The Revivalists have released a brand new single, “All My Friends“, marking their first release of new music since 2015’s Men Amongst Mountains. The New Orleans eight-piece skyrocketed to massive success in 2017 with their hit single “Wish I Knew You”, which hit #1 at Alternative and Adult Alternative Radio, reached the Top 15 at Hot AC, and spent 9 consecutive weeks on the Billboard Hot 100 Chart—though they’ve been mainstays in the contemporary jam scene for the better part of a decade. While fans have been eagerly awaiting the new record for quite some time now, The Revivalists have been road-testing new material over the last several years. Now, the band is officially ready to present the studio versions, as well as never-before-heard tunes, on a new album, their fourth full-length studio release, due out this fall.First up is “All My Friends”, a groove-filled anthem praising friendships over heartbreaks. The soulfully empowering lyrics will make you miss your 20s while also inspiring you to live life like you’ll never grow up. Striking, sharp, and soulful, with swaggering piano and boisterous horns, “All My Friends” introduces the band’s next chapter with confidence and charisma. Bump this:The Revivalists – “All My Friends”“All My Friends,” produced by GRAMMY-nominated producer/songwriter Dave Bassett (Elle King, Vance Joy) and co-written by Bassett and frontman David Shaw, signals the band’s newfound depth and ambition.For the first time, The Revivalists recorded and co-wrote with multiple producers and writers, enlisting the talents of Dave Cobb (Sturgill Simpson, Chris Stapleton), Andrew Dawson (Kanye West, Fun., Sleigh Bells), and Bassett for sessions in New Orleans as well as Nashville, where they recorded at the iconic RCA Studio B, soaking up the aura of one of the most storied studios in music.Representing a vast swath of the country and defying regional pigeonholes, David Shaw’s (lead vocals, guitar) roots are in the Rust Belt, while Zack Feinberg (guitar), Ed Williams (pedal steel guitar) and George Gekas (bass) hail from the Tri-State area and Michael Girardot (keyboard, trumpet) and Rob Ingraham (saxophone) come from the Southwest. Andrew Campanelli (drums) cut his teeth in the D.C. scene, and newcomer PJ Howard (drums, percussion) made his bones in Chicago. Since forming in New Orleans, the group quietly ground out one gig, song, and album at a time.The Revivalists are currently on the road and gearing up for a fall tour full of festival dates and headline shows, which will include a special show at Red Rocks on September 13th, a New Orleans performance at Voodoo Music and Arts Experience on October 26th, and David Shaw’s 3rd Annual Big River Get Down at RiversEdge Amphitheatre in his hometown of Hamilton, OH. Shaw’s annual festival has quickly become a not-to-be-missed music and community event.Head to the band’s official website for more information.THE REVIVALISTS 2018 TOUR DATES:August 3 Lowell, MA @ Lowell Summer Music Series at Boarding Park HouseAugust 4 Freeport, ME @ LL Bean Discovery ParkAugust 5 Hampton Beach, NH @ Hampton Beach CasinoAugust 17 Portsmouth, VA @ Union Bank & Trust PavilionAugust 18 Cockeysville, MD @ Hot August Music FestivalAugust 19 Vienna, VA @ Wolf TrapAugust 25 Cleveland, OH @ Incuya Music FestivalSeptember 1 Chicago, IL @ North Coast Music FestivalSeptember 8 Hamilton, OH @ Big River Get Down at RiversEdge AmphitheaterSeptember 13 Morrison, CO @ Red Rocks AmphitheatreSeptember 15 Atlanta, GA @ Music Midtown 2018 at Piedmont ParkSeptember 22 East Aurora, NY @ Borderland Music FestivalSeptember 27 Louisville, KY @ Iroquois AmphitheatreSeptember 28 Indianapolis, IN @ Garfield ParkSeptember 29 Kansas City, MO @ KC Power & LightOctober 2 Pittsburgh, PA @ Stage AEOctober 3 Columbus, OH @ Express LiveOctober 5 Black Mountain, NC @ Marcus King Band Family Reunion @ PigsahOctober 6 Bloomingburg, NY @ Catskills Wine & Food FestivalOctober 20 Dallas, TX @ Toyota Stadium National Soccer Hall of FameOctober 26 New Orleans, LA @ Voodoo Music & Arts ExperienceOctober 28 Live Oak, FL @ Suwanee HulaweenView All Tour Dates
Spinning aerialists, fearless stilt walkers, seemingly boneless contortionists, daring acrobatic performances, gravity-defying swan ballerinas, multicultural local and nationally known musicians, and hula hoop artists …Such was the nature of the entertainment that sizzled during the fifth annual Harvard Masquerade Ball, which took place at the Sheraton Hotel in downtown Boston on Feb. 28.More than 2,100 guests attended the event organized by the Harvard Graduate and Professional Student Government (HGPSG), the official student government for the 12 graduate and professional schools of Harvard University.“The HGPSG’s mission is to create the spirit of One Harvard across the 12 graduate and professional schools,” said HGPSG President Sudipta “Nila” Devanath. “The Masquerade Ball is the epitome of that mission in action.”Cloaked in a myriad of multicolored masks, the guests of the Masquerade Ball 2015 cheerfully danced and mingled on the Sheraton’s massive second floor, which was divided into several self-contained spaces where a multiplicity of activities unfolded simultaneously. On one end, there was the “Constitution Ballroom,” glowing in shades of aqua, royal and ice blue. Here, the Dave Macklin Band played live music, churning out reggae, funk, top 40 and soul.The “Republic Ballroom,” designated as “the red and black room,” graced the other end, shimmering in varied shades of red. There, guests moved to the Latin groove of El Feeling, a gifted live Band from the Berklee College of Music.The heart of the event was the “Grand Ballroom.” This expansive space, sparkling in a multifariousness of purple hues and “glow” tubes, was helmed by DJ ZEA, an indefatigable dancing-and-spinning pro who was flown in from Miami, Fla.Amid the array of professional artists, a diverse assortment of Harvard student performers took turns to thrill the guests in the “Republic” and “Constitution” rooms. By interspersing the students’ acts between the rhythms of two additional professional DJs, the event organizers ensured that music played all through the evening.In order to achieve such complexity, the HGPSG partnered with seasoned event organizer Soraya Y. Belgacem, president and senior event planner of S.Y.B Event Planning Services. “I always like to take an event to the next level,” said Belgacem. “I wanted to keep to the institutional memory of Harvard Graduate Schools and make this event like nothing Harvard has ever seen.”Leading the organization on the HGPSG team were Dolly Amaya and Alexander Rodriguez, HGPSG’s vice president of event coordination and vice president of social engagement, respectively.— Dee G. Asaah
Look out, world: the speech and debate team has reassembled, and this time, they’re taking on the big screen. According to Deadline, a film adaptation of Stephen Karam’s play Speech & Debate is in the works. The Sycamore Pictures production will feature film star Liam James, Austin McKenzie, who starred in the Broadway-bound Deaf West production of Spring Awakening and Sarah Steele, who appeared in the original off-Broadway staging.Dan Harris will direct the project, and Karam will adapt his script for the screen.Speech & Debate follows three high school students (Solomon, Howie and Diwata) who join forces after a sex scandal involving their drama teacher is unearthed. To expose the truth and ensure their voices are heard, the trio revives the school’s scrapped debate club.Karam’s play premiered in 2007 at the Harold and Miriam Steinberg Center for Theatre as the inaugural production of Roundabout’s “Underground” initiative. In addition to Steele, the cast featured Susan Blackwell, Significant Other’s Gideon Glick and Jason Fuchs. The production, directed by Jason Moore, extended its run multiple times.As recently announced, Steele will appear in Karam’s The Humans, another Roundabout off-Broadway production, beginning in September. She made her Broadway debut in The Country House and recently appeared on The Good Wife. James’ film credits include 2012, The Way, Way Back and the USA series Psych. You can check out McKenzie’s performance in Deaf West’s Spring Awakening below; no word yet if he will reprise his performance on Broadway. View Comments
