Monthly Archives: April 2018

Wichita Tree Service Pros Welcomes Steve as Operations Manager

Wichita Tree Service Pros has brought on new expertise and named Steve as new Operations Manager in charge of Organizing multiple jobs and fulfilling jobs in a timely manner.

Wichita, United States – April 30, 2018 /PressCable/

With ten years experience running a large tree service company, Steve takes a new position as Operations Manager for Wichita Tree Service Pros. Full details can be found on the About Us section of the company website, http://www.wichitatreeservicepros.com/.

Wichita Tree Service Pros CEO, Steven expressed confidence that Steve is ready to handle the job, saying:”Steve has over a decade of experience in all aspects of the tree industry. Having started as a tree climber, he has operated bucket trucks, cranes and also run all parts of a pretty large tree company in another city in the US”

The challenges the company is facing with the increased demand in the summer demanded someone with solid experience in running multiple jobs and organizing crew work. Among the new responsibilities Steve can expect to handle, the main challenges are:

Organizing multiple jobs and fulfilling jobs in a timely manner

Making sure quality of work does not suffer with the increase in work

Keeping the crew and tree equipment in check.

The tree service company was recently in the news for contributing to the local society. Wichita Tree Service Pros is a full service tree removal company based out of Wichita Kansas and serving cities including Goddard, and nearby cities.

Customers and current employees are invited to send their messages of congratulations and welcome to the new Operations Manager via the tree removal page. The website will soon be updated with all the employees’ information as it undergoes a full user interface revamp next month.

The tree removal Wichita KS company is located in the following address

Wichita Tree Service Pros

2222 S Water St, #103

Wichita

KS – 67213

Ph: 316-500-6615

For more information about the company or to book jobs to remove trees, please visit their website or call the phone number directly.

Contact Info:
Name: Steve
Organization: Wichita Tree Service Pros
Address: 2222 S Water St, #103, Wichita, Kansas 67213, United States
Phone: +1-316-500-6615

For more information, please visit http://www.wichitatreeservicepros.com/

Source: PressCable

Release ID: 338206

Mosaix Releases on Kickstarter: Education Without Exams: Real-Time Assessment

Wizup Pty Ltd releases information on how its new Learning Management System will change things in the Education space for the better. Further information on the Kickstarter campaign for Mosaix can be found at https://www.kickstarter.com/projects/mosaix/mosaix-education-without-exams.

Googong, Australia – April 30, 2018 /PressCable/

Wizup Pty Ltd announces the launch of Mosaix, its new Learning Management System on Kickstarter. Mosaix combines content delivery with real-time student assessment, taking the next leap for learning management systems. With Mosaix, students can be assessed without the need for exams.

“We’ve been looking at a number of learning management systems, and we believe that this goes above and beyond…” says Sue Maslen, General Manager, Student and Academic Services, Canberra Institute of Technology (CIT), Australia.

Wizup has been working closely with CIT, a leading vocational training expert, to develop and test Mosaix. Based on their experience with Mosaix, CIT will be using Mosaix in a number of their courses this year, increasing the number of subjects using it each semester.

Launching a Kickstarter campaign allows Wizup to get the work out about Mosaix, and to use the funds raised to enhance the Mosaix prototype. https://www.kickstarter.com/projects/mosaix/mosaix-education-without-exams

Most other learning management systems are about storing data, not evaluating it. Mosaix uses deep learning analytics to assess a student’s understanding of a subject, based on the interactions that they have with other students about the content. Because Mosaix evaluates in real time, students always know how they are going with a subject. Kristina Coyne from Wizup explains “When you know what your mark is as soon as you’ve submitted your work, and you then have a chance to improve it, that’s a very empowering space for a student to be in. Instead, we currently expect kids to put in all this work, without knowing how the quality of their work compares to the teacher’s expectations, or the rest of the class, and then to wait for a couple of weeks until they find out. With Mosaix, you know right away. And you have a choice to improve your mark, if you wish.”

Many experts are calling for radical reform in the way we do education. The Australian Government, Department of Education have said that “Education needs new ways of thinking, new ways of doing and new ways to evaluate…” (Source http://www.olt.gov.au/system/files/resources/SoLAR_Report_2014.pdf)

Coming up with an alternative to the current evaluation system of assignments and exams has been challenging. Until now…

Mosaix is the first mobile app that actually understands and interacts with students, without needing exams. Mosaix is going to be a huge benefit to students and teachers by reducing the stress of exams, and reducing the marking workload for teachers. Mosaix allows teachers to focus on providing support for their students, by giving them real-time insights into where each student is up to.

Mosaix delivers an interactive and personal approach to both learning and teaching. Mosaix is designed for all students – overachievers, underachievers, learning impaired or not. It encourages the student to work at their own pace, in the way that they want, when they want. It provides a personal learning experience, encouraging like-minded students to interact and share ideas. It creates a safe environment for students to learn in their own unique way by allowing them to experiment with new ideas, make mistakes and to improve their understanding without being judged.

In essence, Mosaix achieves something quite unique: to make education personal, relevant and engaging.

Once again, Mosaix has launched their Kickstarter campaign. To find out more, and to pledge your support, the place to visit is https://www.kickstarter.com/projects/mosaix/mosaix-education-without-exams

For further information about Wizup Pty Ltd and Mosaix, go to http://mosaix.com.au

Contact Info:
Name: Kristina Coyne
Email: kristina.coyne@wizup.com.au
Organization: Wizup Pty Ltd
Address: 14 Hamilton Pl, Googong, NSW 2620, Australia
Phone: +61-414-248-112

For more information, please visit http://mosaix.com.au

Source: PressCable

Release ID: 338142

Newater Technology, Inc. Announces Year 2017 Audited Financial Results

YANTAI, CHINA / ACCESSWIRE / April 30, 2018 / Newater Technology, Inc. (NASDAQ: NEWA) (”NEWA,” ”we,” ”our” or the ”Company”), a developer, service provider and manufacturer of membrane filtration products and related hardware and engineered systems that are used in the treatment, recycling and discharge of wastewater, today announced its financial results for the year ended December 31, 2017.

The year ended December 31, 2017 Financial Highlights (all comparisons to the year ended December 31, 2016)

Revenues increased by 106% from $12.28 million to $25.34 million, which resulted primarily from the increased demand for our projects and services, evidenced by a large increase in our project sales, an increased number of customers and larger scale projects, and service sales.
Cost of revenues increased by 121% from $7.74 million to $17.08 million, primarily due to the revenue growth in the same period.
Gross profit increased by 82% to $8.26 million in 2017 from $4.54 million in 2016, while the gross profit margin was 33%, compared to 37% for the same period in 2016.
Selling, general and administrative expenses (SG&A) increased by 77% from $3.15 million to $5.58 million, however, the percentage of SG&A compared to revenue decreased from 26% to 22%.
Operating income increased by 93% from $1.39 million to $2.69 million. Our operating income as a percentage of total revenues was 11% for both 2016 and 2017.
Basic earnings per share was $0.26 in 2017 compared to $0.28 in 2016.

