Mackenzie Investments Announces June 2019 Quarterly and Semi-Annual Distributions for its Exchange Traded Funds
TORONTO, June 19, 2019 /CNW/ - Mackenzie Investments today announced the June 2019 quarterly and semi-annual cash distributions for its equity Exchange Traded Funds ("ETFs") listed below that trade on the Toronto Stock Exchange (TSX). Unitholders of record on June 25, 2019 will receive cash distributions payable on July 3, 2019.
InfraCap MLP ETF (NYSE: AMZA) DECLARES MONTHLY DISTRIBUTION
NEW YORK, June 19, 2019 /PRNewswire/ -- The InfraCap MLP ETF (NYSE: AMZA) (the "Fund") has declared a monthly distribution of $0.08 ($0.96 per share on an annualized basis). The distribution will be paid June 28, 2019 to shareholders of record as of the close of business June 21, 2019.
InfraCap REIT Preferred ETF (NYSE: PFFR) Declares Quarterly Dividend
NEW YORK, June 19, 2019 /PRNewswire/ -- The InfraCap REIT Preferred ETF (NYSE: PFFR) has declared a quarterly dividend of $0.35 per share. The dividend will be paid June 28, 2019 to shareholders of record as of the close of business June 21, 2019.
Entergy Recommends Shareholders Do Not Tender in Response to Mini-Tender Offer by TRC Capital Corporation
NEW ORLEANS, June 20, 2019 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) has been notified of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to 1 million shares of Entergy common stock, representing approximately 0.53% of Entergy's outstanding shares as of April 30, 2019. TRC's offer price of $97.50 is 4.45% below the closing price of Entergy's common stock on June 14, 2019, the last trading day prior to the commencement of the offer. Entergy does not endorse TRC's unsolicited mini-tender offer and is in no way associated with TRC, its mini-tender offer or its mini-tender offer documentation. Entergy recommends shareholders do not tender their shares in response to TRC's mini-tender offer or, if shareholders have already tendered shares, that they withdraw their shares by providing the written notice described in the TRC mini-tender offer documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. Eastern Time on July 17, 2019, because it was commenced at a below-market offer price, is highly conditional and is not subject to important investor protections. Mini-tender offers, such as TRC's offer, are not subject to many of the disclosure and procedural requirements afforded to larger tender offers, including the filing of disclosure and other tender offer documents with the U.S. Securities and Exchange Commission and other procedures mandated by U.S. securities laws. Entergy urges common shareholders to obtain current market quotations for their shares of common stock, to consult their broker or financial advisor, and to exercise caution with respect to TRC's offer. The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's advisory may be found on the SEC website at http://www.sec.gov/investor/pubs/minitend.htm. TRC has made many similar unsolicited mini-tender offers for shares of other public companies. Entergy urges broker-dealers and other market participants to review the SEC's recommendations to broker-dealers in these circumstances, which can be found on the SEC website at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and Information Memo Number 01-27 issued by the NYSE on September 28, 2001, which can be found on the NYSE website at https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-interpretations/2001/01-27.pdf regarding the dissemination of mini-tender offer materials. Entergy requests that a copy of this news release be included with all distributions of materials relating to TRC's mini-tender offer related to shares of Entergy common stock. About Entergy Corporation Entergy Corporation (NYSE: ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. entergy.com facebook.com/entergy Twitter: @Entergy View original content to download multimedia:http://www.prnewswire.com/news-releases/entergy-recommends-shareholders-do-not-tender-in-response-to-mini-tender-offer-by-trc-capital-corporation-300871783.html SOURCE Entergy Corporation
Gresham Strengthens Cyber-security Posture with PCI DSS 3.2 Accreditation
Latest industry recognition, ensures Clareti Platform customers continue to benefit from the most stringent security accreditations
Ethyl Polysilicate Market to Cross US$670 Mn by 2025: Global Market Insights, Inc.
SELBYVILLE, Delaware, June 20, 2019 /PRNewswire/ -- The ethyl polysilicate market share is predicted to rise from USD 485 million in 2018 to over USD 670 million by 2025, according to a 2019 Global Market Insights, Inc. report. Growing application potential in paints due to its high adhesive power and cross-linking properties will have positive impact on ethyl polysilicate market growth. These characteristics proves advantageous for wall surfaces to remain intact with paint thus providing stability along with moisture resistance which is likely to boost industry size by 2025.
Aeroflot Expands Route Network for Summer 2019
MOSCOW, June 20, 2019 /PRNewswire/ -- This summer Aeroflot has launched new flights to more destinations in Russia and abroad. From June 1, Aeroflot is operating five weekly flights from Moscow to Marseille, France's second largest city and a renowned cultural and historical centre. Another destination in the Mediterranean that was added to Aeroflot's route network is Palma de Mallorca - Aeroflot is now operating four weekly flights to the largest city of the Balearic Islands.
