Monthly Archives: February 2020

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sasol Limited

BENSALEM, PA / ACCESSWIRE / February 25, 2020 / Law Offices of Howard G. Smith reminds investors of the upcoming April 6, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired of Sasol Limited ("Sasol" or the Company") (NYSE:SSL) securities between March 10, 2015 and January 13, 2020 inclusive (the "Class Period").

Investors suffering losses on their Sasol investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On October 27, 2014, Sasol announced the construction of an $8.1 billion ethane cracker and derivatives complex called the Lake Charles Chemicals Project ("LCCP").

On June 6, 2016, Sasol reported "that the expected total capital expenditure for the [LCCP] could increase up to US $11 billion, including site infrastructure and utility improvements." Moreover, the Company disclosed that "the estimated LCCP capital cost and extended schedule will reduce the expected project returns by approximately the same amount as the Company's lower long-term price assumptions."

On this news, Sasol's American depositary receipt ("ADR") price fell $3.53 per share, or approximately 11%, to close at $28.60 per share on June 6, 2016, thereby injuring investors.

On May 22, 2019, during pre-market hours, Sasol revealed that "the cost estimate for the LCCP has been revised to a range of $12.6 to $12,9 billion which includes a contingency of $300 million."

On this news, Sasol's ADR price fell $4.50 per share, or nearly 15%, to close at $25.64 per share on May 22, 2019, thereby injuring investors further.

On August 16, 2019, during pre-market hours, Sasol postponed its full year 2019 financial results because of "possible LCCP control weaknesses."

On this news, Sasol's ADR price fell $0.74 per share, or over 4%, to close at $17.67 per share on August 16, 2019, thereby injuring investors further.

On October 28, 2019, Sasol disclosed that there were "errors, omissions, and inaccuracies in the [LCCP] cost estimate" and that the highest level of management had engaged in a number of unethical and improper reporting activities. Sasol also announced the resignation of, inter alia, its Joint Presidents and Chief Executive Officers ("CEOs") and Senior Vice Presidents and others previously in charge of the LCCP.

On January 14, 2020, Sasol confirmed "an explosion and fire at its LCCP low-density polyethylene (LDPE) unit." Sasol stated that "[t]he unit was in the final stages of commissioning and startup when the incident occurred."

On this news, Sasol's ADR price fell $1.70 per share, or nearly 8%, over the following two trading days to close at $19.99 per share on January 15, 2020, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Sasol had conducted insufficient due diligence into, and failed to account for multiple issues with, the LCCP, as well as the true cost of the project; (2) that construction and operation of the LCCP was consequently plagued by control weaknesses, delays, rising costs, and technical issues; (3) that these issues were exacerbated by Sasol's top-level management, who engaged in improper and unethical behavior with respect to financial reporting for the LCCP and the project's oversight; (4) that all of the foregoing was reasonably likely to render the LCCP significantly more expensive than disclosed and negatively impact the Company's financial results; and (5) that as a result, the Company's public statements were materially false and misleading at all relevant times.

If you purchased Sasol securities during the Class Period, you may move the Court no later than April 6, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

CONTACTS:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

SOURCE: Law Offices of Howard G. Smith

ReleaseID: 577892

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Westpac Banking Corporation (WBK)

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming March 30, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Westpac Banking Corporation ("Westpac" or the "Company") (NYSE:WBK) securities between November 11, 2015 and November 19, 2019, inclusive (the "Class Period").

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

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On November 19, 2019, Westpac was charged by the Australian Transaction Reports and Analysis Centre ("AUSTRAC") with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the "AML-CTF Act"). Among other things, AUSTRAC's Statement of Claim contends that the Company failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation, despite Westpac senior management being "specifically briefed" in 2016 on how the bank's international digital payments service could be at risk for such abuse.

On this news, the Company's share price fell $0.80, or over 4%, to close at $17.15 per share on November 20, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC; (2) the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia; (3) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; (5) the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Westpac securities during the Class Period, you may move the Court no later than March 30, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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

Contacts:

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

SOURCE: Glancy Prongay & Murray LLP

ReleaseID: 577889

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Forescout Technologies, Inc.

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming March 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Forescout Technologies, Inc. ("Forescout" or the "Company") (NASDAQ:FSCT) investors who purchased securities between February 7, 2019 and October 9, 2019, inclusive (the "Class Period").

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

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On October 10, 2019, before the market opened, Forescout reduced third quarter 2019 revenue guidance to $90.6 million to $91.6 million, compared to prior guidance of $98.8 million to $101.8 million, due to "extended approval cycles which pushed several deals out of the third quarter," which "was most pronounced in EMEA."

On this news, Forescout's stock price fell $14.63 per share, or more than 37%, to close at $24.57 per share on October 10, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company's pipeline, especially in Europe, the Middle East, and Africa; (2) that the foregoing was reasonably likely to have a material negative impact on the Company's financial results; and (3) that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Forescout securities during the Class Period, you may move the Court no later than March 2, 2020 to request an appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class-action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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

CONTACT:

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

SOURCE: Glancy Prongay & Murray LLP

ReleaseID: 577888

SPR INVESTOR FILING DEADLINE: Bernstein Liebhard LLP Reminds Investors of a Filing Deadline in a Securities Class Action Lawsuit Against Spirit AeroSystems Holdings Inc.

