FedEx Corp. Board Declares Quarterly Dividend

MEMPHIS, Tenn.–()–The Board of Directors of FedEx Corporation (NYSE: FDX) today declared a quarterly cash dividend of $0.65 per share on FedEx Corporation common stock. The dividend is payable July 9, 2018 to stockholders of record at the close of business on June 25, 2018.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $64 billion, the company offers integrated business solutions through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 425,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com.

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First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds

WHEATON, Ill.–()–First Trust Advisors L.P. (“FTA”) announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA.

The following dates apply to today’s distribution declarations:

       
Expected Ex-Dividend Date: June 12, 2018
Record Date: June 13, 2018
Payable Date: June 29, 2018
 
               

Ordinary

Income

Per Share

Ticker

Exchange

Fund Name

Frequency

Amount

 

ACTIVELY MANAGED EXCHANGE-TRADED FUNDS

 

First Trust Exchange-Traded Fund VIII
FCEF Nasdaq First Trust CEF Income Opportunity ETF Monthly $0.0950
MCEF Nasdaq First Trust Municipal CEF Income Opportunity ETF Monthly $0.0535
 

FTA, a federally registered investment advisor, and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. FTA is the investment advisor to exchange-traded funds, closed-end funds, mutual funds, separate managed accounts and provides supervisory services to FTP sponsored unit investment trusts. FTA’s assets under management were approximately $126 billion as of May 31, 2018. This includes the supervisory services FTA provides to FTP sponsored unit investment trusts, which are unmanaged. FTP is a sponsor of unit investment trusts and distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. A prospectus should be read carefully before investing.

Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: A Fund’s shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund’s investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings.

Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund’s authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund’s net asset value and possibly face delisting.

One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value.

An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund’s investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result.

First Trust Municipal CEF Income Opportunity ETF (MCEF) and First Trust CEF Income Opportunity ETF (FCEF) invest in closed-end funds (“CEFs”). Because the shares of CEFs cannot be redeemed upon demand, shares of many CEFs will trade on exchanges at market prices rather than net asset value, which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount). There can be no assurance that the market discount on shares of any CEF purchased by MCEF or FCEF will ever decrease or when MCEF or FCEF seeks to sell shares of a CEF it can receive the NAV for those shares. MCEF and FCEF may also be exposed to higher volatility in the market due to the indirect use of leverage through their investment in CEFs. CEFs may issue senior securities in an attempt to enhance returns.

An underlying CEF that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in an underlying CEF concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically.

An underlying CEF may invest in small capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

An investment in an underlying CEF containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. An underlying CEF may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

Certain underlying CEFs are subject to credit risk, call risk, income risk, interest rate risk, prepayment risk and zero coupon bond risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund’s fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund’s income. Zero coupon bond risk is the risk that zero coupon bonds may be highly volatile as interest rates rise or fall because they do not pay interest on a current basis.

Senior floating-rate loans are usually rated below investment grade but may also be unrated. As a result, the risks associated with these loans are similar to the risks of high-yield fixed-income instruments. High-yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high-yield securities is smaller and less liquid than that for investment grade securities.

Certain of the fixed-income securities held by certain underlying funds may not have the benefit of covenants which could reduce the ability of the issuer to meet its payment obligations and might result in increased credit risk.

Income from municipal bonds held by an underlying CEF could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.

Master limited partnerships (“MLPs”) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that an MLP could be taxed as a corporation, resulting in decreased returns from such MLP.

The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when an underlying CEF’s portfolio managers use derivatives to enhance an underlying CEF’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by an underlying CEF.

A Fund may effect a portion of creations and redemptions for cash, rather than in-kind securities. As a result, an investment in a Fund may be less tax-efficient than an investment in an exchange-traded fund that effects its creations and redemptions for in-kind securities.

A Fund’s investment in CEFs and ETFs involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund’s investment performance and risks may be related to the investment and performance of the underlying funds.

Income from the Funds may be subject to the federal alternative minimum income tax.

Certain underlying CEFs may invest in distressed securities and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by an underlying CEF or at prices approximately the value at which an underlying CEF is carrying the securities on its books.