Kroger Reports First Quarter 2019 Results
CINCINNATI, June 20, 2019 /PRNewswire/ --The Kroger Co. (NYSE: KR) today reported its first quarter 2019 results and provided a Restock Kroger progress update on the company's three-year transformation plan. Comments from Chairman and CEO Rodney McMullen "Because the retail industry is constantly transforming, we proactively launched Restock Kroger to deliver for our customers and shareholders. It all starts with our customer obsession, which is why Kroger is assembling a platform to deliver anything, anytime, anywhere. We are building momentum in the second year of Restock Kroger, which is off to a solid start. The entire company is focused on redefining the grocery customer experience, improved upon by exciting partnerships that will create value. We are on track to generate the free cash flow and incremental adjusted FIFO operating profit that we committed to in 2019 as part of Restock Kroger. We are confident in our ability to deliver on our plans for the year and our long-term vision to serve America through food inspiration and uplift." Financial Results Total company sales were $37.3 billion in the first quarter, compared to $37.7 billion for the same period last year. This decrease is due to the sale of Kroger's convenience store business unit. Total sales, excluding fuel and the effect of selling the convenience store business unit, increased 2.0% from the same period last year. Gross margin was 22.2% of sales for the first quarter. FIFO gross margin, excluding fuel, decreased 40 basis points from the same period last year, primarily due to industry-wide lower gross margin rates in pharmacy. The Operating, General & Administrative costs, excluding fuel and the 2019 and 2018 Adjustment Items (see Table 6), decreased 12 basis points as a rate of sales, due to execution of Restock Kroger initiatives and planned real estate transactions during the quarter. Operating profit was $901 million in the first quarter. Adjusted FIFO operating profit totaled $957 million in the first quarter (see Table 7). GAAP net earnings were $0.95 per diluted share compared to $2.37 per diluted share in the same period last year. Adjusted net earnings were $0.72 per diluted share, compared to $0.73 per diluted share in the same period last year (see Table 6). Kroger did not adjust the rates as a percent of sales described above for the divestitures of the convenience store, YouTech and Turkey Hill Dairy businesses and the merger with Home Chef, because the effect was insignificant. Financial Strategy Kroger's financial strategy is to use its free cash flow to drive growth while also maintaining its current investment grade debt rating and returning capital to shareholders. The company actively balances the use of its cash flow to achieve these goals. Over the last four quarters, Kroger has used cash to: Invest a combined $589 million in Ocado securities and Home Chef, Contribute an incremental $185 million pre-tax to company-sponsored pension plans, Repurchase five million common shares for $216 million, Pay $440 million in dividends, and Invest $3.0 billion in capital, excluding mergers, acquisitions, and purchases of leased facilities.Consistent with our financial strategy, Kroger reduced net total debt by $1.7 billion, since the end of fiscal year 2018. Kroger's net total debt to adjusted EBITDA ratio is 2.54, down from 2.83 at the end of 2018 (see Table 5). The company's net total debt to adjusted EBITDA ratio target range is 2.30 to 2.50. 2019 Guidance IDS (%) EPS ($) Operating Profit ($B) Tax Rate Cap Ex ($B) GAAP N/A $2.38 - $2.48 $2.9 - $3.0 23% $3.0 - $3.2 Adjusted* 2.0% - 2.25% $2.15 - $2.25 $2.9 - $3.0 22% N/A * Without adjusted items, if applicable; operating profit represents FIFO Operating Profit First Quarter 2019 Restock Kroger Highlights Redefine the Grocery Customer Experience Our Brands sales were up 3.3% vs. prior year, led by double digit growth in Simple Truth. Kroger also launched 219 new Our Brands items Expanded to 1,685 Pickup locations and 2,126 Delivery locations, covering over 93% of Kroger households Introduced test of new Home Chef retail meal solutions, including oven-ready options, Heat & Eat choices, and lunch kitsPartner for Customer Value Provided additional detail on Kroger's alternative profit stream portfolio Formed PearlRock Partners, a new platform to identify, invest in and help grow the next generation of leading consumer product brands, with private investment firm Lindsay Goldberg Broke ground on first Kroger-Ocado center in Monroe, Ohio and named the location of the second customer fulfillment center Completed sale of YouTech to Inmar and established a long-term service agreement Completed sale of Turkey Hill business Expanded Media business portfolio with new ad units, including a direct relationship with Pinterest to bridge the journey between inspiration and purchase for both customers and advertisersDevelop Talent Earned perfect score of 100% on the Human Rights Campaign's Corporate Equality Index and recognized as one of the Best Places to Work for LGBTQ Kroger Technology was named to Computerworld magazine's Top 100 Best Places to Work in IT Yael Cosset, senior vice president and chief information officer, recognized by Business Insider as a top industry executive who's transforming retail Colleen Lindholz, president of Kroger Health, recognized by Forbes for her leadership in the food industry to impact communities and improve lives