Westmoreland Receives $52 Million Early Repayment of Genesee Mine Receivable

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ENGLEWOOD, Colo., March 28, 2017 (GLOBE NEWSWIRE) — Westmoreland Coal Company (Nasdaq:WLB) today announced that Capital Power (TSX:CPX) (“Capital Power”), Westmoreland’s joint-venture partner in the Genesee Mine, has paid Westmoreland $52 million, representing an accelerated repayment of all receivables that would otherwise have been due with respect to capital expenditures during the term of  the joint venture arrangement. 

/EIN News/ — “The early repayment of this receivable is a positive for us. We have the opportunity to deploy this cash strategically as part of our goal to improve liquidity and lower our leverage, and it provides greater protection with respect to the risks presented by Alberta’s recent decisions regarding coal use. With this payment, we have fully recovered our capital investments at the mine,” said Kevin Paprzycki, Westmoreland’s Chief Executive Officer. 

In operating the Genesee Mine, Westmoreland initially made 50% of the capital expenditures and was subsequently reimbursed over time by Capital Power. Westmoreland also charges a contract mining fee to run the operations. While the receivable for capital expenditures has been paid in full early, Westmoreland will continue to receive the contract mining fees of between $2 million to $3 million annually until the projected termination of operations at the mine in 2030.  Going forward, Capital Power will be solely responsible for capital expenditures at the mine. 

About Westmoreland Coal  Company

Westmoreland Coal Company is the oldest independent coal company in the United States.  Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant.  Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership (NYSE:WMLP).  Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina.  For more information, visit www.westmoreland.com.

For further information please contact

Gary Kohn
Chief Financial Officer
1-720-354-4467
gkohn@westmoreland.com

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements are based on Westmoreland’s current expectations and assumptions regarding its business, the economy and other future conditions.  Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Actual results may differ materially from those contemplated by the forward-looking statements.  Westmoreland cautions you against relying on any of these forward-looking statements.  They are statements neither of historical fact nor guarantees or assurances of future performance.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include political, economic, business, competitive, market, weather and regulatory conditions.

Any forward-looking statements made by Westmoreland in this news release speak only as of the date on which it was made.  Westmoreland undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

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Westmoreland Reports Fourth Quarter and Full Year 2016 Results

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Generates Record Adjusted EBITDA and Free Cash Flow

Provides 2017 Guidance

/EIN News/ — ENGLEWOOD, Colo., March 28, 2017 (GLOBE NEWSWIRE) — Westmoreland Coal Company (Nasdaq:WLB) today reported its fourth quarter and full year 2016 financial results and provided its 2017 guidance.

2016 Results and Highlights:

Fourth Quarter:

  • Revenues of $392.7 million from 15.0 million tons sold
  • Net loss applicable to common shareholders of $7.6 million, or $0.41 per share
  • Record high quarterly adjusted EBITDA of $89.1 million

Full Year:

  • Revenues of $1.5 billion from 54.7 million tons sold
  • Net loss applicable to common shareholders of $27.1 million, or $1.47 per share, including a tax benefit
  • Record high annual adjusted EBITDA of $271.9 million 
  • Cash flow provided by operating activities of $151.9 million
  • Higher-than-expected free cash flow of $112.6 million

Westmoreland’s Chief Executive Officer, Kevin Paprzycki, commented, “During 2016, we delivered on our two main commitments of maximizing free cash flow generation and reducing our debt position, which we achieved while reporting record adjusted EBITDA and free cash flow.  This is a direct result of the resiliency of our business model and outstanding performance by our operators, despite an otherwise challenging market environment. We also took steps to significantly reduce the cash burn from our non-core assets, Coal Valley and ROVA, and to position them such that we are more aggressively pursuing strategic alternatives.  As we look toward 2017, we remain focused on maximizing cash generation and strengthening our balance sheet, supported, in part, by the recent Capital Power prepayment, which provides additional financial flexibility to pursue our goals.”

Safety

Westmoreland’s commitment to safety in all aspects of its operations is again reflected in the safety metrics below.

