iCAD to Participate in the Cowen 41st Annual Health Care Conference

iCAD to Participate in the Cowen 41st Annual Health Care Conference




iCAD to Participate in the Cowen 41st Annual Health Care Conference

NASHUA, N.H., March 03, 2021 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced that Michael Klein, iCAD’s Chairman and Chief Executive Officer, will deliver a formal presentation at the Cowen 41st Annual Health Care Conference on Thursday, March 4th at 12:10pm ET and will also conduct one-on-one meetings with investors.

A live audio webcast of the presentation will be available by clicking https://wsw.com/webcast/cowen81/icad/1908885, as well as on the “Events & Webcasts” section of iCAD’s investor website, https://www.icadmed.com/financial-news-and-events.html. A replay of the webcast will be available on the Company’s website.

About iCAD, Inc.

Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions.

ProFound AI™ is a high-performing workflow solution for 2D and 3D mammography, or digital breast tomosynthesis (DBT), featuring the latest in deep-learning artificial intelligence. In 2018, ProFound AI for Digital Breast Tomosynthesis (DBT) became the first artificial intelligence (AI) software for DBT to be FDA-cleared; it was also CE marked and Health Canada licensed that same year. It offers clinically proven time-savings benefits to radiologists, including a reduction of reading time by 52.7 percent, thereby halving the amount of time it takes radiologists to read 3D mammography datasets. Additionally, ProFound AI for DBT improved radiologist sensitivity by 8 percent and reduced unnecessary patient recall rates by 7.2 percent.

The Xoft System is FDA-cleared, CE marked and licensed in a growing number of countries for the treatment of cancer anywhere in the body. It uses a proprietary miniaturized x-ray source to deliver a precise, concentrated dose of radiation directly to the tumor site, while minimizing risk of damage to healthy tissue in nearby areas of the body.

For more information, visit www.icadmed.com and www.xoftinc.com.

Forward-Looking Statements

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, the ability of IORT to alleviate the burden to our health system and minimize a patient’s potential exposure to Covid-19, to be more beneficial for patients that traditional therapy or to be accepted by patients or clinicians, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, litigation and/or government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.

Contacts:
Media inquiries:
Jessica Burns, iCAD  
+1-201-423-4492
jburns@icadmed.com

Investor Relations:
Jeremy Feffer, LifeSci Advisors
+1-212-915-2568
jeremy@lifesciadvisors.com

Southgobi Announces Restoration of Soumber Mining Licenses

Southgobi Announces Restoration of Soumber Mining Licenses




Southgobi Announces Restoration of Soumber Mining Licenses

VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) — SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) is pleased to announce that on March 2, 2021, the Company’s wholly-owned Mongolian operating subsidiary, SouthGobi Sands LLC, received a notice from the Mongolian governmental authority that the Company’s three mining licenses of the Soumber Deposit (the “Soumber Mining Licenses”) have been reinstated effective as of March 2, 2021.

The Soumber Mining Licenses (MV-016869, MV-020436 and MV-020451) cover approximately 22,000 hectares of undeveloped coal deposit area and the Soumber Deposit is located approximately 20 kilometers east of the Company’s Ovoot Tolgoi coal mine in Mongolia.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.

Contact:

Investor Relations

Office: +852 2156 1438 (Hong Kong)
  +1 604 762 6783 (Canada)
Email: info@southgobi.com

Website: www.southgobi.com

A.I.S. Resources Started Drilling Today on Yalgogrin Gold Property, Lachlan Fold Belt, NSW, Australia

A.I.S. Resources Started Drilling Today on Yalgogrin Gold Property, Lachlan Fold Belt, NSW, Australia




A.I.S. Resources Started Drilling Today on Yalgogrin Gold Property, Lachlan Fold Belt, NSW, Australia

VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) — A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the “Company” or “AIS”) is delighted to report that Drillit Consulting from Parkes NSW have mobilized their diamond drill rig and commenced drilling today for a 1,000m drill program on the highly prospective gold bearing Neighbours Farm Prospect, part of the 60% owned Yalgogrin Property on the Lachlan Fold Belt, NSW, Australia.

Phil Thomas, CEO commented, “We have been able to combine the geophysics with new 3D inversions to better target the drill holes where 32.2g/t Au have been recorded at 0.5m below surface at the Neighbours Farm Prospect. These geophysics results suggest a high probability of exceptional grades in the oxidized zone down to roughly 30m depth. Deeper drilling will also be carried out in the granites below to target the sulphide zone.”

Fig. 1 – Gradient Array-Dipole IP Chargeability with first drill hole location Yalgogrin Gold Property:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1aebeb3-fe14-4293-8f49-f0f460130e45

Fig. 2 – Yalgogrin Gold Property – Map of Historic Drill Holes and Results:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2a406142-820a-41a9-ac5a-0e5906928c41

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol MAIG who is a Qualified Person under the definitions established by the National Instrument 43-101.

About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals exploration. AIS’s value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of its portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements. In November 2020, AIS acquired a 60% interest in the 58 km² New South Wales Yalgogrin Gold Project JV, the right to acquire the 28 km² Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine and 100% interest in 167 km² Kingston Gold Project in Victoria Australia near Stawell which settled in January 2021. It has also acquired an option over 596 km² of exploration licence in western Victoria near Casterton where gold and other minerals have been discovered.

A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Tel: +1-747-200-9412
Email: pthomas@aisresources.com
Or
Martyn Element, Executive Chairman
Tel: +1-604-220-6266
Email: melement@aisresources.com
Website: www.aisresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Stelco Holdings Inc. and Bedrock Industries Cooperatief U.A. Announce Secondary Bought Deal Equity Offering

Stelco Holdings Inc. and Bedrock Industries Cooperatief U.A. Announce Secondary Bought Deal Equity Offering




Stelco Holdings Inc. and Bedrock Industries Cooperatief U.A. Announce Secondary Bought Deal Equity Offering

Not for distribution to U.S. news wire services or dissemination in the United States.

HAMILTON, Ontario, March 03, 2021 (GLOBE NEWSWIRE) — Stelco Holdings Inc. (“Stelco” or the “Company”), (TSX: STLC) and Bedrock Industries Cooperatief U.A. (the “Selling Shareholder”) have announced today that BMO Capital Markets has agreed to buy from the Selling Shareholder on a bought deal basis 7,000,000 common shares of the Company (the “Common Shares”), at a price of $26.25 per Common Share for gross proceeds of C$183,750,000 to the Selling Shareholder (the “Offering”). The Selling Shareholder has granted the Underwriters an option, exercisable at the same price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any and for consequent market stabilization purposes. The offering is expected to close on or about March 10, 2021 and is subject to certain conditions, including all necessary regulatory approvals.

Bedrock Industries Cooperatief U.A. currently holds, 41,172,315 Common Shares of the Company representing approximately 46.4% of the issued and outstanding Shares. Following the closing of the Offering (assuming no exercise of the over-allotment option), Bedrock Industries Cooperatief U.A. will hold, 34,172,315 Common Shares, representing approximately 38.5% of the issued and outstanding Shares.

The net proceeds of the Offering will be paid directly to Bedrock Industries Cooperatief U.A. The Company will not receive any proceeds from the Offering.

The Common Shares will be offered in each of the provinces and territories of Canada pursuant to the Company’s base shelf prospectus dated February 11, 2021 and may also be offered by way of private placement in the United States. The terms of the Offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The lead Underwriters are waiving a lock-up restriction with respect to the Common Shares held by the Selling Shareholder to be sold in the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Stelco
Stelco is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. In addition to being North America’s only integrated producer of pig iron, Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products. With first-rate gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, our steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States as well as to a variety of steel service centres, which are regional distributers of steel products. At Stelco, we understand the importance of our business reflecting the communities we serve and are committed to making diversity and inclusion a core part of our workplace culture, in part, through active participation in the BlackNorth Initiative.

Forward-Looking Information
This release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may relate to our future outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategy, acquisition, opportunities, budgets, operations, financial results, taxes, dividend policy, plans and objectives of our Company. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances may be forward looking statements. Forward-looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. The forward-looking statements contained herein are presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operations as at and for the periods ended on the dates presented, as well as our financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes.

Forward-looking information in this news release includes: expectations that we will be able to successfully adapt to changing market conditions and succeed across all points of the market cycle by diversifying our product mix and modernizing our facilities with upgrade and modernizing projects, such as, the recently completed pig iron caster and blast furnace upgrade and reline project; expectations that we will continue to operate the business as one of the lowest-cost integrated steel producers in North America and that the foregoing modernizing projects will further enhance our low-cost position; our advancement of strategic initiatives and our intention to continue making strategic investments in our business including with respect to next generation, high strength steels for the automotive market; expectations that we will sustainably achieve a lower cost operating structure, increased steelmaking capacity, and improved product quality as a result of the recently completed blast furnace reline and upgrade project; expectations that the construction of the cogeneration facility at our Lake Erie Works will be completed on schedule and that the facility will further reduce our costs, increase our energy reliability and improve our environmental footprint; expectations that we will be able to fully capitalize on a recovery in the steel market and that we will be able to take advantage of the current pricing and demand environment witnessed during the early part of 2021; expectations that we will be able to capitalize on any opportunities that emerge, particularly with respect to the electric vehicle market; expectations that any increased production that we are able to maintain will enable us to produce a full suite of products in response to market demands; expectations that our current operations and financial position will afford us financial flexibility; expectations that we will be able to access the broader market for pig iron; and expectations that the market demand for pig iron will increase.

Undue reliance should not be placed on forward-looking information. The forward-looking information in this press release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of: our ability to complete new capital projects on schedule and within budget and their anticipated effect on revenue and costs; our ability to obtain all applicable regulatory approvals required in connection with new facilities; our ability to source necessary volumes of raw materials and other inputs at competitive prices; our iron ore pellet supply agreement providing us with competitively priced iron ore pellets during the term of the agreement; our facilities operating at design capacity; the market demand for iron units continuing to face increased pressure; our ability to supply to new customers and markets; our ability to effectively manage costs; our ability to attract and retain key personnel and skilled labour; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; changes in laws, rule, and regulations, including international trade regulations; our ability to continue to access the U.S. market without any adverse trade restrictions; upgrades to existing facilities remaining on schedule and on budget and their anticipated effect on revenue and costs; and growth in steel markets and industry trends, as well as those set out in this press release, are material factors made in preparing the forward-looking information and management’s expectations contained in this press release.