The Funds are classified as “non-diversified” and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Funds may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

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Destination Maternity Corporation Announces Conference Call for First Quarter Fiscal 2018 Financial Results on Thursday, June 14, 2018 at 9:00 a.m. Eastern Time

MOORESTOWN, N.J.–()–Destination Maternity Corporation (Nasdaq: DEST), today announced that the release of its first quarter Fiscal 2018 financial results will take place on Thursday, June 14, 2018. Results will be released at approximately 6:45 a.m. Eastern Time. Members of its senior management will hold a conference call at 9:00 a.m. Eastern Time, to discuss its results.

Investors and analysts can participate in this conference call by dialing (800) 219-6970 in the United States and Canada or (574) 990-1028 outside of the United States and Canada. The call will also be available on the investor section of the Company’s website at http://investor.destinationmaternity.com. Passcode for the conference call is 1561749.

In the event that you are unable to participate in the call, a replay will be available at 12:00 pm Eastern Time on Thursday, June 14, 2018, through 12:00 p.m. Eastern Time June 21, 2018, by calling (855) 859-2056 in the United States and Canada or (404) 537-3406 outside of the United States and Canada. Passcode for the replay is 1561749.

About Destination Maternity

Destination Maternity Corporation is the world’s largest designer and retailer of maternity apparel. As of February 3, 2018 Destination Maternity operates 1,124 retail locations in the United States, Canada and Puerto Rico, including 487 stores, predominantly under the trade names Motherhood Maternity®, A Pea in the Pod® and Destination Maternity®, and 637 leased department locations. The Company also sells merchandise on the web primarily through its brand-specific websites, motherhood.com and apeainthepod.com, as well as through its destinationmaternity.com website. Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea, Mexico, Israel and India. As of February 3, 2018 Destination Maternity has 188 international franchised locations, including 15 standalone stores operated under one of the Company’s nameplates and 173 shop-in-shop locations.

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Limoneira Company Announces Second Quarter Fiscal Year 2018 Financial Results

SANTA PAULA, Calif.–()–Limoneira Company (the “Company” or “Limoneira”) (NASDAQ: LMNR), a leading global agribusiness with prime agricultural land and operations, real estate and water rights in California, Arizona and Chile today reported financial results for the second quarter ended April 30, 2018.

Fiscal Year 2018 Second Quarter Results

For the second quarter of fiscal year 2018, total net revenue increased 17% to $43.1 million, compared to total net revenue of $36.9 million in the second quarter of the previous fiscal year. Agribusiness revenue was $41.9 million, compared to $35.4 million in the second quarter last year, primarily due to stronger lemon sales. Rental operations revenue was $1.3 million in the second quarter of fiscal year 2018, which compared to $1.5 million in last year’s second quarter. There were no real estate development revenues in the second quarter of fiscal year 2018 or 2017.

Agribusiness revenue for the second quarter of fiscal year 2018 includes $33.6 million in lemon sales, compared to $26.2 million of lemon sales during the same period of fiscal year 2017, with the increase primarily the result of higher volume of fresh lemons and higher prices compared to the same period in fiscal year 2017. Approximately 1,157,000 cartons of fresh lemons were sold during the second quarter of fiscal year 2018 at a $23.42 average price per carton compared to approximately 958,000 cartons sold at a $21.50 average price per carton during the second quarter of fiscal year 2017. Avocado revenue for the second quarter of fiscal year 2018 was $0.9 million, compared to $2.0 million in the same period last year, primarily the result of lower prices and volume compared to the same period in fiscal year 2017. The Company recognized $5.2 million of orange revenue in the second quarter of fiscal year 2018, compared to $4.9 million in the same period of fiscal year 2017, primarily attributable to higher prices of oranges sold, partially offset by lower volume compared to the same period in fiscal year 2017. Specialty citrus and other crop revenues were $2.1 million in the second quarter of fiscal year 2018, compared to $2.3 million in the second quarter of fiscal year 2017.

Total costs and expenses for the second quarter of fiscal year 2018 increased to $33.8 million, compared to $30.7 million in the second quarter of last fiscal year. The second quarter of fiscal year 2018 increase in operating expenses was primarily attributable to increases in agribusiness and selling, general and administrative costs and expenses. Costs associated with our agribusiness include increases in packing costs, harvest costs, growing costs, costs related to the fruit we procure and sell for third-party growers and depreciation expense.

Operating income for the second quarter of fiscal year 2018 increased to $9.4 million, compared to income of $6.2 million in the second quarter of the previous fiscal year. Net income applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2018 was $6.5 million and compares to $3.4 million in the second quarter of fiscal year 2017. Net income per diluted share for the second quarter of fiscal year 2018 was $0.44 compared to net income per diluted share of $0.24 for the same period of fiscal year 2017, based on approximately 15.0 million and 14.7 million, respectively weighted average diluted common shares outstanding versus the prior year.