  Year Ended December 31, 2016
  Reportable Rate   Lost Time Rate
U.S. Surface Operations 1.34     0.70  
U.S. National Surface Average 1.44     0.96  
Percentage 93 %   73 %
       
U.S. Underground Operations 3.23     2.09  
U.S. National Underground Average 4.95     3.56  
Percentage 65 %   59 %
       
Canadian Operations 2.82     0.89  

Consolidated and Segment Results

Consolidated adjusted EBITDA for the fourth quarter was $89.1 million, an increase of 51% when compared with the fourth quarter of 2015.  Consolidated adjusted EBITDA for 2016 was $271.9 million, an increase of 22% when compared to 2015. The acquisition of San Juan in the Coal – U.S. segment in early 2016 contributed meaningfully to an increase in consolidated adjusted EBITDA for both the fourth quarter and full year 2016.  Increased revenue within the Coal – U.S. segment and solid execution on cost savings initiatives throughout the business, particularly within the Coal – U.S. and Coal – WMLP segments, also drove higher adjusted EBITDA in the fourth quarter and full year 2016. This was offset somewhat by lower net loan and lease receivable activity in the Coal – Canada segment.  The restatement, described below, added consolidated adjusted EBITDA of $6.1 million to the full year 2016.

Cash Flow and Liquidity

Westmoreland’s free cash flow for 2016 was $112.6 million, driven by record adjusted EBITDA and successful working capital initiatives.  Working capital added $30.1 million to free cash flow in 2016, of which $13.0 million was the direct result of the supply chain team’s focus on inventory management.  Also benefiting working capital was the timing of payables. 

Free cash flow is the net of cash flow provided by operations of $151.9 million, less capital expenditures of $46.1 million, plus net cash collected under certain contracts for loan and lease receivables of $6.8 million.  Included in cash flow provided by operations were cash uses for interest expense of $96.3 million and $32.5 million for asset retirement obligations.

During the year, Westmoreland added $37.1 million to its cash balances to end the year with cash on hand of $60.1 million.  This cash increase was driven by free cash flow generation of $112.6 million; borrowings, net of repayments, of $49.9 million; and proceeds from asset sales of $7.7 million; partially offset by cash used for debt issuance of $8.8 million and net cash used to purchase San Juan of $121.0 million.

Gross debt plus capital lease obligations at December 31, 2016 totaled $1.1 billion.  During 2016, repayments of long-term debt totaled $70.4 million.  There was $36.3 million available to draw, net of letters of credit, on Westmoreland’s revolving credit facility at December 31, 2016.  

Restatement

On February 24, 2017, Westmoreland announced that it would restate its previously issued financial statements as a result of changes in accounting for its customer reclamation receivables.  Westmoreland’s 2016 Form 10-K contains restated consolidated financial statements for the years ended December 31, 2015 and 2014, and all interim periods during 2016 and 2015.

2017 Full Year Guidance

Westmoreland’s 2017 Outlook is provided in the table below.

Commenting on the outlook for 2017, Mr. Paprzycki said, “Our 2017 outlook is similar to our 2016 expected performance as our resilient business model continues to yield consistent, predictable results.”

Key year-over-year changes impacting guidance include:

  • Of the total $52 million payment related to the Genesee Mine, as announced previously, approximately $40 million is incremental to adjusted EBITDA and free cash flow in 2017 compared to the amount Westmoreland expected to receive in the normal course of business during 2017.
  • Contract expirations (Jewett and Beulah), continued market softness in Ohio, a planned extended outage at a key customer, and a conservative view on weather resulting from the warm winter season thus far in 2017, are also expected to impact adjusted EBITDA, free cash flow and coal tons sold.
  • Westmoreland expects to generate strong cash flow again this year.  In addition to the payment from Capital Power, free cash flow is expected to benefit from positive working capital and breakeven cash flow at Coal Valley. Westmoreland also expects to receive nearly $10 million from the release of ROVA cash collateral, which is not part of the free cash flow calculation, but is available for use in de-levering and other corporate purposes.
Guidance Summary             2017
Coal tons sold             40 – 50 million tons
Adjusted EBITDA             $280 – $310 million
Free cash flow             $115 – $140 million
Capital expenditures             $40 – $50 million
Cash interest             Approximately $95 million

Notes

Westmoreland presents certain non-GAAP financial measures including adjusted EBITDA and free cash flow that management believes provide meaningful supplemental information and provide meaningful comparability to prior periods.  Reconciliations of non-GAAP to GAAP measures are presented in the accompanying tables.