Fry's President Monica Garnes named Progressive Grocer's 2019 TrailblazerLive Kroger's Purpose Announced relationship with sustainability innovator Loop to pilot new reusable packaging system Named a 2019 Engage for Good Gold Halo Award winner in the Best Environmental Initiative category for Zero Hunger | Zero Waste Eliminated single-use plastic grocery bags in the Pacific Northwest QFC division At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human Spirit®. We are nearly half a million associates who serve over 11 million customers daily through a seamless digital shopping experience and 2,761 retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site. Kroger's first quarter 2019 ended on May 25, 2019. Note: Fuel sales have historically had a low gross margin rate and operating expense rate as compared to corresponding rates on non-fuel sales. As a result, Kroger discusses the changes in these rates excluding the effect of fuel. Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP financial measure and related disclosure. This press release contains certain statements that constitute "forward-looking statements" about the future performance of the company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. The remarks contain certain forward-looking statements about the future performance of the Company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "ahead," "believe," "build," "committed," "confident," "continue," "contribute," "create," "deliver," "drive," "estimate," "expect," "future," "guidance," "headwind," "improve," "intend," "momentum," "optimistic," "on track," "proactive," "progress," "solid," "strategy," "strength," "tailwind," "target," "transformation," "trend," "upcoming," "vision," and "will." Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" and "Outlook" in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following: Kroger's ability to achieve sales, earnings, incremental FIFO operating profit, and free cash flow goals may be affected by: labor negotiations or disputes; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, including non-traditional competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary and deflationary trends in certain commodities, changes in tariffs, and the unemployment rate; the effect that fuel costs have on consumer spending; volatility of fuel margins; changes in government-funded benefit programs; manufacturing commodity costs; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the uncertain pace of economic growth; changes in inflation or deflation in product and operating costs; stock repurchases; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger's future growth plans; the ability to execute on Restock Kroger; and the successful integration of merged companies and new partnerships. Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow. Kroger's ability to achieve these goals may also be affected by Kroger's ability to manage the factors identified above. Kroger's ability to execute its financial strategy may be affected by its ability to generate cash flow. Kroger's effective tax rate may differ from the expected rate due to changes in laws, the status of pending items with various taxing authorities, and the deductibility of certain expenses.Kroger assumes no obligation to update the information contained herein. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Note: Kroger's quarterly conference call with investors will broadcast live at 10 a.m. (ET) on June 20, 2019 at ir.kroger.com. An on-demand replay of the webcast will be available at approximately 1 p.m. (ET) on Thursday, June 20, 2019. 1st Quarter 2019 Tables Include: Consolidated Statements of Operations Consolidated Balance Sheets Consolidated Statements of Cash Flows Supplemental Sales Information Reconciliation of Net Total Debt and Net Earnings Attributable to The Kroger Co. to Adjusted EBITDA Net Earnings Per Diluted Share Excluding the Adjustment Items Operating Profit Excluding the Adjustment Items 2018 Sales Reclassification Table 1. THE KROGER CO. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (unaudited) FIRST QUARTER 2019 2018 SALES $ 37,251 100.0% $ 37,722 100.0% OPERATING EXPENSES MERCHANDISE COSTS, INCLUDING ADVERTISING, WAREHOUSING AND TRANSPORTATION (a), AND LIFO CHARGE (b) 28,983 77.8 29,419 78.0 OPERATING, GENERAL AND ADMINISTRATIVE (a) 6,314 17.0 6,257 16.6 RENT 274 0.7 276 0.7 DEPRECIATION AND AMORTIZATION 779 2.1 741 2.0 OPERATING PROFIT 901 2.4 1,029 2.7 OTHER INCOME (EXPENSE) INTEREST EXPENSE (197) (0.5) (192) (0.5) NON-SERVICE COMPONENT OF COMPANY-SPONSORED PENSION PLAN COSTS 3 0.0 (10) (0.0) MARK TO MARKET GAIN ON OCADO SECURITIES 106 0.3 36 0.1 GAIN ON SALE OF BUSINESSES 176 0.5 1,771 4.7 NET EARNINGS BEFORE INCOME TAX EXPENSE 989 2.7 2,634 7.0 INCOME TAX EXPENSE 226 0.6 616 1.6 NET EARNINGS INCLUDING NONCONTROLLING INTERESTS 763 2.1 2,018 5.4 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (9) - (8) - NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. $ 772 2.1% $ 2,026 5.4% NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER BASIC COMMON SHARE $ 0.96 $ 2.39 AVERAGE NUMBER OF COMMON SHARES USED IN BASIC CALCULATION 798 839 NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER DILUTED COMMON SHARE $ 0.95 $ 2.37 AVERAGE NUMBER OF COMMON SHARES USED IN DILUTED CALCULATION 805 846 DIVIDENDS DECLARED PER COMMON SHARE $ 0.140 $ 0.125 Note: Certain percentages may not sum due to rounding. Note: The Company defines