RADCOM (NASDAQ: RDCM) is a first-mover and leading provider of NFV-ready service assurance and Customer Experience Management (

RADCOM Reports Fourth Quarter and Full Year 2016 Financial Results

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RADCOM Reports Fourth Quarter and Full Year 2016 Financial Results

BUZ INVESTORS RADCOM Reports Fourth Quarter   RADCOM Ltd. <span data-recalc-dims=(RDCM) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2016." width="300" height="103" srcset="https://i2.wp.com/investorsbuz.com/wp-content/uploads/2017/03/download-Small-1.jpg?resize=300%2C103 300w, https://i2.wp.com/investorsbuz.com/wp-content/uploads/2017/03/download-Small-1.jpg?resize=768%2C263 768w, https://i2.wp.com/investorsbuz.com/wp-content/uploads/2017/03/download-Small-1.jpg?w=854 854w" sizes="(max-width: 300px) 100vw, 300px" />

BUZ INVESTORS RADCOM Reports Fourth Quarter   RADCOM Ltd. (RDCM) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2016.

“The fourth quarter marked a strong end to a great year for the Company, highlighted by our ability to reach the high-end of our guidance range,” commented Mr. Yaron Ravkaie, RADCOM’s CEO.  “In 2016, we made great progress with our top-tier customer deployments, continued our engagement with other leading global carriers, and focused on preparing the company for future growth by boosting our senior management team and ramping up our engineering capabilities.  We believe we have laid a solid foundation during 2016 to continue our momentum, as evidenced by our initial 2017 revenue guidance range of $36-$39 million.”

Fourth Quarter 2016 Financial Highlights

  • Revenues: Total revenues for the fourth quarter were $8.0 million, up 196% compared to $2.7 million in the fourth quarter of 2015.
  • Net Loss: GAAP net loss for the period was approximately $0.7 million, or $0.06 loss per diluted share, compared to a loss of $2.1 million, or $0.25 loss per diluted share for the fourth quarter of 2015.
  • Non-GAAP Net Income/(Loss):  Non-GAAP net income for the period was approximately $0.4 million, or $0.04 per diluted share, compared to a loss of $(1.6) million, or $(0.19) per diluted share for the fourth quarter of 2015.Both GAAP and non-GAAP results for the fourth quarter of 2016 included a $552,000, or $0.05 per diluted share, benefit related to grants from the Israel Innovation Authority (formerly Office of the Chief Scientist) compared to $576,000, or $0.07 per diluted share, in the fourth quarter of 2015.
  • Balance sheet: As of December 31, 2016, the Company had cash and cash equivalents of $42.9 million and no debt.




RADCOM Reports Fourth Quarter

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Full Year 2016 Financial Highlights

  • Revenues: Total revenues for the full year 2016 were $29.5 million, up 58% compared to $18.7 million in the full year 2015.
  • Net Income/(Loss): GAAP net income for the full year 2016 was approximately $1.9 million, or $0.18 per diluted share, compared to a loss of $(923,000), or $(0.11) per diluted share for the full year 2015.
  • Non-GAAP Net Income:  Non-GAAP net income for the period was approximately $4.8 million or $0.44 per diluted share, for the full year 2016, compared to $656,000, or $0.07 per diluted share for the full year 2015.Both GAAP and non-GAAP results for the full year 2016 included a $1.7 million, or $0.16 per diluted share, benefit related to grants from the Israel Innovation Authority compared to $1.6 million, or $0.18 per diluted share, in 2015.

Earnings Conference Call
RADCOM’s management will hold an interactive conference call today at 8:00 AM Eastern Time (15:00 Israel Time) to discuss the results and to answer participants’ questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:

From the US (toll-free): + 1-888-668-9141

From other locations: +972-3-918-0609

For those unable to listen to the call at the time, a replay will be available from February 15th on RADCOM’s website.

About RADCOM

RADCOM (NASDAQ: RDCM) is a first-mover and leading provider of NFV-ready service assurance and customer experience management solutions for Communications Service Providers (CSPs). RADCOM’s software – MaveriQ – continuously monitors network performance and quality of services, to optimize user experience for CSPs’ subscribers. RADCOM specializes in solutions for next-generation mobile and fixed networks, including LTE, VoLTE, IMS and others. MaveriQ enables CSPs to smoothly migrate their networks to NFV by assuring physical, NFV-based and hybrid networks. For more information, please visit www.radcom.com.

Non-GAAP Information

Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of the Company’s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, inventory write-off and  non-cash write-off of importation taxes, the Company’s non-GAAP results provide information to both management and investors that is useful in assessing the Company’s core operating performance and in evaluating and comparing the Company’s results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods.  The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “‘believe”, “may”, “might”, “predict”, “potential”, “anticipate”, “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its momentum and revenue guidance for 2017 it is using foward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for the Company’s products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.

 

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VPR Brands, LP will be attending as well as speaking at the 2017 MoneyShow in Orlando

$VPRB LP Announces 2016 Fourth Quarter and Full Year Results

VPR Brands, LP Announces 2016 Fourth Quarter and Full Year Results

BUZ INVESTORS VPRB LP Announces 2016 Fourth Quarter VPR Brands, LP (OTC Pink:VPRB) released 2016 fourth quarter and full year revenue and financials. 2016 revenue totaled $1,580,676, which represents

BUZ INVESTORS   VPRB LP Announces 2016 Fourth Quarter  VPR Brands, LP (OTC Pink:VPRB) released 2016 fourth quarter and full year revenue and financials. 2016 revenue totaled $1,580,676, which represents a 4,620.85% increase over 2015 revenue of $342. For 2016, VPR Brands had a gross profit margin of 30.42%, gross profit of $480,852 and a net operating loss of $327,757.

Fourth quarter 2016 revenue totaled $972,322, representing a 59.82%​ increase over third quarter 2016 revenue of $608,354. Fourth quarter 2016 operating margins were down slightly compared to the third quarter 2016 to 29.03%, with $282,298 in gross profit and a net operating loss of $206,174.



VPRB LP Announces 2016 Fourth Quarter

“The acquisition we made in 2016 was a bold move that has added incremental business and value to the Company for the last half of 2016 and has given us a running start into 2017. We believe that the Company is now well positioned to take advantage of the growing cannabis market segment,” said Kevin Frija, CEO of VPR Brands, LP. “We will continue to stay focused on our mission of building long-term value for the Company, both organically or through additional acquisitions that make sense for the Company.”

“I couldn’t be more excited for our portfolio of brands, our team of people, our great clients, our strategic alliances and our growth potential within the rapidly expanding cannabis space. Although 2016 was a short year for us, I believe we have set a solid foundation for growth that we can build upon for years to come,” commented Daniel Hoff, COO of VPR Brands, LP.

