Neuralstem提供业务最新进展及2018年第二季度财报

-启动II期临床试验,进一步评估NSI-566用于缺血性脑卒中的治疗-
-NSI-189获批为治疗天使人综合征的指定罕用药-
-任命Jim Scully担任临时首席执行官-

美国马里兰州日耳曼敦, Aug. 17, 2018 (GLOBE NEWSWIRE) — 讯:专事基于自有的神经干细胞及小分子化合物技术研发神经系统疗法的生物制药公司Neuralstem, Inc.(Nasdaq代码:CUR)提供了业务上的最新进展,并公布了截至2018年6月30日的第二季度财报。

“我们很高兴地向大家报告,我们在2018年第二季度成果颇丰,继续推进着我们研发创新性神经干细胞和小分子疗法新药的工作。”Neuralstem临时首席执行官Jim Scully说,“尤其让我们感到兴奋的是,我们的主打干细胞疗法候选药物NSI-566取得可喜进展,开始进入缺血性脑卒中的II期临床试验,并且有望应用于其他需求尚未得到满足的领域。此外,根据令人鼓舞的临床前数据来看,我们期待深入探索我们的小分子NSI-189在包括天使人综合征和阿兹海默症在内的多项治疗应用上的潜力。”

临床试验要览

NSI-566是一种脊髓源神经干细胞系,其用于治疗与脑卒中、肌萎缩侧索硬化症(ALS)和慢性脊髓损伤(cSCI)有关的瘫痪的效果正于评估之中。NSI-566是Neuralstem主打的干细胞疗法候选药物。

  • 7月,Neuralstem宣布启动II期临床试验,评估NSI-566用于治疗缺血性脑卒中的潜力。该试验是一项随机双盲的对照组试验,基于非盲I期安全性试验所获得的积极结果,旨在进一步测试NSI-566逆转半身局部瘫痪脑卒中患者瘫痪症状的安全性和疗效。苏州纽若斯丹生物医药有限公司亚洲业务执行副总裁James Li博士将负责管理这项试验,试验将于2018年8月1日在中国北京的陆军总医院附属八一脑科医院进行。在I期试验中,NSI-566对9名慢性偏瘫脑卒中患者的治疗,在运动功能和临床状态方面相比基线标准实现了统计学意义显著的改善。
  • 6月,公司公布了刊载在《Cell Stem Cell》上的一项研究结果,为移植NSI-566用于治疗慢性脊髓损伤(cSCI)患者的潜在应用提供了支持。论文标题为《首例用于治疗慢性脊髓损伤的人体内神经干细胞移植I期试验》,详述了对运动及感官功能和电生理学结果的分析,结果显示4名患者中有3人在接受NSI-566移植后均表现出改善效果。该试验的主要目标在于评估NSI-566移植在患有稳定胸部脊椎损伤的受试者身上的安全性,并有其他终点衡量神经系统缺陷、神经生理和神经病理性疼痛方面的变化情况。
  • 5月,公司公布了刊载在《Annals of Clinical and Translational Neurology》上的一项研究结果,论文标题为《椎管内肝细胞移植用于治疗肌萎缩侧索硬化症的I/II期临床试验长期结果》,其内容为移植人类脊髓源神经干细胞(HSSC)对ALS患者功能的稳定效果提供了支持。该试验评估了HSSC移植对功能表现的影响,利用ALS功能量表修订版(ALSFRS-R)衡量功能及存活综合表现的复合统计数据。试验结果与基于两组历史数据集推演出的相应对照组进行了对比,结果显示接受HSSC移植的受试者在24个月中的ALSFRS-R得分和功能及存活综合得分均表现出显著改善。ALS功能量表修订版(ALSFRS-R)是一套经过验证的问卷,用于衡量执行日常生活活动(ADL)的身体功能情况。

NSI-189是一种小分子Bn基哌嗪-氨基吡啶,对主要抑郁性障碍(MDD)的治疗处于临床试验阶段,对天使人综合征、辐射诱发认知障碍、1型和2型糖尿病、脑卒中的治疗处于临床前研究阶段。

  • 8月,公司宣布,NSI-189获得美国食品药物管理局(FDA)批准为治疗天使人综合征的指定罕见药。在临床前研究模型中,NSI-189表现出了恢复患者神经元长时程增强作用的能力,这是一种用于评测突触可塑性的指标,也是记忆力的一种离体生物标志物。天使综合征(AS)是一种先天性的遗传障碍,因母体第15条染色体上的UBE3A基因功能缺失导致。世界上大约每15,000人中就有1人受此障碍影响,全球患者人数约达500,000人。AS的表征包括发育迟缓、语言功能缺失、癫痫、行走与平衡障碍。AS患者可能永远无法行走或说话,并且需要终身看护。预期寿命与常人相同,因此会对患者和看护人员造成重大负担。目前尚无已获FDA批准的疗法可治疗天使人综合征。FDA的罕用药指定项目能够提供特别的地位和激励效果,鼓励用于治疗罕见病的药物的研发,美国境内受此类疾病影响的群体人数往往少于200,000人。罕用药指定项目可让药物或疗法在获得FDA批准后独占市场七年,还可提供其他的研发激励,例如临床试验开支相关税收的抵免、FDA用户费的豁免以及FDA为临床试验设计提供的各类协助。
  • 7月,公司在美国伊利诺伊州芝加哥召开的阿兹海默症协会国际大会上提交临床前研究数据,表明对一种阿兹海默症小鼠模型进行NSI-189口服给药能够带来认知表现和焦虑情绪上的显著好转和(或)改善。相关结果通过题为《神经源性化合物NSI-189对阿兹海默症小鼠模型(5XFAD)认知功能和焦虑情绪指标的作用》的学术海报进行了展示。该试验由Corinne Jolivalt博士位于加州大学圣地亚哥分校的实验室负责执行,并且发现使用NSI-189的治疗显著改善了小鼠的学习能力、记忆能力、短期记忆和焦虑水平。

企业要览

  • Jim Scully被公司董事会任命为临时首席执行官,自8月1日起生效。他将接任Neuralstem前任总裁兼首席执行官Rich Daly生的职务。Scully先生可为Neuralstem带来他在制药及更加广泛的医疗行业内担任多类高级管理职务所积累下的丰富经验,包括曾在Takeda Pharmaceuticals、Astellas Pharmaceuticals、Abbott Laboratories和Walgreens担任财务及战略规划、全球业务开发、综合管理方面的领导职务。
  • 此外,董事会任命William Oldaker为董事长,自8月1日起生效。Oldaker先生自2007年4月起担任Neuralstem董事至今。他也是位于美国华盛顿特区的律师事务所Oldaker & Willison PLLP的创始人和合伙人,还是美国科罗拉多州、华盛顿特区和爱荷华州律师协会、美国联邦巡回上诉法院律师协会以及美国最高法院律师协会的成员。

截至2018年6月30日的季度财报

现金持仓和流动性:2018年6月30日当天,现金及投资总计710万美元,截至2018年3月31日的数据为970万美元。260万美元的减幅反映出该统计期间经特定非现金项目调整后亏损60万美元,包括负债类权证公允价值变动带来的140万美元收益,经营资产及负债变动带来的76万美元净现金流出,以及20万美元股权奖励支出。公司预计将利用现有的现金、现金等价物和短期投资为公司在2019年第一季度按当前经营计划开展的业务提供资金。

经营亏损:截至2018年6月30日的第二季度经营亏损为200万美元,2017年同期经营亏损为420万美元。截至2018年6月30日的六个月经营亏损为440万美元,2017年同期经营亏损为850万美元。

三个月及六个月统计期间的经营亏损均出现下降,主要原因在于NSI-189的II期临床试验结束带来的临床试验及相关成本下降,持续进行的企业重组及成本削减措施带来的人事、设施及相关开支下降,以及实现里程碑后的版税收入和美国国立卫生研究院(NIH)拨款的相关报销所得带来的抵消作用。

净亏损:  截至2018年6月30日的第二季度净亏损为60万美元,合每股0.04美元(基本),2017年同期净亏损为460万美元,合每股0.39美元(基本)。净亏损发生下降,主要原因在于经营亏损下降,以及负债类权证公允价值变动产生非现金支出。

截至2018年6月30日的六个月净亏损为280万美元,合每股0.18美元(基本),2017年同期净亏损为1,220万美元,合每股1.06美元(基本)。净亏损发生下降,主要原因在于经营亏损下降,2017年发行诱导型权证及负债类权证公允价值变动产生非现金支出,以及2017年4月到期的长期债务使得利息支出下降。

研发支出:截至2018年6月30日的季度研发支出为100万美元,相比2017年同期的160万美元,发生61%的降幅。发生这一降幅的主要原因在于,持续进行的企业重组及成本削减措施使得人事及设施支出下降71万美元,NSI-189的II期临床试验结束带来使得临床试验及相关成本下降31万美元,非现金股权奖励支出下降41万美元,并有NIH拨款相关报销收入9万美元。

截至2018年6月30日的六个月研发支出为220万美元,相比2017年同期的330万美元,发生60%的降幅。发生这一降幅的主要原因在于,持续进行的企业重组及成本削减措施使得人事及设施支出下降180万美元,NSI-189的II期临床试验结束带来使得临床试验及相关成本下降54万美元,非现金股权奖励支出下降72万美元,并有NIH拨款相关报销收入18万美元。

一般及行政开支:截至2018年6月30日的第二季度一般及行政开支为130万美元,相比2017年同期的38万美元,发生23%的降幅。发生这一降幅的主要原因在于,企业重组及成本削减措施使得工资及相关支出下降40万美元,非现金股权奖励支出下降4万美元,另有税务及保险支出增加7万美元起到部分抵消作用。

截至2018年6月30日的六个月一般及行政开支为240万美元,相比2017年同期的53万美元,发生18%的降幅。发生这一降幅的主要原因在于,企业重组及成本削减措施使得工资及相关支出下降56万美元,咨询及专业服务开支下降4万美元,另有税务及保险支出增加9万美元起到部分抵消作用。

 
Neuralstem, Inc.
       
未经审计的合并资产负债表缩编
       
  June 30,   December 31,
  2018   2017
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 7,092,832     $ 6,674,940  
Short-term investments         5,000,000  
Trade and other receivables   478,722       312,802  
Current portion of related party receivable, net of discount         58,784  
Prepaid expenses   343,428       402,273  
Total current assets   7,914,982       12,448,799  
       
Property and equipment, net   128,017       172,886  
Patents, net   814,023       883,462  
Related party receivable, net of discount and current portion   343,281       365,456  
Other assets   33,004       13,853  
Total assets $ 9,233,307     $ 13,884,456  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Accounts payable and accrued expenses $ 713,068     $ 875,065  
Accrued bonuses         418,625  
Other current liabilities   52,933       220,879  
Total current liabilities   766,001       1,514,569  
       
Warrant liabilities   2,283,833       3,852,882  
Other long term liabilities   8,270       1,876  
Total liabilities   3,058,104       5,369,327  
       
STOCKHOLDERS’ EQUITY      
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding at both June 30, 2018 and December 31, 2017   10,000       10,000  
Common stock, $0.01 par value; 300,000,000 shares authorized, 15,160,014 shares issued and outstanding at both June 30, 2018 and December 31, 2017   151,600       151,600  
Additional paid-in capital   217,485,751       217,050,174  
Accumulated other comprehensive income   1,142       2,631  
Accumulated deficit   (211,473,290     (208,699,276
Total stockholders’ equity   6,175,203       8,515,129  
Total liabilities and stockholders’ equity $ 9,233,307     $ 13,884,456  
               
 
Neuralstem, Inc.
               
未经审计的业务及综合亏损合并报表缩编
       
  Three Months Ended June 30,   Six Months Ended June 30,
  2018   2017   2018   2017
               
Revenues $ 252,500     $ 2,500     $ 255,000     $ 5,000  
               
Operating expenses:              
Research and development expenses   1,014,780       2,585,079       2,184,221       5,487,165  
General and administrative expenses   1,260,692       1,635,652       2,442,746       2,968,073  
Total operating expenses   2,275,472       4,220,731       4,626,967       8,455,238  
Operating loss   (2,022,972     (4,218,231     (4,371,967     (8,450,238
               
Other income (expense):              
Interest income   19,514       14,013       37,263       34,896  
Interest expense   (772     (15,728     (2,692     (154,460
Change in fair value of derivative instruments   1,378,830       (341,611     1,569,049       (3,082,925
Fees related to issuance of inducement warrants and other expenses   (1,646     (87,635     (5,667     (563,719
Total other income (expense)   1,395,926       (430,961     1,597,953       (3,766,208
               
Net loss $ (627,046   $ (4,649,192   $ (2,774,014   $ (12,216,446
               
Net loss per share – basic and diluted $ (0.04   $ (0.39   $ (0.18   $ (1.06
               
Weighted average common shares outstanding – basic and diluted   15,144,243       11,906,334       15,130,666       11,525,730  
               
Comprehensive loss:              
Net loss $ (627,046   $ (4,649,192   $ (2,774,014   $ (12,216,446
Foreign currency translation adjustment   (1,604     (384     (1,489     (555
Comprehensive loss $ (628,650   $ (4,649,576   $ (2,775,503   $ (12,217,001
                               

有关前瞻性信息的警戒性声明:

本新闻稿包含《1995年美国私人证券诉讼改革法案》中“避风港”条款下规定的“前瞻性陈述”。此类前瞻性陈述涉及未来(而非过去)事件,通常可凭借“预计”、“预期”、“有意”、“计划”、“认为”、“寻求”、“将会”等字眼加以辨别。因其性质使然,前瞻性陈述所述及的事项存在不确定性,且程度各不相同。特定的风险和不确定性可能导致我们的实际结果与我们的前瞻性陈述述及内容存在重大差异,这包括潜在产品研发及商业化的固有风险,临床试验结果、监管机构审批或清关的不确定性,未来的资本需求,对合作方的依赖性,以及对我们知识产权的维护情况。实际结果可能与上述前瞻性陈述中的预期结果存在重大差异。更多有关可能影响我们结果的潜在因素以及其他风险与不确定性的信息不时会在Neuralstem的定期报告中详细阐述,这包括向美国证券交易委员会(SEC)提交的2017年12月31日止年度10-K表格年度报告和截至2018年3月31日的三个月的10-Q表格季度报告,以及向SEC提交的其他报告。我们概不承担任何前瞻性陈述的任何更新义务。

联系人:
Argot Partners(投资者关系)
212-600-1902
neuralstem@argotpartners.com

http://globenewswire.com/news-release/2018/08/17/1553570/0/zh-hans/Neuralstem%E6%8F%90%E4%BE%9B%E4%B8%9A%E5%8A%A1%E6%9C%80%E6%96%B0%E8%BF%9B%E5%B1%95%E5%8F%8A2018%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B4%A2%E6%8A%A5.html

Neuralstem提供業務最新進展及2018年第二季度財務業績

 -啟動II期臨床試驗,進一步評估NSI-566用於缺血性中風的治療-
-NSI-189獲批為治療天使人綜合症的指定罕用藥-
-任命Jim Scully擔任臨時行政總裁-

美國馬里蘭州日爾曼敦, Aug. 17, 2018 (GLOBE NEWSWIRE) — 專門從事基於自有的神經幹細胞及小分子化合物技術研發神經系統療法的生物製藥公司Neuralstem, Inc.(Nasdaq代碼:CUR)提供了業務上的最新進展,並公佈了截至2018年6月30日止第二季度財務業績。

Neuralstem臨時行政總裁Jim Scully表示︰「我們很高興地向大家報告,我們於2018年第二季度成果不俗,繼續推進我們研發創新性神經幹細胞和小分子療法新藥的工作。尤其讓我們感到興奮的是,我們的主打幹細胞療法候選藥物NSI-566取得的進展令人雀躍,開始進入缺血性中風的II期臨床試驗,並且有望應用於其他需求尚未得到滿足的領域。此外,根據令人鼓舞的臨床前數據,我們期待深入探索我們的小分子NSI-189在包括天使人綜合症和阿茲海默症在內的多項治療應用上的潛力。」

臨床試驗重點

NSI-566是一種脊髓源神經幹細胞系,其用於治療與中風、肌萎縮側索硬化症(ALS)和慢性脊髓損傷(cSCI)有關的癱瘓的效果正在評估之中。NSI-566Neuralstem主打的幹細胞療法候選藥物。

  • 7月,Neuralstem宣佈啟動II期臨床試驗,評估NSI-566用於治療缺血性中風的潛力。該試驗是一項隨機雙盲的對照組試驗,基於非盲I期安全性試驗獲得的積極結果,旨在進一步測試NSI-566逆轉半身局部癱瘓中風患者癱瘓症狀的安全性和療效。Suzhou Neuralstem Ltd亞洲業務執行副總裁James Li博士將負責管理這項試驗,試驗將於2018年8月1日在中國北京的陸軍總醫院附屬八一腦科醫院進行。在I期試驗中,NSI-566對9名慢性偏癱中風患者的治療,在運動功能和臨床狀態方面相比基線標準實現了具統計學意義的顯著改善。
  • 6月,公司公佈了刊載於《Cell Stem Cell》的一項研究結果,為移植NSI-566用於治療慢性脊髓損傷(cSCI)患者的潛在應用提供支援。論文標題為《首例用於治療慢性脊髓損傷的人體內神經幹細胞移植I期試驗》,詳述了對運動及感官功能和電生理學結果的分析,結果顯示4名患者中有3人在接受NSI-566移植後有改善效果。該試驗的主要目標在於評估NSI-566移植在患有穩定胸部脊椎損傷的受試者身上的安全性,並有其他終點衡量神經系統缺陷、神經生理和神經病理性疼痛方面的變化情況。
  • 5月,公司公佈了刊載於《Annals of Clinical and Translational Neurology》的一項研究結果,論文標題為《椎管內肝細胞移植用於治療肌萎縮側索硬化症的I/II期臨床試驗長期結果》,其內容為移植人類脊髓源神經幹細胞(HSSC)對ALS患者功能的穩定效果提供支援。該試驗評估了HSSC移植對功能表現的影響,利用ALS功能量表修訂版(ALSFRS-R)衡量功能及存活綜合表現的複合統計資料。試驗結果與基於兩組歷史資料集推演出的相應對照組進行了對比,結果顯示接受HSSC移植的受試者在24個月中的ALSFRS-R得分和功能及存活綜合得分均有顯著改善。ALS功能量表修訂版(ALSFRS-R)是一套經過驗證的問卷,用於衡量執行日常生活活動(ADL)的身體機能情況。

NSI-189是一種小分子Bn基呱嗪氨基吡啶,對主要抑鬱性障礙(MDD)的治療處於臨床試驗階段,對天使人綜合症、輻射誘發認知障礙、1型和2型糖尿病、中風的治療處於臨床前研究階段。

