Sinclair Broadcast Group Inc. is reportedly raising $250 million to finance an online streaming service focused on sports that would bring together content from its many local cable networks carrying baseball, basketball, football, hockey and college sports.
The streaming service could have a huge impact in reshaping what has been a struggling sector of the struggling cable industry, its regional sports networks. The New York Post, which first reported that Sinclair is raising the money alongside investment fund LionTree, quoted a “director for an unaffiliated broadcaster” saying the deal, if consummated, “will change the industry more quickly than I imagined.”
The service would only be available for people living within the footprint of 21 regional sports networks around the country that Sinclair acquired from Disney for nearly $10 billion in 2019, the Post reported. It will require approvals from major sports leagues and teams to acquire local streaming rights alongside its existing broadcast deals.
Sinclair aims to launch the service by the start of next year’s Major League Baseball season in April, and projects it could have 4.4 million streaming customers by 2027, outstripping YouTube TV’s overall viewership.
Broadcast and cable networks have been renewing their TV rights with the NFL, NHL and other leagues at stratospheric new price levels, in part because the deals include streaming rights too, and because sports remains one of the few tune-in programming types left to legacy TV providers.
Sinclair’s RSN acquisition was a huge bet for the broadcasting giant, but it has been somewhat snakebitten in the two years since the deal consummated, most notably by the pandemic’s disastrous impacts on live sports, and by the corrosive effects of cord-cutting.
Sinclair still claims 52 million cable subscribers for its sports networks as of the end of 2020, despite cord-cutting and the loss of carriage deals with Dish, YouTube TV and Hulu.
Major regions and markets covered by the networks include Los Angeles, San Diego, Arizona, Detroit, New Orleans, Indiana, Ohio, Oklahoma, Florida, Kansas City, and Wisconsin. The company says its networks are the TV home to more than half of all the Major League Baseball, NHL and NBA teams in the United States.
Maryland-based Sinclair has long beens one of the nation’s biggest broadcast TV station groups, with 186 stations in 87 markets. But it also has diversified significantly over the past few years, notably buying up those 21 Fox
Under a naming-rights deal with Bally’s, Sinclair acquired 15 percent of the casino operator last year, renaming its RSNs Bally Sports Regional Networks, and also received $85 million over 10 years. Over the past year, Bally’s has also made several acquisitions, including Bet.Works, Monkey Knife Fight, and SportCaller.
Separately, Sinclair joined with Amazon
The company also has been running its hybrid STIRR online service for about two and a half years. STIRR features an array of linear, ad-supported VOD programming like that typically found on platforms such as Tubi, Roku Channel and IMDb TV. But STIRR also features local news, sports, public affairs and other programming from dozens of its local stations.
A separate venture, NewsON, features free local TV news from more than 275 stations owned by various groups in more than 165 markets.
Heading into today, shares of the energy company had gained 6.1% over the past month, outpacing the Oils-Energy sector’s gain of 4.11% and the S&P 500’s gain of 2.43% in that time.
Wall Street will be looking for positivity from COP as it approaches its next earnings report date. On that day, COP is projected to report earnings of $0.84 per share, which would represent year-over-year growth of 191.3%. Our most recent consensus estimate is calling for quarterly revenue of $9.63 billion, up 139.76% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.46 per share and revenue of $38.97 billion, which would represent changes of +456.7% and +102.36%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for COP. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.08% higher within the past month. COP is currently a Zacks Rank #3 (Hold).
Digging into valuation, COP currently has a Forward P/E ratio of 17.32. Its industry sports an average Forward P/E of 19.73, so we one might conclude that COP is trading at a discount comparatively.
Investors should also note that COP has a PEG ratio of 3.46 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock’s expected earnings growth rate. The Oil and Gas – Integrated – United States was holding an average PEG ratio of 3.46 at yesterday’s closing price.
The Oil and Gas – Integrated – United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 222, which puts it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
A recent report that Virgin Galactic Holdings, Inc. (NYSE:SPCE) could send its founder Sir Richard Branson to space as soon as July 4 has caught the eye of traders and investors. If the company is able to complete the task, Branson would beat Jeff Bezos, who plans to fly to outer space on July 20 aboard Blue Origin’s New Shepard vehicle.
Virgin Galactic’s stock was in desperate need of a sentiment change after pushing back its last test flight that was scheduled for February to May. In the months that followed the company’s Feb. 12 announcement, Virgin Galactic’s stock lost over 70% of its value, retracing all the way down to $14.27 before hitting a bottom.