5,191 47,655 $- 23,405 14,973 137,834,123 (As Restated) 76,386 (1,918) 13,939 Weighted average shares outstanding $786,135 5,083 Patent Litigation Settlement $- Net increase (decrease) in cash and cash equivalents $0.12 (662) – – 425,758 Amortization of intangibles Accrued compensation costs 131,529,412 – (217)Proceeds from issuance of common stock under compensation plans 121,350 13,939 (50,000)Proceeds from receipt of note receivable 132,210,938 121,743,135 $20,368 – 540,744 – (118,042) (17,000)Operating income 41,676 32,844 (1,918)Income before income taxes Other current assets – (2,133) (338) 386,416 (95,500)Proceeds from borrowings of long-term debt GAAP 24,817 4,956 $42,313 11,384 386,688 Cost of sales (305,261) Income tax expense 120,370,659 – (53,703) 145,000 (Gain) loss on futures derivatives Selling and operating expenses Adjustments to reconcile net income to net cash $54,439 – – – Liabilities assumed in conjunction with acquisitions 113,979,588 113,979,588 Net income $0.20 $0.12 9,961 Operating income $0.12 Deferred income taxes, net 245,391 – Net cash used in investing activities $0.48 3,257 50,000 Net sales GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) $16,773 (662)Interest expense Accounts payable – Weighted average shares outstanding 93,386 Other long-term liabilities – Other income (expense) Changes in assets and liabilities: (9,228) 280 – 92,579 $0.22 Receivables, less allowances of $14,056 and $4,792 at September 25, 2010, and September 26, 2009, respectively 241,007 19,895 – Cash and cash equivalents at end of period 186,418 (52) $373,087 (As Restated)Assets Other current assets 23,488 Short-term investments 172,200 Deferred income taxes, net $79,506 121,743,135 $241,811 General and administrative expenses Retained earnings 47,655 138,256,219 Intangibles, net GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) – Thirteen weeks ended 9/26/09 $- Fifty-Two weeks ended September 25, 2010 Stockholders’ equity: Goodwill – 18,906 $- – – Current liabilities: – 128,401,764 Provision for sales returns Diluted income per share: (5,294) Acquisition- related Transaction Expenses Accrued compensation costs Accrued expenses $96,279 General and administrative expenses 46,632 $1,356,775 138,256,219 (5,294) Weighted average shares outstanding (10,761)Tax expense from allocation of ESOP shares 5,318 Provision for doubtful accounts $0.20 128,401,764 126,443 73,013 General and administrative expenses 259,641 29,484 81,662 Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Acquisition- related Transaction Expenses – 245,391 – GAAP $210 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) Current portion of long-term debt 6,147 679 $- 245,391 473,749 Receivables Fixed assets, net – 243 Accumulated other comprehensive loss $0.48 Cash flows from investing activities: 10,769 Income tax expense 699,245 138,256,219 – Weighted average shares outstanding 128,401,764 GREEN MOUNTAIN COFFEE ROASTERS, INC. Unaudited Consolidated Statements of Cash Flows (Dollars in thousands) (14,848)Net income Fifty-two weeks ended September 26, 2009 120,370,659 – $79,506 $- $14,052 provided by (used in) operating activities: Depreciation $- Non-GAAP (As Restated)Net Sales 120,370,659 99,600 Patent litigation settlement Loss on disposal of fixed assets 121,350 Net income $(0.09) 44,105 – Commitments and contingencies – (237,410) Income tax payable 68,868 264 134,338 and disqualified dispositions of incentive stock options $- $0.12 $1,370,574 $1,356,775 Net income $- (6,931) Current assets: $- 8,110 – Cost of Sales 131,529,412 Cash flows from financing activities: Net income $- – (As Restated) Selling and operating expenses (3)Deferred income taxes Total current assets Net cash provided by financing activities (4,693)Income before income taxes (10,767) (3,703)Other long-term assets, net (4,487) 1,769 $0.38 147,097 $0.45 $0.45 30,112 68,868 (139,497) Income tax expense Gross Profit – – – 132,210,938 Operating income (52) 3,979 $786,135 (16,895)Capital lease obligations – $1,533 50,000 (4,693) 540,744 $14,052 138,256,219 1,788 – 931,017 Excess tax benefits from equity-based compensation plans 6,443 91,559 (154,208) $- 213,844 121,350 30,112 Weighted average shares outstanding (48,298)Proceeds from disposal of fixed assets 610 100,568 $1,370,574 (525,197) 4,377 Other short-term liabilities (5,294)Income before income taxes (12,715) $0.58 Gross Profit $0.73 113,979,588 931,017 131,529,412 1 A complete reconciliation of the Company’s GAAP to non-GAAP results is provided with this announcement. Acquisition of certain assets of Tully’s Coffee Corporation Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in efficiently and effectively integrating Timothy’s and Diedrich’s wholesale operations and capacity into its Specialty Coffee business unit, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig’s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, the impact of the inquiry initiated by the SEC and any related litigation or additional governmental investigative or enforcement proceedings, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases. WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc Acquisition of Diedrich Coffee, Inc. $2,823 Gross Profit Fixed asset purchases included in accounts payable and not disbursed at the end of each year Proceeds from sale of short-term investments – (2,133) 8,788 – $373,087 8,253 10,761 88,031 – $54,439 $29,814 44,105 Acquisition- related Transaction Expenses – 241,811 $241,811 (662)Interest expense Thirteen weeks ended September 26, 2009 137,834,123 Supplemental disclosures of cash flow information: Cash paid for interest Total liabilities and stockholders’ equity 137,834,123 Cash paid for income taxes Total assets (12,715) 23,280 $813,405 – Cash and cash equivalents $28,424 47,655 – (102,297) Thirteen weeks ended September 25, 2010 $6,486 121,743,135 Patent Litigation Settlement Liabilities and Stockholders’ Equity 1,000 17,000 $0.70 $0.02 Cost of Sales – 14,590 $0.11 $373,087 $12,509 Net change in revolving line of credit 113,446 – 804 Selling and operating expenses 15,943 – (1,084)Repayments of long-term debt – – – Other long-term assets Accrued expenses Diluted income per share: (1,918) $1,356,775 Diluted income per share: $0.36 Income tax expense (As Restated)Cash flows from operating activities: $- Basic income per share: $- $- $- 44,105 (74)Total stockholders’ equity 40,139 39,706 Proceeds from issuance of common stock for public equity offering 220,005 10,151 26,997 258,923 (33,592)Net income 573 Other income (expense) 113,979,588 120,370,659 $54,439 335,504 1,934 93,386 132,210,938 – 4,956 (116,653) – Cash and cash equivalents at beginning of period $0.02 6,819 Diluted income per share: $215,965 – GAAP (As Restated) 132,210,938 Acquisition- related Transaction Expenses 138,256,219 Non-GAAPNet Sales 13,081 36,478 39,706 Other income (expense) $215,965 Fifty-two weeks ended 9/26/09 5,350 Other short-term liabilities Patent Litigation Settlement (399)Excess tax benefits from equity-based compensation plans 88,031 (14,590) Basic income per share: 262,478 259,641 Restricted cash and cash equivalents 49,279 25,834 Cost of Sales Contributions to the ESOP 41,676 (17,000) – 425,758 17,987 186,418 Operating income – Basic income per share: (1,199) 298,322 (18,906) $- – (217) 138,772 147,097 1,683 – $43,882 General and administrative expenses 120,370,659 100,568 (1,870)ESOP unallocated shares, at cost ‘ 0 and 38,060 shares at September 25, 2010, and September 26, 2009, respectively $4,401 General and administrative expenses $4,401 (10,535) 186,418 – 68,868 152,115 132,182 Other income (expense) Income tax expense 113,446 (55,836)Net income (17,000) Net income 38,498 13,939 $0.23 – Income tax receivable $- 1,376 – Net income – $0.13 – $0.20 Net income (269) (1,630) 133,209 137,834,123 Inventories Net income Net income – (269) GAAP (As Restated) $813,405 24,236 Selling and operating expenses – 1,225 Non-GAAP (As Restated)Net Sales $- (713) $5,118 Accounts payable 131,529,412 – – Fifty-two