LUXEMBOURG / ACCESSWIRE / July 30, 2019 / Ternium S.A. (NYSE:TX) today announced its results for the second quarter and first half period that ended June 30, 2019.

The financial and operational information contained in this press release is based on Ternium S.A.’s operational data and consolidated condensed interim financial statements prepared in accordance with IAS 34 “Interim financial reporting” (IFRS) and presented in US dollars (USD) and metric tons.

Summary of Second Quarter 2019 Results

2Q 2019

1Q 2019

2Q 2018

Steel Shipments (tons)

3,333,000

3,205,000

4
%

3,322,000

0
%

Iron Ore Shipments (tons)

835,000

920,000

-9
%

916,000

-9
%

Net Sales ($ million)

2,813.4

2,785.3

1
%

3,022.4

-7
%

Operating Income ($ million)

238.3

307.5

-23
%

570.5

-58
%

EBITDA1 ($ million)

410.0

473.6

-13
%

724.9

-43
%

EBITDA Margin (% of net sales)

14.6
%

17.0
%

-240 bps

24.0
%

-940 bps

EBITDA2 per Ton ($)

123.0

147.8

-17
%

218.2

-44
%

Financial (Expense) Income, Net ($ million)

(5.5
)

(25.7
)

(101.5
)

Income Tax Expense ($ million)

(47.3
)

(72.5
)

(192.2
)

Net Income ($ million)

205.7

224.2

289.3

Equity Holders’ Net Income ($ million)

181.1

217.8

293.7

Earnings per ADS3 ($)

0.92

1.11

1.50

EBITDA of $410.0 million, 13% lower sequentially, with lower EBITDA margin and higher shipments.
Earnings per ADS (EPADS) of $0.92, a sequential decrease of $0.19.
Capital expenditures of $273.9 million, up from $211.3 million in the first quarter 2019.
Dividends paid to shareholders and non-controlling interest of $265.2 million in the second quarter 2019.
Net debt position4 of $1.7 billion at the end of June 2019, a $0.3 billion increase in the second quarter 2019 and equivalent to 0.8 times net debt to last twelve months EBITDA.

Ternium’s operating income in the second quarter 2019 was $238.3 million, reflecting a sequential decrease in operating margin, partially offset by a gradual recovery of shipments in the Argentine flat steel market and an increase of slab sales to third parties. Operating income in the second quarter 2019 decreased $69.2 million sequentially, mainly due to a $27 decrease in steel revenue per ton, partially offset by a 128,000-ton increase in steel shipments. Revenue per ton decreased mainly reflecting lower steel prices in most of Ternium’s steel markets. The increase in steel volume was mostly the result of a 66,000-ton increase in the Southern Region and a 57,000-ton increase in Other Markets mainly reflecting higher slab shipments to third parties.

Compared to the second quarter 2018, the company’s operating income in the second quarter 2019 decreased $332.3 million, due mainly to an year-over-year $59 decrease in steel revenue per ton and $33 increase in the steel segment’s operating cost per ton5. Revenue per ton decreased mainly as a result of lower steel prices in most markets. The increase in the steel segment’s operating cost per ton mainly reflected higher raw material and transportation costs, higher taxes, and higher depreciation and amortization, partially offset by lower labor costs and maintenance expenses.

The company’s net income in the second quarter 2019 was $205.7 million. Compared to net income of $224.2 million in the first quarter 2019, net income in the second quarter 2019 decreased $18.4 million mainly due to lower operating income, partially offset by better financial results and lower effective tax rate.

Relative to the prior-year-period, net income in the second quarter 2019 decreased $83.5 million mainly due to lower operating income, partially offset by better financial results and a lower effective tax rate.

Summary of First Half 2019 Results

1H 2019

1H 2018

Steel Shipments (tons)

6,537,000

6,844,000

-4
%

Iron Ore Shipments (tons)

1,755,000

1,845,000

-5
%

Net Sales ($ million)

5,598.7

5,819.4

-4
%

Operating Income ($ million)

545.7

1,016.7

-46
%

EBITDA6 ($ million)

883.6

1,328.4

-33
%

EBITDA Margin (% of net sales)

15.8
%

22.8
%

EBITDA per Ton ($)

135.2

194.1

Financial (Expense) Income, Net ($ million)

(31.2
)

(150.4
)

Income Tax Expense ($ million)

(119.8
)

(232.8
)

Net Income ($ million)

429.9

665.9

Equity Holders’ Net Income ($ million)

398.9

632.5

Earnings per ADS ($)

2.03

3.22

EBITDA of $883.6 million, 33% lower year-over-year, with lower EBITDA margin and shipments.
Earnings per ADS of $2.03, a year-over-year decrease of $1.19.
Capital expenditures of $485.1 million, up from $229.6 million in the first half 2018 as Ternium’s investment program progresses as planned.
Free cash flow7 of $264.4 million in the first half 2019.

Ternium’s operating income in the first half 2019 was $545.7 million, decreasing $471.0 million year-over-year, mainly due to a $71 increase in steel cost per ton and lower shipments reflecting a 364,000-ton decrease in Mexico and a 299,000-ton decrease in the Southern Region, partially offset by a 356,000-ton increase in Other Markets. The volume decrease in Mexico was mainly due to a soft commercial market in 2019 and a high base of comparison, as shipments in the first half 2018 were strong as a result of a rising steel prices environment. In the Southern Region, shipments were affected in the first half 2019 by a combination of weaker steel demand and a destocking process in the value chain. Shipments of slabs to third parties increased in the year-over-year comparison in the Other Markets region. The increase in the steel segment’s operating cost per ton mainly reflected higher purchased slabs, raw material and energy costs, higher depreciation and amortization, higher maintenance and transportation expenses, and higher taxes.

The company’s net income in the first half 2019 was $429.9 million, compared to net income of $665.9 million in the first half 2018. The $236.0 million decrease year-over-year was mainly due to lower operating income, partially offset by better financial results and a lower effective tax rate.

Outlook

Ternium expects EBITDA to decrease in the third quarter 2019 compared to the second quarter 2019 due to a steel margin that will be below historical long term trends and lower shipments. The main factor affecting the company’s EBITDA in the third quarter of the year will be sequentially lower shipments of slabs to third parties with low margins.

The company anticipates steel shipments in Mexico to gradually recover during the second half 2019, reaching higher levels than those reported for the second half 2018. In addition, Ternium expects realized steel prices in Mexico to decrease, as the lagged reset of contract prices for industrial customers during the third quarter 2019 will reflect the steel price downturn during the second quarter 2019. This should be partially offset by the recent rebound of prices on sales to the commercial markets.