Virgin Galactic’s stock has turned around, however, since completing a successful test flight on May 22 and looks set to fly higher.
See Also: How to Buy Virgin Galactic Stock
The Virgin Galactic Chart: Virgin Galactic shot up over 147% between its May 11 bottom and June 9 and on May 24, the first trading day after its successful test flight, gapped up almost 20% and never looked back. It has since been trading in a daily uptrend, making consistently higher highs and higher lows. On June 9, the stock hit a high of $38.65, just shy of its overhead gap in the $39 to $41 range, before consolidating.
Because gaps fill 90% of the time, it’s likely Virgin Galactic will fill its upper gap in the future. There is a lower gap that was created on May 24 between $21.84 and $23.55, too, which could make bulls nervous. Virgin Galactic is trading about 60% above the lower gap, which makes the chances of filling it in the near future less likely.
In its consolidation, Virgin Galactic has set up a daily bull flag with the pole created between May 24 and June 9 and the flag made between June 10 and Monday.
On Monday, Virgin Galactic’s stock attempted to break up bullish from the flag but wicked from it. The stock could trade slightly lower within the flag for longer before gaining the power to break bullishly.
Virgin Galactic is trading above both the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending above the 21-day EMA, both of which are bullish indicators. The stock is also trading up about 36% above the 200-day simple moving average, which indicates overall sentiment in Virgin Galactic is bullish.
Bulls want to see bullish volume break Virgin Galactic’s stock up out of the bull flag pattern and for the stock to continue rising to fill the overhead gap. If the stock can pop up into the gap, it has room to move up toward the $45 level.
Bears want to see bearish volume drop Virgin Galactic down under the flag formation and for it to lose support of the eight-day EMA. If the stock trades below $32.82, it could revisit its next support down near the $27.80 mark.
SPCE Price Action: Virgin Galactic closed up 4% at $36.49.
What Happened: American Express (NYSE: AXP) announced it would launch its first small business checking account, Kabbage Checking.
The development comes shortly after the firm’s acquisition of Kabbage, an online fintech lender.
Through Kabbage’s team and full suite of fintech products, data platform, and IP, the new American Express offer will consist of a no-fee digital account that pays 1.1% interest on balances up to $100,000. Also offered will be mobile deposits, debit cards, bill pay, and savings features, as well as ATM accessibility.
“The checking account is sort of the financial operating system for a business, it’s one of the first things a business gets” after being created, Kabbage co-founder Kathryn Petralia said. “With the record number of new businesses being created last year, we think it’s important to help them get products that a brand new business wouldn’t be able to get from a traditional institution.”
Why It Matters: For a long time, American Express had its sights set on small business banking. The purchase of Kabbage was meant to accelerate its plans to offer U.S. small businesses a better way to manage payments and cash flow, digitally.
With the new Kabbage Banking offer, American Express is looking to capture market share from other fintech leaders like Brex.
“That’s the beauty of having a suite of products that all work together to help customers manage cash flow,” Petralia added. Business owners “are not folks with finance degrees; they’re ordering inventory and making products and dealing with customers. We’re trying to simplify their lives.”
Photo by Anna Shvets from Pexels.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
THE WOODLANDS, Texas, June 14, 2021 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ:LGIH) (“LGI Homes” or the “Company”) today announced that it has priced its previously announced offering (the “Offering”) of $300 million aggregate principal amount of unsecured Senior Notes due 2029 (the “Notes”) to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
The Notes will bear interest at a rate of 4.000% per annum. The Notes will be initially guaranteed, jointly and severally, on a senior unsecured basis by the Company’s subsidiaries that guarantee the Company’s obligations under its revolving credit facility. The sale of the Notes is expected to be completed on June 28, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from the Offering, plus cash on hand, to fund the previously announced redemption of all of the Company’s outstanding 6.875% Senior Notes due 2026 (the “2026 Senior Notes”). As of the date of this press release, $300 million aggregate principal amount of the 2026 Senior Notes are outstanding. The Offering is not conditioned on the redemption of the 2026 Senior Notes. Pending application of the net proceeds of the Offering for the foregoing purpose, the Company may repay all or a portion of the outstanding borrowings under its revolving credit facility, and, to the extent not used to repay such outstanding borrowings, the Company expects to invest such net proceeds in short-term liquid investments.