EBITDA was $11.0 million in the second quarter of fiscal year 2018 compared to $7.7 million in the same period of fiscal year 2017. A reconciliation of EBITDA to net income is provided at the end of this release.

Fiscal Year 2018 First Six Months Results

For the six months ended April 30, 2018, revenue was $74.7 million, compared to $65.0 million in the same period last year. Operating income for the first six months of fiscal year 2018 was $7.6 million, compared to an operating income of $3.0 million in the same period last year. Net income applicable to common stock, after preferred dividends, was $15.0 million for the first six months of fiscal year 2018, compared to net income of $1.2 million in the same period last year. Net income per diluted share for the first six months of fiscal year 2018 was $1.02, compared to a net income per diluted share of $0.08 in the same period of fiscal 2017. Due to the Tax Cuts and Jobs Act of 2017, the Company recognized a non-cash $10.0 million, or $0.67 per diluted share, one-time tax benefit associated with the decrease in its deferred tax liability balance during the first quarter of fiscal year 2018. This tax benefit represents a provisional amount based on the Company’s current best estimates. Excluding this non-cash tax benefit, diluted net income per share for the first six months of fiscal year 2018 was $0.35.

EBITDA for the first six months of fiscal year 2018 was $11.2 million, compared to EBITDA of $6.4 million in the same period last year. A reconciliation of EBITDA to net income is provided at the end of this release.

Balance Sheet and Liquidity

During the first six months of fiscal year 2018, net cash provided by operating activities increased to $7.1 million, compared to $2.5 million in the prior year. Net cash used in investing activities was $8.8 million, compared to a $16.0 million use in the prior year. The Company contributed $3.5 million to the East Area 1 real estate development joint venture in the first six months of fiscal year 2018, which compares to a $4.5 million contribution made to the joint venture in the first six months of fiscal year 2017. Net cash provided by financing activities was $1.8 million in the first six months of fiscal year 2018, compared to $13.6 million in the same period last year.

Long-term debt as of April 30, 2018 was $107.7 million, compared to $102.1 million at the end of fiscal 2017.

Real Estate Development

On November 10, 2015, the Company entered into a joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project. The first phase of the project broke ground to commence mass grading on November 8, 2017. Project plans include approximately 632 residential units in Phase 1. In December 2017, the Company was granted a Recordation of Final Tract 5854 Map which subdivides the project’s three main parcels of land into legal lots for the parks, schools, recreations area, commercial areas, open space, and the backbone streets. The joint venture has begun Phase 1 site improvements and is currently engaged with potential homebuilders in the lot bidding process, which puts the project on track to close initial lot sales in the first quarter of fiscal year 2019.

Limoneira Lewis Community Builders, LLC, is a 50%/50% real estate development joint venture between Limoneira Company and Lewis that will engage in the residential development of Harvest at Limoneira. Limoneira expects to receive 25% to 65% of the net cash flows from the project, based on projected cash flow milestones, which are estimated to aggregate approximately 70% of total net cash flows to Limoneira, including Lewis’ $20.0 million investment in the joint venture, and the balance of net cash flows to The Lewis Group over the estimated seven to ten-year life of the project. The joint venture’s results of operations are expected to be recognized by the Company under the equity method of accounting. The Company contributed $7.5 million to the joint venture in fiscal year 2017, $2.3 million in fiscal year 2016 and an additional $3.5 million in the first quarter of fiscal year 2018, matching Lewis’ contributions to fund ongoing development activities.

In February 2013, the Company entered into an option agreement for the purchase of a 7-acre parcel adjacent to its East Area II commercial real estate development project. In February 2018, the Company exercised its option and purchased the property for $3,145,000. This property is located along the south side of California Highway 126, directly across from Harvest at Limoneira, and is suited for commercial and/or industrial development. This property provides essential freeway access to the project and the Company expects that development of East Area II will closely follow the build-out of Harvest at Limoneira.

Management Comments

Harold Edwards, President and Chief Executive Officer, stated, “Record lemon sales combined with strong orange sales and leverage from our packing house drove a 50% increase in operating income. We have built a tremendous platform at Limoneira and are very well positioned to dramatically expand our fresh citrus offering nationally and globally for many years to come.”