In Argentina, Ternium anticipates an additional sequential increase in steel shipments in the third quarter 2019 due to an improvement in the domestic steel market.

Analysis of Second Quarter 2019 Results

Net gain attributable to Ternium’s equity owners in the second quarter 2019 was $181.1 million, compared to net gain attributable to Ternium’s equity owners of $293.7 million in the second quarter 2018. Including non-controlling interest, net gain for the second quarter 2019 was $205.7 million, compared to net gain of $289.3 million in the second quarter 2018. Earnings per ADS in the second quarter 2019 were $0.92, compared to earnings per ADS of $1.50 in the second quarter 2018.

Net sales in the second quarter 2019 were $2.8 billion, or 7% lower than net sales in the second quarter 2018. The following table outlines Ternium’s consolidated net sales for the second quarter 2019 and the second quarter 2018:

Net Sales (million $)

2Q 2019

2Q 2018

Dif.

Mexico

1,370.6

1,657.4

-17
%

Southern Region

484.9

478.5

1
%

Other Markets

872.2

778.0

12
%

Total steel products net sales

2,727.7

2,913.9

-6
%

Other products1

85.7

107.9

-21
%

Steel segment net sales

2,813.4

3,021.8

-7
%

Mining segment net sales

76.8

73.7

4
%

Intersegment eliminations

(76.8
)

(73.1
)

Net sales

2,813.4

3,022.4

-7
%

1 The item “Other products” primarily includes Ternium Brasil’s and Ternium México’s electricity sales.

Cost of sales was $2.3 billion in the second quarter 2019, an increase of $112.6 million compared to the second quarter 2018. This was principally due to a $114.8 million, or 7%, increase in raw material and consumables used mainly reflecting higher raw materials and energy costs per ton partially offset by a $2.2 million decrease in other costs, including a $9.8 million decrease in labor costs, a $3.2 decrease in services and fees and a $2.3 million decrease in maintenance, partially offset by higher charges of depreciation of property, plant and equipment.

Selling, General & Administrative (SG&A) expenses in the second quarter 2019 were $250.4 million, or 8.9% of net sales, an increase of $16.5 million compared to SG&A expenses in the second quarter 2018, mainly due to a $10.9 million increase in freight and transportation expenses, a $9.7 million increase in taxes and a $5.9 million increase in amortization of intangible assets partially offset by a $9.4 million decrease in labor costs.

Operating income in the second quarter 2019 was $238.3 million, or 8.5% of net sales, compared to operating income of $570.5 million, or 18.9% of net sales in the second quarter 2018. The following table outlines Ternium’s operating income by segment for the second quarter 2019 and second quarter 2018:

Steel segment

Mining segment

Intersegment

eliminations

Total

$ million

2Q 2019

2Q 2018

2Q 2019

2Q 2018

2Q 2019

2Q 2018

2Q 2019

2Q 2018

Net Sales

2,813.4

3,021.8

76.8

73.7

(76.8
)

(73.1
)

2,813.4

3,022.4

Cost of sales

(2,336.4
)

(2,234.0
)

(63.0
)

(55.3
)

74.4

76.8

(2,325.0
)

(2,212.4
)

SG&A expenses

(246.4
)

(230.5
)

(4.0
)

(3.5
)

–

–

(250.4
)

(234.0
)

Other operating income,net

0.3

(5.9
)

0.0

0.4

–

–

0.4

(5.5
)

Operating income

230.9

551.5

9.8

15.3

(2.4)

3.7

238.3

570.5

EBITDA

395.5

692.1

17.0

29.1

(2.4)

3.7

410.0

724.9

Steel reporting segment

The steel segment’s operating income was $230.9 million in the second quarter 2019, a decrease of $320.6 million compared to the second quarter 2018 as a result of lower revenue per ton and higher operating cost per ton.

Net sales of steel products in the second quarter 2019 decreased 6% compared to the second quarter 2018 reflecting lower revenue per ton. Revenue per ton decreased 7% year-over-year due to lower realized steel prices in Mexico and Other Markets and a higher participation of slabs in the sales mix (which is included in Other Markets). Shipments increased in 11,000 tons mainly due to higher slabs shipments to third parties in Other Markets partially offset by lower volumes in Mexico and the Southern Region.

Net Sales
(million $)

Shipments

(thousand tons)

Revenue/ton
($/ton)

2Q 2019

2Q 2018

Dif.

2Q 2019

2Q 2018

Dif.

2Q 2019

2Q 2018

Dif.

Mexico

1,370.6

1,657.4

-17%

1,569.3

1,721.7

-9%

873

963

-9%

Southern Region

484.9

478.5

1%

507.8

604.2

-16%

955

792

21%

Other Markets

872.2

778.0

12%

1,255.7

995.8

26%

695

781

-11%

Total steel products

2,727.7

2,913.9

-6%

3,332.7

3,321.6

0%

818

877

-7%

Other products1

85.7

107.9

-21%

Steel segment

2,813.4

3,021.8

-7%

1 The item “Other products” primarily includes Ternium Brasil’s and Ternium México’s electricity sales.

Operating cost increased 5% due to a 4% increase in operating cost per ton and the previously mentioned increase in shipments. The increase in the steel segment’s operating cost per ton mainly reflected higher raw material and transportation costs, higher taxes and higher depreciation and amortization, partially offset by lower labor costs.

Mining reporting segment

The mining segment’s operating income was a gain of $9.8 million in the second quarter 2019, compared to a gain of $15.3 million in the second quarter 2018, mainly reflecting higher operating cost per ton.

Net sales of mining products in the second quarter 2019 were 4% higher than those in the second quarter 2018 as a result of a 14% increase in revenue per ton, partially offset by a 9% decrease in shipments.

Mining segment

2Q 2019

2Q 2018

Dif.

Net Sales (million $)

76.8

73.7

4
%

Shipments (thousand tons)

835.1

915.6

-9
%

Revenue per ton ($/ton)

92

81

14
%

Operating cost increased 14% year-over-year, mainly due to an increase of 25% in operating cost per ton, partially offset by the above-mentioned 9% decrease in shipments.

EBITDA in the second quarter 2019 was $410.0 million, or 14.6% of net sales, compared to $724.9 million, or 24.0% of net sales, in the second quarter 2018.

Net financial results were a loss of $5.5 million in the second quarter 2019, compared to a $101.5 million loss in the second quarter 2018. During the second quarter 2019, Ternium’s net financial interest results totaled a loss of $15.0 million, compared to a loss of $26.0 million in the second quarter 2018, reflecting lower average indebtedness and lower interest rate.