Although our sales are not segregated by brand or product category, our primary revenue source is from vaporization devices specifically created for use with medical cannabis and recreational marijuana. These devices are specifically created for use with extract oils and concentrates which are vaped, providing optimal results and the best experience for patients and recreational users. Vaporizers are far more convenient and discrete compared to traditional cannabis use methods. These units are compact, easy to carry and concealable. Modern cannabis vaporizers do not emit distinct and lingering odors that are affiliated with traditional marijuana use. We believe that portable vaporizers as the fastest growing delivery mechanism for marijuana. Our team is currently working with other market leaders within cannabis growth and extraction to innovate and further educate the marketplace on its advantages.

About VPR Brands LP:
VPR Brands is a technology company; whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components. The Company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the Company on the web at www.vprbrands.com.Like up on FACEBOOK


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Buz Investors Coupa Software Reports Fourth Quarter (NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017.

Coupa Software Reports Fourth Quarter & Full Year Fiscal 2017 Financial Results

Coupa Software Reports Fourth Quarter & Full Year Fiscal 2017 Financial Results

 Record Full Year Revenue of $134 Million 

Cumulative Spend Under Management Surpasses $360 Billion

Buz Investors Coupa Software Reports Fourth Quarter <span data-recalc-dims=(NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017." width="300" height="155" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/dfe4f98108b35ee71a9e46c1a27819ab.png?resize=300%2C155 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/dfe4f98108b35ee71a9e46c1a27819ab.png?w=600 600w" sizes="(max-width: 300px) 100vw, 300px" />

Buz Investors Coupa Software Reports Fourth Quarter  (NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017.



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Coupa Software Reports Fourth Quarter

Fourth Quarter Results

  • Revenues: Total revenues were $38.0 million, an increase of 44% from the same period last year. Subscription services revenues were $33.8 million, an increase of 45% from the same period last year.
  • Loss from Operations: GAAP operating loss was $6.4 million, compared to a loss of $11.0 million for the same period last year. Non-GAAP operating loss was $2.3 million, compared to a loss of $9.7 million for the same period last year.
  • Net Loss: GAAP net loss was $6.6 million, compared to a loss of $11.5 million for the same period last year. GAAP net loss per basic and diluted share was $0.13, compared to a loss of $2.18 for the same period last year. Non-GAAP net loss was $2.5 million, compared to a loss of $10.2 million for the same period last year. Non-GAAP net loss per basic and diluted share was $0.05, compared to a loss of $1.93 for the same period last year.

Fiscal Year 2017 Results

  • Revenues: Total revenues were $133.8 million, an increase of 60% from the prior year. Subscription services revenues were $117.8 million, an increase of 56% from the prior year.
  • Loss from Operations: GAAP operating loss was $35.4 million, compared to a loss of $45.3 million for the prior year. Non-GAAP operating loss was $24.9 million, compared to a loss of $32.4 million for the prior year.
  • Net Loss: GAAP net loss was $37.6 million, compared to a loss of $46.2 million for the prior year. GAAP net loss per basic and diluted share was $1.88, compared to a loss of $9.81 for the prior year. Non-GAAP net loss was $27.1 million, compared to a loss of $33.3 million for the prior year. Non-GAAP net loss per basic and diluted share was $1.36, compared to a loss of $7.07 for the prior year.
  • Balance Sheet: Cash and cash equivalents were $201.7 million, and total deferred revenue was $90.8 million, as of January 31, 2017.
  • Cash Flow: Cash flow from operating activities was a use of $21.0 million for the full fiscal 2017 year.

“We closed a successful fiscal 2017 by achieving strong results across the board in Q4,” said Rob Bernshteyn, CEO of Coupa.  “Our unified platform has now processed more than $360 billion in cumulative spend, driving cost savings and increasing profitability for our customers. We made significant advancements in our technology with the release of R17 and acquisition of Spend360, and added marquee customers including Caterpillar, Paul HARTMANN, and many others. With continued strength in North America and Europe and increasing traction in Asia Pacific and Latin America, we are well positioned as we enter the new fiscal year.”

Business Outlook:

The following forward-looking statements reflect Coupa’s expectations as of March 13, 2017.

First quarter of fiscal 2018:

  • Total revenues are expected to be between $38.0 and $38.5 million.
  • Non-GAAP loss from operations is expected to be between $6.0 and $8.5 million.
  • Non-GAAP net loss per share is expected to be between $0.12 loss and $0.17 loss per share.
  • Basic and diluted weighted average share count is expected to be approximately 50.8 million shares.

Full year fiscal 2018:

  • Total revenues are expected to be between $167 and $170 million.
  • Non-GAAP loss from operations is expected to be between $27 and $30 million.
  • Non-GAAP net loss per share is expected to be between $0.53 loss and $0.58 loss per share.
  • Basic and diluted weighted average share count is expected to be approximately 53 million shares.

See the sections titled “Non-GAAP Financial Measures and Key Metrics” and the reconciliation tables below for important details regarding our non-GAAP measures.

Recent Business Highlights:

  • Coupa surpassed 500 total customers during the fourth quarter, ending its fiscal year with 535 customers. New customers to highlight from Q4 included some of the world’s biggest brands, such as Caterpillar, the world’s leading manufacturer of construction and mining equipment, and Paul HARTMANN, a leading provider of medical and hygiene products and Coupa’s first manufacturing customer in Germany.
  • Other new customer wins included Asian Development Bank, FrieslandCampina, Clark Construction, KMG Rompetrol, LKQ Corporation, The Andersons, Bynder, Turtle Entertainment (ESL Gaming), PDF Solutions, InvoCare, Apex Parks Group, LLC, USO World Headquarters, Kubota Tractor Corporation, ACLD, Reliance Properties, Brightpoint Health, Great Wolf Resorts, GoHealth Urgent Care, and R1 RCM Inc., formerly Accretive Health Inc.
  • Coupa acquired substantially all of the assets of Spend360 International Ltd. to help companies digitize antiquated processes for data classification. Based outside London, Spend360 is an analytics solution that uses deep machine learning and artificial intelligence to structure and cleanse data.
  • Coupa delivered Release 17 (R17) – its first major cloud platform update of the calendar year. R17 leverages data network effects to deliver comprehensive B2B insights to customers, allowing them to increase value and spend smarter.
  • After signing a premier new customer in China in Q3, KPMG China, Coupa’s implementation partner, completed a rapid 10-week spend transformation project to optimize purchasing and invoicing processes.
  • Coupa debuted in the 2017 Gartner Magic Quadrant for Strategic Sourcing Suites.
  • Gartner also recognized Coupa as a “Vendor to Watch” in a report entitled “Market Opportunity Map: Enterprise Resource Planning, Worldwide.” Coupa was one of only five vendors named as a mega-vendor and emerging Enterprise Resource Planning (ERP) provider.
  • Coupa grew its Coupa Advantage program with expanded category coverage via regional and global supplier partners. Notable new suppliers to Coupa Advantage include Zoom, a market leading video conferencing solution, as well as two new European suppliers; Manutan, Europe’s largest provider of business products and services, and Little Big Connection, a European marketplace for IT and engineering consultants.
  • Coupa was one of 50 companies named one of the best workplaces of 2016 by the Silicon Review.
  • Coupa announced that Apple Co-Founder Steve Wozniak will be a distinguished speaker at Coupa Inspire ’17, the company’s fifth annual user conference, which takes place May 16-18 at the Westin St. Francis Union Square in San Francisco, CA.