  • 8月,公司宣佈NSI-189獲得美國食品藥物管理局(FDA)批准為治療天使人綜合症的指定罕見藥。在臨床前研究模型中,NSI-189表現出恢復患者神經元長期增強作用的能力,這是一種用於評估突觸可塑性的指標,亦是記憶力的一種離體生物標誌物。天使人綜合症(AS)是一種先天性遺傳障礙,因母體第15條染色體上的UBE3A基因功能缺失導致。全球大約每15,000人中就有1人受此障礙影響,全球患者人數約達500,000人。AS的表徵包括發育遲緩、語言功能缺失、癲癇、行走與平衡障礙。AS患者可能永遠無法行走或說話,並且需要終身看護。由於預期壽命與常人相同,因此會對患者和看護人員造成重大負擔。目前尚無已獲FDA批准的療法可治療天使人綜合症。FDA的罕用藥指定項目能夠提供特別的地位和激勵效果,鼓勵用於治療罕見病的藥物研發,美國境內受此類疾病影響的群體人數往往少於200,000人。罕用藥指定專案可讓藥物或療法在獲得FDA批准後獨佔市場七年,亦可提供其他的研發激勵,例如臨床試驗開支相關稅收的抵免、FDA用戶費的豁免以及FDA為臨床試驗設計提供的各類協助。
  • 7月,公司在美國伊利諾州芝加哥召開的阿茲海默症協會國際大會上提交臨床前研究資料,顯示對一種阿茲海默症小鼠模型進行NSI-189口服給藥能夠令認知表現和焦慮情緒明顯好轉及/或改善。相關結果透過題為《神經源性化合物NSI-189對阿茲海默症小鼠模型(5XFAD)認知功能和焦慮情緒指標的作用》的學術海報展示。該試驗由Corinne Jolivalt博士位於加州大學聖地牙哥分校的實驗室負責執行,並且發現小鼠在接受NSI-189治療後能顯著改善學習能力、記憶能力、短期記憶和焦慮水平。

企業要覽

  • Jim Scully獲公司董事會任命為臨時行政總裁,自8月1日起生效。他將接任Neuralstem前任總裁兼行政總裁Rich Daly先生的職務。Scully先生能為Neuralstem帶來他在製藥及更加廣泛的醫療行業內擔任多類高級管理職務累積的豐富經驗,包括曾在Takeda Pharmaceuticals、Astellas Pharmaceuticals、Abbott Laboratories和Walgreens擔任財務及策略規劃、全球業務開發、綜合管理方面的領導職務。
  • 此外,董事會任命William Oldaker為董事長,自8月1日起生效。Oldaker先生自2007年4月起擔任Neuralstem董事至今。他亦是位於美國華盛頓特區的律師事務所Oldaker & Willison PLLP的創辦人和合夥人,亦是美國科羅拉多州、華盛頓特區和愛荷華州律師協會、美國聯邦巡迴上訴法院律師協會以及美國最高法院律師協會的成員。

截至2018630日止季度的財務業績

現金持倉和流動性:於2018年6月30日,現金及投資合共710萬美元,截至2018年3月31日則為970萬美元。260萬美元的減幅反映出該統計期間經特定非現金項目調整後虧損60萬美元,包括負債類權證公允價值變動帶來的140萬美元收益、經營資產及負債變動帶來的76萬美元淨現金流出,以及20萬美元股權獎勵支出。公司預計將利用現有的現金、現金等價物和短期投資為公司於2019年第一季度按當前經營計劃開展的業務提供資金。

經營虧損:截至2018年6月30日第二季度的經營虧損為200萬美元,2017年同期經營虧損為420萬美元。截至2018年6月30日六個月的經營虧損為440萬美元,2017年同期經營虧損為850萬美元。

三個月及六個月統計期間的經營虧損均出現下降,主要原因是NSI-189的II期臨床試驗結束帶來的臨床試驗及相關成本下降,持續進行企業重組及成本削減措施使人事、設施及相關開支下降,以及實現里程碑後的版稅收入和美國國立衛生研究院(NIH)撥款的相關報銷所得帶來的抵銷作用。

淨虧損:截至2018年6月30日第二季度的淨虧損為60萬美元,合共每股0.04美元(基本),2017年同期淨虧損為460萬美元,合共每股0.39美元(基本)。淨虧損下降的主要原因是經營虧損下降,以及負債類權證公允價值變動產生非現金支出。

截至2018年6月30日六個月的淨虧損為280萬美元,合共每股0.18美元(基本),2017年同期淨虧損為1,220萬美元,合共每股1.06美元(基本)。淨虧損下降的主要原因是經營虧損下降,2017年發行誘導型權證及負債類權證公允價值變動產生非現金支出,以及2017年4月到期的長期債務使利息支出下降。

研發支出:截至2018年6月30日止季度的研發支出為100萬美元,相比2017年同期的160萬美元,降幅達61%。研發支出下降的主要原因是持續進行企業重組及成本削減措施使人事及設施支出下降71萬美元,NSI-189的II期臨床試驗結束使臨床試驗及相關成本下降31萬美元,非現金股權獎勵支出下降41萬美元,並有NIH撥款相關報銷收入9萬美元。

截至2018年6月30日止六個月的研發支出為220萬美元,相比2017年同期的330萬美元,降幅達60%。研發支出下降的主要原因是持續進行企業重組及成本削減措施使人事及設施支出下降180萬美元,NSI-189的II期臨床試驗結束使臨床試驗及相關成本下降54萬美元,非現金股權獎勵支出下降72萬美元,並有NIH撥款相關報銷收入18萬美元。

一般及行政開支:截至2018年6月30日止第二季度的一般及行政開支為130萬美元,相比2017年同期的38萬美元,降幅達23%。一般及行政開支下降的主要原因是企業重組及成本削減措施使工資及相關支出下降40萬美元,非現金股權獎勵支出下降4萬美元,另有稅務及保險支出增加7萬美元產生部分抵銷作用。

截至2018年6月30日止六個月的一般及行政開支為240萬美元,相比2017年同期的53萬美元,降幅達18%。一般及行政開支下降的主要原因是企業重組及成本削減措施使工資及相關支出下降56萬美元,顧問及專業服務開支下降4萬美元,另有稅務及保險支出增加9萬美元產生部分抵銷作用。

 
Neuralstem, Inc.
       
未經審計簡明合併資產負債表
       
  June 30,   December 31,
  2018   2017
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 7,092,832     $ 6,674,940  
Short-term investments         5,000,000  
Trade and other receivables   478,722       312,802  
Current portion of related party receivable, net of discount         58,784  
Prepaid expenses   343,428       402,273  
Total current assets   7,914,982       12,448,799  
       
Property and equipment, net   128,017       172,886  
Patents, net   814,023       883,462  
Related party receivable, net of discount and current portion   343,281       365,456  
Other assets   33,004       13,853  
Total assets $ 9,233,307     $ 13,884,456  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Accounts payable and accrued expenses $ 713,068     $ 875,065  
Accrued bonuses         418,625  
Other current liabilities   52,933       220,879  
Total current liabilities   766,001       1,514,569  
       
Warrant liabilities   2,283,833       3,852,882  
Other long term liabilities   8,270       1,876  
Total liabilities   3,058,104       5,369,327  
       
STOCKHOLDERS’ EQUITY      
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding at both June 30, 2018 and December 31, 2017   10,000       10,000  
Common stock, $0.01 par value; 300,000,000 shares authorized, 15,160,014 shares issued and outstanding at both June 30, 2018 and December 31, 2017   151,600       151,600  
Additional paid-in capital   217,485,751       217,050,174  
Accumulated other comprehensive income   1,142       2,631  
Accumulated deficit   (211,473,290     (208,699,276
Total stockholders’ equity   6,175,203       8,515,129  
Total liabilities and stockholders’ equity $ 9,233,307     $ 13,884,456  
               
 
Neuralstem, Inc.
               
未經審計簡明業務及綜合虧損合併報表
       
  Three Months Ended June 30,   Six Months Ended June 30,
  2018   2017   2018   2017
               
Revenues $ 252,500     $ 2,500     $ 255,000     $ 5,000  
               
Operating expenses:              
Research and development expenses   1,014,780       2,585,079       2,184,221       5,487,165  
General and administrative expenses   1,260,692       1,635,652       2,442,746       2,968,073  
Total operating expenses   2,275,472       4,220,731       4,626,967       8,455,238  
Operating loss   (2,022,972     (4,218,231     (4,371,967     (8,450,238
               
Other income (expense):              
Interest income   19,514       14,013       37,263       34,896  
Interest expense   (772     (15,728     (2,692     (154,460
Change in fair value of derivative instruments   1,378,830       (341,611     1,569,049       (3,082,925
Fees related to issuance of inducement warrants and other expenses   (1,646     (87,635     (5,667     (563,719
Total other income (expense)   1,395,926       (430,961     1,597,953       (3,766,208
               
Net loss $ (627,046   $ (4,649,192   $ (2,774,014   $ (12,216,446
               
Net loss per share – basic and diluted $ (0.04   $ (0.39   $ (0.18   $ (1.06
               
Weighted average common shares outstanding – basic and diluted   15,144,243       11,906,334       15,130,666       11,525,730  
               
Comprehensive loss:              
Net loss $ (627,046   $ (4,649,192   $ (2,774,014   $ (12,216,446
Foreign currency translation adjustment   (1,604     (384     (1,489     (555
Comprehensive loss $ (628,650   $ (4,649,576   $ (2,775,503   $ (12,217,001
                               

有關前瞻性資訊的警戒性聲明:

本新聞稿載有《1995年美國私人證券訴訟改革法案》中「避風港」條款下規定的「前瞻性陳述」。此類前瞻性陳述涉及未來(而非過去)事件,通常可憑藉「預計」、「預期」、「有意」、「計劃」、「認為」、「尋求」、「將會」等字眼加以辨別。因其性質使然,前瞻性陳述所述及的事項存在不確定性,且程度各不相同。特定的風險和不確定性可能導致我們的實際結果與我們的前瞻性陳述及內容存在重大差異,這包括潛在產品研發及商業化的固有風險,臨床試驗結果、監管機構審批或清關的不確定性,未來的資本需求,對合作方的依賴性,以及對我們知識產權的維護情況。實際結果可能與上述前瞻性陳述中的預期結果存在重大差異。更多有關可能影響我們結果的潛在因素以及其他風險與不確定性的資訊不時會在Neuralstem的定期報告中詳細闡述,這包括向美國證券交易委員會(SEC)提交的2017年12月31日止年度10-K表格年度報告和截至2018年3月31日止三個月的10-Q表格季度報告,以及向SEC提交的其他報告。我們概不承擔任何前瞻性陳述的任何更新義務。

聯絡人:
Argot Partners(投資者關係)
212-600-1902
neuralstem@argotpartners.com

http://globenewswire.com/news-release/2018/08/17/1553570/0/zh-hant/Neuralstem%E6%8F%90%E4%BE%9B%E6%A5%AD%E5%8B%99%E6%9C%80%E6%96%B0%E9%80%B2%E5%B1%95%E5%8F%8A2018%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE.html

뉴럴스템, 2018년 2분기 경영 현황 및 회계 실적 발표

-NSI-566 임상2 시작으로 허혈성 뇌졸중 치료제 연구 가속화 기대
-NSI-189 엔젤만 증후군 치료용 희귀의약품 지정
-CEO 직무대행으로 스컬리 임명

미국 메릴랜드주 저먼타운, Aug. 18, 2018 (GLOBE NEWSWIRE) — 신경줄기세포와 저분자 화합물 기술을 기반으로 신경계 치료제 개발에 주력하는 바이오 제약회사 뉴럴스템(Neuralstem, Inc.)(나스닥명:CUR)이 2018년 6월 30일 마감된 2분기의 경영 현황 및 회계 실적을 발표했다.

짐 스컬리(Jim Scully) 뉴럴스템 CEO 직무대행은 “혁신적인 신경줄기세포와 저분자 화합물 파이프라인을 계속 발전시킨 덕에 생산적인 2분기 사업 결과를 발표할 수 있어 기쁘다. 특히 핵심 줄기세포 치료제 후보인 NSI-566이 허혈성 뇌졸중에 대한 임상2상 단계를 시작한 것에 거는 기대가 크다. NSI-566은 이 밖에 의료 수요가 충족되지 않은 분야에도 적용될 잠재력을 지녔다. 더불어 우리는 저분자 NSI-189의 고무적인 전임상 데이터를 토대로 엔젤만 증후군과 알츠하이머 등에 대한 치료제 개발 가능성을 연구하고 있다.”고 말했다.

주요 임상시험 진행 현황
NSI-566 척수에서 추출한 신경줄기세포로, 뇌졸중, 근위축성 측삭 경화증(ALS), 만성 척수 손상(cSCI)으로 인한 마비 증상 치료제로서 평가가 진행되고 있다. NSI-566 뉴럴스템의 핵심 줄기세포 치료제 후보이다.

  • 7월 뉴럴스템은 허혈성 뇌졸중을 위한 잠재적 치료제로서 NSI-566을 평가하기 위해 임상2상 단계에 들어간다고 발표했다. 무작위 이중맹검 대조연구로 진행되며, 개방표지 형식으로 이뤄진 임상1상 안전성 연구의 고무적 결과에 바탕을 둔다. 나아가 신체 절반이 부분 마비된 뇌졸중 환자의 마비 증상을 치료할 NSI-566의 안전성과 효험을 검증하는 것이 이번 임상시험의 목표이다. 쑤저우 뉴럴스템(Suzhou Neuralstem Ltd)의 아시아 사업담당 부사장을 맡고 있는 제임스 리(James Li) 박사가 시험을 이끈다. 시험은 2018년 8월 1일 중국 베이징에 있는 바이 뇌전문 병원(Bayi Brain Hospital)에서 시작됐다. 임상1상 단계에서 NSI-566 치료제는 9명 만성 편측부전마비 뇌졸중 환자의 운동 기능과 임상 상태 기준치 통계를 유의미한 수준으로 개선시켰다.
  • 6월 과학 전문지 Cell Stem Cell에 게재한 연구 논문의 결과를 발표했다. 이 연구는 만성 척수 손상(cSCI) 환자에게 NSI-566을 이식할 경우 잠재적 치료 효과가 발생한다는 사실을 뒷받침한다. 논문 제목은 ‘만성척수손상 치료 목적의 최초 인간 대상 신경줄기세포 이식 임상 1상 연구(A First-in-Human, Phase I Study of Neural Stem Cell Transplantation for Chronic Spinal Cord Injury)’로, 운동 및 감각 기능, 전기생리학적 결과를 상세히 분석해 NSI-566 이식 후 3~4명의 환자에게서 호전 증상이 나타난다는 사실을 규명했다. 이 연구의 주요 목적은 안정적 상태의 흉추손상 환자에 대한 NSI-566 이식의 안전성을 평가하는 것이었다. 다만 신경학적 결손이나 신경생리학적, 신경병성 고통 등 평가 변수도 측정 대상에 포함되었다.
  • 5월, 임상-중개 신경학회보(Annals of Clinical and Translational Neurology)에 게재한 연구 논문의 결과를 발표했다. 논문 제목은 ‘루게릭병에서의 척수강 줄기세포 이식 결과에 대한 장기 임상1/2상 결과(Long-term Phase 1/2 Intraspinal Stem Cell Transplantation Outcomes in Amyotrophic Lateral Sclerosis)’로, 루게릭병(ALS) 환자의 운동 기능을 안정화하기 위해 이식된 인간 척추 추출 신경줄기세포(HSSC)의 잠재력을 뒷받침한다. 이 연구는 ALSFRS-R(근위축성측삭경화증 기능 평가 척도)를 기준으로 HSSC 이식이 기능에 미치는 영향을 평가했고, 기능 및 생존율 데이터를 합친 종합적 통계를 평가했다. 결과는 두 가지 과거 데이터 세트의 일치하는 대조군을 상대로 평가되었고, HSSC를 투여한 피험자의 24개월 후 평가에서 월등한 ALSFRS-R 점수를 얻었을 뿐만 아니라 종합적인 기능·생존 점수에서도 월등한 결과를 기록했다. ALSFRS-R은 일상생활 활동(ADL)의 신체 기능을 측정하는 검증된 설문조사이다.

NSI-189 벤질피페라진 아미노피리딘으로, 주요우울장애(MDD) 치료용 임상 개발 단계가  진행 중이고, 엔젤만 증후군, 방사선 유도성 인지장애, 1 당뇨병, 2 당뇨병, 뇌졸중 치료용 전임상 개발이 진행 중이다.

  • 8월, 미국식품의약청(FDA)로부터 엔젤만 증후군 치료용 희귀의약품으로 지정됐다. NSI-189는 전임상 개발 과정에서 시냅스 가소성과 기억 능력을 가늠하는 체외 생체지표인 장기강화작용(LTP)을 회복시키는 효능을 입증 받았다. 엔젤만 증후군(AS)은 선천성 희귀유전질환으로, 모계 15번 염색체 UBE3A 유전자 결손으로 인해 발병한다. 유병률은 1만5,000명 당 1명으로 전세계에 약 50만 명의 환자가 존재한다. AS의 주요 증상으로는 발달 지연, 언어 장애, 발작, 걷기 및 균형 장애 등이 있다. AS 환자들은 걷기나 말하기 능력을 영구 상실할 수 있으며 평생 치료 받아야 한다. 특히 기대수명이 일반인과 동일하기 때문에 환자는 물론 간병인에게도 상당한 부담이 주어진다. 현재 FDA 승인을 획득한 엔젤만 증후군 치료제는 없다. FDA의 희귀의약품 지정 프로그램은 유병 인구 20만 명 이하의 질병 치료에 쓰이는 의약품 개발을 촉진하고자 해당 의약품에 특수 지위와 인센티브를 부여한다. 희귀의약품으로 지정된 의약품은 FDA 승인 이후 7년 동안 시장 독점권을 인정받으며, 임상시험 비용 등에 대한 세제혜택, 심사 비용 면제 및 임상시험 설계 등 각종 인센티브를 제공 받는다.
  • 7월 알츠하이머 일리노이주 시카고에서 열린 알츠하이머병협회 국제 컨퍼런스에서 알츠하이머 쥐 모델에 대한 NSI-189경구 투여가 인지 능력과 불안도 수치를 크게 향상, 개선시켰다는 전임상 데이터를 발표했다. 구체적인 결과는 포스터 발표(‘Effect of Neurogenic Compound NSI-189 on Indices of Cognition and Anxiety in a Mouse Model (5XFAD) of Alzheimer’s Disease.’)를 통해 소개되었다. 이번 연구는 UC샌디에이고 의대 병리과 코린 졸리볼트(Corinne Jolivalt) 부교수의 연구실에서 진행되었으며, 피실험 쥐의 유지 능력, 단기 기억력, 불안 수치가 크게 향상되는 결과를 얻었다.

경영 현황

  • 뉴럴스템 이사회가 8월 1일부로 짐 스컬리를 CEO 직무대행으로 임명했다. 스컬리는 뉴럴스템 회장과 CEO를 지낸 리치 댈리(Rich Daly)의 뒤를 잇게 되었다. 스컬리는 제약 및 헬스케어 업계에서 다양한 경영직을 맡은 바 있어 이를 바탕으로 뉴럴스템에 풍부한 노하우를 전달하고 있다. Takeda Pharmaceuticals, Astellas Pharmaceuticals, Abbott Laboratories, Walgreens에서 재무 및 전략 수립, 글로벌 비즈니스 개발, 경영 전반을 이끌었다.
  • 더불어 이사회는 8월 1일부로 윌리엄 올대커(William Oldaker)를 이사회 의장으로 선출했다. 윌리엄 올대커는 2007년 4월부터 뉴럴스템의 이사로 일해왔다. 워싱턴 D.C.의 법률회사 Oldaker & Willison PLLP의 창립자 겹 파트너 변호사이며 콜라라도, D.C., 아이오와주 변호사 협회, D.C. 항소법원 변호사 협회, 미국 연방 대법원 변호사 협회 회원이다.

