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BE Semiconductor Industries Announces Q1-18 Results Other OTC:BESIY

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BE Semiconductor Industries Announces Q1-18 Results Other OTC:BESIY

DUIVEN, The Netherlands, April 26, 2018 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam:BESI) (OTC markets:BESIY) (Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the first quarter ended March 31, 2018.

Key Highlights

Revenue of € 154.9 million, up 1.1% vs. Q4-17 and within guidance. Up 40.5% vs. Q1-17 due to growth across product portfolio, favorable industry conditions and continued market share gains

Orders of € 205.8 million, up 37.8% vs. Q4-17 due primarily to capacity additions for smart phone applications. Bookings down 14.2% vs. exceptionally high levels in Q1-17

Gross margin of 56.5% up 0.2 points vs. Q4-17 and 0.8 points vs. Q1-17 despite adverse forex influences from decline of USD vs. euro. Within guidance

Net income of € 37.1 million, down € 6.5 million vs. Q4-17 primarily due to higher share based compensation expense and a 5.7 point higher effective tax rate as such expenses are not tax deductible. Up € 12.8 million (+52.7%) vs. Q1-17

Net cash and deposits reach € 290.1 million, an increase of € 114.4 million (+65.1%) year over year as cash generation remains strong

Outlook

Q2-18 revenue expected to grow by 10-15% vs. Q1-18. H1-18 revenue anticipated to increase approximately 17% vs. H1-17 at the midpoint of guidance

(€ millions, except EPS) Q1-2018 Q4-2017 Δ Q1-2017 Δ Revenue 154.9 153.2 +1.1% 110.2 +40.5% Orders 205.8 149.4 +37.8% 239.8 -14.2% Operating Income 48.6 52.1 -6.7% 30.8 +57.8% EBITDA 52.0 55.5 -6.3% 34.2 +52.0% Net Income 37.1 43.6 -14.9% 24.3 +52.7% EPS (basic) 1.00 1.17 -14.5% 0.65 +53.8% EPS (diluted) 0.91 1.09 -16.5% 0.60 +51.7% Net Cash 290.1 247.6 +17.2% 175.7 +65.1%

Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “Besi’s Q1-18 results were positively influenced by a continuation of many favorable trends from 2017. Our financial performance benefited from an extended industry upturn, ongoing customer investment in advanced packaging applications and Besi’s favorable market position with key customers and supply chains. As such, revenue and net income increased by 40.5% and 52.7%, respectively, vs. Q1-17. In addition, gross and net margins showed further steady improvement vs. last year due to increased production efficiencies and the strategic execution of cost reduction initiatives despite adverse forex influences from the significant decline in the US dollar vs. the euro.”

Revenue growth this quarter was broad based across Besi’s die bonding and packaging portfolio and reflected increased demand by Asian customers for smart phone and high performance computing applications and by North American and European IDMs for automotive and cloud server applications. In addition, Q1-18 orders grew by 37.8% vs. Q4-17 to reach € 205.8 million due primarily to capacity additions for smart phone applications by both IDMs and Asian subcontractors.

Besi’s cash generation was also strong in Q1-18 with net cash and deposits expanding to € 290.1 million, an increase of € 114.4 million, or 65.1%, compared to the end of Q1-17. We utilized € 6.0 million of excess cash flow this quarter to enhance shareholder value via regular share repurchase activities.

For Q2-18, we estimate that Besi’s revenue will grow by 10-15% vs. Q1-18 and that H1-18 revenue will rise by approximately 17% vs. H1-17 at the midpoint of Q2-18 revenue guidance. We also expect significantly higher operating profit both on a sequential quarterly and half year comparative basis given anticipated revenue growth and the efficiency of our business model. Looking forward, leading industry analysts expect continued growth of the assembly equipment market into 2018. However, subsequent to quarter end, VLSI Research downwardly revised its 2018 market growth estimate from 18.1% in January to 12.5% based on announcements by several semiconductor manufacturers indicating a softening of demand trends from 2017.“

First Quarter Results of Operations

Q1-2018 Q4-2017 Δ Q1-2017 Δ Revenue 154.9 153.2 +1.1% 110.2 +40.5% Orders 205.8 149.4 +37.8% 239.8 -14.2% Backlog 215.2 164.4 +30.9% 205.9 +4.5% Book to Bill Ratio 1.3x 1.0x +0.3 2.2x -0.9

Besi’s Q1-18 revenue increased by 1.1% vs. Q4-17 and was within guidance (-5% to +5%). Revenue increased by 40.5% on a year over year basis reflecting broad based demand across Besi’s die bonding and packaging portfolio, a continuation of favorable market conditions and market share gains. In addition, it reflected increased demand by Asian customers for smart phone and high performance computing applications and automotive and cloud server applications by North American and European IDMs.