Conference Call Information:

Coupa will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today.

  • Parties in the U.S. and Canada can access the call by dialing (877)-874-1567, using conference code 6255862.
  • International parties can access the call by dialing (719)-325-4907, using conference code 6255862.

The webcast will be accessible on Coupa’s investor relations website at http://investors.coupa.com. A replay will be available through the same link. A telephonic replay of the conference call will be available through Monday, March 20, 2017. To access the replay, parties in the U.S. and Canada should call (888)-203-1112 and enter conference code 6255862. International parties should call (719)-457-0820 and enter conference code 6255862.

Non-GAAP Financial Measures and Key Metrics:

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude stock-based compensation expense, litigation-related costs, amortization of intangible assets acquired in mergers and acquisitions, and related tax effects. We believe these non-GAAP measures are useful in evaluating our operating performance and regularly review these measures as we evaluate our business.

We believe these non-GAAP measures provide investors and other users of our financial information consistency and comparability with our past financial performance and facilitate period to period comparisons of operations. We believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. The definitions of our non-GAAP measures may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

We compensate for these limitations by providing investors and other users of our financial information a reconciliation of non-GAAP measures to the related GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our non-GAAP measures in conjunction with GAAP financial measures.  Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures attached to this release.

With respect to Coupa’s guidance as provided under “Business Outlook” above, Coupa has not reconciled its expectations as to non-GAAP loss from operations to GAAP loss from operations or non-GAAP net loss per share to GAAP net loss per share because certain items excluded from non-GAAP operating loss, such as charges related to stock-based compensation expense, litigation-related costs, amortization of intangible assets acquired in mergers and acquisitions, and related tax effects, cannot be reasonably calculated or predicted at this time. The effect of these excluded items may be significant.

We also use key metrics such as cumulative spend under management, which represents the aggregate amount of money that has been transacted through our platform for all of our customers collectively since we launched our platform. We calculate this metric by aggregating the actual transaction data, such as invoices or purchase orders, from customers on our platform. While we do not believe this metric is directly correlated to our financial results, we believe the adoption of our platform, as evidenced by growth in cumulative spend under management, drives additional value to our customers, which will enhance our ability to acquire new customers, to increase renewals and to increase upsells due to an increase in the number of authorized users and modules per customer.

Forward-Looking Statements:

This release includes forward-looking statements. All statements other than statements of historical facts, including the quotations from management and the statements in “Business Outlook” are forward-looking statements. These forward-looking statements are based on Coupa’s current expectations and projections about future events and trends that Coupa believes may affect its financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially, including: we have a limited operating history, which makes it difficult to predict our future operating results; if we are unable to attract new customers, the growth of our revenues will be adversely affected; because our platform is sold to large enterprises with complex operating environments, we encounter long and unpredictable sales cycles; the markets in which we participate are intensely competitive; our business depends substantially on our customers renewing their subscriptions and purchasing additional subscriptions from us; risks and liabilities related to breach of our security measures or unauthorized access to customer data; if we fail to develop widespread brand awareness cost-effectively, our business may suffer; and we have experienced rapid growth in recent periods, and if we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or adequately address competitive challenges.

These and other risks and uncertainties that could affect Coupa’s future results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Coupa’s quarterly report on Form 10-Q filed with the SEC on December 9, 2016, which is available at www.investors.coupa.com and on the SEC’s website at www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Coupa makes with the SEC from time to time.

The forward-looking statements in this release reflect Coupa’s expectations as of March 13, 2017. Coupa undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

About Coupa Software

Coupa Software (NASDAQ:COUP) is the cloud platform for business spend. We deliver “Value as a Service” by helping our customers maximize their spend under management, achieve significant cost savings and drive profitability. Coupa provides a unified, cloud-based spend management platform that connects hundreds of organizations representing the Americas, EMEA, and APAC with millions of suppliers globally. The Coupa platform provides greater visibility into and control over how companies spend money. Customers – small, medium and large – have used the Coupa platform to bring billions of dollars in cumulative spend under management. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.




Buz Investors Tabula Rasa HealthCare (“TRHC”) (NASDAQ:TRHC), a disruptive innovation and technology leader in medication safety, offering a unique Medication

Tabula Rasa HealthCare Announces Fourth Quarter and Full Year 2016 Operating Results

Tabula Rasa HealthCare Announces Fourth Quarter and Full Year 2016 Operating Results

2016 Revenue of $94.1 million, growth of 34%; 4Q 2016 Revenue of $27.3 million, growth of 38%

Buz Investors Tabula Rasa HealthCare (“TRHC”) <span data-recalc-dims=(NASDAQ:TRHC), a disruptive innovation and technology leader in medication safety, offering a unique Medication" width="300" height="169" srcset="https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/03/maxresdefault-1.jpg?resize=300%2C169 300w, https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/03/maxresdefault-1.jpg?resize=768%2C432 768w, https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/03/maxresdefault-1.jpg?resize=1024%2C576 1024w, https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/03/maxresdefault-1.jpg?w=1280 1280w, https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/03/maxresdefault-1.jpg?w=1920 1920w" sizes="(max-width: 300px) 100vw, 300px" />

Buz Investors Tabula Rasa HealthCare (“TRHC”) (NASDAQ:TRHC), a disruptive innovation and technology leader in medication safety, offering a unique Medication Risk Stratification and Medication Risk Mitigation Matrix® suite of decision support tools, today announced its financial results for the fourth quarter and full year ended December 31, 2016 and provided its 2017 financial outlook.

TRHC Chairman and CEO, Calvin H. Knowlton, PhD., commented, “2016 was very exciting for Tabula Rasa and we ended the year with strong fourth quarter revenue and Adjusted EBITDA growth. Our core Program for All-Inclusive Care for the Elderly (“PACE”) market continued to expand overall, and our PACE contracts are performing well as we execute on our goal of helping our partners improve patient outcomes and lower cost.”