For Further Information

For investor enquiries: Paul D. Scherzer, Chief Financial Officer, (905) 577-4432,
paul.scherzer@stelco.com

For media enquiries: Trevor Harris, Vice-President, Corporate Affairs, (905) 577-4447,
trevor.harris@stelco.com

Athabasca Oil Corporation Announces 2020 Year-end Results

Athabasca Oil Corporation Announces 2020 Year-end Results




Athabasca Oil Corporation Announces 2020 Year-end Results

CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reports its 2020 year-end results and annual reserves. In a year of unprecedented challenges, Athabasca demonstrated the exceptional resilience of its low-decline assets. In 2021, Athabasca is focused on resuming its pre-COVID business plan of free cash flow generation, disciplined operations and preserving long term future projects across its portfolio. Armed with an unrestricted cash balance of $165 million, the Company is focused on refinancing its debt in order to capture the unparalleled cashflow generation potential from its long reserve life, oil weighted asset base.

Q4 2020 and 2020 Corporate Highlights

  • Production: 34,233 boe/d (89% Liquids) in Q4 and 32,483 boe/d (88% Liquids) in 2020.
  • Adjusted Funds Flow: $11 million in Q4 and ($19) million in 2020.
  • Capital Expenditures: $89 million ($39 million in Light Oil and $50 million in Thermal Oil) in 2020.
  • Balance Sheet & Sustainability: $165 million of unrestricted cash at year-end; Net Debt of $412 million representing 2.5x 2021 forecasted EBITDA (US$55 WTI/US$12.50 WCS heavy differential). The Company has an unhedged EBITDA sensitivity of ~$70 million for a US$5 move in oil price.

2020 Reserves

  • Reserves: 1.2 billion boe Proved plus Probable (2P) Reserves, with Leismer/Corner underpinning 1 billion barrels of low risk, long reserve life resource.
  • Reserve Value (NPV10 before tax): $508 million Proved Developed Producing and $1.6 billion Total Proved reserves under year-end 2020 price forecasts that are conservative relative to current strip commodity prices.  

2021 Outlook

  • Maintaining Production with Low Sustaining Capital: $100 million capital budget funded within forecasted funds flow; maintaining production guidance of 31,000 – 33,000 boe/d (90% Liquids).
  • Balance Sheet: Athabasca plans to refinance its US$450 million Second Lien Notes during the year as energy credit markets continue to improve. The Company maintains strong Liquidity of $165 million that is forecasted to grow through 2021 under current strip commodity prices.
  • Thermal Oil: Activity at Leismer will include drilling two infill wells at Pad L6 and an additional well pair at Pad L7, with an expected on stream in H2 2021. The Company also plans to drill five well pairs at Pad L8 in H1 2021. This highly economic project will support production levels in 2022 and beyond.
  • Light Oil: No new wells are expected to be placed on-stream during the year with operations focused on maintaining low operating costs and top tier netbacks. In Q4, the Company achieved operating costs of $7.93/boe and an industry leading operating netback of $22.61/boe.

Recent ESG Initiatives

  • Kitaskino Nuwenëné Wildland Provincial Park: In late 2020, Athabasca relinquished 235,000 acres of mineral-land interests, in partnership with the Mikisew Cree First Nation and the Government of Alberta, to create the world’s largest contiguous protected boreal forest area.
  • Health, Safety and Environmental Results: The Company continued its impressive record with an industry leading TRIF (Total Recordable Injury Frequency) of 0.1 and zero recordable spills for 2020.

Business Environment and the Recovery from COVID-19

The COVID-19 pandemic that began in March 2020 had a significant negative impact on global commodity prices due to a reduction in oil demand as countries around the world enacted emergency measures to combat the spread of the virus. The Company took swift action in response to the pandemic and the economic crisis. Major initiatives included a reduction to the 2020 capital program, temporary production curtailments, partnering with service companies to reduce operating costs and reducing future financial commitments on the Keystone XL pipeline (“KXL”).

In the second half of 2020, commodity prices began to improve with both OPEC+ and North American producers reducing production allowing for global inventories to fall. Economies have started to reopen with positive developments on the vaccine front and world oil demand has almost recovered to pre-pandemic levels. Supply and demand fundamentals are now supporting a much stronger oil futures market.

In Alberta, physical markets and regional benchmark prices (e.g. WCS heavy oil) have also strengthened with WTI prices and tighter differentials as a result of curtailed volumes and falling inventories. Athabasca expects current WCS differentials to remain supported by muted industry growth projects, significant Q2 turnaround programs in the oil sands, and improving basin egress (including Enbridge Line 3 replacement H2 2021). There is strong demand for heavy oil from US Gulf Coast refineries as they face structural declines in global heavy oil supply (Venezuela and Mexico). Athabasca believes conditions are emerging for WCS heavy oil to be among the most valuable global crude benchmarks.

Long Term Egress Update

In January 2021, the US Government revoked the KXL Presidential permit and construction on the project was halted. Athabasca holds 10,000 bbl/d of capacity on KXL. This recent development does not impact the Company’s current liquidity position.

Athabasca also has a 20 year firm service transportation agreement with TC Energy for 7,200 bbl/d on the existing Keystone pipeline from Hardisty to the US Gulf Coast. The Company is anticipating an update on this service availability in 2021.

The Company also has 20,000 bbl/d service on the TransMountain Expansion (“TMX”) pipeline, with an expected in-service date in late 2022. The TMX service is increasingly valuable long-term capacity for Athabasca to access world markets.

Balance Sheet Outlook

Athabasca plans to refinance its US$450 million Second Lien Notes during the year as energy credit markets continue to improve. The Company’s 2021 capital program is fully funded within forecasted funds flow with strong free cash flow potential. Activity is focused on sustaining production at the Company’s cornerstone Leismer asset. These investments will support strong underlying asset and lending value. The Company maintains liquidity of $165 million at year-end 2020 that is forecasted to grow through H2 2021 with a front-end weighted capital program. The Company’s liquids weighted, long reserve life asset base supports attractive reserve coverage debt metrics with 0.9x Proved Developed Producing reserves to Total Debt and 2.7x Proved reserves to Total Debt (McDaniel NPV10 before tax reserve value / US$450 million Second Lien Notes). With strengthening oil price fundamentals the Company estimates its net debt to 2021 forecasted EBITDA at 2.5x (US$55 WTI & US$12.50 WCS heavy differential). The Company intends to remain nimble and creative in accessing the credit capital markets which could include a combination of term debt and bank debt to optimize its current capital structure. The Company’s goals include providing multi-year funding certainty and lowering the overall quantum and cost of debt.

Financial and Operational Highlights

  Three months ended
December 31,
  Year ended
December 31,
($ Thousands, unless otherwise noted) 2020     2019     2020     2019  
CONSOLIDATED                      
Petroleum and natural gas production (boe/d)   34,233       36,403       32,483       36,196  
Operating Income (Loss)(1)(2) $ 30,935     $ 42,881     $ 81,011     $ 233,219  
Operating Netback(1)(2) ($/boe) $ 9.89     $ 13.84     $ 6.73     $ 17.95  
Capital expenditures $ 17,202     $ 69,796     $ 111,640     $ 199,141  
Capital Expenditures Net of Capital-Carry(1) $ 17,202     $ 46,259     $ 88,900     $ 140,207  
LIGHT OIL DIVISION                      
Petroleum and natural gas production (boe/d)(1)   9,394       8,642       9,738       10,138  
Percentage Liquids (%) 58%     54%     60%     54%  
Operating Income (Loss)(1) $ 19,542     $ 16,287     $ 62,002     $ 95,004  
Operating Netback(1) ($/boe) $ 22.61     $ 20.49     $ 17.40     $ 25.68  
Capital expenditures $ 117     $ 46,473     $ 61,651     $ 109,687  
Capital Expenditures Net of Capital-Carry(1) $ 117     $ 22,936     $ 38,911     $ 50,753  
THERMAL OIL DIVISION                      
Bitumen production (bbl/d)   24,839       27,761       22,745       26,058  
Operating Income (Loss)(1) $ 20,746     $ 28,658     $ (10,140)     $ 182,196  
Operating Netback(1) ($/bbl) $ 9.17     $ 12.44     $ (1.19)     $ 19.59  
Capital expenditures $ 16,915     $ 23,229     $ 49,787     $ 89,343  
CASH FLOW AND FUNDS FLOW                      
Cash flow from operating activities $ 16,079     $ 32,975     $ (22,910)     $ 92,632  
per share – basic $ 0.03     $ 0.06     $ (0.04)     $ 0.18  
Adjusted Funds Flow(1) $ 10,753     $ 21,478     $ (18,727)     $ 154,760  
per share – basic $ 0.02     $ 0.04     $ (0.04)     $ 0.30  
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)                      
Net income (loss) and comprehensive income (loss) $ (56,891)     $ (8,757)     $ (657,525)     $ 246,865  
per share – basic $ (0.11)     $ (0.02)     $ (1.24)     $ 0.47  
per share – diluted $ (0.11)     $ (0.02)     $ (1.24)     $ 0.47  
COMMON SHARES OUTSTANDING                      
Weighted average shares outstanding – basic   530,675,391       523,428,276       528,837,646       521,316,320  
Weighted average shares outstanding – diluted   533,453,490       523,428,276       528,837,646       526,290,689  

    Dec. 31,   Dec. 31,
As at ($ Thousands)   2020   2019
LIQUIDITY AND BALANCE SHEET                
Cash and cash equivalents   $ 165,201     $ 254,389  
Restricted cash   $ 135,624     $ 110,609  
Available credit facilities(3)   $ 348     $ 85,815  
Capital-carry receivable (current and long-term portion – undiscounted)   $     $ 22,740  
Face value of long-term debt(4)   $ 572,940     $ 583,425  

(1)  Refer to the “Reader Advisory” section within this press release for additional information on Non-GAAP Financial Measures and production disclosure.
(2)  Includes realized commodity risk management loss of $9.4 million and gain of $29.1 million for the three months and year ended December 31, 2020, respectively (three months and year ended December 31, 2019 – $2.1 million loss and $44.0 million loss).
(3)  Includes available credit under Athabasca’s Credit Facility and Unsecured Letter of Credit Facility (see page 15 of the MD&A).
(4)  The face value of the 2022 Notes is US$450 million. The 2022 Notes were translated into Canadian dollars at the December 31, 2020 exchange rate of US$1.00 = C$1.2732 (2019 – C$1.2965).


