as other local Internet & broadband service providers in China.  With two decades of experience in developing customized solutions for China’s complex Internet infrastructure, ChinaCache has helped enterprises, SME clients, government agencies and other organizations enhance the reliability and scalability of their online services and applications.  To learn more about ChinaCache and how it has improved end-user experience, please visit ir.chinacache.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. ChinaCache may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: the Company’s goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company’s expectations regarding keeping and strengthening its relationships with its customers, and the general economic and business conditions in the regions where the Company provides its solutions and services. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and ChinaCache undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries please contact:

Investor Relations Department
ChinaCache International Holdings
 Tel: +86 10 6408-5686
 Email: ir@chinacache.com

 

Continue Reading

IT Industry

ETC Announces Fiscal 2020 First Quarter Results

GlobeNewswire

Published

on

Reading Time: 5 minutes

SOUTHAMPTON, Pa., Aug. 16, 2019 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the fourteen week period ended May 31, 2019 (the “2020 first quarter”).

Fiscal 2020 First Quarter Results of Operations

Net (Loss) Income Attributable to ETC

Net loss attributable to ETC was $0.5 million, or $0.04 diluted loss per share, in the 2020 first quarter, compared to net income attributable to ETC of $0.6 million during the 2019 first quarter, equating to $0.03 diluted earnings per share. The $1.1 million variance is due to the combined effect of a $1.4 million decrease in gross profit and a $0.1 million increase in other expense, net, offset, in part, by a $0.3 million decrease in operating expenses and a $0.1 million decrease in interest expense.

Net Sales

Net sales in the 2020 first quarter were $10.8 million, an increase of $0.1 million, or 1.2%, compared to 2019 first quarter net sales of $10.7 million. The increase reflects higher International sales of ethylene oxide sterilizers, offset, in part, by a decrease in Domestic sales within our CIS segment.

Gross Profit

Gross profit for the 2020 first quarter was $2.5 million compared to $3.9 million in the 2019 first quarter, a decrease of $1.4 million, or 36.3%. The decrease in gross profit was due to a lower blended gross profit margin as a percentage of net sales, which decreased to 22.9% for the 2020 first quarter compared to 36.4% for the 2019 first quarter. The decrease in gross profit margin as a percentage of net sales was due primarily to the completion and delivery of two (2) significant International ATS contracts during fiscal 2019, which resulted in the Company entering fiscal 2020 with a lower backlog comprised of contracts with comparably lower estimated profit booking rates.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2020 first quarter were $2.6 million, a decrease of $0.3 million, or 11.4%, compared to $2.9 million for the 2019 first quarter. The decrease in operating expenses was due primarily to the receipt of payments received for research grants, which are recorded as a reduction to research and development costs.

Interest Expense, Net

Interest expense, net for the 2020 first quarter was $0.2 million compared to $0.3 million in the 2019 first quarter, a decrease of $0.1 million due to a lower level of bank borrowing.

Other Expense, Net

Other expense, net for the 2020 first quarter was $0.2 million compared to $0.1 million in the 2019 first quarter, an increase of $0.1 million due to higher letter of credit fees.

Cash Flows from Operating, Investing, and Financing Activities

During the 2020 first quarter, as a result of an increase in accounts receivable and a decrease in contract liabilities and accrued taxes, offset, in part by a decrease in contract assets, the Company used $6.7 million of cash for operating activities compared to $2.1 million during the 2019 first quarter. Under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), commonly referred to as Accounting Standards Codification (“ASC”) 606, these accounts, other than accrued taxes, represent the timing differences of spending on production activities versus the billing and collecting of customer payments.

Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company’s investing activities used $0.1 million in both the 2020 first quarter and the 2019 first quarter.

The Company’s financing activities provided $5.6 million of cash in the 2020 first quarter from borrowings under the Company’s credit facility compared to $2.6 million during the 2019 first quarter.

About ETC

ETC was incorporated in 1969 in Pennsylvania. For five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizers; (vi) environmental testing and simulation systems (“ETSS”); and (vii) hyperbaric (100% oxygen) chambers for one person (monoplace chambers).

