Monthly Archives: June 2017

Earnings Review and Free Research Report: Ascena Reported Better than Expected Quarterly Sales Results

Research Desk Line-up: Destination Maternity Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Ascena Retail Group, Inc. (NASDAQ: ASNA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ASNA, following the Company’s posting of its third quarter fiscal 2017 financial results on June 08, 2017. The parent of Ann Taylor and Loft stores reported a y-o-y decline in sales and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Apparel Stores industry. Pro-TD has currently selected Destination Maternity Corporation (NASDAQ: DEST) for due-diligence and potential coverage as the Company announced on June 08, 2017, its financial results for Q1 FY17 which ended on April 29, 2017. Register for a free membership today, and be among the early birds that get access to our report on Destination Maternity when we publish it.

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Earnings Reviewed

For its fiscal third quarter ended April 29, 2017, Ascena’s net sales on a GAAP basis were $1.57 billion compared to $1.67 billion in Q3 FY16. The decrease in sales reflected the impact of the 8% comparable sales decline, primarily attributed to store traffic, which was down high single digits to low double digits across the Premium Fashion, Value Fashion, and Plus Fashion segments. The Company’s revenue numbers were ahead of analysts’ expectations of $1.56 billion.

For Q3 FY17, Ascena’s gross margin on a GAAP basis decreased to $948 million, or 60.6% of sales, compared to $1.02 billion, or 60.9% of sales, in Q3 FY16. The decrease in gross margin rate was primarily due to pricing challenges at the Company’s Kids Fashion segment, which realized a 400-basis point decline related to clearance of two major fashion drops. Ascena’s Value Fashion segment experienced a 160-basis point decline related to a higher level of promotional selling and increased markdown requirements, partially offset by improved economics related to the segment’s new credit card program.

Ascena’s buying, distribution, and occupancy (“BD&O”) expenses on a GAAP basis for Q3 FY17 declined 4% to $313 million, or 20.0% of sales, compared to $325 million, or 19.5% of sales, in Q3 FY16. The decline is BD&O expenses were attributed to lower occupancy expenses, lower performance-based compensation, and approximately $10 million in transformation savings and synergies. BD&O expenses as a percentage of net sales increased primarily due to the deleveraging effect of lower comparable sales.

For Q3 FY17, selling, general, and administrative (“SG&A”) expenses declined 5% to $506 million, or 32.3% of sales, compared to $536 million, or 32.1% of sales, in the year-ago corresponding period. SG&A expenses as a percentage of net sales increased primarily due to the deleveraging effect of lower comparable sales. Ascena’s operating loss for Q3 FY17 was $1.31 billion compared to operating income of $57 million in Q3 FY16.

Ascena reported a net loss of $1.03 billion, or $5.29 per diluted share, in Q3 FY17 compared to net income of $15 million, or $0.08 per diluted share, in Q3 FY16. The loss in the reported quarter included a non-cash pre-tax impairment charge of $1.32 billion to write-down a portion of the Company’s goodwill and other intangible assets. Ascena’s adjusted earnings totaled $0.05 per share but fell short of Wall Street’s expectations of $0.06 per share.

Balance Sheet Highlights

Ascena ended Q3 FY17 with cash and cash equivalents of $300 million. Of this amount, approximately $251 million was held outside of the US. The Company ended the reported quarter with inventory of $714 million, down 3% from $739 million at the end of the year ago same period. Ascena’s capital expenditures in Q3 FY17 totaled $52 million. The Company ended the reported quarter with total debt of $1.67 billion, which consisted of $1.597 billion of the term loan used to acquire ANN and $73 million of borrowings outstanding under Ascena’s revolving credit facility.

Fourth Quarter and Fiscal Year 2017 Outlook

Ascena expects to incur a loss on a non-GAAP EPS basis of $0.06 to $0.01 during Q4 FY17 and projects FY17 non-GAAP EPS in the range of $0.10 to $0.15.

Stock Performance

At the close of trading session on Tuesday, June 27, 2017, Ascena Retail’s stock price jumped 9.74% to end the day at $2.14. A total volume of 3.96 million shares were exchanged during the session. The Company’s share price has surged 23.70% in the past one month. The stock currently has a market cap of $417.19 million.

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Earnings Review and Free Research Report: Patheon’s Q2 Results Topped Estimates; To be Acquired by Thermo Fisher

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Patheon N.V. (NYSE: PTHN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PTHN, following the Company’s posting of its financial results for the second quarter fiscal 2017 (Q2 FY17) on June 08, 2017. The Durham, North Carolina-based Company reported a 3.2% y-o-y growth in its quarterly revenue, whereas its gross profit rose 1.7% on a y-o-y basis during the reported quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

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Earnings Reviewed

During the quarter ended on April 30, 2017, Patheon reported revenue of $483.4 million compared to $468.6 million recorded at the end of Q2 FY16. Revenue numbers for Q2 FY17 beat market consensus estimates of $466 million. The Company’s cost of goods sold also rose during Q2 FY17 to $342.7 million from $330.3 in the last year’s comparable quarter.