Selected Consolidated Statements of Income and Comprehensive Income Data
in $ million

Year 2017

Year 2016

Change $

change %

Year 2015

Year 2014

Total Revenues

25.34

12.28

13.06

106
%

6.98

1.03

Total Cost of Revenues

17.08

7.74

9.34

121
%

3.76

0.67

Gross profit

8.26

4.54

3.72

82
%

3.21

0.36

Gross profit margin

33
%

37
%

46
%

35
%

SG&A

5.58

3.15

2.43

77
%

1.64

0.36

SG&A %

22
%

26
%

24
%

35
%

Operating income

2.69

1.39

1.29

93
%

1.57

0.00

Operation margin

11
%

11
%

23
%

0
%

Other Expenses (Income)

(0.38)

(1.59)

1.21

0.17

Income before tax

3.07

2.98

0.08

3
%

1.40

0

Income tax provision

0.48

0.55

0.45

0.00

Net income

2.59

2.43

0.16

6
%

0.95

(0.00)

Basic Earnings Per share

$
0.26

$
0.28

0.12

Basic Weighted average number of common shares outstanding

9,864,479

8,767,738

8,200,000

8,200,000

Mr. Yuebiao Li, the Company’s Chairman and Chief Executive Officer, commented ”2017 was an important and pivotal year for NEWA. Our company successfully completed its initial public offering and our common shares were listed on the Nasdaq Capital Market. We continued to have robust growth in our revenues and achieved strong operating results. We are excited about 2018, as our membrane technology was successfully selected as one of the advanced technologies to be promoted in China in 2018 by China’s Ministry of Water Resources in its proclamation ”2018 Guide to Promote Advanced Practical Technology.” In addition, Phase I of our new manufacturing complex in Yantai, China, is expected to be completed as scheduled. With our new manufacturing facilities, we expect to increase our production capacity significantly, making it possible to meet the increasing expected demand for our products. In addition, we believe our unwavering commitment to R&D will position NEWA for a long-term growth.”

About Newater Technology, Inc.

Founded in 2012 and headquartered in Yantai, China, Newater, operating its business through its wholly owned subsidiary Jinzheng, specializes in the development, manufacture and sale of DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration) membranes for waste water treatment, recycling and discharge. Newater provides integrated technical solutions in engineering support and installation, technical advice and water purification services, and other project-related solutions to turn wastewater into valuable clean water.

The Company’s products can be used across a wide spectrum of industries, including:

– Leachate from landfills
– Wastewater from oil fields
– High acid wastewater
– Power plant waste water
– Wastewater from gas production
– Desalination

More information about the Company can be found at: www.newater.cc.

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as ”may,” ”will,” ”intend,” ”should,” ”believe,” ”expect,” ”anticipate,” ”project,” ”estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding: 1) its continued growth and business outlook, 2) completion of its manufacturing facility on schedule; and 3) abiltiy to increase its production capacity to meet the anticipated demand for its products are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the water filtration industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Company

Zhuo Zhang CFO
NEWATER TECHNOLOGY INC.
Phone: +86 (535) 626-4177
Email: zhuozhang@newater.cc

Investor Relations

Y. Tracy Tang CFA, CPA
SINO-AMERICAN INVESTOR ADVISORY
Phone: +1 (646) 485-1040
Email: Tracy.tang@sino-UsInvestors.com

NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2017

2016

ASSETS

Current assets

Cash and cash equivalents

$

3,118,080

$

1,484,762

Restricted cash, current

6,753,685

1,439,926

Accounts receivable, net

6,050,495

2,637,236

Accounts receivable from related party, net

1,060,977

Notes receivable

68,108

Inventories

10,279,397

4,840,234

Deferred cost of revenue

2,547,580

Advances to suppliers and other current assets, net

2,885,510

2,528,411

Due from related parties

3,563

Total current assets

31,634,747

14,063,217

Restricted cash, non-current

500,000

Property, plant and equipment, net

10,449,466

1,199,611

Land use rights, net

2,243,183

2,143,002

Deferred tax assets

518,251

181,003

Other non-current assets

4,591

Total assets

$

45,345,647

$

17,591,424

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable and bank acceptance notes to vendors

$

4,903,058

$

1,844,077

Loans due within one year

9,020,697

2,879,853

Due to related parties

714,999

Deferred income

25,919

Advances from customers

1,408,208

833,742

Income tax payables

501,921

329,212

Accrued expenses and other payables

8,509,425

210,400

Total current liabilities

24,343,309

6,838,202

Long term loans

11,050

Total liabilities

24,354,359

6,838,202

Shareholders’ equity

Common shares ($0.001 par value, 200,000,000 shares authorized, 10,809,000 and 9,199,000 shares issued and outstanding as of December 31, 2017 and 2016, respectively)

10,809

9,199

Additional paid-in capital

15,059,181

7,949,466

Statutory reserves

705,698

382,802

Retained earnings

5,228,733

2,960,698

Accumulated other comprehensive loss

(13,133)

(548,943)

Total shareholders’ equity

20,991,288

10,753,222

Total liabilities and shareholders’ equity

$

45,345,647

$

17,591,424

NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31,

2017

2016

2015

Net revenues

$

25,339,497

$

11,985,055

$

3,318,833

Net revenues from related parties

294,666

3,659,421

Total revenues

25,339,497

12,279,721

6,978,254

Cost of revenues

17,077,129

7,182,081

778,903

Cost of revenues from related party

556,692

2,984,968

Total cost of revenues

17,077,129

7,738,773

3,763,871

Gross profit

8,262,368

4,540,948

3,214,383

Operating expenses:

Selling, general and administrative

5,575,086

3,146,521

1,643,313

Total operating expenses

5,575,086

3,146,521

1,643,313

Income from operations

2,687,282

1,394,427

1,571,070

Interest expense

242,707

155,553

164,613

Interest income

(112,592)

(5,091)

(2,612)

Government grants

(513,538)

(1,750,726)

Other expenses

3,956

12,534

10,642

Total other expense (income)

(379,467)

(1,587,730)

172,643

Income before income tax provisions

3,066,749

2,982,157

1,398,427

Income tax provisions

475,818

548,437

452,850

Net income

$

2,590,931

$

2,433,720

$

945,577

Other comprehensive income (loss)

Foreign currency translation adjustment

535,810

(383,947)

(166,349)

Total comprehensive income

$

3,126,741

$

2,049,773

$

779,228

Earnings per common share

Basic

$

0.26

$

0.28

$

0.12

Diluted

$

0.26

$

0.28

$

0.10

Weighted average number of common shares outstanding

Basic

9,864,479

8,767,738

8,200,000

Diluted

9,864,479

8,767,738

9,160,087

NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Number of Shares

Common Shares

Additional Paid-in Capital

Retained Earnings (Deficit)

Statutory Reserves

Accumulated Other Comprehensive Income (Loss)

Total Shareholders’ Equity

Balance, January 1, 2015

8,200,000

$

8,200

$

787,151

$

(35,797)

$

$

1,353

$

760,907

Net income

945,577

945,577

Capital contribution from owners

2,212,796

2,212,796

Statutory reserves

(92,995)

92,995

Foreign currency translation adjustment

(166,349)

(166,349)

Balance, December 31, 2015

8,200,000

8,200

2,999,947

816,785

92,995

(164,996)

3,752,931

Net income

2,433,720

2,433,720

Capital contribution from owners

198,917

198,917

Statutory reserves

(289,807)

289,807

Issuance of common shares for debt conversion

999,000

999

3,846,001

3,847,000

Issuance of common shares for cash

5,323,026

5,323,026

Capital distribution in connection with acquisition of a subsidiary

(4,418,425)

(4,418,425)

Foreign currency translation adjustment

(383,947)

(383,947)

Balance, December 31, 2016

9,199,000

9,199

7,949,466

2,960,698

382,802

(548,943)

10,753,222

Net income

2,590,931

2,590,931

Statutory reserves

(322,896)

322,896

Issuance of common shares for cash

1,610,000

1,610

7,109,715

7,111,325

Foreign currency translation adjustment

535,810

535,810

Balance, December 31, 2017

10,809,000

$

10,809

$

15,059,181

$

5,228,733

$

705,698

$

(13,133)

$

20,991,288

NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31,

2017

2016

2015

Cash flows from operating activities

Net income

$

2,590,931

$

2,433,720

$

945,577

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization expense

233,493

187,662

86,396

Bad debt expense

229,707

76,459

39,173

Deferred income taxes

(312,997)

(82,162)

(106,401)

Loss on disposal of property, plant and equipment

6,199

Gain on disposal of subsidiary

(789)