Orders of € 205.8 million increased by 37.8% vs. Q4-17 due primarily to capacity additions by both IDMs and Asian subcontractors for smart phone applications. Q1-18 orders declined by 14.2% vs. exceptionally high levels in Q1-17. Per customer type, IDM orders increased sequentially by € 36.4 million, or 48.7%, vs. Q4-17 while subcontractor orders increased by € 20.0 million, or 26.8%. IDM and subcontractor orders represented 54% and 46%, respectively, of total Q1-18 bookings vs. 82% and 18%, respectively, of total Q1-17 bookings.

Q1-2018 Q4-2017 Δ Q1-2017 Δ Gross Margin 56.5% 56.3% +0.2 55.7% +0.8 Operating Expenses 39.1 34.2 +14.3% 30.5 +28.2% Financial Expense, net 4.3 3.3 +30.3% 2.0 +115% EBITDA 52.0 55.5 -6.3% 34.2 +52.0%

Besi’s gross margin in Q1-18 increased by 0.2 points vs. Q4-17 and was within guidance (55-57%). As compared to Q1-17, the 0.8 point gross margin increase was due primarily to production cost efficiencies. In both comparable periods, gross margin was adversely affected by a significant decline in the value of the USD vs. the euro.

Q1-18 operating expenses increased by € 4.9 million (+14.3%) vs. Q4-17 due to higher share based compensation expense associated with Besi’s 2017 performance. Vs. Q1-17, operating expenses increased by € 8.6 million (+28.2%) primarily due to € 4.6 million of increased share based compensation expense and higher headcount and variable overhead expenses necessary to support increased revenue levels. Total headcount at March 31, 2018 increased by 13.5% (+254 employees) vs. March 31, 2017 principally due to higher fixed and temporary Asian personnel necessary to support Besi’s revenue growth and an expansion of its Asian sales and service operations.

Financial expense, net increased by € 1.0 million vs. Q4-17 and € 2.3 million vs. Q1-17 due primarily to higher net interest expense associated with Besi’s issuance of € 175 million of Convertible Notes in December 2017. On a year over year basis, net financial expense also grew due to higher hedging costs related to increased sales volume.

Q1-2018 Q4-2017 Δ Q1-2017 Δ Net Income 37.1 43.6 -14.9% 24.3 +52.7% Net Margin 23.9% 28.4% -4.5 22.0% +1.9 Tax Rate 16.3% 10.6% +5.7 15.9% +0.4

Besi’s Q1-18 net income declined by € 6.5 million vs. Q4-17 due to higher share based compensation expense and a higher effective tax rate as such expenses are not tax deductible. Excluding such charges, Besi’s effective tax rate would have been 14.0%, 14.6% and 10.3%, respectively, in Q1-18, Q1-17 and Q4-17. As compared to Q1-17, net income increased by € 12.8 million (+52.7%) and net margins rose 1.9 points to 23.9% as significant revenue and gross margin improvement more than offset higher operating expenses.

Financial Condition

Q1-2018 Q4-2017 Δ Q1-2017 Δ Net Cash 290.1 247.6 +17.2% 175.7 +65.1% Cash flow from Ops. 54.9 77.8 -29.4% 18.6 +195%

Besi’s net cash rose to € 290.1 million at the end of Q1-18, an increase of € 42.5 million, or 17.2%, vs. Q4-17 and € 114.4 million, or 65.1%, vs. Q1-17. The Company generated cash flow from operations of € 54.9 million in Q1-18 which was utilized primarily to fund (i) € 6.0 million of share repurchases, (ii) € 2.6 million of capitalized development spending and (iii) € 1.9 million of capital expenditures.

During the quarter, Besi repurchased 71,738 of its ordinary shares at an average price of € 78.73 per share. Cumulatively as of March 31, 2018, a total of 678,374 shares have been purchased under the current 1.0 million share repurchase authorization at an average price of € 47.78 per share for a total of € 32.4 million.

Outlook

Based on its March 31, 2018 backlog and feedback from customers, Besi forecasts for Q2-18 that:

Revenue will increase by 10%-15% vs. the € 154.9 million reported in Q1-18.

Gross margin will range between 55-57% vs. the 56.5% realized in Q1-18.

Operating expenses will decrease approximately 5%-10% vs. the € 39.1 million reported in Q1-18.

Investor and media conference call A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). The dial-in for the conference call is (31) 20 531 5853. To access the audio webcast and webinar slides, please visit www.besi.com.

About Besi Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Caution Concerning Forward Looking Statements This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2017 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations (euro in thousands, except share and per share data)

Three Months Ended (unaudited) March 31, (unaudited) December 31, (unaudited) March 31, (unaudited) 2018 2017 2017 Revenue 154,937 153,244 110,241 Cost of sales 67,327 67,010 48,872 Gross profit 87,610 86,234 61,369 Selling, general and administrative expenses 29,242 24,618 22,211 Research and development expenses 9,812 9,535 8,335 Total operating expenses 39,054 34,153 30,546 Operating income 48,556 52,081 30,823 Financial expense (income), net 4,272 3,345 1,958 Income before taxes 44,284 48,736 28,865 Income tax expense 7,205 5,152 4,585 Net income 37,079 43,584 24,280 Net income per share – basic 1.00 1.17 0.65 Net income per share – diluted 0.91 1.09 0.60 Number of shares used in computing per share amounts: – basic 37,238,405 37,316,355 37,241,357 – diluted1 42,389,214 41,129,857 40,799,822