weeks ended 9/25/10 147,097 587,350 – Diluted income per share: – 113,446 Patent litigation settlement (1,830) – (33,592) 30,112 – (27,149)Net income $26,991 Fifty-two weeks ended September 25, 2010 $0.11 Net cash (used in) provided by operating activities 540,744 50,000 (1,339) 1,645 425,758 Fifty-Two weeks ended September 26, 2009 931,017 – $215,965 (1,199)Income before income taxes Tax benefit (expense) from exercise of non-qualified options – 131,529,412 23,280 $0.11 $- 135,981 10,065 (9,228) – $0.20 24,817 Additional paid-in capital 140,000 13,282 441,875 (269)Interest expense Weighted average shares outstanding Weighted average shares outstanding 132,210,938 5,191 121,743,135 Noncash investing activity: (52)Interest expense (4,956) – (52,963)Inventories 22,709 537,367 $14,052 495,269 128,401,764 355 $26,991 Basic income per share: 23,280 27,665 $0.58 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) (338) GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) Acquisition of Timothy’s Coffee of the World Inc. 259,641 Other income (expense) 17,264 24,817 26,599 $786,135 128,401,764 Weighted average shares outstanding – $- $0.60 Weighted average shares outstanding $79,506 Purchases of short-term investments 27,665 $0.60 139,220 Deferred compensation and stock compensation September 26, 2009 138,772 (8,500) (1,199) Long-term debt – $- Operating income (9,228)Net income – Thirteen weeks ended 9/25/10 137,834,123 Gross Profit (17,000) Cost of Sales Financing costs in connection with public equity offering (41,361)Capital expenditures for fixed assets 526 – – Total current liabilities Gross profit Common stock, $0.10 par value: Authorized – 200,000,000 shares; Issued ‘ 132,823,585 and 130,811,052 shares at September 25, 2010, and September 26, 2009, respectively 133,209 Net income – Deferred financing fees September 25, 2010 – 121,743,135 162 $19,009 $(0.09) Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, on Thursday announced its fiscal 2010 fourth quarter and year-end results for the thirteen weeks and fiscal year ended September 25, 2010. Annual sales were nearly $1.4 billion and net income was almost $80 million.Performance HighlightsFourth Quarter Fiscal 2010* Net Sales up 73% over 2009* GAAP EPS of $0.20; Non-GAAP EPS of $0.221* GAAP Net Income up 92% over 2009Fiscal 2010* Net Sales up 73% over 2009* GAAP EPS of $0.58; Non-GAAP EPS of $0.701* GAAP Net Income up 46% over 2009Restated Financial ResultsAs set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2010, the Company has restated its previously issued financial statements for the fiscal years ended September 30, 2006, September 29, 2007, September 27, 2008 and September 26, 2009 and the first three quarters of fiscal 2010, including the quarterly data for fiscal years 2009 and 2010 and its selected financial data for the relevant periods. Any comparisons to prior periods reflect restated financial results for those periods. Accordingly, investors should no longer rely upon the Company’s previously released financial statements for these periods and any earnings releases or other communications relating to these periods.Fourth Quarter 2010 ResultsNet sales for the fourth quarter of fiscal 2010 increased 73% to $373.1 million as compared to $216.0 million for the fourth quarter of fiscal 2009. GAAP net income for the fourth quarter of fiscal 2010 totaled $27.0 million, or $0.20 per fully diluted share, representing an increase of 92% as compared to GAAP net income of $14.1 million, or $0.11 per diluted share for the fourth quarter of fiscal 2009.Excluding transaction-related expenses in the quarter, the Company’s non-GAAP net income for the fourth quarter of fiscal 2010 increased 112% to $29.8 million from $14.1 million in the fourth quarter of fiscal 2009.1 Non-GAAP earnings per diluted share increased 97% to $0.22 from $0.11 in the fourth quarter of fiscal 2009.1Fiscal Year 2010 ResultsNet sales for the 2010 fiscal year increased 73% to $1,356.8 million as compared to $786.1 million for the 2009 fiscal year. Under Generally Accepted Accounting Principles (GAAP), net income for the 2010 fiscal year totaled $79.5 million, or $0.58 per diluted share, representing an increase of 46% as compared to GAAP net income of $54.4 million, or $0.45 per diluted share for the 2009 fiscal year.Excluding transaction-related expenses incurred during fiscal 2010, and the $17.0 million pre-tax Kraft patent litigation settlement recorded in fiscal 2009, the Company’s non-GAAP net income for fiscal 2010 increased 119% to $96.3 million from $43.9 million in fiscal 2009.1 Non-GAAP earnings per fully diluted share increased 92% to $0.70 from $0.36 in fiscal 2009.1 Fiscal 2010 and fiscal 2009 non-GAAP earnings per diluted share include $0.06 and $0.03 of amortization of identifiable intangibles related to the companies acquisitions per diluted share, respectively.In alignment with its purpose: ‘To create the ultimate coffee experience in every life we touch from tree to cup ‘ transforming the way the world views business,’ GMCR allocates at least 5% of its pre-tax profits to socially and environmentally responsible initiatives.‘Our fiscal 2010 results demonstrate increasing consumer awareness of and interest in the convenience and value represented by the Keurig Single-Cup system,’ said Lawrence J. Blanford, GMCR’s President and CEO. ‘We estimate Keurig systems are currently active in approximately 6% of the 90 million coffee-drinking households in the United States, and we believe there is room to expand our presence going forward.’‘The GMCR team remains focused, continuing to execute in a way that enables us to capitalize on what we believe is substantial opportunity for growth,’ continued Blanford. ‘We are very excited about the 2010 Holiday season and the support we’re seeing from our customers and licensed-brand partners. We continue to expect a strong start to our fiscal 2011 and anticipate total consolidated net sales growth of 55% to 65% for the first quarter of 2011.’Fiscal 2010 Fourth Quarter Financial ReviewKey Business Drivers & Metrics* Approximately 90% of consolidated net sales in the fourth quarter were from the Keurig brewing system and its recurring K-Cup portion pack revenue, including Keurig-related accessory sales and royalties from third party licensed roasters.o Net sales from K-Cup portion packs totaled $249.5 million in the quarter, up 115%, or $133.5 million, over 2009. Contributing to this increase was the introduction of Folgers Gourmet Selections and Millstone-branded K-Cups to grocery, mass and club outlets by The J.M. Smucker Company which represented approximately 6 percentage points of the increase this quarter. Also, on September 7, 2010, the Company announced a price increase on K-Cup portion packs beginning October 11, 2010. We believe the price increase may have contributed to stronger sales in the fourth quarter of fiscal 2010 ahead of the effective date of the increase.o During the fiscal fourth quarter, 832 million K-Cup portion packs were shipped system-wide by all Keurig-licensed roasters, representing an increase of 80% over the year-ago quarter. K-Cup portion packs shipped system-wide include Specialty Coffee business unit (SCBU) and third party licensed roasters shipments to third party customers, as well as to Keurig for future sales to the At-Home channel and Keurig.com.o Net sales from Keurig brewers and accessories totaled $82.2 million in the quarter, up 48%, or $26.7 million, from the prior year period.o Supporting continued growth in K-Cup demand, there were 1.2 million brewers with Keurig-branded brewing technology, including third party brewers, shipped system-wide during the fourth quarter of fiscal 2010 compared to 719,000 shipped during the fourth quarter of fiscal 2009. This shipment data does not account for consumer returns to retailers.o Net sales related to Timothy’s and Diedrich, which are included in the Company’s fourth quarter results of fiscal 2010 since acquisition in November 2009 and May 2010, respectively, represented approximately 16 percentage points of the 73% increase in GMCR’s total net sales in the fourth quarter over the prior year quarter.