2분기(2018 6 30 마감) 회계 실적
현금 포지션 유동성: 2018년 6월 30일 기준 현금 및 투자는 710만 달러 2018년 3월 31일 기준 970만 달러보다 감소했다. 260만 달러 감소분은 워런트로 분류되는 채무의 공정가치 변동에 따른 140만 달러 이익을 포함한 일부 비현금 아이템과 더불어, 영업 자산 및 부채 변화에 따른 76만 달러 상당의 순현금 유출, 20만 달러 상당의 주식 기준 보상 등, 해당 기간에 발생한 60만 달러의 손실을 반영한 결과이다. 뉴럴스템은 기존의 현금 및 현금성 자산, 단기 투자금이 2019년 1분기까지 예정된 경영 계획에 따른 사업 운영에 자금을 제공해줄 것으로 기대한다.

영업 손실: 2018년 6월 30일 마감된 2분기 영업 손실은 200만 달러로 2017년 2분기 손실액 420만 달러보다 감소했다. 2018년 6월 30일 마감된 6개월 동안의 영업 손실은 440만 달러로 지난해 같은 기간 손실액인 850만 달러보다 감소했다.

지난 3개월과 6개월 동안 영업 손실이 줄어든 것은 임상시험 수가 감소하고, NSI-189 임상2상 완료로 지출이 감소하고, 마일스톤 기반 로열티 매출과 국립보건원(NIH) 보조금 변제로 상쇄된 기업 구조조정 및 비용절감 노력에 따라 인력 및 시설 관련 비용이 감소했기 때문이다.

순손실: 2018년 6월 30일 마감된 2분기 순손실은 60만 달러, 주당 0.04달러로, 2017년 2분기 460만 달러, 주당 0.39달러보다 감소했다. 순손실이 줄어든 것은 운영비 감소와 더불어 워런트로 분류되는 채무의 공정 가치 변동과 같은 비현금 아이템의 변화가 주된 원인이다. 2018년 6월 30일 마감된 6개월 동안의 순손실은 280만 달러, 주당 0.18달러로, 지난해 같은 기간 1,220만 달러, 주당 1.06달러보다 감소했다. 이는 운영비 감소와 더불어 워런트로 분류되는 채무의 공정 가치 변동 및 2017년 워런트 공모 비용의 영향이며, 2017년 4월 장기채 만기 도래로 이자 비용이 줄어든 것 또한 영향을 미쳤다.

R&D 비용: 2018년 6월 30일 마감된 2분기 R&D 비용은 100만 달러로 전년동기대비 160만 달러, 61% 감소했다. 이는 기업 구조조정 및 비용절감 노력의 일환으로 인력 및 시설 비용을 71만 달러 가량 감축했기 때문이다. 또한 NSI-189 임상2상 완료에 따라 임상시험 및 관련 비용이 31만 달러 줄어들고, 비현금성 주식 기준 보상 비용이 41만 달러 줄어들고, NIH 보조금으로 9만 달러를 변제 받았기 때문이다.

2018년 6월 30일 마감된 6개월 동안의 R&D 비용은 220만 달러로, 전년동기대비 60% 감소했다. 이는 기업 구조조정 및 비용절감 노력의 일환으로 인력 및 시설 비용을 180만 달러 가량 감축했기 때문이다. 또한 NSI-189 임상2상 완료에 따라 임상시험 및 관련 비용이 54만 달러 줄어들고, 비현금성 주식 기준 보상 비용이 72만 달러 줄어들고, NIH 보조금으로 18만 달러를 변제 받았기 때문이다.

일반 관리비: 2018년 6월 30일 마감된 2분기 일반 관리비는 130만 달러로 전년동기대비 38만 달러, 23% 감소했다. 기업 구조조정 및 비용절감 노력의 결과로 인건비 관련 비용이 40만 달러 줄어들고, 비현금성 주식 기준 보상 비용이 세금 및 보험 비용 증가분(7만 달러)에 의해 부분적으로 상쇄되어 4만 달러 줄어들었기 때문이다.

2018년 6월 30일 마감된 6개월 동안의 일반 관리비는 240만 달러로, 전년동기대비 53만 달러, 18% 감소했다. 세금 및 보험 비용 증가분(9만 달러)에 의해 부분 상쇄된 기업 구조조정과 비용절감 노력의 결과로 인건비 관련 비용이 56만 달러 줄어들고, 컨설팅과 전문 서비스 비용이 4만 달러 줄어들었기 때문이다.

 
Neuralstem, Inc.
       
Unaudited Condensed Consolidated Balance Sheets
       
  June 30,   December 31,
  2018   2017
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 7,092,832     $ 6,674,940  
Short-term investments         5,000,000  
Trade and other receivables   478,722       312,802  
Current portion of related party receivable, net of discount         58,784  
Prepaid expenses   343,428       402,273  
Total current assets   7,914,982       12,448,799  
               
Property and equipment, net   128,017       172,886  
Patents, net   814,023       883,462  
Related party receivable, net of discount and current portion   343,281       365,456  
Other assets   33,004       13,853  
Total assets $ 9,233,307     $ 13,884,456  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Accounts payable and accrued expenses $ 713,068     $ 875,065  
Accrued bonuses         418,625  
Other current liabilities   52,933       220,879  
Total current liabilities   766,001       1,514,569  
       
Warrant liabilities   2,283,833       3,852,882  
Other long term liabilities   8,270       1,876  
Total liabilities   3,058,104       5,369,327  
       
STOCKHOLDERS’ EQUITY      
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding at both June 30, 2018 and December 31, 2017   10,000       10,000  
Common stock, $0.01 par value; 300,000,000 shares authorized, 15,160,014 shares issued and outstanding at both June 30, 2018 and December 31, 2017   151,600       151,600  
Additional paid-in capital   217,485,751       217,050,174  
Accumulated other comprehensive income   1,142       2,631  
Accumulated deficit   (211,473,290 )     (208,699,276 )
Total stockholders’ equity   6,175,203       8,515,129  
Total liabilities and stockholders’ equity $ 9,233,307     $ 13,884,456  
               
 
Neuralstem, Inc.
               
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
       
  Three Months Ended June 30,   Six Months Ended June 30,
  2018   2017   2018   2017
                               
Revenues $ 252,500     $ 2,500     $ 255,000     $ 5,000  
                               
Operating expenses:                              
Research and development expenses   1,014,780       2,585,079       2,184,221       5,487,165  
General and administrative expenses   1,260,692       1,635,652       2,442,746       2,968,073  
Total operating expenses   2,275,472       4,220,731       4,626,967       8,455,238  
Operating loss   (2,022,972 )     (4,218,231 )     (4,371,967 )     (8,450,238 )
                               
Other income (expense):                              
Interest income   19,514       14,013       37,263       34,896  
Interest expense   (772 )     (15,728 )     (2,692 )     (154,460 )
Change in fair value of derivative instruments   1,378,830       (341,611 )     1,569,049       (3,082,925 )
Fees related to issuance of inducement warrants and other expenses   (1,646 )     (87,635 )     (5,667 )     (563,719 )
Total other income (expense)   1,395,926       (430,961 )     1,597,953       (3,766,208 )
                               
Net loss $ (627,046 )   $ (4,649,192 )   $ (2,774,014 )   $ (12,216,446 )
                               
Net loss per share – basic and diluted $ (0.04 )   $ (0.39 )   $ (0.18 )   $ (1.06 )
                               
Weighted average common shares outstanding – basic and diluted   15,144,243       11,906,334       15,130,666       11,525,730  
                               
Comprehensive loss:                              
Net loss $ (627,046 )   $ (4,649,192 )   $ (2,774,014 )   $ (12,216,446 )
Foreign currency translation adjustment   (1,604 )     (384 )     (1,489 )     (555 )
Comprehensive loss $ (628,650 )   $ (4,649,576 )   $ (2,775,503 )   $ (12,217,001 )
                               

미래예측진술에 대한 면책조항:
본 보도자료는 1995년 제정된 증권민사소송개혁법의 면책조항에 의거해 미래예측진술을 포함하고 있다. 이 미래예측진술들은 과거가 아닌 미래에 일어날 이벤트에 대한 것으로 ‘예상된다’, ‘기대된다’, ‘의도하다’, ‘계획’, ‘믿는다’, ‘추구한다’, ‘할 것이다’ 등의 용어에 의해 규정된다. 미래예측진술은 그 특성상 다양한 불확실성을 포함한다. 미래예측진술에 의해 표현된 바와 실제 결과를 다르게 만들 수 있는 리스크와 불확실성으로는 제품 개발 및 상용화에 내재된 리스크, 임상 시험 결과나 규제기관 승인에 따른 불확실성, 추가 자본의 필요성, 연구자와 지적재산권 관리에 대한 의존 등이 있다. 실제 결과는 미래예측진술에 의해 예상된 바와 달라질 수 있다. 각종 결과와 기타 리스크, 불확실성에 영향을 줄 수 있는 추가 정보는 10-K 양식(2017년 12월 31일 마감연도)의 연례 보고서, 10-Q 양식(2018년 3월 31일 마감)의 분기 보고서 등 미국 증권거래위원회(SEC)에 제출된 뉴럴스템의 정기 보고서에 기술되어 있다. 당사는 미래예측진술을 업데이트할 어떠한 의무도 가지고 있지 않다.

Contact:
Argot Partners (Investor Relations)
212-600-1902
neuralstem@argotpartners.com

http://globenewswire.com/news-release/2018/08/17/1553570/0/ko/%EB%89%B4%EB%9F%B4%EC%8A%A4%ED%85%9C-2018%EB%85%84-2%EB%B6%84%EA%B8%B0-%EA%B2%BD%EC%98%81-%ED%98%84%ED%99%A9-%EB%B0%8F-%ED%9A%8C%EA%B3%84-%EC%8B%A4%EC%A0%81-%EB%B0%9C%ED%91%9C.html

Neuralstem Menyediakan Kemas Kini Perniagaan dan Melaporkan Hasil Fiskal Suku Kedua 2018

– Percubaan klinikal Fasa 2 dimulakan untuk menilai lebih lanjut NSI-566 sebagai rawatan untuk strok iskemia –
– NSI-189 Diberikan Pelantikan Dadah Yatim untuk Rawatan Sindrom Angelman –
– Jim Scully dilantik sebagai ketua pegawai eksekutif sementara –

GERMANTOWN, Md., Aug. 17, 2018 (GLOBE NEWSWIRE) — Neuralstem, Inc. (Nasdaq:CUR), sebuah syarikat biofarmaseutikal yang memfokuskan pada perkembangan terapi sistem saraf berasaskan teknologi sel induk saraf dan teknologi campuran molekul kecil, menyediakan kemas kini perniagaan dan melaporkan hasil kewangannya untuk suku kedua berakhir 30 Jun 2018.

“Kami berbesar hari untuk melaporkan suku kedua 2018 yang produktif sementara kami terus meningkatkan rancangan inovatif terapi sel induk saraf dan molekul kecil kami,” kata Jim Scully, Ketua Pegawai Eksekutif sementara Neuralstem. “Kami teruja terutamanya tentang kemajuan calon terapi sel stem utama kami, NSI-566, dalam ujian Fasa 2 strok iskemia, serta aplikasi berpotensinya ke bidang yang kurang mendapat perhatian perubatan yang lain. Tambahan lagi, berdasarkan data praklinikal yang menggalakkan, kami teruja untuk menerokai aplikasi rawatan berpotensi molekul kecil NSI-189 kami, termasuklah Sindrom Angelman dan Penyakit Alzheimer.”

Serlahan Klinikal

NSI-566, adalah titisan sel stem saraf terbitan saraf tunjang yang telah dinilai untuk merawat lumpuh yang berkaitan dengan strok, Sklerosis Lateral Amiotrofik (ALS) dan kecederaan saraf tunjang kronik (cSCI). NSI-566 merupakan calon terapi sel stem utama Neuralstem.

  • Pada bulan Julai, Neuralstem mengumumkan permulaan percubaan klinikal Fasa 2 yang menilai NSI-566 sebagai rawatan berpotensi untuk strok iskemia. Percubaan ini, yang akan menjadi kajian secara rawak, dwibuta dan terkawal, adalah berdasarkan hasil positif daripada kajian keselamatan Fasa 1 label terbuka dan bertujuan untuk melanjutkan ujian keselamatan dan keberkesanan NSI-566 dalam membalikkan kelumpuhan pada pesakit strok yang separuh badan telah lumpuh sebahagiannya. James Li, Ph.D., Timbalan Presiden Eksekutif Operasi Asia, Suzhou Neuralstem Ltd, akan menguruskan percubaan ini yang akan mengambil tempat di Hospital Otak Bayi di Beijing, China dan bermula pada 1 Ogos 2018.  Dalam Fasa 1, rawatan NSI-566 untuk 9 pesakit strok hemiparetik yang kronik menghasilkan peningkatan yang ketara secara statistik daripada garis asas fungsi motor dan status klinikal.
  • Pada bulan Jun, Syarikat mengumumkan hasil daripada kajian yang diterbitkan dalam Cell Stem Cell yang menyokong aplikasi terapeutik berpotensi NSI-566 pindahan pada pesakit dengan kecederaan saraf tunjang kronik (cSCI). Manuskrip yang bertajuk “Pertama dalam Manusia, Kajian Pemindahan Sel Stem Saraf untuk Kecederaan Saraf Tunjang Kronik Tahap I,” membentangkan analisis terperinci tentang fungsi motor dan deria serta hasil elektrofisiologi yang menunjukkan peningkatan pada tiga daripada empat pesakit selepas pemindahan NSI-566. Objektif utama kajian tersebut ialah untuk menilai keselamatan pemindahan NSI-566 pada subjek dengan kecederaan saraf tunjang toraks stabil dan titik hujung tambahan yang diukur termasuklah perubahan dalam defisit neurologi, neurofisiologi dan kesakitan neuropatik.
  • Pada bulan Mei, Neuralstem mengumumkan hasil daripada kajian yang diterbitkan dalam Annals of Clinical and Translational Neurology dalam manuskrip yang bertajuk “Dapatan Transplantasi Sel Stem Fasa 1/2 Jangka Panjang dalam Sklerosis Lateral Amiotrofik” yang menyokong potensi pindahan sel induk saraf terbitan saraf tunjang manusia (HSSC) untuk menstabilkan fungsi pesakit ALS. Kajian ini menilai kesan pemindahan HSSC pada dapatan fungsian, seperti yang diukur menggunakan skala ALSFRS-R dan pada statistik komposit yang menggabungkan dapatan fungsian dan kemandirian. Hasil yang dinilai dengan kawalan yang dipadankan daripada dua set data terdahulu menunjukkan skor ALSFRS-R yang lebih baik pada 24 bulan, serta skor komposit fungsian/kemandirian dalam subjek yang menerima HSSC. Skala Penilaian Fungsian ALS-Dipinda (ALSFRS-R) ialah borang soal selidik sah yang menilai fungsi fizikal dalam menjalankan aktiviti kehidupan harian (ADLs).

NSI-189, ialah molekul kecil benzylpiperazine-aminopyridine, dalam pembangunan klinikal untuk MDD dan pembangunan praklinikal untuk sindrom Angelman, kecacatan kognitif yang disebabkan oleh penyinaran, diabetes Jenis 1 dan Jenis 2, serta strok.

  • Pada bulan Ogos, Syarikat mengumumkan bahawa ia telah diberikan perlantikan dadah yatim oleh FDA untuk rawatan Sindrom Angelman.  Dalam model praklinikal, NSI-189 telah menunjukkan kemampuan untuk menyimpan potensiasi jangka masa panjang (LTP), ukuran untuk keplastikan sinaps dan penanda bio in vitro untuk memori. Sindrom Angelman (AS) ialah kecelaruan genetik kongenital jarang yang disebabkan oleh kekurangan fungsi dalam gen UBE3A pada kromosom ke-15 maternal.  Ia mempengaruhi lebih kurang satu dalam 15,000 orang – lebih kurang 500,000 individu secara global.  Simptom AS termasuklah kelewatan perkembangan, kurang pertuturan, sawan dan kecelaruan berjalan dan imbangan. Pesakit dengan AS mungkin tidak akan berjalan atau bercakap dan memerlukan penjagaan seumur hidup. Jangka hayat adalah normal yang meletakkan beban yang besar pada pesakit dan pengasuh. Tiada terapi yang diluluskan FDA untuk rawatan sindrom Angelman pada masa ini.  Program pelantikan dadah yatim FDA menyediakan status dan insentif khas untuk menggalakkan pembangunan dadah untuk penyakit yang menjejaskan kurang daripada 200,000 orang di A.S. Pelantikan dadah yatim memberikan tujuh tahun eksklusif pasaran atas kelulusan FDA, serta insentif pembangunan lain, seperti kredit cukai yang berkaitan dengan perbelanjaan percubaan klinikal, pengecualian daripada yuran pengguna FDA dan bantuan FDA dalam reka bentuk percubaan klinikal.
  • Pada bulan Julai, Syarikat membentangkan data praklinikal pada Persidangan Antarabangsa Persatuan Alzheimer di Chicago, Illinois, yang menunjukkan bahawa pentadbiran lisan NSI-189 dalam model mencit Penyakit Alzheimer membawa kepada pemulihan dan/atau peningkatan dalam ukuran kognisi dan keresahan. Keputusan dibentangkan dalam poster bertajuk ‘Kesan Kompaun Neurogenik NSI-189 Terhadap Indeks Kognisi dan Keresahan dalam Model Mencit (5XFAD) Penyakit Alzheimer.’ Kajian dijalankan oleh makmal Dr. Corinne Jolivalt di Universiti California, San Diego dan didapati bahawa rawatan dengan NSI-189 meningkatkan kemampuan pembelajaran dengan ketara, serta retensi, ingatan jangka pendek dan tahap keresahan mencit.

Serlahan Korporat

  • Berkuatkuasa pada 1 Ogos, Jim Scully telah dilantik sebagai ketua pegawai eksekutif sementara oleh Lembaga Pengarah. En. Scully menggantikan En. Rich Daly, mantan presiden dan ketua pegawai eksekutif.  En. Scully membawa pengalaman yang banyak ke Neuralstem hasil daripada pelbagai peranan eksekutif kanan dalam industri farmaseutikal dan penjagaan kesihatan yang lebih meluas, termasuklah peranan kepimpinan dalam perancangan kewangan dan strategik, pembangunan perniagaan global dan pengurusan am di Takeda Pharmaceuticals, Astellas Pharmaceuticals, Abbott Laboratories dan Walgreens.
  • Juga berkuatkuasa pada 1 Ogos, Lembaga Pengarah telah melantik William Oldaker sebagai Pengerusi Lembaga Pengarah. En. Oldaker telah berkhidmat sebagai pengarah Neuralstem sejak April 2007. Selain itu, beliau merupakan pengasas dan rakan kongsi di firma undang-undang Washington D.C., Oldaker & Willison PLLP, dan merupakan ahli Majlis Peguam Colorado, D.C. dan Iowa, Majlis Peguam untuk Mahkamah Rayuan D.C. dan Bar untuk Mahkamah Agung Amerika Syarikat.

Hasil Kewangan untuk Suku Berakhir 30 Jun 2018

Kedudukan dan Kecairan Wang:  Pada 30 Jun 2018, wang dan pelaburan adalah $7.1 juta berbanding $9.7 juta pada 31 Mac 2018.  Pengurangan $2.6 juta menunjukkan $0.6 juta kerugian untuk tempoh diselaraskan untuk item bukan tunai tertentu termasuklah $1.4 juta perolehan hasil daripada perubahan dalam nilai saksama waran terhad liabiliti kami, $760,000 aliran keluar tunai bersih yang berkaitan dengan perubahan dalam aset dan liabiliti operasi dan $200,000 pampasan berdasarkan saham. Syarikat menjangka tunai, kesamaan tunai dan pelaburan jangka masa pendek sedia ada untuk membiayai operasi berdasarkan rancangan operasi semasanya, ke suku pertama tahun 2019.

