Companies news of 2016-05-15 (page 1)

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    Hollysys Automation Technologies Reports Unaudited Financial Results for the First Nine Months and the Third Quarter Ended March 31, 2016First Nine Months of Fiscal Year 2016 Financial Highlights- Non-GAAP net income attributable to Hollysys was $87.2 million, an increase of 10.8% compared to the comparable prior year period.- Total revenues were $396.7 million, an increase of 1.9% compared to the comparable prior year period.- Non-GAAP gross margin was at 37.2%, compared to 40.2% for the comparable prior year period.- Non-GAAP diluted EPS were at $1.45, an increase of 9.0% compared to the comparable prior year period.- Net cash provided by operating activities was $36.9 million for the current period.- DSO of 169 days, compared to 194 days for the comparable prior year period.- Inventory turnover days of 38 days, compared to 46 days from the comparable prior year period.Third Quarter of Fiscal Year 2016 Financial Highlights- Non-GAAP net income attributable to Hollysys was $23.1 million, a decrease of 20.2% compared to the comparable prior year period.- Total revenues were $118.8 million, an increase of 0.5% compared to the comparable prior year period.- Non-GAAP gross margin was at 31.7%, compared to 46.0% for the comparable prior year period.- Non-GAAP diluted EPS were at $0.38, a decrease of 22.4% compared to the comparable prior year period.- Net cash used in operating activities was $16.7 million for the current quarter.- DSO of 181 days, compared to 228 days for the comparable prior year period.- Inventory turnover days of 40 days, compared to 66 days for the comparable prior year period.

    BEIJING, May 15, 2016 /PRNewswire/ -- Hollysys Automation Technologies, Ltd. ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the fiscal year 2016 third quarter ended on March 31, 2016 (see attached tables). The management of Hollysys, stated:

    "For industrial automation business, we have insisted in executing our strategy to review the potential needs of the market in upgrading and reforming projects to mitigate the revenue which is continuously declining from new constructions in current situation. Industries like petro-chemical, metallurgy and building materials still perform weak. However, as supplement, power industry is maintaining stable, we have signed several new DCS contracts in coal fire power, especially in high levels, the supercritical coal fire generating units, such as Jiujiang Shenhua 2X1052MW, Guohua Ningdong 2X660MW and Xinjiang TBEA 2X660MW power units. Nuclear side, we are providing DCS for Hongyanhe #5 and #6 units. In factory automation, we will continue to expand our sales force and allocate more resources to this area, and to make an effort raise our uniquely customized turnkey solutions. As mentioned above, even though industrial automation revenue is declining, we will always try our best to minimize the impact, including adjusting internally to better cope with external environment and to keep sustainable long-term healthy development.

    In high-speed railway, as China is continuously investing a certain scale on supporting high-speed railway sector for the next five years, we are still benefit from the policy of 13(th) five-year-plan. As new products and technologies contribute in the next, we have confident that the high-speed railway's performance will be remaining stable.

    For subway business, we won the new biddings for Chengdu Line 10 and Wuhan Subway Line 8 SCADA contracts. Meanwhile, the SCADA for Beijing Subway Line 14 Middle Section and Beijing Changping Subway Phrase II are both in operating stage, we gained consistent favorable reputation by the customers. This is encouraging us for seeking opportunities to work with more local transportation bureaus from the first tiers cities down. We will continue to deliver quality works and work closely with subway authorities in the future to build up our SCADA and subway signaling businesses.

    In the mechanical and electrical solution segment, Concord and Bond have mainly focused in further development of Southeast Asia and Middle East markets. Even they are facing difficulties such as worsen market competitive environment, the lack of new-built projects and projects delay, rising cost and seasonal lumpiness, they are persevering in hard working. For this quarter revenue and backlog are both increased compared to same quarter last year. For long-term, we think the market still have much potential demand, and we will strengthen internal control and adjustment to keep M&E development in the future.

    Lastly, for extending international business, we are in the process of setting up local service centers in abroad. In India, we won the bidding to provide DCS and SIS to Lanco Solar Power Polycrystalline Silicon Project. In Southeast Asia region, we won the bidding to provide DCS and DEH for Indonesia Qingshan 2X350MW Coal-fire Power Units. Through accumulating track record in the targeting area, we are enhancing our brand name recognition overseas. With our proprietary technologies and products, well industry expertise and customized solution, we will continue to create value for our shareholders."