NEW YORK, NY / ACCESSWIRE / February 25, 2020 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Spirit AeroSystems Holdings, Inc. ("Spirit" or the "Company") (NYSE:SPR) between October 31, 2019 and January 29, 2020, inclusive (the "Class Period").

If you purchased Spirit securities, and/or would like to discuss your legal rights and options please visit Spirit Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal controls over financial reporting; (2) the Company did not comply with its established accounting principles related to potential contingent liabilities; and (3) as a result, defendants statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On January 30, 2020, before the market opened, the Company issued a press release announcing that Spirit had determined that it did not comply with its accounting procedures and that Garcia and Gilson had resigned. On this news the Company's shares fell $2.56 per share or approximately 4% on unusually high volume to close at $65.08 per share on January 30, 2020.

If you wish to serve as lead plaintiff, you must move the Court no later than April 10, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased Spirit securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/spiritaerosystemsholdingsinc-spr-shareholder-class-action-lawsuit-stock-fraud-249/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com

SOURCE: Bernstein Liebhard LLP

ReleaseID: 577392

DigiMax to Acquire SJD Consulting Canada to Substantially Increase Revenues

$1.5 MILLION OF POTENTIAL NEW CASH TO BE GENERATED INSIDE OF DIGIMAX IN EXCHANGE FOR 19.5% OWNERSHIP OF DIGIMAX

Options Granted to Non-Management Directors

TORONTO, ON / ACCESSWIRE / February 25, 2020 / DIGIMAX GLOBAL SOLUTIONS (CSE:DIGI) (the "Company" or "DigiMax") is pleased to announced that it has agreed to acquire the Canadian consulting arm, with associates who have informally worked together for over 20 years, owned by El Dorado Capital LLC, a New York LLC, represented by it's managing member, Jerry McRoberts and The Bigelow Trust, a common law trust, represented by it's trustee, Stan Medley ("SJD International"). Jerry McRoberts and Stan Medley have each provided corporate consulting services to clients around the world for more than 30 years.

SJD International has operated as a collaboration of the two individuals to provide start-up and scaling consulting for clients throughout most of the world including the US and Canada, as well as assisting companies from Europe, the mid-east, and throughout Asia. Many of these companies have subsequently succeeded in raising substantial capital and where desired, become publicly listed. In several cases, Jerry and Stan have taken personal ownership interests in the companies to further assist the companies to meet their growth and capital goals.

DigiMax and SJD International have collaborated in consulting for four different clients in the past few months and have demonstrated a strong working relationship between the two organizations already.

As a result of this Agreement, Jerry and Stan will divert much of their consulting work though SJD Consulting Canada ("SJD Canada").

DigiMax will also develop a wholly owned scalability incubator company to be named DigiMax Development Corp ("DDC"). SJD clients may agree to be acquired in whole or in part by DDC to gain assistance from DigiMax and SJD to grow revenues internationally and to be groomed as a successful operating company for subsequent sale either privately, or through an IPO. In such situations, DigiMax would expect to retain an ownership of 10% or more of the company being sold.

DigiMax has agreed to acquire 100% ownership of SJD Canada in exchange for 15 million shares of DigiMax that will be released to the owner of SJD Canada, conditional on meeting certain revenue targets. SJD will then be operated as a division of DigiMax Global Solutions as a consulting company.

The shares will be released from Escrow in the amount of 1.5 million shares for every $150,000 of "Acceptable Cash" generated by Jerry and Stan contributed to DigiMax treasury within a 30-month period from the date of the Agreement. This results in a targeted cash generation for DigiMax of $50,000 per month commencing approximately 3 months after the acquisition of SJD Canada.

Acceptable Cash is defined as:

consulting fees earned, net of all amounts paid to individuals or other companies in earning such fees, by SJD;
any cash raised by DigiMax at a price of 10 cents per share or higher where such financing would have to be approved by the DigiMax Board of Directors in advance;
any cash generated by DDC, net of fees paid to individuals or other third parties; and
any other methods of generating cash for DigiMax that has been approved in advance by the DigiMax Board of Directors.

"We have worked with different third parties over the past 30 years in many different countries, and seldom have we had the pleasure of working with such a straight-forward, hard-working group as the team at DigiMax", said Jerry McRoberts. "We see this as an opportunity to multiply the success that Stan and I have had by several multiples because these guys understand what it takes to successfully execute on behalf of our clients."

"The great thing about working with DigiMax is that if they say they are going to do something, they do it – plain and simple," says Stan Medley. "We want to bring that level of service to most of our clients, old and new, and we are excited about the SJD-DigiMax relationship."

"Jerry and Stan have a highly developed network of businesses that will be immediately accretive to DigiMax revenue and cash flow," said Chris Carl. "By combining our consulting team, our Exempt Market Dealer Team in Canada, and our global syndicate of registered Broker Dealers, we believe we are not only continuing on our stated goal of developing a global investment bank, but we are immediately accelerating our cash flow and profitability opportunities for DigiMax. This is a huge step forward for DigiMax and this will be immediately accretive to revenue, followed quickly by positive EBITDA."

About SJD

Stan Medley has provided business Consulting for more than 30 years in US and foreign markets such as Germany, UK, Australia, Canada, and Hong Kong. He has specialized in structuring companies to resist dilution as well as assisting companies wishing to do business internationally.