First-In First-Out (FIFO) gross profit as sales minus merchandise costs, including advertising, warehousing and transportation, but excluding the Last-In First-Out (LIFO) charge. The Company defines FIFO gross margin, as described in the earnings release, as FIFO gross profit divided by sales. The Company defines FIFO operating profit as operating profit excluding the LIFO charge. The Company defines FIFO operating margin, as described in the earnings release, as FIFO operating profit divided by sales. The above FIFO financial metrics are important measures used by management to evaluate operational effectiveness. Management believes these FIFO financial metrics are useful to investors and analysts because they measure our day-to-day operational effectiveness. (a) Merchandise costs ("COGS") and operating, general and administrative expenses ("OG&A") exclude depreciation and amortization expense and rent expense which are included in separate expense lines. (b) LIFO charges of $15 were recorded in the first quarters of 2019 and 2018. Note: Products and services related primarily to Kroger Personal Finance and Media, which were historically accounted for as an offset to OG&A, are now classified as a component of sales, except for certain amounts in Media, which are netted against COGS. These prior-year amounts have been reclassified to conform to current-year presentation, which is consistent with our Restock Kroger initiative and view of the products and services as part of our core business strategy. This is also more consistent with industry practice. Table 2. THE KROGER CO. CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) May 25, May 26, 2019 2018 ASSETS Current Assets Cash $ 365 $ 315 Temporary cash investments 44 376 Store deposits in-transit 1,066 1,053 Receivables 1,560 1,583 Inventories 6,707 6,387 Assets held for sale - 42 Prepaid and other current assets 420 530 Total current assets 10,162 10,286 Property, plant and equipment, net 21,661 21,195 Operating lease assets 6,819 - Intangibles, net 1,123 1,100 Goodwill 3,087 2,925 Other assets 1,467 1,055 Total Assets $ 44,319 $ 36,561 LIABILITIES AND SHAREOWNERS' EQUITY Current Liabilities Current portion of long-term debt including obligations under finance leases $ 1,453 $ 2,242 Current portion of operating lease liabilities 682 - Trade accounts payable 6,423 6,202 Accrued salaries and wages 1,078 1,011 Liabilities held for sale - 18 Other current liabilities 3,939 4,003 Total current liabilities 13,575 13,476 Long-term debt including obligations under finance leases 12,016 12,059 Noncurrent operating lease liabilities 6,420 - Deferred income taxes 1,484 1,590 Pension and postretirement benefit obligations 485 789 Other long-term liabilities 1,807 1,706 Total Liabilities 35,787 29,620 Shareowners' equity 8,532 6,941 Total Liabilities and Shareowners' Equity $ 44,319 $ 36,561 Total common shares outstanding at end of period 798 796 Total diluted shares year-to-date 805 846 Note: The Company adopted ASU 2016-02, "Leases," and related amendments as of February 3, 2019 under the modified retrospective approach and has not revised comparative periods. Table 3. THE KROGER CO. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) YEAR-TO-DATE 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings including noncontrolling interests $ 763 $ 2,018 Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities: Depreciation and amortization 779 741 Operating lease amortization 197 - LIFO charge 15 15 Stock-based employee compensation 48 45 Expense for Company-sponsored pension plans 11 27 Deferred income taxes (73) 17 Gain on sale of businesses (176) (1,771) Gain on the sale of property (57) - Mark to market gain on Ocado securities (106) (36) Other (29) - Changes in operating assets and liabilities, net of effects from mergers and disposals of businesses: Store deposits in-transit 115 108 Receivables 33 (123) Inventories 124 134 Prepaid and other current assets 86 307 Trade accounts payable 364 345 Accrued expenses (18) 43 Income taxes receivable and payable 63 558 Operating lease liabilities (146) - Proceeds from contract associated with the sale of business 295 - Other (20) (60) Net cash provided by operating activities 2,268 2,368 CASH FLOWS FROM INVESTING ACTIVITIES: Payments for property and equipment (901) (758) Proceeds from sale of assets 117 47 Purchases of stores - (44) Net proceeds from sale of businesses 326 2,142 Other (6) (38) Net cash (used) provided by investing activities (464) 1,349 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt 9 1,010 Payments on long-term debt including obligations under finance leases (1,013) (214) Net payments on commercial paper (700) (2,120) Dividends paid (113) (110) Proceeds from issuance of capital stock 12 10 Treasury stock purchases (15) (1,809) Other (4) (140) Net cash used by financing activities (1,824) (3,373) NET (DECREASE) INCREASE IN CASH AND TEMPORARY CASH INVESTMENTS (20) 344 CASH AND TEMPORARY CASH INVESTMENTS: BEGINNING OF YEAR 429 347 END OF PERIOD $ 409 $ 691 Reconciliation of capital investments: Payments for property and equipment $ (901) $ (758) Changes in construction-in-progress payables 25 (91) Total capital investments $ (876) $ (849) Disclosure of cash flow information: Cash paid during the year for interest $ 115 $ 124 Cash paid during the year for income taxes $ 231 $ 36 Table 4. Supplemental Sales Information (in millions, except percentages) (unaudited) Items identified below