    The Third Quarter and First Nine Months of Fiscal Year 2016 Unaudited Financial Results Summary

    To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:

    (In USD thousands except for number of shares and per share data) Three months ended Nine months ended ------------------ ----------------- Mar 31, Mar 31, % Mar 31, Mar 31, % Change Change 2016 2015 2016 2015 ---- ---- ---- ---- Revenues $118,793 118,230 0.5% $396,657 389,188 1.9% Integrated contract revenue $99,757 106,360 (6.2)% $344,929 353,865 (2.5)% Products sales $16,157 9,808 64.7% $42,992 28,992 48.3% Service rendered $2,879 2,062 39.6% $8,736 6,331 38.0% Cost of revenues $81,126 63,827 27.1% $249,000 232,851 6.9% Gross profit $37,667 54,403 (30.8)% $147,657 156,337 (5.6)% Total operating expenses $17,986 17,417 3.3% $55,292 63,194 (12.5)% Selling $5,237 5,712 (8.3)% $18,957 19,686 (3.7)% General and administrative $8,685 8,971 (3.2)% $28,438 33,252 (14.5)% Research and development $8,369 9,369 (10.7)% $27,969 28,262 (1.0)% VAT refunds and government $(4,305) (6,635) (35.1)% $(20,072) (18,006) 11.5% subsidies Income from operations $19,681 36,986 (46.8)% $92,365 93,143 (0.8)% Other (expenses) income, net $(394) 46 (956.5)% $1,383 3,116 (55.6)% Foreign exchange gains $1,543 661 133.4% $729 (8) (9212.5)% Gains on disposal of investments in - 80 (100.0)% $ - 80 (100.0)% equity investees Share of net income (losses) of $6,409 (1,664) (485.2)% $6,486 (4,151) (256.3)% equity investees Dividend income from cost investees $ - - - $ - 248 (100.0)% Interest income $1,212 735 64.9% $4,051 2,447 65.5% Interest expenses $(161) (329) (51.1)% $(914) (710) 28.7% Income tax expenses $3,358 6,602 (49.1)% $13,140 13,735 (4.3)% Net income attributable to non- $1,787 904 97.7% $3,727 1,704 118.7% controlling interests Non-GAAP net income attributable to $23,145 29,009 (20.2)% $87,233 78,726 10.8% Hollysys Automation Technologies Ltd. Non-GAAP basic EPS $0.39 0.50 (22.0)% $1.48 1.35 9.6% Non-GAAP diluted EPS $0.38 0.49 (22.4)% $1.45 1.33 9.0% Share-based compensation $1,128 707 59.5% $3,265 2,137 52.8% expenses Amortization of acquired intangible $166 655 (74.7)% $654 487 34.3% assets Acquisition-related incentive share $ - (3,429) (100.0)% $(1,745) (1,745) - contingent consideration Convertible bond related fair value $ - (567) (100.0)% $ - - - adjustments GAAP Net income attributable to $21,851 31,643 (30.9)% $85,059 77,847 9.3% Hollysys Automation Technologies Ltd. GAAP basic EPS $0.37 0.54 (31.5)% $1.44 1.34 7.5% GAAP diluted EPS $0.36 0.53 (32.1)% $1.41 1.32 6.8% Basic weighted average common 59,082,795 58,275,396 1.4% 59,061,277 58,268,168 1.4% shares outstanding Diluted weighted average common 60,555,132 59,181,311 2.3% 60,594,356 59,133,233 2.5% shares outstanding

    Operational Results Analysis for the quarter ended March 31, 2016

    Comparing to the third quarter of the prior fiscal year, the total revenues for the three months ended March 31, 2016 increased from $118.2 million to $118.8 million, representing an increase of 0.5%. Broken down by the revenue types, integrated contracts revenue decreased by 6.2% to $99.8 million, products sales revenue increased by 64.7% to $16.2 million, and services revenue increased by 39.6% to $2.9 million.