The offer and sale of the Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as the 10th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 18 years of homebuilding operations, over which time it has closed more than 45,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.lgihomes.com.
Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include statements relating to, among other things, statements about the closing of the Offering, the intended use of proceeds or other aspects of the Offering and the Notes, and the redemption of the 2026 Senior Notes. Forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements, please refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, including the “Cautionary Statement about Forward-Looking Statements” subsection within the “Risk Factors” section, the “Risk Factors” and “Cautionary Statement about Forward-Looking Statements” sections in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and subsequent filings by the Company with the Securities and Exchange Commission. The Company bases these forward-looking statements on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could cause the Company’s actual results to differ materially from those expressed in the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.
|CONTACT:||Joshua D. Fattor|
|Vice President of Investor Relations|
SANTA MONICA, Calif.–(BUSINESS WIRE)–Activision Blizzard, Inc. (Nasdaq: ATVI) today announced that it convened its 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”) as scheduled and considered all items of business with the exception of Proposal 2, the shareholder advisory vote on executive compensation (the “Proposal”).
At the 2021 Annual Meeting held today, 86.54% of the Company’s outstanding shares were represented in person or by proxy. Of the matters presented for shareholder vote: all ten nominees for director were re-elected, with an average of 96.27% of the votes cast in favor; and on the appointment of PwC as the Company’s independent registered public accounting firm, 97.13% of the votes were cast in favor.
Based on requests from shareholders for additional time, the independent members of the Activision Blizzard Board believe it is in the best interest of its shareholders to extend the opportunity for shareholders to vote on this important matter, and therefore recommended an adjournment to allow additional time for shareholders to submit proxies with respect to the Proposal. The 2021 Annual Meeting will be reconvened on Monday, June 21, 2021 at 9:00 a.m. Pacific Time (the “Reconvened Annual Meeting”). The sole matter of business before the Reconvened Annual Meeting will be the Proposal.
The independent members of the Activision Blizzard Board have determined, based on requests from shareholders, that it is necessary and appropriate to leave voting for the Proposal open in order to provide shareholders with adequate time to review and consider the Company’s recent responses to statements that were published and recirculated about the Company’s executive compensation practices that the Company believed to be misleading, in particular related to CEO and COO compensation. The Board members believe that obtaining informed shareholder feedback related to Activision Blizzard’s compensation policies and practices is of fundamental importance, and therefore, allowing additional time for shareholders to meaningfully participate in the vote better represents their interests.
The Company’s recent responses highlighted the following points and corrections:
Activision Blizzard will continue to solicit proxies from shareholders with respect to the Proposal, and electronic voting platforms are expected to remain open. The Board recommends that shareholders vote “FOR” the Proposal and approve the Company’s executive compensation. The record date for determining shareholders eligible to vote on the Proposal remains April 19, 2021.
Activision Blizzard encourages any eligible shareholder that has not yet voted their shares or provided voting instructions to their broker or other record holders to do so promptly. If a shareholder has previously submitted its proxy and does not wish to change its vote, no further action is required. Shareholders who need help voting their shares may call Activision Blizzard’s proxy solicitor, Alliance Advisors, at (855) 928-4492.
Activision Blizzard expects to file the voting results regarding the other proposals considered today at the 2021 Annual Meeting on a Form 8-K with the Securities and Exchange Commission no later than June 18, 2021.
About Activision Blizzard
Our mission, to connect and engage the world through epic entertainment has never been more important. Through communities rooted in our video game franchises we enable hundreds of millions of people to experience joy, thrill and achievement. We enable social connections through the lens of fun, and we foster purpose and a sense of accomplishment through healthy competition. Like sport, but with greater accessibility, our players can find purpose and meaning through competitive gaming. Video games, unlike any other social or entertainment media, have the ability to break down the barriers that can inhibit tolerance and understanding. Celebrating differences is at the core of our culture and ensures we can create games for players of diverse backgrounds in the 190 countries our games are played.
As a member of the Fortune 500 and as a component company of the S&P 500, we have an extraordinary track record of delivering superior shareholder returns for over 30 years.
Our enduring franchises are some of the world’s most popular, including Call of Duty®, Crash Bandicoot™, World of Warcraft®, Overwatch®, Hearthstone®, Diablo®, StarCraft®, Candy Crush™, Bubble Witch™, Pet Rescue™ and Farm Heroes™. Our sustained success has enabled the company to support corporate social responsibility initiatives that are directly tied to our franchises. As an example, our Call of Duty Endowment has helped find employment for over 80,000 veterans.