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Tabula Rasa HealthCare

Dr. Knowlton continued, “On January 1, we launched our Enhanced Medication Therapy Management Programi and have seen strong initial engagement from our health plan members. We continue to find new and exciting markets where we can apply our propriety medication risk mitigation platform across the healthcare continuum. Our pipeline of new business opportunities, both within PACE and in the broader healthcare market, has never been stronger. I look forward to continuing to update you on the evolution and progress of our company and our technology throughout 2017.”

Financial Performance for the Three Months Ended December 31, 2016

All comparisons, unless otherwise noted, are to the three months ended December 31, 2015.

  • Total revenue was $27.3 million, an increase of 38%. Total revenue included product revenue of $20.7 million, an increase of 19%, and service revenue of $6.6 million, an increase of 177%.
  • Gross margin was 34%, compared to 30%. The year over year increase is primarily related to the two non-recurring projects with payors that were previously announced.
  • Non-GAAP Adjusted EBITDA was $4.8 million, compared to $2.4 million, an increase of 101% compared to a year ago. Adjusted EBITDA margin of 18% in the fourth quarter of 2016 compared favorably to 12% during the same period in 2015. Adjusted EBITDA was also favorably impacted by the two non-recurring contracts with payors.
  • Net loss was $6.0 million, compared to net income of $1.1 million. Fourth quarter 2016 included a $5.0 million expense related to the early extinguishment of debt as well as $3.4 million of incremental stock-based compensation expense related to restricted stock grants and shares issued in connection with TRHC’s initial public offering.
  • Net loss per diluted share was $0.39, compared to net income per diluted share of $0.03. The net loss and net income per share calculations were based on a diluted share count of 15.4 million for the fourth quarter of 2016, compared to 12.4 million shares a year ago.
  • Non-GAAP Adjusted net income per diluted share was $0.10, compared to a net loss per share of $0.01.

Financial Performance for the Twelve Months Ended December 31, 2016

All comparisons, unless otherwise noted, are to the twelve months ended December 31, 2015.

  • Total revenue was $94.1 million, an increase of 34%. Total revenue included product revenue of $79.4 million, an increase of 32%, and service revenue of $14.6 million, an increase of 47%.
  • Gross margin was 31%, compared to 30%. The year over year increase is primarily related to the two non-recurring projects with payors.
  • Non-GAAP Adjusted EBITDA was $13.6 million, compared to $8.6 million, an increase of 58% compared to a year ago. Adjusted EBITDA margin of 14.5% in 2016 compared favorably to 12.3% in 2015. Adjusted EBITDA was also favorably impacted by the two non-recurring contracts with payors.
  • Net loss was $6.3 million, compared to a net loss of $2.9 million. Full year 2016 included $6.4 million of expense related to the early extinguishment of debt, $4.5 million of interest expense and $3.5 million of incremental stock-based compensation expense related to restricted stock grants and shares issued in connection with TRHC’s initial public offering.
  • Net loss per diluted share was $0.59, compared to a net loss per share of $2.97. The net loss per share calculations were based on a diluted share count of 11.6 million for the full year 2016, compared to 4.3 million shares a year ago.
  • Non-GAAP Adjusted net income per diluted share was $0.19, compared to a net loss per share of $0.07.

A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying tables. Non-GAAP results exclude change in fair value of warrant liability, loss on extinguishment of debt, change in fair value of acquisition-related contingent consideration (income) expense, change in fair value of acquisition-related consideration expense, and stock-based compensation expense. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Business Outlook

First Quarter 2017 Guidance: Revenue for TRHC’s first quarter 2017 is expected to be in the range of $25.5 million to $26.5 million. Net loss is expected to be in the range of $1.6 million to $3.1 million. Net loss projections include incremental stock-based compensation expense of approximately $3.1 million related to restricted stock grants issued in connection with TRHC’s initial public offering. Adjusted EBITDA is expected to be in the range of $2.5 million to $3.0 million.

Full Year 2017 Guidance: Revenue for fiscal year 2017 is expected to be in the range of $116.0 million to $118.0 million. Net income (loss) is expected to be in the range of a net loss of $0.5 million to net income of $0.9 million. Net income (loss) projections include incremental stock-based compensation expense of approximately $5.2 million related to restricted stock grants issued in connection with TRHC’s initial public offering, which will be fully expensed by May 2017. There are no debt extinguishment charges anticipated in 2017. Adjusted EBITDA is expected to be in the range of $15.5 million to $17.0 million.

Quarterly Conference Call

As previously announced, TRHC will hold a conference call with members of executive management to discuss its fourth quarter and full year 2016 performance today, Monday, March 13, 2017, at 5:00 p.m. EDT. Stockholders and interested participants may listen to a live broadcast of the conference call by dialing 844-413-0947 or 216-562-0423 for international callers, and referencing participant code 64870364 approximately 15 minutes prior to the call. A live webcast of the conference call will be available on the investor relations section of TRHC’s website at ir.trhc.com and an audio file of the call will also be archived and available for replay approximately two hours after the live event for a period of 90 days thereafter at ir.trhc.com. After the conference call, a replay will be available until April 12, 2017 and can be accessed by dialing 855-859-2056 or 404-537-3406 for international callers, and referencing participant code 64870364.

About Tabula Rasa HealthCare

Tabula Rasa HealthCare (NASDAQ:TRHC) is a leader in providing patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk. Since 2011, TRHC has focused on optimizing outcomes for PACE and other healthcare organizations through its unique Medication Risk Mitigation software and Medication Decision Support and Adherence tools that personalize each participant’s medication regimen.  For more information, please visit: www.TRHC.com.

Non-GAAP Financial Measures

In addition to reporting all financial information required in accordance with accounting principles generally accepted in the United States of America (GAAP), TRHC is also reporting Adjusted EBITDA and Adjusted Diluted EPS, each of which is a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Adjusted EBITDA consists of net income (loss) plus certain other expenses, which includes change in fair value of warrant liability, interest expense, loss on extinguishment of debt, provision (benefit) for income tax, depreciation and amortization, change in fair value of acquisition-related contingent consideration (income) expense, change in fair value of acquisition-related consideration expense, and stock-based compensation expense. TRHC defines Adjusted Diluted EPS as net income (loss) attributable to common stockholders before accretion of redeemable convertible preferred stock, fair value adjustments related to the remeasurement of warrant liabilities, losses on the extinguishment of debt, fair value adjustments for acquisition-related contingent consideration, fair value adjustments for acquisition-related consideration, stock-based compensation expense, and the tax impact of those items expressed on a per share basis using weighted average diluted shares outstanding. TRHC believes the exclusion of these items assists in providing a more complete understanding of the company’s underlying operations results and trends and allows for comparability with TRHC’s peer company index and industry and to be more consistent with TRHC’s expected capital structure on a going forward basis. Please note that other companies might define their non-GAAP financial measures differently than TRHC does.