    The Company's total revenues can also be presented in segments as shown in the following chart:

    (In USD thousands) Three months ended Mar 31, Nine months ended Mar 31, -------------------------- ------------------------- 2016 2015 2016 2015 ---- ---- ---- ---- $ % to $ % to $ % to $ % to Total Total Total Total Revenue Revenue Revenue Revenue ------- ------- ------- ------- Industrial Automation 38,026 32.0% 41,650 35.2% 141,769 35.7% 155,589 40.0% Rail Transportation 56,157 47.3% 56,093 47.5% 174,366 44.0% 130,546 33.5% Mechanical and Electrical 17,089 14.4% 15,949 13.5% 62,357 15.7% 92,939 23.9% Solutions Miscellaneous 7,521 6.3% 4,538 3.8% 18,165 4.6% 10,114 2.6% Total 118,793 100.0% 118,230 100.0% 396,657 100.0% 389,188 100.0% ------- ----- ------- ----- ------- ----- ------- -----

    Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin) was 31.7% for the three months ended March 31, 2016, as compared to 46.0% for the same period of the prior year. The non-GAAP gross margin for integrated contracts, product sales, and services rendered were 27.1%, 55.5% and 59.1% for the three months ended March 31, 2016, as compared to 43.4%, 71.7% and 56.0% for the same period of the prior year respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margin. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 31.7% for the three months ended March 31, 2016, as compared to 46.0% for the same period of the prior year. The GAAP gross margin for integrated contracts, product sales, and service rendered were 26.9%, 55.5% and 59.1% for the three months ended March 31, 2016, as compared to 42.8%, 71.7% and 56.0% for the same period of the prior year respectively.

    Selling expenses were $5.2 million for the three months ended March 31, 2016, representing a decrease of $0.5 million or 8.3% compared to $5.7 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 4.4% and 4.8% for the three months ended March 31, 2016, and 2015, respectively.

    General and administrative expenses, excluding non-cash share-based compensation expenses (non-GAAP G&A expenses), were $8.7 million for the quarter ended March 31, 2016, representing a decrease of 0.3 million, or 3.2%, as compared to $9.0 million for the same period of the prior year. Presented as a percentage of total revenues, non-GAAP G&A expenses were 7.3% and 7.6% for quarters ended March 31, 2016 and 2015 respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $9.8 million and $9.7 million for the three months ended March 31, 2016 and 2015, respectively.

    Research and development expenses were $8.4 million for the three months ended March 31, 2016, a decrease of $1.0 million or 10.7% compared to $9.4 million for the same quarter of the prior year. Presented as a percentage of total revenues, R&D expenses were 7.0% and 7.9% for the quarter ended March 31, 2016 and 2015, respectively.

    The VAT refunds and government subsidies were $4.3 million for three months ended March 31, 2016, as compared to $6.6 million for the same period in the prior year, representing a $2.3 million or 35.1% decrease. For the nine months ended March 31, 2016, the VAT refunds and government subsidies were $20.1 million, an increase of $2.1 million compared to $18.0 million for the same period of the prior year respectively.

    The income tax expenses and the effective tax rate were $3.4 million and 12.4% for the three months ended March 31, 2016, as compared to a $6.6 million and 16.9% for comparable prior year period. When excluding the impact of non-GAAP adjustments on the income before income taxes, the effective tax rate would have been 11.9% for the current quarter and 18.1% for the comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries apply to different tax rates.

    The non-GAAP net income attributable to Hollysys, which excludes non-cash share-based compensation expenses, amortization of acquired intangibles and acquisition-related consideration fair value adjustments was $23.1 million or $0.38 per diluted share based on 60.6 million shares outstanding for the three months ended March 31, 2016. This represents a 20.2% decrease over the $29.0 million or $0.49 per share based on 59.2 million shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $21.9 million or $0.36 per diluted share representing a decrease of 31.0% over the $31.6 million or $0.53 per diluted share reported in the comparable prior year period.

    Integrated Contracts Backlog Highlights

    Hollysys' backlog for integrated contracts as of March 31, 2016 was $498.5 million, representing a decrease of 5.4% compared to $527.0 million as of December 31, 2015 and almost equal to $498.7 million as of March 31, 2015. The detailed breakdown of the backlog for integrated contracts by segments is shown below:

    (In USD thousands) Quarter-over-Quarter Year-over-Year Analysis Analysis -------- 2016/3/31 2015/12/31 2015/3/31 $ % to $ % to % $ % to % Change Change Total Total Total Backlog Backlog Backlog ------- ------- ------- Industrial Automation 107,828 21.6% 105,805 20.1% 1.9% 145,330 29.2% (25.8%) Rail Transportation 259,770 52.1% 301,571 57.2% (13.9%) 257,450 51.6% 0.9% Mechanical and Electrical Solutions 130,900 26.3% 119,617 22.7% 9.4% 95,910 19.2% 36.5% Total 498,498 100.0% 526,993 100.0% (5.4%) 498,690 100.0% (0.0%) ------- ----- ------- ----- ----- ------- ----- -----

    Cash Flow Highlights

    For the three months ended March 31, 2016, the total net cash inflow was $10.8 million. The net cash used in operating activities was $16.7 million. The net cash provided by investing activities was $29.8 million, mainly consisted of $52.2 million as maturity of time deposits with original maturities over three months, which was partially offset by $20.4 million in time deposits over three months placed with banks. The net cash used in financing activities was $3.8 million, mainly due to repayments of long-term bank loans of $5.4 million, which was partially offset by proceeds from short-term bank loans and long-term bank loans of $1.2 million.