1 The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of the Convertible Notes.

Consolidated Balance Sheets (euro in thousands) March 31, 2018 (unaudited) December 31, 2017 (audited) ASSETS Cash and cash equivalents 440,983 527,806 Deposits 130,000 – Accounts receivable 159,624 151,654 Inventories 81,575 70,947 Income tax receivable 304 370 Other current assets 11,894 11,652 Total current assets 824,380 762,429 Property, plant and equipment 26,918 26,517 Goodwill 44,443 44,687 Other intangible assets 34,604 34,140 Deferred tax assets 4,707 4,660 Other non-current assets 2,746 2,520 Total non-current assets 113,418 112,524 Total assets 937,798 874,953 LIABILITIES AND SHAREHOLDERS’ EQUITY Notes payable to banks 969 1,742 Current portion of long-term debt and financial leases 11,547 11,228 Accounts payable 73,428 62,721 Accrued liabilities 81,942 70,595 Total current liabilities 167,886 146,286 Other long-term debt and financial leases 268,415 267,274 Deferred tax liabilities 12,045 10,050 Other non-current liabilities 17,125 17,211 Total non-current liabilities 297,585 294,535 Total equity 472,327 434,132 Total liabilities and equity 937,798 874,953

Consolidated Cash Flow Statements (euro in thousands) Three Months Ended March 31, (unaudited) 2018 2017 Cash flows from operating activities: Operating income 48,556 30,823 Depreciation and amortization 3,414 3,359 Share based compensation expense 7,161 2,560 Other non-cash items – 427 Change in working capital (2,022 ) (18,185 ) Income tax received (paid) (1,877 ) (509 ) Interest received (paid) (309 ) 88 Net cash provided by operating activities 54,923 18,563 Cash flows from investing activities: Capital expenditures (1,926 ) (1,121 ) Capitalized development expenses (2,640 ) (1,884 ) Investment in deposits 1 (130,000 ) (25,000 ) Net cash provided by (used in) investing activities (134,566 ) (28,005 ) Cash flows from financing activities: Proceeds from (payments of) bank lines of credit (463 ) (3,855 ) Proceeds from (payments of) debt and financial leases 307 74 Proceeds from reissuance (purchase) of treasury shares (6,000 ) (7,500 ) Net cash provided by (used in) financing activities (6,156 ) (11,281 ) Net increase (decrease) in cash and cash equivalents (85,799 ) (20,723 ) Effect of changes in exchange rates on cash and cash equivalents (1,024 ) (49 ) Cash and cash equivalents at beginning of the period 527,806 224,790 Cash and cash equivalents at end of the period 440,983 204,018

1 Reclassification from financing activities in Q1-17 to investing activities in Q2-17.

Supplemental Information (unaudited) (euro in millions, unless stated otherwise) REVENUE Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Per geography: Asia Pacific 89.4 81% 112.4 66% 103.5 65% 111.8 73% 120.5 78% EU / USA 20.9 19% 57.6 34% 55.8 35% 41.4 27% 34.4 22% Total 110.3 100% 170.0 100% 159.3 100% 153.2 100% 154.9 100% ORDERS Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Per geography: Asia Pacific 153.5 64% 109.8 84% 114.3 71% 116.5 78% 120.8 59% EU / USA 86.3 36% 20.3 16% 47.3 29% 32.9 22% 85.0 41% Total 239.8 100% 130.1 100% 161.6 100% 149.4 100% 205.8 100% Per customer type: IDM 196.6 82% 83.3 64% 88.8 55% 74.7 50% 111.1 54% Subcontractors 43.2 18% 46.8 36% 72.7 45% 74.7 50% 94.7 46% Total 239.8 100% 130.1 100% 161.5 100% 149.4 100% 205.8 100% BACKLOG Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Backlog 205.9 166.0 168.2 164.4 215.2 HEADCOUNT Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Fixed staff (FTE) Asia Pacific 1,112 69% 1,164 70% 1,199 70% 1,222 71% 1,254 71% EU / USA 505 31% 505 30% 502 30% 502 29% 500 29% Total 1,617 100% 1,669 100% 1,701 100% 1,724 100% 1,754 100% Temporary staff (FTE) Asia Pacific 211 79% 269 80% 247 74% 229 72% 290 76% EU / USA 55 21% 67 20% 85 26% 87 28% 93 24% Total 266 100% 336 100% 332 100% 316 100% 383 100% Total fixed and temporary staff (FTE) 1,883 2,005 2,033 2,040 2,137 OTHER FINANCIAL DATA Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Gross profit As reported 61.4 55.7% 97.4 57.3% 93.6 58.8% 86.2 56.3% 87.6 56.5% Restructuring charges / (gains) 0.0 0.0% (0.0) -0.0% – – – – – – Gross profit as adjusted 61.4 55.7% 97.4 57.3% 93.6 58.8% 86.2 56.3% 87.6 56.5% Selling, general and admin expenses: As reported 22.2 20.1% 25.5 15.0% 21.0 13.2% 24.6 16.1% 29.2 18.8% Amortization of intangibles (0.1) -0.1% (0.1) -0.1% (0.1) -0.1% (0.1) -0.1% (0.1) -0.1% Restructuring gains / (charges) (0.0) 0.0% 0.0 0.0% (0.0) 0.0% 0.0 0.0% 0.0 0.0% SG&A expenses as adjusted 22.1 20.1% 25.4 14.9% 20.9 13.1% 24.5 16.0% 29.1 18.8% Research and development expenses: As reported 8.3 7.5% 8.7 5.1% 9.3 5.8% 9.5 6.2% 9.8 6.3% Capitalization of R&D charges 1.9 1.7% 1.8 1.1% 1.1 0.7% 1.8 1.2% 2.6 1.7% Amortization of intangibles (2.0) -1.8% (2.0) -1.2% (2.0) -1.3% (2.1) -1.4% (2.1) -1.4% Restructuring gains / (charges) – – – – – – – – – – R&D expenses as adjusted 8.2 7.4% 8.5 5.0% 8.4 5.3% 9.2 6.0% 10.3 6.6% Financial expense (income), net: Interest expense (income), net 1.1 1.2 1.6 1.0 2.5 Foreign exchange effects 0.9 1.4 0.7 2.3 1.8 Total 2.0 2.6 2.3 3.3 4.3 Operating income (loss) as % of net sales 30.8 27.9% 63.3 37.2% 63.2 39.7% 52.1 34.0% 48.6 31.4% EBITDA as % of net sales 34.2 31.0% 66.6 39.2% 66.5 41.7% 55.5 36.2% 52.0 33.6% Net income (loss) as % of net sales 24.3 22.0% 52.4 30.7% 52.9 33.2% 43.6 28.5% 37.1 23.9% Income per share Basic 0.65 1.40 1.41 1.17 1.00 Diluted 0.60 1.29 1.30 1.09 0.91