Learn more information about Activision Blizzard and how we connect and engage the world through epic entertainment on the company’s website, www.activisionblizzard.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. These and other risks are described in the Company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
DALLAS, June 14, 2021 (GLOBE NEWSWIRE) — The Highland Income Fund (NYSE: HFRO) (“HFRO” or the “Fund”), a closed-end fund managed by Highland Capital Management Fund Advisors, L.P. (the “Adviser”), today announced the filing of a preliminary proxy statement with the Securities and Exchange Commission (the “SEC”) for a special meeting of shareholders (“Special Meeting”) in connection with its proposal to convert the Fund from a registered investment company to a diversified holding company (the “Holding Company”).
The proposal to change the Fund’s business from a registered investment company to a diversified holding company and to amend certain fundamental investment restrictions (the “Business Change Proposal”) aims to increase shareholder value and better position HFRO in the current and future market environment.
The Holding Company would primarily pursue controlling interests—and, to a lesser extent, minority interests—in companies and other assets in four core sectors/focus areas where the Adviser has relevant expertise.1
At the Special Meeting, shareholders are being asked to vote upon the Business Change Proposal and, if approved, to approve the amendment and restatement of the Fund’s Agreement and Declaration of Trust (the “Amendment Proposal” and, together with the Business Change Proposal, the “Proposals”).
Information on the Proposals can be found at www.hfroconversion.com.
The Fund’s Board of Trustees (the “Board”), a majority of the members of which are not interested persons of the Fund (the “Independent Trustees”), reviewed the Proposals at length, and believes they are in the best interest of shareholders.
Adoption of the Business Change Proposal is expected to provide several benefits, including the following:
Additionally, the Business Change Proposal would expand access to the Adviser’s platform, enabling HFRO to pursue opportunities where the Adviser has unique expertise and resources that it can apply to unlock potential value.
As part of the Business Change Proposal, HFRO has committed to a formulaic buyback program supplemented by additional share purchases from management to support the conversion process. HFRO and management will only purchase shares under the buyback programs if the Proposals are approved, subject to certain terms and conditions. Accordingly, there can be no assurance that HFRO or management will purchase any shares under the buyback programs or with respect to the timing or size of such purchases, if any.3
HFRO also intends to maintain the current dividend for common shares through January 31, 2022.
Given the Adviser’s relevant expertise in the proposed Holding Company strategy and the potential for the Business Change Proposal to increase shareholder value, the Board, including the Independent Trustees, unanimously recommends that shareholders vote “FOR” the Proposals. Additional information on the potential benefits of the Business Change Proposal, as well as related risks, and the Adviser’s relevant capabilities is available in the preliminary proxy statement.
A copy of the preliminary proxy statement is available free of charge on the SEC’s website at www.sec.gov. The preliminary proxy statement is not complete and is subject to review by the SEC staff and other changes. The Fund expects to file a definitive proxy statement which will then be available free of charge at www.hfroconversion.com or at the SEC website, www.sec.gov. Shareholders should read the preliminary proxy statement and the definitive proxy statement, when it becomes available, carefully because they both contain or will contain important information. Shareholders should make no decision about the Proposals until reviewing the definitive proxy statement sent to them.
HFRO and its trustees and officers, the Adviser’s and its affiliates’ respective members, trustees, directors, shareholders, officers and employees, Di Costa Partners LLC and other persons may be deemed to be participants in the solicitation of proxies with respect to the Proposals. Shareholders may obtain more detailed information regarding the direct and indirect interests of the foregoing persons by reading the preliminary proxy statement filed with the SEC, and the definitive proxy statement to be filed with the SEC, regarding the Proposals.
About the Highland Income Fund
About Highland Capital Management Fund Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. is an SEC-registered investment adviser. It is the adviser to a suite of registered funds, including open-end mutual funds, closed-end funds, and an exchange-traded fund. For more information visit www.highlandfunds.com.
Investors should consider the investment objectives, risks, charges and expenses of the Highland Income Fund carefully before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-800-357-9167 or visiting www.highlandfunds.com. Please read the prospectus carefully before you invest.
No assurance can be given that the Fund will achieve its investment objectives.