The pharmaceutical development and manufacturer’s net income from continuing operations improved to $27.6 million, or $0.19 per diluted share, in Q2 FY17 from $1.9 million, or $0.02 per diluted share. The Company’s adjusted net income came in at $28.6 million, or $0.20 per diluted share, in Q2 FY17 compared to $27.5 million, or $0.24 per diluted share, in Q2 FY16. Furthermore, Wall Street had expected the Company to report net income from continuing operations of $0.19 per diluted share.

Operational Metrics

For the reported quarter, the Company’s gross profit stood at $140.7 million compared to $138.3 million in Q2 FY16. During Q2 FY17, Patheon’s selling, general, and administrative expenses were $92.1 million versus $74.8 million in the prior year’s corresponding quarter. The Company’s operating income for Q2 FY17 came in at $37.8 million compared to $52.8 million in Q2 FY16. The Company reported adjusted EBITDA of $94.2 million for Q2 FY17 versus $98.0 million in the last year’s comparable quarter.

Segment-wise

Patheon’s Drug Product Services segment’s reported a y-o-y growth in revenues to $297.2 million from $287.4 million in Q2 FY16. The segment’s adjusted EBITDA improved to $77.4 million in Q2 FY17 from $72.7 million in the previous year’s same quarter.

Pharmaceutical Development Services segment’s revenue rose to $57.8 million in Q2 FY17 from $53.4 million in the previous year’s same quarter. Furthermore, the segment reported adjusted EBITDA of $18.4 million in Q2 FY17 compared to $16.7 million in the prior year’s comparable quarter.

The Company’s Drug Substance Services segment’s revenue also increased during Q2 FY17 to $129.2 million from $127.9 million in Q2 FY16. During the reported period, the segment adjusted EBIDTA came in at $26.1 million compared to $30.8 million in Q2 FY16.

Cash Flow & Balance Sheet

During the first half of FY17, cash provided by operating activities of continuing operations was $20.9 million compared to cash used in operating activities of continuing operations of $43.0 million in the prior year’s same period. At the close of books on April 30, 2017, Patheon had $92.7 million in cash and cash equivalents compared to $165.0 million at the close of books on October 31, 2016. The Company’s long-term debt stood at $2.07 billion as on April 30, 2017, compared to $2.05 billion as on October 31, 2016.

Acquisition

In a separate press release on May 15, 2017, Patheon announced that its Boards of Directors and that of Thermo Fisher Scientific Inc.’s (NYSE: TMO) have approved Thermo Fisher’s acquisition of Patheon. Thermo Fisher will commence a tender offer to acquire all of the issued and outstanding shares of Patheon for $35.00 per share in cash. The transaction represents a purchase price of approximately $7.2 billion, which includes the assumption of approximately $2.0 billion of net debt.

Stock Performance

On Tuesday, June 27, 2017, the stock closed the trading session at $34.84, marginally up 0.11% from its previous closing price of $34.80. A total volume of 296.69 thousand shares have exchanged hands. Patheon’s stock price soared 0.84% in the last one month, 34.21% in the past three months, and 23.07% in the previous six months. Furthermore, since the start of the year, shares of the Company surged 21.35%. The stock is trading at a PE ratio of 46.08. At Tuesday’s closing price, the stock’s net capitalization stands at $5.06 billion.

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Earnings Review and Free Research Report: J. M. Smucker Reports Better than Expected Results

Research Desk Line-up: Coffee Holding Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The J.M. Smucker Co. (NYSE: SJM), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SJM, following the Company’s release of its first quarter fiscal 2018, ended April 30, 2017, earnings results on June 08, 2017. The consumer and pet foods seller reported a y-o-y decline in sales and earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Processed & Packaged Goods industry. Pro-TD has currently selected Coffee Holding Co., Inc. (NASDAQ: JVA) for due-diligence and potential coverage as the Company announced on June 13, 2017, its operating results for the three and six months which ended on April 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Coffee Holding when we publish it.

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Earnings Reviewed

J. M. Smucker reported that for the quarter ended April 30, 2017, revenue declined 1% to $1.78 billion from $1.81 billion in Q4 FY16, driven by better-than-expected US retail coffee and consumer foods sales offset a miss in pet foods sales. The Company’s revenue topped analysts’ expectations of $1.77 billion,

For Q4 FY17, J. M. Smucker’s gross profit decreased 6% to $646.8 million, driven by an unfavorable change in derivative gains and losses. Lower volume/mix also contributed to the gross profit decline. On a non-GAAP basis, the Company’s adjusted gross profit decreased 2%, with the primary difference from GAAP results being the exclusion of a $30.8 million unfavorable change in unallocated derivative gains and losses.