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tiffany outlet online | tiffany outlet | tiffany jewelry outlet Story Stocks from Briefing.com 6 hours ago 0 shares Content preferences Done tiffany and co tiffany outlet online 11:42 am Brown-Forman Down Modestly Following Earnings/Guidance Results tiffany outlet locations Brown-Forman (BF.B $91.92 -0.25) is trading modestly lower today following its quarterly results as well as conference call, which just ended a short while ago.The company reported earnings earlier this morning of $0.70/share, which fell slightly short of expectations. On the top line, revenue rose 2.8% to $921 million from the prior year’s quarter, which also fell a little short of expectations.It appears that top line growth would have been more impressive, but growth was impacted by the difficult comparison with the prior year period when sales benefited from significant distributor and retail buy-ins, related primarily to price increases.For the 3% growth that was seen, its price/mix contributed two points to net sales growth and gross margin expanded 50bps. Jack Daniel’s trademark grew underlying net sales 5% (+4% reported). Sales grew 15% (+10% reported) in the emerging markets, a continuation of the strong trends the company has been experiencing in these fast growing markets. 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While first quarter results were negatively impacted by inventory reductions, the company expects stronger reported and underlying results over the balance of the year, driven by more stable inventory levels and expanding global demand for the company’s portfolio of brands.The stock is now sitting near its 20-day moving average on a daily chart, but is currently below the 50 and 100-day moving avg. However, it remains comfortably above its 200-day moving average, which is at $85.74.tiffany and co 11:27 am Chico’s Bottom Line Hit by Margin Pressurestiffany rings While the broader market has done just fine in 2014, women’s apparel retailer Chico’s FAS (CHS 15.39, -0.63) has not. Its stock is down 18% year-to-date and is under pressure today following the company’s second quarter earnings report. The headline trouble started with the understanding that Chico’s profit of $0.20 per diluted share fell short of analysts’ expectations. 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The improved outlook is going to be helped along by an expected high-single-digit increase in worldwide net sales and increasing operating margins due to higher gross margin and SG&A expense growth that is less than sales growth. That updated forecast is akin to putting a white ribbon on its little blue box of pleasant earnings news. Shares of TIF, which are up 9% year-to-date, are indicated nearly 2.0% higher in pre-market trading.7:47 am Brown Shoe Company shares up 1% following beat on earningsFootwear retailer Brown Shoe Company (BWS $31.74 +0.37) is trading higher by 1% pre-market trading following earnings. The company reported EPS of $0.41 which was ahead of analyst expectations, on revenue growth of 2.3% or $635.9 mln which was roughly in line with estimates. BWS reported that same store sales rose 1.6%. Consolidated gross profit of $259.6 million was up 2.0% in the second quarter, while gross margin decreased by 20 basis points to 40.8%. Inventory at the end of the second quarter was $657.7 million, up 6.8% from $615.9 million in the prior year. Wholesale inventory was up 22.9%, while Famous Footwear inventory was up 2.5%. Finally, the company increased its EPS guidance for the fiscal year 2015 to $1.50-1.60 (in line with estimates) from prior guidance of $1.47-1.57 on revenue of $2.58-2.60 bln which was reaffirmed from prior guidance. BWS also sees Famous Footwear same-store sales up low-single digits and Specialty Retail net sales down mid-single digits.BWS shares are hovering near 52 week highs which sit near the $32.50 level and are up 33% YTD.7:13 am Smith & Wesson Shoots Self in Foot with Q1 Earnings ReportFirearm manufacturer Smith & Wesson (SWHC 13.10) dropped as much as 15% following Tuesday’s close after the company reporting some underwhelming fiscal first quarter earnings results and issuing disappointing guidance. Its first quarter profit of $0.26 per diluted share was slightly better than expected, yet that was down 35% from the year-ago period on 14% fewer weighted average diluted shares outstanding. And so it went for Smith & Wesson in the first quarter: net sales decreased 23% to $131.9 mln, its gross margin rate contracted by 530 basis points to 37.3% and its operating margin rate dropped by 860 basis points to 19.5%.The poor year-over-year comparison was attributed to reduced sales volumes, related decreases in fixed-cost absorption, and three fewer production days versus the same period a year ago.Judging by the stock’s performance of late, that news did not come as a surprise to investors. Shares of SWHC have plunged 24% since mid-June. Things aren’t expected to get much better for the company or its stock in the near term considering Smith & Wesson is lowering its financial outlook for 2015, citing high inventories industry-wide resulting from channel replenishment and typical seasonality that slows consumer buying in its fiscal second quarter.To that end, Smith & Wesson expects second quarter sales to be between $100.0 million and $110.0 million and GAAP EPS from continuing operations to be between $0.04 and $0.08 per diluted share. These projections are well below analysts’ expectations. The same can be said for FY15 guidance, which calls for sales to range from $530 million to $540 million and diluted EPS to be between $0.89 and $0.94.Previously, the company said it was expecting FY15 sales to be $585 million to $600 million and diluted EPS to be between $1.30 to $1.40. Related companies include Sturm, Ruger & Co. ( RGR ) and Cabela’s ( CAB ).6:48 am Analog Devices Grows Earnings Despite Higher Operating ExpensesAnalog Devices (ADI 52.21), a semiconductor company serving the needs of the industrial, automotive, consumer, and communication end markets, reported fiscal third quarter results that were in-line with expectations.Its gross margin rate improved 90 basis points to 65.4%; however, higher operating expenses led to a 310 basis point drop in its operating margin to 27.8%. Most of the drop was related to a 36% increase in selling, marketing, and G&A expenses. Net earnings were up 2.5% to $180.6 million.The slide in its operating margin rate could put some pressure on the stock in the near term, especially since shares of ADI have risen 7% from their closing level on August 7. The latter possibility aside, ADI saw some solid growth in its core industrial segment, where revenues rose 12% year-over-year to $350.6 mln. This segment accounted for 48% of the company’s total revenue of $727.8 mln. Separately, its automotive segment saw an 8% jump in revenue and its communications segment enjoyed a 19% increase in revenue. The consumer segment was the weak spot with revenues falling 19% year-over-year to $80.9 mln, yet that belied a 4% sequential increase.Total analog product revenue rose 8% to $663.4 mln while its digital signal processing revenue improved 10% to $64.3 mln. Revenue growth was seen across all product types within those respective categories. Analog Devices completed the acquisition of Hittite Microwave Corporation near the end of the third quarter. Including the Hittite business, Analog Devices is projecting fourth quarter revenue to be in the range of $790 million to $820 million and non-GAAP diluted EPS to be between $0.66 and $0.70. Both are in-line with expectations. 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Dawn News Govt, PAT talks have ‘completely failed,’ says Qadri IS committing war crimes, Syrian govt using poison gas: UN Muslims react with outrage at UK sex abuse report SSP Islamabad restricts police from ‘use of force’ Untiring Imran puts talks on hold till Nawaz’s resignation Scotland Yard arrests suspect in connection with Imran Farooq murder We have survived difficult times, this too shall pass: PM Nawaz Imran withdraws ‘apologetic’ letter to Iftikhar Chaudhry PPP submits adjournment motion in NA over construction of Kishanganga dam ‘Why question Ajmal’s action now?’ United agree to record British transfer for Di Maria Benzema, Ronaldo on target as Real blank Cordoba PCB decides to postpone Super League India regulator fines carmakers $420m Stocks extend overnight losses New drawback rates on textile export Dollar slips to Rs102 $588m accord with WB for financing of Dasu project Model Town probe report says police acted on govt orders Perera guides Sri Lanka to victory over Pakistan Bangladesh lift ban on Shakib Al Hasan Lampard calls time on England career Djokovic, Sharapova sparkle after others toil Stocks fall like ninepins on political uncertainty Messi scores twice to start La Liga campaign SECP says can work with two commissioners Industry grows 3.9pc in FY14 Younis to return from Sri Lanka after family tragedy Dollar hits six-month high against rupee With commissioners’ retirement, crisis looming for SECP 28 August, 2014 / Shawwal 30, 1435 Home Latest Pakistan Opinion World Sport Business Magazine Entertainment Blogs Multimedia Newspaper In Depth Archive Sindh Punjab KP & FATA Balochistan What makes the House of Chanel a successful fashion brand By Maleeha Hamid Siddiqui Updated Aug 27, 2014 07:26am ‹ › The creative director of the house of Chanel Karl Lagerfeld with models showcasing his collection. chanel KARACHI: The pioneer of the little black dress and the strategies behind the House of Chanel were the subjects of an in-depth presentation by Eric Touze at the Alliance Francaise on Tuesday. discount chanel handbags The presentation began with a quiz on the hugely influential French designer comprising some basic questions — what year was her fashion house founded — and some challenging ones — what clothing did Coco Chanel not like for a woman. chanel outlet online While people are aware of Chanel as a brand, however it is important to know the political and cultural context of the time in which Chanel created her unique fashion identity. It was the time of World War One that left a large number of widows and single women to fend for themselves. They entered the workforce and were looking for clothes that were simple and elegant. And it is during this period that Chanel entered and stamped her identity.chanel bag replica high quality Gabrielle Chanel was born in Saumur and had a difficult childhood mired in poverty. Her mother died when she was 12. Left to fend for herself she became a cabaret singer in Moulins where she acquired the nickname Coco. According to Mr Touze this job allowed her to meet her first beau Etienne Balsan, a businessman and landowner, and through him she became a part of the social elite of the time. A talented woman with a natural inclination for fashion, she with Balsan’s help opened her first shop in 1909 that specialised in making hats. fake chanel bags Apparently, it was the men in Chanel’s life who aided her in achieving her fashion goals as described in the presentation. Her next man helped open her first boutique that was a huge success. The success of the boutique was also partly because she used wool jersey in