* For the Keurig business unit, net sales for the fourth quarter of fiscal 2010 was $189.6 million, up 64% from net sales of $115.8 million in the fourth quarter of fiscal 2009.* For the SCBU, net sales for the fourth quarter of fiscal 2010 was $183.5 million, up 83% from net sales of $100.1 million in the fourth quarter of fiscal 2009.Costs, Margins and Income* Fourth quarter 2010 gross profit was 30.4% of total net sales compared to 31.9% for the corresponding quarter in 2009. The gross margin is lower than the year-ago period due to higher brewer sales returns, an increase in brewer warranty expense, and higher green coffee costs. These negative impacts were somewhat offset by additional manufacturing margin resulting from the Company’s acquisition of Timothy’s and Diedrich.* Selling, general and administrative expense as a percentage of net sales for the fourth quarter was 19.2% as compared to 20.4% in the prior year. Fourth quarter 2010 general and administrative expenses included approximately $5.0 million of transaction-related expenses for the pending Van Houtte acquisition, as well as $5.5 million in amortization of identifiable intangibles related to the Company’s acquisitions, as compared to $1.5 million of amortization of identifiable intangibles in the prior year fourth quarter.* The Company increased its GAAP operating income by 68%, to $41.7 million, in the fourth quarter of fiscal 2010, as compared to $24.8 million in the year ago quarter. Excluding the impact of $5.0 million in transaction-related expenses in the fourth quarter of fiscal 2010, the Company’s non-GAAP operating income was $46.6 million, or 12.5% of net sales, as compared to $24.8 million, or 11.5% of net sales, in the prior year period.* Interest expense was $1.9 million in the fourth quarter of fiscal 2010, compared to $1.2 million in the prior year quarter.* Income before taxes for the fourth quarter of fiscal 2010 increased 71% to $39.7 million as compared to $23.3 million in the fourth quarter of fiscal 2009.* The Company’s tax rate for the fiscal fourth quarter was 32.0% as compared to 39.6% in the prior year quarter due to lower income tax rates in jurisdictions outside of the United States where the company has operations and as a result of significant federal and state manufacturing credits.* Fourth quarter GAAP net income increased 92% to $27.0 million from $14.1 million and non-GAAP net income, when excluding the transaction-related expenses, increased 112% to $29.8 million from $14.1 million.1Balance Sheet Highlights* Cash and short-term cash investments was $4.8 million at September 25, 2010, down from $10.0 million at June 26, 2010.* Accounts receivable increased 88% year-over-year to $172.2 million at September 25, 2010, from $91.6 million at September 26, 2009, as a result of continuing strong sales during the fourth quarter of fiscal 2010, particularly within the retail channel where days sales outstanding is higher than other channels.* Inventories increased 99% to $262.5 million at September 25, 2010 from $132.2 million at September 26, 2009, reflecting the Company’s effort to ensure sufficient inventories of brewers and K-Cup portion packs for the 2010 holiday season.* Debt outstanding increased to $354.5 million at September 25, 2010 from $271.4 million at June 26, 2010 as a result of the Company’s increase in working capital during the fourth quarter.Proposed Acquisition of Van Houtte* On September 14, 2010, the Company announced it had entered into a share purchase agreement to acquire all the outstanding shares of Van Houtte for approximately $915.0 million Canadian dollars or $890.0 million U.S. dollars, based upon an exchange rate as of September 13, 2010, subject to adjustment.* The Company has secured a financing commitment for a new $1.45 billion senior secured credit facility to finance the Van Houtte acquisition and transaction expenses, as well as to refinance the Company’s existing outstanding indebtedness.* We have received two of the three required regulatory approvals necessary to complete this transaction.* We remain confident that we will receive the final regulatory approval in order to close the transaction by December 31, 2010.* GMCR anticipates that the acquisition of Van Houtte will be neutral to slightly dilutive to its earnings per share in the first twelve months after closing and accretive thereafter.Business Outlook and Other Forward-Looking InformationCompany Estimates for Fiscal Year 2011The Company provided the following revised and/or first issuance of estimates for its fiscal year 2011:* Total consolidated net sales growth of 45% to 53%, up from prior estimates of 44% to 50% reflecting higher pricing and anticipated lower unit volume as a result of the previously announced price increase.* The Company is broadening its 2011 Non-GAAP earnings per diluted share to a range of $1.19 to $1.29 per diluted share from its comparable prior non-GAAP fiscal 2011 earnings estimate of $1.24 to $1.29 per diluted share to allow for expected volatility in coffee prices and flexibility to support anticipated new product launches.For fiscal 2011, because it is a non-cash-related item, in an attempt to provide transparency to operating results, the Company expects to exclude amortization of identifiable intangible assets from its non-GAAP estimates and non-GAAP reporting. As a result, the fiscal 2011 estimate range excludes any acquisition-related transaction expenses, amortization of identifiable intangibles related to the Company’s acquisitions, foreign exchange impact of hedging the Canadian dollar purchase price of Van Houtte acquisition, and legal expenses related to the SEC inquiry or pending litigation.The fiscal 2011 estimate excludes approximately $22.0 million, or approximately $0.09 per share, of non-cash amortization of identifiable intangibles related to the Company’s completed acquisitions and does not reflect any increase in non-cash amortization of identifiable intangibles for the pending Van Houtte acquisition.* Capital expenditures for fiscal 2011 in the range of $215.0 million to $260.0 million, excluding capital expenditures related to the pending acquisition of Van Houtte.* In addition, the Company’s prior estimate issued on July 28, 2010 of total K-Cup portion packs shipped system-wide to increase in the range of 64% to 68% in 2011 is not being updated and, therefore, investors should not rely on it. Going forward, the Company has determined that, consistent with the evolution of the business, it will not provide estimates with respect to brewers or K-Cup portion packs shipped. Instead, from time to time, the Company may comment on general shipment trends of both K-Cup portion packs and brewers when material to an understanding of its financial results. The Company will continue to provide historical net sales data for K-Cup portion packs and brewers.Company Estimates for First Quarter Fiscal Year 2011The Company also provided its first estimates for its first quarter of fiscal 2011:* Total consolidated net sales growth of 55% to 65%.* Non-GAAP earnings per share in the range of $0.14 to $0.18 per diluted share excluding any acquisition-related transaction expenses, amortization of identifiable intangibles related to the Company’s acquisitions, foreign exchange impact of hedging the Canadian dollar purchase price of the pending Van Houtte acquisition, and legal expenses related to the SEC inquiry or pending litigation.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as acquisition-related transaction expenses, the one-time operating income related to the settlement of the Company’s Kraft litigation, and non-cash related items such as amortization of identifiable intangibles. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the ‘GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations’ tables that accompany this press release for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:30 p.m. ET today, December 9, 2010. Management’s prepared remarks on its quarterly and annual results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible, via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 4442884 from 9:00 p.m. ET on December 9th through 9:00 PM ET on Wednesday, December 15, 2010.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from a family of brands, including Tully’s Coffee®, Green Mountain Coffee®, Newman’s Own® Organics coffee, Timothy’s World Coffee® and Diedrich®, Coffee People® and Gloria Jeans®, The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of roasters, including Green Mountain Coffee, Tully’s, Timothy’s and Diedrich. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certifiedâ ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) Net income 238,055 (188) (47,650)Income tax receivable, net $(10,557) 18,906 $5,030 Non-GAAPNet Sales 113,979,588 71,031 (4,693)Income before income taxes Basic income per share: – (338)Interest expense Other long-term liabilities (53,703) $- – Weighted average shares outstanding Patent Litigation Settlement 157,678 – 44,662 – Selling and operating expenses – 342,006 – 79,772 –
FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):U.S. coal production is down for the second straight quarter and average employment held flat compared to the prior period, according to an analysis of preliminary first-quarter data available from federal regulators.Coal companies have been finding opportunities in export markets in recent months, but continue to face a declining domestic customer base that has been hesitant to buy much coal, at least at the prices companies are seeking. While the export opportunities appear to have given a boost to the balance sheets of the parts of the sector that have reported earnings so far, coal volumes fell about 3.1% as average coal employment ticked up less than one-third of a percent in the period.Mines reporting data so far produced 186.6 million tons of coal in the first period, according to an S&P Global Market Intelligence analysis of available data from the U.S. Mine Safety and Health Administration, down from 192.7 million in the fourth quarter and down from 195.2 million tons from the same mines in the year-ago first quarter. The analysis excludes historical mine production and employment data for mines that did not yet have first-quarter data available. Mines reporting so far in the first quarter accounted for about 96% of reported coal production and about 98% of reported employment in the fourth quarter of 2017.While an aging coal fleet continues to dwindle and high utility stockpiles leave many power generators with the option to delay coal purchases, seaborne buyers of coal have created an outlet for some producers to pull tons out of the domestic market. Companies reporting earnings so far have touted success in both thermal and metallurgical coal markets abroad.Metallurgical coal markets tend to be more volatile and as a swing supplier, the U.S. traditionally supplies the market when prices go higher. Seaport Global Securities analyst Mark Levin recently said that for this cycle, much of the lowest-hanging production fruit has been picked at U.S. coal operations that have ramped up or recovered from production issues last year. While new projects are under development, he noted that greenfield development, even for high-margin metallurgical coal mines, has been “relatively sparse.”More ($): Early Data Hints At Coal Volume Decline, Flat Employment In Q1’18 Coal Output Continues Downward Trend
Comment Pierre-Emerick Aubameyang sends class message to Arsenal teammates after winning Premier League Golden Boot Pierre-Emerick Aubameyang finished the season as the Premier League’s joint top goal scorer (Picture: Getty)Pierre-Emerick Aubameyang paid tribute to his Arsenal teammates after two goals on the final day of the season saw him share the Premier League Golden Boot with Liverpool duo Mohamed Salah and Sadio Mane.The Gabon international’s brace helped Unai Emery’s side record a 3-1 win at Turf Moore that saw them miss out on a top four place by a solitary point.Aubameyang, who scored a hat-trick in Thursday’s victory over Valencia, now has 30 goals for the campaign in all competitions ahead of the Europa League final against Chelsea in just over a fortnight’s time.AdvertisementAdvertisementOn his teammates knowing he was in contention for the Golden Boot, he said: ‘Yeah, they knew it. Me? I said nothing to the guys because I didn’t want them to only focus on me.ADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘I’m a team player and if I wasn’t scoring, it wouldn’t have mattered. But I scored and I’m really happy for that. I have to be thankful to the team.‘Yeah, of course [I’m happy to score 30 goals]. It was a tough season but I had the chance to score goals, because the team played a great season.‘Of course the last months were not the best in the Premier League, but the whole season, we put in a great effort.’😍 Introducing our 2018/19 Premier League Golden Boot winner…🏆 @Aubameyang7 pic.twitter.com/OWNOqiWiRV— Arsenal FC (@Arsenal) May 12, 2019 Advertisement Metro Sport ReporterSunday 12 May 2019 6:02 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link5kShares Advertisement Aubameyang missed a late chance to complete a second hat-trick in three days and win the Golden Boot outright but preferred to concentrate on the contribution of Eddie Nketiah who scored his first ever Premier League goal with the last kick of Arsenal’s Premier League campaign.He added: Yeah, it was near – but sometimes that can happen.‘I have to be focused on those kinds of chances, but I’m happy that we won and that I’m sharing the [Golden Boot] trophy with two other guys that I like.‘Yeah, of course [I am delighted for Eddie]. That’s good for the club, when you have young players coming into the first team and scoring. Eddie always works hard for the team, so I’m happy for him.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal
Comment Advertisement Frank Lampard delays final decision on Chelsea transfers until after FA Cup final Metro Sport ReporterWednesday 29 Jul 2020 11:29 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.7kShares Advertisement Lampard will make a final decision after the FA Cup final (Picture: Getty)Frank Lampard will make a decision on sanctioning exits from Chelsea in the summer transfer window after the FA Cup final against Arsenal this weekend. It’s already been a hectic summer at Stamford Bridge, with Hakim Ziyech and Timo Werner already coming through the door, and Chelsea bosses are showing no signs of slowing up. Ben Chilwell is heavily linked with a move to west London, while Kai Havertz is expected to further bolster Lampard’s attacking options next month. It seems likely that a goalkeeper will be pursued as well, with Lampard not convinced by Kepa Arrizabalaga, and a centre-back could also be on the cards – Declan Rice and Nathan Ake are thought to be targets. AdvertisementAdvertisementADVERTISEMENTSet for a massive summer splurge, Chelsea are hoping to raise funds by offloading players. However, Lampard is delaying any final decision on who should be sold until after the FA Cup final with Arsenal on Saturday, according to The Guardian. Havertz is expected to arrive (Picture: Getty)One of Marcos Alonso and Emerson Palmieri is expected to be a casualty, with a new left-back high on Lampard’s agenda. Jorginho is also thought to be on his way out, while Tammy Abraham’s future could be up in the air after Olivier Giroud held down the starting striker spot in the back end of this season and with Werner now part of the squad.Michy Batshuayi is tipped to move on after falling further down the pecking order following Werner’s arrival. More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalLampard’s hopes of landing Rice have been boosted by West Ham’s poor financial situation amid the coronavirus crisis.The Hammers are hoping to sign QPR winger Eberechi Eze – who is also a target for Aston Villa and Crystal Palace – and could flog Rice to fund the deal.While manager David Moyes is determined to keep him, should Chelsea offer in the region of £65m, it’s likely Lampard will get his man. However, West Ham are not interested in a swap deal involving Batshuayi and Ross Barkley.Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page.