This press release contains forward-looking statements. These statements reflect the current views of management with respect to future events and financial performance. Forward-looking statements can be identified by words such as “anticipate”, “expect”, “could,” “may”, “potential”, “will”, “ability,” “targets,” “believe,” “likely,” “assumes,” “ensuring,” “available,” “optionality,” “viability,” “maintain,” “consistent,” “pace,” “should,” “emerging,” “driving,” “looking to,” and similar statements of a future or forward-looking nature. Forward-looking statements address matters that involve risks and uncertainties. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance in difference economic and market cycles. There can be no assurance that similar performance will be experienced.
The proposed conversion of HFRO to a diversified holding company is contingent upon an affirmative shareholder vote, regulatory approval, and the ability to reconfigure HFRO’s portfolio such that it is no longer an investment company for purposes of the Investment Company Act of 1940 (the “1940 Act”). The conversion process could take approximately 24 months; and there can be no assurance that conversion of HFRO to a diversified holding company will be completed, improve HFRO’s performance or reduce the common share discount to net asset value (“NAV”).
In addition, actions taken in connection with the proposed conversion may adversely affect the financial condition, yield on investment, results of operations, cash flow, per share trading price of our securities, ability to satisfy debt service obligations, if any, and to make cash distributions to shareholders. Whether HFRO remains a registered investment company or converts to a diversified holding company, an investment in HFRO’s securities, like an investment in any other public company, is subject to investment risk, including the possible loss of investment. For a discussion of certain other risks relating to our conversion to a holding company, see “Implementation of the Business Change Proposal and Related Risks” and “Appendix B: Risks Associated with the Business Change Proposal” in the proxy statement.
If the Proposals are approved by shareholders, HFRO will apply to the SEC for a Deregistration Order, but the timing for receiving the Deregistration Order is uncertain. Until the SEC issues a Deregistration Order, HFRO will continue to be registered as an investment company and will continue to be regulated under the 1940 Act. Pending the SEC’s issuance of the Deregistration Order, the Adviser intends to begin realigning HFRO’s portfolio consistent with its new business as a diversified holding company. The implementation period may last approximately two years, with full implementation not projected until approximately the middle of 2023. The foregoing time period is an estimate and may vary depending upon the length of the deregistration process with the SEC, tax considerations and the pace at which we will be able to transition certain of the Company’s assets such that we will no longer be deemed an investment company under the 1940 Act. Any delay in receiving the Deregistration Order beyond the projected two-year implementation period may delay HFRO’s ability to operate like a typical diversified holding company not subject to the 1940 Act and would delay the ability to realize the benefits the Adviser’s anticipate to realize from becoming a diversified holding company.
For additional risks and disclosures, please visit www.hfroconversion.com/disclosures.
1 The Holding Company would pursue minority interests consistent with maintaining exclusion from investment company status.
2 Risk adjusted return is a calculation of the potential profit from an investment that takes into account the degree of risk associated with such investment. Please refer to the “Questions & Answers” section of this Proxy Statement for more information on how risk adjusted return is calculated.
3 See the proxy statement for information on the buyback program and additional share purchase commitments.
Conference Call Scheduled for Tuesday, June 15 at 11:30 AM EDT
NORTHVALE, NJ / ACCESSWIRE / June 14, 2021 / Elite Pharmaceuticals, Inc. (‘Elite’ or the “Company’)(OTCBB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the fiscal year ended March 31, 2021 (“Fiscal 2021”).
Consolidated revenues for Fiscal 2021 were $25.4 million, an increase of $7.4 million or approximately 41% from the comparable period of the prior fiscal year. The increase in revenues was primarily attributed to revenues from generic immediate-release Adderall®, generic extended-release Adderall®, generic Dantrolene Capsules, and strong revenues relating to Isradipine sales capsules. Operating profits were $2.1 million, an increase of $4.3 million from the comparable period of the prior year, and net income was $5.1 million.
Conference Call Information
Elite’s management will host a conference call to discuss the year-end 2021 financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.
The financial statements can be viewed for Elite’s Fiscal Year 2021 on Form 10-K here.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Prasco, LLC, Epic Pharma, LLC, TAGI Pharma, and Glenmark Pharmaceuticals, Inc. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release. Readers are cautioned that such forward-looking statements involve, without limitation, risks, uncertainties and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These forward-looking statements may include statements regarding the expected timing of approval, if at all, of products by the FDA, and the actions the FDA may require of Elite in order to obtain such approvals. These forward-looking statements are not guarantees of future action or performance. These risks and other factors are discussed, without limitation, in Elite’s filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q, and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Elite Pharmaceuticals, Inc.