Kerugian Operasi: Kerugian operasi untuk suku kedua berakhir 30 Jun 2018 ialah $2.0 juta berbanding kerugian $4.2 juta untuk tempoh sama pada tahun 2017.  Kerugian operasi untuk enam bulan berakhir 30 Jun 2018 ialah $4.4 juta berbanding kerugian $8.5 juta untuk tempoh sama pada tahun 2017.

Pengurangan kerugian operasi untuk kedua-dua tempoh tiga- dan enam-bulan disebabkan terutamanya oleh pengurangan perbelanjaan percubaan klinikal dan kos yang berkaitan disebabkan oleh pelengkapan percubaan klinikal Fasa 2 NSI-189, pengurangan dalam kakitangan, kemudahan dan perbelanjaan lain berkaitan dengan penstrukturan semula korporat berterusan dan usaha pengurangan kos yang sebahagiannya oleh hasil daripada royalti dan pembayaran balik berdasarkan perkembangan di bawah geran Institut Kesihatan Kebangsaan (NIH).

Kerugian Bersih:  Kerugian bersih untuk suku kedua berakhir 30 Jun 2018 ialah $0.6 juta, atau $0.04 per syer (asas), berbanding kerugian $4.6 juta, atau $0.39 per syer (asas), untuk tempoh sama pada tahun 2017.  Pengurangan dalam kerugian bersih terutamanya disebabkan oleh pengurangan dalam kerugian operasi dan caj perbelanjaan bukan tunai yang berkaitan dengan perubahan dalam nilai saksama waran terhad liabiliti.

Kerugian bersih untuk enam bulan berakhir 30 Jun 2018 ialah $2.8 juta, atau $0.18 per syer (asas), berbanding kerugian $12.2 juta, atau $1.06 per syer (asas), untuk tempoh sama pada tahun 2017.  Pengurangan dalam kerugian bersih disebabkan terutamanya oleh pengurangan dalam kerugian operasi dan caj bukan tunai yang berkaitan dengan perubahan dalam nilai saksama waran terhad liabiliti dan perbelanjaan pendorong waran pada tempoh 2017 dan pengurangan perbelanjaan bunga yang berkaitan dengan hutang jangka masa panjang yang matang pada April 2017.

Perbelanjaan Penyelidikan dan Pembangunan: Perbelanjaan penyelidikan dan pembangunan $1.0 juta untuksuku berakhir 30 Jun 2018 mewakili $1.6 juta, atau pengurangan 61% daripada perbelanjaan untuk tempoh yang sama pada tahun 2017.  Pengurangan disebabkan terutamanya oleh pengurangan $710,000 dalam perbelanjaan kakitangan dan kemudahan berkaitan dengan penstrukturan semula korporat berterusan dan usaha pengurangan kos, pengurangan $310,000 dalam perbelanjaan percubaan klinikal dan kos yang berkaitan disebabkan oleh pelengkapan percubaan klinikal Fasa 2 NSI-189 kami dan pengurangan $410,000 dalam perbelanjaan pampasan berasaskan saham bukan tunai bersama dengan $90,000 pembayaran balik di bawah geran NIH.

Perbelanjaan penyelidikan dan pembangunan $2.2 juta untuk enam bulan berakhir 30 Jun 2018 mewakili $3.3 juta, atau pengurangan 60% daripada perbelanjaan untuk tempoh sama pada tahun 2017.  Pengurangan disebabkan terutamanya oleh pengurangan $1.8 juta dalam perbelanjaan kakitangan dan kemudahan berkaitan dengan penstrukturan semula korporat berterusan dan usaha pengurangan kos, pengurangan $540,000 dalam perbelanjaan percubaan klinikal dan kos yang berkaitan disebabkan oleh pelengkapan percubaan klinikal Fasa 2 NSI-189, pengurangan $720, 000 dalam perbelanjaan pampasan berasaskan saham bukan tunai bersama dengan $180,000 pembayaran balik di bawah geran NIH.

Perbelanjaan Umum dan Pentadbiran:  Perbelanjaan umum dan pentadbiran $1.3 juta untuk suku kedua berakhir 30 Jun 2018 mewakili $380,000, atau 23% pengurangan daripada untuk tempoh sama pada tahun 2017.  Pengurangan ini disebabkan terutamanya oleh $400,000 pengurangan dalam gaji dan perbelanjaan berkaitan disebabkan usaha penstrukturan korporat dan usaha pengurangan kos yang ditambah dengan pengurangan $40,000 perbelanjaan pampasan berasaskan saham bukan tunai sebahagiannya oleh peningkatan $70,000 dalam perbelanjaan cukai dan insurans.

Perbelanjaan umum dan pentadbiran $2.4 juta untuk enam bulan berakhir 30 Jun 2018 mewakili $530,000, atau 18% pengurangan daripada untuk tempoh sama pada tahun 2017.  Pengurangan ini disebabkan terutamanya oleh $560,000 pengurangan dalam gaji dan kos berkaitan dicampur dengan $40,000 pengurangan dalam perbelanjaan perkhidmatan perundingan dan profesional disebabkan oleh usaha penstrukturan korporat dan usaha pengurangan kos, sebahagiannya oleh $90,000 peningkatan dalam perbelanjaan cukai dan insurans kami.

 
Neuralstem, Inc.
       
Unaudited Condensed Consolidated Balance Sheets
       
  June 30,   December 31,
  2018   2017
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 7,092,832     $ 6,674,940  
Short-term investments         5,000,000  
Trade and other receivables   478,722       312,802  
Current portion of related party receivable, net of discount         58,784  
Prepaid expenses   343,428       402,273  
Total current assets   7,914,982       12,448,799  
       
Property and equipment, net   128,017       172,886  
Patents, net   814,023       883,462  
Related party receivable, net of discount and current portion   343,281       365,456  
Other assets   33,004       13,853  
Total assets $ 9,233,307     $ 13,884,456  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Accounts payable and accrued expenses $ 713,068     $ 875,065  
Accrued bonuses         418,625  
Other current liabilities   52,933       220,879  
Total current liabilities   766,001       1,514,569  
       
Warrant liabilities   2,283,833       3,852,882  
Other long term liabilities   8,270       1,876  
Total liabilities   3,058,104       5,369,327  
       
STOCKHOLDERS’ EQUITY      
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding at both June 30, 2018 and December 31, 2017   10,000       10,000  
Common stock, $0.01 par value; 300,000,000 shares authorized, 15,160,014 shares issued and outstanding at both June 30, 2018 and December 31, 2017   151,600       151,600  
Additional paid-in capital   217,485,751       217,050,174  
Accumulated other comprehensive income   1,142       2,631  
Accumulated deficit   (211,473,290 )     (208,699,276 )
Total stockholders’ equity   6,175,203       8,515,129  
Total liabilities and stockholders’ equity $ 9,233,307     $ 13,884,456  
               
 
Neuralstem, Inc.
               
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
       
  Three Months Ended June 30,   Six Months Ended June 30,
  2018   2017   2018   2017
               
Revenues $ 252,500     $ 2,500     $ 255,000     $ 5,000  
               
Operating expenses:              
Research and development expenses   1,014,780       2,585,079       2,184,221       5,487,165  
General and administrative expenses   1,260,692       1,635,652       2,442,746       2,968,073  
Total operating expenses   2,275,472       4,220,731       4,626,967       8,455,238  
Operating loss   (2,022,972 )     (4,218,231 )     (4,371,967 )     (8,450,238 )
               
Other income (expense):              
Interest income   19,514       14,013       37,263       34,896  
Interest expense   (772 )     (15,728 )     (2,692 )     (154,460 )
Change in fair value of derivative instruments   1,378,830       (341,611 )     1,569,049       (3,082,925 )
Fees related to issuance of inducement warrants and other expenses   (1,646 )     (87,635 )     (5,667 )     (563,719 )
Total other income (expense)   1,395,926       (430,961 )     1,597,953       (3,766,208 )
               
Net loss $ (627,046 )   $ (4,649,192 )   $ (2,774,014 )   $ (12,216,446 )
               
Net loss per share – basic and diluted $ (0.04 )   $ (0.39 )   $ (0.18 )   $ (1.06 )
               
Weighted average common shares outstanding – basic and diluted   15,144,243       11,906,334       15,130,666       11,525,730  
               
Comprehensive loss:              
Net loss $ (627,046 )   $ (4,649,192 )   $ (2,774,014 )   $ (12,216,446 )
Foreign currency translation adjustment   (1,604 )     (384 )     (1,489 )     (555 )
Comprehensive loss $ (628,650 )   $ (4,649,576 )   $ (2,775,503 )   $ (12,217,001 )
                               

Kenyataan Peringatan Tentang Maklumat Berpandangan Ke Hadapan:

Hebahan berita ini mengandungi “kenyataan masa hadapan” yang dibuat menurut peruntukan “selamat” peruntukan Akta Pembaharuan Litigasi Sekuriti Persendirian 1995. Kenyataan masa hadapan itu berkaitan dengan peristiwa masa depan, bukan masa lalu, dan mungkin sering dikenal pasti dengan kata-kata seperti “harap,” “jangka,” “berhasrat,” “merancang,” “percaya,” “mencari” atau “akan.” Kenyataan masa hadapan menumpukan perkara-perkara yang, pada tahap yang berbeza, tidak pasti. Risiko dan ketidakpastian tertentu yang boleh menyebabkan keputusan sebenar kami berbeza daripada yang dinyatakan dalam kenyataan masa hadapan kami termasuklah risiko yang wujud dalam pembangunan dan pemerdagangan produk berpotensi, ketidakpastian hasil percubaan klinikal atau pengizinan peraturan atau kelulusan, keperluan modal masa depan, penggantungan terhadap rakan usahasama dan penyelenggaraan hak harta intelek kami. Hasil sebenar mungkin berbeza secara material daripada keputusan yang dijangkakan dalam kenyataan masa hadapan ini. Maklumat tambahan tentang faktor-faktor yang berpotensi yang boleh menjejaskan keputusan dan risiko dan ketidakpastian lain adalah dari semasa ke semasa dalam laporan berkala Neuralstem, termasuk Laporan Tahunannya pada Borang 10-K bagi tahun yang berakhir pada 31 Disember 2017 dan Laporan Sukuannya pada Borang 10-Q untuk tiga bulan yang berakhir pada 31 Mac 2018, difailkan dengan Suruhanjaya Sekuriti dan Bursa (SEC) dan dalam laporan lain yang difailkan dengan SEC. Kami tidak mempunyai sebarang kewajipan untuk mengemas kini apa-apa kenyataan masa hadapan.

Hubungan:
Argot Partners (Hubungan Pelabur)
212-600-1902
neuralstem@argotpartners.com

http://globenewswire.com/news-release/2018/08/17/1553570/0/ms/Neuralstem-Menyediakan-Kemas-Kini-Perniagaan-dan-Melaporkan-Hasil-Fiskal-Suku-Kedua-2018.html

Lifeway Foods, Inc. Announces Results for the Second Quarter Ended June 30, 2018

MORTON GROVE, Ill., Aug. 17, 2018 (GLOBE NEWSWIRE) — Lifeway Foods, Inc. (Nasdaq: LWAY), the leading U.S. supplier of kefir cultured dairy and probiotic products to support the microbiome, today reported financial results for the second quarter ended June 30, 2018.

“We’re incredibly proud of the strength of our brand, which is evident in the loyalty of our customers despite pressures on the dairy category. The growing consumer awareness regarding the benefits of cultured and fermented dairy such as kefir has the power to propel our brand into new retail and quick-service opportunities while improving the health and quality of life for millions of people in the United States and around the world,” said CEO Julie Smolyansky.  

“We’re very excited to roll out our new plant-based, dairy-free Plantiful across the country this fall, leveraging the strength of the Lifeway brand while satisfying the cravings of many consumers looking to incorporate plant-based foods into their diets. Mintel research shows that U.S. non-dairy milk sales have grown approximately 61% in the past five years. This bodes well for our Plantiful, which provides the great taste consumers have been missing with other dairy-free options,” Smolyansky added.

Second Quarter Financial Highlights:

       
    Three Months Ended
June 30,
 
Dollars in thousands   2018     2017  
Net sales   $ 27,096       $ 31,733    
Gross profit %     25.4 %       29.2 %  
Net Income   $ 240       $ 1,837    
Earnings Per Common Share – Basic   $ 0.01       $ 0.06    
Effective Tax Rate     34.6 %       43.6 %  
                     

  
Net sales of products by category were as follows for the three months ended June 30:

                 
    2018      2017   
In thousands   $     %     $     %  
Drinkable Kefir other than ProBugs   $ 20,715       76 %     $ 24,354       77 %  
Cheese     2,853       11 %       2,864       9 %  
Cream and other     1,206       4 %       1,714       5 %  
Cupped Kefir and Skyr     1,118       4 %       897       3 %  
ProBugs Kefir     743       3 %       1,378       4 %  
Frozen Kefir (a)     461       2 %       526       2 %  
Net Sales   $ 27,096       100 %     $ 31,733       100 %  
(a) Includes Lifeway Kefir Shop sales
   

About Lifeway Foods, Inc.

Lifeway Foods, Inc. (LWAY), which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces cupped kefir and cheese, frozen kefir, specialty cheeses, probiotic supplements and a ProBugs line for kids. Lifeway’s tart and tangy cultured dairy and non-dairy products are now sold across North America, Ireland and the United Kingdom. Learn how Lifeway is good for more than just you at www.lifewaykefir.com.

Forward-Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “gain,” “position,” “vision,” “ongoing,” “intend,” “innovate,” “continue.” Other examples of forward looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway’s expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the Company’s subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.

Contact:

Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net

http://globenewswire.com/news-release/2018/08/17/1553527/0/en/Lifeway-Foods-Inc-Announces-Results-for-the-Second-Quarter-Ended-June-30-2018.html

NorthState Reports Second Quarter 2018 Results

HIGH POINT, N.C., Aug. 17, 2018 (GLOBE NEWSWIRE) — NorthState, a fiber optic network, cloud and IT services provider, announced today its financial results for the second quarter ended June 30, 2018. 

Summary of Selected Financial Data 

Quarter Ended June 30, 2018 versus Quarter Ended June 30, 2017

  • Consolidated net operating revenue (NOR) for the 2018 quarter totaled $29.6 million, up 4.4% compared to NOR of $28.3 million for the 2017 quarter.
  • Total strategic revenue1 of $21.5 million for the 2018 quarter, up 8.0% compared to strategic revenue of $19.9 million for the 2017 quarter.  Strategic revenue was partially offset by a decline of 4.7% in legacy voice revenue (from $8.5 million for the 2017 quarter to $8.1 million for the 2018 quarter).  Strategic revenue comprised 73% of NOR for the 2018 quarter, compared to 70% of NOR for the 2017 quarter.
  • Net income of $1.0 million for the 2018 quarter compared to $0.2 million for the 2017 quarter.2
  • Earnings per share (EPS) of $0.43 for the 2018 quarter compared to EPS of $0.07 for the 2017 quarter.2

Six Months Ended June 30, 2018 versus Six Months Ended June 30, 2017

  • Consolidated NOR of $59.7 million for the 2018 period, up 4.0% compared to the prior year period.
  • Total strategic revenue1 of $43.3 million for the 2018 period, up 6.9%, compared to the prior year period, now comprising 73% of NOR.
  • Net income of $2.5 million for the 2018 period compared to $2.4 million for the 2017 period, up 6.5%.2
  • EPS of $1.12 for the 2018 period compared to EPS of $1.05 for the prior year period.2

Chief Executive Officer Royster Tucker III commented, “NorthState turned in a solid quarter, executing well on our fiber- and IT-focused business strategy.  We’re especially pleased that for the first half of the year, business revenue comprised 65% of net operating revenue, reflecting our emphasis on offering IT, cloud and security solutions for enterprises.

“For the 2018 second quarter, residential fiber revenue rose by 13% compared to the prior year quarter, driven by a 14% increase in fiber-connected households, while business fiber revenue grew by 12%, driven by a 26% increase in fiber-connected businesses.  Residential and business fiber growth are the result of increased penetration in our existing fiber footprint and continued expansion throughout North Carolina’s Piedmont Triad Region.

“To assist enterprise customers in succeeding through effective IT strategy, our Technology Solutions unit launched Compliance-as-a-Service (CaaS) for credit unions and banks. Along with CaaS, NorthState has introduced other new offerings this year that include Meraki as a Service (MaaS), Multi-Cloud Exchange (MCX), and Unified Communications as a Service (UCaaS).  These comprehensive solutions are designed to help businesses digitally transform themselves.

“In concert with rolling out new products and solutions, during the second quarter of the year we made significant progress in ramping up our enterprise sales organization to support our growth strategy for 2018 and beyond.”

For further details on NorthState’s financial results for the three and six months ended June 30, 2018, please see the financial tables included in the press release on the company’s website at: 2Q 2018 Earnings Report.        

Forward-Looking Statements
The inclusion of forward-looking information should not be construed as a representation by NorthState that our plans or expectations will be achieved.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

About NorthState
NorthState is a technology company focused on inspiring the Internet-driven lifestyle through high-touch experiences.  Its fiber-delivered, ultrafast Internet and Internet-driven applications enable residential customers and businesses to efficiently and securely take advantage of the Internet.  Through its Technology Solutions business unit, NorthState provides data center colocation, customized cloud and IT solutions, managed disaster recovery services, managed security and unified communications.  For more information, visit northstate.net.

Contacts:
NorthState                                                                               
Andrew Stevenson                                                                 
336-886-3801                                                                         
investor.relations@nscom.com                                              

LHA
Harriet Fried, SVP
212-838-3777
hfried@lhai.com

http://globenewswire.com/news-release/2018/08/17/1553458/0/en/NorthState-Reports-Second-Quarter-2018-Results.html

Akari Announces First Quarter 2018 Financial Results and Update on its Growing Pipeline of Phase II and Phase III Clinical Trials

  • Opened three clinical trials in 2018
  • Trials in which complement dysregulation is the primary disease driver
    • CAPSTONE, the Phase III trial in naïve paroxysmal nocturnal hemoglobinuria (PNH), in which patient treatment has commenced
    • Phase II U.S. trial for PNH patients resistant to treatment with Soliris where a patient is now being treated
    • Phase II trial in atypical haemolytic syndrome (aHUS) which opened Q4 2017
  • Trials focused on a separate group of diseases mediated by both the complement and leukotriene pathways
    • Phase II trial in bullous pemphigoid (BP), recently opened with data expected Q1 2019
    • Phase I/II trial in atopic keratoconjunctivitis (AKC) expected to commence Q3 2018, with data anticipated Q1 2019

NEW YORK and LONDON, Aug. 17, 2018 (GLOBE NEWSWIRE) —  Akari Therapeutics, Plc (NASDAQ:AKTX), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics to treat orphan autoimmune and inflammatory diseases, today announced its financial results for the first quarter ended March 31, 2018 and highlights its pipeline of Phase II and Phase III clinical trials.

“We are excited by the range of clinical opportunities that we are currently exploring. We look forward to providing initial clinical data from these trials starting in the fourth quarter of 2018,” commented Clive Richardson, acting Chief Executive Officer of Akari Therapeutics. “Akari does not intend to develop all of these programs through to commercialization on its own but rather, intends to partner one or more of its programs. To that end, a robust business development program has been in progress since early 2018 led by Mike Grissinger, an Akari non-executive director and pharmaceutical industry veteran who spent 22 years at Johnson & Johnson in business development leadership roles.”