    Balance Sheet Highlights

    The total amount of cash and cash equivalents and time deposits with original maturities over three months were $256.4 million, $275.6 million, and $179.7 million as of March 31, 2016, December 31, 2015 and March 31, 2015, respectively. As of March 31, 2016, the company held $199.5 million in cash and cash equivalents and $56.9 million in time deposits with original maturities over three months.

    For the three months ended March 31, 2016, Days Sales Outstanding ("DSO") was 181 days, as compared to 228 days for the comparable prior year period and 138 days for the last quarter; and inventory turnover was 40 days, as compared to 66 days for the comparable prior year period and 34 days for the last quarter.

    Outlook for FY 2016

    The management concluded, "Given our strong backlog currently on-hand and sales pipeline envisioned so far, we reiterate our guidance for fiscal year 2016 with revenue in the range of $565 million to $600 million and non-GAAP net income in the range of $110 million to $120 million."

    Conference Call

    The Company will host a conference call at 9:00 p.m. U.S. Eastern Time on May 15, 2016 / 9:00 a.m. Beijing Time on May 16, 2016, to discuss the financial results for the fiscal year 2016 third quarter ended on March 31, 2016 and business outlook.

    To participate, please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 7392119.

    4001-200-539 (Mainland China) 0080 161 5189 (Taiwan) +1-855-298-3404 (United States) +1 631 5142 526 (US - New York) 0800 916 599 (France) 0800 1899 399 (Germany) 0800 837 001 (Switzerland) 1800 801 825 (Australia) 800-905-927 (Hong Kong) +852-5808-3202 (Hong Kong) 0800-015-9725 (United Kingdom) +44(0)20 3078 7622 800-616-3222 (Singapore) +65 6823 2299 (Singapore/International)

    In addition, a recording of the conference call will be accessible within 48 hours via Hollysys' website at: http://ir.hollysys.com/ or http://hollysys.investorroom.com

    About Hollysys Automation Technologies, Ltd.

    Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,600 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 6,000 customers more than 20,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Surveillance Control and Data Acquisition), nuclear power plant automation and control system and other products.

    SAFE HARBOUR:

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    For further information, please contact:

    Hollysys Automation Technologies, Ltd.

    www.hollysys.com
    +86-10-5898-1386
    investors@hollysys.com


    HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In USD thousands except for number of shares and per share data) Nine months ended March 31, Three months ended March 31, --------- 2016 2015 2016 2015 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited) (Audited) ---------- ---------- ---------- -------- Revenues Integrated contract revenue $99,757 $106,360 $344,929 $353,865 Products sales 16,157 9,808 42,992 28,992 Revenue from service 2,879 2,062 8,736 6,331 Total revenues 118,793 118,230 396,657 389,188 Costs of integrated contracts 72,921 60,802 227,270 222,621 Costs of products sold 7,194 2,773 19,176 8,356 Costs of services rendered 1,177 907 3,208 2,361 Gross profit 37,501 53,748 147,003 155,850 Operating expenses Selling 5,237 5,712 18,957 19,686 General and administrative 9,813 9,678 31,703 35,389 Research and development 8,369 9,369 27,969 28,262 VAT refunds and government subsidies (4,305) (6,635) (20,072) (18,006) Total operating expenses 19,114 18,124 58,557 65,331 Income from operations 18,387 35,624 88,446 90,519 Other (expenses) income, net (394) 3,475 3,128 4,861 Foreign exchange gains (losses) 1,543 661 729 (8) Gains on disposal of investments in equity investees - 80 - 80 Share of net income (losses) of equity investees 6,409 (1,664) 6,486 (4,151) Dividend income from cost investees - - - 248 Interest income 1,212 735 4,051 2,447 Interest expenses (161) 238 (914) (710) Income before income taxes 26,996 39,149 101,926 93,286 Income taxes expenses 3,358 6,602 13,140 13,735 Net income 23,638 32,547 88,786 79,551 Net income attributable to non-controlling interests 1,787 904 3,727 1,704 Net income attributable to Hollysys Automation $21,851 $31,643 $85,059 $77,847 Technologies Ltd. Other comprehensive income, net of tax of nil Translation adjustments 7,838 (6,383) (30,867) (8,369) Comprehensive income 31,476 26,164 57,919 71,182 Comprehensive income attributable to noncontrolling 1,798 530 3,505 887 interests Comprehensive income attributable to Hollysys $29,678 $25,634 $54,414 $70,295 Automation Technologies Ltd. Net income per ordinary share: Basic 0.37 0.54 1.44 1.34 Diluted 0.36 0.53 1.41 1.32 Weighted average ordinary shares used in income per share computation: Basic 59,082,795 58,275,396 59,061,277 58,268,168 Diluted 60,555,132 59,181,311 60,594,356 59,133,233

    HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEETS (In USD thousands except for number of shares and per share data) Mar 31, Dec 31, ------- ------- 2016 2015 ---- ---- (Unaudited) (Unaudited) ---------- ---------- ASSETS Current assets Cash and cash equivalents $199,477 $188,683 Time deposits with maturities over three months 56,902 86,950 Restricted cash 25,695 27,113 Accounts receivable, net of allowance for doubtful accounts of $38,631 and 243,749 234,251 $39,244 as of March 31,2016 and December 31, 2015, respectively Costs and estimated earnings in excess of billings, net of allowance for doubtful 185,677 167,626 accounts of $7,858 and $5,774 as of March 31, 2016 and December 31, 2015, respectively Other receivables, net of allowance for doubtful accounts of $1,059 and $739 as 12,802 15,882 of March 31, 2016 and December 31, 2015, respectively Advances to suppliers 11,932 10,302 Amounts due from related parties 27,883 32,213 Inventories 35,439 35,505 Prepaid expenses 644 676 Income tax recoverable 609 257 Deferred tax assets 4,450 3,871 ----- ----- Total current assets 805,259 803,329 Restricted cash 3,813 3,713 Prepaid expenses 18 12 Property, plant and equipment, net 79,879 78,357 Prepaid land leases 11,040 10,820 Acquired intangible assets, net 1,019 1,131 Investments in equity investees 17,728 11,360 Investments in cost investees 4,220 4,204 Goodwill 59,754 57,100 Deferred tax assets 2,771 2,791 Total assets 985,501 972,817 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term bank loans 3,763 2,872 Current portion of long-term loans 6,791 11,880 Accounts payable 105,639 109,392 Construction costs payable 664 1,112 Deferred revenue 102,799 108,627 Accrued payroll and related expenses 9,284 15,160 Income tax payable 4,032 3,638 Warranty liabilities 6,829 7,448 Other tax payables 19,389 21,527 Accrued liabilities 32,227 30,581 Amounts due to related parties 1,263 1,405 Deferred tax liabilities 8,161 8,561 ----- ----- Total current liabilities 300,841 322,203 Long-term loans 20,535 20,402 Deferred tax liabilities 63 64 Long-term warranty liabilities 3,786 2,846 Total liabilities 325,225 345,515 Commitments and contingencies - - Equity Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized; 59 59 59,028,099 and 58,998,599 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively Additional paid-in capital 209,742 208,241 Statutory reserves 36,590 30,299 Retained earnings 397,158 381,598 Accumulated other comprehensive income 6,938 (886) ----- ---- 650,487 619,311 Total Hollysys Automation Technologies Ltd. stockholder's equity Non-controlling interests 9,789 7,991 ----- ----- Total equity 660,276 627,302 Total liabilities and equity $985,501 $972,817


    HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (In USD thousands) Three months ended Nine months ended Mar 31, 2016 Mar 31, 2016 ------------ ------------ (Unaudited) (Unaudited) ---------- ---------- Cash flows from operating activities: Net income $23,638 $88,786 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant and equipment 1,905 5,189 Amortization of prepaid land leases 67 199 Amortization of intangible assets 165 654 Allowance for doubtful accounts 1,888 6,763 Losses on disposal of property, plant and equipment (106) 199 Share of net income of equity investees (6,409) (6,486) Share-based compensation expenses 1,128 3,265 Deferred income tax expenses (1,044) 560 Acquisition-related consideration adjustments - (1,745) Accretion of convertible notes discount 57 172 Changes in operating assets and liabilities: Accounts receivable (7,070) (10,346) Costs and estimated earnings in excess of billings (19,013) (28,343) Inventories 226 (2,668) Advances to suppliers (1,613) 2,591 Other receivables 3,018 (1,334) Deposits and other assets 1,709 (1,644) Due from related parties 4,499 9,211 Accounts payable (5,214) 4,921 Deferred revenue (6,518) (29,080) Accruals and other payable (5,614) (2,961) Due to related parties (166) 32 Income tax payable 47 (1,453) Other tax payables (2,270) 390 Net cash (used in) provided by operating activities (16,690) 36,872 Cash flows from investing activities: Time deposits with original maturities over three months placed (20,429) (81,289) with banks Purchases of property, plant and equipment (1,950) (5,222) Proceeds from disposal of property, plant and equipment 29 30 Maturity of time deposits with original maturities over three 52,191 72,445 months Net cash provided by (used in) investing activities 29,841 (14,036) Cash flows from financing activities: Proceeds from short-term bank loans 938 4,159 Repayments of short-term bank loans 32 (16,346) Proceeds from long-term bank loans 284 2,579 Repayments of long-term bank loans (5,409) (9,603) Proceeds from exercise of share options 373 373 Net cash used in financing activities (3,782) (18,838) Effect of foreign exchange rate changes 1,425 (12,355) Net increase (decrease) in cash and cash equivalents $10,794 $(8,357) Cash and cash equivalents, beginning of period $188,683 $207,834 Cash and cash equivalents, end of period 199,477 199,477

    Non-GAAP Measures

    In evaluating our results, the non-GAAP measures of "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, fair value adjustments of acquisition-related consideration, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.

    The following table provides a reconciliation of U.S. GAAP measures to the non-GAAP measures for the periods indicated:

    (In USD thousands, except for number of shares and per share data) ----------------------------------------------------------------- Three months ended Nine Months ended ------------------ ----------------- Mar 31, Mar 31, ------- ------- 2016 2015 2016 2015 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited) (Unaudited) ---------- ---------- ---------- ---------- Cost of integrated contracts $72,921 $60,802 $227,270 $222,621 Less: Amortization of acquired intangible assets 166 655 654 487 Non-GAAP cost of integrated contracts $72,755 $60,147 $226,616 $222,134 ------- ------- -------- -------- General and administrative expenses $9,813 $9,678 $31,703 $35,389 Less: Share-based compensation expenses 1,128 707 3,265 2,137 Non-GAAP general and administrative expenses $8,685 $8,971 $28,438 $33,252 ------ ------ ------- ------- Other (expenses) income, net $(394) $3,475 $3,128 $4,861 Add: acquisition-related incentive share - (2,862) (1,745) (1,745) contingent consideration fair value adjustment Non-GAAP other income, net $(394) $613 $1,383 $3,116 ----- ---- ------ ------ Interest expenses $(161) $238 $(914) $(710) Add: acquisition-related cash consideration adjustments - - - - convertible bond related fair value adjustment - (567) - - Non-GAAP interest expenses $(161) $(329) $(914) $(710) ----- ----- ----- ----- Net income attributable to Hollysys Automation $21,851 $31,643 $85,059 $77,847 Technologies Ltd. Add: Share-based compensation expenses 1,128 707 3,265 2,137 Amortization of acquired intangible assets 166 655 654 487 Acquisition-related consideration adjustment - (2,862) (1,745) (1,745) Convertible bond related Fair value adjustments - (567) - - Non-GAAP net income attributable to Hollysys $23,145 $29,576 $87,233 $78,726 Automation Technologies Ltd. Weighted average number of basic ordinary shares 59,082,795 58,275,396 59,061,277 58,268,168 Weighted average number of diluted ordinary shares 60,555,132 59,181,311 60,594,356 59,133,233 Non-GAAP basic earnings per share $0.39 $0.51 $1.48 $1.35 Non-GAAP diluted earnings per share $0.38 $0.50 $1.45 $1.33 ----- ----- ----- -----

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-nine-months-and-the-third-quarter-ended-march-31-2016-300268244.html

    Hollysys Automation Technologies, Ltd

    Web site: http://www.hollysys.com/




    comScore Announces Official Worldwide Box Office Results for Weekend of May 15, 2016-- Only comScore Provides the Official Global Movie Results --

    LOS ANGELES, May 15, 2016 /PRNewswire/ -- comScore today announced the official worldwide weekend box office estimates for the weekend of May 15, 2016, as compiled by the company's theatrical measurement services.

    http://photos.prnewswire.com/prnvar/20160131/327730LOGO

    As the trusted official standard for real-time worldwide box office reporting, comScore provides the only theater-level reporting in the world. Customers are able to analyze admissions and gross results around the world using comScore's suite of products.

    comScore's Senior Media Analyst Paul Dergarabedian commented, "Disney's latest Marvel superhero extravaganza 'Captain America: Civil War' absolutely crushes the global box office this weekend and in the process surpasses the $940 million mark and thus assures its eventual place in the $1 billion club. Notably, Sony's 'The Angry Birds Movie' has a spectacularly angry $43 million international opening ahead of its U.S. debut later this week."