Net foreign exchange results were a loss of $12.4 million in the second quarter 2019 compared to a loss of $51.5 million in the second quarter 2018. The loss in the second quarter 2019 was mainly due to the negative impact of the Mexican peso’s 1.1% appreciation against the US dollar on a net short local currency position in Ternium’s Mexican subsidiaries and the Brazilian real’s 1.7% appreciation against the US dollar on a net short local currency position in Ternium Brasil, partially offset by the non-cash impact of the Argentine peso’s 2.1% appreciation against the U.S. dollar on Ternium Argentina’s US dollar financial position (which applies the Argentine peso as functional currency). Change in fair value of financial instruments included in net financial results was a $1.6 million gain in the second quarter 2019 compared to a $59.4 million loss in the second quarter 2018. The results in these periods were mainly related to currency hedge transactions in Argentina and Mexico.

The effect of inflation on Ternium’s Argentine subsidiaries and associates’ short net monetary position was a gain of $26.1 million in the second quarter 2019 compared to a gain of $28.9 million in the second quarter 2018.

Equity in results of non-consolidated companies was a gain of $20.3 million in the second quarter 2019, compared to a gain of $12.4 million in the second quarter 2018 mainly due to higher results from Ternium’s investment in Usiminas.

Income tax expense in the second quarter 2019 was $47.3 million, or 19% of income before income tax expense, compared to an income tax expense of $192.2 million in the second quarter 2018, or 40% of income before income tax expense. Effective tax rates in the second quarter 2019 included a non-cash gain on deferred taxes due to the 1% appreciation of the Mexican peso against the U.S. dollar, which reduces, in U.S. dollar terms, the tax base used to calculate deferred tax at our Mexican subsidiaries (which have the U.S dollar as their functional currency) compared to an 8% depreciation of the Mexican peso against the U.S dollar in the second quarter 2018 which had the opposite effect on the tax base used to calculate deferred tax at that time. Finally, the effective tax rate in the second quarter 2019 decreased year-over-year due to the application of inflation adjustments for tax purposes in Argentina.

Net gain attributable to non-controlling interest in the second quarter 2019 was $24.6 million, compared to a net loss of $4.4 million in the same period in 2018.

Analysis of First Half 2019 Results

Net gain attributable to Ternium’s equity owners in the first half 2019 was $398.9 million, compared to net gain attributable to Ternium’s equity owners of $632.5 million in the first half 2018. Including non-controlling interest, net gain for the first half 2019 was $429.9 million, compared to net gain of $665.9 million in the first half 2018. Earnings per ADS in the first half 2019 were $2.03, compared to earnings per ADS of $3.22 in the first half 2018.

Net sales in the first half 2019 were $5.6 billion, or 4% lower than net sales in the first half 2018. The following table outlines Ternium’s consolidated net sales for the first half 2019 and the first half 2018:

Net Sales (million $)

1H 2019

1H 2018

Dif.

Mexico

2,798.1

3,172.8

-12
%

Southern Region

916.6

952.1

-4
%

Other Markets

1,723.6

1,502.4

15
%

Total steel products net sales

5,438.3

5,627.3

-3
%

Other products1

160.4

191.4

-16
%

Steel segment net sales

5,598.7

5,818.7

-4
%

Mining segment net sales

152.6

143.5

6
%

Intersegment eliminations

(152.6
)

(142.7
)

Net sales

5,598.7

5,819.4

-4
%

1 The item “Other products” primarily includes Ternium Brasil’s and Ternium México’s electricity sales.

Cost of sales was $4.6 billion in the first half 2019, an increase of $238.1 million compared to the first half 2018. This was principally due to a $222.4 million, or 7%, increase in raw material and consumables used, mainly reflecting higher raw materials and energy costs per ton partially offset by a 4% decrease in steel shipment volumes; and to a $15.7 million increase in other costs, mainly including a $29.3 million increase in depreciation of property, plant and equipment and a $13.4 million increase in maintenance expenses, partially offset by a $22.9 million decrease in labor costs.

Selling, General & Administrative (SG&A) expenses in the first half 2019 were $475.6 million, or 8.5% of net sales, an increase of $17.8 million compared to SG&A expenses in the first half 2018, mainly due to higher freight and transportation expenses, services and fees, and taxes, partially offset by lower labor costs.

Operating income in the first half 2019 was $545.7 million, or 9.7% of net sales, compared to operating income of $1.02 billion, or 17.5% of net sales in the first half 2018. The following table outlines Ternium’s operating income by segment for the first half 2019 and first half 2018:

Steel segment

Mining segment

Intersegment

eliminations

Total

$ million

1H 2019

1H 2018

1H 2019

1H 2018

1H 2019

1H 2018

1H 2019

1H 2018

Net Sales

5,598.7

5,818.7

152.6

143.5

(152.6
)

(142.7
)

5,598.7

5,819.4

Cost of sales

(4,612.4
)

(4,386.4
)

(124.6
)

(107.7
)

153.8

149.0

(4,583.3
)

(4,345.2
)

SG&A expenses

(467.9
)

(449.1
)

(7.7
)

(8.7
)

–

–

(475.6
)

(457.8
)

Other operating income,net

6.6

(0.3
)

(0.7
)

0.6

–

–

5.9

0.3

Operating income

524.9

982.8

19.6

27.7

1.2

6.3

545.7

1,016.7

EBITDA

839.4

1267.1

43.0

55.0

1.2

6.3

883.6

1,328.4

Steel reporting segment

The steel segment’s operating income was $524.9 million in the first half 2019, a decrease of $457.9 million compared to the first half 2018 mainly as a result of higher operating cost per ton and lower shipments partially offset by higher revenue per ton.

Net sales of steel products in the first half 2019 decreased 3% compared to the first half 2018, reflecting a 307,000 ton decrease in shipments partially offset by higher revenue per ton. Revenue per ton increased 1% mainly reflecting higher realized steel prices Southern region partially offset by lower realized prices in Mexico and Other Markets and a higher participation of slabs in the sales mix. Shipments decreased 4% year-over-year due to lower volumes in Mexico and in the Southern Region, partially offset by higher slabs shipments in Other Markets.

Net Sales(million $)

Shipments(thousand tons)

Revenue/ton($/ton)

1H 2019

1H 2018

Dif.

1H 2019

1H 2018

Dif.

1H 2019

1H 2018

Dif.

Mexico

2,798.1

A3,172.8

-12
%

3,132.7

3,496.2

-10
%

893

907

-2
%

Southern Region

916.6

952.1

-4
%

950.0

1,249.5

-24
%

965

762

27
%

Other Markets

1,723.6

1,502.4

15
%

2,454.5

2,098.7

17
%

702

716

-2
%

Total steel products

5,438.3

5,627.3

-3
%

6,537.2

6,844.5

-4
%

832

822

1
%

Other products1

160.4

191.4

-16
%

Steel segment

5,598.7

5,818.7

-4
%

1 The item “Other products” primarily includes Ternium Brasil’s and Ternium México’s electricity sales.

Operating cost increased 5% due to a 10% increase in cost per ton partially offset by the above-mentioned 4% decrease in shipments. Cost per ton increased mainly as a result of higher purchased slabs, raw material and energy costs, higher depreciation and amortization, higher maintenance and transportation expenses, and higher taxes partially offset by lower labor costs.