Conference Call

Westmoreland Coal Company will host its earnings conference call on March 28, 2017, at 4:30 p.m. Eastern Time.  A presentation, which will be reviewed during the call, will also be available at www.westmoreland.com.

Participants may join the call using the numbers below:

A replay of the teleconference will be available until April 11, 2017 and can be accessed using the numbers below:

About Westmoreland Coal Company

Westmoreland Coal Company is the oldest independent coal company in the United States.  Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant.  Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly traded coal master limited partnership (NYSE:WMLP).  Its power operations include ownership of the two-unit ROVA coal-fired power plants in North Carolina.  For more information, visit www.westmoreland.com.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements are based on Westmoreland’s current expectations and assumptions regarding its business, the economy and other future conditions.  Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Actual results may differ materially from those contemplated by the forward-looking statements.  Westmoreland cautions you against relying on any of these forward-looking statements.  They are statements neither of historical fact nor guarantees or assurances of future performance.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include political, economic, business, competitive, market, weather and regulatory conditions.

Any forward-looking statements made by Westmoreland in this news release speak only as of the date on which it was made.  Westmoreland undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Westmoreland Coal Company and Subsidiaries
Summary Consolidated and Operating Segment Data (Unaudited)
   
  Three Months Ended December 31,
          Increase / (Decrease)
  2016   2015
(As Restated)
  $   %
  (In thousands, except tons sold data)
Westmoreland Consolidated              
Revenues $ 392,737     $ 341,664     $ 51,073     14.9 %
Operating income (loss) 22,641     (121,621 )   144,262       *
Adjusted EBITDA 89,115     59,205     29,910     50.5 %
Tons sold – millions of equivalent tons 15.0     12.6     2.4     19.0 %
               
Coal – U.S.              
Revenues $ 173,027     $ 125,593     $ 47,434     37.8 %
Operating income (loss) (25,537 )   2,483     (28,020 )     *
Adjusted EBITDA 37,347     19,918     17,429     87.5 %
Tons sold – millions of equivalent tons 6.8     5.3     1.5     28.3 %
               
Coal – Canada              
Revenues $ 116,257     $ 113,290     $ 2,967     2.6 %
Operating income 18,184     16,531     1,653     10.0 %
Adjusted EBITDA 32,181     28,676     3,505     12.2 %
Tons sold – millions of equivalent tons 6.3     5.4     0.9     16.7 %
               
Coal – WMLP              
Revenues $ 86,072     $ 87,697     $ (1,625 )   (1.9 )%
Operating income 6,376     940     5,436     578.3 %
Adjusted EBITDA 21,044     15,535     5,509     35.5 %
Tons sold – millions of equivalent tons 1.9     1.9         %
               
Power              
Revenues $ 21,084     $ 20,422     $ 662     3.2 %
Operating income (loss) 32,301     (130,274 )   162,575       *
Adjusted EBITDA 5,854     3,895     1,959     50.3 %

* Not meaningful

Westmoreland Coal Company and Subsidiaries
Summary Consolidated and Operating Segment Data (Unaudited)
   
  Years Ended December 31,
          Increase / (Decrease)
  2016   2015
(As Restated)
  $   %
  (In thousands, except tons sold data)
Westmoreland Consolidated              
Revenues $ 1,477,960     $ 1,419,518     $ 58,442     4.1 %
Operating income (loss) 38,130     (145,696 )   183,826       *
Adjusted EBITDA 271,855     222,832     49,023     22.0 %
Tons sold – millions of equivalent tons 54.7     53.3     1.4     2.6 %
               
Coal – U.S.              
Revenues $ 651,713     $ 552,745     $ 98,968     17.9 %
Operating income (loss) (8,063 )   2,213     (10,276 )     *
Adjusted EBITDA 126,563     77,135     49,428     64.1 %
Tons sold – millions of equivalent tons 24.1     22.5     1.6     7.1 %
               
Coal – Canada              
Revenues $ 415,593     $ 430,416     $ (14,823 )   (3.4 )%
Operating income 39,104     36,830     2,274     6.2 %
Adjusted EBITDA 88,423     105,744     (17,321 )   (16.4 )%
Tons sold – millions of equivalent tons 22.8     22.9     (0.1 )   (0.4 )%
               