should not be considered as alternatives to sales or any other GAAP measure of performance. Identical sales is an industry-specific measure and it is important to review it in conjunction with Kroger's financial results reported in accordance with GAAP. Other companies in our industry may calculate identical sales differently than Kroger does, limiting the comparability of the measure. IDENTICAL SALES (a) FIRST QUARTER 2019 2018 EXCLUDING FUEL $ 32,133 $ 31,670 EXCLUDING FUEL 1.5% 1.9% (a) Kroger defines identical sales, excluding fuel, as sales to retail customers, including sales from all departments at identical supermarket locations, Kroger Specialty Pharmacy businesses, jewelry and ship-to-home solutions. Kroger defines a supermarket as identical when it has been in operation without expansion or relocation for five full quarters. Additionally, sales from all acquired businesses are treated as identical as if they were part of the Company in the prior year. Products and services related primarily to Kroger Personal Finance, which were historically accounted for as an offset to OG&A, are now classified as a component of sales. These prior-year amounts have been reclassified to conform to current-year presentation and included in identical sales in 2019 and 2018, which is consistent with our Restock Kroger initiative and view of the products and services as part of our core business strategy. This is also more consistent with industry practice. This change affected identical sales by 3 and 5 basis points in 2019 and 2018, respectively. Table 5. Reconciliation of Net Total Debt and Net Earnings Attributable to The Kroger Co. to Adjusted EBITDA (in millions, except for ratio) (unaudited) The items identified below should not be considered an alternative to any GAAP measure of performance or access to liquidity. Net total debt to adjusted EBITDA is an important measure used by management to evaluate the Company's access to liquidity. The items below should be reviewed in conjunction with Kroger's financial results reported in accordance with GAAP. The following table provides a reconciliation of net total debt. May 25, May 26, 2019 2018 Change Current portion of long-term debt including obligations under finance leases $ 1,453 $ 2,242 $ (789) Long-term debt including obligations under finance leases 12,016 12,059 (43) Total debt 13,469 14,301 (832) Less: Temporary cash investments 44 376 (332) Less: Prepaid employee benefits - 2 (2) Net total debt $ 13,425 $ 13,923 $ (498) The following table provides a reconciliation from net earnings attributable to The Kroger Co. to adjusted EBITDA, as defined in the Company's credit agreement, on a rolling four quarter 52 week basis. Rolling Four Quarters Ended May 25, May 26, 2019 2018 Net earnings attributable to The Kroger Co. $ 1,856 $ 3,630 LIFO charge (credit) 29 (18) Depreciation and amortization 2,503 2,441 Interest expense 625 614 Income tax expense 510 63 Adjustments for pension plan agreements 227 338 Adjustment for Kroger Specialty Pharmacy goodwill impairment - 110 Adjustment for company-sponsored pension plan termination - 502 Adjustment for mark to market gain on Ocado securities (298) (36) Adjustment for gain on sale of convenience store business (11) (1,771) Adjustment for gain on sale of Turkey Hill Dairy (106) - Adjustment for gain on sale of You Technology (70) - Adjustment for contingent consideration 9 - Adjustment for loss on settlement of financial instrument 42 - 53rd week EBITDA adjustment - (131) Other (23) (13) Adjusted EBITDA $ 5,293 $ 5,729 Net total debt to adjusted EBITDA ratio on a 52 week basis 2.54 2.43 Table 6. Net Earnings Per Diluted Share Excluding the Adjustment Items (in millions, except per share amounts) (unaudited) The purpose of this table is to better illustrate comparable operating results from our ongoing business, after removing the effects on net earnings per diluted common share for certain items described below. Items identified in this table should not be considered alternatives to net earnings attributable to The Kroger Co. or any other GAAP measure of performance. These items should not be reviewed in isolation or considered substitutes for the Company's financial results as reported in accordance with GAAP. Due to the nature of these items, as further described below, it is important to identify these items and to review them in conjunction with the Company's financial results reported in accordance with GAAP. The following table summarizes items that affected the Company's financial results during the periods presented. FIRST QUARTER 2019 2018 NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. $ 772 $ 2,026 ADJUSTMENTS FOR PENSION PLAN AGREEMENTS (a)(b) 44 (10) ADJUSTMENT FOR GAIN ON SALE OF CONVENIENCE STORE BUSINESS (a)(c) - (1,352) ADJUSTMENT FOR GAIN ON SALE OF TURKEY HILL DAIRY (a)(d) (80) - ADJUSTMENT FOR GAIN ON SALE OF YOU TECHNOLOGY (a)(e) (52) - ADJUSTMENT FOR MARK TO MARKET GAIN ON OCADO SECURITIES (a)(f) (80) (27) ADJUSTMENT FOR DEPRECIATION RELATED TO HELD FOR SALE ASSETS (a)(g) - (11) ADJUSTMENT FOR CONTINGENT CONSIDERATION (a)(h) (18) - 2019 AND 2018 ADJUSTMENT ITEMS (186) (1,400) NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. EXCLUDING THE ADJUSTMENT ITEMS ABOVE $ 586 $ 626 NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER DILUTED COMMON SHARE $ 0.95 $ 2.37 ADJUSTMENTS FOR PENSION PLAN AGREEMENTS (i) 0.05 (0.01) ADJUSTMENT FOR GAIN ON SALE OF CONVENIENCE STORE BUSINESS (i) - (1.59) ADJUSTMENT FOR GAIN ON SALE OF TURKEY HILL DAIRY (i) (0.10) - ADJUSTMENT FOR GAIN ON SALE OF YOU TECHNOLOGY (i) (0.06) - ADJUSTMENT FOR MARK TO MARKET GAIN ON OCADO SECURITIES (i) (0.10) (0.03) ADJUSTMENT FOR DEPRECIATION RELATED TO HELD FOR SALE ASSETS (i) - (0.01) ADJUSTMENT FOR CONTINGENT CONSIDERATION (i) (0.02) - 2019 AND 2018 ADJUSTMENT ITEMS (0.23) (1.64) NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER DILUTED COMMON SHARE EXCLUDING THE ADJUSTMENT ITEMS ABOVE $ 0.72 $ 0.73 AVERAGE NUMBER OF COMMON SHARES USED IN DILUTED CALCULATION 805 846 Table 6. Net Earnings Per Diluted Share Excluding the Adjustment Items (continued) (in millions, except per share amounts) (unaudited) (a) The amounts presented represent the after-tax effect of each adjustment. (b) The pre-tax adjustments for pension plan agreements were $59 and $(13) in the first quarters of 2019 and 2018, respectively. (c) The pre-tax adjustment for gain on sale of convenience store business was ($1,771). (d) The pre-tax adjustment for gain on sale of Turkey Hill Dairy was ($106). (e) The pre-tax adjustment for gain on sale of You Technology was ($70). (f) The pre-tax adjustment for mark to market gain on Ocado securities was ($106) and ($36) in the first quarters of 2019 and 2018, respectively. (g) The pre-tax adjustment for depreciation related to held for sale assets was ($14). (h) The pre-tax adjustment for contingent consideration was $(24). (i) The amounts presented represent the net earnings per diluted common share effect of each adjustment. Note: 2019 First Quarter Adjustment Items include adjustments for pension plan agreements, the gain on sale of Turkey Hill Dairy, the gain on sale of You Technology, the mark to market gain on Ocado securities and a contingent consideration adjustment. 2018 First Quarter Adjustment Items include adjustments for pension plan agreements, the gain on sale of convenience store business, the mark to market gain on Ocado securities and depreciation related to held for sale assets. Table 7. Operating Profit Excluding the Adjustment Items (in millions) (unaudited) The purpose of this table is to better illustrate comparable operating results from our ongoing business, after removing the effects on operating profit for certain items described below. Items identified in this table should not be considered alternatives to operating profit or any other GAAP measure of performance. These items should not be reviewed in isolation or considered substitutes for the Company's financial results as reported in accordance with GAAP. Due to the nature of these items, as further described below, it is important to identify these items and to review them in conjunction with the Company's financial results reported in accordance with GAAP. The following table summarizes items that affected the Company's financial results during the periods presented. FIRST QUARTER 2019 2018 Operating profit $ 901 $ 1,029 LIFO charge 15 15 FIFO Operating profit 916 1,044 Adjustments for pension plan agreements 59 (13) Adjustment for depreciation related to held for sale assets - (14) Adjustment for contingent consideration (24) - Other 6 5 2019 and 2018 Adjustment items 41 (22) Adjusted FIFO operating profit excluding the adjustment items above $ 957 $ 1,022 Table 8. 2018 Sales Reclassification (in millions) (unaudited) Products and services related primarily to Kroger Personal Finance and Media, which were historically accounted for as an offset to OG&A, are now classified as a component of sales, except for certain amounts in Media, which are netted against COGS. These prior-year amounts have been reclassified to conform to current-year presentation, which is consistent with our Restock Kroger initiative and view of the products and services as part of our core business strategy. This is also more consistent with industry practice. The following table summarizes the Company's 2018 sales reclassification: FIRST QUARTER AS PREVIOUSLY STATED RECLASSIFICATION RECLASSIFIED FIRST QUARTER 2018 2018 2018 SALES $ 37,530 $ 192 $ 37,722 OPERATING EXPENSES MERCHANDISE COSTS, INCLUDING ADVERTISING, WAREHOUSING AND TRANSPORTATION, AND LIFO CHARGE 29,362 57 29,419 OPERATING, GENERAL AND ADMINISTRATIVE 6,122 135 6,257 RENT 276 - 276 DEPRECIATION AND AMORTIZATION 741 - 741 OPERATING PROFIT $ 1,029 $ - $ 1,029 View original content to download multimedia:http://www.prnewswire.com/news-releases/kroger-reports-first-quarter-2019-results-300872001.html SOURCE The Kroger Co.
good2grow® Splashes Into Summer With New Fortified Water Featuring PODZ™ Collectible Character Tops
ATLANTA--(BUSINESS WIRE)-- good2grow, Atlanta-based better-for-you kids beverage brand, is making a splash this summer with the launch of new Fortified Water Featuring PODZ™, the n
KB Home Announces the Grand Opening of Oakmont in Georgetown, Texas
GEORGETOWN, Texas--(BUSINESS WIRE)-- KB Home (NYSE: KBH) today announced the grand opening of Oakmont, its latest collection of new single-family homes in Georgetown. Convenient to
Equifax collaborates with FinTech Sandbox to help startups access data
ATLANTA, June 20, 2019 /PRNewswire/ -- Equifax Inc., a global data, analytics and technology company, today announced a joint collaboration with FinTech Sandbox to help drive global FinTech innovation. Startups can now leverage various forms of consumer and commercial data from Equifax in an effort to help these new businesses develop products for the benefit of the industry and consumers.