Stan has also utilized these skills in several related areas such as being a forensic consultant and expert witness; testifying in federal court as an expert statistician regarding valuations; provided sales training & coaching, market research and on-line marketing; lectured at many seminars on finance and corporate growth; and acted provided many guest appearances on radio shows discussing a variety of financial, entertainment and other topics.

Jerry McRoberts has more than 30 years' experience specializing in the acquisition of private emerging growth companies in diverse industries including media tech, digital media, software, networks, content production and distribution, data and analytics, clean energy, and 3D printing. Prior to this, Jerry owned an executive search firm specializing in the placement of senior level financial leaders in corporate banking, investment banking, money management, and mezzanine and subordinated debt groups nationwide. Former clients have included Sanford Bernstein, Fuji Bank Ltd., Daichi-Kangyo Bank Ltd., Australia New Zealand Bank, Heller Financial, Finova Capital.

About DigiMax

DigiMax is based in Toronto and is the first company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and own a registered Dealer. Canada, DigiMax Capital Corp is an 'Exempt Market Dealer registered in Ontario.

The corporate group is planning to establish or acquire registered dealers in several other countries. It also plans to also develop a state-of-the-art electronic platform, in collaboration with third party industry participants. The platform will provide qualified investors access to primary digital security offerings in the rapidly growing Digital Security market.

The corporate group presently consults to operating businesses and helps them raise capital through the issuance of traditional securities.

The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence through collaborative partnerships in the USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta. Manage plans to develop partnerships in other jurisdictions.

Options Granted to Non-Management Directors

DigiMax also announces that it has issued a 2-year Option to acquire 500,000 shares at 5 cents per share to each non-managing director of the Company including Edward Murphy, Lowell Kamin and Nikolai Vassev.

This follows the expiration or cancelation of Options for 4,489,000 shares issued previously.

Contacts DigiMax:

Chris Carl
President & CEO
416-312-9698
ccarl@digimax-global.com

Edward Murphy
Chairman
416-720-0456
emurphy@digimax-global.com

Cautionary Note Regarding Forward-looking Statements

NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: anticipate, intend, plan, goal, seek, believe, project, estimate, expect, strategy, future, likely, may, should, will and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding changing the Company's name.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: shareholders approving the change of name to DigiMax, the adequacy of our cash flow and earnings, the availability of future financing and/or credit, and other conditions which may affect our ability to expand the App Platform described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative action and revised rules and standards applied by the Canadian Securities Administrators, Ontario Securities Commission, and/or other similar regulatory bodies in other jurisdictions, disruptions to our technology network including computer systems, software and cloud data, or other disruptions of our operating systems, structures or equipment.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE: Digimax Global Solutions

ReleaseID: 577879

Optex Systems to Present at the 2020 LD Micro Virtual Conference

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / Optex Systems Holdings Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, today announced that it will be presenting at the third annual LD Micro Virtual Conference on Tuesday, March 3rd at 8:40 AM PST / 11:40 AM EST. Danny Schoening, CEO of Optex Systems Holdings Inc., will be giving the presentation and answering questions from investors.

You can register for the event and access the live presentation at the following link: https://www.webcaster4.com/Webcast/Page/2019/33279

"We received great feedback from this event last year and are excited to participate again in 2020," stated Danny Schoening, CEO of Optex Systems Holdings Inc. "We look forward to sharing our distinct position within the market and our continued path towards increases in revenue, gross margin, and earnings."

"We are delighted to be hosting our third virtual event in order to showcase some of the truly unique names in micro-cap" stated Chris Lahiji, President of LD Micro. "There are a many people and companies who are unable to attend our live events, due to any number of reasons, so we are happy to offer an additional way for companies to present to investors without taking a lot of time out of their day-to-day operations. While virtual events will never replace the experience of sitting in the same room as other humans, it is a great format for updating the investor community and getting increased exposure."

The conference will be held via webcast and will feature over 40 companies in the small / micro-cap space.

View Optex Systems Holdings Inc. profile here: http://www.ldmicro.com/profile/OPXS

 

Profiles powered by LD Micro – News Compliments of Accesswire

ABOUT OPTEX SYSTEMS

Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2015 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.

About LD Micro

LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event).

In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.

For those interested in attending, please contact David Scher at david@ldmicro.com or visit www.ldmicro.com for more information.

Contact:

IR@optexsys.com

(972) 764-5718

Source: Optex Systems Holdings Inc. via LD Micro

ReleaseID: 577887

Systemax Reports Fourth Quarter 2019 Financial Results

– Sales Increase 2.1% to $222.2 Million; Operating Income Increases 3.6% to $14.4 Million; Adjusted Operating Income Increases 23.6% to $15.2 Million
– Board Declares Special Dividend of $1.00 and Increases Quarterly Dividend to $0.14 –

PORT WASHINGTON, NY / ACCESSWIRE / February 25, 2020 / Systemax Inc. (NYSE:SYX) today announced financial results for the fourth quarter ended December 31, 2019.