Operations Update

Thermal Oil

Bitumen production for Q4 2020 and 2020 averaged 24,839 bbl/d and 22,745 bbl/d, respectively. 2020 production was impacted by voluntary curtailments at Leismer in Q2 and the suspension of operations at Hangingstone during Q2 and Q3 due to unprecedented low pricing. The Thermal Oil division generated Operating Income of $20.7 million and ($10.1) million in Q4 2020 and 2020, respectively. Operating Income was disproportionally impacted by extreme low pricing during Q2 and Q3 and subsequently strengthened with the return of production and stronger commodity prices in Q4 2020. Operating Netbacks for Q4 2020 were $9.17/bbl ($13.20/bbl at Leismer and -$0.29/bbl at Hangingstone). Capital expenditures for Q4 2020 and 2020 were $16.9 million and $49.8 million, respectively.

Leismer

Bitumen production for Q4 2020 and 2020 averaged 17,379 bbl/d and 18,264 bbl/d, respectively.

In 2020, Pad L7 bitumen production ramped up to ~5,000 bbl/d. The pad demonstrated the successful utilization of technologies to increase well lengths by 50% (achieving lateral lengths of ~1,250 meter). In addition to improved economics, the successful implementation of longer well pairs decreases Athabasca’s pad surface footprint by ~50% in the Leismer long-term development program.

During 2020, Athabasca implemented a number of permanent costs saving measures at Leismer. A water disposal project was completed in Q1 reducing non-energy operating costs by ~$10 million on an annual basis. Additionally, non-condensable gas co-injection (“NCG”) was implemented on the mature pads and in conjunction with Pad L7 has reduced the projects Steam Oil Ratio (“SOR”) to 3.3x in 2020 (from 3.7x in 2019) and supported reduced emissions intensity by ~10% when compared 2019.

In 2021, capital will be focused on sustaining production at Leismer. The Company recently completed the drilling of two infill wells at Pad L6 and an additional well pair at Pad L7 with first production expected to be on stream in H2 2021. Athabasca has continued to progress project readiness for a five well-pair sustaining pad (Pad L8) and has sanctioned drilling to commence in March. The L8 project is highly economic with go-forward capital costs of $25 million and is expected to drive competitive capital efficiencies. L8 drilling operations are expected to be completed mid-year, followed by facility construction in Q3, and initial steam circulation before year-end. The Company anticipates first production in Q2 2022 with plateau rates of greater than 5,000 bbl/d in Q4 2022. The existing pipeline will support future development for up to a total of 14 well pairs on Pad L8.

Leismer has an estimated US$27/bbl WCS 2021 operating break-even (US$12.50 WCS heavy differential).

Hangingstone

Bitumen production for Q4 2020 and 2020 averaged 7,460 bbl/d and 4,481 bbl/d, respectively. Operations were suspended in April 2020 for approximately five months in response to unprecedented commodity prices.        

During the summer, the Company completed Hangingstone’s first major scheduled plant turnaround. Operations resumed on September 1 and the asset is expected to ramp-up to previous bitumen rates of 9,000 – 9,500 bbl/d in late 2021. The reservoir is responding well and production averaged ~8,800 bbl/d in February 2021. During 2020 the Company implemented several cost saving measures reducing non-energy operating costs to ~$9/bbl and resulting in ~$7 million of permanent annual savings.

The Company received regulatory approval in 2020 for the implementation of NCG co-injection. Injection was recently implemented on two well pairs with early results demonstrating strong pressure maintenance and reduced energy intensity. The Company plans to implement this technology field-wide in 2021.

In 2021, Hangingstone will have no capital allocation other than routine pump replacements and has no sustaining capital requirements for the next several years. The asset has an estimated US$36/bbl WCS 2021 operating break-even (US$12.50 WCS heavy differential).

Light Oil

Production averaged 9,394 boe/d (58% Liquids) and 9,738 boe/d (60% Liquids) in Q4 2020 and 2020, respectively. The business division generated Operating Income of $19.5 million ($22.61/boe) and $62.0 million ($17.40/boe) during these periods. Athabasca’s Light Oil Netbacks continue to be top tier when compared to Alberta’s other liquids-rich Montney and Duvernay resource producers and are supported by a high liquids weighting and low operating expenses. Capital expenditures net of capital-carry were $0.1 million and $39 million in Q4 2020 and 2020, respectively.

Placid Montney

At Placid, the Company completed and placed 10 gross Montney wells on production during the year. Well costs continue to improve with the 2020 program achieving $6.2 million drilling and completion (“D&C”) costs. No capital activity is budgeted for 2021. Placid is positioned for flexible future development with an inventory of ~150 gross drilling locations and no near-term land retention requirements.

Kaybob Duvernay

At Kaybob, the Company placed 17 gross Duvernay wells on production during the year across the volatile oil window. Production results have been consistently strong with wells screening as top liquids producers in the basin. Well results in Two Creeks and Kaybob East have seen average productivity of ~725 boe/d IP180s (85% liquids). Under full development, D&C costs are expected to be less than $7.5 million in the volatile oil window. These results coupled with a large well inventory (~700 gross drilling locations across the play) and flexible development timing indicate significant value to Athabasca.

During Q1 2020, the capital-carry provision associated with the Kaybob partnership was completed, after an investment of C$1 billion over four winter drilling seasons. The play has seen significant commercial de-risking and is ready for future development. In 2021, minimal capital has been budgeted towards Kaybob until a more robust macro environment is certain. The Kabob area is supported by a strong Joint Development Agreement, established infrastructure and no near-term land retention requirements.

2021 Budget and Outlook

Athabasca is forecasting a 2021 capital budget of $100 million ($95 million Thermal Oil and $5 million Light Oil). The updated budget reflects $25 million for the increased scope of drilling and commissioning Pad L8 at Leismer. The capital program will support base production levels in H2 2021 and beyond. The program is anticipated to be fully funded within 2021 forecasted funds flow with upside potential at current strip pricing. Annual production guidance is maintained between 31,000 – 33,000 boe/d (90% Liquids).

2020 Year-End Reserves

Athabasca’s independent reserves evaluator, McDaniel & Associates Consultants Ltd. (“McDaniel”), prepared the year-end reserves evaluation effective December 31, 2020. The Company’s 2P reserves base is 1.2 billion boe Proved plus Probable, with Leismer/Corner underpinning 1 billion barrels of low risk, long reserve life resource. McDaniel’s estimates reserve value (NPV10 before tax) of $508 million Proved Developed Producing and $1.6 billion Total Proved reserves under conservative year-end 2020 price forecasts relative to the current strip commodity prices.

For additional information regarding Athabasca’s reserves and resources estimates, please see “Independent Reserve and Resource Evaluations” in the Company’s 2020 Annual Information Form which is available on the Company’s website or on SEDAR www.sedar.com.

  Light Oil Thermal Oil Corporate
  2019 2020 2019 2020 2019 2020
Reserves (mmboe)            
Proved Developed Producing 13 14 68 61 81 76
Total Proved 46 37 410 365 456 403
Proved Plus Probable 72 73 1,225 1,083 1,297 1,156
             
NPV10 BT ($MM)1            
Proved Developed Producing $170 $165 $963 $343 $1,133 $508
Total Proved $375 $234 $2,507 $1,321 $2,882 $1,555
Proved Plus Probable $604 $414 $4,364 $2,307 $4,968 $2,721

1)  Net present value of future net revenue before tax and at a 10% discount rate (NPV 10 before tax) for 2020 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2021. NPV 10BT for 2019 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2020.
2)  Numbers in the table may not add precisely due to rounding.


Environment, Social and Governance (“ESG”) Update

Athabasca believes that strong performance in health, safety, and environment is essential to achieving our business goals and meeting the needs of stakeholders. We are focused on being a valued partner in local communities and industry programs while developing Alberta’s energy resources responsibly. We have developed policies, programs and strong governance practices to be consistent with these objectives.

In February 2021, the Government of Alberta announced an 143,800 hectare expansion of the Kitaskino Nuwenëné Wildland Provincial Park (“KNWP”) in Northern Alberta creating the largest continuous area of protected boreal forest in the world. Athabasca relinquished ~95,000 hectares of oil sands rights to support the expansion of the KNWP.

“Since 2019, Athabasca Oil has been collaborating with the Mikisew Cree First Nation and the Government of Alberta to expand the Kitaskino Nuwenëné Wildland Park. Athabasca Oil has relinquished over 95,000 hectares of mineral rights to help make this park expansion a reality. The expansion of the park will help the province meet its biodiversity and conservation goals in this culturally and ecologically significant area. This represents a significant success for Indigenous communities, industry and Albertans.”

Rob Broen, President and CEO, Athabasca Oil Corporation

The Company plans to release its inaugural ESG report in 2021.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Matthew Taylor                                         
Chief Financial Officer        
1-403-817-9104                
mtaylor@atha.com        

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “target”, “should”, “believe”, “predict”, “pursue”, “potential”, “view” and ”contemplate” and similar expressions are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the Company’s 2021 Outlook; refinancing of its US$450 million Second Lien Notes; future debt levels and composition; Trans Mountain and Keystone in-service dates; timing of Leismer well on stream dates and expected benefits therefrom; our drilling plans in Leismer; Hangingstone ramp-up to previous bitumen rates; type well economic metrics; expectations for WCS heavy oil to be amongst the most valuable global crude benchmarks; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2020 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 3, 2021 available on SEDAR at www.sedar.com, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; continued impact of the COVID-19 pandemic; ability to finance capital requirements; climate change and carbon pricing risk; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; statutes and regulations regarding the environment; political uncertainty; state of capital markets; anticipated benefits of acquisitions and dispositions; abandonment and reclamation costs; changing demand for oil and natural gas products; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; and risks related to our debt and securities.

Also included in this News Release are estimates of Athabasca’s 2021 Outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca, and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The financial outlook contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such financial outlook, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates 

Test Results and Initial Production Rates: The well test results and initial production rates provided in this presentation should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2020. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2020 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2021.

The 700 Duvernay drilling locations referenced include: 7 proved undeveloped locations and 78 probable undeveloped locations for a total of 85 booked locations with the balance being unbooked locations. The 150 Montney drilling locations referenced include: 63 proved undeveloped locations and 35 probable undeveloped locations for a total of 98 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2020 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP Financial Measures and Production Disclosure

Adjusted Funds Flow is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. Adjusted Funds Flow is calculated by adjusting for changes in non-cash working capital, restructuring expenses and settlement of provisions from cash flow from operating activities. The Adjusted Funds Flow measure allows management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding.