creating clothes that hitherto was never done before. An interesting fact highlighted by Mr Touze was that till then wool jersey was used for inner wear and during the World War One a quota was issued for only this fabric cleverly used by Chanel to create her designs.chanel handbags outlet It was a changing world indicated by artistic trends such as dadaism, surrealism, art deco and abstract art. And Chanel consorted with proponents of these movements and trendsetters like Salvdor Dali, Picasso, Jean Cocteau, etc, who incorporated some of her creations into their wardrobe leading to popularity of her designs. Successful business model Other than the men in her life, the Wertheimer family provided the financial capital to sustain her business. The business model of the House of Chanel generated derivative products such as costume and diamond jewellery. Interestingly, it was the perfume Chanel No 5 that was the most profitable venture of the House of Chanel. “Duke Dmitri Pavlovich drew the perfume bottle based on the model of vodka flasks of the imperial guard,” said Mr Touze. Since the 1980s the House of Chanel has under a strategy of internationalisation opened more than forty Chanel boutiques worldwide. It massively used actors and celebs in their ad campaigns including Marilyn Monroe, Claudia Schiffer, Vanessa Paradis, Catherine Deneuve, Winona Ryder, Nicole Kidman and Brad Pitt. Another strategy has been what Mr Touze labelled as the scarcity model in which a new brand of perfume is introduced only after every 10 years. Chanel’s legacy She introduced masculine colours in female wardrobe such as grey and navy blue to denote boldness of character. She revolutionised women’s silhouettes by creating functional clothes. She also introduced holiday wear inspired by sailor stripes. The sizeable audience was shown photographs of Picasso and the sacked French economy minister Arnaud Montebourg wearing the famous striped shirt. This style was later reinvented by the hugely talented Jean Paul Gautlier.Undoubtedly it was the little black dress, commonly known as LBD, that Chanel introduced in 1926 that made her a legend. Moreover, the suit popularised by the likes of Jacqueline Kennedy and opera singer Maria Callas also cemented her reputation as a visionary designer. This suit was later incorporated by Karl Lagerfeld who later on took over the House of Chanel. Tweed a traditionally masculine fabric was also introduced by Chanel into women’s fashion.Chanel’s controversial associations with anti-republican, anti-communist and anti-Semitic figures during World War Two threatened to obliterate her legacy. But after going on trial in 1944 for allegedly being an an agent of the Reich, she fled to Switzerland and staged a comeback with vintage suit, necklaces of black and white pearls, handbags with gold chains and a men’s perfume called Pour Monsieur. The Lagerfeld era After her death in 1971, The House of Chanel was in the doldrums till Karl Lagerfeld took over in 1983. Mr Touze gave a short backgrounder about the designer who informing the attendees that he previously worked for Chloe and Fendi. “Lagerfeld always played second fiddle to YSL for some reason even though they were contemporaries.” Nevertheless, Lagerfeld appropriated the creative process of Chanel and gave a new lease of life to the House of Chanel. During the 1980s and 1990s, the House of Chanel branched into swimwear, eyewear and travel accessories. The presentation was followed by a documentary on Lagerfeld titled Lagerfeld Confidential. Published in Dawn, August 27th, 2014 Comment Email Email Print Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos. Comment Email Email Print More From This Section Policeman gunned down in Karachi The deceased, identified as a sub-inspector, was on his way for duty to the Chief Minister House. Motion on Thar drought issue KARACHI: More than 1,000 people, including children and women, have so far died in Tharparker due to famine … SHC seeks details of steps taken to resolve Islamabad deadlock The direction came on a constitution petition seeking dissolution of the national and provincial assemblies. Most Popular 24 Hours 72 Hours Commented 1. PM Nawaz meets army chief Raheel Sharif 2. People’s mandate stolen in 2013 elections, says ex-ECP additional secretary 3. Imran distances himself from letter ‘praising’ Iftikhar Chaudhry 4. PTI seeks support for ‘in-house change’ 5. PTI’s bizarre proposals 6. 12 days in: Qadri announces ‘start of revolution’, new deadline 7. Model Town violence: LHC upholds decision to file FIR against PM, 20 others 8. India will give befitting reply to Pakistan over ceasefire violations: BJP leader 1. PM Nawaz meets army chief Raheel Sharif 2. Shahbaz denies resignation ‘rumours’ 3. ‘Angry’ PTI MNAs opposed to resignation form group 4. People’s mandate stolen in 2013 elections, says ex-ECP additional secretary 5. Imran distances himself from letter ‘praising’ Iftikhar Chaudhry 6. Cannot think of marriage before Naya Pakistan: Imran 7. PTI seeks support for ‘in-house change’ 8. Three, two, one 1. People’s mandate stolen in 2013 elections, says ex-ECP additional secretary 2. Musharraf supports public’s demand for ‘change’ 3. Expat Pakistani wants to set a clean example for countrymen 4. Rebuttal: Afzal Khan interview was fixed match, says Justice Riaz Kiani 5. Indian, Pakistani film industries need to grow together: Shaan 6. We have survived difficult times, this too shall pass: PM Nawaz 7. Nawaz, army chief agree to ‘resolve ongoing issue expeditiously’ 8. I see martial law coming under umbrella of Constitution: Altaf Comments (0) discount chanel chanel bags outlet