Performance Summary*
(U.S. dollars in millions, except per share data)
 

Highlights

 

Quarter Ended

December 31,

 
 

Year Ended

December 31,

 

GAAP Results**

 
2019
 
 
2018
 
 
2019
 
 
2018
 

Net sales

 
$
222.2
 
 
$
217.7
 
 
$
946.9
 
 
$
896.9
 

Gross profit

 
$
75.0
 
 
$
73.0
 
 
$
325.7
 
 
$
307.7
 

Gross margin

 
 
33.8
%
 
 
33.5
%
 
 
34.4
%
 
 
34.3
%

Operating income from continuing operations

 
$
14.4
 
 
$
13.9
 
 
$
66.1
 
 
$
61.7
 

Operating margin

 
 
6.5
%
 
 
6.4
%
 
 
7.0
%
 
 
6.9
%

Net income from continuing operations

 
$
11.4
 
 
$
12.3
 
 
$
50.0
 
 
$
49.5
 

Net income per diluted share from continuing operations

 
$
0.30
 
 
$
0.33
 
 
$
1.32
 
 
$
1.31
 

Net income (loss) from discontinued operations

 
$
0.1
 
 
$
0.8
 
 
$
(1.5
)
 
$
175.2
 

Net income (loss) per diluted share from discontinued operations

 
$
0.00
 
 
$
0.02
 
 
$
(0.04
)
 
$
4.62
 

Non-GAAP Results**

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Operating income

 
$
15.2
 
 
$
12.3
 
 
$
70.8
 
 
$
62.3
 

Operating margin

 
 
6.8
%
 
 
5.6
%
 
 
7.5
%
 
 
6.9
%

Net income from continuing operations

 
$
11.3
 
 
$
9.8
 
 
$
52.4
 
 
$
47.0
 

Net income per diluted share from continuing operations

 
$
0.30
 
 
$
0.26
 
 
$
1.39
 
 
$
1.24
 

Fourth Quarter 2019 Financial Summary:

Consolidated sales increased 2.1% to $222.2 million in U.S. dollars. On a constant currency basis, average daily sales increased 2.1%.
Consolidated operating income increased 3.6% to $14.4 million compared to $13.9 million last year. On a Non-GAAP basis, consolidated operating income increased 23.6% to $15.2 million.
Net income per diluted share from continuing operations decreased 9.1% to $0.30. Non-GAAP net income per diluted share from continuing operations increased 15.4% to $0.30.

Year Ended 2019 Financial Summary:

Consolidated sales increased 5.6% to $946.9 million in U.S. dollars. On a constant currency basis, average daily sales increased 5.7%.
Consolidated operating income grew 7.1% to $66.1 million compared to $61.7 million last year. On a Non-GAAP basis, consolidated operating income grew 13.6% to $70.8 million.
Net income per diluted share from continuing operations increased 0.8% to $1.32. Non-GAAP net income per diluted share from continuing operations grew 12.1% to $1.39.

Barry Litwin, Chief Executive Officer, said, "In 2019 we made significant progress in the execution of our customer centric strategy, and made investments to support and drive our future growth. For the full year, we generated almost $950 million in revenue, delivered $66 million of operating income, and had strong cash flow generation. In the fourth quarter, our revenue showed modest growth, in line with the market, while we delivered a double-digit improvement in non-GAAP operating income. This performance highlights our operating leverage and efforts to proactively manage the business through the current competitive market and challenging tariff and trade environment."

"A year ago, we embarked on our multi-year strategic road map to grow customer engagement and generate operating leverage from current operations and investments. Today we are delivering higher service levels and greater end-to-end transaction transparency to our customers. As we begin 2020, we will accelerate our strategy as we invest in the growth of our sales force, digital marketing, and product and category expansion. Our expanded distribution network and self-service digital tools will continue to improve efficiency and enhance our customer experience. These investments, combined with our continuous improvement culture, will further strengthen our platform, enhance our competitive position and drive our long-term performance."

At December 31, 2019, the Company had total working capital of $144.5 million, cash and cash equivalents of $97.2 million and excess availability under its credit facility of $71.2 million. Operating cash flow from continuing operations in the quarter was $5.4 million. The Company's Board of Directors has declared a special cash dividend of $1.00 per share and has increased the regular quarterly cash dividend to $0.14 per share to shareholders of record at the close of business on March 9, 2020, payable on March 16, 2020. The special dividend and the increase in the quarterly dividend reflect the solid financial performance and strong cash flow generation the Company delivered in 2019. The regular quarterly dividend reflects an increase of $0.02 or 16.7% per share and the Company anticipates continuing a regular quarterly dividend in the future.

Earnings Conference Call Details

Systemax Inc. will provide pre-recorded remarks on its fourth quarter 2019 results today, February 25, 2020 at 5:00 p.m. Eastern Time. A live webcast of the remarks will be available on the Company's website at www.systemax.com in the investor relations section. The webcast will also be archived on www.systemax.com for approximately 90 days.

About Systemax Inc.

Systemax Inc. (www.systemax.com), through its operating subsidiaries, is a provider of industrial products in North America going to market through a system of branded e-Commerce websites and relationship marketers. The primary brand is Global Industrial.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. Forward-looking statements may include, but are not limited to statements regarding: i) projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures; ii) fluctuations in general economic conditions; iii) future operations, such as, plans relating to new distribution facilities, plans for utilizing alternative sources of supply in response to government tariffs and trade actions, and plans for new products or services; iv) plans for acquisition or sale of businesses, including expansion or restructuring plans, such as our exit from and winding down of our North American Technology Group ("NATG") and European operations; v) financing needs, and compliance with financial covenants in loan agreements; vi) assessments of materiality; vii) predictions of future events and the effects of pending and possible litigation; and viii) assumptions relating to the foregoing. In addition, when used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements.