TRHC presents these non-GAAP financial measures in this release because it considers them to be important supplemental measures of performance. TRHC uses these non-GAAP financial measures for planning purposes, including analysis of the company’s performance against prior periods, the preparation of operating budgets and determination of appropriate levels of operating and capital investments. TRHC believes that these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company’s financial and operational performance. TRHC also intends to provide these non-GAAP financial measures as part of the company’s future earnings discussions and, therefore, their inclusion should provide consistency in the company’s financial reporting.

Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of the non-GAAP measures to their most directly comparable GAAP measures provided in this release, including in the accompanying tables.

Safe Harbor Statement

This press release includes forward-looking statements that we believe to be reasonable as of today’s date.  Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions.  These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release.  Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our continuing losses and need to achieve profitability; fluctuations in our financial results; the acceptance and use of our products and services by PACE organizations; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; our ability to maintain relationships with a specified drug wholesaler; increasing consolidation in the healthcare industry; managing our growth effectively; our ability to adequately protect our intellectual property; the requirements of being a public company; our ability to recognize the expected benefits from acquisitions on a timely basis or at all; our status as an “emerging growth company”; and the other risk factors set forth from time to time in our filings with the Securities and Exchange Commission (“SEC”),  including those factors discussed under the caption “Risk Factors” in our prospectus, filed with the SEC on September 29, 2016, pursuant to Rule 424(b) under the Securities Act, copies of which are available free of charge within the Investor Relations section of the Tabula Rasa HealthCare website http://ir.tabularasahealthcare.com or upon request from our Investor Relations Department. Tabula Rasa HealthCare assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.




Boehner: Full Obamacare Repeal "Not Going To Happen"

Boehner: Full Obamacare Repeal “Not Going To Happen”

Boehner: Full Obamacare Repeal “Not Going To Happen”

Boehner: Full Obamacare Repeal "Not Going To Happen"

Buz Investors Former House Speaker John Boehner, R-Ohio, has suggested Congressional Republicans can make fixes to Obamacare but downplayed talk of a full repeal of the healthcare reform law.

According to Politico, Boehner told a healthcare conference in Orlando the idea that a repeal-and-replace plan would blitz through Congress is just “happy talk.”

“[Congressional Republicans are] going to fix Obamacare – I shouldn’t call it repeal-and-replace, because it’s not going to happen,” Boehner said.




Other Stories Buz Traders follow

John Boehner

The former speaker, who retired in 2015, predicted that most of the framework of Obamacare would remain in place.

Last week, current House Speaker Paul Ryan, R-Wis., said Republicans plan to introduce legislation to repeal and replace Obamacare following this week’s recess.

“After the House returns following President’s Day, we intend to introduce legislation to repeal and replace Obamacare,” Ryan told reporters at his weekly press conference last Thursday.

“It has become increasingly clear that this law is collapsing. People’s premiums are getting higher and higher,” he added. “Their deductibles are soaring. And their choices are dwindling to the point that so many families have no choice left at all.”

Ryan pointed to health insurer Humana’s (HUM) recent decision to pull out of the Obamacare exchanges as proof of the law’s failure.

A recent Politico/Morning Consult poll found 27 percent of voters favor repealing parts of Obamacare, while 24 percent think the law should be repealed completely.The speaker did not provide specifics on the GOP’s plan to replace Obamacare but claimed it would be a true patient-centered system.

Meanwhile, 26 percent of voters said Obamacare should be expanded and another 12 percent said the law should be kept as is.

A vast majority of Republicans support completely or partially repealing Obamacare. Almost half of Democrats want to see the law expanded.

The Politico/Morning Consult survey of 2,013 registered voters was conducted February 16th through 19th and has a margin of error of plus or minus 2 percentage points.

Tech Stocks ( GOOG)   (MSFT ) ( AAPL ) (BBRY ) ( gopro )  ( WDC )




Cryptocurrency Platform Byteball Schedules Second Round of Distribution for February Full Moon

Cryptocurrency Platform Byteball Schedules Second Round of Distribution for February Full Moon

Cryptocurrency Platform Byteball Schedules Second Round of Distribution for February Full Moon

Byteball, a revolutionary cryptocurrency platform will soon distribute more bytes to Bitcoin community members and existing bytes holders.

Cryptocurrency Platform Byteball Schedules Second Round of Distribution for February Full Moon

January 31, 2017, Moscow, Russia – The next generation cryptocurrency platform, Byteball will soon embark on the next round of token distribution. The second round, scheduled for the next full moon, i.e. February 11, 2017, at 00:33 (UTC) follows the first free bytes token offering held on Christmas Day 2016. Like the earlier launch-day giveaway, the Bitcoin community along with existing bytes holders stand to benefit from the upcoming distribution round.

During the platform’s launch on December 25, 2016, Byteball offered bytes (native currency) and blackbytes (an untraceable private currency) for free to the Bitcoin community, proportional to their BTC holdings. The exercise saw over 70,000 BTCs linked to the distribution. Similarly, the second round of free distribution will be proportional to bytes and bitcoin holdings of the cryptocurrency community. The platform will be offering 0.1 gigabytes (GB) for every GB, and 0.0625 GB for each BTC held by the eligible community members.



Other Stories Buz Traders Follow

Cryptocurrency Platform Byteball

“In the new distribution, 1 GB holding receives the same share as 1.6 BTC. 1 GB is currently traded at 0.05 BTC.”

Byteball stands apart from other cryptocurrency offerings by adopting Directed Acyclic Graph (DAG), an alternative to blockchain technology. It allows the platform to avoid scalability issues like the ones currently faced by the Bitcoin network.

Byteball is a cryptocurrency platform that aims to give people greater control over their funds through ease of use and user readable smart contracts. The ecosystem includes cryptocurrency wallets, a bot supported marketplace, a private untraceable currency, and more. It also integrates payments with an encrypted chat e.g. a recently launched trading chatbot allows people to exchange BTC to bytes and vice versa.

Byteball has a maximum cap of 10^15 bytes, out of which 99% are to be distributed in multiple rounds.

About Byteball

Byteball is an initiative of a Moscow, Russia-based development team. The innovative cryptocurrency uses DAG protocol instead of the conventional blockchain, eliminating scaling issues. Byteball is a complete cryptocurrency ecosystem launched on Christmas day, 2016.