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WuXi Biologics Announces 2017 Interim Results

59.5% revenue growth to RMB 654 million

51.7% adjusted EBITDA growth to RMB 266.1 million

Improvement on gross profit margin, adjusted EBITDA margin and adjusted net profit margin vs 2016 full-year results

564.7% backlog growth to US$452 million

Highly confident to deliver full year financials as expected

HONG KONG, Aug. 22, 2017 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global open-access biologics technology platform company offering end-to-end solutions for biologics discovery, development and manufacturing, today announces its unaudited interim results for the six months ended June 30, 2017.

First-Half 2017 Highlights

Strong revenue growth of 59.5% year-on-year to RMB654 million

Gross profit rose 41.6% year-on-year to RMB264.3 million with gross profit margin of 40.4%

Adjusted EBITDA[1] rose 51.7% year-on-year to RMB266.1 million, with adjusted EBITDA margin of 40.7%

Net profit grew on track 9.9% year-on-year to RMB92.2 million due to higher milestone revenue in 2016. Adjusted net profit[2] grew 35.8% to RMB152.8 million. Net profit and adjusted net profit margins are 14.1% and 23.4% respectively

Adjusted diluted EPS increased 25.0% to RMB0.15

Gross profit margin, adjusted EBITDA margin and adjusted net profit margin all compare favorably to full year 2016 results

Record 564.7% backlog growth to US$452 million as of June 30, 2017 compared to US$68 million as of June 30, 2016

Record high number of ongoing integrated projects[3], increasing from 75 as of June 30, 2016 to 134 as of June 30, 2017

The number of late phase (phase III) projects doubled to six as of June 30, 2017 from three at the time of our IPO

[1] Adjusted EBITDA represents net profit before (i) interest income and expense, income tax expenses and (ii) certain non-cash expenses, consisting of share-based compensation, amortization and depreciation and impairment of goodwill and (iii) FX gains or losses

[2] Excludes FX gains or losses, listing expenses and share-based compensation

[3] An integrated project refers to a project that requires us to provide services across different stages of the biologics development process

Management Comments

"We delivered yet another strong performance for the first half of 2017, with revenues across each of our key geographies increasing significantly," said Dr. Ge Li, Chairman of WuXi Biologics. "With US$452 million of backlog and 134 ongoing integrated projects, the momentum of our business is stronger than ever. We continue to be confident that we will deliver 2017 full-year financials as we expected."

"The growth of the global biologics market showed no signs of abating in the first half of 2017 and WuXi Biologics has certainly been a key beneficiary," said Dr. Chris Chen, CEO of WuXi Biologics. "Our established track record and reputation as an open-access and integrated biologics platform continue to attract new customers and more projects from existing customers, which became evident in the financial results for the first half of 2017. Our revenue and adjusted EBITDA grow 59.5% and 51.7% year-on-year respectively, which is a strong manifestation of impressive execution of our "follow-the-molecule" strategy. Overall, gross profit margin, adjusted EBITDA margin and adjusted net profit margin of the last 6 months all compare favorably to those of full-year 2016."