The Light Oil Operating Income (Loss) measure in this News Release is calculated by subtracting royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales. The Light Oil Operating Netback measure is calculated by dividing the Light Oil Operating Income (Loss) by the Light Oil production and is presented on a per boe basis. The Light Oil Operating Income (Loss) and the Light Oil Operating Netback measures allow management and others to evaluate the production results from the Company’s Light Oil assets.

The Operating Income (Loss) measure in this News Release with respect to the Leismer Project and Hangingstone Project is calculated by subtracting the cost of diluent blending, royalties, operating expenses and transportation & marketing expenses from heavy oil (i.e. blended bitumen) sales. The Thermal Oil Operating Netback measure is calculated by dividing the respective projects Operating Income (Loss) by its respective bitumen sales volumes and is presented on a per barrel basis. The Thermal Oil Operating Income (Loss) and the Thermal Oil Operating Netback measures allow management and others to evaluate the production results from the Company’s Thermal Oil assets.

The Consolidated Operating Income (Loss) measure in this News Release is calculated by adding or subtracting realized gains (losses) on commodity risk management contracts, royalties, the cost of diluent blending, operating expenses and transportation & marketing expenses from petroleum and natural gas sales. The Consolidated Operating Netback measure is calculated by dividing Consolidated Operating Income (Loss) by the total sales volumes and is presented on a per boe basis. The Consolidated Operating Income (Loss) and the Consolidated Operating Netback measures allow management and others to evaluate the production results from the Company’s Light Oil and Thermal Oil assets combined together including the impact of realized commodity risk management gains or losses.

The Consolidated Capital Expenditures Net of Capital-Carry and Light Oil Capital Expenditures Net of Capital-Carry measures in this News Release are outlined in the Company’s Q4 2020 MD&A. These measures allow management and others to evaluate the true net cash outflow related to Athabasca’s capital expenditures.

Net Debt is defined as face value of term debt plus current liabilities (adjusted for risk management contracts) less current assets (adjusted for risk management contracts and capital-carry receivable).

Adjusted EBITDA is defined as Net income (loss) and comprehensive income (loss) before financing and interest expense, depreciation, depletion, impairment and taxation (recovery) expense adjusted for unrealized foreign exchange gain (loss), unrealized gain (loss) on risk management contracts, gain (loss) on revaluation of provisions and other, gain (loss) on sale of assets and stock-based compensation.

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Production volumes details

    2020   2019  
Production   Q4   Q3   Q2   Q1   Annual   Q4   Q3   Q2   Q1   Annual  
Greater Placid:                                                              
Condensate NGLs bbl/d   1,841     2,612     1,916     1,480     1,964     1,457     1,734     2,150     2,711     2,009  
Other NGLs bbl/d   523     632     389     351     474     493     439     524     556     503  
Natural gas(1) mcf/d   17,900     19,668     14,221     12,939     16,197     15,723     17,538     20,441     22,424     19,009  
Total Greater Placid boe/d   5,347     6,522     4,675     3,988     5,138     4,571     5,096     6,081     7,004     5,680  
                                                               
Greater Kaybob:                                                              
Oil(2) bbl/d   2,845     3,685     3,226     2,708     3,117     2,336     2,985     2,186     2,480     2,498  
Other NGLs bbl/d   264     332     291     359     311     406     372     349     536     415  
Natural gas(1) mcf/d   5,629     7,746     7,642     7,123     7,032     7,972     9,421     9,564     10,152     9,272  
Total Greater Kaybob boe/d   4,047     5,308     4,791     4,254     4,600     4,071     4,927     4,129     4,708     4,458  
                                                               
Light Oil:                                                              
Oil(2) bbl/d   2,845     3,685     3,226     2,708     3,117     2,336     2,985     2,186     2,480     2,498  
Condensate NGLs bbl/d   1,841     2,612     1,916     1,480     1,964     1,457     1,734     2,150     2,711     2,009  
Oil and condensate NGLs bbl/d   4,686     6,297     5,142     4,188     5,081     3,793     4,719     4,336     5,191     4,507  
Other NGLs bbl/d   787     964     680     710     785     899     811     873     1,092     918  
Natural gas(1) mcf/d   23,529     27,414     21,863     20,062     23,229     23,695     26,959     30,005     32,576     28,281  
Total Light Oil division boe/d   9,394     11,830     9,466     8,242     9,738     8,642     10,023     10,210     11,712     10,138  
Total Thermal Oil division bitumen bbl/d   24,839     20,231     17,601     28,315     22,745     27,761     25,234     23,748     27,494     26,058  
Total Company production boe/d   34,233     32,061     27,067     36,557     32,483     36,403     35,257     33,958     39,206     36,196  

(1)   Comprised of 97% or greater of shale gas, with the remaining being conventional natural gas.
(2)   Comprised of 98% or greater of tight oil, with the remaining being light and medium crude oil.

This News Release also makes reference to Athabasca’s forecasted total average daily production of 31,000 – 33,000 boe/d for 2021. Athabasca expects that approximately 77% of that production will be comprised of bitumen, 10% shale gas, 7% tight oil, 4% condensate natural gas liquids and 2% other natural gas liquids.

Additionally, this News Release makes reference to Athabasca’s well results in Two Creeks and Kaybob East that have seen average productivity of ~725 boe /d IP180s (85% Liquids), which is comprised of ~80% tight oil, ~15% shale gas and ~5% NGLs.

Teledyne Imaging brings its advanced technologies to Vision China 2021

Teledyne Imaging brings its advanced technologies to Vision China 2021




Teledyne Imaging brings its advanced technologies to Vision China 2021

Live demos highlighting new AI and deep learning solutions at the booth

SHANGHAI, China, March 04, 2021 (GLOBE NEWSWIRE) — Teledyne Imaging will exhibit at the upcoming Vision China (Shanghai), in Hall W1, W1-1800, at the Shanghai New International Expo Centre from March 17-19.

Visitors to the combined Teledyne Imaging booth can expect to see a broad range of leading-edge line and area scan sensors, frame grabbers, vision systems, software, and smart cameras targeted at vision inspection, logistics, robotics and packaging applications. Here are the highlights:

1.   Line Scan Cameras & Embedded Vision

  • The industry’s first Multifield™ CMOS TDI camera, Teledyne DALSA’s award-winning Linea HS captures brightfield, darkfield, and backlit images at once in a single scan. When combined with the Xtium™2 CLHS high-performance frame grabbers, these models achieve unmatched data throughput.
  • Linea Lite is the newest addition to the Linea family, the Linea Lite brings high performance in a small package.
  • Featured “live demo” of the Z-Trak 3D scanners that support up to 16 3D sensors, help remove occlusion and deliver real-time height measurement using laser triangulation and robust In-line measurement.
  • Sherlock8 – next generation vision application software with support for 1D, 2D, 3D and thermal cameras. Includes support for “rules based” and “learning based” AI deep learning vision tools, parallel processing, factory protocols and custom user interfaces.
  • VICORE – New Generation Smart Camera system supports up to 25M. The VICORE system has integrated software, I/O, PLC support and can handle traditional 2D and 3D, as well as infrared inspections.
  • BOA Spot-XL – New Smart sensor is easy to use and contains all vision functionalities from gauging, flaw detection and robotic guidance to product identification (1D/2D/OCR).

2.   Smart Sensors

  • Teledyne e2v’s Emerald™ 67M image sensor achieves ultra-high resolution for electronics inspection, high-end surveillance and aerial imaging. Its 8K square resolution combined with its high frame rate enables increased throughput and improved detection ratio.
  • The new high resolution Hydra3D™ Time-of-Flight CMOS image is tailored for 3D detection and distance measurement. It features a 10 µm three-tap cutting-edge pixel and supports the latest industrial applications, including vision guided robotics, logistics and automated guided vehicles.

3.   sCMOS cameras

  • Teledyne Photometrics features its latest back-illuminated sCMOS cameras Prime BSI Express and Kinetix. Both achieve 95% quantum efficiency, low read noise and extremely high speed (95 fps for Prime BSI Express and 500fps for Kinetix, full frame).
  • Prime BSI Express camera’s small form factor and USB interface make it fit into the broadest range of configurations. 
  • Kinetix camera’s 10-megapixel sensor provides a 29.4 mm field of view, opening up possibilities for new discoveries.

4.   Area scan cameras

  • Teledyne’s first CXP camera, designed for performance and built on Genie Nano’s proven, industry-leading reputation.
  • Teledyne Lumenera’s new Lt Series Cameras provides high performance USB3 models, from 2 to 20 Mpixels, in both board level and enclosed versions.

Subject matter experts will be on hand to discuss planned product development and advanced, enabling technology for your vision challenges.

Media Note: For interview requests, please email yuki.chan@teledyne.com or visit our booth in Hall W1, W1-1800 during the show.

About Teledyne Imaging  
Teledyne Imaging is a group of leading-edge companies aligned under the Teledyne umbrella. Teledyne Imaging forms an unrivalled collective of expertise across the spectrum and decades of experience. Individually, each company offers best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest imaging and related technology portfolio in the world. From aerospace through industrial inspection, microscopy, spectroscopy, radiography and radiotherapy, geospatial surveying, and advanced MEMS and semiconductor solutions, Teledyne Imaging offers world-wide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage.

Media Contact:
Yuki Chan, Marketing Manager, Teledyne e2v
Yuki.Chan@teledyne.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/425956dc-0a5b-4a0b-b742-1c3c10ae17c5

Serengeti and Sun Metals Announce Final Order

Serengeti and Sun Metals Announce Final Order




Serengeti and Sun Metals Announce Final Order

VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) — Serengeti Resources Inc. (TSX-V: SIR) (“Serengeti”) and Sun Metals Corp. (TSX-V: SUNM) (“Sun Metals”) are pleased to announce that Sun Metals has obtained the final order from the Supreme Court of British Columbia with respect to the previously announced proposed plan of arrangement, pursuant to which Serengeti will acquire all of the issued and outstanding shares of Sun Metals, on the basis of 0.215 of a post-Consolidation (as defined below) Serengeti share for each Sun Metals share, which is 0.43 of a pre-Consolidation Serengeti share for each Sun Metals share on a pre-Consolidation basis (the “Transaction”).