Mining reporting segment

The mining segment’s operating income was a gain of $19.6 million in the first half 2019, compared to a gain of $27.7 million in the first half 2018, mainly reflecting higher operating cost per ton and lower shipments partially offset by higher revenue per ton.

Net sales of mining products in the first half 2019 were 6% higher than those in the first half 2018 as a result of a 12% increase in revenue per ton, partially offset by a 5% decrease in shipments.

Mining segment

1H 2019

1H 2018

Dif.

Net Sales (million $)

152.6

143.5

6
%

Shipments (thousand tons)

1,755.0

1,844.9

-5
%

Revenue per ton ($/ton)

87

78

12
%

Operating cost increased 14% year-over-year, mainly due to an increase of 19% in operating cost per ton, partially offset by the above-mentioned 5% decrease in shipments.

EBITDA in the first half 2019 was $883.6 million, or 15.8% of net sales, compared to $1.3 billion, or 22.8% of net sales, in the first half 2018.

Net financial results were a loss of $31.2 million in the first half 2019, compared to a $150.4 million loss in the first half 2018. During the first half 2019, Ternium’s net financial interest results totaled a loss of $29.1 million, compared to a loss of $51.2 million in the first half 2018, reflecting lower average indebtedness.

Net foreign exchange results were a loss of $46.0 million in the first half 2019 compared to a loss of $90.6 million in the first half 2018. The loss in the first half 2019 was mainly due to the negative non-cash impact of the Argentine peso’s 11.2% depreciation against the U.S. dollar on Ternium Argentina’s US dollar financial position (which applies the Argentine peso as functional currency) and the negative impact of the Mexican peso’s 2.7% appreciation against the US dollar on a net short local currency position in Ternium’s Mexican subsidiaries. Change in fair value of financial instruments included in net financial results was a $6.6 million loss in the first half 2019 compared to a $73.6 million loss in the first half 2018. The results in these periods were mainly related to currency hedge transactions in Mexico and Argentina.

The effect of inflation on Ternium’s Argentine subsidiaries and associates’ short net monetary position was a gain of $63.8 million in the first half 2019 compared to a gain of $53.0 million in the first half 2018.

Equity in results of non-consolidated companies was a gain of $35.2 million in the first half 2019, compared to a gain of $32.3 million in the first half 2018.

Income tax expense in the first half 2019 was $119.8 million, or 22% of income before income tax expense, compared to an income tax expense of $232.8 million in the first half 2018, or 26% of income before income tax expense. Effective tax rate in the first half 2019 included a non-cash gain on deferred taxes due to the 2.7% appreciation of the Mexican peso against the U.S. dollar during the first half 2019 which reduced, in U.S. dollar terms, the tax base used to calculate deferred tax at our Mexican subsidiaries (which have the U.S dollar as their functional currency).

Net gain attributable to non-controlling interest in the first half 2019 was $31.0 million, compared to net gain of $33.4 million in the same period in 2018.

Cash Flow and Liquidity

Net cash provided by operating activities in the first half 2019 was $749.6 million. Working capital decreased by $202.6 million in the first half 2019 as a result of a $287.7 million decrease in inventories and an aggregate $39.4 million net increase in accounts payable and other liabilities, partially offset by an aggregate $124.5 million net increase in trade and other receivables. The inventory value decrease in the first half 2019 was mainly due to a $269.1 million lower steel volume; and $33.8 million inventory value decrease in raw materials, supplies and other; partially offset by $15.1 million net higher costs of steel.

Capital expenditures in the first half 2019 were $485.1 million, $255.5 million higher than in the first half 2018. The main investments carried out during the first half 2019 included those made for new hot-rolling, hot-dipped galvanizing and painting production capacity in the company’s Pesquería industrial center, a new steel bar and coil mill in Colombia, improvement of environmental and safety conditions at certain facilities, the expansion of connectivity and equipment automation, and those made in the iron ore mining operations.

In the first half 2019, Ternium’s free cash flow was $264.4 million. During the period, the company collected $24.5 million from its non-consolidated company Techgen in connection with loan settlements. In the first half 2019, net proceeds from borrowings were $515.6 million and lease payments reached $23.4 million. Net dividends paid to shareholders were USD235.6 million and net dividends paid by subsidiaries to non-controlling interest were USD29.6 million. As of June 30, 2019, Ternium’s net debt position was $1.7 billion.

Net cash provided by operating activities in the second quarter 2019 was $269.6 million. Working capital decreased by $31.3 million in the second quarter 2019 as a result of a $184.5 million decrease in inventories, partially offset by an aggregate $128.9 million decrease in accounts payable and other liabilities, and an aggregate $24.3 million net increase in trade and other receivables. The inventory value decrease in the second quarter 2019 was mainly due to a $178.5 million lower steel volume; and $16.7 million inventory value decrease in raw materials, supplies and other; partially offset by $10.8 million net higher costs of steel. In the second quarter 2019, Ternium’s free cash flow8 was a negative $4.2 million.

Conference Call and Webcast

Ternium will host a conference call on July 31, 2019, at 8:00 a.m. ET in which management will discuss second quarter 2019 results. A webcast link will be available in the Investor Center section of the company’s website at www.ternium.com.

Forward Looking Statements

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to gross domestic product, related market demand, global production capacity, tariffs, cyclicality in the industries that purchase steel products and other factors beyond Ternium’s control.

About Ternium

Ternium is Latin America’s leading flat steel producer, with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America. The company offers a broad range of high value-added steel products for customers active in the automotive, home appliances, HVAC, construction, capital goods, container, food and energy industries through its manufacturing facilities, service center and distribution networks, and advanced customer integration systems. More information about Ternium is available at www.ternium.com.

Notes
1 EBITDA in the second quarter 2019 equals operating income of $238.3 million adjusted to exclude depreciation and amortization of $171.7 million.
2 Consolidated EBITDA divided by steel shipments.
3 American Depositary Share (ADS). Each represents 10 shares of Ternium’s common stock. Results are based on a weighted average number of shares of common stock outstanding (net of treasury shares) of 1,963,076,776.
4 Net debt position at June 30, 2019 equals borrowings of $2.6 billion less cash and equivalents plus other investments of $0.8 billion.
5 Steel operating cost per ton is equal to steel cost of sales plus steel SG&A, divided by shipments.
6 EBITDA in the first half 2019 equals operating income of $545.7 million adjusted to exclude depreciation and amortization of $337.9 million.
7 Free cash flow in the first half 2019 equals net cash provided by operating activities of $749.6 million less capital expenditures of $485.1 million.
8 Free cash flow in the second quarter 2019 equals net cash provided by operating activities of $269.6 million less capital expenditures of $273.9 million.