    The top 12 worldwide weekend box office estimates, listed in descending order, per data collected as of Sunday, May 15, are below.

    1. Captain America: Civil War - Disney - $156.8M
    2. Angry Birds Movie, The - Sony - $43.0M
    3. Jungle Book, The - Disney - $33.0M
    4. Money Monster - Sony - $19.7M
    5. Wailing, The - 20th Century Fox - $16.8M
    6. Neighbors 2: Sorority Rising - Universal - $8.8M
    7. Criminal - Multiple - $7.6M
    8. Zootopia - Disney - $7.5M
    9. Finding Mr. Right 2 - Multiple - $5.5M
    10. Darkness, The - Multiple - $5.2M
    11. Huntsman: Winter's War, The - Universal - $4.6M
    12. Mother's Day - Unknown - $4.4M
    

    The top 12 domestic weekend box office estimates, listed in descending order, per data collected as of Sunday, May 15, are below.

    1. Captain America: Civil War - Disney - $72.6M
    2. Jungle Book, The - Disney - $17.8M
    3. Money Monster - Sony - $15.0M
    4. Darkness, The - High Top Releasing - $5.2M
    5. Mother's Day - Open Road - $3.3M
    6. Zootopia - Disney - $2.8M
    7. Huntsman: Winter's War, The - Universal - $2.6M
    8. Keanu - Warner Bros. - $1.9M
    9. Barbershop: The Next Cut - Warner Bros. - $1.7M
    10. Boss, The - Universal - $1.2M
    11. Sing Street - The Weinstein Company - $0.6M
    12. Ratchet And Clank - Focus Features - $0.6M
    

    Full details regarding the global domestic and international box office results are listed in the table below.

    Weekend BO Estimate (USD) Weekend Release Cume (USD) Distributor ------------------------ ------------------------- ----------- Title Worldwide Int'l Domestic Worldwide Int'l Domestic Int'l Terr. Dom ----- --------- ----- -------- --------- ----- -------- ----- ----- --- Captain America: Civil War 156,763,000 84,200,000 72,563,000 940,892,078 645,000,000 295,892,078 DIS 56 DIS -------------------------- ----------- ---------- ---------- ----------- ----------- ----------- --- --- --- Angry Birds Movie, The 43,000,000 43,000,000 - 43,000,000 43,000,000 - SNY 74 SNY ---------------------- ---------- ---------- --- ---------- ---------- --- --- --- --- Jungle Book, The 32,964,000 15,200,000 17,764,000 828,060,110 516,300,000 311,760,110 DIS 51 DIS ---------------- ---------- ---------- ---------- ----------- ----------- ----------- --- --- --- Money Monster 19,700,000 4,700,000 15,000,000 19,700,000 4,700,000 15,000,000 SNY 15 SNY ------------- ---------- --------- ---------- ---------- --------- ---------- --- --- --- Wailing, The 16,800,000 16,800,000 - 16,800,000 16,800,000 - FOX 1 WGU ------------ ---------- ---------- --- ---------- ---------- --- --- --- --- Neighbors 2: Sorority Rising 8,800,000 8,800,000 - 19,700,000 19,700,000 - UNI 34 UNI ---------------------------- --------- --------- --- ---------- ---------- --- --- --- --- Criminal 7,646,000 7,500,000 146,000 26,562,247 12,000,000 14,562,247 MUL 16 LGF -------- --------- --------- ------- ---------- ---------- ---------- --- --- --- Zootopia 7,516,000 4,700,000 2,816,000 969,830,439 638,000,000 331,830,439 DIS 18 DIS -------- --------- --------- --------- ----------- ----------- ----------- --- --- --- Finding Mr. Right 2 5,500,000 5,500,000 - 108,000,000 108,000,000 - MUL 8 ASIA ------------------- --------- --------- --- ----------- ----------- --- --- --- ---- Darkness, The 5,189,000 - 5,189,000 5,189,000 - 5,189,000 MUL 1 HTR ------------- --------- --- --------- --------- --- --------- --- --- --- Huntsman: Winter's War, The 4,575,620 2,000,000 2,575,620 153,934,870 109,400,000 44,534,870 UNI 64 UNI --------------------------- --------- --------- --------- ----------- ----------- ---------- --- --- --- Mother's Day 4,359,205 1,100,000 3,259,205 38,757,325 10,000,000 28,757,325 MUL: 30 OPRD ------------ --------- --------- --------- ---------- ---------- ---------- ---- --- ---- Que culpa Tiene el Nino 3,000,000 3,000,000 - 3,350,000 3,350,000 - DMN 1 N/A ----------------------- --------- --------- --- --------- --------- --- --- --- --- *Territory is a movie studio term for regions of the world consisting of various countries.