Mr. Edwards concluded, “As we enter the third quarter of fiscal 2018, we remain confident the key drivers of our agribusiness that drove our record first half performance will remain in place in the second half. Even with lower avocado pricing compared to last year, we are confident we will achieve our full year fiscal 2018 guidance targets. In addition to our core agribusiness, our real estate venture, Harvest at Limoneira, is on schedule and we expect the project to realize cash flow from lot sales beginning in the first quarter of fiscal year 2019.”

Reiterating Fiscal Year 2018 Outlook

The Company is reiterating its fiscal year 2018 guidance. It continues to expect to achieve fiscal year 2018 adjusted earnings per diluted share in a range of $0.65 to $0.75 per share. Importantly, this guidance excludes the one-time deferred tax benefit of $0.67 per diluted share that the Company recognized in the first fiscal quarter of 2018. Inclusion of the Company’s deferred tax benefit results in fiscal year earnings per share guidance of $1.32 to $1.42 per share.

The Company continues to expect to sell between 3.1 million and 3.3 million cartons of fresh lemons at an average price of approximately $24.50 per carton, and expects to sell approximately 6.0 to 6.5 million pounds of avocados at approximately $1.30 per pound. The Company expects operating income for fiscal year 2018 to be approximately $15.7 million to $17.8 million. Fiscal year 2018 EBITDA is expected to be in the range of $23.0 million to $25.0 million. As more fully described at the end of this release under “Non-GAAP Financial Measures,” the Company is unable to reconcile without unreasonable effort the above forward-looking non-GAAP measures related to EBITDA, and the variability of the changes excluded from these non-GAAP measures may have a significant and potentially unpredictable impact on its future GAAP financial results.

Longer-Term Growth Pipeline

These fiscal year 2018 outlook estimates do not include potential equity income from the Harvest at Limoneira project. Phase 1 site improvements are underway and the Company is currently engaged with potential homebuilders in the lot bidding process which puts the project on track to close initial lot sales in the first quarter of fiscal year 2019.

In addition, the Company owns 1,600 acres that are currently non-bearing lemons and are estimated to become full-bearing over the next four years. Beyond these 1,600 acres, Limoneira currently intends to plant an additional 500 acres of lemons in the next two years that will further build its long-term pipeline of productive acreage. The Company anticipates this additional acreage will increase annual lemon supply from its current level by approximately 30%, or about 900 thousand to 1.3 million additional fresh cartons, as the non-bearing and planned acreage becomes productive. The Company also expects to have a steady increase in third party grower fruit. This is all organic growth and doesn’t include potential acquisition opportunities in its highly fragmented industry.

Conference Call Information

The Company will host a conference call to discuss its financial results today at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (800) 239-9838 from the U.S. International callers can dial (323) 794-2551. A telephone replay will be available approximately two hours after the call concludes and will be available through Monday, June 25, 2018, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; passcode is 5952733.

About Limoneira Company

Limoneira Company, a 125-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lç mon´âra) is a dedicated sustainability company with 11,200 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Chile. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

Forward-Looking Statements

This press release contains forward-looking statements, including earnings guidance for fiscal year 2018, 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings which are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of our operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes impairments on real estate development assets when applicable, is an important measure to evaluate our Company’s results of operations between periods on a more comparable basis. Such measures are widely used by analysts, investors and lenders as well as by management in assessing our Company’s financial performance and business trends relating to our results of operations and financial condition. These measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to our Company and may not be consistent with methodologies used by other companies. With respect to our expectations under “Reiterating Fiscal Year 2018 Outlook” above, the Company has not provided a reconciliation of forward-looking non-GAAP measures, primarily due to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.

EBITDA is summarized and reconciled to net income attributable to Limoneira Company which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP as follows (in thousands):

     

Three Months Ended
April 30,

 

Six Months Ended
April 30,

2018   2017   2018   2017
Net income attributable to Limoneira Company $ 6,599   $ 3,540 $ 15,224   $ 1,468
Interest expense, net 284 417 794 851
Income tax provision (benefit) 2,380 2,158 (8,207 ) 918
Depreciation and amortization 1,744     1,614     3,434     3,191
EBITDA $ 11,007 $ 7,729 $ 11,245 $ 6,428
Impairments of real estate development assets     120         120
Adjusted EBITDA $ 11,007     $ 7,849     $ 11,245     $ 6,548
 
 

LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in thousands, except share amounts)