QuickDrain Linear Drains Featured on This Old House TV
June 20, 2019 12:05 UTC Upcoming episode will air June 20, 2019, on PBS DENVER--(BUSINESS WIRE)-- The virtually invisible linear WallDrain from QuickDrain USA will be featured in an upcoming episode of the Emmy Award-winning television show THIS OLD HOUSE® on PBS. Episode 3825, “Brookline Mid-century Modern House" (Season 40, Episode 12), follows the installation of a concealed linear shower drain in a young family's split-level mid-century home in Brookline, Mass. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190620005323/en/ The revolutionary linear WallDrain from QuickDrain USA installs inside the shower wall, rendering it virtually invisible for a seamless and fully integrated design. (Photo: QuickDrain) The episode will include the installation of the stainless steel WallDrain, where the linear drain body is concealed behind the base of the shower wall — rendering it virtually invisible in the home’s master bathroom. The radically different concept in shower drains positions the linear drain trough in the wall and hidden by a magnetic tile cover that allows water to exit via the shower floor’s downward slope, resulting in a seamless and fully integrated design. The ADA-compliant and UPC-approved WallDrain features a 316L marine grade stainless steel drain body and accommodates shower lengths of 26-inches to 96-inches. The integrated drain, combined with a pre-sloped shower pan and waterproofing, represents a total shower solution for eliminating leaks and standing water. QuickDrain USA General Manager Chris Oatey said his entire team was honored by the opportunity to participate in the show. “Our team is thrilled to have such a unique and cool shower drain installed in this young family’s home,” says Oatey. “I grew up watching This Old House, and it's a bit surreal to see our drain on this same program that has inspired so many renovations.” The Brookline episodes air nationally on Thursdays at 8 p.m. Eastern, as the first half of the This Old House Hour; and Season 40, Episode 12, will be posted online at www.thisoldhouse.com/watch/brookline-mid-century-modern-house. To find out exactly when an episode will air in your area, please check your local listings by clicking the following link and entering your zip code: http://thisoldhouse.com/tvschedule. Full episodes are available online the Sunday after each episode’s original airdate via the following link: http://thisoldhouse.com/watchtoh. You may also watch these episodes from the PBS app on Apple TV and Roku players. For more information on WallDrain or assistance with drain design, visit https://quickdrain.greenhousedigitalpr.com/walldrain THIS OLD HOUSE® is a registered trademark of This Old House Ventures, LLC. Used with permission. ABOUT QUICKDRAIN USA AND OATEY Part of the Oatey family of brands, QuickDrain USA is a premier manufacturer of curbless and curbed shower solutions for showers and wet areas. Since 1916, Oatey has provided reliable, high-quality products for the residential and commercial plumbing industries. Today, Oatey operates a comprehensive manufacturing and distribution network to supply more than 6,000 products for professional builders, contractors, engineers and do-it-yourself consumers around the world. The company has successfully met customer needs for more than a century by offering innovative plumbing solutions that deliver results the first time. All Oatey products and brands are backed with the highest-quality technical and customer support programs in the industry. Based in Cleveland, Ohio, Oatey has locations in the United States, Canada, Mexico and China. For more information, visit Oatey.com, call (800) 321-9532; or follow Oatey on Facebook, Twitter, LinkedIn or Instagram. View source version on businesswire.com: https://www.businesswire.com/news/home/20190620005323/en/ Contacts Katherine Lehtinen email@example.com Source: Oatey Smart Multimedia Gallery Photo The revolutionary linear WallDrain from QuickDrain USA installs inside the shower wall, rendering it virtually invisible for a seamless and fully integrated design. (Photo: QuickDrain) Graphic Logo View this news release and multimedia online at: http://www.businesswire.com/news/home/20190620005323/en
5 Ideal Reasons for Investing in Utility Stocks
Utility stocks are stocks of companies that deliver essential services such as water, gas, and electricity among others. Utility stock is an ideal conservative option for investors looking for steady higher dividends. You can invest in utility stocks companies through a brokerage firm by buying individual utility stocks, mutual funds that are specialized in the utilities sector or as ETFs that include the select sector SPDR-utilities.
8 Best Stock Investment Apps for Beginners
Investing is a daunting task and sometimes could be confusing especially for a beginner. In the past, an investment process began by making a call to a brokerage firm to obtain an advisor who would advise the investor throughout the process. However, the technological advancement has made it easier for beginners who want to start trading. Now, they can just download an app on their PC or Smartphone and use it to trade securities. Different apps offer automation, low cost and high-security measures to make investing easy and exciting for all.
5 Common Types of Financial Swaps
A swap is an act of exchanging one thing for another. In finance, swaps are derivatives wherein two counterparties exchange financial instruments. The swaps can involve an exchange of a series of cash flows of one party’s financial instrument for those of the other party’s financial instrument over a specific period of time. Swaps are mutual agreements that are easy to design and customize over the counter. They offer great flexibility that leads to many swap variations with each serving a given purpose.
Top 5 Forex Risks Traders Should Consider Before they Invest
Forex exchange market is a global decentralized or over the counter market that facilitates the trading of currencies. Just like in a stock exchange, the traders’ goal is to make a profit by buying low and selling high. Forex markets are highly liquid assets due to the high trading volumes. Some of the most common forex exchange trades include spot transactions, currency swaps, and options, forwards, and foreign exchange swaps. Forex trades face plenty of risks that can result in substantial losses. Here are the top 5 forex risks that every trader should consider before they dive into forex trading: 1. Leverage Risks In forex trading, traders require a small initial investment called a margin which is used as leverage in forex trading to gain access to substantial trades. Price volatility can result in margin calls where the investor is required to commit an additional margin. In highly volatile market conditions, aggressive use of leverage by traders can result in massive losses over initial investments made. 2. Interest Rate Risks Interest rate affects countries exchange rates. If a country’s interest rates rise, the currency strengthens. Investors flood the country as they invest in the country’s assets. In essence, a stronger currency means better returns. On the other hand, if a country interest rates fall, the currency weakens as investors begin to withdraw their investments. Interest rate changes can thus have a dramatic effect on forex prices. 3. Transaction Risks The difference or gap between when a contract is initiated and when it settles poses a transaction risk which is an exchange rate risk. Forex trading usually takes 24 hours, and exchange rates can drastically change any time before a trade settle. Currencies also trade at different prices at different times during the trading process. The greater the gap, the higher the transaction risk. The exchange risk that traders face during the trading hours increase the transaction costs. 4. Counterparty Risk The company that provides the asset to an investor in a financial transaction is called the counterparty. There is a risk of default from the dealer or broker in any particular transaction which refers to the counterparty risk. Spot and forward contracts on currencies do not get a guarantee by an exchange or a clearing house and thus pose a counterparty risk to an investor. The counterparty risk can occur in spot currency trading in the event the market maker end up insolvency. The counterparty can refuse or can be unable to oblige to contracts in highly volatile market conditions. 5. Country Risk An investor must assess the structure and the stability of the issuing country before they invest in currencies. In a majority of developing countries, the exchange rates are pegged to a particular world leader currency such as the US dollar. Central Banks in those countries must sustain sufficient reserves to help maintain good exchange rates. A balance of payments deficit can lead to devaluation of the currency and result in a currency crisis. It can consequently have massive effects on forex prices and trading. Investors can also begin to withdraw their assets if they suspect the currency is likely to decrease in value. It results in further devaluing of the currency. Currency crisis aggravates liquidity and credit risks as the currency devalues the assets become illiquid. The Bottom Line An investor should consider the various risks and losses associated with foreign exchange trading before they invest. While forex assets have the highest trading volume, the risks can lead to massive losses.