Clinical Development Programs Highlights

Akari’s clinical program is divided into two separate workstreams targeting two different sets of clinical conditions. One group of diseases is where the combined inhibition of the complement and leukotriene pathways provides a potential new treatment solution for a wide range of currently poorly treated orphan inflammatory conditions. The second group of diseases are those where complement dysregulation is the primary driver.

Dual C5 and Leukotriene B4 Program

The increasing recognition that LTB4 may combine with complement dysregulation in the etiology of many autoimmune and autoinflammatory conditions has focused Akari’s clinical development on a number of poorly treated conditions where Coversin’s dual C5 and LTB4 binding provides a potential novel therapeutic solution. These programs include bullous pemphigoid (BP), an inflammatory skin disease in which current treatment is limited to steroids, and immunosuppressants and atopic keratoconjunctivitis (AKC), an eye surface inflammatory disease which can lead to permanent vision loss and for which there are few effective treatment options. Both are rare conditions for which Akari is seeking orphan designation.

Complement Program

Patient treatment in CAPSTONE, the Phase III trial in naïve PNH patients, has commenced. We anticipate introducing a new pen injector in 2019 to facilitate patient use which will accommodate a week’s supply of medication. Within the program to treat patients with a polymorphism that makes them resistant to treatment with Soliris, Akari recently began treating a second PNH patient under an investigational new drug application (IND) in the U.S. This patient has responded well (LDH <1.5xULN at day 28). In all, three Soliris resistant patients have now been treated with Coversin; two with PNH and a third with a thrombotic microangiopathy (TMA). All PNH patients remaining on treatment have the option of entering into the Akari long term safety program. Nine PNH patients have been treated in aggregate for over 11 patient years with no drug related SAEs to date.

Akari has also opened a clinical program targeting thrombotic microangiopathies (TMA) including atypical haemolytic syndrome (aHUS). We expect to provide an update on Akari’s TMA program in Q4 2018.

First Quarter 2018 Financial Results

  • As of March 31, 2018, the Company had cash of $23.8 million, as compared to cash of $28.1 million as of December 31, 2017.
  • Operating expenses, which include research and development (R&D) expenses and general and administrative (G&A) expenses, were $4.3 million in the first quarter of 2018, as compared to $8.3 million in the same quarter the prior year.
    • R&D expenses in the first quarter of 2018 were $1.0 million, as compared to $6.0 million in the same quarter the prior year. The decrease was due primarily to an R&D tax credit of approximately $3.8 million received in the first quarter of 2018 and lower manufacturing costs of $1.4 million associated with Coversin clinical trial material, offset by an increase in clinical trial expenses.
    • G&A expenses in the first quarter of 2018 were $3.3 million, as compared to $2.3 million in the same quarter last year. This increase was due primarily to higher legal, accounting and other professional service fees.
  • Total other income for the first quarter of 2018 was $3.0 million, as compared to total other expense of $4.3 million in the first quarter of 2017. This change was primarily attributed to $2.9 million of other income in the first quarter of 2018 compared to $4.3 million of other expense in the same period in 2017 related in both instances to the change in fair value of the stock option and warrant liabilities.
  • Net loss for the first quarter of 2018 was $1.3 million, compared to a net loss of $12.6 million for the same period in 2017. This year over year decrease in net loss was due primarily to lower R&D expenses in the first quarter of 2018 when compared to the same period in 2017. 

About Akari Therapeutics

Akari is a biopharmaceutical company focused on developing inhibitors of acute and chronic inflammation, specifically for the treatment of rare and orphan diseases, in particular those where the complement system or leukotrienes or both complement and leukotrienes together play a primary role in disease progression. Akari’s lead drug candidate Coversin™ is a C5 complement inhibitor currently being evaluated in paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS). In addition to its C5 inhibitory activity, Coversin independently and specifically inhibits leukotriene B4 (LTB4) activity. Akari is currently evaluating Coversin in two conditions, the skin and eye diseases bullous pemphigoid and atopic keratoconjunctivitis, where the dual action of Coversin on both C5 and LTB4 may be beneficial. Akari is also developing other tick derived proteins, including long acting versions.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. Such risks and uncertainties for our company include, but are not limited to: needs for additional capital to fund our operations, our ability to continue as a going concern; uncertainties of cash flows and inability to meet working capital needs; an inability or delay in obtaining required regulatory approvals for Coversin and any other product candidates, which may result in unexpected cost expenditures; our ability to obtain orphan drug designation in additional indications; risks inherent in drug development in general; uncertainties in obtaining successful clinical results for Coversin and any other product candidates and unexpected costs that may result therefrom; difficulties enrolling patients in our clinical trials; failure to realize any value of Coversin and any other product candidates developed and being developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; inability to develop new product candidates and support existing product candidates; the approval by the FDA and EMA and any other similar foreign regulatory authorities of other competing or superior products brought to market; risks resulting from unforeseen side effects; risk that the market for Coversin may not be as large as expected; risks associate with the departure of our former Chief Executive Officers and other executive officers; risks related to material weaknesses in our internal controls over financial reporting and risks relating to the ineffectiveness of our disclosure controls and procedures; risks associated with the putative shareholder class action and SEC investigation; inability to obtain, maintain and enforce patents and other intellectual property rights or the unexpected costs associated with such enforcement or litigation; inability to obtain and maintain commercial manufacturing arrangements with third party manufacturers or establish commercial scale manufacturing capabilities; the inability to timely source adequate supply of our active pharmaceutical ingredients from third party manufacturers on whom the company depends;  unexpected cost increases and pricing pressures and risks and other risk factors detailed in our public filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 20-F filed with the SEC on July 18, 2018. Except as otherwise noted, these forward-looking statements speak only as of the date of this press release and we undertake no obligation to update or revise any of these statements to reflect events or circumstances occurring after this press release. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.

       
AKARI THERAPEUTICS, Plc
       
 CONDENSED CONSOLIDATED BALANCE SHEETS
 As of March 31, 2018 and December 31, 2017
(in U.S. Dollars, except share data)
       
       
       
   March 31, 2018     December 31, 2017 
Assets  (Unaudited)     
       
Current Assets:      
Cash $   23,781,441     $   28,106,671  
Prepaid expenses and other current assets $   1,484,864     $   706,415  
Total Current Assets $   25,266,305         28,813,086  
       
Restricted cash $   142,253     $   142,235  
Property and equipment, net $   47,345     $   55,898  
Patent acquisition costs, net $   39,638     $   39,124  
Total Assets $   25,495,541     $   29,050,343  
       
Liabilities and Shareholders’ Equity      
       
Current Liabilities:      
Accounts payable $   2,384,424     $   1,971,161  
Accrued expenses $   4,556,835     $   4,795,873  
Liability related to options $   2,135,804     $   5,081,335  
Total Current Liabilities $   9,077,063         11,848,369  
       
Other long-term liability $   94,325     $   48,003  
Total liabilities $   9,171,388     $   11,896,372  
       
Commitments and Contingencies      
       
Shareholders’ Equity:      
Share capital GBP of .01 par value      
Authorized: 10,000,000,000 ordinary shares; issued and outstanding:       
1,525,693,393 at March 31, 2018 and December 31, 2017, respectively     22,927,534     $   22,927,534  
Additional paid-in capital     105,275,508     $   104,799,550  
Accumulated other comprehensive loss     (203,447 )   $   (236,246 )
Accumulated deficit     (111,675,442 )   $   (110,336,867 )
Total Shareholders’ Equity     16,324,153         17,153,971  
Total Liabilities and Shareholders’ Equity     25,495,541     $   29,050,343  
       
AKARI THERAPEUTICS, Plc
 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS-UNAUDITED
For the Three Months Ended March 31, 2018 and 2017
(in U.S. Dollars)
       
  Three Months Ended
  Mar 31, 2018   Mar 31, 2017
Operating Expenses:      
Research and development costs $   1,008,388     $   6,002,700  
General and administrative expenses     3,296,973     $   2,280,489  
Total Operating Expenses     4,305,361         8,283,189  
Loss from Operations     (4,305,361 )       (8,283,189 )
       
Other Income (Expense):      
  Interest income     64,638     $   38,888  
  Changes in fair value of option and warrant liabilities – gain (loss)     2,945,531     $   (4,331,741 )
  Foreign currency exchange loss     (40,975 )   $   (6,759 )
  Other expenses     (2,408 )   $   (1,711 )
Total Other Income (Expense)     2,966,785         (4,301,323 )
       
Net Loss     (1,338,575 )       (12,584,512 )
       
Other Comprehensive Income (Loss):      
Foreign Currency Translation Adjustment   32,799     $   (45,153 )
       
Comprehensive Loss $ (1,305,776 )   $   (12,629,665 )
       
Loss per common share (basic and diluted) $   (0.00 )   $   (0.01 )
       
Weighted average common shares (basic and diluted)     1,525,693,393         1,177,693,383  
       


For more information

Investor Contact:

Peter Vozzo
Westwicke Partners
(443) 213-0505
peter.vozzo@westwicke.com

Media Contact:

Mary-Jane Elliott / Sukaina Virji / Nicholas Brown
Consilium Strategic Communications
+44 (0)20 3709 5700
Akari@consilium-comms.com

http://globenewswire.com/news-release/2018/08/17/1553423/0/en/Akari-Announces-First-Quarter-2018-Financial-Results-and-Update-on-its-Growing-Pipeline-of-Phase-II-and-Phase-III-Clinical-Trials.html

Northern Power Systems Reports Second Quarter 2018 Results

Business Highlights:

  • Continued delays in the clarification of the Italian feed-in-tariff continue to negatively impact our revenue in our first half of 2018 as compared to the same period in 2017.  The release of a revised Italian feed-in-tariff has been delayed since July of 2017.  We continue to expect further delays in such policy being clarified until at least the fourth quarter of 2018.
  • Successfully completed a convertible note capital raise in August of 2018, raising $2.0 million, of a potential $2.75 million financing.  New and existing investors participated in the round to support growth in our energy storage business strategy.
  • Executed a forbearance agreement with our bank to remedy a non-compliant covenant status. Such forbearance agreement gives us through November 30, 2018 to renegotiate a bank loan prospectively.
  • Received a de-listing notification from the TSX based upon non-conformance with certain requirements, most notably our market cap being below $3 million.  We are exploring various steps and actions to satisfy TSX’s listing requirements.

BARRE, Vt., Aug. 16, 2018 (GLOBE NEWSWIRE) — Northern Power Systems Corp. (TSX: NPS), a next generation renewable energy and energy storage technology company, today announced financial results for its second quarter ended June 30, 2018.

Revenues for the three months ended June 30, 2018 were $2.2 million, compared to $17.8 million in the second quarter of 2017.  Revenues for the six months ended June 30, 2018 were $3.8 million as compared to $24.0 million in the prior year period.  GAAP net loss for the second quarter of 2018 was $1.0 million, compared to a net income of $0.9 million in the prior year period.  GAAP net loss for the six months ended June 30, 2018 was $2.8 million as compared to a $0.3 million loss in the prior year period.

Our distributed wind business continues to face significant challenges in its historical core markets, particularly Italy and in other evolving, but strategic, markets such as US and Germany. In Italy, with the formation of a new government we see progress toward establishing a new feed-in-tariff in the fourth quarter, but the exact timing and nature of such a feed-in-tariff remains uncertain, and as a result, revenue generating activities in Italy remain stalled.  We anticipate that the Italian market for our distributed wind solutions will re-open in the fourth quarter of 2018 and with the re-opening of this market, together with sales from other markets, we anticipate that our distributed wind business will be positioned for a modest rebound in 2019.

We are seeing traction in our energy storage business through a developing pipeline and initial installation activity.  Considering the changing trends in our two business areas, we investigated methods within the quarter to accelerate investment in the energy storage space and sustain our distributed wind business until our core Italian market re-engages. To this end, we raised $2.0 million in August of 2018 through the issuance of subordinated convertible promissory notes.  Under the terms of this financing arrangement, we can raise additional capital of up to $0.75 million in the near term. We are continuing to evaluate a variety of strategic alternatives, directed primarily to support the development of our energy storage business, and anticipate further potential transactions and operational developments over the next 12 to 24 months.

“The effective closure of our core Italian market for over one year has significantly impacted our business, notably in our revenues and gross profit. We are maintaining the ability to be a capable manufacturer at a markedly reduced current volume of business.  With indications in the marketplace that the Italian government will ultimately implement a new feed-in-tariff regime, we anticipate that the Italian market will re-emerge by or before the first quarter of 2019,” commented Ciel Caldwell, chief financial officer. She continued, “although the loss of this market for such extended period of time has required us to access additional capital, comparing our year over year performance we continue to demonstrate our ability to reduce and manage costs and expense to limit cash losses.”

Reinout Oussoren, co-interim chief executive officer noted that, “we continue to focus on advancing our energy storage business in North America, while addressing select markets like the US, Germany and Israel in the distributed wind segment, reducing our historical dependence on the Italian market. Our announced unique collaboration with Viridity and WEG to implement a turn-key utility scale Battery Energy Storage System (BESS) for Vermont Electric Co-operative in Hinesburg, Vermont, as well as continued full site development for Energy Storage systems and related projects should allow us to accelerate order closure and revenues during 2019.”

Consolidated Second Quarter Financial Highlights:

  • Revenue for the second quarter of fiscal year 2018 was at $2.2 million, compared to $17.8 million reported in the prior year period.
  • Order backlog at June 30, 2018 was approximately $5 million as compared to $14 million at June 30, 2017.
  • Gross margin in the second quarter of fiscal year 2018 was 16.7 percent, a decline from gross margin of 20.3 percent in the prior year period.
  • GAAP net loss for the second quarter of fiscal year 2018 was $1.0 million compared to GAAP net income of $0.9 million in the prior year second quarter.
  • Non-GAAP adjusted EBITDA loss for the second quarter was $0.8 million, compared to non-GAAP adjusted EBITDA income of $1.1 million for the prior year second quarter.  An explanation of these measures as well as a reconciliation of GAAP to non-GAAP financial measures are included below under the heading “About non-GAAP financial measures.”

Our condensed consolidated financial statements can be found on our Form 10-Q filed with SEDAR (www.sedar.com) and the SEC (www.sec.gov) on August 16, 2018. 

About non-GAAP financial measures

To supplement Northern Power Systems’ consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), Northern Power Systems has used a non-GAAP financial measure, specifically non-GAAP adjusted EBITDA income (loss). Non-GAAP adjusted EBITDA income (loss) is defined as net income (loss), excluding share-based compensation expense, amortization of acquisition-related intangibles, depreciation of property, plant and equipment, interest expense, tax provision or benefit, and certain other non-cash impacts as applicable.

The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on non-GAAP adjusted EBITDA, please see the table captioned “Reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net income (loss)” included at the end of this release. The table has more details on the GAAP financial measure that is most directly comparable to non-GAAP adjusted EBITDA and the related reconciliation between these financial measures.

Northern Power Systems’ management believes that this non-GAAP financial measure provides meaningful supplemental information in assessing our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, which could be non-cash charges or discrete cash charges that are infrequent in nature. This non-GAAP financial measure also has facilitated management’s internal comparisons to Northern Power Systems’ historical performance and our competitors’ operating results, as well as reflects measurements which are used by creditors and other third parties in assessing our performance.

Reconciliation of net (loss) income to Non-GAAP adjusted (loss) income                              
                               
  For the three months
ended June 30,
  For the six months
ended June 30,

(in thousands of dollars)  2018     2017     2018     2017 
Net (loss) income $   (1,011 )   $   873     $   (2,821 )   $   (317 )
Interest expense     29         13         56         26  
Provision for income taxes     20         18         35         34  
Depreciation and amortization     123         128         250         255  
Stock compensation     10         50         20         77  
Non-GAAP adjusted EBITDA (loss) income $   (829 )   $   1,082     $   (2,460 )   $   75  
                               

About Northern Power Systems

Northern Power Systems designs, manufactures, and sells distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With over 22 million run-time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability by reducing maintenance and downtime. Northern Power also develops Energy Storage System solutions (ESS) and turnkey projects, deploying its FlexPhase™ power converter platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.

Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices. To learn more, visit www.northernpower.com.

Notice regarding forward-looking statements:

This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, expansion into new markets, and execution of the companys growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry; production, performance and acceptance of the companys products; our sales cycle; our ability to convert backlog into revenue; performance by the companys suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systemsrisk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems’ Annual Report on Form 10-K filed on March 31, 2017, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Ciel R. Caldwell,
Chief Financial Officer
802-661-4673
ir@northernpower.com

http://globenewswire.com/news-release/2018/08/16/1553297/0/en/Northern-Power-Systems-Reports-Second-Quarter-2018-Results.html

Koss Corp. Fourth Quarter Net Sales Up 16%

MILWAUKEE, Aug. 16, 2018 (GLOBE NEWSWIRE) — Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high-fidelity headphone company, has reported its fourth quarter results for the quarter and year ended June 30, 2018.

Sales for the fourth quarter were $7,238,260, which is a 15.9% increase from sales of $6,243,863 for the same three month period one year ago. The three month net income was $347,029, compared to a net loss of $70,377 for the fourth quarter last year. Diluted and basic income per common share for the quarter was $0.05 compared to diluted and basic loss per common share of $0.01 for the three month period one year ago.

“New products drove a significant increase in sales to distributors in Europe,” Michael J. Koss, Chairman and CEO, said today. “This sharp improvement in the European market, combined with increased sales to mass retail in the domestic market, drove net sales for the quarter ended June 30, 2018, the highest they have been in any single quarter since the three month period ended June 30, 2016. The increase in sales combined with controlled spending allowed us to generate net income of $347,029 for the quarter ended June 30, 2018, compared to a net loss of $70,377 for the same three month period one year ago.”

Sales for the twelve months ended June 30, 2018, decreased 2.2% from $24,054,281 in the same period last year to $23,515,441 in the current year. The twelve month net loss was $3,386,060 compared to $963,636 for the same period last year. Diluted and basic loss per common share was $0.46 for the twelve months ended June 30, 2018 compared to $0.13 for the same twelve month period one year ago.

“Controlled spending drove a reduction in the loss before income tax for the twelve months ended June 30, 2018, compared to the same period last year,” Koss explained. “However, we continued to see the impact on the bottom line of tax adjustments made in the second quarter to write-down deferred tax assets to the new federal statutory rate as well as increase the valuation allowance for deferred tax assets. These adjustments drove an increase in tax expense for the twelve months ended June 30, 2018, and caused the increased net loss compared to the same twelve month period one year ago.”

Koss Corporation markets a complete line of high-fidelity headphones, wireless Bluetooth® speakers, computer headsets, telecommunications headsets, active noise canceling headphones, wireless headphones, and compact disc recordings of American Symphony Orchestras on the Koss Classics® label.

This press release contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “may,” “will,” “should,” “forecasts,” “predicts,” “potential,” “continue,” or the negative of such terms and other comparable terminology. These statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual events or results may differ materially. In evaluating forward-looking statements, you should specifically consider various factors that may cause actual results to vary from those contained in the forward-looking statements, such as general economic conditions, in particular, consumer demand for the Company’s and its customers’ products, competitive and technological developments, foreign currency fluctuations, and costs of operations. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances or new information. In addition, such uncertainties and other operational matters are discussed further in the Company’s quarterly and annual filings with the Securities and Exchange Commission.