     
April 30,
2018
  October 31,
2017
Assets
Current assets:
Cash $ 493 $ 492
Accounts receivable, net 17,239 10,953
Cultural costs 2,021 4,124
Prepaid expenses and other current assets 6,560 6,981
Income taxes receivable 570     570
Total current assets 26,883     23,120
 
Property, plant and equipment, net 190,029 188,225
Real estate development 93,098 81,082
Equity in investments 18,280 14,061
Investment in Calavo Growers, Inc. 28,110 22,110
Other assets 10,753     10,433
Total Assets $ 367,153     $ 339,031
 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 5,679 $ 6,311
Growers payable 12,324 8,828
Accrued liabilities 6,250 5,177
Fair value of derivative instrument 40 268
Current portion of long-term debt 3,194     3,030
Total current liabilities 27,487 23,614
Long-term liabilities:
Long-term debt, less current portion 107,684 102,083
Deferred income taxes 22,555 31,415
Other long-term liabilities 4,329 3,920
Sale-leaseback deferral 38,821     30,396
Total liabilities 200,876 191,428
 
Commitments and contingencies
Series B Convertible Preferred Stock – $100 par value (50,000 shares authorized: 14,790 shares issued and outstanding at April 30, 2018 and October 31, 2017) (8.75% coupon rate) 1,479 1,479
Series B-2 Convertible Preferred Stock – $100 par value (10,000 shares authorized: 9,300 shares
issued and outstanding at April 30, 2018 and October 31, 2017) (4% dividend rate on liquidation value of $1,000 per share)
9,331 9,331
 
Stockholders’ equity:
Series A Junior Participating Preferred Stock – $.01 par value (20,000 shares authorized: zero issued or outstanding at April 30, 2018 and October 31, 2017)
Common Stock – $.01 par value (39,000,000 shares authorized: 14,532,952 and 14,405,031 shares issued and outstanding at April 30, 2018 and October 31, 2017, respectively) 145 144
Additional paid-in capital 94,831 94,294
Retained earnings 47,849 34,692
Accumulated other comprehensive income 12,019 7,076
Noncontrolling interest 623     587
Total stockholders’ equity 155,467     136,793
Total Liabilities and Stockholders’ Equity $ 367,153     $ 339,031
 
 

LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in thousands, except share amounts)

     

Three Months Ended
April 30,

 

Six Months Ended
April 30,

2018   2017   2018   2017
Net revenues:    
Agribusiness $ 41,865 $ 35,417 $ 72,198 $ 62,186
Rental operations 1,270 1,476 2,530 2,799
Real estate development              
Total net revenues 43,135 36,893 74,728 64,985
Costs and expenses:
Agribusiness 28,798 26,455 56,960 52,799
Rental operations 976 950 2,041 2,005
Real estate development 39 40 69 125
Impairments of real estate development assets 120 120
Selling, general and administrative 3,942     3,116     8,016     6,963  
Total costs and expenses 33,755     30,681     67,086     62,012  
Operating income 9,380 6,212 7,642 2,973
Other income (expense):
Interest expense, net (284 ) (417 ) (794 ) (851 )
Equity in earnings of investments (126 ) (141 ) (83 ) (67 )
Other income, net 16     40     257     327  
Total other expense (394 )   (518 )   (620 )   (591 )
 
Income before income tax (provision) benefit 8,986 5,694 7,022 2,382
Income tax (provision) benefit (2,380 )   (2,158 )   8,207     (918 )
Net income 6,606 3,536 15,229 1,464
Net (income) loss attributable to noncontrolling interest (7 )   4     (5 )   4  
Net income attributable to Limoneira Company 6,599 3,540 15,224 1,468
Preferred dividends (126 )   (155 )   (251 )   (310 )
Net income attributable to common stock $ 6,473     $ 3,385     $ 14,973     $ 1,158  
 
Basic net income per common share $ 0.45     $ 0.24     $ 1.04     $ 0.08  
 
Diluted net income per common share $ 0.44     $ 0.24     $ 1.02     $ 0.08  
 
Dividends per common share $ 0.06     $ 0.06     $ 0.13     $ 0.11  
 
Weighted-average common shares outstanding-basic 14,379,000 14,269,000 14,341,000 14,236,000
Weighted-average common shares outstanding-diluted 15,023,000 14,719,000 14,986,000 14,236,000
 

http://www.businesswire.com/news/home/20180611005900/en/Limoneira-Company-Announces-Quarter-Fiscal-Year-2018/?feedref=JjAwJuNHiystnCoBq_hl-fZYqiffDpHIASjea2DwvsWD1w08bW43U_zsPK9s38B4rCOi9QzgjCezTS3Nw_X6kJUrpSBm-Hav1w-UkdSlG3nBCddZ7R8TUqSJPYIyhFzD7nKdfLXU1CD0fwzlM5l88g==

EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit Against Switch, Inc. – SWCH

NEW YORK–()–Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of Switch, Inc. (NYSE:SWCH) Class A common stock pursuant to and/or traceable to Switch’s Initial Public Offering (“IPO”) commenced on or around October 6, 2017. The lawsuit seeks to recover damages for Switch investors under the federal securities laws.

To join the Switch class action, go to http://www.rosenlegal.com/cases-1351.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or zhalper@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Switch’s Grand Rapids and Atlanta facilities would never be as profitable as its Las Vegas facility, diminishing the yield on Switch’s recent capital expenditures acquiring and building out those facilities will bear; (2) Switch’s high capital expenditures to create high redundancy levels at its facilities were not as profitable as they once had been in the past; (3) Switch had already spent an additional more than $64 million on unbudgeted capital expenditures during the third quarter of 2017 that was not disclosed to investors until after the IPO; (4) Switch recognized $9.4 million in revenues during FY17 that it would not provide colocation services for until FY18, meaning its reported FY17 revenue growth and its FY18 revenue prospects were both overstated; (5) eBay, Switch’s largest colocation customer, would not be taking possession of colocation space it had reserved at Switch’s Tahoe/Reno facility in early 2018; and (6) as a result of the foregoing, at the time of the IPO, Switch’s business and financial prospects were not what defendants had led the market to believe they were in the Registration Statement. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1351.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or zhalper@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.

http://www.businesswire.com/news/home/20180611006318/en/EQUITY-ALERT-Rosen-Law-Firm-Files-Securities/?feedref=JjAwJuNHiystnCoBq_hl-adS5VAKkf1zsgyV8tTPInVcgiwDl5F89IquLVWUqfRVgLxDkSKfgoruKb9yWl5as-PbWreMWuYBefATrZ0EPTVXw2Oldt-3VQjUwU4Zj5HZBSvR87oUDgbHejiywQBpbg==

NEW INVESTIGATION ALERT: The Schall Law Firm Announces It is Investigating Claims against Banco Macro S.A. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

LOS ANGELES–()–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Banco Macro S.A. (“Banco Macro” or the “Company”) (NYSE: BMA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On December 7, 2017, Bloomberg reported that Banco Macro Chairman Jorge Horacio Brito played a part in the corruption scandal surrounding former Argentine Vice President Amado Boudou. According to the article, Boudou faced charges that he attempted to gain “illicit enrichment for allegedly using shell companies and secret middlemen to gain control of a company given contracts to print the national currency.” Chairman Brito was identified as one of the middlemen involved in the alleged scheme. Based on this information, the investigation will determine if Banco Macro’s filings with the SEC contained untrue or misleading information or otherwise damaged the investing public.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or Sherin Mahdavian of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

http://www.businesswire.com/news/home/20180611006320/en/NEW-INVESTIGATION-ALERT-Schall-Law-Firm-Announces/?feedref=JjAwJuNHiystnCoBq_hl-adS5VAKkf1zsgyV8tTPInVcgiwDl5F89IquLVWUqfRVgLxDkSKfgoruKb9yWl5as-PbWreMWuYBefATrZ0EPTVXw2Oldt-3VQjUwU4Zj5HZBSvR87oUDgbHejiywQBpbg==

Total Gabon : Nombre total d’actions et de droits de vote au 31 mai 2018

PORT-GENTIL, République Gabonaise–()–Regulatory News:

Total Gabon (Paris:EC) :

Date  

Nombre total d’actions
composant le capital

 

Nombre total de droits de vote en
assemblée générale

30 avril 2018   4 500 000   8 250 061

Le nombre total des droits de vote attachés à ces 4 500 000 actions s’élève à 8 250 061 droits de vote, s’il est tenu compte (sur la base des informations dont dispose Total Gabon) de 3 750 061 actions nominatives inscrites au nom d’un même actionnaire depuis deux ans ou plus, auxquelles est attribué, en vertu de l’article 32 des statuts de Total Gabon, un droit de vote double.