Other factors that may affect our future results of operations and financial condition include, but are not limited to, unanticipated developments in any one or more of the following areas, as well as other factors which may be detailed from time to time in our Securities and Exchange Commission filings: general economic conditions, such as customer inventory levels, interest rates, borrowing ability and economic conditions in the manufacturing industry generally, will continue to impact our business; the imposition of tariffs and other trade barriers, as well as retaliatory trade measures, have caused us to raise the prices on certain of our products and seek alternate sources of supply, which could negatively impact our sales or disrupt our operations in the future; increases in freight and shipping costs have from time to time impacted our margins to the extent the increases could not be passed along to customers in a timely manner and may impact our margins again in the future, and factors affecting the shipping and distribution of products imported to the United States by us or our domestic vendors, such as global availability of shipping containers and fuel costs; our reliance on common carrier delivery services for shipping inventoried merchandise to customers; our reliance on drop ship deliveries directly to customers by our product vendors for products we do not hold in inventory; delays in the timely availability of products from our suppliers could delay receipt of needed product and result in lost sales; in this regard, global supply chains and the timely availability of products, particularly products, or product components used in domestic manufacturing, imported from China and other Asian nations could be adversely affected by quarantines, factory slowdowns or shutdowns, border closings, and travel restrictions resulting from the Coronavirus outbreak in China; our ability to maintain available capacity in our distribution operations for stocked inventory and to enable on time shipment and deliveries, such as by timely implementing additional temporary or permanent distribution resources, whether in the form of additional facilities we operate or by outsourcing certain functions to third party distribution and logistics partners; we compete with other companies for recruiting, training, integrating and retaining talented and experienced employees, particularly in markets where we and they have central distribution facilities; this aspect of competition is aggravated by the current tight labor market in the U.S.; risks involved with e-commerce, including possible loss of business and customer dissatisfaction if outages or other computer-related problems should preclude customer access to our products and services; our information systems and other technology platforms supporting our sales, procurement and other operations are critical to our operations and disruptions or delays have occurred and could occur in the future, and if not timely addressed could have a material adverse effect on us; a data security breach due to our e-commerce, data storage or other information systems being hacked by those seeking to steal Company, vendor, employee or customer information, or due to employee error, resulting in disruption to our operations, litigation and/or loss of reputation or business; managing various inventory risks, such as being unable to profitably resell excess or obsolete inventory and/or the loss of product return rights from our vendors; meeting credit card industry compliance standards in order to maintain our ability to accept credit cards; rising interest rates, increased borrowing costs or limited credit availability, including our own ability to maintain satisfactory credit agreements and to renew credit facilities, could impact both our and our customers' ability to fund purchases and conduct operations in the ordinary course; pending or threatened litigation and investigations, as well as anti-dumping and other government trade and customs proceedings, could adversely affect our business and results of operations; sales tax laws or government enforcement priorities may be changed which could result in e-commerce and direct mail retailers having to collect sales taxes in states where the current laws and/or prior interpretations do not require us to do so; and extreme weather conditions could disrupt our product supply chain and our ability to ship or receive products, which would adversely impact sales.

Investor/Media Contacts:

Mike Smargiassi
The Plunkett Group
212-739-6729
mike@theplunkettgroup.com

* Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarters ended on December 28, 2019 and December 29, 2018. The fourth quarter of both 2019 and 2018 included 13 weeks and the full years included 52 weeks.

**On August 31, 2018, the Company closed on the sale of its France operations. Results of this divested business have been classified as discontinued operations for all periods presented.

SYSTEMAX INC.
Condensed Consolidated Statements of Operations – GAAP – Unaudited
(In millions, except per share amounts)

 

 

Quarter Ended

December 31,

 
 

Year Ended

December 31,

 

 

 
2019
 
 
2018
 
 
2019
 
 
2018
 

Net sales

 
$
222.2
 
 
$
217.7
 
 
$
946.9
 
 
$
896.9
 

Cost of sales

 
 
147.2
 
 
 
144.7
 
 
 
621.2
 
 
 
589.2
 

Gross profit

 
 
75.0
 
 
 
73.0
 
 
 
325.7
 
 
 
307.7
 

Gross margin

 
 
33.8
%
 
 
33.5
%
 
 
34.4
%
 
 
34.3
%

Selling, distribution and administrative expenses

 
 
60.6
 
 
 
59.2
 
 
 
260.4
 
 
 
245.2
 

Special (gains) charges, net

 
 
0.0
 
 
 
(0.1
)
 
 
(0.8
)
 
 
0.8
 

Operating income from continuing operations

 
 
14.4
 
 
 
13.9
 
 
 
66.1
 
 
 
61.7
 

Operating margin

 
 
6.5
%
 
 
6.4
%
 
 
7.0
%
 
 
6.9
%

Interest and other (income) expense, net

 
 
0.0
 
 
 
(1.0
)
 
 
0.0
 
 
 
(1.2
)

Income from continuing operations before income taxes

 
 
14.4
 
 
 
14.9
 
 
 
66.1
 
 
 
62.9
 

Provision for income taxes

 
 
3.0
 
 
 
2.6
 
 
 
16.1
 
 
 
13.4
 

Net income from continuing operations

 
 
11.4
 
 
 
12.3
 
 
 
50.0
 
 
 
49.5
 

Net income (loss) from discontinued operations

 
 
0.1
 
 
 
0.8
 
 
 