The Company’s selling, distribution, and administrative (“SD&A”) expenses fell 5% to $334.4 million, primarily driven by incremental synergy realization. For Q4 FY17, J. M. Smucker’s operating income reduced by $49.4 million on a y-o-y basis to $196.7 million, reflecting a $57.5 million non-cash impairment charge, primarily related to certain indefinite-lived trademarks within the US Retail Pet Foods segment, and a $33.0 million reduction in special project costs. The Company’s adjusted operating income increased 2% on a y-o-y basis.

J.M. Smucker’s net income per diluted share was $0.96 in Q4 FY17 including a non-cash impairment charge primarily related to certain indefinite-lived trademarks within the US Retail Pet Foods segment compared to $1.61 in the prior year. The Company’s adjusted earnings per share was $1.80 in the reported quarter compared to $2.23 in the prior year’s same quarter and ahead of Wall Street’s expectations for earnings of $1.72 per share

For FY17, the Company’s net income per diluted share was $5.10. For the full year, adjusted earnings per share were $7.72 compared to $7.79 in the prior year.

Segment Results

During Q4 FY17, J. M. Smucker’s US Retail Coffee segment’s net sales decreased $6.7 million on a y-o-y basis to $505.9 million. The segment’s volume/mix reduced net sales by 5% driven by declines for the Folgers® brand, partially offset by gains for the Café Bustelo® and Dunkin’ Donuts® brands. The lower volume/mix was mostly offset by higher net price realization. The segment’s profit decreased $23.9 million to $149.9 million due to the impact of volume/mix.

For the reported quarter, the Company’s US Retail Consumer Foods’ segment’s net sales increased $0.1 million to $473.8 million. Higher net price realization primarily driven by the Smucker’s® and Jif® brands, contributed 2% of growth. This was offset by lower volume/mix, primarily attributed to the Crisco® and truRoots® brands. The segment’s profit increased $17.0 million to $108.7 million, reflecting higher net pricing and lower manufacturing overhead costs, as well as incremental synergy realization. These factors were partially offset by an increase in marketing expense.

During Q4 FY17, US Retail Pet Foods’ net sales decreased $28.4 million to $534.5 million, primarily due to lower net price realization which reduced net sales by 4%. Volume/mix reduced net sales by 1% as gains for Nature’s Recipe® and Milk-Bone® brands were more than offset by declines across the rest of the portfolio, most notably 9Lives® and Meow Mix® cat food. The segment’s profit had decreased $20.1 million to $118.0 million as the decline in net sales and increased distribution expense was partially offset by lower input costs.

Outlook

For FY18, J.M. Smucker is forecasting net sales to increase approximately 1% from fiscal 2017, primarily reflecting higher net price realization. The Company expects adjusted earnings per share is expected to range from $7.85 to $8.05, based on 113.6 million shares outstanding, thus reflecting the Company’s repurchase of 3.0 million shares in Q4 FY17.

Stock Performance

On Tuesday, June 27, 2017, J.M. Smuckers stock closed the trading session at $120.17, falling 1.55% from its previous closing price of $122.06. A total volume of 880.98 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 23.58 and have a dividend yield of 2.50%. The stock currently has a market cap of $13.67 billion.

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Earnings Review and Free Research Report: VeriFone Surpassed Top-line Expectations

Research Desk Line-up: Steelcase Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on VeriFone Systems, Inc. (NYSE: PAY), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PAY, following the Company’s reporting of its second quarter fiscal 2017 financial results on June 08, 2017. The maker of terminals for electronic payments met markets earnings estimates and provided guidance for the next quarter and fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Business Equipment industry. Pro-TD has currently selected Steelcase Inc. (NYSE: SCS) for due-diligence and potential coverage as the Company reported on June 21, 2017, its financial results for Q1. Register for a free membership today, and be among the early birds that get access to our report on Steelcase when we publish it.

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Earnings Reviewed

For the three months ended April 30, 2017, VeriFone’s net revenues of $474 million declined 10% compared to revenue of $526 million in Q2 FY16. The Company’s revenue numbers outperformed analysts’ expectations of $471.9 million.

VeriFone’s consolidated gross margin in Q2 FY17 was 39.5%, consistent with its own expectations, down 2.9 pts on a y-o-y basis, while it grew 60 basis points sequentially. The Company’s consolidated operating expenses were $254 million in the reported quarter, up 33% on a y-o-y basis, while restructuring and related charges totaled $69 million in the reported quarter, primarily attributable to its Petro Media business, where the Company recorded $50 million in net charges related to terminating certain customer agreements and other activities associated with forming the joint venture.

For Q2 FY17, VeriFone reported a net loss of $89.3 million, or $0.80 per share, versus earnings of $2.9 million, or $0.03 per share, in Q2 FY16. Adjusted for non-recurring items, the Company reported earnings of $0.30 per share compared with $0.47 per share in the prior year’s same quarter. VeriFone’s earnings met Wall Street’s expectations of $0.30 per share.