PepsiCo Inc.(PEP)- NYSE

PepsiCo Reports First Quarter 2016 Results

PepsiCo Reports First Quarter 2016 Results and Reaffirms Full Year Outlook

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PURCHASE, N.Y. — April 18, 2016 – PepsiCo, Inc. (NYSE: PEP) today reported organic
revenue growth of 3.5 percent and 11 percent core constant currency EPS growth for the first
quarter of 2016.
“We delivered strong first quarter operating results driven by balanced execution of our
commercial agenda and productivity programs. Our marketing initiatives and new product
launches are generating solid organic top line growth, and our focus on driving greater efficiency
throughout our operations contributed significantly to attractive core gross margin expansion,”
said Chairman and CEO Indra Nooyi. “We are off to a strong start to the year and that gives
us added confidence in achieving our financial objectives for 2016.”
1 Unless otherwise indicated, the reference to revenue is organic and the remaining metrics are on a core basis.

PepsiCo Reports

Organic results are non-GAAP financial measures that adjust for impacts of acquisitions, divestitures and other
structural changes, including the previously announced Venezuela deconsolidation, and foreign exchange
translation, as applicable. For more information about our organic results and the impact of the Venezuela
deconsolidation, see “Reconciliation of GAAP and Non-GAAP Information” in the attached exhibits. Please refer to
the Glossary for the definition of “Organic.”
b Core constant currency results are non-GAAPfinancial measures that exclude certain items affecting comparability
and foreign exchange translation. For more information about our core constant currency results, see “Reconciliation
of GAAP and Non-GAAP Information” in the attached exhibits. Please refer to the Glossary for definitions of “Core”
and “Constant Currency.”
c Reported operating profit performance was impacted by certain items excluded from our core results in both 2016
and 2015. See “Reconciliation of GAAP and Non-GAAP Information” in the attached exhibits for more information
about these items.
d Snacks/Beverages.
e
3 percent decrease excluding the first quarter 2015 impairment charge associated with a dairy joint venture and
the prior year operating performance associated with ceasing operations of a dairy joint venture.
f Excluding the impact of results from our Venezuelan businesses from the Q1 2015 base, core constant currency
operating profit increased 9 percent.
g
18 percent increase excluding the gain related to the refranchising of a portion of our India bottling operations
recorded in the first quarter of 2015.
h
The Company recorded a pre- and after-tax non-core impairment charge of $373 million ($0.26 per share) to
reduce the value of the Company’s 5% indirect equity interest in Tingyi-Asahi Beverages Holding Co. Ltd. (TAB) to
its estimated fair value.
i
9 percent increase excluding the impact of results from our Venezuelan businesses from the Q1 2015 base.

Summary of First Quarter Financial Performance:
• Organic revenue grew 3.5 percent and reported net revenue declined 3 percent. Foreign
exchange translation had a 4.5-percentage-point unfavorable impact and the Venezuela
deconsolidation had a 2-percentage-point unfavorable impact on reported net revenue.
• Core gross margin expanded 130 basis points and core operating margin increased 165
basis points. Margin expansion reflects the implementation of effective revenue
management strategies and previously announced productivity initiatives, partially offset
by a 65 basis point increase in advertising and marketing expense as a percentage of
sales. Reported gross margin expanded 160 basis points, while reported operating margin
contracted 105 basis points reflecting a $373 million non-core impairment charge related
to our 5% indirect equity interest in TAB.
• Core constant currency operating profit increased 12 percent. Reported operating profit
decreased 10 percent reflecting the non-core impairment charge mentioned above.
• The Company’s core effective tax rate was 24.7 percent, which compares to 23.0 percent
in the prior-year quarter. The reported effective tax rate of 31.9 percent compares to 23.1
percent in the prior year quarter and was impacted by the non-core impairment charge
referred to above, which had no tax benefit.
• Core EPS was $0.89 and reported EPS was $0.64. Core EPS excludes a $0.26 per share
non-core impairment charge related to our 5% indirect equity interest in TAB.
• Cash flow provided by operating activities was $131 million.

PepsiCo Reports

Discussion of First Quarter Division Core Constant Currency Operating Profit Results:
Core constant currency operating profit results for all divisions were impacted by organic
revenue results as presented in the tables on pages 2 and A-6. In addition, results for each
division were impacted by the following:
Frito-Lay North America (FLNA)
Positively impacted by productivity gains and lower raw material costs, partially offset by
operating cost inflation and higher advertising and marketing expense.
Quaker Foods North America (QFNA)
Positively impacted by the lapping of a first quarter 2015 impairment charge and the prior year
operating performance associated with a dairy joint venture (operations of which ceased in the
fourth quarter of 2015), productivity gains and lower raw material costs, partially offset by higher
advertising and marketing expense and operating cost inflation.
North America Beverages (NAB)
Positively impacted by productivity gains and lower raw material costs, partially offset by
operating cost inflation and higher advertising and marketing expense.
Latin America
Positively impacted by productivity gains, partially offset by operating cost inflation, higher raw
material costs (in local currency), driven by a strong U.S. dollar, and the impact of the
deconsolidation of Venezuela.
Europe Sub-Saharan Africa (ESSA)
Negatively impacted by higher raw material costs (in local currency), primarily driven by a strong
U.S. dollar, operating cost inflation, increases in advertising and marketing expenses and an
impairment charge associated with certain production assets in Russia, partially offset by
productivity gains.
Asia, Middle East and North Africa (AMENA)
Positively impacted by productivity gains and lower raw material costs, partially offset by the
lapping of a prior year gain from the refranchising of a portion of our beverage business in
India, operating cost inflation and higher advertising and marketing expenses.

 PepsiCo Reports

NIKE, INC. REPORTS FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS

NIKE, INC. REPORTS FISCAL 2016 FOURTH QUARTER

FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS

NIKE, INC. REPORTS Fourth quarter revenues up 6 percent to $8.2 billion; 9 percent growth excluding currency changes

• Fourth quarter diluted earnings per share flat to prior year at $0.49

• Fiscal 2016 revenues up 6 percent to $32.4 billion; 12 percent growth excluding currency changes

• Fiscal 2016 diluted earnings per share up 17 percent to $2.16 • Worldwide futures orders up 8 percent; 11 percent growth excluding currency changes

• Inventories as of May 31, 2016 up 12 percent

NIKE, INC. REPORTS FISCAL 2016 FOURTH QUARTER AND FULL YEAR RESULTS

NIKE, INC. REPORTS BEAVERTON, Ore., June 28, 2016 – NIKE, Inc. (NYSE:NKE) today reported fiscal 2016 financial results for its fourth quarter and full year ended May 31, 2016. Strong global demand fueled revenue increases across nearly all geographies in fiscal 2016, while robust international revenue drove growth in the fourth quarter.