Consolidated Income Statement

$ million

2Q 2019

2Q 2018

1H 2019

1H 2018

(Unaudited)

(Unaudited)

Net sales

2,813.4

3,022.4

5,598.7

5,819.4

Cost of sales

(2,325.0
)

(2,212.4
)

(4,583.3
)

(4,345.2
)

Gross profit

488.3

810.0

1,015.4

1,474.3

Selling, general and administrative expenses

(250.4
)

(234.0
)

(475.6
)

(457.8
)

Other operating income (expenses), net

0.4

(5.5
)

5.9

0.3

Operating income

238.3

570.5

545.7

1,016.7

Finance expense

(21.7
)

(31.3
)

(41.7
)

(61.4
)

Finance income

6.6

5.3

12.6

10.3

Other financial income (expenses), net

9.5

(75.5
)

(2.1
)

(99.3
)

Equity in earnings of non-consolidated companies

20.3

12.4

35.2

32.3

Profit before income tax expense

253.1

481.4

549.7

898.7

Income tax expense

(47.3
)

(192.2
)

(119.8
)

(232.8
)

Profit for the period

205.7

289.3

429.9

665.9

Attributable to:

Owners of the parent

181.1

293.7

398.9

632.5

Non-controlling interest

24.6

(4.4
)

31.0

33.4

Profit for the period

205.7

289.3

429.9

665.9

Consolidated Statement of Financial Position

$ million

June 30, 2019

December 31, 2018

(Unaudited)

Property, plant and equipment, net

6,375.1

5,817.6

Intangible assets, net

968.6

1,012.5

Investments in non-consolidated companies

534.0

495.2

Deferred tax assets

139.4

134.2

Receivables, net

621.7

649.4

Trade receivables, net

2.8

4.8

Derivative financial instruments

0.2

0.8

Other investments

5.1

7.2

Total non-current assets

8,646.9

8,121.8

Receivables, net

390.8

309.8

Derivative financial instruments

0.1

0.8

Inventories, net

2,447.6

2,689.8

Trade receivables, net

1,289.5

1,128.5

Other investments

28.6

44.5

Cash and cash equivalents

777.5

250.5

Total current assets

4,934.2

4,423.9

Non-current assets classified as held for sale

2.1

2.1

Total assets

13,583.3

12,547.9

Capital and reserves attributable to the owners of the parent

6,630.3

6,393.3

Non-controlling interest

1,137.6

1,091.3

Total Equity

7,767.9

7,484.6

Provisions

646.1

644.0

Deferred tax liabilities

470.2

474.4

Other liabilities

434.0

414.5

Trade payables

1.0

0.9

Lease liabilities

290.0

65.8

Borrowings

1,829.1

1,637.1

Total non-current liabilities

3,670.5

3,236.8

Current income tax liabilities

26.8

150.3

Other liabilities

321.6

351.2

Trade payables

1,014.3

904.2

Derivative financial instruments

3.8

13.0

Lease liabilities

52.3

8.0

Borrowings

726.2

399.9

Total current liabilities

2,144.9

1,826.5

Total liabilities

5,815.4

5,063.3

Total equity and liabilities

13,583.3

12,547.9

Consolidated Statement of Cash Flows

$ million

2Q 2019

2Q 2018

1H 2019

1H 2018

(Unaudited)

(Unaudited)

Profit for the period

205.7

289.3

429.9

665.9

Adjustments for:

Depreciation and amortization

171.7

154.4

337.9

311.6

Equity in earnings of non-consolidated companies

(20.3
)

(12.4
)

(35.2
)

(32.3
)

Changes in provisions

1.7

(0.1
)

(2.7
)

1.0

Net foreign exchange results and others

4.9

69.8

1.0

67.4

Interest accruals less payments

8.7

5.5

8.3

(7.1
)

Income tax accruals less payments

(134.0
)

67.5

(192.4
)

(32.7
)

Changes in working capital

31.3

(35.5
)

202.6

(248.1
)

Net cash provided by operating activities

269.6

538.4

749.6

725.8

Capital expenditures

(273.9
)

(131.9
)

(485.1
)

(229.6
)

Proceeds from the sale of property, plant & equipment

0.3

0.2

0.5

0.4

Recovery/ (Loans) to non-consolidated companies

–

4.8

24.5

–

Decrease in Other Investments

35.2

13.7

17.9

6.3

Net cash used in investing activities

(238.4)

(113.2)

(442.2)

(222.9)

Dividends paid in cash to company’s shareholders

(235.6
)

(215.9
)

(235.6
)

(215.9
)

Dividends paid in cash to non-controlling interest

(29.6
)

(20.9
)

(29.6
)

(20.9
)

Finance Lease Payments

(10.6
)

(2.5
)

(23.4
)

(3.8
)

Proceeds from borrowings

703.2

298.9

869.4

526.0

Repayments of borrowings

(143.7
)

(477.7
)

(353.8
)

(885.4
)

Net cash provided by (used in) financing activities

283.7

(418.2)

227.0

(600.0)

Increase (Decrease) in cash and cash equivalents

315.0

7.1

534.3

(97.1)

Shipments

Thousand tons

2Q 2019

2Q 2018

1Q 2019

1H 2019

1H 2018

Mexico

1,569.3

1,721.7

1,563.4

3,132.7

3,496.2

Southern Region

507.8

604.2

442.3

950.0

1,249.5

Other Markets

1,255.7

995.8

1,198.8

2,454.5

2,098.7

Total steel segment

3,332.7

3,321.6

3,204.5

6,537.2

6,844.5

Total mining segment

835.1

915.6

919.9

1,755.0

1,844.9

Revenue / ton

$/ton

2Q 2019

2Q 2018

1Q 2019

1H 2019

1H 2018

Mexico

873

963

913

893

907

Southern Region

955

792

976

965

762

Other Markets

695

781

710

702

716

Total steel segment

818

877

846

832

822

Total mining segment

92

81

82

87

78

Net Sales

$ million

2Q 2019

2Q 2018

1Q 2019

1H 2019

1H 2018

Mexico

1,370.6

1,657.4

1,427.5

2,798.1

3,172.8

Southern Region

484.9

478.5

431.7

916.6

952.1

Other Markets

872.2

778.0

851.4

1,723.6

1,502.4

Total steel products

2,727.7

2,913.9

2,710.6

5,438.3

5,627.3

Other products1

85.7

107.9

74.7

160.4

191.4

Total steel segment

2,813.4

3,021.8

2,785.3

5,598.7

5,818.7

Total mining segment

76.8

73.7

75.8

152.6

143.5

Total steel and mining segments

2,890.2

3,095.6

2,861.1

5,751.3

5,962.2

Intersegment eliminations

(76.8
)

(73.1
)

(75.8
)

(152.6
)

(142.7
)

Total net sales

2,813.4

3,022.4

2,785.3

5,598.7

5,819.4

1 The item “Other products” primarily includes Ternium Brasil’s and Ternium México’s electricity sales.

Consolidated Income Statements adjusted to reflect the application of IAS 29 to the financial reporting of Ternium’s Argentine subsidiaries.