(1.5
)
 
 
175.2
 

Net income

 
$
11.5
 
 
$
13.1
 
 
$
48.5
 
 
$
224.7
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net income per common share from continuing operations:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
$
0.30
 
 
$
0.33
 
 
$
1.33
 
 
$
1.34
 

Diluted

 
$
0.30
 
 
$
0.33
 
 
$
1.32
 
 
$
1.31
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net income (loss) per common share from discontinued operations:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
$
0.00
 
 
$
0.02
 
 
$
(0.04
)
 
$
4.69
 

Diluted

 
$
0.00
 
 
$
0.02
 
 
$
(0.04
)
 
$
4.62
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net income per common share:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
$
0.30
 
 
$
0.35
 
 
$
1.29
 
 
$
6.03
 

Diluted

 
$
0.30
 
 
$
0.35
 
 
$
1.28
 
 
$
5.93
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Weighted average common and common equivalent shares:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
37.6
 
 
 
37.3
 
 
 
37.5
 
 
 
37.2
 

Diluted

 
 
37.8
 
 
 
37.8
 
 
 
37.7
 
 
 
37.9
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SYSTEMAX INC.
Condensed Consolidated Balance Sheets – GAAP – Unaudited
(In millions)

 

 
December 31,
 
 
December 31,
 

 

 
2019
 
 
2018
 

Current assets:

 
 
 
 
 
 

Cash and cash equivalents

 
$
97.2
 
 
$
295.4
 

Accounts receivable, net

 
 
88.2
 
 
 
84.1
 

Inventories

 
 
112.5
 
 
 
107.3
 

Prepaid expenses and other current assets

 
 
6.4
 
 
 
10.6
 

Total current assets

 
 
304.3
 
 
 
497.4
 

Property, plant and equipment, net

 
 
17.8
 
 
 
14.9
 

Operating lease right-of-use assets

 
 
59.3
 
 
 
0.0
 

Goodwill, intangibles and other assets

 
 
15.5
 
 
 
17.7
 

Total assets

 
$
396.9
 
 
$
530.0
 

 

 
 
 
 
 
 
 
 

Current liabilities:

 
 
 
 
 
 
 
 

Accounts payable and accrued expenses

 
$
149.9
 
 
$
136.1
 

Dividend payable

 
 
0.0
 
 
 
243.5
 

Operating lease liabilities

 
 
9.9
 
 
 
0.0
 

Total current liabilities

 
 
159.8
 
 
 
379.6
 

Deferred tax liability

 
 
0.1
 
 
 
0.1
 

Other liabilities

 
 
2.8
 
 
 
12.6
 

Operating lease liabilities

 
 
58.7
 
 
 
0.0
 

Shareholders' equity

 
 
175.5
 
 
 
137.7
 

Total liabilities and shareholders' equity

 
$
396.9
 
 
$
530.0
 

 
 
 
 
 
 
 
 
 

SYSTEMAX INC.
Condensed Consolidated Statements of Cash Flows – GAAP – Unaudited
(In millions)

 

 

Year Ended

December 31,

 

 

 
2019
 
 
2018
 

CASH FLOWS FROM OPERATING ACTIVITIES:

 
 
 
 
 
 

Net income from continuing operations

 
$
50.0
 
 
$
49.5
 

Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities:

 
 
 
 
 
 
 
 

Depreciation and amortization

 
 
4.1
 
 
 
4.5
 

Stock-based compensation

 
 
5.4
 
 
 
0.9
 

Change in working capital

 
 
8.9
 
 
 
(56.1
)

Other, net

 
 
1.9
 
 
 
11.0
 

Net cash provided by operating activities from continuing operations

 
 
70.3
 
 
 
9.8
 

Net cash used in operating activities from discontinued operations

 
 
(1.9
)
 
 
(32.1
)

Net cash (used in) provided by operating activities

 
 
68.4
 
 
 
(22.3
)

 

 
 
 
 
 
 
 
 

CASH FLOWS FROM INVESTING ACTIVITIES:

 
 
 
 
 
 
 
 

Purchases of property, plant and equipment

 
 
(6.9
)
 
 
(4.5
)

Net cash used in investing activities from continuing operations

 
 
(6.9
)
 
 
(4.5
)

Net cash provided by investing activities from discontinued operations

 
 
0.0
 
 
 
249.6
 

Net cash (used in) provided by investing activities

 
 
(6.9
)
 
 
245.1
 

 

 
 
 
 
 
 
 
 

CASH FLOWS FROM FINANCING ACTIVITIES:

 
 
 
 
 
 
 
 

Repayments of capital lease obligations

 
 
0.0
 
 
 
(0.1
)

Dividends paid

 
 
(261.6
)
 
 
(109.3
)

Stock-based compensation share issuances, net

 
 
2.0
 
 
 
3.5
 

Repurchase of treasury shares

 
 
0.0
 
 
 
(9.1
)

Net cash used in financing activities from continuing operations

 
 
(259.6
)
 
 
(115.0
)

 

 
 
 
 
 
 
 
 

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 
 
(0.1
)
 
 
3.1
 

 

 
 
 
 
 
 
 
 

NET (DECREASE) INCREASE IN CASH

 
 
(198.2
)
 
 
110.9
 

CASH – BEGINNING OF YEAR

 
 
295.4
 
 
 
184.5
 

CASH – END OF YEAR

 
$
97.2
 
 
$
295.4
 

 
 