Diluted earnings per share for the quarter were $0.49 as international momentum and a lower average share count were offset by a higher tax rate; a gross margin decline partially due to the clearance of excess inventory in North America; and higher selling and administrative expense.

Fiscal 2016 diluted earnings per share rose 17 percent to $2.16, reflecting revenue growth of 6 percent, gross margin expansion, a lower tax rate and a lower average share count.

“Our consistent growth is fueled by innovation, which is why fiscal 2016 was such a breakthrough year for NIKE in everything we do,” said Mark Parker, President and CEO, NIKE, Inc. “From product to manufacturing to how we serve our consumers – more personally and at scale – we’ve raised the bar of what’s possible. It’s a great time to be in sports, and the NIKE Brand has never been stronger. Fueled by our unrivaled roster of athletes, fiscal 2017’s calendar of sport moments promises to build on our business momentum and inspire consumers.”*

Fourth Quarter Income Statement Review

Revenues for NIKE, Inc. rose 6 percent to $8.2 billion, up 9 percent on a currency-neutral basis. Revenues for the NIKE Brand were $7.7 billion, up 8 percent on a currency-neutral basis driven by double-digit growth in Western Europe, Greater China, Emerging Markets and Japan, including strong growth in Sportswear, Global Football and the Jordan Brand. Revenues for Converse were $513 million, up 18 percent on a currency-neutral basis, mainly driven by a major system go-live that accelerated orders from the fourth quarter to the third quarter in the prior year.

• Gross margin declined 30 basis points to 45.9 percent as higher average selling prices were more than offset by higher product costs, the negative impact of clearing excess inventory in North America and unfavorable changes in foreign currency exchange rates.

• Selling and administrative expense increased 7 percent to $2.8 billion. Demand creation expense was $873 million, up 7 percent, reflecting investments in digital demand creation, sports marketing and brand events which were partially offset by lower advertising expense. Operating overhead expense increased 7 percent to $1.9 billion, reflecting continued growth in the Direct-to-Consumer (DTC) business, and targeted investments in operational infrastructure and consumer-focused digital capabilities.

• Other income, net was $58 million, primarily comprised of net foreign currency exchange gains. For the quarter, the Company estimates the year-over-year change in foreign currencyrelated gains and losses included in other income, net, combined with the impact of changes in exchange rates on the translation of foreign currency-denominated profits, decreased pretax income by approximately $66 million.

• The effective tax rate was 21.2 percent, compared to 17.8 percent for the same period last year, primarily due to adjustments in the prior year to reduce tax expense recognized in the interim quarters of fiscal 2015 on intercompany transactions.

• Net income decreased 2 percent to $846 million as revenue growth was more than offset by lower gross margin, higher selling and administrative expense and a higher tax rate, while diluted earnings per share remained unchanged from the prior year at $0.49 reflecting a 2 percent decline in the weighted average diluted common shares outstanding.

Fiscal 2016 Income Statement Review

Revenues for NIKE, Inc. rose 6 percent to $32.4 billion, up 12 percent on a currency-neutral basis. Revenues for the NIKE Brand were $30.5 billion, up 13 percent excluding the impact of changes in foreign currency. NIKE Brand sales to wholesale customers increased 9 percent on a currency-neutral basis while DTC revenues grew to $7.9 billion, up 25 percent excluding the impact of changes in foreign currency, driven by a 51 percent increase in online sales, the addition of new stores and 10 percent growth in comparable store sales. As of May 31, 2016, the NIKE Brand had 919 DTC stores in operation as compared to 832 a year ago. On a currency neutral basis, NIKE Brand revenue growth was driven by robust growth in every geography as well as most key categories including Sportswear, Running and the Jordan Brand. Our Men’s, Women’s and Young Athletes’ businesses all grew double-digits. Revenues for Converse were $2.0 billion, up 2 percent on a currency neutral basis, mainly driven by strong growth in the United States and Asia Pacific, slightly offset by lower sales in Europe. • Gross margin expanded 20 basis points to 46.2 percent primarily driven by higher average selling prices and growth in the higher margin DTC business which were partially offset by higher product costs, the negative impact of foreign currency exchange rates, and the impact from clearing excess inventory in North America. • Selling and administrative expense grew 6 percent to $10.5 billion. Demand creation expense was $3.3 billion, up 2 percent, reflecting investments in DTC marketing, brand events and sports marketing, which were partially offset by lower advertising expense. Operating overhead expense increased 8 percent to $7.2 billion due to the expanding DTC business, and targeted investments in operational infrastructure and consumer-focused digital capabilities. • Other income, net was $140 million for the fiscal year, mainly comprised of net foreign currency exchange gains. For the year, the Company estimates the year-over-year change in foreign currency-related gains and losses included in other income, net, combined with the

TIFFANY REPORTS SECOND QUARTER RESULTS: FULL YEAR EARNINGS OUTLOOK IS MAINTAINED

TIFFANY REPORTS SECOND QUARTER RESULTS: FULL YEAR EARNINGS OUTLOOK IS MAINTAINED

TIFFANY REPORTS SECOND QUARTER RESULTS: FULL YEAR EARNINGS OUTLOOK IS MAINTAINED

TIFFANY REPORTS SECOND QUARTER RESULTS: FULL YEAR EARNINGS OUTLOOK IS MAINTAINED

NEW YORK–(BUSINESS WIRE)– Tiffany & Co. (NYSE:TIF) reported its financial results for the three months (“second quarter”) and six months (“first half”) ended July 31, 2016. Worldwide net sales were below the prior year in both periods, which management attributed to declines in sales to both local customers and foreign tourists in most regions. Net earnings as reported in the second quarter were above the prior year (but declined when compared with adjusted net earnings in the equivalent prior-year period – see “Non-GAAP Measures”) and declined in the first half. In both periods, earnings benefited from higher gross margins, but there was a lack of sales leverage on operating expenses.

In the second quarter:

  • Worldwide net sales declined 6% to $932 million and comparable store sales declined 8%. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”), worldwide net sales and comparable store sales declined 6% and 9%, respectively.
  • Net earnings rose 1% to $106 million, or $0.84 per diluted share, from $105 million, or $0.81, in the prior year. Net earnings declined 5% from the prior-year period’s $111 million, or $0.86 per diluted share, which excludes a specific charge in that period (see “Non-GAAP Measures”).