$ million

1Q 2019

(Unaudited)

Net sales

2,785.3

Cost of sales

(2,258.2
)

Gross profit

527.1

Selling, general and administrative expenses

(225.2
)

Other operating income, net

5.5

Operating income

307.5

Finance expense

(20.0
)

Finance income

6.0

Other financial expenses, net

(11.7
)

Equity in earnings of non-consolidated companies

14.9

Profit before income tax expense

296.6

Income tax expense

(72.5
)

Profit for the period

224.2

Attributable to:

Owners of the parent

217.8

Non-controlling interest

6.4

Profit for the period

224.2

EBITDA1

473.6

1 EBITDA equals operating income of $307.5 million in the first quarter 2019, adjusted to exclude depreciation and amortization of USD166.2 million.

Ternium applied IAS 29 as from July 1, 2018 to the financial reporting of its subsidiaries and associates located in Argentina, and adjusted accordingly the previously reported figures for the previous quarter of 2019.

Sebastián Martí
Ternium – Investor Relations
+1 (866) 890 0443
+54 (11) 4018 8389
www.ternium.com

SOURCE: Ternium S.A.

ReleaseID: 553990

SAN LEANDRO, CA / ACCESSWIRE / July 30, 2019 / Energy Recovery, Inc. (NASDAQ: ERII), the leader in pressure energy technology for industrial fluid flows, today announced the appointment of Pamela Tondreau to its Board of Directors.

“We are thrilled to have Ms. Tondreau join our board. She brings nearly two decades of executive experience with blue chip technology companies where she has navigated a wide variety of complex corporate issues,” said Robert Mao, Chairman of the Board of Directors of Energy Recovery. “As Energy Recovery continues to grow, her unique background and seasoned leadership will be invaluable to the company’s continued success.”

Ms. Tondreau currently serves as Executive Vice President, Chief Legal Officer, and Corporate Secretary of Cypress Semiconductor Corporation, the leader in advanced embedded solutions for the world’s most innovative automotive, industrial, smart home appliances, consumer electronics, and medical products. Prior to her role at Cypress Semiconductor, she served as Vice President and Associate General Counsel at Hewlett-Packard, where she led a multibillion dollar acquisition and integration, the overhaul of intellectual property licensing, and negotiation with multiple commercial partners on a variety of commercial and legal issues.

Beyond her extensive experience with intellectual property, contract negotiation, and corporate governance, Ms. Tondreau brings a dedication to cultivating excellence in company culture, ensuring diversity and inclusion, and establishing programs to grow and retain corporate talent. Ms. Tondreau holds a bachelor’s degree from the University of California, Berkeley and a JD from the McGeorge School of Law.

“I look forward to working with the rest of the board and our management team to build upon Energy Recovery’s success,” said Ms. Tondreau. “The company’s innovations have been transformative to the water desalination industry, and I am excited to help guide the next phase of growth and innovation.”

About Energy Recovery

Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide. Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments. With award-winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the water, oil & gas, and chemical processing industries. Energy Recovery products annually save customers $2 billion (USD) and offset more than 11.5 million metric tons of carbon dioxide. Headquartered in the Bay Area, Energy Recovery has offices in Dubai, Houston, Madrid, and Shanghai. For more information about the Company, please visit www.energyrecovery.com.

Contact

Investor Relations
ir@energyrecovery.com
+1 (281) 962-8105

Press Inquiries
pr@energyrecovery.com
+1 (510) 398-2147

SOURCE: Energy Recovery

ReleaseID: 553920

JUPITER, FL / ACCESSWIRE / July 30, 2019 / Dyadic International, Inc. (“Dyadic”) (NASDAQ: DYAI), a global biotechnology company focused on further improving and applying its proprietary C1 gene expression platform to help accelerate the development, lower production costs and improve the performance of biologic vaccines, drugs, and other biologic products at flexible commercial scales, today announced that it will report its financial results for the quarter ended June 30, 2019 after the market close on Tuesday, August 13, 2019 and it will host a conference call that day at 5:00 p.m. Eastern Time to discuss those results.

Conference Call Information

Date: Tuesday, August 13, 2019

Time: 5:00 p.m. Eastern Time

Dial-in numbers: 844-369-8770 (U.S. or Canada) or + 862-298-0840 (International)
No pass code is needed

Webcast Link: https://www.investornetwork.com/event/presentation/50926.

An archive of the webcast will be available approximately three hours after completion of the live event and will be accessible on the ”Investors” section of the Company’s website at www.dyadic.com for a limited time. To access the replay of the webcast, please use the webcast link above. A dial-in replay of the call will also be available to those interested until August 20, 2019. To access the teleconference replay, please dial 877-481-4010 or 919-882-2331 #50926.

About Dyadic International, Inc.

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Myceliophthora thermophila, named C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs (such as virus like particles (VLPs) and antigens), monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Additionally, and more recently, Dyadic is also beginning to explore the use of its C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of Adeno-associated viral vectors (AAV), certain metabolites and other biologic products. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly save lives.

Please visit Dyadic’s website at http://www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.

Safe Harbor Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding Dyadic International’s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company’s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website at http://www.dyadic.com

Contact:

Dyadic International, Inc.
Ping W. Rawson
Chief Financial Officer
Phone: (561) 743-8333
Email: prawson@dyadic.com

SOURCE: Dyadic International, Inc.

ReleaseID: 554003

CEDARHURST, NY / ACCESSWIRE / July 30, 2019 / The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.