Société anonyme de droit gabonais avec Conseil d’administration
au capital de 76 500 000 dollars US

Siège social : Boulevard Hourcq – Port-Gentil BP 525 – République Gabonaise

RCCM Port-Gentil 2000 B 00011

http://www.businesswire.com/news/home/20180611005736/fr/?feedref=JjAwJuNHiystnCoBq_hl-V9v-pHWziToJA0VRpW40ygfDx6JjkUDgEoGOIlbcdJJWJT50v2g3Ei-19qH0fyPszGrim8IhAkVNXbaI1AGppOzkqEXpa07kut2m9xviGvG-pObLUXFesbwxrOX6527hw==

Sopra Steria Group: Disclosure of the Total Number of Shares and Voting Rights as at 31 May 2018

PARIS–()–Regulatory News:

In accordance with Article L.233-8 II of the French Commercial Code (Code de Commerce) and Article 223-16 of the General Regulations of the Autorité des Marchés Financiers (the French financial markets authority), Sopra Steria Group (Paris:SOP) hereby informs its shareholders that the number of shares and voting rights as at 31 May 2018 are:

  • Total number of shares: 20,547,701
  • Theoretical number of voting rights: 26,148,030
  • Number of voting rights that can be exercised: 26,123,768

Disclaimer

This document is a free translation into English of the original French press release. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

http://www.businesswire.com/news/home/20180611005699/en/Sopra-Steria-Group-Disclosure-Total-Number-Shares/?feedref=JjAwJuNHiystnCoBq_hl-V9v-pHWziToJA0VRpW40ygfDx6JjkUDgEoGOIlbcdJJWJT50v2g3Ei-19qH0fyPszGrim8IhAkVNXbaI1AGppOzkqEXpa07kut2m9xviGvG-pObLUXFesbwxrOX6527hw==

Crammed Down

What is ‘Crammed Down’

“Crammed down” refers to the result of a dilutive venture capital financing round or the imposition of a bankruptcy reorganization plan by the court. In the context of venture capital financing, when a financing round is crammed down it means that the price of each share of a business is below earlier prices, causing the percentage of the company owned by the earlier investors to be lowered (or crammed down). Such deals are also called “burn outs” or “wash outs.” In the context of bankruptcies, when a bankruptcy court initiates a reorganization plan for an individual or company despite objections from creditors, that order or plan has been “crammed down,” as in ‘down the throats of the creditors.’

Breaking Down ‘Crammed Down’

In venture financing, if the earlier (common) investors of the company do not pony up new cash for the next round of financing round, then their interest in the company is “crammed down.” The reasoning is that initial investors should suffer a penalty if they do not contribute to subsequent financing rounds rather than benefit fully from subsequent financing rounds. Such a cramming down also targets founders and other owner-managers for not running the startup well enough to avoid such an action. Such a situation is also known as a “down round.”

In bankruptcies, crammed down plans are generally disliked by creditors because they would rather liquidate any assets to get back some of the money owed to them. Crammed down is also used to denote any transaction in which existing investors are forced to accept unfavorable financing, buyout or pricing terms.

Crammed Down and Venture Capital Financing

A crammed down financing in venture capital usually happens when companies are financed in multiple rounds and before they enact an exit round. When startups are new and immature, their valuations tend to be very low and the entrepreneur or business owner is unable to convince investors to fully fund their idea or business through a liquidity event. It may also be too early to know how much funding is needed. Venture capitalists also like to withhold funding to further motivate founders and to ensure that operations are lean by rationing operating capital.   

Crammed Down and Bankruptcies

In a crammed down personal bankruptcy, a debtor will ask the court to change the terms of their contract with a creditor to reduce their debt to be in line with the fair market value of the collateral securing that debt. In a crammed down business bankruptcy, the creditors will still maintain collateral on the company as long as it offers repayment of the “secured portion” or fair market value of the collateral in their repayment plan.

https://www.investopedia.com/terms/c/crammeddown.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

Asia Markets: Asian markets take wait-and-see approach as Trump, Kim meet

Markets in Asia were mostly calm on Tuesday as U.S. President Donald Trump and North Korean leader Kim Jong Un met for the first time at a landmark summit in Singapore.

Stocks in Korea, Japan, Hong Kong and Singapore were little changed. U.S. stock futures were flat. The dollar rose against major currencies, sending the WSJ Dollar index up 0.1%. Currencies that often rise in periods of stress, such as the Japanese yen and Swiss franc, fell. And the market’s so-called fear gauge, the Cboe Volatility Index, remained near recent lows.