Segment Results

Q2 FY17 revenues for VeriFone’s Systems business was $285.7million, reflecting an increase of 8% from the prior quarter but down approximately 16.6% on a y-o-y basis. The Company attributed the y-o-y decline on difficult comp created by the prior year surge in US EMV-related demand. Systems margins of 38.7% in Q2 were higher sequentially by 80 basis points, driven by continued cost reductions in operations and supply chain.

VeriFone’s Services business delivered revenue of $188.0 million in Q2 FY17, up 2.3% on a y-o-y basis. Services strength in Latin America was offset by lower sales of Petro Media. The Company’s gross margins in Services segment were 40.7%, up slightly from the prior quarter.

In North America, VeriFone delivered revenue of $158 million, representing a 27% decline on a y-o-y basis and down 6% sequentially. The sequential decline was limited to the Company’s Petro vertical. VeriFone’s retail vertical grew by 12% sequentially, benefiting from several large QSR deployments, onboarding of new Payment-as-a-Service clients, as well as refresh business with early Tier 1 retail adopters of EMV.

In Latin America, VeriFone’s revenues for Q2 FY17 were $63 million, down 10% on a y-o-y basis. In Europe, Middle-East, and Africa, the Company’s revenues of $178 million were down 10% from the prior year and up 6% sequentially.

In Asia, VeriFone generated revenues of $76 million, up more than 50% on a y-o-y basis and more than 20% sequentially, driven by demand for its devices in India as a main driver of growth. The Company stated that its reported quarter revenue surpassed its total sales in this country for all of FY16. Additionally, VeriFone reported that several Asia/Pacific emerging markets, including Thailand and Malaysia, grew by low double digits year-on-year.

Balance Sheet

VeriFone ended the quarter with total cash of $134 million, gross debt of $878 million, and net debt of $744 million. The Company’s cash conversion cycle was 62 days in Q2 versus 74 days in Q1. This metric was helped by a 6-day increase in days of accounts payable due to the timing of payments and improved terms driven by supplier consolidation as well as strategic supply chain initiatives.

For Q2 FY17, VeriFone delivered cash flow from operations totaling $36 million and free cash flow of $19 million. Year-to-date, the Company’s free cash flow conversion ratio is approximately 80%. The Company reduced its CapEx with total outlays of $17 million during the reported quarter compared to $28 million in Q2 FY16.

Outlook

For FY17, VeriFone is forecasting GAAP net revenues of approximately $1.861 billion to $1.866 billion and GAAP net loss per diluted share of approximately $0.51 to $0.53. The Company is expecting non-GAAP net revenues of approximately $1.865 billion to $1.870 billion with non-GAAP net income per diluted share of $1.32 to $1.34.

For Q3 FY17, VeriFone is projecting GAAP and non-GAAP net revenues of approximately $463 million to $465 million. The Company is estimating GAAP net income per diluted share of approximately $0.14 to $0.15 and non-GAAP net income per diluted share of $0.35 to $0.36 in the upcoming quarter.

Stock Performance

At the close of trading session on Tuesday, June 27, 2017, VeriFone Systems’ stock price slightly declined 0.06% to end the day at $17.69. A total volume of 2.38 million shares were exchanged during the session, which was above the 3-month average volume of 1.77 million shares. The Company’s stock advanced 3.69% in the last twelve months. At Tuesday’s closing price, the stock’s net capitalization stands at $1.98 billion.

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Earnings Review and Free Research Report: Xactly’s Sales Increased 6%

Research Desk Line-up: Guidewire Software Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Xactly Corp. (NYSE: XTLY), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=XTLY, following the Company’s announcement of its first quarter fiscal 2018 financial results on June 08, 2017. The provider of cloud-based incentive solutions, which is set to be acquired by Vista Equity, reported that net loss narrowed on per share basis during the reported period. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Business Software & Services industry. Pro-TD has currently selected Guidewire Software, Inc. (NYSE: GWRE) for due-diligence and potential coverage as the Company announced on June 01, 2017, its financial results for Q3 FY17 which ended on April 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Guidewire Software when we publish it.

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Earnings Reviewed

For the three months ended April 30, 2017, Xactly reported total revenue of $24.6 million, up 6% compared to revenue of $23.3 million for the three months ended April 30, 2016.

For Q1 FY18, Xactly’s Subscription services revenue increased 13% to $19.50 million compared to $17.32 million in Q1 FY17, driven by the addition of new customers and to a lesser extent, an increase in subscribers at existing customers, as well as the sale of additional modules to existing customers. The Company’s Professional services revenue totaled $5.14 million, down 13% compared to revenue of $5.93 million in the prior year’s same quarter. The decline was attributed to a drop in the Company’ professional services average hourly billing rate.

Xactly’s cost of revenue increased by 10% on a y-o-y basis to $9.73 million in Q1 FY18 compared to cost of revenue of $9.68 million in Q1 FY17. The Company’s cost of subscription services revenue increased 11% on a y-o-y basis to $4.61 million, while the cost of professional services fell 8% to $5.13 million.