    (C) 2016 comScore - Content in this chart is produced and/or compiled by comScore and its Box Office Essentials and International Box Office Essentials data collection and analytical services, and is covered by provisions of the Copyright Act. The material presented herein is intended to be available for public use. You may reproduce the content of the chart in any format or medium without first obtaining permission, subject to the following requirements: (1) the material must be reproduced accurately and not in a misleading manner; (2) any publication or issuance of any part of the material to others must acknowledge comScoe as the source of the material; and (3) you may not receive any monetary consideration for reproducing, displaying, disclosing or otherwise using any part of the material.

    About comScore
    comScore is the cross-platform measurement company that precisely measures audiences, brands and consumer behavior everywhere. comScore completed its merger with Rentrak Corporation in January 2016 to create the new model for a dynamic, cross-platform world. Built on precision and innovation, our unmatched data footprint combines proprietary digital, TV and movie intelligence with vast demographic details to quantify consumers' multiscreen behavior at massive scale. This approach helps media companies monetize their complete audiences and allows marketers to reach these audiences more effectively. With more than 3,200 clients and global footprint in more than 75 countries, comScore is delivering the future of measurement. For more information on comScore, please visit comscore.com.

    Logo - http://photos.prnewswire.com/prnh/20160131/327730LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comscore-announces-official-worldwide-box-office-results-for-weekend-of-may-15-2016-300268783.html

    Photo: http://photos.prnewswire.com/prnh/20160131/327730LOGO comScore

    CONTACT: Paul Dergarabedian, Senior Media Analyst, (818) 917-9697,
    pdergarabedian@comscore.com, Antoine Ibrahim, PR Specialist, (646)
    722-1561, aibrahim@comscore.com

    Web site: http://www.comscore.com/

    Cellcom Israel Schedules First Quarter 2016 Results Release for May 23, 2016Conference Call Scheduled for May 23, 2016 at 9:00 ET

    NETANYA, Israel, May 15, 2016 /PRNewswire/ -- Cellcom Israel Ltd. (TASE: CEL) (hereinafter: the "Company"), announced today that it will be releasing its financial results for the first quarter of 2016 on Monday, May 23, 2016, before the US markets open.

    The Company will be hosting a conference call at 9:00 am Eastern Time (6:00 am Pacific Time, 14:00 UK time, 16:00 Israel time). On the call, management will review and discuss the results and will be available to answer questions.

    To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

    US Dial-in Number: 1-866-744-5399
    UK Dial-in Number: 0-800- 917-9141
    Israel Dial-in Number: 03-918-0691
    International Dial-in Number: +972-3-918-0691
    at:
    9:00 am Eastern Time; 6:00 am Pacific Time;
    14:00 UK Time; 16:00 Israel Time

    The conference will be broadcast live on the investor relations section of the Company's website: https://www.webcaster4.com/Webcast/Page/1411/15244. After the call, a replay of the call will be available under the same investor relations section.

    About Cellcom Israel

    Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 2.835 million cellular subscribers (as at December 31, 2015) with a broad range of value added services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides OTT TV services (as of December 2014), internet infrastructure (as of February 2015) and connectivity services and international calling services, as well as landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website http://investors.cellcom.co.il/

    Company Contact Investor Relations Contact Shlomi Fruhling Ehud Helft Chief Financial Officer investors@cellcom.co.il GK Investor & Public Relations Tel: +972-52-998-9755 cellcom@gkir.com Tel: +1 617 418 3096 --- --------------------

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cellcom-israel-schedules-first-quarter-2016-results-release-for-may-23-2016-300268744.html

    Cellcom Israel Ltd.
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