 
 
 
 
 
 
 

SYSTEMAX INC.
Reconciliation of Consolidated GAAP Operating Income from Continuing Operations to Consolidated Non-GAAP
Operating Income from Continuing Operations – Unaudited
(In millions)

 

 

Quarter Ended

December 31,

 
 

Year Ended

December 31,

 

GAAP:

 
2019
 
 
2018
 
 
2019 vs. 2018
 
 
2019
 
 
2018
 
 
2019 vs. 2018
 

Net sales

 
$
222.2
 
 
$
217.7
 
 
 
2.1
%
 
$
946.9
 
 
$
896.9
 
 
 
5.6
%

Average daily sales*

 
$
3.6
 
 
$
3.5
 
 
 
2.1
%
 
$
3.7
 
 
$
3.5
 
 
 
5.7
%

Operating income

 
$
14.4
 
 
$
13.9
 
 
 
3.6
%
 
$
66.1
 
 
$
61.7
 
 
 
7.1
%

Operating margin%

 
 
6.5
%
 
 
6.4
%
 
 
 
 
 
 
7.0
%
 
 
6.9
%
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Non-GAAP adjustments:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Executive separation & transition costs

 
 
0.0
 
 
 
1.0
 
 
 
 
 
 
 
1.2
 
 
 
1.0
 
 
 
 
 

Stock based compensation

 
 
1.4
 
 
 
0.4
 
 
 
 
 
 
 
4.7
 
 
 
0.9
 
 
 
 
 

Intangible amortization

 
 
0.1
 
 
 
0.2
 
 
 
 
 
 
 
0.2
 
 
 
1.0
 
 
 
 
 

Reverse results of Germany and NATG included in GAAP operating income continuing operations

 
 
(0.7
)
 
 
(0.1
)
 
 
 
 
 
 
(1.4
)
 
 
0.8
 
 
 
 
 

One-time benefit from state audit settlements, net of impairment charge recorded on certain intangible assets

 
 
0.0
 
 
 
(3.1
)
 
 
 
 
 
 
0.0
 
 
 
(3.1
)
 
 
 
 

Total Non-GAAP Adjustments:

 
 
0.8
 
 
 
(1.6
)
 
 
 
 
 
 
4.7
 
 
 
0.6
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Non-GAAP operating income

 
$
15.2
 
 
$
12.3
 
 
 
23.6
%
 
$
70.8
 
 
$
62.3
 
 
 
13.6
%

Non-GAAP operating margin %

 
 
6.8
%
 
 
5.6
%
 
 
 
 
 
 
7.5
%
 
 
6.9
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

* Average daily sales is calculated based upon the number of selling days in each period, converted to US Dollars on a constant currency basis.

SYSTEMAX INC.
Reconciliation of GAAP Net Income from Continuing Operations to Non-GAAP
Net Income from Continuing Operations – Unaudited
(In millions)

 

 

Quarter Ended

December 31,

 
 

Year Ended

December 31,

 

 

 
2019
 
 
2018
 
 
2019
 
 
2018
 

GAAP

 
 
 
 
 
 
 
 
 
 
 
 

Net income from continuing operations

 
$
11.4
 
 
$
12.3
 
 
$
50.0
 
 
$
49.5
 

Provision for income taxes from continuing operations

 
 
3.0
 
 
 
2.6
 
 
 
16.1
 
 
 
13.4
 

Income from continuing operations before income taxes

 
 
14.4
 
 
 
14.9
 
 
 
66.1
 
 
 
62.9
 

Interest and other (income) expense from continuing operations, net

 
 
0.0
 
 
 
(1.0
)
 
 
0.0
 
 
 
(1.2
)

Operating income from continuing operations

 
 
14.4
 
 
 
13.9
 
 
 
66.1
 
 
 
61.7
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Non-GAAP adjustments:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Executive separation & transition costs

 
 
0.0
 
 
 
1.0
 
 
 
1.2
 
 
 
1.0
 

One-time benefit from state audit settlements, net of impairment charge recorded on certain intangible assets

 
 
0.0
 
 
 
(3.1
)
 
 
0.0
 
 
 
(3.1
)

Reverse results of Germany and NATG included in GAAP operating income from continuing operations

 
 
(0.7
)
 
 
(0.1
)
 
 
(1.4
)
 
 
0.8
 

Recurring adjustments

 
 
1.5
 
 
 
0.6
 
 
 
4.9
 
 
 
1.9
 

Adjusted operating income

 
 
15.2
 
 
 
12.3
 
 
 
70.8
 
 
 
62.3
 

Interest and other expense (income), net

 
 
0.0
 
 
 
(1.0
)
 
 
0.0
 
 
 
(1.2
)

Income before income taxes

 
 
15.2
 
 
 
13.3
 
 
 
70.8
 
 
 
63.5
 

Normalized provision for income taxes

 
 
3.9
 
 
 
3.5
 
 
 
18.4
 
 
 
16.5
 

Normalized effective tax rate (1)

 
 
26.0
%
 
 
26.0
%
 
 
26.0
%
 
 
26.0
%

Non-GAAP net income from continuing operations

 
$
11.3
 
 
$
9.8
 
 
$
52.4
 
 
$
47.0
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GAAP net income per diluted share from continuing operations

 
$
0.30
 
 
$
0.33
 
 
$
1.33
 
 
$
1.31
 

Non-GAAP net income per diluted share from continuing operations

 
$
0.30
 
 
$
0.26
 
 
$
1.39
 
 
$
1.24
 

(1) Effective tax rate of 26% used in the fourth quarter and twelve months ended 2019 and 2018.