Changes in assets and liabilities:

Accounts receivable

(3,345,269)

(1,410,115)

(1,411,777)

Accounts receivable from related parties

1,090,465

3,645,922

(3,754,977)

Notes receivable

70,000

(56,139)

64,218

Inventories

(4,923,400)

(2,743,853)

(1,890,918)

Deferred cost of revenue

(2,453,097)

Advances to suppliers and other current assets

(412,955)

(2,289,933)

(540,737)

Advances to supplier – related party

793,106

Due from related parties

703

75,469

(1,023)

Other non-current assets

4,719

22,857

132,971

Accounts payable and bank acceptance notes to vendors

2,825,887

1,079,258

582,555

Accounts payable to related party

(2,140,504)

1,159,416

Deferred income

(26,639)

(30,102)

61,007

Advances from customers

499,067

425,736

(42,227)

Due to related parties

5,102

(28,257)

(68,302)

Income tax payables

144,944

(181,386)

550,163

Accrued expenses and other payables

589,638

352,502

437,151

Net cash used in operating activities

(3,189,701)

(663,655)

(2,958,430)

Cash flows from investing activities

Purchase of land use rights

(2,261,745)

Purchase of property, plant and equipment

(1,482,360)

(66,641)

(1,218,404)

Proceeds from disposal of property, plant and equipment

9,296

Advances to third parties

(1,236,490)

(301,019)

(40,136)

Repayments from third parties

1,236,490

338,646

Advances to related parties

(239,467)

(353,767)

Repayments from related parties

2,960

473,320

20,871

Net change in restricted cash

(5,712,407)

(922,380)

(621,567)

Cash received in connection with disposal of subsidiary

(1,209)

Net cash used in investing activities

(7,191,807)

(2,980,495)

(2,203,707)

Cash flows from financing activities

Proceeds from issuances of common shares

7,111,325

5,323,026

Capital contribution from shareholders

198,917

2,212,796

Capital distribution in connection with acquisition of a subsidiary

(4,418,4250)

Borrowings from related parties

2,558,661

478,969

Repayment to related parties

(739,973)

(1,982,733)

(799,590)

Proceeds from loans due within one year

8,805,683

11,613,289

4,013,614

Repayment of loans

(3,283,830)

(8,142,563)

(642,178)

Net cash provided by financing activities

11,893,205

5,150,172

5,263,611

Effect of foreign exchange rate changes on cash and cash equivalents

121,621

(156,412)

(3,080)

Net increase in cash and cash equivalents

1,633,318

1,349,610

98,394

Cash and cash equivalents, beginning of the year

1,484,762

135,152

36,758

Cash and cash equivalents, end of the year

$

3,118,080

$

1,484,762

$

135,152

Supplemental cash flow information

Cash paid for interest

$

244,753

$

307,797

$

8,354

Cash paid for income taxes

$

656,602

$

812,637

$

9,088

Non-cash investing and financing activities:

Stock issued for debt conversion

$

$

3,847,000

$

Properties acquired with loans

$

206,000

$

$

Liabilities assumed in connection with purchase of property, plant and equipment

$

7,445,478

$

$

SOURCE: Newater Technology, Inc.

ReleaseID: 498067

SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of SteadyMed Ltd.- STDY

BALA CYNWYD, PA / ACCESSWIRE / April 30, 2018 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of SteadyMed Ltd. (“SteadyMed” or “the Company”) (NASDAQ: STDY News) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to United Therapeutics Corporation. (“United Therapeutics”).

Click here to learn more http://www.brodskysmith.com/cases/steadymed-nasdaq-stdy/, or call: 877-534-2590. There is no cost or obligation to you.

Under the terms of the transaction, SteadyMed shareholders will receive only $4.46 in cash and an additional $2.63 in cash upon achievement of certain milestone related to SteadyMed’s Trevyent drug-device combination product for each share of SteadyMed stock they own. The investigation concerns whether the Board of SteadyMed breached their fiduciary duties to shareholders and whether United Therapeutics is underpaying for the Company. The transaction may undervalue the Company and may not be in the SteadyMed shareholders best interests. For example, the transaction will result in a loss for many shareholders. SteadyMed stock has traded at $9.69 per share and an analyst has set a $15.00 per share price target for the stock.

If you own shares of SteadyMed stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/steadymed-nasdaq-stdy/, or calling toll free 877-LEGAL-90.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Brodsky & Smith, LLC

ReleaseID: 498066

RTDNA Canada Announces Journalists for Human Rights (JHR) as the 2018 Recipient of the Bill Hutton Award of Excellence

TORONTO, ON / ACCESSWIRE / April 30, 2018 / RTDNA Canada is pleased to announce that Journalists for Human Rights will receive the 2018 RTDNA Bill Hutton Award of Excellence. Formerly known as the “Friend of RTDNA Canada Award” the award was renamed in 2009 to honour the late Bill Hutton, RTDNA Canada’s first president. The award is given to individuals or organizations who have shown a true commitment to RTDNA and the betterment of journalism in Canada.

Journalists for Human Rights, Canada’s largest international media development organisation is committed to empowering journalists to cover local human rights issues ethically and effectively.

In announcing the award, RTDNA President Ian Koenigsfest said, “Having been fortunate enough to experience the work of JHR first-hand, I was struck at how closely aligned our two organisations are.” Koenigsfest added, “after forming a partnership with JHR several years ago, it became evident that their support was enhancing and strengthening several of our core mandates including excellence in journalism and strengthening journalistic integrity through the Code of Journalistic Ethics.”

“Journalists for Human Rights exists to strengthen media, both at home and abroad, in places where oversight is weak and human rights abuses are common,” said Rachel Pulfer, Executive Director of JHR, “we are delighted, encouraged and enormously humbled by this honour from RTDNA Canada. and take it as both a celebration of our work, and a challenge to live up to the standard it represents.”

The Bill Hutton award will be presented to Rachel Pulfer, Executive Director of Journalists for Human Rights at the President’s Reception on May 25 during the 2018 RTDNA National Conference
& Awards Gala
.

Previous recipients of the award include: the Canadian Broadcast Standards Council, The Canadian Press, CNN Newsource Sales, CNW Group, WIC, VOCM Radio, Golden West Radio, Broadcast Dialogue magazine, CTV, media lawyer Dan Burnett, RTDNA International and all former past presidents of RTDNA Canada.

ABOUT RTDNA CANADA

RTDNA Canada is the voice of electronic and digital journalists and news managers in Canada. The members of RTDNA Canada recognize the responsibility of broadcast and digital journalists to promote and to protect the freedom to report independently about matters of public interest and to present a wide range of expressions, opinions and ideas. The RTDNA Canada
Journalistic Code of Ethics
, adopted by the Canadian Broadcast Standards Council, is used to measure fairness and accuracy in our profession.

Become a Member: https://rtdna.wildapricot.org/join-us

CONTACT INFORMATION

Ian Koenigsfest

President, RTDNA Canada

president@rtdnacanada.com

Jennifer Nguyen

RTDNA Canada Awards

info@rtdnacanada.com
http://www.rtdnacanada.com

SOURCE: RTDNA Canada

ReleaseID: 498071

Fincera Reports 2017 Year-end Financial Results

SHIJIAZHUANG, CHINA / ACCESSWIRE / April 30, 2018 / Fincera Inc. (”Fincera” or the ”Company”) (OTCQB: YUANF), a leading provider of web-based financing and ecommerce services for small and medium-sized businesses and individuals in China, today reported financial results for the year ended December 31, 2017.

Full-year 2017 Financial Highlights

Income for the year ended December 31, 2017, increased 16.9% to RMB1.0 billion (US$156.7 million) from RMB875.9 million in the prior year.
Net loss improved to RMB8.4 million (US$1.3 million), from net loss of RMB12.3 million in the prior year.
Net cash provided by operating activities increased 148.4% to RMB2.1 billion (US$326.6 million) for the year ended December 31, 2017, from RMB859.2 million in the prior year. This increase resulted in a 63.6% improvement in the Company’s overall cash position to RMB1.3 billion (US$191.5 million) at the end of 2017, compared to RMB764.8 million at the end of 2016.