Mammoth Energy Services, Inc. (NASDAQ:TUSK)

Investors Affected : October 19, 2017 – June 5, 2019

A class action has commenced on behalf of certain shareholders in Mammoth Energy Services, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://kclasslaw.com/securities/mammoth-energy-services-inc-loss-submission-form/?id=2680&from=1

Cloudera, Inc. (NYSE:CLDR)

Investors Affected : April 28, 2017 – June 5, 2019

A class action has commenced on behalf of certain shareholders in Cloudera, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Cloudera was finding it increasingly difficult to identify large enterprises interested in adopting the Company’s Hadoop-based platform; (ii) Cloudera needed to expend an increasing amount of capital on sales and marketing activities to generate new revenues, even as new revenue opportunities were diminishing; and (iii) Cloudera had materially diminished sales opportunities and prospects and could not generate annual positive cash flows.

Shareholders may find more information at https://kclasslaw.com/securities/cloudera-inc-loss-submission-form/?id=2680&from=1

Netflix, Inc. (NASDAQGS:NFLX)

Investors Affected : April 17, 2019 – July 17, 2019

A class action has commenced on behalf of certain shareholders in Netflix, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Netflix would not be able to gain its expected target number of new subscribers in the second quarter of 2019; (2) Netflix would also lose subscribers from the United States in the second quarter of 2019; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://kclasslaw.com/securities/netflix-inc-loss-submission-form/?id=2680&from=1

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: dk@kclasslaw.com
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967

SOURCE: Kuznicki Law PLLC

ReleaseID: 554011

JUPITER, FL / ACCESSWIRE / July 30, 2019 / Waterfront Yacht Brokerage co-founder and Florida native Rob Thomson provides a detailed look at business at the transformational luxury yacht brokerage, based in Jupiter.

Under what he calls an unparalleled, two-pronged approach to leadership, Rob Thomson is joined by Joe Kelly in forming operations at Waterfront Yacht Brokerage. Selling sport fishing boats, motor yachts, and powerboats from the world’s leading manufacturers, Thomson offers a closer look at business and leadership at the Florida-based organization, headquartered in Jupiter and concentrating its efforts on Florida and the Bahamas, while also maintaining the resources to serve sellers and buyers anywhere in the world.

Thomson says he and Kelly’s complementary skills and backgrounds benefit both buyers and sellers alike. While Thomson is also the managing partner of the Treasure Coast’s dominant luxury real estate company-Waterfront Properties and Club Communities, again headquartered in Jupiter, with further offices in Palm Beach, North Palm Beach, Stuart, and Delray Beach-Waterfront Yacht Brokerage partner Kelly is a licensed boat captain, broker, and lifetime marine industries member.

“I’ve adapted many of the service attributes and processes which make Waterfront Properties such a powerhouse in the local luxury real estate market,” suggests Rob, “to Waterfront Yacht Brokerage’s own business model.”

“Joe, correspondingly, knows boats inside and out,” he continues, “and understands all that goes into boat ownership, having witnessed the yacht brokering process and its intricacies enough times to know what works and what doesn’t.”

With Waterfront Yacht Brokerage, Waterfront Properties and Club Communities owner Rob Thomson and business partner Joe Kelly have introduced what they call an entirely new level of service and professionalism to the yacht brokerage community. “The greatest benefactors,” suggests Thomson, “are, perhaps, our fellow brokers and our team members, as well as the many clients who trust their boat transactions to us each year.”

Waterfront Yacht Brokerage, under Robert Thomson, markets itself as a completely revolutionized brokerage experience. “We took an industry which existed somewhere between a hobby and a profession,” he says, “and completely transformed how business is done.”

At Waterfront Yacht Brokerage, Thomson says he, Kelly, and their team apply the same client-first mindset upon which his hugely successful and prolific luxury real estate business model was built.

Waterfront Properties, Waterfront Yacht Brokerage’s parent company, has been the leader in waterfront property sales and marketing in South Florida for more than 40 years. “This puts us,” says Thomson, “in a unique position, whereby which we’re able to take advantage of the natural synergy between waterfront property and yacht sales.”

Furthermore, he and his team’s four decades of experience is, he says, supremely supported by the firm’s highly advanced internet marketing techniques and unique, proprietary backend system allowing the company to work with-and serve-its clients like no other company in the industry. “Allow us to show you how our years as yachting professionals, combined with our technologically superior way of connecting buyers and sellers, can afford you with the Waterfront Yacht Brokerage advantage,” adds Thomson, wrapping up.

To learn more about Waterfront Yacht Brokerage, call 561-427-0020 or visit http://www.waterfrontyachtbrokerage.com/.

Contact:
Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: Web Presence

ReleaseID: 554010

NEW YORK, NY / ACCESSWIRE / July 30, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate in the suit. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.

FedEx Corporation (NYSE: FDX)
Class Period: September 19, 2017 to December 18, 2018
Lead Plaintiff Deadline: August 26, 2019

The lawsuit alleges that FedEx Corporation made materially false and/or misleading statements and/or failed to disclose that: (1) TNT’s overall package volume growth was slowing as TNT’s large customers permanently took their business to competitors after the Cyberattack; (2) as a result of the customer attrition, TNT was experiencing an increased shift in product mix from higher-margin parcel services to lower-margin freight services; (3) the anticipated costs and timeframe to integrate and restore the TNT network were significantly larger and longer than disclosed; (4) FedEx was not on track to achieve TNT synergy targets; and (5) as a result of these undisclosed negative trends and cost issues, FedEx’s positive statements about TNT’s recovery from the Cyberattack, integration into FedEx’s legacy operations, customer mix, customer service levels, profitability, and prospects lacked a reasonable basis.

Learn about your recoverable losses in FDX: http://www.kleinstocklaw.com/pslra-1/fedex-corporation-loss-submission-form?id=2679&from=1.

L Brands, Inc. (NYSE: LB)
Class Period: May 31, 2018 to November 19, 2018
Lead Plaintiff Deadline: September 23, 2019

L Brands, Inc. allegedly made materially false and/or misleading statements and/or failed to disclose that: (a) the Victoria’s Secret and PINK businesses were having a material adverse effect on the Company’s cash flow, liquidity and debt levels; (b) Defendants lacked a reasonable basis for their positive statements about the ability of the Company to sustain its dividend; (c) the MD&A disclosures in filings L Brands made with the SEC were materially false and misleading; (d) the risk factor disclosures in filings L Brands made with the SEC were materially false and misleading; (e) the representations about L Brands’ disclosure controls in filings the Company made with the SEC were materially false and misleading; (f) the certifications issued by Defendants Wexner and Burgdoerfer on L Brands disclosure controls were materially false and misleading; and (g) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about L Brands’ then-current business operations and future financial
prospects.

Learn about your recoverable losses in LB: http://www.kleinstocklaw.com/pslra-1/l-brands-inc-loss-submission-form?id=2679&from=1.