Swedish pensions and insurance group Länsförsäkringar said it ramped up its investments in green and sustainable bonds last year, tripling its holdings in the debt type to over SEK9bn (€850m) – more than 7% of its total assets under management.Kristofer Dreiman, head of responsible investment at Länsförsäkringar, said: “The rapid move in 2019 has been possible because we are increasingly making our own direct investments in green bonds in the primary market.”He said that since the company had strengthened and focused its management towards this market, it had also been able to positively affect the return.Investments in green and sustainable bonds for the institutional portfolios in the firm’s divisions Länsförsäkringar Liv, Sak and Fondliv increased to SEK9.5bn at the end of 2019 from SEK3.2bn at the beginning of the year, the group said. Issuance of the green and sustainable bonds that the firm now holds is divided between companies, supranational and intergovernmental organisations, both local and global, Länsförsäkringar said, with the bonds coming from 90 different issuers.“We have a clear ambition to increase our proportion of climate-smart investments,” said Dreiman.He said Länsförsäkringar aimed to align its portfolios with the Paris Agreement’s goal of limiting global warming to 1.5°C by 2030.The firm also said an analysis showed most of the capital it had invested in green bonds had gone to issuers that intended to combat climate change, and to those targeting climate adaptation.
Seismic players: Report puts energy in jeopardy The American Petroleum Institute (API) is disappointed with the Bureau of Ocean Energy Management’s (BOEM) final Programmatic Environmental Impact Statement (EIS) on seismic surveying in the Gulf of Mexico.API said it had previously joined the International Association of Geophysical Contractors (IAGC), the National Ocean Industries Association, and the Offshore Operators Committee to submit detailed comments on BOEM’s Draft Programmatic Environmental Impact Statement. It said the final Programmatic EIS failed to take into account extensive industry mitigation efforts and use the best available scientific information in setting new operational measures.“While we appreciate BOEM moving forward in this process, today’s decision is based on a flawed interpretation of scientific data,” said Andy Radford, API Senior Offshore Policy Advisor. “It also disregards the fact that the natural gas and oil industry has been conducting safe, effective seismic research in the Gulf of Mexico for decades with effective mitigation measures that provide strong protections to marine life. We urge BOEM to consider these important facts as this process continues.”API says that seismic surveys are a safe and proven technology that help make offshore energy development safer and more efficient.“Advances in seismic imaging technology and data processing over the last decade have dramatically improved the industry’s ability to locate oil and natural gas offshore. In addition to the oil and natural gas industry, seismic surveys are commonly used by the U.S. Geological Survey, the National Science Foundation, and the offshore wind industry. A rigorous permitting process ensures that seismic surveys are properly managed and conducted so they have minimal impact on the marine environment,” API, representing, 625 members, including large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms, said.“Our industry remains committed to improving the scientific understanding of the impacts of our operations on marine life,” said Radford.“Seismic surveying in the Gulf of Mexico is a critical part of safe offshore energy development that is necessary if we are to continue to harness our nation’s energy potential for the benefit of American energy consumers.” The U.S. Bureau of Ocean Energy Management (BOEM) has issued the final programmatic environmental impact statement regarding the proposed geological and geophysical surveys in the U.S. Gulf of Mexico.According to Earth Justice, an environmental group, the four-volume, 2592 pages, BOEM document, concluded seismic surveys for oil and gas exploration in the Gulf of Mexico would cause significant harm to marine mammals.The analysis finds that as many as 31.9 million marine mammals in the Gulf of Mexico will be injured and harassed by oil and gas seismic surveys. This includes 80 percent of the Gulf’s endangered sperm whale population, estimated at 763 animals. Sperm whales will experience as many as 760,000 harassing exposures to airgun blasting over the next decade, Earth Justice said.“Oil industry airgun blasts harm whales and dolphins rather than giving them the protection they deserve. We can’t keep treating the Gulf of Mexico with such flagrant disregard,” said Miyoko Sakashita, ocean program director with the Center for Biological Diversity. “Trump’s promises to expand offshore drilling will amplify the damage we’re doing to whales and other marine animals.”The draft estimates that seismic blasting would cause as many as 588 injuries to the Gulf’s Bryde’s whales—of which only 33 individuals remain—or about 17 times for each member of this imperiled population.The report, Earth Justice says, estimates that oil and gas seismic surveys will harm whales and dolphins with as many as 4.3 million instances of injury, including permanent hearing loss.The report also outlines possible mitigation measures, including closure areas where seismic blasting would be banned, and reductions in the amount of activity permissible each year.Oil industry disappointed International Association of Geophysical Contractors (IAGC) President Nikki Martin published the following statement after BOEM issued its final Programmatic Environmental Impact Statement (PEIS):“Today, the BOEM issued a final PEIS that jeopardizes one of the most important regions for energy resources, the U.S Gulf of Mexico (GOM). In choosing its preferred alternative, the agency disregarded fifty years of successful seismic survey exploration alongside vibrant thriving marine ecosystems in the GOM, and issued a final PEIS that ignores the best available science.“While we are still reviewing the details of the final PEIS, it appears to remain overly precautionary with seriously flawed marine mammal effects analysis for seismic activities and is unsupported by best available information, thus leading to the proposed alternative which poses non-scientific and unnecessary restrictions on geophysical surveys.“For nearly eight decades, geophysical surveys have been conducted in the GOM, including extensive activity for the past fifty years, and there is no documented scientific evidence of this activity adversely affecting marine animal populations or coastal communities.”“Mitigation measures for the sake of “precaution” based on unsubstantiated claims from anti-energy development interests should have no basis in U.S. statute or regulation and threaten the economic and operational feasibility of performing geophysical surveys in areas ripe for updated data to support future lease sales and production. Specifically, an arbitrary 4-month near-shore closure in all coastal waters, including state waters, has no scientific merit or environmental benefit and should be precluded from the BOEM’s Record of Decision.“Last year when the BOEM issued its draft PEIS, the industry urged the agency to rely on science and risk-based regulations consistent with existing practices which are both effective and operationally feasible and not bow to the political pressure of the anti-oil and gas agenda which refuses to look at the long-standing history of environmentally safe seismic operations in the Gulf of Mexico.“For nearly eight decades, geophysical surveys have been conducted in the GOM, including extensive activity for the past fifty years, and there is no documented scientific evidence of this activity adversely affecting marine animal populations or coastal communities. Geophysical surveys have taken place alongside multiple industries, including successful fishing and tourism industries, and within a thriving ecosystem with an abundance of marine life.“IAGC will review the PEIS in detail and work with the Trump Administration to encourage BOEM to issue a Record of Decision that reflects the Administration’s commitment to rational decision making based on a clear-eyed review of the best available science and recognizes the positive, critical contributions of geophysical surveys in the GOM for locating and producing safe affordable energy.”Offshore Energy Today Staff