Operational Highlights

Loan transaction volume across all loan types for 2017 totaled approximately RMB26.8 billion (US$4.1 billion), compared to approximately RMB24.4 billion in 2016.

CeraPay

CeraPay, launched at the end of 2014, is Fincera’s proprietary revolving credit product that processes and settles transactions between its users and merchants. CeraPay users are provided with a credit line that can be utilized at participating CeraPay merchants. Having features like a credit card, there are no fees to users for using the CeraPay payments service as long as any outstanding balances are paid in full each month. Fincera generates revenue from CeraPay primarily by charging transaction fees, which were approximately 2.4%, to merchants participating in the network. Merchants may use CeraPay funds to make payments to other CeraPay users or merchants or cash out the funds via transfer to a bank account. CeraPay users are subject to an application and credit approval process, and provide guarantees and collateral before they are provided a credit line.

Previously, Fincera offered 30-day credit lines and 12-month installment loans via CeraPay and collected transaction service fees from merchants receiving the payment. However, since July 2017, to comply with recent financial regulation, Fincera replaced these products with similar offerings from CeraVest where these loans are instead facilitated by the peer-to-peer lending platform. The transaction fees collected in this new format are then allocated to the investor of the loan as interest payments and to the Company as a facilitation fee.

CeraVest (https://www.qingyidai.com)

Fincera created CeraVest as an online lending marketplace that provides a short-term operating capital platform for small and medium-sized businesses. CeraVest allows lenders to provide loans to borrowers that have been vetted by the Company. CeraVest also provides investors the opportunity to invest in loans facilitated by the CeraPay platform. From its inception in November 2014 through the fourth quarter of 2017, CeraVest originated and facilitated over RMB13.3 billion (US$2.0 billion) in loans.

Currently, lenders may invest in three types of loans on the CeraVest platform: a 30-day line of credit loan with an annualized return of 8.1% if held to maturity, a 180-day term loan with an annualized return of 8.62% if held to maturity, and a 12-month installment loan with an annualized return of 9.02% that returns principal and interest monthly. In addition, lenders may trade all loans on a secondary marketplace offered by CeraVest with pricing provided by the Company. Fincera earns facilitation fees on CeraVest loans.

Previously, Fincera offered 180-day loans with a different transaction process as CeraVest Fixed and offered CeraVest Flex as a highly liquid investment option to its customers. Both products were discontinued in 2017 and replaced with new products to comply with the recent Chinese regulations.

Fincera facilitated RMB5.8 billion (US $890.5 million) in 180-day loans during 2017, compared to RMB4.8 billion in 2016.

Operational Updates

Fincera is pleased to announce that it has made progress with certain corporate initiatives, including:

Implementing a four-pronged sales channel that consists of company-owned stores, employee-owned stores, franchise stores, and part-time individual sales agents;
Launching three new products through the CeraVest platform (Qingying, Yueying and Zhongying) and discontinuing certain products (Fixed, Flex and Chuangying) to comply with the latest government regulations; and
Implementing a fund custody system with XWBank as its custodian for all customer accounts.

Management Commentary

Mr. Yong Hui Li, Chairman and CEO of Fincera, stated, ”We were pleased to close 2017 with strong performance in our loan products, achieving the highest quarterly total loan transaction volume to date of approximately RMB7.3 billion in the fourth quarter of 2017. In doing so, we significantly strengthened the Company’s overall cash position through the positive cash flow generated through our operations. In our commitment to maintaining compliance with recent government regulations, Fincera made several changes to the products offered through our CeraVest platform in the second half of 2017. Despite these changes, we continued to see steady growth in CeraVest loans facilitated during the period, and as a result, achieved top line improvement of nearly 17% year over year. We continued to invest in the ongoing growth of our internet-based business with an expanded sales channel and new products and partnerships. While these additional operating expenses did impact our bottom line for the year, we anticipate a return to profitability over the next two quarters. We also continued adapting our offline operations and sales processes to changing market environments to further accelerate our top line growth and will have further updates on these improvements over the course of 2018.”

Currency Conversion

This release contains approximate translations of certain RMB amounts into US$ for convenience. Unless otherwise noted, all translations from RMB to US$ are made at a rate of USD1.00 = RMB6.5342 on December 30, 2017, the last business day in fiscal year 2017, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

Full-year 2017 Financial Results

Income (Revenues)

The table below sets forth certain line items from the Company’s Consolidated Statement of Income as a percentage of income:

(RMB in thousands)

Year ended

December 31, 2017

Year ended

December 31, 2016

Amount

% of Revenue

Amount

% of Revenue

% Change

Facilitation fee

231,709

22.6
%

N/A

Interest income

310,289

30.3
%

243,169

27.7
%

27.6
%

Service charges

201,386

19.7
%

447,181

51.1
%

-55.0
%

Property lease and management

192,221

18.8
%

169,765

19.4
%

13.2
%

Other income

88,246

8.6
%

15,810

1.8
%

458.2
%

Total income

1,023,851

100.0
%

875,925

100.0
%

16.9
%

Total income for the year ended December 31, 2017, increased 16.9% to RMB1.0 billion (US$156.7 million), from RMB875.9 million in the prior-year period, primarily due to growth in the aggregate amount of loans outstanding under the Company’s CeraVest product, which was partially offset by a decline in transaction fees from CeraPay due to loan transaction process changes.
Facilitation fees, which represent upfront fees charged for facilitating loan transactions via our marketplace lending platform, totaled RMB231.7 million (US$35.5 million) in the year ended December 31, 2017. These fees came into existence in July 2017 when Fincera redeveloped its loan transaction process to comply with online lending regulations.
Interest income, which represents interest earned on CeraVest loans, increased 27.6% to RMB310.3 million (US$47.5 million) in the year ended December 31, 2017, from RMB243.2 million in the prior year, mainly due to an increase in origination fee charge rates and transactions of loan receivables that were issued after the second quarter of 2017. The increment of interest income from new products was offset by a decline in interest income from old products.
Service charges, which represent CeraPay transaction fees, decreased 55.0% to RMB201.4 million (US$30.8 million) in the year ended December 31, 2017, from RMB447.2 million in the prior year. Since July 2017, CeraPay loan transactions have been facilitated through a revised transaction process through Fincera’s peer-to-peer lending platform; as a result, the service charges under the previous transaction process are now allocated as a facilitation fee to the Company and as interest payable to investors of each loan once the facilitation is successful. Thus, service charges have declined drastically in 2017, and the Company anticipates discontinuing reporting this revenue item in future financial reports.
Property lease and management revenues increased 13.2% to RMB192.2 million (US$29.4 million) in 2017, compared to RMB169.8 million in the prior year. The occupancy rate of the Kaiyuan Finance Center during the year ended December 31, 2017, increased to 78%, compared to 74% during the prior year. Income from the Company’s hotel operation at the Kaiyuan Finance Center also increased during the period.
Other income is mainly comprised of late payment fees (penalty income) from both CeraPay and CeraVest. Other income increased 458.2% to RMB88.2 million (US$13.5 million) in 2017, compared to RMB15.8 million in the prior year due to the strengthening of collection efforts.

Operating Costs and Expenses

The Company’s operating costs and expenses increased 17.6% to RMB1.0 billion (US$158.5 million) in 2017 from RMB880.8 million in the prior year, primarily due to increased interest expense, product development expense, selling and marketing expense, and general and administrative expenses to support the growth of the Company’s internet-based business.