Xactly’s overall gross margin increased to 60% for Q1 FY18 compared to 58 % for Q1 FY17. The Company’s Research and Development expenses increased by 12% to $4.88 million for the reported quarter, driven by an increase in personnel costs related to increased headcount and an increase in stock-based compensation expense. Xactly’s sales and marketing expenses totaled $9.98 million for the reported quarter, up 8% compared to the prior year’s same quarter due to a rise in personnel costs related to increased headcount, growth in stock-based compensation expense, and an increase in marketing and promotions.

For Q3 FY17, Xactly reported a net loss of $4.35 million, or $0.14 per share, compared to net loss of $4.32 million, or $0.15 per diluted share, in Q3 FY16.

Customer Base

As of April 30, 2017, Xactly had approximately 303,000 subscribers compared to approximately 268,000 subscribers at April 30, 2016, reflecting an increase of approximately 13%. No single customer accounted for more than 5% of our revenue for the three months ended April 30, 2017 or for the same period in 2016. While approximately 56% of the Company’s customers were enterprise and mid-market companies, Xactly derived approximately 93% of its revenue from enterprise and mid-market customers for the reported quarter.

Cash Matters

Xactly generated $2.9 million in cash from operating activities for Q3 FY17 compared to cash utilization of $1.4 million for operating activities in Q3 FY16. As of April 30, 2017, and January 31, 2017, the Company had deferred revenue of $57.8 million and $56.9 million, respectively.

Xactly generated $0.5 million in cash from financing activities for the three months ended April 30, 2017, which was primarily due to proceeds of $1.6 million from the exercise of stock options and issuance of common stock under its Employee Stock Purchase Plan (ESPP).

As of April 30, 2017, Xactly had cash, cash equivalents, and marketable securities of $44.2 million, which were predominantly denominated in US dollars and consisted of bank deposits, money market funds, corporate bonds and notes, US Treasuries, certificates of deposit, and commercial paper.

Acquisition Update

On May 30, 2017, Xactly announced that it has entered into a definitive agreement to be acquired by Vista Equity Partner, a leading private equity firm focused on investments in software, data, and technology-enabled businesses.

Under terms of the agreement, affiliates of Vista will acquire all outstanding shares of Xactly’s common stock for a total value of approximately $564 million. Xactly’s stockholders will receive $15.65 in cash per share, representing approximately 17% premium to the closing price as of May 26, 2017, and approximately 31% premium compared to the 3-month volume weighted average price of Xactly’s common stock.

The closing of the transaction is subject to customary closing conditions, including the approval of Xactly’s stockholders and antitrust approval in the United States. The transaction is expected to close in the third quarter of 2017’s calendar year.

Stock Performance

Xactly’s share price finished yesterday’s trading session flat at $15.65. A total volume of 395.41 thousand shares have exchanged hands. The Company’s stock price skyrocketed 34.33% in the last three months, 40.36% in the past six months, and 38.86% in the previous twelve months. Additionally, the stock soared 42.27% since the start of the year. The stock currently has a market cap of $499.08 million.

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ReleaseID: 466939

Oxford Enters into Agreement for Florida Property

TORONTO, ON / ACCESSWIRE / June 28, 2017 / Oxford Investments Holdings Inc. (“Oxford” or the “Company”) (OTC PINK: OXIHF) is pleased to announce that its US-based subsidiary, Pioneer Green Inc., has entered into a lease-to-purchase agreement for 12 acres of arable land in Florida. Pioneer Green will immediately initiate preparing the property to commence commercial nursery operations with its Florida partner, Drymon’s Citrus Nursery.

As per the Company’s press release dated June 13, 2017, Pioneer Green Inc. is in the early stages of pursuing a license to grow and distribute marijuana for medical purposes in the State of Florida. The Company is actively working to meet all the necessary requirements for submission of a Florida medical marijuana license application.

Oxford is in the process of implementing a strategic initiative to diversify the Company’s sources of revenue by actively pursuing merger and acquisition opportunities in the rapidly emerging medical marijuana industry in Canada and the United States. Oxford is well positioned to provide credit card processing to medical marijuana producers and dispensaries if, as, or when legislation is passed enabling financial institutions to accept payments for the purchase and sale of marijuana.

About Oxford Investments Holdings Inc.

Oxford Investments Holdings Inc. is establishing itself as a leading payment solutions provider. The Company acts as a third-party processor, directing online merchants who require credit card processing to the company’s network of processors whose payment gateways are integrated into a number of banks in China. Oxford earns commission revenues from the processors while minimizing its infrastructure requirements and overhead costs. Oxford, through its partner, Koho Group, has also established relationships in the Chinese financial and electronic payments industries.

FORWARD-LOOKING STATEMENTS DISCLAIMER:

Statements in this press release, which are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company’s financial condition and prospects, legal risks associated with product liability and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on suppliers, risks relating to international operations, risks associated with competition and other risks detailed in the Company’s filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.