 
KOSS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
         
    Three Months Ended   Twelve Months Ended
    June 30   June 30
    2018   2017   2018   2017
Net sales   $ 7,238,260     $ 6,243,863     $ 23,515,441     $ 24,054,281  
Cost of goods sold   5,179,712     4,447,831     16,933,431     17,158,977  
Gross profit   2,058,548     1,796,032     6,582,010     6,895,304  
                 
Selling, general and administrative expenses   1,718,351     1,871,022     6,938,921     7,599,882  
Unauthorized transaction related (recoveries) costs, net   (1,320 )   (6,211 )   (18,765 )   67,548  
Interest expense           5,218     964  
Income (loss) before income tax provision   341,517     (68,779 )   (343,364 )   (773,090 )
                 
Income tax (benefit) provision   (5,512 )   1,598     3,042,696     190,546  
                 
Net income (loss)   $ 347,029     $ (70,377 )   $ (3,386,060 )   $ (963,636 )
                 
Income (loss) per common share:                
Basic   $ 0.05     $ (0.01 )   $ (0.46 )   $ (0.13 )
Diluted   $ 0.05     $ (0.01 )   $ (0.46 )   $ (0.13 )
                                 

http://globenewswire.com/news-release/2018/08/16/1553295/0/en/Koss-Corp-Fourth-Quarter-Net-Sales-Up-16.html

America’s Car-Mart Reports Diluted Earnings per Share of $1.53 on Revenues of $164 Million

BENTONVILLE, Ark., Aug. 16, 2018 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the first quarter of fiscal year 2019.

Highlights of first quarter operating results:

  • Net earnings of $10.9 million – $1.53 per diluted share vs. net earnings of $7.0 million – $.90 per diluted share for prior year quarter
  • Income tax benefit related to share-based compensation of $943,000 ($.13 per diluted share) compared to $172,000 ($.02 per diluted share) for the prior year quarter
  • Revenues of $164 million compared to $146 million for the prior year quarter, current quarter includes a $1.8 million increase in interest income and same store revenue increase of 12.1%
  • Increased sales volume productivity with 29.8 retail units sold per store per month, up from 28.2 for the prior year quarter  
  • Average retail sales price increased $629 to $11,015 or 6.1% from the prior year quarter
  • Gross profit margin percentage increased to 41.6% from 41.4% for the prior year quarter
  • Collections as a percentage of average finance receivables increased to 13.1% from 12.4% for the prior year quarter.  The weighted average contract term decreased to 32.4 months from 32.6 from the prior year quarter and remained essentially flat from the fourth quarter of fiscal 2018
  • Net Charge-offs as a percent of average finance receivables remained consistent at 6.4% compared to the prior year quarter
  • Accounts over 30 days past due decreased to 3.5% from 4.6% at July 31, 2017
  • Average percentage of finance receivables current increased to 81.9% from 80.9% at July 31, 2017
  • Provision for credit losses of 26.1% of sales vs. 26.6% for prior year quarter  
  • Selling, general and administrative expenses at 18.3% of sales vs. 18.6% for prior year quarter
  • Active accounts base approximately 72,800
  • Debt to equity of 65.2% and debt to finance receivables of 29.8%
  • Strong cash flows supporting the increase in revenues, the $19.4 million increase in finance receivables, $3.9 million increase in inventory, $685,000 in net capital expenditures and $7.4 million in common stock repurchases (115,999 shares) with a $2.8 million increase in total debt

“We are happy with the progress we are making and it is nice to see the hard work, dedication and commitment of our associates translate into good, solid top and bottom line results for the quarter. We believe that by focusing on basic blocking and tackling, together with a firm commitment to continuous improvement in our daily operations, we will move the business forward in a positive manner. The market will be what it is.  Our job is to get better every day regardless of the ever-changing competitive environment,” said Jeff Williams, President and Chief Executive Officer.  “While there is tremendous demand for the service we provide our communities, we know we have to continue to step up our game and improve customer relationships with better service.  Our associates in the field are skilled at helping our customers succeed and we are well-equipped to serve at the very highest levels.” 

“The investments we have made and continue to make in the General Manager Recruitment, Training and Advancement Program are beginning to show up in our results. Our future manager bench is getting stronger, and we are excited to see many passionate people take advantage of the unique career opportunities that Car-Mart provides,” added Mr. Williams.  “Within the training efforts, a significant amount of attention is being directed toward being ‘world-class’ in our inventory management practices. We are focused on having good cars for competitive prices out front, on display and available for sale and being efficient in managing the entire inventory cycle. We will always prioritize inventory management as this business starts and ends with providing a quality car to our valued customers.”

“We opened one new dealership during the quarter in Pryor, Oklahoma and one just after quarter-end in Fayetteville, Arkansas.  Additionally, we have three new lot openings in process. These dealerships will be in Bixby, Oklahoma, Montgomery, Alabama and Conway, Arkansas. These dealerships will be managed by some of our top-performing General Managers as we look to expand the number of customers served by these managers to leverage the talents of our proven leaders,” said Mr. Williams.  “We are excited to now be serving nearly 73,000 customers, an increase of over 4,000 compared to this time last year.”     

“Our efficiencies are showing up in our sales volume productivity, which was up 5.7% for the quarter, and we were especially pleased with the same store revenue growth of 12.1%.  The average sales price increased 6.1% due to more sales of SUV’s and trucks coupled with an increase in vehicle purchase costs which in turn results in higher selling prices,” said Vickie Judy, Chief Financial Officer.  “Charge-offs as a percentage of average receivables remained flat and our collections as a percentage of average receivables increased to over 13% for the quarter.  We were also pleased to see some slight leveraging on our selling, general, and administrative (‘SG&A’) expenses as a percentage of sales based on the increased sales and productivity in the quarter.  Most of our increased spending in SG&A relates to our payroll expenditures as we continue to invest in our associates as we train, develop and recruit to provide excellent customer service.  We are also refocusing some of our marketing spend to increase our digital presence and advertising.”     

“We repurchased 115,999 shares of our common stock (1.7% of our outstanding shares at April 30, 2018) during the quarter at an average price of approximately $63.59 for a total of $7.4 million. Since February 2010 we have repurchased 5.9 million shares (51% of out outstanding shares at January 31, 2010) at an average price of approximately $35. We plan to continue to repurchase shares opportunistically as we move forward.  During the quarter, we have added over $19 million in receivables, repurchased $7.4 million of our common stock, funded $685,000 in net capital expenditures, and increased inventory by $3.9 million to support higher sales levels with only a $2.8 million increase in debt. Our balance sheet is still very strong with debt to finance receivables ratio of 29.8%,” added Ms. Judy. “We will continue to focus on strong cash-on-cash returns while being mindful of the continuing infrastructure investment needs in the key areas of the business.”  

Conference Call

Management will be holding a conference call on Friday, August 17, 2018 at 11:00 a.m. Eastern Time to discuss first quarter results.  A live audio of the conference call will be accessible to the public by calling (877) 776-4031.  International callers dial (631) 291-4132.  Callers should dial in approximately 10 minutes before the call begins.  A conference call replay will be available two hours following the call for thirty days and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international), conference call ID #2499977.

About America’s Car-Mart

America’s Car-Mart, Inc. (the “Company”) operates 141 automotive dealerships in eleven states and is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market.  The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in small cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers.  For more information, including investor presentations, on America’s Car-Mart, please visit our website at www.car-mart.com.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements address the Company’s future objectives, plans and goals, as well as the Company’s intent, beliefs and current expectations regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other similar words or phrases.  Specific events addressed by these forward-looking statements include, but are not limited to:

  • new dealership openings;
  • performance of new dealerships;
  • same store revenue growth;
  • future overall revenue growth;
  • the Company’s collection results, including but not limited to collections during income tax refund periods;
  • repurchases of the Company’s common stock; and
  • the Company’s business and growth strategies and plans.

These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties.  As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements.  Factors that may cause actual results to differ materially from the Company’s projections include, but are not limited to:

  • the availability of credit facilities to support the Company’s business;
  • the Company’s ability to underwrite and collect its accounts effectively, including but not limited to collections during income tax refund periods;
  • competition;
  • dependence on existing management;
  • availability of quality vehicles at prices that will be affordable to customers;
  • changes in financing laws or regulations; and
  • general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels.

Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

____________________________
Contacts:              Jeffrey A. Williams, President and CEO (479) 418-8021 or Vickie D. Judy, CFO (479) 418-8081

                                 
America’s Car-Mart, Inc.
Consolidated Results of Operations
(Operating Statement Dollars in Thousands)
                                 
                    % Change   As a % of Sales  
            Three Months Ended   2018   Three Months Ended  
            July 31,   vs.   July 31,  
            2018   2017   2017   2018   2017
Operating Data:                          
  Retail units sold     12,533       11,837     5.9   %            
  Average number of stores in operation     140       140                    
  Average retail units sold per store per month     29.8       28.2     5.7                
  Average retail sales price   $ 11,015     $ 10,386     6.1                
  Same store revenue growth     12.1 %     2.1 %                  
  Net charge-offs as a percent of average finance receivables   6.4 %     6.4 %                  
  Collections as a percent of average finance receivables     13.1 %     12.4 %                  
  Average percentage of finance receivables-current (excl. 1-2 day)   81.9 %     80.9 %                  
  Average down-payment percentage     6.1 %     6.2 %                  
                                   
Period End Data:                          
  Stores open     140       140       %            
  Accounts over 30 days past due     3.5 %     4.6 %                  
  Finance receivables, gross   $ 520,820     $ 483,719     7.7   %            
                                   
Operating Statement:                          
  Revenues:                          
    Sales     $ 144,101     $ 128,274     12.3   %   100.0 %   100.0 %
    Interest income     19,914       18,144     9.8       13.8     14.1  
        Total     164,015       146,418     12.0       113.8     114.1  
                                   
  Costs and expenses:                          
    Cost of sales     84,168       75,206     11.9       58.4     58.6  
    Selling, general and administrative     26,382       23,865     10.5       18.3     18.6  
    Provision for credit losses     37,543       34,160     9.9       26.1     26.6  
    Interest expense     1,804       1,172     53.9       1.3     0.9  
    Depreciation and amortization     985       1,079     (8.7 )     0.7     0.8  
    Loss on disposal of property and equipment           47     (100.0 )          
        Total     150,882       135,529     11.3       104.7     105.7  
                                   
        Income before taxes     13,133       10,889           9.1     8.5  
                                   
  Provision for income taxes     2,249       3,897           1.6     3.0  
                                   
        Net income   $ 10,884     $ 6,992           7.6     5.5  
                                   
  Dividends on subsidiary preferred stock   $ (10 )   $ (10 )                  
                                   
        Net income attributable to common shareholders   $ 10,874     $ 6,982                    
                                   
Earnings per share:                          
  Basic     $ 1.57     $ 0.92                    
  Diluted     $ 1.53     $ 0.90                    
                                   
                                   
Weighted average number of shares used in calculation:                          
  Basic       6,924,035       7,548,846                    
  Diluted       7,126,685       7,768,310                    
                                   
                 
America’s Car-Mart, Inc.
Consolidated Balance Sheet and Other Data 
(Dollars in Thousands)
                 
        July 31,   April 30,   July 31,
        2018   2018   2017
                 
Cash and cash equivalents   $ 841     $ 1,022     $ 501  
Finance receivables, net   $ 398,373     $ 383,617     $ 369,986  
Inventory     $ 37,512     $ 33,610     $ 30,738  
Total assets   $ 472,502     $ 455,584     $ 437,763  
Total debt   $ 155,135     $ 152,367     $ 117,646  
Treasury stock   $ 211,702     $ 204,325     $ 165,769  
Total equity   $ 237,867     $ 230,535     $ 237,442  
Shares outstanding     6,865,063       6,849,161       7,541,688  
                 
                 
                 
Finance receivables:            
  Principal balance   $ 520,820     $ 501,438     $ 483,719  
  Deferred revenue – payment protection plan   (20,429 )     (19,823 )     (18,888 )
  Deferred revenue – service contract   (10,605 )     (10,332 )     (9,901 )
  Allowance for credit losses   (122,447 )     (117,821 )     (113,733 )
                 
  Finance receivables, net of allowance and deferred revenue $ 367,339     $ 353,462     $ 341,197  
                 
                 
  Allowance as % of principal balance net of deferred revenue   25.0 %     25.0 %     25.0 %
                 
                 
                 
Changes in allowance for credit losses:          
        Three months Ended    
        July 31,    
        2018   2017    
  Balance at beginning of period $ 117,821     $ 109,693      
  Provision for credit losses   37,543       34,160      
  Charge-offs, net of collateral recovered   (32,917 )     (30,120 )    
    Balance at end of period $ 122,447     $ 113,733      
                 

http://globenewswire.com/news-release/2018/08/16/1553291/0/en/America-s-Car-Mart-Reports-Diluted-Earnings-per-Share-of-1-53-on-Revenues-of-164-Million.html

NVIDIA Announces Financial Results for Second Quarter Fiscal 2019

  • Record revenue from all platforms – Datacenter, Gaming, Professional Visualization, Automotive
  • Revenue of $3.12 billion, up 40 percent from a year ago
  • GAAP EPS of $1.76, up 91 percent from a year ago

SANTA CLARA, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 29, 2018, of $3.12 billion, up 40 percent from $2.23 billion a year earlier, and down 3 percent from $3.21 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $1.76, up 91 percent from $0.92 a year ago and down 11 percent from $1.98 in the previous quarter. Non-GAAP earnings per diluted share were $1.94, up 92 percent from $1.01 a year earlier and down 5 percent from $2.05 in the previous quarter. 

“Growth across every platform – AI, Gaming, Professional Visualization, self-driving cars – drove another great quarter,” said Jensen Huang, founder and CEO of NVIDIA. “Fueling our growth is the widening gap between demand for computing across every industry and the limits reached by traditional computing. Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need.

“We announced Turing this week. Turing is the world’s first ray-tracing GPU and completes the NVIDIA RTX platform, realizing a 40-year dream of the computer graphics industry. Turing is a giant leap forward and the greatest advance for computing since we introduced CUDA over a decade ago.”

Capital Return
During the first half of fiscal 2019, NVIDIA returned $837 million to shareholders through a combination of $655 million in share repurchases and $182 million in quarterly cash dividends.

For fiscal 2019, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases.

NVIDIA will pay its next quarterly cash dividend of $0.15 per share on September 21, 2018, to all shareholders of record on August 30, 2018.

Q2 Fiscal 2019 Summary

GAAP
($ in millions except earnings per share) Q2 FY19 Q1 FY19 Q2 FY18 Q/Q Y/Y
Revenue $3,123 $3,207 $2,230 Down 3% Up 40%
Gross margin 63.3% 64.5% 58.4% Down 120 bps Up 490 bps
Operating expenses $818 $773 $614 Up 6% Up 33%
Operating income $1,157 $1,295 $688 Down 11% Up 68%
Net income $1,101 $1,244 $583 Down 11% Up 89%
Diluted earnings per share $1.76 $1.98 $0.92 Down 11% Up 91%
Non-GAAP
($ in millions except earnings per share) Q2 FY19 Q1 FY19 Q2 FY18 Q/Q Y/Y
Revenue $3,123 $3,207 $2,230 Down 3% Up 40%
Gross margin 63.5% 64.7% 58.6% Down 120 bps Up 490 bps
Operating expenses $692 $648 $533 Up 7% Up 30%
Operating income $1,290 $1,428 $773 Down 10% Up 67%
Net income $1,210 $1,285 $638 Down 6% Up 90%
Diluted earnings per share $1.94 $2.05 $1.01 Down 5% Up 92%
           

NVIDIA’s outlook for the third quarter of fiscal 2019 is as follows:

  • Revenue is expected to be $3.25 billion, plus or minus two percent.
     
  • GAAP and non-GAAP gross margins are expected to be 62.6 percent and 62.8 percent, respectively, plus or minus 50 basis points.
     
  • GAAP and non-GAAP operating expenses are expected to be approximately $870 million and $730 million, respectively.
     
  • GAAP and non-GAAP other income and expense are both expected to be income of approximately $20 million.
  • GAAP and non-GAAP tax rates are both expected to be 9 percent, plus or minus one percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter by quarter basis.

Recent Highlights
This week, NVIDIA reinvented computer graphics with the launch of its Turing™ GPU architecture, the company’s most important innovation since the invention of the CUDA® GPU more than a decade ago. Turing is the world’s first ray-tracing GPU. It features new RT Cores to accelerate ray tracing and new Tensor Cores for AI inferencing — which, together for the first time, make real-time ray tracing possible – as well as more powerful compute for simulation and enhanced rasterization. Turing completes the NVIDIA RTX™ platform, a new hybrid rendering graphics approach that combines rasterization, ray tracing, compute and AI to enable real-time ray tracing, the Holy Grail of computer graphics. Turing will reset the look of video games and open up the $250 billion visual effects industry to GPUs.

NVIDIA Research continues to push the possibilities of AI with deep learning inventions such as a new technique that produces high-quality slow-motion video from standard slow-motion video; a new technique that cleans up grainy or pixelated photos simply by looking at corrupted photos; and a new method to train robots to carry out actions by observing human activity. Its work received four honors at the recent Computer Vision and Pattern Recognition Conference. It also received a $23 million contract from the Defense Advanced Research Projects Agency to work with a team of university and industry researchers to develop post-Moore’s law systems.

Other highlights of each market platform since the first quarter earnings release include:
             
Datacenter

  • Grew Datacenter revenue by 83 percent from a year earlier to $760 million.
  • Marked the launch of Summit, the world’s fastest supercomputer, at Oak Ridge National Laboratory, powered by more than 27,000 NVIDIA® Volta Tensor Core GPUs.
  • Announced that five of the world’s seven fastest supercomputers are powered by NVIDIA GPUs, based on the new list of the world’s 500 fastest systems. NVIDIA GPUs provide 56 percent of the list’s new computing power.
  • Introduced NVIDIA HGX-2™, the first unified computing platform for both AI and high performance computing. A number of partners around the world, including cloud service providers, server OEMs and ODMs, are building systems incorporating HGX-2.
  • Google Cloud integrated into its offerings the NVIDIA Tesla® P4 GPU optimized for AI inference and graphics virtualization.
  • Researchers at Fast.ai achieved the fastest-ever AI training time using NVIDIA Tesla V100 GPUs available on Amazon Web Services.
  • Launched AIRI Mini with Pure Storage and ONTAP AI with NetApp, providing enterprises with an easy-to-deploy, modular approach for implementing and scaling deep learning.

Gaming

  • Grew Gaming revenue by 52 percent from a year earlier to $1.80 billion.
  • Announced there are more than 25 Max-Q GeForce gaming notebook designs offered by all major OEMs, enabling high-end performance for thin and light notebooks.
  • Next-generation NVIDIA G-SYNC® HDR displays began shipping, delivering stunning 1,000 NIT HDR, stutter-free gaming.             

Professional Visualization

  • Grew Professional Visualization revenue by 20 percent from a year earlier to $281 million.
  • Unveiled its first Turing-based GPUs — NVIDIA® Quadro RTX™ 8000, RTX 6000 and RTX 5000 — which will revolutionize the craft of some 50 million designers and artists.
  • Introduced the NVIDIA RTX Server, a full ray-tracing global illumination rendering server that will give a giant boost for the world’s render farms as Moore’s law ends.
  • Announced broad industry support for the NVIDIA RTX platform from the world’s top graphics software companies.

Automotive

  • Grew Automotive revenue by 13 percent from a year earlier to $161 million.
  • Announced that Daimler and Bosch have selected NVIDIA’s DRIVE™ platform to bring fully automated and driverless vehicles to city streets, with pilot testing to begin next year in Silicon Valley.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at http://investor.nvidia.com/.