Loss from Continuing Operations Before Income Taxes

Loss from continuing operations before income taxes totaled RMB11.6 million (US$1.8 million) in 2017, compared to loss of RMB4.8 million in the prior year, primarily as a result of the increased operating costs and expenses mentioned above.

Income from Discontinued Operations, Net of Taxes

Income from discontinued operations, net of taxes, totaled RMB2.3 million (US$0.4 million) in 2017, compared to RMB1.1 million in the prior year. The Company continues the winding down of its legacy truck-leasing business, which is classified as discontinued operations. This income is a result of the collection of overdue traditional leasing receivables, thus reversing the corresponding provision recorded against them on the Company’s financial statements.

Net Loss

Net loss improved to RMB 8.4 million (US$1.3 million) in 2017, from net loss of RMB12.3 million in the prior year.

Balance Sheet Highlights

At December 31, 2017, Fincera’s cash and cash equivalents (not including restricted cash) were RMB1.1 billion, compared to RMB722.3 million at December 31, 2016. Total liabilities were RMB6.9 billion and stockholders’ equity was negative RMB119.6 million, compared to RMB7.0 billion and RMB157.1 million , respectively, at December 31, 2016. The reduction in stockholders’ equity was primarily a result of the US$1.00 per share cash dividend that the Company declared in September 2017.

About Fincera Inc.

Founded in 2005, Fincera Inc. (OTCQB: YUANF) provides innovative web-based financing and ecommerce services for small and medium-sized businesses and individuals in China. The Company also operates a network of branch offices in 31 provinces, municipalities, and autonomous regions across China. Fincera’s primary service offerings include a credit advance/online payment-processing network and a web-based small business lending platform. The Company’s website is http://www.fincera.net. Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to materially differ from those set forth in the forward-looking statements:

changing principles of generally accepted accounting principles;
outcomes of any government or government-related reviews, inquiries, investigations, and related litigation;
continued compliance with government regulations;
legislation or regulatory environments, requirements or changes adversely affecting the financial services industry in China;
fluctuations in consumer demand;
management of rapid growth;
general economic conditions;
changes in government policy;
fluctuations in sales of commercial vehicles in China;
China’s overall economic conditions and local market economic conditions;
the Company’s business strategy and plans, including its ability to expand through strategic acquisitions, the establishment of new locations, and the introduction of new products and services;
the Company’s ability to successfully integrate recent acquisitions;
credit risk affecting the Company’s revenue and profitability, including its ability to manage the default risk of customers;
the results of future financing efforts; and
geopolitical events.

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information, including forward looking statements, contained in this press release.

CONTACT:

At the Company

Jason Wang
Chief Financial Officer
(858) 997-0680 / jcwang@fincera.net

Investor Relations

The Equity Group Inc.
Carolyne Y. Sohn
Senior Associate
(415) 568-2255 / csohn@equityny.com

Adam Prior
Senior Vice President
(212) 836-9606 / aprior@equityny.com

FINCERA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share data)

Years ended December 31,

2017

2017

2016

USD

RMB

RMB

Income

Facilitation fee

35,461

231,709

Interest income

47,487

310,289

243,169

Service charges

30,820

201,386

447,181

Property lease and management

29,418

192,221

169,765

Other income

13,505

88,246

15,810

Total income

156,691

1,023,851

875,925

Operating Costs and Expenses (Income)

Interest expense

47,013

307,191

262,762

Interest expense, related parties

24,799

162,041

41,339

Provision for credit losses

(2,057)

(13,443)

116,032

Product development expense

12,607

82,375

62,647

Property and management cost

17,145

112,030

109,568

Selling and marketing

27,727

181,176

89,620

General and administrative

31,232

204,077

198,787

Total operating costs and expenses

158,466

1,035,447

880,755

Loss from continuing operations before income taxes

(1,775)

(11,596)

(4,830)

Income tax (benefit) provision

(134)

(878)

8,534

Loss from continuing operations

(1,641)

(10,718)

(13,364)

Income from discontinued operations, net of taxes

358

2,336

1,094

Net loss

(1,283)

(8,382)

(12,270)

(Loss) earnings per share(1)

Basic

Continuing operations

(0.03)

(0.23)

(0.28)

Discontinued operations

0.01

0.05

0.02

(0.02)

(0.18)

(0.26)

Diluted

Continuing operations

(0.03)

(0.23)

(0.28)

Discontinued operations

0.01

0.05

0.02

(0.02)

(0.18)

(0.26)

Weighted average shares outstanding(1)

Basic

47,271,473

47,271,473

47,113,656

Diluted

47,271,473

47,271,473

47,113,656

(1) All per share amounts and shares outstanding for all periods have been retroactively restated to reflect Fincera’s 2-for-1 stock split, which was effective on November 1, 2017.

FINCERA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share data)

December 31,

2017

2017

2016

USD

RMB

RMB

ASSETS

Current assets

Cash and cash equivalents

171,910

1,123,296

722,301

Restricted cash

19,553

127,762

42,517

Loans, net

283,279

1,851,001

2,575,717

Other financing receivables, net

296,320

1,936,213

2,049,444

Prepaid expenses and other current assets

9,628

62,913

45,593

Current assets of discontinued operations

7,632

49,872

100,318

Total current assets

788,322

5,151,057

5,535,890

Property, equipment and leasehold improvements, net

206,737

1,350,858

1,401,780

Deferred tax assets, net

32,075

209,587

163,209

Non-current assets of discontinued operations

6,428

42,002

51,147

Total assets

1,033,562

6,753,504

7,152,026

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Dividends payable

26,466

172,932

Short-term bank borrowings (including short-term bank borrowings of the consolidated VIEs without recourse to Fincera of RMB520,000 and RMB520,000 as of December 31, 2017 and 2016, respectively)

79,581

520,000

580,000

Long-term bank borrowings, current portion

11,172

73,000

62,000

Borrowed funds from CeraVest investor, related party (including borrowed funds from CeraVest investor, related party of the consolidated VIEs without recourse to Fincera of RMB1,161 and RMB930 as of December 31, 2017 and 2016, respectively)

178

1,161

30,171

Borrowed funds from CeraVest investors (including borrowed funds from CeraVest investors of the consolidated VIEs without recourse to Fincera of RMB743,496 and RMB1,583,565 as of December 31, 2017 and 2016, respectively)

113,785

743,496

3,035,586

Financing payables, related parties (including financing payables, related parties of the consolidated VIEs without recourse to Fincera of RMB1,729,327 and RMB1,392,400 as of December 31, 2017 and 2016, respectively)

281,015

1,836,203

1,900,533

Other payables and accrued liabilities (including other payables and accrued liabilities of the consolidated VIEs without recourse to Fincera of RMB2,358,109 and RMB201,597 as of December 31, 2017 and 2016, respectively)

403,354

2,635,604

424,567

Income tax payable (including income tax payable of the consolidated VIEs without recourse to Fincera of RMB36,733 and RMB25,951 as of December 31, 2017 and 2016, respectively)

8,154

53,278

37,986

FINCERA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – CONTINUED
(in thousands except share and per share data)

December 31,

2017

2017

2016

USD

RMB

RMB

Current liabilities of discontinued operations (including current liabilities of discontinued operations of the consolidated VIEs without recourse to Fincera of RMB 5 and RMB5,591 as of December 31, 2017 and 2016, respectively)

1,671

10,916

31,012

Total current liabilities

925,376

6,046,590

6,101,855

Non-current liabilities

Long-term bank borrowings

90,447

591,000

664,000

Long-term financing payables, related party

36,045

235,527

229,118

Total liabilities

1,051,868

6,873,117

6,994,973

Commitments and Contingencies

Stockholders’ equity

Preferred shares, $0.001 par value authorized – 1,000,000 shares; issued – none

Ordinary shares – $0.001 par value authorized – 1,000,000,000 shares; issued and outstanding – 47,531,799 shares at December 31, 2017; issued and outstanding – 47,123,898 shares at December 31, 2016(1)

50

327

327

Additional paid-in capital

106,193

693,889

962,173

Statutory reserves

24,531

160,289

159,801

Accumulated deficit

(149,080)

(974,118)

(965,248)

Total stockholders’ equity (deficit)

(18,306)

(119,613)

157,053

Total liabilities and stockholders’ equity (deficit)

1,033,562

6,753,504

7,152,026

(1) All per share amounts and shares outstanding for all periods have been retroactively restated to reflect Fincera’s 2-for-1 stock split, which was effective on November 1, 2017.