In the first half:

  • Worldwide net sales of $1.8 billion were 7% below the prior year and comparable store sales declined 9%. On a constant-exchange-rate basis, worldwide net sales and comparable store sales declined 6% and 9%, respectively.
  • Net earnings of $193 million, or $1.53 per diluted share, included a tax benefit of $0.05 per diluted share in the first quarter related to the settlement of a tax examination. This compared with the prior year’s $210 million, or $1.62 per diluted share, as reported, and $216 million, or $1.67 per diluted share, when adjusted for the charge referenced above (see “Non-GAAP Measures”).

Frederic Cumenal, chief executive officer, said, “The global environment continues to reflect well known challenges that we believe have had broad effects on spending by local customers, as well as foreign tourists, especially from China. We are managing expenses efficiently, but also maintaining our marketing spending as a percentage of sales and continuing to invest in key strategic initiatives and opportunities to further strengthen Tiffany’s competitive position among global luxury brands. By delivering extraordinary products and experiences to our customers around the world, we remain focused on growing sales, operating margins and earnings, and creating greater value for stockholders.”

Net sales by region were as follows:

  • In the Americas, total sales of $434 million in the second quarter and $837 million in the first half were both 9% below last year, with declines of 9% and 10%, respectively, in comparable store sales. On a constant-exchange-rate basis, total sales and comparable store sales declined 8% and 9%, respectively, in both the second quarter and first half. Management attributed the declines to lower spending by U.S. customers as well as by Chinese and other foreign tourists.
  • In the Asia-Pacific region, total sales of $230 million in the second quarter and $469 million in the first half were 6% and 7%, respectively, lower than the prior year, and comparable store sales declined 12% and 13%, respectively. On a constant-exchange-rate basis, total sales and comparable store sales declined 3% and 9%, respectively, in the second quarter and 4% and 11%, respectively, in the first half. Sales growth in China and Korea was offset by a continuation of significant declines in Hong Kong and more moderate declines in most other markets.
  • In Japan, total sales increased 10% to $138 million in the second quarter and rose 9% to $269 million in the first half due to comparable store sales growth of 13% and 12%, respectively. However, on a constant-exchange-rate basis, total sales and comparable store sales declined 5% and 3%, respectively, in the second quarter and declined 2% and rose 1%, respectively, in the first half. Management noted lower spending by Chinese tourists in both periods.
  • In Europe, total sales declined 12% to $111 million in the second quarter and 11% to $208 million in the first half, due to respective declines of 17% and 16% in comparable store sales. On a constant-exchange-rate basis, total sales and comparable store sales declined 8% and 13%, respectively, in the second quarter and 7% and 13%, respectively, in the first half. Lower sales in continental Europe were attributed by management to weak demand by foreign tourists and local customers, in contrast to better performance in the United Kingdom.
  • Other sales declined 3% to $18 million in the second quarter and 20% to $40 million in the first half, reflecting comparable store sales declines of 22% and 21%, respectively. Management noted lower retail sales in the United Arab Emirates(“UAE”) and an increase in wholesale sales of diamonds.
  • Tiffany opened four Company-operated stores in the second quarter and closed one existing location. At July 31, 2016, the Company operated 311 stores (125 in the Americas, 83 in Asia-Pacific, 55 in Japan, 43 in Europe, and five in theUAE), compared with 304 stores a year ago (124 in the Americas, 79 in Asia-Pacific, 56 in Japan, 40 in Europe, and five in the UAE).

Other financial highlights:

  • Gross margin (gross profit as a percentage of net sales) increased to 61.9% in the second quarter and 61.6% in the first half, from 59.9% and 59.5% in the respective prior-year periods. The increases were due to lower product input costs, changes in product sales mix and price increases taken in the past year.
  • SG&A expenses declined 4% in the second quarter and 1% in the first half, reflecting lower variable labor-related costs, lower sales-related variable costs, lower marketing expenses and higher store-related costs. Excluding the effect of a specific charge in the prior year period, SG&A expenses declined 2% in the second quarter and increased less than one percent in the first half.
  • The effective tax rates were 34.5% in the second quarter and 32.1% in the first half, compared with 34.2% and 34.4%, respectively, in the comparable prior-year periods. The decline in the first half rate was due to a benefit related to the conclusion of a tax examination.
  • Net inventories at July 31, 2016 were 1% lower than at July 31, 2015.
  • Capital expenditures of $101 million in the first half were slightly higher than $98 million in last year’s first half.
  • The Company maintained an active pace of share repurchases in the second quarter, buying approximately 1.1 million shares of its Common Stock at an average cost of approximately $63 per share; in the first half the Company bought approximately 2.3 million shares at an average cost of approximately $65 per share. At July 31, 2016, $344 million remained available for repurchases under a program that authorizes the repurchase of up to $500 million of the Company’s Common Stock and that expires on January 31, 2019.
  • Cash and cash equivalents and short-term investments totaled $720 million at July 31, 2016, versus $771 million at July 31, 2015. Total short-term and long-term debt as a percentage of stockholders’ equity was 37% at both July 31, 2016 and 2015.

Outlook:

For the full 2016 fiscal year, management is maintaining its outlook to expect: (i) worldwide net sales declining by a low single-digit percentage from the prior year and (ii) earnings per diluted share declining by a mid-single-digit percentage from 2015’s adjusted earnings of $3.83 per diluted share (which excluded loan impairment and certain staffing and occupancy charges – see “Non-GAAP Measures”). These expectations are approximations and are based on the Company’s plans and assumptions, including: (i) worldwide gross retail square footage increasing 2%, net through 11 openings, 6 relocations and 9 closings; (ii) operating margin below the prior year’s 19.7% (excluding the prior year’s charges – see “Non-GAAP Measures”) due to an anticipated increase in gross margin (although at a considerably lesser rate in the second half than in the first half of the year) more than offset by SG&A expense growth; (iii) interest and other expenses, net unchanged from 2015; (iv) an effective income tax rate slightly lower than the prior year; (v) the U.S. dollar unchanged from current spot rates for the balance of the year; and (vi) weighted average diluted shares outstanding modestly lower than in fiscal 2015.

Management also expects for the full 2016 fiscal year: (i) net cash provided by operating activities of at least $660 million and (ii) free cash flow (net cash provided by operating activities less capital expenditures) of at least $400 million. These expectations are also based on the Company’s plans and assumptions, including: (i) net inventories unchanged from the prior year, (ii) capital expenditures of $260 million and (iii) net earnings in line with management’s expectations as described above.

Today’s Conference Call:

The Company will conduct a conference call today at 8:30 a.m. (Eastern Time) to review actual results and the outlook. Please click on http://investor.tiffany.com (“Events and Presentations”).

Next Scheduled Announcement:

The Company expects to report third quarter results on Tuesday November 29th before the market opens. To be notified of future announcements, please register at http://investor.tiffany.com (“E-Mail Alerts”).

Tiffany is the internationally-renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.