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2019 financial results and current financial prospects today at 2:30 p.m. Pacific time (5:30 p.m. Eastern time). To listen to the conference call, dial (877) 223-3864 in the United States or (574) 990-1377 internationally, and provide the following conference ID: 3298827. A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, http://investor.nvidia.com, and at www.streetevents.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its third quarter of fiscal 2019.

Non-GAAP Measures
To supplement NVIDIA’s Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, non-GAAP diluted shares, and free cash flow. In order for NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, legal settlement costs, acquisition-related costs, contributions, gains from non-affiliated investments, interest expense related to amortization of debt discount, debt-related costs, and the associated tax impact of these items, where applicable. Weighted average shares used in the non-GAAP diluted net income per share computation includes the anti-dilution impact of our Note Hedge. Free cash flow is calculated as GAAP net cash provided by operating activities less purchases of property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

Keep Current on NVIDIA
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 NVIDIA CORPORATION     
  CONDENSED CONSOLIDATED STATEMENTS OF INCOME     
 (In millions, except per share data)     
 (Unaudited)     
                       
                       
       Three Months Ended     Six Months Ended     
      July 29,   July 30,   July 29,   July 30,    
        2018       2017       2018       2017      
                       
Revenue $   3,123     $   2,230     $   6,330     $   4,167      
Cost of revenue      1,148         928         2,287         1,715      
Gross profit     1,975         1,302         4,043         2,452      
Operating expenses                  
  Research and development      581         416         1,124         827      
  Sales, general and administrative     237         198         467         383      
    Total operating expenses     818         614         1,591         1,210      
Income from operations     1,157         688         2,452         1,242      
  Interest income     32         15         57         31      
  Interest expense     (14 )       (15 )       (29 )       (31 )    
  Other, net     5         (4 )       11         (21 )    
    Total other income (expense)     23         (4 )       39         (21 )    
Income before income tax     1,180         684         2,491         1,221      
Income tax expense     79         101         146         130      
Net income $   1,101     $   583     $   2,345     $   1,091      
                       
Net income per share:                  
  Basic $   1.81     $   0.98     $   3.86     $   1.83      
  Diluted $   1.76     $   0.92     $   3.74     $   1.71      
                       
Weighted average shares used in per share computation:                  
  Basic     607         597         607         595      
  Diluted     626         633         627         637      
                       
                       
                       
NVIDIA CORPORATION  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In millions)  
(Unaudited)  
               
               
        July 29,   January 28,  
        2018    2018  
ASSETS          
               
Current assets:          
  Cash, cash equivalents and marketable securities   $   7,943   $   7,108  
  Accounts receivable, net       1,662       1,265  
  Inventories       1,090       796  
  Prepaid expenses and other current assets       136       86  
    Total current assets       10,831       9,255  
               
Property and equipment, net       1,162       997  
Goodwill       618       618  
Intangible assets, net       51       52  
Other assets        220       319  
    Total assets   $   12,882   $   11,241  
               
LIABILITIES AND SHAREHOLDERS’ EQUITY  
               
Current liabilities:          
  Accounts payable   $   800   $   596  
  Accrued and other current liabilities       648       542  
  Convertible short-term debt       14       15  
    Total current liabilities       1,462       1,153  
               
Long-term debt       1,987       1,985  
Other long-term liabilities       638       632  
    Total liabilities       4,087       3,770  
               
Shareholders’ equity       8,795       7,471  
    Total liabilities and shareholders’ equity   $   12,882   $   11,241  
               
   NVIDIA CORPORATION 
   RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
   (In millions, except per share data) 
   (Unaudited) 
                     
         Three Months Ended     Six Months Ended 
        July 29,   April 29,   July 30,   July 29,   July 30,
          2018       2018       2017       2018       2017  
                         
  GAAP gross profit   $   1,975     $   2,068     $   1,302     $   4,043     $   2,452  
    GAAP gross margin   63.3 %     64.5 %     58.4 %     63.9 %     58.8 %
    Stock-based compensation expense (A)     8         8         4         16         8  
  Non-GAAP gross profit $   1,983     $   2,076     $   1,306     $   4,059     $   2,460  
    Non-GAAP gross margin   63.5 %     64.7 %     58.6 %     64.1 %     59.0 %
                         
  GAAP operating expenses $   818     $   773     $   614     $   1,591     $   1,210  
    Stock-based compensation expense (A)       (124 )       (121 )       (77 )       (246 )       (150 )
    Acquisition-related costs (B)     (2 )       (2 )       (4 )       (4 )       (8 )
    Legal settlement costs     –          (2 )       –          –          –   
    Contributions       –          –          –          –          (2 )
  Non-GAAP operating expenses $   692     $   648     $   533     $   1,341     $   1,050  
                         
  GAAP income from operations $   1,157     $   1,295     $   688     $   2,452     $   1,242  
    Total impact of non-GAAP adjustments to income from operations     133         133         85         266         168  
  Non-GAAP income from operations $   1,290     $   1,428     $   773     $   2,718     $   1,410  
                         
  GAAP other income (expense) $   23     $   16     $   (4 )   $   39     $   (21 )
    Gains from non-affiliated investments (C)     (2 )       (6 )       –          (8 )       –   
    Interest expense related to amortization of debt discount     –          1         1         1         3  
    Debt-related costs (D)     –          –          3         –          17  
  Non-GAAP other income (expense)  $   21     $   11     $   –      $   32     $   (1 )
                         
  GAAP net income   $   1,101     $   1,244     $   583     $   2,345     $   1,091  
    Total pre-tax impact of non-GAAP adjustments     131         128         89         259         188  
    Income tax impact of non-GAAP adjustments (E)     (22 )       (87 )       (34 )       (109 )       (108 )
  Non-GAAP net income  $   1,210     $   1,285     $   638     $   2,495     $   1,171  
                         
  Diluted net income per share                  
    GAAP   $   1.76     $   1.98     $   0.92     $   3.74     $   1.71  
    Non-GAAP    $   1.94     $   2.05     $   1.01     $   3.99     $   1.87  
                         
  Weighted average shares used in diluted net income per share computation                  
    GAAP       626         627         633         627         637  
    Anti-dilution impact from note hedge (F)       (1 )       (1 )       (4 )       (1 )       (10 )
    Non-GAAP        625         626         629         626         627  
                         
  GAAP net cash provided by operating activities $   913     $   1,445     $   705     $   2,358     $   987  
    Purchase of property and equipment and intangible assets     (128 )       (118 )       (55 )       (247 )       (108 )
  Free cash flow   $   785     $   1,327     $   650     $   2,111     $   879  
                         
   
                         
  (A) Stock-based compensation consists of the following: Three Months Ended   Six Months Ended
        July 29,   April 29,   July 30,   July 29,   July 30,
          2018       2018       2017       2018       2017  
    Cost of revenue   $   8     $   8     $   4     $   16     $   8  
    Research and development   $   76     $   74     $   44     $   150     $   85  
    Sales, general and administrative   $   48     $   47     $   33     $   96     $   65  
                         
  (B) Consists of amortization of acquisition-related intangible assets and compensation charges.        
                         
  (C) Consists of unrealized gains from non-affiliated investments.  
                         
  (D) Consists of loss on early debt conversions and termination of interest rate swap.  
                         
  (E) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                         
  (F) Represents the number of shares that would be delivered upon conversion of the currently outstanding 1.00% Convertible Senior Notes Due 2018. Under GAAP, shares delivered in hedge transactions are not considered offsetting shares in the fully diluted share calculation until actually delivered. 
         
                         
 NVIDIA CORPORATION 
 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
     
 
     Q3 FY2019
Outlook
 
     
GAAP gross margin   62.6%
  Impact of stock-based compensation expense   0.2%
Non-GAAP gross margin   62.8%
     
     Q3 FY2019
Outlook
 
    (In millions)
     
GAAP operating expenses $   870
  Stock-based compensation expense, acquisition-related costs, and other costs     (140)
Non-GAAP operating expenses $   730
     

About NVIDIA
NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined modern computer graphics and revolutionized parallel computing. More recently, GPU deep learning ignited modern AI — the next era of computing — with the GPU acting as the brain of computers, robots and self-driving cars that can perceive and understand the world. More information at http://nvidianews.nvidia.com/

For further information, contact:

Certain statements in this press release including, but not limited to, statements as to: the widening gap between demand for computing across every industry and the limits reached by traditional computing; developers jumping on the GPU accelerated computing model that we pioneered for the boost they need; Turing being the world’s first ray tracing GPU and it completing the NVIDIA RTX platform, a 40-year dream of the computer graphics industry; Turing being a giant leap forward and the greatest advance for computing since our introduction of CUDA; NVIDIA’s intended capital return for fiscal 2019; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook for the third quarter of fiscal 2019; NVIDIA’s expected tax rates for the third quarter of fiscal 2019; our expectation to generate variability from excess tax benefits or deficiencies related to stock-based compensation; the impact, benefits, abilities and performance of our Turing GPU architecture, including its ability to make real-time ray tracing possible along with compute simulation and enhanced rasterization, it being the world’s first ray tracing GPU, it completing the NVIDIA RTX platform, a new hybrid rendering graphics approach, the holy grail of computer graphics, it resetting the look of video games and opening up the $250 billion visual effects industry to GPUs; NVIDIA Research continuing to push the possibilities of AI with deep learning inventions, including new techniques and methods; partners around the world building systems to incorporate NVIDIA HGX-2; Google Cloud integrating the NVIDIA Tesla P4 GPU into its offerings; launching AIRI Mini and ONTAP AI to provide enterprises with an easy-to-deploy, modular approach for implementing and scaling deep learning; Max-Q notebook designs enabling high-end performance for thin and light notebooks; NVIDIA G-SYNC HDR displays being shipped and delivering 1000 NIT HDR stutter-free gaming; NVIDIA Quadro RTX 8000, Quadro RTX 6000 and Quadro RTX 5000 revolutionizing the craft of designers and artists; NVIDIA RTX Server giving a giant boost for the world’s render farms as Moore’s Law ends; and the use of NVIDIA’s DRIVE platform by Daimler and Bosch to bring fully automated and driverless vehicles to city streets, with pilot testing to begin next year are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward- looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2018 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, Quadro, Tesla, CUDA, NVIDIA DRIVE, NVIDIA G-SYNC, NVIDIA HGX, NVIDIA Isaac, NVIDIA RTX, NVIDIA Turing and Quadro RTX are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Max-Q® is the registered trademark of Maxim Integrated Products, Inc. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

http://globenewswire.com/news-release/2018/08/16/1553265/0/en/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2019.html

ATA Reports 2018 Second Quarter Financial Results, Announces Completion of Final Closing of ATA Online Transaction

BEIJING, Aug. 16, 2018 (GLOBE NEWSWIRE) — ATA Inc. (“ATA” or the “Company”, Nasdaq: ATAI), a company focused on providing students with quality educational experiences and services in China and abroad, today announced preliminary unaudited financial results for the three months ended June 30, 2018, and the completion of the final closing on the sale of ATA Online (Beijing) Education Technology Co., Ltd. (“ATA Online”), the Company’s subsidiary that operates the testing services and delivery business, and its direct shareholding companies, as well as other corporate developments.

Recent Operating Highlights

  • Announces completion of the third and final closing of the ATA Online transaction (the “Transaction”)
  • ATA’s Board of Directors declared a special cash dividend of US$3.00 per common share, or US$6.00 per ADS, in connection with the Transaction.
  • Announces entry into definitive agreement for the acquisition of Beijing Biztour International Travel Service Co., Ltd. (“Beijing Biztour”), a provider of international educational study tour and travel services for students in China who are interested in overseas study tours primarily in the U.S., United Kingdom, and Australia (details provided in separate August 16, 2018, press release)

Management Commentary
Mr. Jack Huang, ATA’s President, stated, “Having completed the final closing of the ATA Online transaction ahead of schedule, we were pleased to announce last week our Board’s declaration of a special cash dividend to shareholders in connection with the Transaction. In the meanwhile, we have already begun making progress on our long-term goal of transforming ATA into a leading international education service provider by leveraging our expertise in competency-focused assessment/education service capabilities and reputation within the industry. Today ATA announced the entry into a definitive agreement for the acquisition of Beijing Biztour, one of China’s leading providers of B2B educational tour services. Completing this acquisition will be our first step forward on executing on our growth strategy, and we believe ATA’s expertise in learning technologies and testing delivery services will enable us to accelerate the growth of well-established education enterprises like Beijing Biztour, enabling us to expand our presence throughout China and beyond. We look forward to working closely with the Beijing Biztour team on growing the business and look forward to providing shareholders with regular updates as we continue exploring M&A opportunities within the education sector in the months ahead.”

GAAP Results

Impact of ATA Online Transaction on the Company’s Financial Statements
Because the Transaction represents a strategic shift and has a major effect on ATA’s results of operations, the disposed business lines have been reclassified as discontinued operations. For the periods presented in this press release, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less applicable income taxes, are reported as a separate component of income, discontinued operations, on the consolidated statements of comprehensive income (loss).

2018 Second Quarter
ATA’s total net revenues for the three months ended June 30, 2018, were RMB77,076 (US$11,648), compared to RMB1.2 million in the prior-year period. This decrease was primarily due to the reclassification of approximately RMB1.5 million in rental income from net revenues to other operating income, net, as a result of the adoption of new revenue guidance ASC 606, effective January 1, 2018. Related costs of approximately RMB0.6 million were also reclassified from cost of revenues to other operating income, net.

Net loss from continuing operations, net of income taxes, for the three months ended June 30, 2018, was RMB20.2 million (US$3.1 million), compared to net loss of RMB17.4 million in the prior-year period, primarily due to approximately RMB3.4 million in increased general and administrative expenses, which was caused by an additional RMB8.0 million contribution to the Research Institute of Future Education and Assessment at Tsinghua University (“THU”) (a similar RMB9.0 million contribution made during the quarter ended June 30, 2017, was recorded under discontinued operations), partially offset by a decrease in professional fee expenses related to the Company’s change in fiscal year-end from March 31 to December 31.

Net loss from discontinued operations, net of income taxes, for the three months ended June 30, 2018, was RMB79.5 million (US$12.0 million), compared to net income of RMB8.6 million in the prior-year period, primarily due to RMB110.8 million in income taxes accrued for the Transaction, which was offset by approximately RMB28.6 million in net income generated from ATA Online operations during the 2018 second quarter.

Balance Sheet Highlights
As of June 30, 2018, ATA’s cash and cash equivalents were RMB287.2 million (US$43.4 million), working capital was RMB154.2 million (US$23.3 million), and total shareholders’ equity was RMB229.4 million (US$34.7 million); compared to RMB53.5 million, RMB225.1 million, and RMB365.1 million, respectively, as of December 31, 2017.

Conference Call and Webcast Information (With Accompanying Presentation)
ATA will host a conference call at 9 p.m. Eastern Time on Thursday, August 16, 2018, during which management will discuss the results of the quarter ended June 30, 2018. To participate in the conference call, please use the following dial-in numbers about 10 minutes prior to the scheduled conference call time:

U.S. & Canada (Toll-Free):   +1 (888) 339-2688    
International (Toll):   +1 (617) 847-3007    
         
    Toll-Free   Local Access
China:   (800) 990 1344   (400) 881 1630
Hong Kong:       3002 1672
         
Participant Passcode:   95489316    
         

A live webcast of the conference call can be accessed at the investor relations section of ATA’s website at www.atai.net.cn or by clicking the following link: https://www.webcaster4.com/Webcast/Page/274/26863.     

An accompanying slide presentation in PDF format will also be made available 30 minutes prior to the conference call on the same investor relations section of ATA’s website. To listen to the webcast, please visit ATA’s website a few minutes prior to the start of the call to register, download, and install any necessary audio software.

A replay will be available shortly after the call on the investor relations section of ATA’s website and will remain available for 90 days.

About ATA Online
ATA Online is a leading provider of advanced testing technologies in China, offering comprehensive services for the creation and delivery of assessments based on its proprietary testing technologies and test delivery platform. ATA Online’s testing technologies are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, asset management, insurance, and accounting. As of June 30, 2018, ATA Online’s test center network comprised 3,436 authorized test centers located throughout China. The company believes that it has the largest test center network of any commercial testing service provider in China.

ATA Online has delivered approximately 104.9 million billable tests since it started operations in 1999.

About ATA Inc.
ATA is focused on providing quality educational experiences and services for students throughout China and abroad. ATA aims to offer both online and on-campus education programs through a network of global education partners. For more information, please visit ATA’s website at www.atai.net.cn.

Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “look forward to,” “outlook,” “plan,” “should,” “will,” and similar terms and include, among other things, statements regarding the Transaction, ATA’s future growth and results of operations, ATA’s plans for mergers and acquisitions generally, the anticipated benefits to ATA’s expansion efforts into the international education studies market, the anticipated acquisition of Beijing Biztour, and the ability of ATA and Beijing Biztour to cooperate effectively and to introduce offerings and build partnerships.

The factors that could cause the Company’s actual financial and operating results to differ from what the Company currently anticipates may include its ability to leverage its existing competency-focused assessment and education service capabilities, its ability to identify and execute on M&A opportunities within the education sector, the economy of China, uncertainties with respect to China’s legal and regulatory environments, and other factors stated in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).

The financial information contained in this release should be read in conjunction with the consolidated financial statements and related notes included in the Company’s annual report on Form 20-F for its nine-month transition period ended December 31, 2017, and other filings that ATA has made with the SEC. The filings are available on the SEC’s website at www.sec.gov and at ATA’s website at www.atai.net.cn. For additional information on the risk factors that could adversely affect the Company’s business, financial conditions, results of operations, and prospects, please see the “Risk Factors” section of the Company’s Form 20-F for the nine-month transition period ended December 31, 2017.

The preliminary results for the quarter ended June 30, 2018, remain subject to the finalization of the Company’s year-end closing and reporting processes.

The forward-looking statements in this release involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about ATA and the markets in which it operates. The Company undertakes no obligation to update forward-looking statements, which speak only as of the date of this release, to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that its expectations and assumptions expressed in these forward-looking statements are reasonable, the Company cannot assure you that its expectations and assumptions will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Currency Convenience Translation
The Company’s financial information is stated in Renminbi (“RMB”), the currency of the People’s Republic of China. The translation of RMB amounts for the quarter ended June 30, 2018, into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB6.6171 to US$1.00, the noon buying rate as of June 30, 2018, in New York for cable transfers in RMB per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under U.S. GAAP.

About Non-GAAP Financial Measures
To supplement ATA’s consolidated financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), ATA uses the following non-GAAP financial measures: net income (loss) excluding share-based compensation expense and foreign currency exchange gain or loss, and basic and diluted earnings (losses) per common share and ADS excluding share-based compensation expense and foreign currency exchange gain or loss.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. ATA believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding share-based compensation expense and foreign currency exchange gain or loss, which may not be indicative of its operating performance.

ATA believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to ATA’s historical performance. ATA computes its non-GAAP financial measures using a consistent method from period to period. ATA believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP net income (loss) excluding share-based compensation expense and foreign currency exchange gain or loss and basic and diluted earnings (losses) per common share and per ADS excluding share-based compensation expense and foreign currency exchange gain or loss is that share-based compensation charges and foreign currency exchange gain or loss have been, and are expected to continue to be for the foreseeable future, a significant recurring expense in ATA’s business.

Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The table captioned “Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures” shown at the end of this news release has more details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures used by ATA.