SOURCE: Systemax Inc.

ReleaseID: 577803

IMPORTANT INVESTOR NOTICE: The Schall Law Firm Announces it is Investigating Claims Against Aaron’s, Inc. and Encourages Investors with Losses to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Aaron's, Inc. ("Aaron's" or "the Company") (NYSE:AAN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Aaron's announced its financial results quarter ended December 31, 2019, on February 20, 2020. The Company disclosed that its Progressive Leasing ("Progressive") segment had reached an agreement in principle with the FTC regarding the agency's Civil Investigative Demand dated July 2018. According to Aaron's, "Under the proposed agreement, which requires final approval by FTC Commissioners and the U.S. District Court for the Northern District of Georgia, Progressive will make a payment of $175 million and enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements." Based on this news, shares of Aaron's fell by more than 19% on the same day.

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

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335 to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

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

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

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

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com
www.schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 577880

SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces it is Investigating Claims Against Tivity Health, Inc. and Encourages Investors with Losses to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Tivity Health, Inc. ("Tivity" or "the Company") (NASDAQ:TVTY) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Tivity announced its fourth quarter and full-year 2019 financial results on February 19, 2020. The Company disclosed a fourth-quarter net loss of more than $323 million, a $137 million charge to goodwill and a $240 million impairment charge to the Nutrisystem brand. The Company also admitted that CEO Donato Tramuto had resigned. Based on this news, shares of Tivity dropped by nearly 45.5% the next day.

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

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

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

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

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 577876

Meet The Technology Company Offering World’s First Cognitive Automation Platform with NLP and NLU

SEATTLE, WA / ACCESSWIRE / February 25, 2020 / Technology is evolving and reaching new heights with every passing day. There are thousands of firms and companies that are mushrooming in every field of technology, and Automation is a no different story. One technology company that has been making news and is making itself prominent across the industry is InnovsolTech.

What is this company all about? Why are they so popular? Here, we will try to answer all these questions that raise so much curiosity around this technology company and its working.

InnovosolTech – The Mission and Vision

The company is a tech solutions provider that revolves around developing solutions for enabling Automation with platforms with NLP and NLU. The mission of the company is to not limit itself to things that work but also to things that may look far fetched but are far more meaningful and essential.

The company leverages its ability to solve real-world problems and develop automation solutions to almost everything that can be automated. The focus is on disrupting the marketplace by taking up ambitious projects, looking at the bigger picture and a long term view, and also empowering and making great ideas to be developed into innovative solutions.

What Does the Company Aim to Provide?

The mission and the vision statement of the country are enough for us to understand that the company believes in constant innovation through research. The primary problems that the company aims in solving pertain to reducing the efforts taken in finishing repetitive tasks and in enhancing the operational efficiencies of all the units, thereby reducing the costs of production and improving customer service.

The company also aims at creating innovative solutions that can attract, onboard, and serve new customers, along with retaining existing customers without no to minimum interventions. So, the idea is to disrupt the way customer handling is done, and the company aims to use AI for Automation in all industries that it can get into. And that is one of the many future aspirations that InnovosolTech thrives on.

Why should you choose InnovosolTech?

There are many reasons to choose InnovosolTech over others. But there are certain aspects of the solutions developed by this technology company that sets it apart from the rest. The products developed by InnovosolTech are compliant to the standard industry norms, and any company that is interested in increasing its operational efficiencies, saving costs, and improving their customer satisfaction levels can seamlessly use their platforms. The platforms are well equipped to handle all repetitive tasks without any interventions, no matter how small or large the business size is. So, here they win a lot of grey points which others don't.

To talk about the products in a little technical detail, InnovosolTech distinguishes itself in being the first Cognitive Automation Platform in the world to use a combination of Intelligent Robotic process automation (iRobo) and a conversational AI that uses Natural Language Processing (NLP). The product stands apart in providing world-class features such as Automated Voice Chat, API driven Automation, NLP and NLU enabled services, Cloud Automation, Speech to Text, and Text to Speech inputs, among other things.

From a business perspective, businesses would not have to invest heavily in arranging for the training and deployment of these platforms as these platforms are extremely easy to learn and use and promise a high return on investments. These products are a revolution in the world of Automation and are going to change the way customer service operations are performed entirely.

InnovosolTech – The Way Ahead

From not having a single cent of funding or external investments to being one of the top-grossing automation solutions providing company, InnovosolTech has come a long way. The constant hard work, grit, and determination of its owners are evident from the fact that they were able to cut out a niche for themselves in creating a unique product that is one of its kind. It is the only platform that can provide a Conversational AI and RPA along with NLP and NLU capabilities. All of that, and much more, is made available to customers in the form of a platform boasting its simplicity and ease of operation.

The owners of this amazing Technology company humbly thank companies and customers showing interest in their product and assure that this is just the beginning of a wonderful change. For InnovosolTech, long term view matters, and there's a lot more that is in the pipeline that is truly going to transform businesses.

CONTACT:
Tyce Escalante
Next Level Brand
Tyce@nextlvlbrand.com

SOURCE: Press Works

ReleaseID: 577873