This release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be a sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the laws of any such jurisdiction. This press release was accurate at the time it was issued but may not reflect the Company’s current strategy or product offerings.

Contacts:

Oxford Investments Holdings Inc.
Michael Donaghy 1-416-576-4671
Website: www.oxsof.com

SOURCE: Oxford Investments Holdings, Inc.

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Investor Network: Paychex, Inc. to Host Earnings Call

NEW YORK, NY / ACCESSWIRE / June 28, 2017 / Paychex, Inc. (NASDAQ: PAYX) will be discussing their earnings results in their Q4 Earnings Call to be held June 28, 2017 at 9:30 AM Eastern Time.

To listen to the event live – visit https://www.investornetwork.com/company/22447.

Replay Information

The replay will be available online at https://www.investornetwork.com/company/22447.

About Investor Network

Investor Network (IN) is a new financial content community, serving millions of unique investors market information, earnings, commentary and news on the what’s trending. Dedicated to both the professional and the average traders, IN offers timely, trusted and relevant financial information for virtually every investor. IN is an Issuer Direct brand, to learn more or for the latest financial news and market information, visit www.investornetwork.com. Follow us on Twitter @investornetwork.

SOURCE: Investor Network

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New Age Farm Signs Definitive J/V Agreement to Secure Three Additional Tenant Growers and Option on 11 Acres in Moses Lake, Washington State

VANCOUVER, BC / ACCESSWIRE / June 28, 2017 / New Age Farm Inc. (CSE: NF) (OTC PINK: NWGFF) (FSE: ONF) (www.newagefarminc.com)(“New Age Farm” or the “Company”), is pleased to announce that, further to the New Release of April 12, 2017, the signing of a Definitive J/V Agreement between its Washington State subsidiary, New Age Farm Washington, LLC (“NAF Washington”) and David Baker (“Baker”) to secure three additional tenant growers, along with a lease to own option on eleven acres of industrial land in Moses Lake, WA (the “J/V”).

Under the terms of the J/V, NAF Washington and Baker have formed a 50/50 joint partnership corporation in Washington State, CannaUsa LLC (“CannaUsa”), that will hold the lease on the eleven acres of industrial land in Moses Lake, WA (“Moses Lake”). This will increase the Company’s Washington State property holdings to three separate agri-campuses in Sumas, Oroville and Moses Lake. In addition, Baker will bring three Tier 3 Production/Processing licensees to CannaUsa, and these licensees will become the Company’s newest tenant-growers.

CannaUsa will build out and operate greenhouse facilities on the Moses Lake Property that will accommodate New Age Farm’s tenant-growers for year round indoor operations. The Company’s current strategy calls for complete site preparation including site grading, security cameras and fencing, power and all other additional required utilities. Updates will be provided on an ongoing basis.

On completion of the Moses Lake agri-campus, New Age will have in excess of 250,000 square feet of canopy growing space available to its tenant-growers at its three Washington state locations. The Moses Lake agri-campus will be structured to allow for a total growing capacity of approximately 170,000 square feet of canopy space – this means up to five Tier 3 tenant-growers and one additional Tier 2 tenant-grower can be housed at the facility.

Carman Parente, President and CEO of New Age Farm, commented, “When at full operating capacity, these additional Tier 3 tenant-growers at Moses Lake will have the capacity to generate between US$6 and $8 million in gross revenues per month from their operations . With our turnkey tenant-grower model, where our clients pay base rent and fees for our specialized services such as the expertise of our master growers, our storage, processing and production capabilities, New Age Farm is positioned to begin generating significant income over the next year.”

The JV remains subject to regulatory approval. The Company may pay a finder’s fee in accordance with CSE policies.

About New Age Farm

British Columbia

Through its wholly-owned subsidiary, NHS Industries Ltd. (“NHS”), New Age Farm owns a five and a half acre facility in the lower mainland of BC that includes a 48,000 square foot greenhouse. NHS is in the process of formulating innovative proposals for small scale agricultural facilities for exploring multiple avenues for cash flow processes. Anticipating Canadian federal government regulations regarding the legalization of cannabis for recreational purposes is one avenue that NHS will be exploring. NHS also intends to look at other high value crop possibilities such as hemp and its potential revenue generation. Management’s intent is for NHS to achieve positive cash flow as expediently as possible, all the while developing and maintaining multiple product income streams that will foster profitability, rather than relying on a single market sector.

Washington State

Through its Washington State subsidiary, New Age Farm has two properties, one located in Sumas, WA, and the other in Oroville, WA, where it offers fully built out turnkey service operations to licensed I-502 tenant-growers who will lease the facilities for production and / or processing. With three leases already in place, operations in Washington State have begun and will expand further as the Company completes its build outs. In compliance with state regulatory requirements, New Age Farm’s facilities feature 24 hour security that enhances the safety and security of the community, our tenant-growers and their operations. All New Age Farm’s tenant-growers hold either Tier 2 or Tier 3 licenses allowing them to produce and / or process marijuana for sale at wholesale to marijuana processor licensees and to other marijuana producer licensees. A Tier 3 license allows for between ten thousand square feet and thirty thousand square feet of dedicated plant canopy while Tier 2 licensees can have up to ten thousand square feet of dedicated plant canopy. Revenue is generated on a base lease rate and the level of service that the tenant-grower requires for its production and / or its processing needs.