For more information on our company, please contact the following individuals:

 
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
           
  December 31,     June 30,     June 30,  
    2017     2018     2018  
  RMB     RMB     USD  
ASSETS          
Current assets:          
Cash and cash equivalents 53,478,494     287,201,925     43,402,990  
Accounts receivable, net 52,907     13,577     2,052  
Prepaid expenses and other current assets 3,270,988     9,607,962     1,451,990  
Convertible bond     13,476,836     2,036,668  
Assets classified as held for sale 310,014,014     848,572,444     128,239,326  
Total current assets 366,816,403     1,158,872,744     175,133,026  
           
Long-term investments 70,021,699     72,771,699     10,997,521  
Property and equipment, net 42,302,632     41,181,396     6,223,481  
Intangible assets, net 6,088,483     5,363,561     810,561  
Deferred income tax assets     14,089,362     2,129,235  
Other assets 4,004,039     3,678,891     555,967  
Assets classified as held for sale 79,208,251          
Total assets 568,441,507     1,295,957,653     195,849,791  
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Short-term loan     15,000,000     2,266,854  
Purchase deposit     132,332,000     19,998,489  
Proceeds received for sale of discontinued operations     132,332,000     19,998,489  
Accrued expenses and other payables 28,018,521     26,741,540     4,041,277  
Deferred revenues 2,443,302     2,554,740     386,082  
Liabilities classified as held for sale 111,304,107     695,737,422     105,142,347  
Total current liabilities 141,765,930     1,004,697,702     151,833,538  
           
Deferred revenues 799,145     753,669     113,897  
Deferred income tax liabilities 22,797,747     23,381,321     3,533,469  
Liabilities classified as held for sale 1,701,675          
Total liabilities 167,064,497     1,028,832,692     155,480,904  
           
Mezzanine equity-redeemable noncontrolling interests 36,304,276     37,716,580     5,699,865  
           
Shareholders’ equity:          
Common shares 3,534,871     3,534,871     534,202  
Treasury shares (27,737,073 )   (27,737,073 )   (4,191,726 )
Additional paid-in capital 389,897,690     393,742,169     59,503,736  
Accumulated other comprehensive loss (26,850,955 )   (27,092,466 )   (4,094,311 )
Retained earnings (Accumulated deficit) 25,884,905     (113,687,695 )   (17,180,894 )
Total shareholders’ equity attributable to ATA Inc. 364,729,438     228,759,806     34,571,007  
Non-redeemable non-controlling interests 343,296     648,575     98,015  
Total shareholders’ equity 365,072,734     229,408,381     34,669,022  
Commitments and contingencies          
Total liabilities, mezzanine equity and shareholders’ equity 568,441,507     1,295,957,653     195,849,791  
                 
 
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
   
  Three-month Period Ended
  June 30,     June 30,     June 30,  
    2017     2018     2018  
  RMB     RMB     USD  
Net revenues 1,175,620     77,076     11,648  
Cost of revenues 1,201,482     2,009,770     303,724  
Gross loss (25,862 )   (1,932,694 )   (292,076 )
           
Operating expenses:          
Research and development 4,772,710     4,618,882     698,022  
Sales and marketing 1,338,087     1,342,373     202,864  
General and administrative 10,829,405     14,222,402     2,149,341  
Total operating expenses 16,940,202     20,183,657     3,050,227  
Other operating income, net     912,790     137,944  
Loss from continuing operations (16,966,064 )   (21,203,561 )   (3,204,359 )
           
Other income (expense):          
Share of net loss of equity method investments (470,020 )        
Change in fair value of long-term investment     2,750,000     415,590  
Interest income, net of interest expenses 454,201     303,644     45,888  
Foreign currency exchange gain (loss), net (645,297 )   451,939     68,299  
Loss from continuing operations before income taxes (17,627,180 )   (17,697,978 )   (2,674,582 )
Income tax expense (benefit) (229,085 )   2,545,294     384,654  
Net loss from continuing operations, net of income taxes (17,398,095 )   (20,243,272 )   (3,059,236 )
Net income (loss) from discontinued operations, net of income taxes 8,636,978     (79,532,319 )   (12,019,211 )
Net loss (8,761,117 )   (99,775,591 )   (15,078,447 )
Net loss attributable to redeemable non-controlling interests from continuing operations (119,854 )   (1,013,778 )   (153,206 )
Net loss attributable to non-redeemable non-controlling interests from discontinued operations (181,700 )   (184,915 )   (27,945 )
Net loss attributable to ATA Inc. (8,459,563 )   (98,576,898 )   (14,897,296 )
Net loss from continuing operations attributable to ATA Inc. (17,278,241 )   (19,229,494 )   (2,906,030 )
Net income (loss) from discontinued operations attributable to ATA Inc. 8,818,678     (79,347,404 )   (11,991,266 )
           
Other comprehensive income (loss):          
Foreign currency translation adjustment, net of nil income taxes (1,121,086 )   (24,927 )   (3,767 )
Comprehensive loss attributable to ATA Inc. (9,580,649 )   (98,601,825 )   (14,901,063 )
           
Basic and diluted losses per common share attributable to ATA Inc. (0.33 )   (2.19 )   (0.33 )
Basic and diluted losses per ADS attributable to ATA Inc. (0.66 )   (4.38 )   (0.66 )
Basic and diluted losses from continuing operations per common share attributable to ATA Inc. (0.52 )   (0.46 )   (0.07 )
Basic and diluted earnings (losses) from discontinued operations per common share attributable to ATA Inc. 0.19     (1.73 )   (0.26 )
Basic and diluted losses from continuing operations per ADS attributable to ATA Inc. (1.04 )   (0.92 )   (0.14 )
Basic and diluted earnings (losses) from discontinued operations per ADS attributable to ATA Inc. 0.38     (3.46 )   (0.52 )
                 
 
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
   
  Six-month Period Ended
  June 30,     June 30,     June 30,  
    2017     2018     2018  
  RMB     RMB     USD  
Net revenues 3,483,415     295,575     44,668  
Cost of revenues 2,400,347     2,668,343     403,249  
Gross profit (loss) 1,083,068     (2,372,768 )   (358,581 )
           
Operating expenses:          
Research and development 9,069,924     8,853,799     1,338,018  
Sales and marketing 2,431,222     2,301,929     347,876  
General and administrative 19,455,175     24,890,806     3,761,588  
Total operating expenses 30,956,321     36,046,534     5,447,482  
Other operating income, net     1,852,931     280,021  
Loss from continuing operations (29,873,253 )   (36,566,371 )   (5,526,042 )
           
Other income (expense):          
Share of net loss of equity method investments (1,033,661 )        
Change in fair value of long-term investment     2,750,000     415,590  
Interest income, net of interest expenses 816,061     452,681     68,411  
Foreign currency exchange gain (loss), net (645,575 )   418,440     63,236  
Loss from continuing operations before income taxes (30,736,428 )   (32,945,250 )   (4,978,805 )
           
Income tax expense (benefit) 21,800,497     (1,617,620 )   (244,461 )
Net loss from continuing operations, net of income taxes (52,536,925 )   (31,327,630 )   (4,734,344 )
Net loss from discontinued operations, net of income taxes (10,137,497 )   (107,017,387 )   (16,172,854 )
Net loss (62,674,422 )   (138,345,017 )   (20,907,198 )
Net loss attributable to redeemable non-controlling interests from continuing operations (119,854 )   (1,476,736 )   (223,170 )
Net loss attributable to non-redeemable non-controlling interests from discontinued operations (401,104 )   (184,721 )   (27,916 )
Net loss attributable to ATA Inc. (62,153,464 )   (136,683,560 )   (20,656,112 )
Net loss from continuing operations attributable to ATA Inc. (52,417,071 )   (29,850,894 )   (4,511,174 )
Net loss from discontinued operations attributable to ATA Inc. (9,736,393 )   (106,832,666 )   (16,144,938 )
           
Other comprehensive income (loss):          
Foreign currency translation adjustment, net of nil income taxes (1,191,644 )   (241,511 )   (36,498 )
Comprehensive loss attributable to ATA Inc. (63,345,108 )   (136,925,071 )   (20,692,610 )
           
Basic and diluted losses per common share attributable to ATA Inc. (1.50 )   (3.05 )   (0.46 )
Basic and diluted losses per ADS attributable to ATA Inc. (3.00 )   (6.10 )   (0.92 )
Basic and diluted losses from continuing operations per common share attributable to ATA Inc. (1.29 )   (0.72 )   (0.11 )
Basic and diluted losses from discontinued operations per common share attributable to ATA Inc. (0.21 )   (2.33 )   (0.35 )
Basic and diluted losses from continuing operations per ADS attributable to ATA Inc. (2.58 )   (1.44 )   (0.22 )
Basic and diluted losses from discontinued operations per ADS attributable to ATA Inc. (0.42 )   (4.66 )   (0.70 )
                 
 
RECONCILIATIONS OF NON-GAAP MEASURES
TO THE MOST COMPARABLE GAAP MEASURES
       
  Three-month Period Ended   Six-month Period Ended
  June 30,     June 30,     June 30,     June 30,  
  2017     2018     2017     2018  
  RMB     RMB     RMB     RMB  
               
GAAP net loss attributable to ATA Inc. (8,459,563 )   (98,576,898 )   (62,153,464 )   (136,683,560 )
Share-based compensation expenses 5,212,108     2,359,000     9,090,169     5,303,854  
Foreign currency exchange loss (gain), net 641,107     (4,791,001 )   638,158     (4,757,502 )
Non-GAAP net loss attributable to ATA Inc. (2,606,348 )   (101,008,899 )   (52,425,137 )   (136,137,208 )
               
GAAP losses per common share attributable to ATA Inc.                
Basic and diluted (0.33 )   (2.19 )   (1.50 )   (3.05 )
               
Non-GAAP losses per common share attributable to ATA Inc.                
Basic and diluted (0.20 )   (2.24 )   (1.29 )   (3.04 )
                       

http://globenewswire.com/news-release/2018/08/16/1553246/0/en/ATA-Reports-2018-Second-Quarter-Financial-Results-Announces-Completion-of-Final-Closing-of-ATA-Online-Transaction.html

Applied Materials Delivers Strong Year-On-Year Growth in Quarterly Revenue and Operating Income

  • Quarterly revenue of $4.47 billion, up 19 percent year over year
  • EPS of $1.17 and non-GAAP EPS of $1.20, up 38 percent and 40 percent year over year, respectively
  • Record revenue and operating income in Applied Global Services and Display

SANTA CLARA, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ:AMAT) today reported strong revenue, operating income and earnings per share in its third quarter ended July 29, 2018.

Third Quarter Results

Compared to the third quarter of fiscal 2017, Applied grew net sales by 19 percent to $4.47 billion. On a GAAP basis, the company recorded gross margin of 45.4 percent, and grew operating income by 23 percent to $1.26 billion or 28.1 percent of net sales. GAAP earnings per share (EPS) grew 38 percent to $1.17.

On a non-GAAP adjusted basis, over the same period, the company reported gross margin of 46.4 percent, grew operating income by 22 percent to $1.31 billion or 29.2 percent of net sales, and increased EPS by 40 percent to $1.20.

The company returned $1.45 billion to shareholders through $1.25 billion in share repurchases and dividends of $199 million.

“While we have seen some near-term adjustments in customer spending, fiscal 2018 is on track to be another record-setting year for Applied Materials and we expect each of our major businesses to deliver strong double-digit growth,” said Gary Dickerson, president and CEO. “Our future outlook remains positive as the A.I.-Big Data era requires new breakthroughs in technology, from materials to systems, providing Applied with a great opportunity to play a larger and more valuable role in the ecosystem.”

Quarterly Results Summary

  Q3 FY2018   Q3 FY2017   Change
  (In millions, except per share amounts and percentages)
Net sales $ 4,468     $ 3,744     19 %
Gross margin 45.4 %   45.4 %    
Operating margin 28.1 %   27.3 %   0.8 points
Net income $ 1,173     $ 925     27 %
Diluted earnings per share $ 1.17     $ 0.85     38 %
Non-GAAP Adjusted Results          
Non-GAAP adjusted gross margin 46.4 %   46.6 %   (0.2) points
Non-GAAP adjusted operating margin 29.2 %   28.7 %   0.5 points
Non-GAAP adjusted net income $ 1,205     $ 927     30 %
Non-GAAP adjusted diluted EPS $ 1.20     $ 0.86     40 %

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.

Business Outlook

In the fourth quarter of fiscal 2018, Applied expects net sales for fiscal 2018 to be in the range of $3.85 billion to $4.15 billion; the midpoint of the range would be approximately flat, year over year. Non-GAAP adjusted diluted EPS is expected to be in the range of $0.92 to $1.00; the midpoint of the range would be an increase of approximately 3 percent, year over year.

With this fourth-quarter outlook, Applied expects net sales for fiscal 2018 to be in the range of $17.1 billion to $17.4 billion; the midpoint of the range would be up approximately 19 percent, year over year. Non-GAAP adjusted diluted EPS is expected to be in the range of $4.41 to $4.49; the midpoint of the range would be an increase of approximately 37 percent, year over year.

The fourth quarter of fiscal 2018 outlook for non-GAAP adjusted diluted EPS excludes known charges related to completed acquisitions of $0.05 per share and includes the normalized tax benefit of share-based compensation of $0.01 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Third Quarter Reportable Segment Information

Semiconductor Systems Q3 FY2018   Q3 FY2017
  (In millions, except percentages)
Net sales $ 2,748     $ 2,532  
Foundry 28 %   39 %
DRAM 24 %   15 %
Flash 36 %   38 %
Logic and other 12 %   8 %
Operating income 930     874  
Operating margin 33.8 %   34.5 %
Non-GAAP Adjusted Results    
Non-GAAP adjusted operating income $ 975     $ 920  
Non-GAAP adjusted operating margin 35.5 %   36.3 %
 
Applied Global Services Q3 FY2018   Q3 FY2017
  (In millions, except percentages)
Net sales $ 954     $ 786  
Operating income 281     213  
Operating margin 29.5 %   27.1 %
Non-GAAP Adjusted Results    
Non-GAAP adjusted operating income $ 281     $ 215  
Non-GAAP adjusted operating margin 29.5 %   27.4 %
 
Display and Adjacent Markets Q3 FY2018   Q3 FY2017
  (In millions, except percentages)
Net sales $ 741     $ 410  
Operating income 214     91  
Operating margin 28.9 %   22.2 %
Non-GAAP Adjusted Results    
Non-GAAP adjusted operating income $ 218     $ 93  
Non-GAAP adjusted operating margin 29.4 %   22.7 %

Use of Non-GAAP Adjusted Financial Measures

Applied provides investors with certain non-GAAP adjusted financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring charges and any associated adjustments; impairments of assets, or investments; gain or loss on sale of strategic investments; tax effect of share-based compensation; certain income tax items and other discrete adjustments. Additionally, the third quarter and first nine months of fiscal 2018 non-GAAP results exclude estimated discrete income tax expense items associated with changes to recent U.S. tax legislation. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP adjusted financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of our performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that we do not believe are indicative of our ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast will be available at www.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

Forward-Looking Statements

This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation, our investment and growth strategies, our development of new products and technologies, our business outlook for the fourth quarter of fiscal 2018, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues and changes in trade policies; consumer demand for electronic products; the demand for semiconductors; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; the concentrated nature of our customer base;  our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; changes in U.S. tax laws and regulation, and our interpretations of them; and other risks and uncertainties described in our SEC filings, including our most recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible the technology shaping the future. Learn more at www.appliedmaterials.com.

Contact:

Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977

 

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

  Three Months Ended   Nine Months Ended
(In millions, except per share amounts) July 29,   July 30,   July 29,   July 30,
2018 2017 2018 2017
Net sales $ 4,468     $ 3,744     $ 13,239     $ 10,568  
Cost of products sold 2,441     2,044     7,202     5,823  
Gross profit 2,027     1,700     6,037     4,745  
Operating expenses:              
Research, development and engineering 504     454     1,501     1,308  
Marketing and selling 138     117     394     351  
General and administrative 128     106     362     316  
Total operating expenses 770     677     2,257     1,975  
Income from operations 1,257     1,023     3,780     2,770  
Interest expense 59     59     174     141  
Interest and other income, net 41     14     90     28  
Income before income taxes 1,239     978     3,696     2,657  
Provision for income taxes 66     53     1,259     205  
Net income $ 1,173     $ 925     $ 2,437     $ 2,452  
Earnings per share:              
Basic $ 1.18     $ 0.86     $ 2.37     $ 2.28  
Diluted $ 1.17     $ 0.85     $ 2.35     $ 2.26  
Weighted average number of shares:              
Basic 994     1,071     1,026     1,076  
Diluted 1,005     1,083     1,039     1,087  

 

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions) July 29,   October 29,
2018 2017
ASSETS      
Current assets:      
Cash and cash equivalents $ 3,374     $ 5,010  
Short-term investments 610     2,266  
Accounts receivable, net 2,882     2,338  
Inventories 3,681     2,930  
Other current assets 342     374  
Total current assets 10,889     12,918  
Long-term investments 1,613     1,143  
Property, plant and equipment, net 1,321     1,066  
Goodwill 3,368     3,368  
Purchased technology and other intangible assets, net 263     412  
Deferred income taxes and other assets 429     512  
Total assets $ 17,883     $ 19,419  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable and accrued expenses $ 2,741     $ 2,450  
Customer deposits and deferred revenue 1,581     1,665  
Total current liabilities 4,322     4,115  
Income taxes payable 1,148     392  
Long-term debt 5,308     5,304  
Other liabilities 280     259  
Total liabilities 11,058     10,070  
Total stockholders’ equity 6,825     9,349  
Total liabilities and stockholders’ equity $ 17,883     $ 19,419  
 

 

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions) Three Months Ended   Nine Months Ended
July 29,   July 30, July 29,   July 30,
2018 2017 2018 2017
Cash flows from operating activities:              
Net income $ 1,173     $ 925     $ 2,437     $ 2,452  
Adjustments required to reconcile net income to cash provided by operating activities:              
Depreciation and amortization 110     102     337     302  
Share-based compensation 64     55     193     162  
Deferred income taxes 26     (3 )   112     6  
Other (7 )   6     4     15  
Net change in operating assets and liabilities (733 )   292     (373 )   143  
Cash provided by operating activities 633     1,377     2,710     3,080  
Cash flows from investing activities:              
Capital expenditures (133 )   (80 )   (457 )   (221 )
Cash paid for acquisitions, net of cash acquired     (30 )   (5 )   (56 )
Proceeds from sales and maturities of investments 391     935     2,823     1,822  
Purchases of investments (932 )   (1,174 )   (1,661 )   (3,542 )
Cash provided by (used in) investing activities (674 )   (349 )   700     (1,997 )
Cash flows from financing activities:              
Debt borrowings, net of issuance costs             2,176  
Debt repayments     (205 )       (205 )
Proceeds from common stock issuances     1     56     47  
Common stock repurchases (1,250 )   (375 )   (4,532 )   (787 )
Tax withholding payments for vested equity awards (6 )   (8 )   (160 )   (119 )
Payments of dividends to stockholders (199 )   (107 )   (410 )   (323 )
Cash provided by (used in) financing activities (1,455 )   (694 )   (5,046 )   789  
Increase (decrease) in cash and cash equivalents (1,496 )   334     (1,636 )   1,872  
Cash and cash equivalents — beginning of period 4,870     4,944     5,010     3,406  
Cash and cash equivalents — end of period $ 3,374     $ 5,278     $ 3,374