The Transaction was approved by Serengeti shareholders and Sun Metals securityholders at their respective meetings on February 26, 2021 and subject to receipt of all requisite approvals, including final TSX Venture Exchange approval, and waiver or satisfaction of all relevant conditions, closing of the Transaction is expected to be on or about March 5, 2021.

Serengeti also intends to proceed with a name change to Northwest Copper Corp. in connection with the closing of the Transaction. The common shares of Serengeti are expected to trade at the open of the market on March 5, 2021 on a post-Consolidation and post-name change basis with the ticker symbol “NWST”.

In addition to approving the Transaction, at the February 26, 2021 meeting Serengeti shareholders approved resolutions to consolidate its common shares on a two for one basis (the “Consolidation”). The Consolidation is anticipated to be completed immediately prior to closing of the Transaction. Following the Consolidation, the 112,053,368 outstanding common shares of Serengeti will be consolidated such that there will be approximately 56,026,684 outstanding common shares, not including any Serengeti common shares to be issued pursuant to the Transaction.

The Transaction will consolidate the contiguous copper-gold exploration and development assets of Kwanika and Stardust, both of which will benefit from operational synergies as the projects advance with a combined development strategy, along with the robust portfolio of British Columbia copper-gold assets held by the companies. The combined company will be well positioned and capitalized as a result of the recently completed $10,350,000 upsized subscription receipt financing of Sun Metals (the “Financing”) to take advantage of a strengthening copper market.

Upon completion of the Transaction, Mark O’Dea will assume the role of Executive Chairman of Serengeti and the Serengeti board of directors will comprise Mark O’Dea, David Moore, Lewis Lawrick, Teodora Dechev, Sean Tetzlaff and Richard Bailes. David Moore will continue as Interim President and Chief Executive Officer until such time as a full time CEO is appointed, and Lauren McDougall will assume the role of Chief Financial Officer and Ian Neill the role of Vice President Exploration. Following the Transaction, Sun Metals shareholders, including holders of Sun Metals common shares issued on conversion of the subscription receipts issued from the Financing, will hold approximately 49.6% of the combined company.

About Serengeti

Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its majority-owned, advanced Kwanika copper-gold project and exploring its extensive portfolio of properties in north-central British Columbia. Additional information can be found on the Company’s website at www.serengetiresources.com.

About Sun Metals

Sun Metals is advancing its 100% owned flagship, high-grade copper-gold rich Stardust Project located in north-central British Columbia, Canada. Sun Metals also owns the Lorraine copper-gold project, and the OK copper-molybdenum project.

On Behalf of the Board of Directors of Serengeti Resources Inc.

“David W. Moore”

President, CEO & Director

On Behalf of the Board of Directors of Sun Metals Corp.

“Steve Robertson”

President, CEO & Director

For further information, please contact:

Serengeti Resources Inc.
Tel: 604-605-1300
Email: info@serengetiresources.com
Sun Metals Corp.
Tel: 604-683-7790
Email: info@sunmetals.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward Looking Information

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Transaction, the closing of the Transaction, the Financing, the Consolidation, the Kwanika and Stardust (the “Projects”), including anticipated operational synergies between the properties, are forward-looking statements. Although Serengeti and Sun Metals (the “Companies“) believe that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Companies can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Companies’ periodic filings with Canadian securities regulators, and assumptions made with regard to: the Companies’ ability to complete the proposed Transaction; the Companies’ ability to secure the necessary legal and regulatory approvals required to complete the Transaction and meeting the other conditions to the closing of the Transaction; and the Companies’ ability to achieve the synergies expected as a result of the Transaction. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Companies’ expectations include risks associated with the business of Serengeti and Sun Metals; risks related to the satisfaction or waiver of certain conditions to the closing of the Transaction; non-completion of the Transaction; risks related to reliance on technical information provided by Serengeti and Sun Metals; risks related to exploration and potential development of the Projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Serengeti and Sun Metals’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Neither Serengeti nor Sun Metals undertakes any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

Safeguard Scientifics Announces Fourth Quarter and Full Year 2020 Financial Results

Safeguard Scientifics Announces Fourth Quarter and Full Year 2020 Financial Results




Safeguard Scientifics Announces Fourth Quarter and Full Year 2020 Financial Results

Conference call and webcast on March 4, 2021 at 9 a.m. ET

RADNOR, Pa., March 03, 2021 (GLOBE NEWSWIRE) — Safeguard Scientifics, Inc. (NYSE:SFE) (“Safeguard” or the “Company”) today announced financial results for the three months and year ended December 31, 2020.

HIGHLIGHTS

  • Exits & Deployments
    • Aggregate 2020 annual sales proceeds were $7.9 million, principally from the sale of Sonobi in the third quarter for $6.6 million.
    • Safeguard deployed $9.2 million in 2020 to Syapse ($4.4 million), Aktana ($2.5 million), meQuilibrium ($1 million) and four other companies ($1.3 million). No material deployments were made during the fourth quarter of 2020.
      • 2020 deployments came in at the low end of the range established at the end of the first quarter.
    • Subsequent to year-end, Safeguard exited WebLinc and QuanticMind.
      • Safeguard generated $3.2 million of initial cash proceeds from the sale of WebLinc with additional amounts possible over the next 24 months based on performance milestones.
      • There were no proceeds to Safeguard from the sale of QuanticMind.
    • Safeguard is committed to maximizing the value of and monetizing its ownership interests in a timely manner, and returning capital to shareholders.
      • Since January 2018, Safeguard realized approximately $198 million in cash proceeds from monetizing its holdings.
  • Safeguard Company Performance
    • The majority of Safeguard’s companies have operated well through the pandemic and are positioned to improve performance in a post COVID-19 environment.
    • The aggregate trailing twelve month revenues ending September 30, 2020 for Safeguard’s remaining twelve companies, excluding Other Ownership Interests and the two entities exited in early 2021, was $352 million, up 6.2% as compared to the comparable 2019 period.
    • Several Safeguard companies raised capital during 2020 which resulted in dilution gains of $4.2 million for the year ended December 31, 2020. These included Moxe (Q4); Aktana (Q3); meQuilibrium (Q2); Syapse (Q2 and Q4).
    • Subsequent to year-end, Syapse raised $68 million in growth capital from two venture capital funds. This transaction brings Safeguard’s ownership percentage to approximately 11% and will result in a non-cash dilution gain.
  • Financial Results
    • Cash and cash equivalents totaled $15.6 million at year end 2020.
    • The carrying value of the Company’s ownership interests at year end totaled $50.4 million, with a total cost of $225.3 million.
    • Net loss for the three months ended December 31, 2020 was $7.4 million, or $0.35 per share, compared with a net loss of $0.7 million, or $0.03 per share, for the same period in 2019.
    • Net loss for the year ended December 31, 2020 was $37.6 million, or $1.81 per share, compared with net income of $54.6 million, or $2.64 per share, for the same period in 2019.
    • Annual results included non-cash impairment charges of $20.0 million, while the prior period included gains from the sales of Propeller and Transactis totaling $85.8 million.
  • Operating Costs
    • Safeguard continued to reduce its operating costs in 2020. General and administrative expenses totaled $1.6 million for the fourth quarter of 2020 as compared to $2.1 million for the fourth quarter of 2019. General and administrative expenses for the year ended December 31, 2020 were $9.5 million as compared to $10.0 million for the year ended December 31, 2019.
    • Safeguard also continued to lower its corporate expenses,1 which totaled $1.2 million for the fourth quarter of 2020 as compared to $1.4 million for the comparable period of 2019. Corporate expenses totaled $5.2 million for the year ended December 31, 2020 as compared to $7.1 million for the year ended December 31, 2019, a 27% annual decline.
    • Our corporate expense reductions have exceeded the expectations set at the beginning of the year for a range of $6.4 to $6.8 million and are consistent with our third quarter expectation to be below the lower updated range of $5.6 to $6.0 million. These reductions have come from a variety of sources, including reductions in cash compensation, the payment of a portion of management bonuses in equity, the payment of Board fees in equity, lower professional fees and lower office costs.
  • Outlook
    • Safeguard continues to expect a declining level of follow-on deployments for its remaining ownership interests and has established an initial range for 2021 of $5 to $7 million.
    • Safeguard will continue to focus on reducing corporate expenses in 2021 and has established a target of $4.4 to $4.9 million for the year.
    • Safeguard remains committed to returning value to shareholders when we exceed our targeted minimum liquidity threshold of $20 million, subject to then prevailing market conditions and expected liquidity needs. We will consider share repurchases and/or dividends at that time.
  • Shareholder Engagement
    • During 2020, Safeguard held virtual discussions with the CEOs of Aktana, Flashtalking and meQuilibrium, with the replay available at Safegaurd’s investor relations site.
    • Safeguard recently held a virtual discussion with CEO of Prognos on February 23.

“There is a lot that we are excited about at Safeguard. Our companies have by and large weathered the pandemic relatively well and are positioned to accelerate revenue growth and execute on their business plans in 2021. On the financings and exit front, our companies have been able to access capital to support their operations and growth and we have a number of companies that are in various stages of sales processes. At the Safeguard level, we have taken meaningful steps to reduce our cash operating costs and introduce greater flexibility into our operating structure.” said Eric C. Salzman, Safeguard’s Chief Executive Officer. “While we have achieved a few small asset sales over the past six months, we expect 2021 will be a more robust year for exits that will enable us to return capital to shareholders via stock buybacks or dividends.”

___________________________

Corporate expenses are general and administrative expenses excluding depreciation, severance, stock-based compensation and other non-recurring items.  See full reconciliation in the financial section of this statement.