FINCERA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Years ended December 31,

2017

2017

2016

USD

RMB

RMB

Cash flow from operating activities:

Net loss

(1,283)

(8,382)

(12,270)

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Depreciation and amortization

8,337

54,478

59,391

Exchange gain (loss)

(1,397)

(9,131)

26,660

(Reversal) provision for credit losses

(5,276)

(34,473)

138,321

Accrued marketing expense

7,849

51,284

Deferred income taxes

(5,698)

(37,233)

(20,616)

Stock-based compensation expenses

3,680

24,045

8,399

Changes in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable

7,204

47,075

102,753

Other financing receivables from peer store, net

Short-term net investment in sales-type leases

37,033

Long-term net investment in direct financing and sales-type leases

2,034

13,290

398,444

Inventories

1,378

9,006

21,485

Other payables and accrued liabilities

309,768

2,024,082

98,027

Prepaid expense and other current assets

(2,328)

(15,213)

(14,154)

Income tax payable

2,340

15,292

15,727

Long-term payable

Net cash provided by operating activities

326,608

2,134,120

859,200

Cash flows from investing activities:

Change in loans

112,013

731,918

(966,429)

Change in other financing receivables

37,844

247,279

(618,827)

Purchase of property, equipment and leasehold improvements

(544)

(3,556)

(52,080)

Proceeds from sales of property, equipment and leasehold improvements

2,995

Net cash provided by (used in) investing activities

149,313

975,641

(1,634,341)

FINCERA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – Continued
(in thousands)

Years ended December 31,

2017

2017

2016

USD

RMB

RMB

Cash flow from financing activities:

Changes in borrowed funds from CeraVest investors

(355,223)

(2,321,100)

1,731,707

Proceeds from financing payables, related parties

897,955

5,867,420

5,783,630

Repayment to financing payables, related parties

(908,498)

(5,936,308)

(5,100,531)

Proceeds from bank borrowings

113,250

740,000

579,999

Repayment of bank borrowings

(131,921)

(862,000)

(884,635)

Capital distribution

4,562

29,812

(1,040,471)

Dividend payment

(21,631)

(141,345)

Net cash (used in) provided by financing activities

(401,506)

(2,623,521)

1,069,699

Net increase in cash, cash equivalents and restricted cash

74,415

486,240

294,558

Cash, cash equivalents and restricted cash, beginning of the year

117,048

764,818

470,260

Cash, cash equivalents and restricted cash, end of the year

191,463

1,251,058

764,818

Supplemental disclosure of cash flow information:

Interest paid

49,784

325,298

267,386

Income taxes paid

3,598

23,509

32,814

Supplemental disclosure of non-cash financing activities:

Consideration payable to Smart Success

445,706

Dividend payable to shareholder

27,669

180,796

SOURCE: Fincera Inc.

ReleaseID: 498062

PDCO INVESTOR ALERT: The Law Offices of Vincent Wong Notifies Investors of a Class Action Involving Patterson Companies, Inc. and a Lead Plaintiff Deadline of May 29, 2018

NEW YORK, NY / ACCESSWIRE / April 30, 2018 / The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of investors who purchased Patterson Companies, Inc. (“Patterson”) (NASDAQ: PDCO) securities between June 26, 2015 and February 28, 2018.

Click here to learn about the case: http://www.wongesq.com/pslra-c/patterson?wire=1. There is no cost or obligation to you.

According to the complaint, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that: (1) Defendants were engaged in a fraudulent and illegal price-fixing conspiracy; (2) the Company’s revenue and earnings were fraudulently inflated by the illegal scheme; (3) the scheme was aimed at prohibiting sales to, and price negotiations by, group purchasing organizations (“GPOs”) that represented small and independent dental practices; (4) as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

If you suffered a loss in Patterson you have until May 29, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/patterson?wire=1.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong

ReleaseID: 498051

United Community Bancorp Reports Third Quarter Results

LAWRENCEBURG, IN / ACCESSWIRE / April 30, 2018 / United Community Bancorp (the “Company”) (NASDAQ: UCBA), the parent company of United Community Bank (the “Bank”), today reported net income of $711,000, or $0.17 per diluted share, for the quarter ended March 31, 2018, which represents decreases of $227,000, or 24.2%, and $0.06, or 26.1%, when compared to net income and earnings per diluted share, respectively, for the quarter ended March 31, 2017. The Company also reported net income of $2.1 million for the nine months ended March 31, 2018, which represents a decrease of $390,000, or 15.9%, when compared to the nine months ended March 31, 2017. Earnings per diluted share for the nine months ended March 31, 2018 were $0.50, which represents a decrease of 16.7% when compared to the same prior year period.

As was announced by the Company in a joint press release with Civista Bancshares, Inc. on March 12, 2018, the Company’s Board of Directors signed a definitive agreement with Civista Bancshares, Inc. to merge with and into Civista Bancshares, Inc. The merger is pending customary regulatory and shareholder approvals. The Company incurred approximately $650,000 in pre-tax merger related expenses during the quarter ended March 31, 2018, which negatively impacted the Company’s net income.

The Company’s net income for the nine-month period ended March 31, 2018 was also impacted negatively by a one-time adjustment to the net deferred tax asset in the amount of $683,000 due to the effect of the tax law changes established by the Tax Cuts and Jobs Act (the “Act”), which was signed into law by the President on December 22, 2017. The Act reduced the federal corporate tax rate to 21%. This change required the Company to revalue its net deferred tax asset, which represents corporate tax benefits anticipated to be realized in the future. The reduction in the federal corporate tax rate reduces the tax benefits of the net deferred tax asset. While the one-time adjustment caused a reduction in after-tax net income during the current fiscal year, the reduction of the corporate income tax rate from 34% to 21% is expected to be favorable to the Company in future periods.

United Community Bancorp
Summarized Statements of Income
(In thousands, except per share data)

For the nine months ended

3/31/2018

3/31/2017

(Unaudited)

(Unaudited)

Interest income

$
13,154

$
11,974

Interest expense

1,809

1,708

Net interest income

11,345

10,266

Provision for loan losses

30

43

Net interest income after provision for loan losses

11,315

10,223

Total noninterest income

3,339

3,620

Total noninterest expense

11,467

10,741

Income before income taxes

3,187

3,102

Income tax provision

1,117

642

Net income

$
2,070

$
2,460

Basic earnings per share

$
0.51

$
0.61

Diluted earnings per share

$
0.50

$
0.60

Weighted average shares outstanding:

Basic

4,069,769

4,036,066

Diluted

4,120,770

4,078,075

Summarized Consolidated Statements of Financial Condition

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(In thousands, except for per share data)