About the Washington I-502 Marijuana Market

Sales of marijuana products in Washington State have for the first time surpassed $200 million in a quarter. The News Tribune reports residents and visitors bought more marijuana than ever before in the second quarter of 2016, based on an analysis of purchase and tax records from two state agencies. In the first quarter of 2016 January, February and March people spent $54.8 million mor4e on spirits than marijuana, which includes the cost of the products and its associated taxes. By the second quarter April, May and June that gap closed to nearly $37 million. Those amounts include taxes levied by the state on those products. Spirits sales do not include wine and beer. Marijuana sales include all cannabis products, but not paraphernalia. Marijuana sales in the second quarter of 2016 amounted to nearly $212 million. Spirits sales in the same period amounted to almost $249 million. In July, the state closed medical marijuana shops, making all sales go through licensed recreational marijuana storefronts. Sales at retail pot shops shot up by $66.6 million in the third quarter of the year, to $278.6 million. Washington voters legalized recreational marijuana in 2012. In the fall of 2016 voters in California, Massachusetts and Nevada approved recreational pot. Colorado, Oregon and Alaska have also legalized recreational marijuana.

http://www.thenewstribune.com/news/business/article115802063.html

For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com. Visit the Company’s website at www.newagefarminc.com for more information and to view a video of the Oroville facility: http://newagefarminc.com/

On Behalf of the Board Of Directors

Carman Parente
President and Chief Executive Officer
cparente@newagefarminc.com

For Further Information Contact

Catherine Jones
Corporate Communications
corpcom@newagefarminc.com
(888) 871-3936
WWW.NEWAGEFARMINC.COM
Follow us on Facebook, Twitter and Instagram.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms, the availability of contractors and materials, planned occupancy by the tenant-growers, commencement of operations, weather and other natural factors that may affect agriculture based businesses, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.

SOURCE: New Age Farm Inc.

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Featured Company News – ENGlobal Announces an Agreement with Coggins International; Views Fuel Supply Chain Advancement

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for ENGlobal Corp. (NASDAQ: ENG), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ENG. ENGlobal Government Services, Inc., a wholly-owned subsidiary of ENGlobal Corp., announced on June 26, 2017, that it has entered into a Strategic Alliance Agreement with Coggins International Corporation, a market leading firm, in automation, training, IT and cyber security services. This agreement enhances a complete set of skills for both Companies in the areas of fuel supply chain automation, along with IT systems for global US defense applications. For immediate access to our complimentary reports, including today’s coverage, register for free now at: http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ENG. Go directly to your stock of interest and access today’s free coverage at: http://protraderdaily.com/optin/?symbol=ENG.

The Announcement

The combined expertise from ENGlobal, which excels in design, installation, and maintenance of Automated Fuel Handling Equipment, Automated Tank Gauges, and CyberSecurity, will complement Coggins’ complete systems engineering and integration services for enterprise-based Supervisory Control and Data Acquisition Systems and Cyber security. Each Company holds in its own right a long and respected history in supporting the US Army with fuel supply chain related services. William A. Coskey, P.E., CEO of ENGlobal, stated that:

“We greatly look forward to working with our new alliance partner on our important mission in supporting the US Military fueling systems.”

The Complementary Ventures

Both Coggins and ENGlobal, owing to their extensive history, will grow into a successful alliance, according to ENGLobal, where it views working opportunities through the new alliance partner to support the US military fueling systems. Coggins International expects the new alliance to broaden its Turnkey Automation and Technology Solutions capabilities for advanced solutions delivery. The existing synergies between the two organizations are highly advantageous for Defense SCADA and Automation applications, developed on a rich history of a long collaboration.

ENGlobal

ENGlobal currently operates through two business segments: Engineering and Automation services primarily to the energy sector throughout the United States and internationally. While the Automation segment provides services related to design, fabrication, and implementation of distributed control, instrumentation, and process analytical systems. The Engineering segment delivers consulting services for the development, management, and execution of projects, which requires professional engineering, construction management, and related support services.

The ENGlobal Government Services, Inc., operates under the Company’s Engineering segment, hence delivering engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems, specifically for the US Defense industry, across the world.

The Biomass Power Project

On March 02, 2016, ENGlobal announced that it is being awarded the Basic Engineering and Design for a world-class biomass power plant located in Europe. The planned installation, post completion, will be among the ten largest biomass facilities across the world. According to the initial scope of work, the agreement was valued at about $2 million and would be led by the Company’s Denver, Colorado engineering office.