Logo of ECCB. Photo credit: antiguaobserver.comBRADES, Montserrat — The Monetary Council of the Eastern Caribbean Central Bank (ECCB) held its 70th meeting in Montserrat on Friday, under the chairmanship of Reuben Meade, Montserrat’s chief minister and minister for finance.A handing-over ceremony to mark the change in chairmanship from Nazim Burke, minister for finance, Grenada, preceded the meeting. Chairmanship is rotated among the eight member countries on an annual basis at the July meeting, as dictated by the established protocol observed by the Monetary Council.The Eastern Caribbean Central Bank Agreement 1983 mandates that “the Council shall meet not less than twice each year to receive from the Governor, the Bank’s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank, and for such other purposes as are prescribed under this Agreement”.Accordingly, Council was apprised of the recent monetary and credit conditions in the Eastern Caribbean Currency Union (ECCU) for the twelve months ended March 2011 and the near to medium term prospects in light of the global economic and financial developments.Monetary and credit conditions in the currency union continued to be negatively affected by conditions in the real sector which had been less than favourable in recent times. Following a decline of 5.4 percent in real output in 2009, the ECCU recorded a second consecutive year of negative growth in 2010 when a contraction of 1.8 percent was recorded. Many sectors including construction, wholesale and retail and financial services continued to decline, albeit at a slower rate than in the previous year.One positive development was a 2.6 percent increase in the hotels and restaurants sector, influenced by a 3.3 percent rise in stay-over visitors. Available data for the first quarter of 2011 suggest that the mild recovery continued, with a modest increase in activity in the tourism and construction sectors.The divergences in global growth evident in 2010 are expected to continue in 2011 and 2012, with economic activity in the emerging market economies far outpacing that in the advanced economies. This uneven pattern of growth will have important implications for economic activity in the ECCU, given the region’s close trading links with the slower growing advanced countries, namely the USA, the UK and Canada.The current elevated global prices for oil, food and other commodities could lead to inflationary pressures, retard the economic recovery in the advanced countries and adversely affect the growth prospects for the ECCU.In these circumstances the Council was informed that the ECCU is projected to grow by roughly 2 percent in 2011 and by 3 percent in 2012, with modest expansions in the major sectors, particularly, construction, hotels and restaurants, and wholesale and retail trade.Monetary and Credit ConditionsThe Council was updated on developments in the variables which define the monetary and credit conditions in the ECCU during the twelve months ended March 2011 and the factors contributing to these developments:• Deposits in the banking system slowed to a growth rate of 2.4 percent from a rate of 3 percent in the previous year, reflecting the continued weak economic conditions.• Total credit expanded by 0.3 percent compared with a rate of 2.1 percent in the previous twelve months also consistent with the low level of economic activity and with commercial banks becoming more risk-averse in the current environment of increased credit risk.• Commercial bank liquidity showed a steady increase during the period as the pace of deposit growth outpaced that of credit expansion.• Commercial bank lending rates continued to decline as economic activity remained subdued. At the end of March 2011, the weighted average lending rate across the ECCU stood at 9.5 per cent, 0.3 percent lower than the rate at the end of March 2010.• The Central Bank’s net foreign assets position continued to be strong, buoyed by official grant and loan inflows for member governments as inflows from private direct investment and travel receipts continued to be below pre-crisis levels.• The ratio of gross foreign assets to demand liabilities, which represents the backing ratio for the currency, stood at 95.5 per cent at the end of March 2011, well above the statutory level of 60 per cent and the operational target of 80 per cent.• Consumer prices continued to rise during the period under review, reflecting higher international prices for oil, food and other commodities.Monetary Policy AssessmentThe Council, taking into account the recent developments and the outlook agreed that, at this time, policies must be geared towards protecting the stability of the financial system and maintaining the credibility of the currency. In the current circumstances the effectiveness of the administered interest rates, that is, the Central Bank’s discount rate and the minimum savings rate in influencing domestic economic activity and supporting the recovery was thought to be minimal.The Council accordingly directed that the Central Bank’s administered rates be maintained at their current levels, namely:(i) The regulated minimum rate of interest on savings deposits at 3.0 percent.(ii) The Central Bank’s discount rate at 6.5 percent.Financial Sector StabilityThe Council was updated on the major financial sector stability challenges and risks facing the ECCU. Recent events in the regional and international markets had underscored the importance of a coordinated regional strategy for maintaining financial sector stability, and a well developed and integrated regulatory framework to handle the complex nature of modern financial institutions, particularly conglomerates.In addition, the Council, acknowledging that the non-bank financial sector constitutes a significant part of the ECCU financial system, agreed that the regulatory gaps in this sector needed to be addressed with some urgency.In recognition of the Bank’s mandate to preserve the soundness of the financial system, the Council agreed to recommend to member governments support for the actions required to address the immediate risks to financial sector stability including:(i) Full operationalisation of the Resolution Trust Corporation (RTC), which was recently established as a majority-owned company of the governments of the ECCU with the following broad purposes:• To provide financial assistance to distressed institutions in restoring liquidity and solvency;• To mobilize and deploy external technical and managerial support for the restructuring of financial institutions; and• To act as a conduit through which the realignment and restructuring of the financial sector in the ECCU will take place.The Council noted that the inaugural meeting of the Board of Directors took place on 08 July 2011.(ii) Strengthening of the regulation and supervision of the financial system by:• The passage of outstanding financial legislation, including uniform legislation for the non-bank financial sector, and in particular, the Cooperatives Societies Bill and the Insurance Act aimed at reducing the risks associated with those sectors; andThe Council agreed that the Central Bank should undertake technical analysis for determining the possibility of establishing a single regulatory body for the insurance sector.Acknowledging that fiscal and debt sustainability are critical in maintaining financial stability, the Council also agreed to recommend to member governments:(i) The adoption of an approach to addressing the debt issue which would result in an adjustment to the debt structure and a more manageable debt profile; and(ii) Active participation on the Regional Government Securities Market (RGSM) by all member governments in order to achieve cost savings on interest expenses as well as reduce the bunching of debt payments.Reports from Ministerial Sub-Committees of the Monetary CouncilMinisterial Sub-Committee on InsuranceThe Council was updated on developments related to the CLICO/BAICO resolution strategy. In particular, the Council noted the actions taken to date, including the sale of the BAICO property portfolio and the launch on 18 May, 2011 of the ECCU/BAICO Health Insurance Support Fund. Work on the sale of the traditional life insurance portfolio was now underway.The Council noted that the ultimate resolution of the BAICO/CLICO issues was dependent on the available funding. Accordingly, the Council considered funding options for the resolution programme as well as different compensation scenarios for addressing the financial obligations to policyholders and depositors. The Council agreed that given the limited fiscal space of the ECCU