Coal – WMLP              
Revenues $ 349,341     $ 388,605     $ (39,264 )   (10.1 )%
Operating income (loss) 8,873     (5,211 )   14,084       *
Adjusted EBITDA 79,303     66,134     13,169     19.9 %
Tons sold – millions of equivalent tons 7.8     7.9     (0.1 )   (1.3 )%
               
Power              
Revenues $ 86,578     $ 84,423     $ 2,155     2.6 %
Operating income (loss) 28,535     (146,868 )   175,403       *
Adjusted EBITDA 3,626     743     2,883     388.0 %

* Not meaningful

Westmoreland Coal Company and Subsidiaries
Consolidated Statements of Operations (Unaudited)
         
  Three Months Ended December 31,     Years Ended December 31,
  2016   2015
(As Restated)
    2016   2015
(As Restated)
  (In thousands, except per share data)     (In thousands, except per share data)
Revenues $ 392,737     $ 341,664       $ 1,477,960     $ 1,419,518  
Cost, expenses and other:                
Cost of sales 291,952     271,167       1,156,687     1,175,849  
Depreciation, depletion and amortization 72,170     26,848       185,267     140,328  
Selling and administrative 27,893     24,189       108,560     95,554  
Heritage health benefit expenses 2,275     6,551       11,777     14,573  
Loss (gain) on sales of assets 245     2,718       (1,124 )   4,866  
Loss on impairment     136,210           136,210  
Restructuring charges               656  
Derivative (gain) loss (26,219 )   (1,130 )     (24,055 )   5,587  
Income from equity affiliates (1,464 )   (1,268 )     (5,591 )   (5,409 )
Other operating loss (income) 3,244     (2,000 )     8,309     (3,000 )
  370,096     463,285       1,439,830     1,565,214  
Operating income (loss) 22,641     (121,621 )     38,130     (145,696 )
Other income (expense):                
Interest expense (31,150 )   (26,597 )     (121,819 )   (101,311 )
Loss on extinguishment of debt               (5,385 )
Interest income 1,914     1,731       7,435     7,993  
Gain (loss) on foreign exchange 816     1,200       (715 )   3,674  
Other (expense) income (397 )   658       38     1,740  
  (28,817 )   (23,008 )     (115,061 )   (93,289 )
Loss before income taxes (6,176 )   (144,629 )     (76,931 )   (238,985 )
Income tax expense (benefit) 1,601     (33,848 )     (48,059 )   (19,890 )
Net loss (7,777 )   (110,781 )     (28,872 )   (219,095 )
Less net loss attributable to noncontrolling interest (226 )   (603 )     (1,771 )   (5,453 )
Net loss attributable to the Parent company (7,551 )   (110,178 )     (27,101 )   (213,642 )
Less preferred stock dividend requirements     3           3  
Net loss applicable to common shareholders $ (7,551 )   $ (110,181 )     $ (27,101 )   $ (213,645 )
Net loss per share applicable to common shareholders:                
Basic and diluted $ (0.41 )   $ (6.10 )     $ (1.47 )   $ (11.93 )
Weighted average number of common shares outstanding:                
Basic and diluted 18,571     18,062       18,486     17,905  
Westmoreland Coal Company and Subsidiaries
Consolidated Balance Sheets (Unaudited)
         
  December 31,
 2016
    December 31, 2015
(As Restated)
  (In thousands)
Assets        
Current assets:        
Cash and cash equivalents $ 60,082       $ 22,936  
Receivables:        
Trade 140,731       134,141  
Loan and lease receivables 5,867       6,157  
Other 13,261       11,627  
  159,859       151,925  
Inventories 125,515       122,156  
Other current assets 32,258       16,103  
Total current assets 377,714       313,120  
Property, plant and equipment:        
Land and mineral rights 744,253       576,313  
Plant and equipment 873,685       790,677  
  1,617,938       1,366,990  
Less accumulated depreciation, depletion and amortization 782,417       620,148  
Net property, plant and equipment 835,521       746,842  
Loan and lease receivables 44,474       49,313  
Advanced coal royalties 18,722       19,781  
Reclamation deposits 74,362       77,364  
Restricted investments and bond collateral 144,913       140,807  
Investment in joint venture 26,951       27,374  
Intangible assets, net of accumulated amortization of $4.6 million and $15.9 million at December 31, 2016 and December 31, 2015, respectively 28,199       29,190  
Other assets 34,053       12,188  
Total Assets $ 1,584,909       $ 1,415,979  
Westmoreland Coal Company and Subsidiaries
Consolidated Balance Sheets (Continued) (Unaudited)
         