Crypto.com Lists Komodo's KMD, ARK, and Waltonchain's WTC
HONG KONG, June 20, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Komodo's KMD, ARK, and Waltonchain's WTC.
Crypto Earn Adds USDC
USDC holders can earn up to 8% p.a.
IBM's Global Supply Chain Transformation Receives Five Manufacturing Leadership 100 Awards from National Association of Manufacturers
ARMONK, N.Y., June 19, 2019 /PRNewswire/ -- IBM (NYSE: IBM) today announced the National Association of Manufacturers, the largest manufacturing association in the U.S., has bestowed IBM's Supply Chain organization with five Manufacturing Leadership 100 Awards at the 2019 Manufacturing Leadership Summit. The accolades recognize IBM's global supply chain transformation using disruptive technologies including AI, blockchain, and IoT to deliver a competitive advantage with improved end-to-end supply chain security.
Crypto.com Lists Komodo's KMD, ARK, and Waltonchain's WTC
HONG KONG, June 20, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Komodo's KMD, ARK, and Waltonchain's WTC. Komodo is a secure, independently scalable, and fully interoperable blockchain ecosystem that provides end-to-end blockchain infrastructure solutions. Its multichain architecture is unique as it provides a customizable blockchain with independent infrastructure to every project that chooses to build with Komodo's technology. ARK aims to create an entire ecosystem of linked chains and a virtual spiderweb of endless use-cases that makes it highly flexible, adaptable, and scalable. The goal of ARK's ecosystem is to give everyone the power to easily create, customize, and scale their own blockchain networks. Waltonchain creates a genuine and traceable business ecosystem with complete data sharing and absolute information transparency through RFID, IoT, and blockchain integration. It seeks to provide a solution to the bottleneck of commercial blockchain applications by uploading physical assets to blockchain automatically. With KMD, ARK, and WTC added to the Crypto.com App, users can now purchase these tokens at true cost with no fees - credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to KMD, ARK, and WTC as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally. About Komodo Komodo is developing technologies at the cutting-edge of the blockchain industry. Its multi-chain design provides each and every external project with independent infrastructure and a dedicated blockchain. The interoperable nature of Komodo's ecosystem enables seamless cross-chain transaction proofs among all integrated blockchains. Every blockchain is also connected to chains outside the ecosystem via atomic swaps and will become fully interoperable with future blockchain bridging support. For more information, please visit: komodoplatform.com. About ARK ARK is a project that offers a suite of tools to create an ecosystem of interoperable blockchains. ARK is also able to connect to external blockchains through the use of 'SmartBridges' - the ability to connect and communicate between blockchains. With ARK's SmartBridge Technology every coin becomes even more powerful, every app produced on any blockchain has the potential to reach a greater audience, and even bitcoin can gain the functionality of every altcoin through a simple blockchain token called ARK. For more information, please visit: ark.io. About Waltonchain Waltonchain resorts to RFID technology to promote blockchain from the Internet to the Internet of Things (IoT) to realize the concept of "Value Internet of Things" to create an authentic, traceable, and data-shared transparent business model. Its purpose is to build a public chain of commercial ecology at the bottom of the chain. On this chain, merchants can build various sub-chains according to their own needs. For more information, please visit: www.waltonchain.org. About Crypto.comCrypto.com was founded in 2016 to accelerate the world's transition to cryptocurrency. Key products include: the Crypto.com App, the best place to buy, sell, and pay with crypto, the MCO Visa Card, a metal card with no annual fees, and the Crypto.com Chain, which enables users to pay and be paid in any crypto, anywhere, for free. Crypto.com is headquartered in Hong Kong with a 120+ strong team. For more information, please visit: www.crypto.com. Photo - https://mma.prnewswire.com/media/926150/Crypto_com_KMD_ARK_and_WTC.jpg Logo - https://mma.prnewswire.com/media/750079/Crypto_Logo.jpg SOURCE Crypto.com
Dialogue of Civilizations Rhodes Forum Focuses on Search for New Global Narratives, First Headline Speakers Named
Boutique Lobbying Firm Establishes Operations on the African Continent: 'Lobbying Africa' Poised to Become Influence Powerhouse
Atlantic Shores Offshore Wind President Testifies to Urgent Need for Building 21st Century American Workforce to Support Offshore Wind Development