Karyopharm Therapeutics Inc (NASDAQGS: KPTI)
Class Period: on behalf of shareholders of Karyopharm Therapeutics Inc. who: (1) purchased shares of Karyopharm’s common stock between March 2, 2017 and February 22, 2019, inclusive; (2) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around April 28, 2017; or (3) purchased Karyopharm shares in or traceable to the Company’s public offering of common stock conducted on or around May 7, 2018.
Lead Plaintiff Deadline: September 23, 2019

The lawsuit alleges that Karyopharm Therapeutics Inc made materially false and/or misleading statements and/or failed to disclose that: Throughout the Class Period, the Company continued to tout the commercial prospects for selinexor and consistently described selinexor as having a “predictable and manageable tolerability profile” and a “very nice safety profile,” and assured investors that it was “well tolerated” by patients. Karyopharm also claimed that selinexor had the potential to be used as a new treatment for MM, with limited and manageable side effects. As a result of these misrepresentations, Karyopharm shares traded at artificially inflated prices during the Class Period.

Learn about your recoverable losses in KPTI: http://www.kleinstocklaw.com/pslra-1/karyopharm-therapeutics-inc-loss-submission-form?id=2679&from=1.

Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. If you suffered a loss during the class period and wish to obtain additional information, please contact J. Klein, Esq. by telephone at 212-616-4899 or visit the webpages provided.

J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
Fax: (347) 558-9665
www.kleinstocklaw.com

SOURCE: The Klein Law Firm

ReleaseID: 554008

COLLEGE STATION, TX / ACCESSWIRE / July 30, 2019 / Recognized for her landmark contributions to chemistry, both at Texas A&M University and beyond, Kim Renee Dunbar was named the 2018 Fellow of the Royal Society of Chemistry. A global leader in her field, Dunbar has made significant strides in chemistry that benefit the international scientific community as a whole.

In 1999, Kim Renee Dunbar joined the Texas A&M Department of Chemistry to shed light on subjects such as synthetic, structural, and physical inorganic and bioinorganic chemistry. In her research, she has unveiled critical new evidence of structure and bonding relationships as well as chemical phenomena, which has catapulted her to international acclaim. Her work is syndicated throughout the scientific community and is implemented into research by scientists around the world.

Just five years into her career at the Texas A&M Department of Chemistry, Kim Renee Dunbar earned the title of Davidson Professor of Science and today holds the Davidson Chair in Science. This is a tremendous feat in itself as she has earned special distinction for being the first female chair holder within the Texas A&M College of Science.

Two years after, she was named a University Distinguished Professor, which is recognized as the highest academic faculty rank available at Texas A&M. The Distinguished Professor award requires all nominees to accept and adhere to a specific code of conduct and an established set of high standards of ethical and professional behavior that the institution strives for.

Kim Renee Dunbar has achieved a uniquely high level of accomplishments as a professional chemist, and she has made tremendous contributions to the advancement of the chemical sciences.

“Kim is widely recognized as an international leader in the field of inorganic chemistry,” said Dr. Simon W. North, who is a Professor and Department Head of Texas A&M Chemistry. “Not only has she made seminal contributions in several areas, she has an outstanding record of service to the scientific community.”

Kim Dunbar has made great strides in the research of synthetic and structural inorganic chemistry, which is funded by esteemed organizations such as the National Science Foundation, the Welch Foundation, the Department of Energy, and the American Chemical Society-Petroleum Research Fund. Her work focuses on applying coordination chemistry principles to the solution of diverse problems that range from new magnetic materials to anticancer agents.

In addition, Kim Dunbar holds many other prestigious titles such as Fellow of the American Chemical Society (ACS) and Fellow of the American Association for the Advancement of Science (AAAS). Early in her career she received a Camille and Henry Dreyfus Teacher-Scholar Award and an Alfred P. Sloan Award and has since garnered numerous other honors. Kim Dunbar is also is a two-time recipient of the Texas A&M Association of Former Students Distinguished Achievement Award, one for Research and another for Graduate Mentoring.

“I am honored to have been selected to be a Fellow of the Royal Society of Chemistry,” Kim Renee Dunbar said. “It is important to me to be able to help guide future chemists in their careers by supporting non-profit professional societies like the RSC and the American Chemical Society.”

Contact:
Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: Web Presence

ReleaseID: 554007

The organizations will work pogether to provide free pepper spray and training to at-risk women

CLEVELAND, OH / ACCESSWIRE / July 30, 2019 / Mace® Security International, Inc. (OTCQX:MACE), a globally recognized leader in personal safety products, is pleased to announce its partnership with Kuros!, a social impact brand based in Austin, Texas. Together, Kuros! with the help of Mace® Brand will deliver free cans of pepper spray and training to women who face increased risks of sexual assault and violence in developing countries. The aim is to help women live more safe, secure and confident lives.

Founded in 2013 by entrepreneur Kuro Tawil, Kuros! takes a proactive approach to combating gender-based violence against women. Over the last six years, the organization has teamed up with trusted distribution partners and Women’s Rights Group’s to make free pepper spray available to women in India, South Africa, El Salvador and the Philippines.

“Pepper spray doesn’t just give these women a powerful way to protect themselves – it enhances their mobility and outlook on life,” said Tawil. “Already trusted by women everywhere, Mace® Brand is the perfect partner to help us extend our mission on an even bigger, more global scale.”

Mace® Brand has launched an exclusive Kuros! branded product line, including a Kuros! Pepper Spray with UV Dye, Kuros! Personal Alarm with Keychain and a Kuros! Combo Kit, to raise awareness and support the cause. Every product sale will help fund the delivery of free pepper spray to women in need.

“We are – and have always been – committed to helping people feel more secure, confident and ready as they walk through the world,” said Gary Medved, CEO/President of Mace® Security International. “The Kuros! partnership provides the opportunity to get pepper spray into the hands of women who truly need it to not only survive, but thrive within their communities.”

The Kuros! branded personal defense products are available for purchase at www.mace.com.

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About Mace® Security International, Inc.

Mace® Security International, Inc. is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense, security and surveillance under its world-renowned Mace® Brand – the original trusted brand of defense spray products. The company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand. MSI distributes and supports Mace® Brand products and services through mass market retailers, wholesale distributors, independent dealers, e-commerce marketers and installation service providers. For more information, visit www.mace.com.

About Kuros!

Kuros! is a humanitarian lifestyle brand that puts vital self-defense products in the hands of women around the world. From South Africa and India to El Salvador and Manila, the organization is giving women a fighting chance at protecting themselves from assault and living their fullest lives without fear.

www.kuros.com

Contact:

Gary Medved
CEO/President of Mace® Security International, Inc.
440-424-5322
press@mace.com

SOURCE: Mace® Security International, Inc.

ReleaseID: 554006