  December 31,
 2016
    December 31, 2015
(As Restated)
  (In thousands)
Liabilities and Shareholders’ Deficit        
Current liabilities:        
Current installments of long-term debt $ 86,272       $ 38,852  
Revolving lines of credit       1,970  
Accounts payable and accrued expenses:        
Trade and other accrued liabilities 142,233       109,985  
Interest payable 22,458       15,527  
Production taxes 44,995       46,895  
Postretirement medical benefits 14,892       13,855  
Deferred revenue 15,253       10,715  
Asset retirement obligations 32,207       40,571  
Other current liabilities 20,964       31,056  
Total current liabilities 379,274       309,426  
Long-term debt, less current installments 1,022,794       979,357  
Workers’ compensation, less current portion 4,499       5,068  
Excess of black lung benefit obligation over trust assets 17,594       17,220  
Postretirement medical costs, less current portion 308,709       285,518  
Pension and SERP obligations, less current portion 43,982       44,808  
Deferred revenue, less current portion 16,251       24,613  
Asset retirement obligations, less current portion 451,834       379,192  
Intangible liabilities, net of accumulated amortization of $10.8 million at December 31, 2016 and $9.8 million at December 31, 2015, respectively 2,402       3,470  
Other liabilities 27,687       30,208  
Total liabilities 2,275,026       2,078,880  
Shareholders’ deficit:        
Common stock of $0.01 par value        
Authorized 30,000,000 shares; Issued and outstanding 18,570,642 shares at December 31, 2016 and 18,162,148 shares at December 31, 2015, respectively 186       182  
Other paid-in capital 248,143       240,721  
Accumulated other comprehensive loss (179,072 )     (174,270 )
Accumulated deficit (757,367 )     (730,266 )
Total shareholders’ deficit (688,110 )     (663,633 )
Noncontrolling interests in consolidated subsidiaries (2,007 )     732  
Total deficit (690,117 )     (662,901 )
Total Liabilities and Deficit $ 1,584,909       $ 1,415,979  
Westmoreland Coal Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
   
  Years Ended December 31,
  2016   2015
(As Restated)
  (In thousands)
Cash flows from operating activities:      
Net loss $ (28,872 )   $ (219,095 )
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation, depletion and amortization 185,267     140,328  
Accretion of asset retirement obligation 40,423     38,892  
Share-based compensation 7,584     7,748  
Non-cash interest expense 9,215     6,857  
Amortization of deferred financing costs 11,537     10,601  
Loss on extinguishment of debt     4,445  
(Gain) loss on derivative instruments (24,055 )   5,587  
Loss (gain) on foreign exchange 715     (3,674 )
Loss on impairment     136,210  
Income from equity affiliates (5,591 )   (5,409 )
Distributions from equity affiliates 6,914     7,057  
Deferred income taxes benefit (46,142 )   (17,961 )
Other (2,705 )   (146 )
Changes in operating assets and liabilities:      
Receivables (4,430 )   1,987  
Inventories 13,033     1,800  
Accounts payable and accrued expenses 10,505     (5,447 )
Interest payable 5,131     (5,569 )
Deferred revenue (7,370 )   (13,094 )
Other assets and liabilities 13,227     (19,613 )
Asset retirement obligations (32,452 )   (25,942 )
Net cash provided by operating activities 151,934     45,562  
Cash flows from investing activities:      
Additions to property, plant and equipment (46,132 )   (77,921 )
Change in restricted investments (1,238 )   (28,670 )
Cash payments in escrow for future acquisitions     34,000  
Cash payments related to acquisitions and other (120,992 )   (32,529 )
Cash acquired related to acquisition, net     2,780  
Proceeds from sales of assets 7,695     2,224  
Proceeds from the sale of restricted investments     15,532  
Receipts from loan and lease receivables 8,987     21,954  
Payments related to loan and lease receivables (2,164 )   (5,654 )
Other (1,850 )   (2,517 )
Net cash used in investing activities (155,694 )   (70,801 )
Cash flows from financing activities:      
Borrowings from long-term debt, net of debt discount 122,250     199,359  
Repayments of long-term debt (70,370 )   (148,071 )
Borrowings on revolving lines of credit 423,500     201,746  
Repayments on revolving lines of credit (425,500 )   (209,351 )
Debt issuance costs and other refinancing costs (8,784 )   (8,132 )
Proceeds from issuance of common shares      
Other (974 )   1,172  
Net cash provided by financing activities 40,122     36,723  
Effect of exchange rate changes on cash 784     (2,806 )
Net increase in cash and cash equivalents 37,146     8,678  
Cash and cash equivalents, beginning of year 22,936     14,258  
Cash and cash equivalents, end of year $ 60,082     $ 22,936  
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 96,290     $ 72,972  
Cash paid for income taxes 1,316     434  
Non-cash transactions:      
Accrued purchases of property and equipment 6,496     3,766  
Capital leases and other financing sources 27,355     15,232  