OWNERSHIP INTERESTS AT DECEMBER 31, 2020

Companies Category Acquisition Year Primary Ownership% Carrying Value
(in millions)
  Cost
(in millions)
             
Initial Revenue Stage: Up to $1 million in revenue    
None            
Expansion Stage: $1 million to $5 million in revenue
Moxe Health Corporation Healthcare 2016 27.6 % $      5.0   $        7.5
QuanticMinc, Inc. ++ * Digital Media 2015 24.2 %       13.7
Traction Stage: $5 million to $10 million in revenue  
meQuilibrium Healthcare 2015 32.0 %   3.3     14.0
Trice Medical, Inc. Healthcare 2014 16.6 %   1.3     10.8
Zipnosis, Inc. Healthcare 2015 37.7 %   2.3     10.0
WebLinc, Inc. * Digital Media 2014 39.9 %   3.2     16.2
Lumesis, Inc. Financial Services 2012 43.4 %   0.9     5.6
Clutch Holdings, Inc.++ Digital Media 2013 42.3 %   5.0     16.9
High Traction Stage: $10 million to $15 million in revenue  
InfoBionic, Inc. Healthcare 2014 25.2 %       22.0
Revenue of $20 million to $50 million  
Aktana, Inc. Healthcare 2016 15.1 %      2.9     14.2
Prognos Health, Inc. Healthcare 2011 28.5 %   3.9          12.6
Syapse, Inc. Healthcare 2014 18.9 %   2.4     25.0
Greater than $50 million in revenue  
Flashtalking Digital Media 2018 13.4 %   12.5     19.2
MediaMath, Inc. Digital Media 2009 13.3 %       15.5
Other Ownership Interests  
T-REX Group Financial Services 2016     2.2     6.0
Velano Vascular Healthcare 2013     2.0     1.7
All others Various       3.5     14.4
      TOTAL: $ 50.4   $ 225.3

++ Company dropped into a lower revenue stage this quarter.
* Company was exited during the first quarter of 2021.

CONFERENCE CALL AND WEBCAST DETAILS

Please call 10-15 minutes prior to the call to register.

Date:   March 4, 2021

Time:   9 am ET

Webcast:   http://www.safeguard.com/events

Live Number:   833-968-2224 // (International) 825-312-2064

Replay Number: 800-585-8367 // (International) 416-621-4642

Access Code:   9479064

Speakers:   Chief Executive Officer, Eric C. Salzman; and Senior Vice President and Chief Financial Officer, Mark A. Herndon

Format:   Discussion of the quarter’s financial results followed by Q&A

Replay will be available through April 5, 2021 at 11:59 pm ET. For more information please contact IR@safeguard.com

About Safeguard Scientifics
Historically, Safeguard Scientifics has provided capital and relevant expertise to fuel the growth of technology-driven businesses. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. Safeguard is currently pursuing a focused strategy to value-maximize and monetize its ownership interests over a multi-year time frame to drive shareholder value. For more information, please visit www.safeguard.com.

Forward-looking Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding Safeguard’s ability to maximize the value of monetization opportunities of its ownership interests and drive total shareholder returns. Safeguard’s initiatives taken or contemplated to enhance and unlock value for all of its shareholders, Safeguard’s efforts to execute on and implement its strategy to streamline its organizational structure, reduce its operating costs, pursue monetization opportunities for ownership interests and maximize the return of value to its shareholders, Safeguard’s ability to create, unlock, enhance and maximize shareholder value, the effect of Safeguard’s management succession plan on driving increased organizational effectiveness and efficiencies, the ability of the management team to execute Safeguard’s strategy, the availability of, the timing of, and the proceeds that may ultimately be derived from the monetization of ownership interests, Safeguard’s projections regarding the reduction in its ongoing operating expenses, Safeguard’s projections regarding annualized operating expenses and expected severance expenses, monetization opportunities for ownership interests, and the amount of net proceeds from the monetization of ownership interests that will enable the return of value to Safeguard shareholders after satisfying working capital needs and the timing of such return of value. Such forward-looking statements are not guarantees of future operational or financial performance and are based on current expectations that involve a number of uncertainties, risks and assumptions that are difficult to predict. Therefore, actual outcomes and/or results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the monetization of our ownership interests for maximum value or at all and the return of value to our shareholders, our ability to successfully execute on our strategy to streamline our organizational structure and align our cost structure to increase shareholder value, whether our strategy will better position us to focus our resources on the highest-return opportunities and deliver enhanced shareholder value, the ongoing support of our existing ownership interests, the fact that our companies may vary from period to period, challenges to achieving liquidity from our ownership interests, fluctuations in the market prices of our publicly traded holdings, if any, competition, our inability to obtain maximum value for our ownership interests, our ability to attract and retain qualified employees, market valuations in sectors in which our ownership interests operate, our inability to control our ownership interests, our need to manage our assets to avoid registration under the Investment Company Act of 1940, risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity that may adversely affect our business, and risks associated with our ownership interests, including the fact that most of our ownership interests have a limited operating history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past operational and financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.

SAFEGUARD CONTACT:
Mark Herndon
Chief Financial Officer
(610) 975-4913
mherndon@safeguard.com

Safeguard Scientifics, Inc.
Condensed Consolidated Balance Sheets
(in thousands)

    December 31, 2020     December 31, 2019  
Assets                
Cash, cash equivalents and restricted cash   $ 15,601     $ 25,053  
Other current assets     462       1,297  
Total current assets     16,063       26,350  
Ownership interests in and advances     50,398       77,129  
Other assets     2,574       4,098  
Total Assets   $ 69,035     $ 107,577  
                 
Liabilities and Equity                
Other current liabilities   $ 3,470     $ 2,429  
Total current liabilities     3,470       2,429  
Lease liability – non-current     2,053       2,380  
Other long-term liabilities     637       1,027  
Total equity     62,875       101,741  
Total Liabilities and Equity   $ 69,035     $ 107,577  


Safeguard Scientifics, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2020     2019     2020     2019  
Operating expenses   $ 1,631     $ 2,060     $ 9,466     $ 9,982  
Operating loss     (1,631 )     (2,060 )     (9,466 )     (9,982 )
Other income (loss), net     (663 )     2,245       (7,708 )     12,255  
Interest, net     52       174       261       (11,979 )
Equity income (loss), net     (5,111 )     (1,057 )     (20,702 )     64,267  
Net income (loss) before income taxes     (7,353 )     (698 )     (37,615 )     54,561  
Income tax benefit (expense)                        
Net income (loss)   $ (7,353 )   $ (698 )   $ (37,615 )   $ 54,561  
Net income (loss) per share:                                
Basic   $ (0.35 )   $ (0.03 )   $ (1.81 )   $ 2.64  
Diluted   $ (0.35 )   $ (0.03 )   $ (1.81 )   $ 2.64  
Weighted average shares used in computing income (loss) per share:                                
Basic     20,829       20,674       20,751       20,636  
Diluted     20,829       20,674       20,751       20,636  


Safeguard Scientifics, Inc.
Financial Data
(in thousands)

Additional Financial Information

Non-GAAP Measures

In discussing financial results and guidance, the Company refers to the measure “corporate expenses” which is not in accordance with Generally Accepted Accounting Principles (GAAP). We use this non-GAAP financial measure internally to make operating and strategic decisions, including evaluating our overall performance and as a factor in determining compensation for certain employees. We have defined corporate expenses as general and administrative costs excluding Depreciation, Stock based compensation, severance and retirement costs, and non-recurring items and other.  Non-recurring items and other includes accruals related to the Company’s LTIP plan that will not be paid until reaching a specified threshold within that plan. We believe presenting this non-GAAP financial measure provides additional information to facilitate comparison of our historical operating costs and their trends, and provides additional transparency on how we evaluate our cost structure. We also believe presenting this measure allows investors to view our performance using the same measure that we use in evaluating our performance and trends.

Corporate expenses reconciliation:

    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2020     2019     2020     2019  
Corporate expenses   $ 1,219     $ 1,404     $ 5,216     $ 7,118  
Depreciation                       808  
Stock based compensation     (14 )     303       965       1,237  
Severance and retirement costs     147       32       2,020       248  
Non-recurring items and other     279       321       1,265       571  
General and administrative expenses   $ 1,631     $ 2,060     $ 9,466     $ 9,982  

MYR Group Inc. Announces Fourth-Quarter and Full Year 2020 Results

MYR Group Inc. Announces Fourth-Quarter and Full Year 2020 Results




MYR Group Inc. Announces Fourth-Quarter and Full Year 2020 Results

HENDERSON, Colo., March 03, 2021 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and western Canada, today announced its fourth-quarter and full year 2020 financial results.

Highlights for Fourth Quarter 2020

  • Record high quarter revenues of $608.0 million
  • Record high quarter net income attributable to MYR Group Inc. of $18.2 million, or $1.07 per diluted share
  • Record high quarter EBITDA of $37.2 million
  • Strong quarter net cash flow from operating activities of $46.5 million and quarter free cash flow of $29.7 million
  • Strong backlog of $1.65 billion

Management Comments
Rick Swartz, MYR’s President and CEO, said, “We finished 2020 with strong financial results in the fourth quarter, and full year revenues were $2.25 billion setting a record high for the sixth consecutive year. Fourth quarter 2020 net income attributable to MYR Group Inc. of $18.2 million, a 42.1 percent increase over the fourth quarter of 2019, and revenues, gross profit, EBITDA net cash flow from operations and free cash flow increased compared to the same period of 2019. Our backlog at the end of the fourth quarter was $1.65 billion, demonstrating our ability to adapt to changing market conditions and leverage strong customer relationships to secure future work.” Mr. Swartz continued, “We remain optimistic about market opportunities as industry sources continue to highlight positive trends in T&D spending, continued resiliency in our primary C&I markets, and increased opportunities in renewables and energy storage. We are eager to continue our positive momentum into 2021 by remaining committed to our clients, implementing new technologies and process improvements, tracking industry developments, and continuing to invest in our people and communities.”

Fourth Quarter Results
MYR reported fourth-quarter 2020 revenues of $608.0 million, an increase of $36.9 million, or 6.5 percent, compared to the fourth quarter of 2019. Specifically, our Transmission and Distribution (“T&D”) segment reported record quarterly revenues of $318.6 million, an increase of $7.6 million, or 2.4 percent, from the fourth quarter of 2019, primarily due to an increase in revenue on distribution projects which include an increase in storm work related to certain weather events, partially offset by a decrease in revenue on transmission projects. Our Commercial and Industrial (“C&I”) segment reported fourth-quarter 2020 revenues of $289.4 million, an increase of $29.3 million, or 11.3 percent, from the fourth quarter of 2019, primarily due to increases in volume associated with the CSI Electrical Contractors, Inc. (“CSI”) acquisition, partially offset by slowdowns associated with the COVID-19 pandemic.

Consolidated gross profit increased to $76.4 million for the fourth quarter of 2020, compared to $68.9 million for the fourth quarter of 2019. Gross margin increased to 12.6 percent for the fourth quarter of 2020 from 12.1 percent for the fourth quarter of 2019. The increase in gross margin was primarily due to an increase in higher margin and storm-related work, successful change order negotiations and better-than-anticipated productivity on certain projects. These improvements were partially offset by labor inefficiencies as well as unfavorable settlements on certain projects. Changes in estimates of gross profit on certain projects resulted in a gross margin decreases of 1.3 percent and 0.5 percent for the fourth quarter of 2020 and 2019, respectively.