We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/ Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; (ii) ETSS; and (iii) hyperbaric (100% oxygen) chambers for one person (monoplace chambers), as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 95%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC is headquartered in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

Forward-looking Statements

This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

Contact: Mark Prudenti, CFO
Phone: (215) 355-9100 x1531
E-mail: mprudenti@etcusa.com

– Financial Tables Follow –

Table A              
ENVIRONMENTAL TECTONICS CORPORATION
SUMMARY TABLE OF RESULTS
(in thousands, except per share information)
               
  Fourteen
weeks ended
Thirteen
weeks ended
  Variance
  31-May-19   25-May-18   $   %
Net sales $   10,816   $   10,691   $    125   1.2
Cost of goods sold   8,336     6,795     1,541   22.7
Gross profit   2,480     3,896     (1,416)   -36.3
Gross profit margin %   22.9%     36.4%     -13.5%   -37.1%
               
Operating expenses   2,586     2,918     (332)   -11.4
Operating (loss) income   (106)     978     (1,084)    
Operating margin %   -1.0%     9.1%     -10.1%    
               
Interest expense, net   178     250     (72)   -28.8
Other expense, net   150     76     74   97.4
(Loss) income before income taxes   (434)     652     (1,086)    
Pre-tax margin %   -4.0%     6.1%     -10.1%    
               
Income tax provision   20     28     (8)   -28.6
Net (loss) income   (454)     624     (1,078)    
(Income) loss attributable to non-controlling interest   (26)     2     (28)    
Net (loss) income attributable to ETC   (480)     626     (1,106)    
Preferred Stock dividends   (130)     (121)     (9)   7.4
(Loss) income attributable to common and
participating shareholders
$    (610)   $    505   $  (1,115)    
               
Per share information:              
Basic earnings (loss) per common and participating share:              
Distributed earnings per share:              
Common $   $   $    
Preferred $ 0.02   $ 0.02   $   0.0
Undistributed (loss) earnings per share:              
Common $ (0.04)   $ 0.03   $ (0.07)    
Preferred $ (0.04)   $ 0.03   $ (0.07)    
               
Diluted (loss) earnings per share $   (0.04)   $   0.03   $   (0.07)    
               
Total basic weighted average common and participating shares   15,569     15,553        
               
Total diluted weighted average shares   15,584     15,557        


Table B

ENVIRONMENTAL TECTONICS CORPORATION
OTHER SELECTED FINANCIAL HIGHLIGHTS
(amounts in thousands)
         
  Fourteen
weeks ended
31-May-19
  Thirteen
weeks ended
25-May-18
 
EBITDA * $  39   $    1,215  
         
  As of  
  31-May-19   22-Feb-19  
Working capital $  18,918   $    13,673  
         
Total shareholders’ equity $  11,973   $  12,537  

* In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), we also disclose Earnings Before Income Taxes, Depreciation, and Amortization (“EBITDA”). The presentation of a non-U.S. GAAP financial measure such as EBITDA is intended to enhance the usefulness of financial information by providing a measure that management uses internally to evaluate our expenses and operating performance and factors into several of our financial covenant calculations.

A reader may find this item important in evaluating our performance. Management compensates for the limitations of using non-U.S. GAAP financial measures by using them only to supplement our U.S. GAAP results to provide a more complete understanding of the factors and trends affecting our business.

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Business Wire2 hours ago

Sense.Chat – A Secure Way To Chat & Earn

Business Wire5 hours ago

Photos of the Back-to-School Event at Nintendo NY Store Are Available on Business Wire’s Website

Business Wire7 hours ago

SAEX FILING NOTICE: Rosen, A Top Ranked Law Firm, Files First Securities Class Action Lawsuit Against SAExploration Holdings, Inc Seeking Recovery of Investor Losses – SAEX

Business Wire1 day ago

GRANITE CONSTRUCTION SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Granite Construction Incorporated – GVA

Business Wire1 day ago

GEICO’s Schneider Elected Assistant Vice President ​

Business Wire1 day ago

DealerSocket CEO Sejal Pietrzak Ranks Number Seven on Top SaaS CEOs List

IT Industry2 days ago

UPDATE – ChinaCache Announces Changes to the Composition of the Company’s Board of Directors

Business Wire2 days ago

Mill Point Capital Completes Carve-Out of Pioneer Transformers

Business Wire2 days ago

CVS SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against CVS Health Corporation – CVS

Business Wire2 days ago

JOHNSON & JOHNSON INVESTIGATION UPDATE by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Johnson & Johnson – JNJ

Follow our Tweets

Trending

Please turn AdBlock off