Westmoreland Coal Company and Subsidiaries
Non-GAAP Reconciliations (Unaudited)

The tables below show how the Company calculates and reconciles to the most directly comparable GAAP financial measures EBITDA, Adjusted EBITDA (including a breakdown by segment), and free cash flow.

EBITDA, Adjusted EBITDA, and free cash flow are supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP.  EBITDA, Adjusted EBITDA, and free cash flow are included in this news release because they are key metrics used by management to assess Westmoreland’s operating performance and as a basis for strategic planning and forecasting.  Westmoreland believes that EBITDA, Adjusted EBITDA, and free cash flow are useful to an investor in evaluating the Company’s operating performance because these measures:

  • are used widely by investors to measure a company’s operating performance without regard to items excluded from the calculation of such terms, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
  • are used by rating agencies, lenders and other parties to evaluate creditworthiness; and 
  • help investors to more meaningfully evaluate and compare the results of Westmoreland’s operations from period to period by removing the effect of the Company’s capital structure and asset base from the Company’s operating results.

Neither EBITDA, Adjusted EBITDA, nor free cash flow are measures calculated in accordance with GAAP.  The items excluded from EBITDA, Adjusted EBITDA, and free cash flow are significant in assessing Westmoreland’s operating results.  EBITDA, Adjusted EBITDA, and free cash flow have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results as reported under GAAP.

Other companies in Westmoreland’s industry and in other industries may calculate EBITDA, Adjusted EBITDA, and free cash flow differently from the way that Westmoreland does, limiting their usefulness as comparative measures.  Because of these limitations, EBITDA, Adjusted EBITDA, and free cash flow should not be considered as measures of discretionary cash available to the Company to invest in the growth of its business.  Westmoreland compensates for these limitations by relying primarily on its GAAP results and using EBITDA, Adjusted EBITDA, and free cash flow only as supplemental data.

EBITDA and Adjusted EBITDA

EBITDA (earnings before interest expense, interest income, income taxes, depreciation, depletion, amortization and accretion expense) and Adjusted EBITDA are non-GAAP measures that do not reflect the Company’s cash expenditures, or future requirements for capital and major maintenance expenditures or contractual commitments; do not reflect income tax expenses or the cash requirements necessary to pay income taxes; do not reflect changes in, or cash requirements for, the Company’s working capital needs; and do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on certain of the Company’s debt obligations.  In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.  Westmoreland considers Adjusted EBITDA to be useful because it reflects operating performance before the effects of certain non-cash items and other items that it believes are not indicative of core operations.  The Company uses Adjusted EBITDA to assess operating performance.

  Three Months Ended December 31,   Years Ended December 31,
  2016   2015
(As Restated)
  2016   2015
(As Restated)
  (In thousands)
Adjusted EBITDA by Segment              
Coal – U.S. $ 37,347     $ 19,918     $ 126,563     $ 77,135  
Coal – Canada 32,181     28,676     88,423     105,744  
Coal – WMLP 21,044     15,535     79,303     66,134  
Power 5,854     3,895     3,626     743  
Heritage (3,083 )   (6,897 )   (13,409 )   (15,596 )
Corporate (4,228 )   (1,922 )   (12,651 )   (11,328 )
Total $ 89,115     $ 59,205     $ 271,855     $ 222,832  
  Three Months Ended December 31,   Year Ended December 31,
  2016   2015
(As Restated)
  2016   2015
(As Restated)
  (In thousands)
Reconciliation of Net Loss to Adjusted EBITDA              
Net loss $ (7,777 )   $ (110,781 )   $ (28,872 )   $ (219,095 )
               