Selling, general and administrative expenses (“SG&A”) increased to $50.8 million for the fourth quarter of 2020, compared to $48.1 million for the fourth quarter of 2019. The period-over-period increase was primarily due to an increase in employee incentive compensation costs and other employee-related expenses to support the growth in our operations.

Income tax expense was $7.0 million for the fourth quarter of 2020, with an effective tax rate of 28.0 percent, compared to income tax expense of $5.5 million for the fourth quarter of 2019, which represented 29.9 percent of pretax income. The decrease in the effective tax rate for the fourth quarter of 2020 compared to the fourth quarter of 2019 was primarily due to a favorable impact from stock compensation excess tax benefits partially offset by the impact of the global intangible low tax income (“GILTI”) and other permanent difference items.

For the fourth quarter of 2020, net income attributable to MYR Group Inc. was $18.2 million, or $1.07 per diluted share attributable to MYR Group Inc., compared to $12.8 million, or $0.76 per diluted share, for the same period of 2019. Fourth-quarter 2020 EBITDA, a non-GAAP financial measure, was $37.2 million, or 6.1 percent of revenues, compared to $31.4 million, or 5.5 percent of revenues, in the fourth quarter of 2019.

Full Year Results
MYR reported record revenues of $2.25 billion for the full year of 2020, an increase of $176.2 million, or 8.5 percent, compared to $2.07 billion for the full year of 2019. Specifically, the T&D segment reported revenues of $1.15 billion, an increase of $20.0 million, or 1.8 percent, from the full year of 2019, primarily related to an increase in revenue on distribution projects which include an increase in storm work related to certain weather events, partially offset by a decrease in revenue on transmission projects. The C&I segment reported full year of 2020 revenues of $1.09 billion, an increase of $156.3 million, or 16.7 percent, from the full year of 2019, primarily due to incremental revenues from the CSI acquisition, partially offset by impacts related to the COVID-19 pandemic.

Consolidated gross profit was $275.9 million for the full year of 2020, compared to $214.2 million for the full year of 2019. The increase in gross profit was due to higher margins and revenues. Gross margin increased to 12.3 percent for the full year of 2020 from 10.3 percent for the full year of 2019. The increase in gross margin was primarily due to an increase in higher margin and storm-related work as well as better-than-anticipated productivity on certain projects. These increases were partially offset by labor inefficiencies as well as unfavorable settlements on certain projects. Additionally, gross margin during the full year of 2019 was negatively impacted by projects at lower than historical margins and inefficiencies associated with a joint venture project, that has since been completed. Changes in estimates of gross profit on certain projects resulted in gross margin decreases of 0.8 percent for the full years of 2020 and 2019, respectively.

SG&A increased to $188.5 million for the full year of 2020, from $156.7 million for the full year of 2019. The year-over-year increase was primarily due to the acquisition of CSI and higher employee incentive compensation costs.

Income tax expense was $22.6 million for the full year of 2020, with an effective tax rate of 27.8 percent, compared to income tax expense of $14.2 million for the full year of 2019, with an effective tax rate of 28.2 percent. The decrease in the tax rate for the year ended December 31, 2020 was primarily due to a favorable impact from stock compensation excess tax benefits, partially offset by the impact of GILTI.

For the full year of 2020, net income attributable to MYR Group Inc. was $58.8 million, or $3.48 per diluted share attributable to MYR Group Inc., compared to $37.7 million, or $2.26 per diluted share, for the same period of 2019. Full-year 2020 EBITDA, a non-GAAP financial measure, was $132.4 million, or 5.9 percent of revenues, compared to $101.2 million, or 4.9 percent of revenues, for the full year of 2019.

Backlog
As of December 31, 2020, MYR’s backlog was $1.65 billion, compared to $1.72 billion as of September 30, 2020. As of December 31, 2020, T&D backlog was $753.9 million, and C&I backlog was $895.5 million. Total backlog at December 31, 2020 increased $150.3 million, or 10.0 percent, from the $1.50 billion reported at December 31, 2019.

Balance Sheet
As of December 31, 2020, MYR had $364.6 million of borrowing availability under our $375 million revolving credit facility.

Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

Conference Call
MYR will host a conference call to discuss its fourth-quarter and full year 2020 results on Thursday, March 4, 2021 at 9:00 a.m. Central time. To participate in the conference call via telephone, please dial (877) 561-2750 (domestic) or (763) 416-8565 (international) and enter conference ID 9190145, at least five minutes prior to the start of the event. A replay of the conference call will be available through Thursday, March 11, 2021, at 1:00 P.M. Eastern time, by dialing (855) 859-2056 or (404) 537-3406 and entering conference ID 9190145. MYR will also broadcast the conference call live via the internet. Interested parties may access the webcast through the Investor Relations section of MYR’s website at www.myrgroup.com. Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The webcast will be available until Thursday, March 11, 2021 at 1:00 P.M. Eastern time.

About MYR
MYR is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets throughout the United States and western Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the United States and western Canada. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “encouraged,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “project,” “remain confident,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR’s Annual Report on Form 10-K, and in any risk factors or cautionary statements contained in MYR’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

MYR Group Inc. Contact:
Betty R. Johnson, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com

Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204, dgutierrez@dresnerco.com

Financial tables follow…

MYR GROUP INC.
Consolidated Balance Sheets
As of December 31, 2020 and 2019

(in thousands, except share and per share data) December 31,
2020
  December 31,
2019
       
ASSETS      
Current assets      
Cash and cash equivalents $ 22,668     $ 12,397  
Accounts receivable, net of allowances of  $1,696 and $3,364, respectively 385,938     388,479  
Contract assets, net of allowances of $359 and $147, respectively 185,803     217,109  
Current portion of receivable for insurance claims in excess of deductibles 11,859     6,415  
Refundable income taxes 1,534     1,973  
Other current assets 28,882     12,811  
Total current assets 636,684     639,184  
Property and equipment, net of accumulated depreciation of  $294,366 and $272,865, respectively 185,114     185,344  
Operating lease right-of-use assets 22,291     22,958  
Goodwill 66,065     66,060  
Intangible assets, net of accumulated amortization of  $14,467 and $10,880, respectively 51,365     54,940  
Receivable for insurance claims in excess of deductibles 27,043     30,976  
Investment in joint venture 3,040     4,722  
Other assets 4,257     3,687  
Total assets $ 995,859     $ 1,007,871  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Current portion of long-term debt $ 4,381     $ 8,737  
Current portion of operating lease obligations 6,612     6,205  
Current portion of finance lease obligations 318     1,135  
Accounts payable 162,580     192,107  
Contract liabilities 158,396     105,486  
Current portion of accrued self-insurance 24,395     18,780  
Other current liabilities 86,718     64,364  
Total current liabilities 443,400     396,814  
Deferred income tax liabilities 18,339     20,945  
Long-term debt 25,039     157,087  
Accrued self-insurance 45,428     48,024  
Operating lease obligations, net of current maturities 15,730     16,884  
Finance lease obligations, net of current maturities     338  
Other liabilities 18,631     3,304  
Total liabilities 566,567     643,396  
Commitments and contingencies      
Stockholders’ equity      
Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2020 and December 31, 2019      
Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,734,239 and 16,648,616 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 167     166  
Additional paid-in capital 158,618     152,532  
Accumulated other comprehensive income (loss) 23     (446 )
Retained earnings 270,480     212,219  
Total stockholders’ equity attributable to MYR Group Inc. 429,288     364,471  
Noncontrolling interest 4     4  
Total stockholders’ equity 429,292     364,475  
Total liabilities and stockholders’ equity $ 995,859     $ 1,007,871  
               

MYR GROUP INC.
Consolidated Statements of Operations
Three Months and Twelve Months Ended December 31, 2020 and 2019

  Three months ended
December 31,
  For the year ended
December 31,
(in thousands, except per share data) 2020   2019   2020   2019
               
Contract revenues $ 607,970     $ 571,075     $ 2,247,392     $ 2,071,159  
Contract costs 531,526     502,153     1,971,539     1,857,001  
Gross profit 76,444     68,922     275,853     214,158  
Selling, general and administrative expenses 50,847     48,076     188,535     156,674  
Amortization of intangible assets 577     961     3,586     3,849  
Gain on sale of property and equipment (846 )   (995 )   (2,813 )   (3,543 )
Income from operations 25,866     20,880     86,545     57,178  
Other income (expense):              
Interest income 3     4     9     4  
Interest expense (622 )   (1,727 )   (4,563 )   (6,225 )
Other expense, net (50 )   (921 )   (606 )   (515 )
Income before provision for income taxes 25,197     18,236     81,385     50,442  
Income tax expense 7,047     5,461     22,626     14,228  
Net income 18,150     12,775     58,759     36,214  
Less: net income (loss) attributable to noncontrolling interest             (1,476 )
Net income attributable to MYR Group Inc. $ 18,150     $ 12,775     $ 58,759     $ 37,690  
Income per common share attributable to MYR Group Inc.:              
– Basic $ 1.09     $ 0.77     $ 3.52     $ 2.27  
– Diluted $ 1.07     $ 0.76     $ 3.48     $ 2.26  
Weighted average number of common shares and potential common shares outstanding:              
– Basic 16,724     16,619     16,684     16,587  
– Diluted 17,018     16,748     16,890     16,699  

MYR GROUP INC.
Consolidated Statements of Cash Flows
Twelve Months Ended December 31, 2020 and 2019