3/31/2018

12/31/2017

9/30/2017

6/30/2017

3/31/2017

ASSETS

Cash and Cash Equivalents

$
39,736

$
33,322

$
33,434

$
26,885

$
35,535

Investment Securities

177,987

184,946

184,645

189,516

191,678

Loans Receivable, net

296,811

291,563

287,342

282,477

280,434

Other Assets

36,925

36,388

36,932

38,053

37,939

Total Assets

$
551,459

$
546,219

$
542,353

$
536,931

$
545,586

LIABILITIES

Municipal Deposits

$
111,422

$
114,011

$
105,910

$
107,155

$
106,569

Other Deposits

358,652

348,029

352,066

346,500

356,733

FHLB Advances

6,833

8,833

8,833

8,833

8,833

Other Liabilities

3,377

3,386

3,486

3,152

3,462

Total Liabilities

480,284

474,259

470,295

465,640

475,597

Commitments and contingencies

Total Stockholders’ Equity

71,175

72,960

72,058

71,291

69,989

Total Liabilities & Stockholders’ Equity

$
551,459

$
546,219

$
542,353

$
536,931

$
545,586

Outstanding Shares

4,217,619

4,201,113

4,201,113

4,205,980

4,204,910

Tangible Book Value per share

$
16.25

$
16.50

$
16.51

$
16.30

$
15.99

Summarized Consolidated Statements of Income

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

3/31/2018

12/31/2017

9/30/2017

6/30/2017

3/31/2017

(for the three months ended, in thousands, except per share data)

Interest Income

$
4,433

$
4,356

$
4,365

$
4,206

$
4,083

Interest Expense

575

581

653

561

533

Net Interest Income

3,858

3,775

3,712

3,645

3,550

Provision for Loan Losses

7

9

14

12

11

Net Interest Income after Provision

for Loan Losses

3,851

3,766

3,698

3,633

3,539

Total Noninterest Income

1,102

1,137

1,100

1,176

1,035

Total Noninterest Expense

4,220

3,492

3,755

3,511

3,417

Income before Tax Provision

733

1,411

1,043

1,298

1,157

Income Tax Provision

22

914

181

311

219

Net Income

$
711

$
497

$
862

$
987

$
938

Basic Earnings per Share

$
0.17

$
0.12

$
0.21

$
0.24

$
0.23

Diluted Earnings per Share

$
0.17

$
0.12

$
0.21

$
0.24

$
0.23

Weighted Average Shares Outstanding:

Basic

4,090,320

4,058,999

4,060,435

4,062,021

4,056,993

Diluted

4,155,809

4,120,295

4,095,785

4,110,685

4,103,265

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

For the three months ended

3/31/2018

12/31/2017

9/30/2017

6/30/2017

3/31/2017

Performance Ratios:

Return on average assets (1)

0.52
%

0.36
%

0.64
%

0.73
%

0.70
%

Return on average equity (1)

3.99
%

2.75
%

4.80
%

5.57
%

5.41
%

Interest rate spread (2)

2.97
%

2.92
%

2.92
%

2.85
%

2.83
%

Net interest margin (3)

3.01
%

2.96
%

2.96
%

2.88
%

2.86
%

Noninterest expense to average assets (1)

3.08
%

2.55
%

2.79
%

2.58
%

2.56
%

Efficiency ratio (4)

85.08
%

69.12
%

78.03
%

72.83
%

74.53
%

Average interest-earning assets to

average interest-bearing liabilities

108.06
%

108.16
%

108.21
%

107.78
%

107.42
%

Average equity to average assets

12.99
%

13.19
%

13.34
%

13.03
%

12.97
%

Bank Capital Ratios:

Tangible capital

11.13
%

10.98
%

11.24
%

11.13
%

11.23
%

Core capital

11.13
%

10.98
%

11.24
%

11.13
%

11.23
%

Total risk-based capital

21.29
%

21.38
%

21.76
%

21.90
%

21.94
%

Asset Quality Ratios:

Nonperforming loans as a percent

of total loans

0.21
%

0.36
%

0.69
%

1.02
%

1.09
%

Nonperforming assets as a percent

of total assets

0.13
%

0.19
%

0.39
%

0.56
%

0.57
%

Allowance for loan losses as a percent

of total loans

1.27
%

1.42
%

1.47
%

1.50
%

1.52
%

Allowance for loan losses as a percent

of nonperforming loans

611.11
%

393.03
%

212.79
%

146.80
%

140.08
%

Net charge-offs (recoveries) to average

outstanding loans during the period (1)

0.53
%

0.15
%

0.05
%

0.06
%

0.39
%

(1) Quarterly income and expense amounts used in calculating the ratio have been annualized.

(2) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities.

(3) Represents net interest income as a percent of average interest-earning assets.

(3) Represents net interest income as a percent of average interest-earning assets.

(4) Represents total noninterest expense divided by the sum of net interest income and total other income.

For the three months ended March 31, 2018:

Net income totaled $711,000 for the quarter ended March 31, 2018, which represented a decrease of $227,000, or 24.2%, when compared to the quarter ended March 31, 2017.

Net income decreased primarily due to an $803,000 increase in non-interest expense. The increase in non-interest expense, which was primarily the result of the aforementioned merger related expenses and totaled $650,000 pre-tax, was partially offset by a $308,000 increase in net interest income when compared to the prior year quarter.

Net interest income totaled $3.9 million for the quarter ended March 31, 2018, which represents an increase of $308,000, or 8.7%, when compared to the quarter ended March 31, 2017. The growth in the Company’s core business was the result of an increase in interest income of $350,000 partially offset by an increase in interest expense of $42,000. Interest income increased due to a $14.1 million increase in the average balance of loans, an increase in the average rate earned on loans from 4.26% in the prior year quarter to 4.36% in the current year quarter, and an increase in the average rate earned on investment securities from 2.30% in the prior year quarter to 2.61% in the current year quarter, partially offset by a $4.8 million decrease in the average balance of investment securities. The increase in loan balances is primarily the result of the continued execution of our controlled growth strategy in mortgage and commercial lending. Interest expense increased due to a $13.7 million increase in the average balance of deposits and an increase in the average rate paid on deposits from 0.43% in the prior year quarter to 0.46% in the current year quarter.

Nonperforming assets as a percentage of total assets decreased from 0.19% at December 31, 2017 to 0.13% at March 31, 2018. Nonperforming loans as a percentage of total loans decreased from 0.36% at December 31, 2017 to 0.21% at March 31, 2018. The Company remains focused on improving asset quality and continues to review all available options to decrease nonperforming assets. The provision for loan losses was $7,000 for the quarter ended December 31, 2017, which represents a decrease of $4,000 compared to the prior year quarter.

Noninterest income totaled $1.1 million for the quarter ended March 31, 2018, which represents an increase of $67,000, or 6.5%, when compared to the prior year quarter. The increase was primarily due to a $77,000 increase in the market value of mortgage servicing rights during the quarter, which compares to a $25,000 decrease in the prior year quarter for a net change of $102,000. The increase is also partially due to a $25,000 increase in service charge income on deposit accounts. These increases were partially offset by a $55,000 decrease in gain on the sale of mortgage loans due to a decrease in sales volume.

Noninterest expense totaled $4.2 million for the quarter ended March 31, 2018, which represents an increase of $803,000, or 23.5%, when compared to the prior year quarter. The increase was primarily due to $650,000 in merger related expenses incurred during the quarter with no such corresponding event in the prior year quarter, and a $183,000 increase in compensation and employee benefits expense.

The provision for income taxes totaled $22,000, which represents a decrease of $197,000 when compared to the prior year quarter. The decrease is primarily due to the aforementioned merger related expenses, which reduced taxable income when compared to the prior year quarter, and a decrease in the statutory tax rate in the current year quarter as compared to the prior year quarter.

For the nine months ended March 31, 2018:

Net income totaled $2.1 million for the nine months ended March 31, 2018, which represents a decrease of $390,000, or 15.9%, when compared to the nine months ended March 31, 2017.

Net income decreased primarily due to a $726,000 increase in non-interest expense, a $475,000 increase in the income tax provision and a $281,000 decrease in non-interest income. These were partially offset by a $1.1 million increase in net interest income when compared to the prior year period.