member governments at this time, priorities would have to be set with regard to the implementation of the resolution programme.The Council reiterated that the regional approach being taken by the ECCU member countries was critical, but that co-operation from Barbados and Trinidad and Tobago was of utmost importance in finalizing a compensation scheme.Ministerial Sub-Committee on BankingThe Council noted the report on the Ministerial Sub-Committee on Banking which updated members on the immediate challenges facing the banking sector. The Council was apprised of developments related to the operationalisation of the Resolution Trust Corporation. The Council also noted that the ECCB was collaborating with technicians from the IMF, the World Bank and the CDB in exploring various regional options for addressing the issues.Ministerial Sub-Committee on DebtThe Council was informed that the ministerial sub-committee on debt held its inaugural meeting on 12 July 2011 and confirmed its terms of reference as well as those of the technical committee formed to provide advice and technical support to the ministerial sub-committee. Council noted that the sub-committee focused on three critical policy issues during its first meeting, namely, the debt situation and its impact on the banking system; a regional approach to debt management and debt restructuring; and the role of the regional government securities market (RGSM) in debt management.The Council reiterated that given the prevailing economic and financial conditions, debt management and debt restructuring must be pursued aggressively and collectively with institutional arrangements at the political, technical and country levels.Ministerial Sub-Committee on Credit UnionsThe Council was updated on developments in the credit union sector since the last meeting of the Council. The Council noted the status of the Revised Cooperatives Societies Bill and agreed to urge those member countries which had not yet done so, to take the necessary actions to bring the legislation into effect. The Council further noted that the inaugural meeting of the ECCU Association of Credit Unions took place on 7 July 2011. The association is expected to form a partnership with ECCU member governments to create the context and conditions favourable to the development of the credit union sector.Ministerial Sub-Committee on International Financial ServicesThe Council was updated on recent developments in the international financial services sector, which focused on the status of the peer reviews which are being conducted as a requirement of the OECD’s Global Forum in assessing whether countries have the adequate legal infrastructure for the exchange of information for tax purposes. The Council noted the importance of completing the reviews as the peer review reports become public documents which serve as a guide for doing business internationally.Policy Implications of Rising Food and Oil PricesThe Council noted the impact of the global commodity price shock, currently underway, on domestic prices and in particular, the increases in the food sub-index and the fuel and light sub-index of the ECCU consumer price index which rose by 4.2 per cent and 8.3 percent over the period March 2010 to March 2011. The Council further noted that because of the importance of these items in basket of goods, the overall consumer price index rose by 3.3 percent over the current review period compared with an increase of 0.9 percent a year earlier. The Council considered the options available to member governments in trying to achieve a balance between fiscal sustainability issues and meeting social welfare objectives and noted the steps being taken by some member governments to mitigate the impact of the rise in prices on domestic consumers.Being fully cognizant of the fact that ECCU member governments are fiscally constrained, the Monetary Council agreed to recommend that member governments: (i) Maintain the pass-through pricing mechanism for petroleum products; (ii) Institute measures to enhance productivity within the agricultural sector as a means through which price gains may be passed on to both producers and consumers. The Council agreed that the ECCB should conduct an analysis of LPG pricing in the region to inform a more transparent approach to the implementation of the subsidy on this type of fuel.The ECCU Eight Point Stabilisation and Growth ProgrammeThe Council considered an implementation strategy for the ECCU eight point stabilisation and growth programme, which had been agreed to by member governments in response to the protracted negative impact of the global financial and economic crisis on the economies of the ECCU.The Council noted the elements outlined in the implementation strategy including the benchmarks, targets and monitoring indicators as well as the action plan.The Council recommended that member governments adopt the proposed strategy for the implementation of the ECCU eight point stabilisation and growth programme and aim to integrate it into their national strategies and programmes.Publication of Member Governments’ Fiscal TargetsAs another step towards fiscal transparency and accountability, the Council noted that the 2011 annual fiscal targets agreed to by member governments were published on the ECCB’s website. The Council considered the review and reporting processes for monitoring fiscal developments and agreed to report on the fiscal performance for 2011 relative to the targets at the meeting of the Monetary Council in February 2012.Recommendations of the Pension Commission: Update on National ConsultationsCouncil noted the action to date on the report of the commission on pension and pension administration reform, which had been established to examine the pension arrangements in the ECCU and to make recommendations for reform. Among the recommendations and in the context of the Economic Union were that:• There should be as much standardization of plans as possible within the jurisdiction and across the region and between plan types.• There must be immediate vesting of benefits and full portability of plans to reflect the spirit of free movement of labour.• There should be a move towards the standardization of the retirement age for the region which should be applicable to both public and private sector employees.The Council noted that the consultations on the recommendations of the report had begun in some of the member countries of the Currency Union and recommended that member governments, which had not yet started should commence the national consultations as early as possible.The Council further noted that steps were currently being taken to recruit consultants to address the legal and administrative issues required for the implementation of the recommendations of the Pension Commission.Update on the Public Expenditure Review CommissionThe Council noted the update on the work of the Public Expenditure Review Commission, which was established to investigate and make recommendations on appropriate ways of rationalizing public sector expenditure in the currency union.The Council further noted that the Commission would be holding consultations with representatives of the public and private sectors throughout the ECCU to obtain input on critical issues related to public expenditure reform.The Council was informed that the final report of the Commission is expected to be presented to the Monetary Council in October 2011.Update on the Debt, Growth and Development Task ForceThe Monetary Council noted the update on the debt, growth and development task force, which is a collaborative effort between the ECCB, member countries of the ECCU, the OECS Secretariat, the CDB, the World Bank, the IMF and the IFC, aimed at examining the prospects for growth in the ECCU and to recommend a path for stimulating and sustaining growth.The Council noted that the Task Force held its inaugural meeting on 11 March 2011 and is expected to present a report to the October 2011 meeting of the Council.Upgrading of EC Dollar NotesThe Council approved the addition of a Braille feature on the EC dollar notes to facilitate easier use by the visually impaired. The feature would be included in the new notes, which would be available for circulation in 2012.Date and Venue of the next meeting of the Monetary CouncilThe Council agreed that the next meeting of the Monetary Council would be held on 21 October 2011 by videoconference.Caribbean News Now Share LifestyleMoney ECCB Monetary Council meets in Montserrat by: – July 18, 2011 Tweet Share Sharing is caring! Share 185 Views no discussions