Trump and Kim shook hands at the start of their meeting, a moment that represented a stark turnaround from the months both men spent trading insults. Shortly after meeting Kim, Trump told reporters he expected the two would have a “great discussion,” adding, “it’s my honor and we will have a terrific relationship, I have no doubt.”

Regional stocks remained muted, following similarly flat moves earlier this year, when even an accelerating nuclear threat from Pyongyang didn’t have much impact on global markets.

“Neither a breakthrough in talks nor another verbal spat between the two leaders would probably make much difference to equity markets in the medium term,” said Oliver Jones, a markets economist at research firm Capital Economics, adding that the recent thaw in relations between North Korea and Seoul hasn’t had much of a positive impact on markets.

Markets were also unfazed after Trump tweeted on Monday that Larry Kudlow, his top economic adviser, had suffered a heart attack and been hospitalized.

In South Korea on Tuesday, the benchmark Kospi index
SEU, -0.16%
  flipped between small gains and losses. It remains little changed for the year after surging 22% in 2017. The U.S. dollar slipped 0.2% against the South Korean won.

Korea’s stock market is dominated by export heavyweights such as Samsung Electronics Co.
005930, -0.90%
  and carmaker Hyundai Motor Co.
005380, +0.36%
 , meaning its moves are often driven by the shifting outlook for the global economy rather than by geopolitics.

Japan’s Nikkei 225 index
NIK, +0.28%
  rose 0.3% by mid-morning on Tuesday. The dollar
USDJPY, +0.23%
  rose 0.2% against the Japanese yen, putting the U.S. currency at a nearly three-week high of 110.49 yen.

The yen’s slide represents market hopes about the summit, said Toru Ibayashi, head of Japanese equities at UBS Wealth Management. Investors have been waiting for a weaker currency to buy stocks, especially tapping into the selling last quarter that has made Japanese shares more affordable.

“They have plenty of reason to buy back, and today is a good day to do that,” Mr. Ibayashi said.

Hong Kong’s Hang Seng index
HSI, +0.37%
  was little changed. It is among the best performing indexes in Asia so far this year, up about 4%. Singapore’s benchmark, the FTSE Strait Times
STI, -0.05%
 , rose 0.1%.

Movements in other safe assets suggested that investors weren’t too concerned about the outcome of Tuesday’s talks.

U.S. government debt prices rose, but just slightly, which happens as yields fall. The 10-year Treasury yield fell to 2.953% from 2.959% on Monday, while the 2-year yield was at 2.524% versus 2.528% on Monday.

The small moves in Asian markets come after U.S. stocks had a relatively quiet day on Monday. The Dow Jones Industrial Average edged up 0.02%, its sixth gain in the past seven trading days.

The VIX was at around 12, near its low for the year.


http://feeds.marketwatch.com/~r/marketwatch/financial/~3/wd_SCkumOnE/story.asp

Larry Kudlow, Trump’s top economic adviser, in good condition after heart attack

Larry Kudlow, the chief economic adviser to President Donald Trump, suffered a heart attack Monday, but was expected to fully recover.

Trump broke the news with a tweet just before his historic summit with North Korean leader Kim Jong Un: “Our Great Larry Kudlow, who has been working so hard on trade and the economy, has just suffered a heart attack. He is now in Walter Reed Medical Center.”


White House press secretary Sarah Sanders later said Kudlow was in good condition after suffering a “very mild” heart attack, and doctors expect him to make a “full and speedy recovery.”

Kudlow, 70, is the director of the National Economic Council and was part of the U.S. negotiating team over the weekend at the G-7 meeting in Quebec.

During a fiery interview on CNN on Sunday, Kudlow said Canada’s Prime Minister Justin Trudeau “kind of stabbed us in the back” after Trudeau reiterated that U.S. tariffs against Canada were “insulting” and would result in retaliatory tariffs against the U.S.


http://www.marketwatch.com/news/story.asp?guid=%7BA131E598-6DED-11E8-9DFC-A0F196208E22%7D&siteid=rss&rss=1

Sunovion Announces FDA Acceptance of New Drug Application for Apomorphine Sublingual Film (APL-130277)

Treatment for Parkinson’s Disease

Sunovion Announces FDA Acceptance of New Drug Application for Apomorphine Sublingual Film (APL-130277)