"In terms of our expansion plans, the construction of our Wuxi and Shanghai facilities is fully on track, with the facilities scheduled to become operational in Q4 2017 and Q2 2018 respectively. We also continue to be able to attract top-notch talents, which is a key business focus and competitive strength of ours. We grew our employee headcount from 1,624 at the end of 2016 to 1,998 as of June 30, 2017."

"We have witnessed phenomenal backlog growth in recent months due to our increasingly solid track record in the global competitive landscape, our successful execution of business development in Europe, and doubling of our late phase projects from 3 to 6 requiring more process development and large-scale manufacturing."

"We have also achieved key business milestones in recent months. In early August this year, the US FDA completed the pre-license inspection (PLI) of our current cGMP manufacturing facilities for production of ibalizumab with no critical observations. If approved, ibalizumab will be the first biologics drug approved in the United States to be commercially manufactured in China. This validates both our global quality standard and pioneer use of single-use systems for commercial manufacturing. Separately, in a recent deal with a total value of up to US$816 million, we and our partner Harbin Gloria Pharmaceuticals ("Gloria") granted Arcus Biosciences an exclusive license of GLS-010, a novel anti-PD-1 antibody for several markets outside of China. We and Gloria expect to receive US$18.5 million upfront payment during the second half of 2017 of which approximately US$1.55 million will be paid to Gloria. This important development demonstrates that our China gateway and global capabilities allow us to increase our potential revenues significantly for each molecule. We are highly confident that we will continue to execute our strategy well and deliver as expected financial results full year 2017," Dr. Chen added.

1H 2017 Interim Results

Revenue increased by 59.5% year-on-year to RMB654.0 million in the first half of 2017. The major revenue growth drivers are (i) a continued increase in the number of customers and the strong growth in the number of integrated projects; (ii) marketing efforts by the Group, resulting in robust performance in China, United States and Europe.

Gross profit grew 41.6% year-on-year to RMB264.3 million while gross profit margin was 40.4%, compared to 45.5% and 39.3% for the first six months and full year of 2016 respectively. The lower gross profit margin compared to the first six months of 2016 was primarily due to higher milestone fees received during the first six months of 2016.

Adjusted EBITDA increased by 51.7% year-on-year to RMB266.1 million in the first half of 2017. Adjusted EBITDA margin was 40.7%, compared to 42.8% and 37.5% for the first six months and full year of 2016 respectively. The lower adjusted EBITDA margin compared to the first six months of 2016 was primarily due to higher milestone fees received during the first six months of 2016.

Net profit increased by 9.9% year-on-year to RMB92.2 million in the first half of 2017. Net profit margin was 14.1%, compared to 20.5% and 14.3% for the first six months and full year of 2016 respectively. The lower net profit margin compared to the first six months of 2016 was primarily due to (i) a higher interest expense[4]; (ii) impact of FX[5] losses, and (iii) higher milestone fees received during the first six months of 2016.

[4] The onshore bank loan of RMB 1 billion was fully repaid in July 2017 and the offshore loan of US$38.6 million is expected to be fully repaid in early September 2017. As such, interest expense is expected to decrease accordingly.

[5] FX represents the foreign currency exchange rate (US dollar VS RMB)

Adjusted net profit, which excludes share-based compensation, FX gains or losses, and listing expenses increased 35.8% year-on-year to RMB152.8 million in the first half of 2017. Adjusted net profit margin was 23.4%, compared to 27.4% and 22.2% for the first six months and full year of 2016 respectively. The lower adjusted net profit margin compared to the first six months of 2016 was primarily due to (i) higher interest expense and (ii) higher milestone fees received during the first six months of 2016.

Basic and diluted EPS remained unchanged year-on-year at RMB0.09.

Adjusted diluted EPS grew 25.0% from RMB 0.12 year-on-year to RMB 0.15.

About WuXi Biologics

WuXi Biologics is the only open-access biologics technology platform in the world offering end-to-end solutions to empower anyone to discover, develop and manufacture biologics from concept to commercial manufacturing. The Group's history and achievements demonstrate its commitment to provide a truly ONE-stop service offering and value proposition to global clients. For more information on WuXi Biologics, please visit: http://ift.tt/1PabpUG.

Forward-Looking Statements

This presentation may contain certain "forward-looking statements" are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.

Use of Adjusted Financial Measures

We have provided adjusted net profit, net profit margin, EBITDA, EBITDA margin and diluted earnings per share for the first half of 2016 and 2017, which excludes share-based compensation expenses, listing expenses and foreign exchange gains or losses, and are not required by, or presented in accordance with, IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.

Statement Regarding Unaudited Financial Information

The financial information in this press release is unaudited and subject to adjustments. Adjustments to the financial statements may be identified when our annual financial statements are prepared and audit work is performed for the year-end audit, which could result in significant differences from this unaudited financial information.

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