Net interest income totaled $11.3 million for the nine months ended March 31, 2018, which represents an increase of $1.1 million, or 10.5%, when compared to the prior year period. The growth in the Company’s core business was due to a $1.2 million increase in interest income, partially offset by a $101,000 increase in interest expense. Interest income increased primarily due to a $14.2 million increase in the average balance of loans, an increase in the average rate earned on loans from 4.28% in the prior year period to 4.41% in the current year period, and an increase in the average rate earned on investment securities from 2.19% in the prior year period to 2.47% in the current year period. Interest expense increased primarily as a result of a $14.5 million increase in the average balance of deposits and an increase in the average rate paid on deposits from 0.46% in the prior year period to 0.48% in the current year period.

Nonperforming assets as a percentage of total assets decreased from 0.56% at June 30, 2017 to 0.13% at March 31, 2018. Nonperforming loans as a percentage of total loans decreased from 1.02% at June 30, 2017 to 0.21% at March 31, 2018. The Company remains focused on improving asset quality and continues to review all available options to decrease nonperforming assets. The provision for loan losses was $30,000 for the nine months ended March 31, 2018, which represents a decrease of $13,000 compared to the prior year period.

Noninterest income totaled $3.3 million for the nine months ended March 31, 2018, which represents a decrease of $281,000, or 7.8%, compared to the prior year period. The decrease was primarily due to a $320,000 decrease in gain on the sale of mortgage loans, resulting from a decrease in sales volume, and a $70,000 decrease in gain on the sale of investment securities. These decreases were partially offset by a $72,000 gain on the sale of other real estate owned and a $68,000 increase in service charge income on deposit accounts.

Noninterest expense totaled $11.5 million for the nine months ended March 31, 2018, which represented an increase of $726,000, or 6.8%, compared to the prior year period. The increase in noninterest expense was primarily the result of $650,000 in pre-tax merger related expenses incurred during the period with no such corresponding expense in the prior year period, and a $76,000 increase in compensation expense. These increases were partially offset by a $75,000 decrease in professional fees.

The provision for income taxes totaled $1.1 million for the nine months ended March 31, 2018, which represented an increase of $475,000 when compared to the prior year period. The increase was primarily due to the aforementioned one-time adjustment of $683,000 to the net deferred tax asset, which was recorded in the quarter ended December 31, 2017.

Statement of Financial Condition:

Total assets were $551.5 million at March 31, 2018, compared to $536.9 million at June 30, 2017. Total assets increased during the period primarily due to loan growth of $14.3 million and an increase in cash and cash equivalents of $12.9 million. These increases were partially offset by an $11.5 million decrease in investment securities.

In addition to the loan growth achieved during the nine months ended March 31, 2018, the Company had approximately $20.1 million in undisbursed construction loans as of March 31, 2018. While these were not on the Company’s balance sheet as of March 31, 2018 and there can be no assurance of disbursement in the future, the loans have closed and management expects the majority of these committed funds to be disbursed.

Total liabilities were $480.3 million at March 31, 2018, compared to $465.6 million at June 30, 2017. The increase was primarily due to a $16.4 million increase in deposits during the period, partially offset by a $2.0 million decrease in FHLB borrowings.

Stockholders’ equity totaled $71.2 million as of March 31, 2018, which represented a decrease of $116,000 when compared to June 30, 2017. The decrease was primarily due to a $1.9 million decrease in accumulated other comprehensive income and dividends declared totaling $1.2 million. These were partially offset by net income of $2.1 million. The decrease in accumulated other comprehensive income was the result of increasing market interest rates during the period. In connection with the preparation of the financial statements for the quarter ended March 31, 2018, management evaluated the credit quality of the investment portfolio and believes all unrealized losses to be temporary. Management has the intent and the ability to hold these securities until the value recovers or until maturity.

There were 4,217,619, 4,205,980, and 4,204,910 outstanding shares of common stock at March 31, 2018, June 30, 2017, and March 31, 2017, respectively. For all periods presented, the Bank was considered “well-capitalized” under applicable regulatory requirements.

United Community Bancorp is the parent company of United Community Bank, headquartered in Lawrenceburg, Indiana. The Bank currently operates eight offices in Dearborn and Ripley Counties, Indiana.

This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may affect our business, such as those changes caused by the Tax Cuts and Jobs Act, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of the Company’s loan or investment portfolios, and the ability to complete the previously announced merger with Civista Bancshares, Inc. within the expected timeframe. Additionally, other risks and uncertainties may be described in the Company’s annual report on Form 10-K for the year ended June 30, 2017 filed with the SEC on September 26, 2017 which is available through the SEC’s website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

SOURCE: United Community Bancorp.

ReleaseID: 498017

EQUITY ALERT: Levi & Korsinsky, LLP Reminds Shareholders of Longfin Corp. of a Class Action Lawsuit and a Lead Plaintiff Deadline of June 4, 2018 – LFIN

NEW YORK, NY / ACCESSWIRE / April 30, 2018 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Longfin Corp. (“Longfin”) (NASDAQ: LFIN) between December 13, 2017 and April 2, 2018. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To get more information go to:

http://www.zlk.com/pslra-d/longfin-corp?wire=1

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Longfin had material weaknesses in its operations and internal controls that hindered the Company’s profitability; (ii) Longfin did not meet the requirements for inclusion in Russell indices; and (iii) as a result of the foregoing, the Defendants’ public statements were materially false and misleading at all relevant times.

If you suffered a loss in Longfin you have until June 4, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll-Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 498049

Innodata to Report First Quarter 2018 Results

NEW YORK / ACCESSWIRE / April 30, 2018 / INNODATA INC. (NASDAQ: INOD) today announced that it will report First Quarter 2018 results before the market opens on Tuesday, May 8, 2018. A news release will be available in both the News and Investor Relations sections of the Innodata website, www.innodata.com.

Innodata has scheduled an investor conference call for 11:00 AM eastern time on that same day.

The call-in numbers for the conference call are:
1-866-548-4713 (Domestic)
1-323-794-2093 (International)
1-888-203-1112 (Domestic Replay)
1-719-457-0820 (International Replay)
Pass code on both: 3375687

Investors are also invited to access a live Webcast of the conference call at the Investor Relations section of www.innodata.com. Please note that the Webcast feature will be in listen-only mode.

Call-in or Webcast replay will be available for 30 days following the conference call.

About Innodata

Innodata (NASDAQ: INOD) is a global services and technology company focused on data transformation, enrichment, and management. Through our data refinery platform and related products and services, we enable the world’s preeminent media, publishing and information services companies, as well as data-driven enterprises, to improve operational efficiency, drive growth, and bring new data-enabled products to market. Innodata Labs, our technology incubator, focuses on applied machine learning and emerging artificial intelligence. Our culture of innovation, quality, and service is present in everything we do.

Our venture companies include Synodex, a leader in medical record data transformation, and Agility PR Solutions, a provider of SaaS software and solutions for PR and communications professionals.

Forward Looking Statement

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “project,” “head start,” “believe,” “expect,” “should,” “anticipate,” “indicate,” “point to,” “forecast,” “likely,” “goals,” “optimistic,” “foster,” “estimate” and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

These forward-looking statements are based largely on our current expectations and are subject to a number of risks and uncertainties, including without limitation, that contracts may be terminated by clients; projected or committed volumes of work may not materialize; the primarily at-will nature of contracts with our Digital Data Solutions clients and the ability of these clients to reduce, delay or cancel projects; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; continuing Digital Data Solutions segment reliance on project-based work; inability to replace projects that are completed, canceled or reduced; our dependency on content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; changes in our business or growth strategy; depressed market conditions; changes in external market factors; the ability and willingness of our clients and prospective clients to execute business plans which give rise to requirements for our services; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Our actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur. We undertake no obligation to update or review any guidance or other forward-looking information, whether as a result of new information, future developments or otherwise.

Company Contact

Suzanne Srsich
Executive Assistant
Innodata Inc.
ssrsich@innodata.com
(201) 371-8033

SOURCE: Innodata, Inc.

ReleaseID: 498068