  For the year ended
December 31,
(in thousands) 2020   2019
       
Cash flows from operating activities:      
Net income $ 58,759     $ 36,214  
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation and amortization of property and equipment 42,867     40,667  
Amortization of intangible assets 3,586     3,849  
Stock-based compensation expense 5,688     4,403  
Deferred income taxes (2,641 )   3,602  
Gain on sale of property and equipment (2,813 )   (3,543 )
Other non-cash items 1,951     1,029  
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net 2,903     (39,710 )
Contract assets 31,360     (16,443 )
Receivable for insurance claims in excess of deductibles (1,511 )   (9,646 )
Other assets (15,458 )   (10,327 )
Accounts payable (43,079 )   22,492  
Contract liabilities 52,918     28,163  
Accrued self-insurance 3,010     12,755  
Other liabilities 37,627     (8,606 )
Net cash flows provided by operating activities 175,167     64,899  
Cash flows from investing activities:      
Proceeds from sale of property and equipment 3,429     4,051  
Cash paid for acquisitions, net of cash acquired     (79,720 )
Purchases of property and equipment (44,355 )   (57,828 )
Net cash flows used in investing activities (40,926 )   (133,497 )
Cash flows from financing activities:      
Net borrowings (repayments) under revolving lines of credit (103,820 )   45,514  
Payment of principal obligations under equipment notes (32,584 )   (4,550 )
Payment of principal obligations under finance leases (1,238 )   (1,201 )
Borrowings under equipment notes     35,068  
Proceeds from exercise of stock options 749     341  
Debt refinancing costs     (1,122 )
Repurchase of common shares (652 )   (778 )
Other financing activities 13,249     84  
Net cash flows provided by (used in) financing activities (124,296 )   73,356  
Effect of exchange rate changes on cash 326     132  
Net increase in cash and cash equivalents 10,271     4,890  
Cash and cash equivalents:      
Beginning of period 12,397     7,507  
End of period $ 22,668     $ 12,397  
               

MYR GROUP INC.
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three and Twelve Months Ended December 31, 2020 and 2019 and
As of December 31, 2020, 2019, 2018 and 2017

  Three months ended
December 31,
  Twelve months ended
December 31,
(dollars in thousands, except share and per share data) 2020   2019   2020   2019
               
Summary Statement of Operations Data:              
Contract revenues $ 607,970     $ 571,075     $ 2,247,392     $ 2,071,159  
Gross profit $ 76,444     $ 68,922     $ 275,853     $ 214,158  
Income from operations $ 25,866     $ 20,880     $ 86,545     $ 57,178  
Income before provision for income taxes $ 25,197     $ 18,236     $ 81,385     $ 50,442  
Income tax expense $ 7,047     $ 5,461     $ 22,626     $ 14,228  
Net income attributable to MYR Group Inc. $ 18,150     $ 12,775     $ 58,759     $ 37,690  
Effective tax rate 28.0 %   29.9 %   27.8 %   28.2 %
               
Per Share Data:              
Income per common share attributable to MYR Group Inc.:              
– Basic $ 1.09     $ 0.77     $ 3.52     $ 2.27  
– Diluted $ 1.07     $ 0.76     $ 3.48     $ 2.26  
Weighted average number of common shares and potential common shares outstanding:              
– Basic 16,724     16,619     16,684     16,587  
– Diluted 17,018     16,748     16,890     16,699  

(in thousands) December 31,
2020
  December 31,
2019
  December 31,
2018
  December 31,
2017
               
Summary Balance Sheet Data:              
Total assets $ 995,859     $ 1,007,871     $ 748,755     $ 603,788  
Total stockholders’ equity attributable to MYR Group Inc. $ 429,288     $ 364,471     $ 322,984     $ 287,039  
Goodwill and intangible assets $ 117,430     $ 121,000     $ 89,854     $ 57,846  
Total funded debt (1) $ 29,420     $ 165,824     $ 89,792     $ 78,960  
                               

(in thousands) Twelve months ended
December 31,
  2020   2019
Financial Performance Measure (2):      
Reconciliation of Non-GAAP measure:      
Net income attributable to MYR Group Inc. $ 58,759     $ 37,690  
Interest expense, net 4,554     6,221  
Tax impact of interest (1,266 )   (1,754 )
EBI, net of taxes (3) $ 62,047     $ 42,157  
               

See notes at the end of this earnings release

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended December 31, 2020 and 2019

  Three months ended
December 31,
  Twelve months ended
December 31,
(in thousands, except share, per share data, ratios and percentages) 2020   2019   2020   2019
               
Financial Performance Measures (2):              
EBITDA (4) $ 37,239     $ 31,434     $ 132,392     $ 101,179  
EBITDA per Diluted Share (5) $ 2.19     $ 1.88     $ 7.84     $ 6.06  
Free Cash Flow (6) $ 29,656     $ 14,680     $ 130,812     $ 7,071  
Book Value per Period End Share (7)         $ 25.34     $ 21.75  
Tangible Book Value (8)         $ 311,858     $ 243,471  
Tangible Book Value per Period End Share (9)         $ 18.41     $ 14.53  
Funded Debt to Equity Ratio (10)         0.1     0.5  
Asset Turnover (11)         2.23     2.77  
Return on Assets (12)         5.8 %   5.0 %
Return on Equity (13)         16.1 %   11.7 %
Return on Invested Capital (16)         12.0 %   10.4 %
               
Reconciliation of Non-GAAP Measures:              
Reconciliation of Net Income Attributable to MYR Group Inc. to EBITDA:              
Net income attributable to MYR Group Inc. $ 18,150     $ 12,775     $ 58,759     $ 37,690  
Net loss attributable to noncontrolling interest             (1,476 )
Net income 18,150     12,775     58,759     36,214  
Interest expense, net 619     1,723     4,554     6,221  
Income tax expense 7,047     5,461     22,626     14,228  
Depreciation and amortization 11,423     11,475     46,453     44,516  
EBITDA (4) $ 37,239     $ 31,434     $ 132,392     $ 101,179  
               
Reconciliation of Net Income Attributable to MYR Group Inc. per Diluted Share to EBITDA per Diluted Share:              
Net income attributable to MYR Group Inc. per share $ 1.07     $ 0.76     $ 3.48     $ 2.26  
Net loss attributable to noncontrolling interest per share             (0.09 )
Net income per share 1.07     0.76     3.48     2.17  
Interest expense, net, per share 0.04     0.10     0.27     0.37  
Income tax expense per share 0.41     0.33     1.34     0.85  
Depreciation and amortization per share 0.67     0.69     2.75     2.67  
EBITDA per Diluted Share (5) $ 2.19     $ 1.88     $ 7.84     $ 6.06  
               
Calculation of Free Cash Flow:              
Net cash flow from operating activities $ 46,541     $ 33,154     $ 175,167     $ 64,899  
Less: cash used in purchasing property and equipment (16,885 )   (18,474 )   (44,355 )   (57,828 )
Free Cash Flow (6) $ 29,656     $ 14,680     $ 130,812     $ 7,071  
               

See notes at the end of this earnings release.

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
As of December 31, 2020, 2019 and 2018

(in thousands) December 31,
2020
  December 31,
2019
       
Reconciliation of Book Value to Tangible Book Value:      
Book value (total stockholders’ equity attributable to MYR Group Inc.) $ 429,288     $ 364,471  
Goodwill and intangible assets (117,430 )   (121,000 )
Tangible Book Value (9) $ 311,858     $ 243,471  
       
Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share:      
Book value per period end share $ 25.34     $ 21.75  
Goodwill and intangible assets per period end share (6.93 )   (7.22 )
Tangible Book Value per Period End Share (8) $ 18.41     $ 14.53  
       
Calculation of Period End Shares:      
Shares outstanding 16,734     16,649  
Plus: common equivalents 206     112  
Period End Shares (14) 16,940     16,761  
           

(in thousands)   December 31, 2020   December 31, 2019   December 31, 2018
             
Reconciliation of Invested Capital to Stockholders Equity:            
Book value (total stockholders’ equity attributable to MYR Group Inc.)   $ 429,288     $ 364,471     $ 322,984  
Plus: total funded debt   29,420     165,824     89,792  
Less: cash and cash equivalents   (22,668 )   (12,397 )   (7,507 )
Invested Capital (15)   $ 436,040     $ 517,898     $ 405,269  
                         

See notes at the end of this earnings release.

(1) Funded debt includes borrowings under our revolving credit facility and the outstanding balances of our outstanding equipment notes.
(2) These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.
(3) EBI, net of taxes is defined as net income attributable to MYR Group Inc. plus net interest, less the tax impact of net interest. The tax impact of net interest is computed by multiplying net interest by the effective tax rate. Management uses EBI, net of taxes, to measure our results exclusive of the impact of financing costs.
(4) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare MYR Group Inc. operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the company’s core operations. Management further believes that EBITDA is useful to investors and other external users of MYR Group Inc. financial statements in evaluating the company’s operating performance and cash flow because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired.
(5) EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares attributable to MYR Group Inc. outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(6) Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income attributable to MYR Group Inc., cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.
(7) Book value per period end share is calculated by dividing total stockholders’ equity attributable to MYR Group Inc. at the end of the period by the period end shares outstanding.
(8) Tangible book value is calculated by subtracting goodwill and intangible assets at the end of the period from stockholders’ equity attributable to MYR Group Inc. at the end of the period. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or stockholders’ equity attributable to MYR Group Inc.
(9) Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(10) The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total stockholders’ equity attributable to MYR Group Inc. at the end of the period.
(11) Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.
(12) Return on assets is calculated by dividing net income attributable to MYR Group Inc. for the period by total assets at the beginning of the period.
(13) Return on equity is calculated by dividing net income attributable to MYR Group Inc. for the period by total stockholders’ equity attributable to MYR Group Inc. at the beginning of the period.
(14) Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common shares outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period.
(15) Invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total stockholders’ equity attributable to MYR Group Inc.
(16) Return on invested capital is calculated by dividing EBI, net of taxes, less any dividends, by invested capital at the beginning of the period. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.

Regency Centers to Present at the Citi 2021 Global Property CEO Conference

Regency Centers to Present at the Citi 2021 Global Property CEO Conference




Regency Centers to Present at the Citi 2021 Global Property CEO Conference

JACKSONVILLE, Fla., March 03, 2021 (GLOBE NEWSWIRE) — Regency Centers Corporation (NASDAQ: REG) announced today that Lisa Palmer, President and Chief Executive Officer, is scheduled to make a presentation at the Citi 2021 Global Property CEO Conference on Monday, March 8, 2021 at 9:45 AM ET. To listen to the presentation please use the webcast information below.

Citi 2021 Global Property CEO Conference
Date: Monday, March 8, 2021
Time: 9:45 AM – 10:20 AM ET
Speaker: Lisa Palmer – President & Chief Executive Officer
Webcast: 2021 Citi Virtual Global Property CEO Conference
Investor Presentation: Regency Centers February 2021 Investor Presentation

A replay of the webcast will be available for one year following the completion of the conference.

About Regency Centers Corporation (NASDAQ: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent, infill suburban trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.