The plant will have a power generation capacity of 300MW and will incorporate multiple gasification boiler systems to produce steam for use in turbine generators. The eco-friendly design also met all the applicable environmental standards and featured extensive use of waste thermal energy through efficient recycling processes, and eventually will help assist with EU carbon reduction objectives.

Last Close Stock Review

On Tuesday, June 27, 2017, ENGlobal’s stock closed the trading session at $1.29, jumping 11.21% from its previous closing price of $1.16. A total volume of 98.92 thousand shares were exchanged during the session, which was above the 3-month average volume of 45.62 thousand shares. The Company’s share advanced 9.32% in the previous twelve months. The stock currently has a market cap of $34.68 million.

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PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

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CONTACT

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Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 466929

Featured Company News – VOXX International to Sell its Car Communication Business to TE Connectivity

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for VOXX International Corp. (NASDAQ: VOXX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=VOXX. The Company, which is a leading manufacturer and supplier of automotive, consumer electronics, and premium audio products, announced on June 26, 2017, that it has entered into a definitive agreement to sell Hirschmann Car Communication GmbH and its worldwide subsidiaries to a subsidiary of TE Connectivity Ltd (NYSE: TEL). Under terms of the agreement, TE Connectivity will acquire Hirschmann for an enterprise value of €148.5 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at: http://protraderdaily.com/register/.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VOXX and TEL. Go directly to your stock of interest and access today’s free coverage at:

http://protraderdaily.com/optin/?symbol=VOXX

http://protraderdaily.com/optin/?symbol=TEL

The Announcement

According to the announcement, VOXX International will continue to operate in the Automotive Industry and will retain its ongoing OEM business through VOXX Hirschmann Corporation, which is not part of this transaction. The Company will also resume its Automotive Aftermarket business through its proprietary brands and 3rd party distribution agreements. Under the continued operations, VOXX will resume the development of rear-seat infotainment solutions, in which VOXX is the market leader.

Under terms of the agreement, TE Connectivity will acquire Hirschmann for about $166 million (€148.5 million), where the final purchase price is subject to further net cash and working capital adjustments. Business lines that will be sold under the agreement, including Hirschmann’s antenna, smart antenna, multi-digital tuner, and commercial asset tracking business, which also encompasses multiple technologies and product portfolios. VOXX International will phase out the VOXX/Hirschmann name over a period two years.

TE Connectivity views this acquisition as a step to expand its product portfolio further and to enhance the integrated, highly engineered solutions offered for connected and autonomous vehicles worldwide. The Company finds Hirschmann’s leading Antenna technology complementary to its sensing and connecting capabilities, allowing it to expand the offerings and hence deliver customers with value-added, holistic end-to-end data connectivity solutions.

Company Portfolio

EyeLock, LLC, a majority-owned subsidiary by VOXX, which is considered a leader in advanced iris authentication for the Internet of Things, announced on May 17, 2017, that it has entered into a partnership with STANLEY Security, which is one of the world’s largest and most comprehensive security providers. EyeLock’s approach, which is considered unique, offers maximum flexibility with designs that have either onboard or host-based processing or illumination. According to the Company, EyeLock’s reference designs have working distances up to 60 cm with a false accept rate of 1 in 1.5 million for single eye authentication and a false reject rate of less than 1%.

The Company recently announced on April 6, 2017, that it has entered into a definitive purchase agreement with AAMP of America, to acquire all inventory and intellectual property, including patents and trademarks of Rosen Electronics Products. VOXX additionally announced that it would be moving all operations from the warehouse to facilities in Nevada, Virginia, and Orlando, hence integrating the Rosen products into these three points which will provide Rosen’s customers with enhanced service experience for deliveries throughout the country.

The Company plans to deliver additional details on the Hirschmann transaction in its Q1 FY18 results announcement and a corresponding conference call will be held in July 2017. Also, the transaction is expected to close by the end of August 2017.

Last Close Stock Review

At the closing bell, on Tuesday, June 27, 2017, VOXX Intl.’s stock tumbled 5.14%, ending the trading session at $8.30. A total volume of 287.67 thousand shares have exchanged hands, which was higher than the 3-month average volume of 163.03 thousand shares. The Company’s stock price skyrocketed 55.14% in the last three months, 71.13% in the past six months, and 205.15% in the previous twelve months. Moreover, the stock soared 76.60% since the start of the year. The stock is trading at a PE ratio of 45.36 and currently has a market cap of $189.99 million.

TE Connectivity’ share price finished yesterday’s trading session at $77.95, marginally declining 0.89%. A total volume of 1.09 million shares have exchanged hands. The Company’s stock price soared 3.89% in the last three months, 10.38% in the past six months, and 42.17% in the previous twelve months. Additionally, the stock surged 12.51% since the start of the year. Shares of the Company have a PE ratio of 13.73 and have a dividend yield of 2.05%. The stock currently has a market cap of $27.73 billion.

Pro-Trader Daily:

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

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NOT AN OFFERING

CONTACT

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

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