Income tax expense (benefit) 1,601     (33,848 )   (48,059 )   (19,890 )
Interest income (1,914 )   (1,731 )   (7,435 )   (7,993 )
Interest expense 31,150     26,597     121,819     101,311  
Depreciation, depletion and amortization 72,170     26,848     185,267     140,328  
Accretion of ARO 10,193     9,630     40,423     38,892  
Amortization of intangible assets and liabilities (158 )   (254 )   (810 )   (1,010 )
EBITDA $ 105,265     $ (83,539 )   $ 262,333     $ 32,543  
               
Restructuring charges             656  
(Gain) loss on foreign exchange (816 )   (1,200 )   715     (3,674 )
Loss on impairment     136,210         136,210  
Loss on extinguishment of debt             5,385  
Acquisition-related costs (1)     1,489     568     5,959  
Customer payments received under loan and lease receivables (2) 5,095     2,876     13,064     27,128  
Derivative loss (gain) (26,219 )   (1,130 )   (24,055 )   5,587  
Loss on sale/disposal of assets and other adjustments 4,131     2,339     11,646     5,290  
Share-based compensation 1,659     2,160     7,584     7,748  
Adjusted EBITDA $ 89,115     $ 59,205     $ 271,855     $ 222,832  

_________________
(1) Includes the impact of cost of sales related to the sale of inventory written up to fair value in the acquisition of Westmoreland Resources GP, LLC, the general partner of WMLP.
(2) Represents a return of and on capital. These amounts are not included in operating income or operating cash flows, as the capital outlays are treated as loan and lease receivables but are included within Adjusted EBITDA so that the cash received by the Company is treated consistently with all other contracts within the Company that do not result in loan and lease receivable accounting.

Free Cash Flow

Free cash flow represents net cash provided by (used in) operating activities less additions to property, plant and equipment (“CAPEX” or “capital expenditures”) plus net customer payments received under loan and lease receivables.  Free cash flow is a non-GAAP measure and should not be considered as an alternative to cash and cash equivalents, cash flow from operations, cash flow from investing activities, cash flow from financing activities, net income (loss) or any other measure of performance presented in accordance with GAAP.  Free cash flow is intended to represent cash flow available to satisfy our debts, after giving consideration to those expenses required to maintain our assets and infrastructure.  Accordingly, although free cash flow is not a measure of performance calculated in accordance with GAAP, the Company believes free cash flow is useful to investors because it allows analysts and others in the industry to assess performance, liquidity and ability to satisfy debt requirements.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow  
   
  Years Ended December 31,
  2016     2015
(As Restated)
  (In thousands)
Net cash provided by operating activities $ 151,934       $ 45,562  
Less cash paid for property, plant and equipment (46,132 )     (77,921 )
Plus net customer payments received under loan and lease receivables 6,823       16,300  
Free cash flow $ 112,625       $ (16,059 )

For further information please contact:
                    
                    Gary Kohn, Chief Financial Officer
                    1-720-354-4467
                    gkohn@westmoreland.com

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Westmoreland Appoints Gary Kohn as Chief Financial Officer

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/EIN News/ — ENGLEWOOD, Colo., March 28, 2017 (GLOBE NEWSWIRE) — Westmoreland Coal Company (Nasdaq:WLB) today announced that Gary Kohn has been promoted to Chief Financial Officer effective March 6, 2017.  Kohn has been serving as interim Chief Financial Officer since November 2016.

“I am thrilled to welcome Gary into the CFO role on a permanent basis,” said Kevin Paprzycki, Westmoreland’s Chief Executive Officer.  “Gary’s demonstrated leadership, strong execution and clear understanding of Westmoreland’s goals and culture have been instrumental to the success of the team since he stepped into the interim role in November. I am confident in his ability to make an immediate positive impact in this new role.”

Kohn joined Westmoreland in April 2016 and served as Vice President of Investor Relations and Treasurer until his promotion to Interim Chief Financial Officer in November 2016.  Prior to joining Westmoreland, Kohn served in leadership roles in investor relations, treasury and finance at companies including First Data, Western Union, Ciber, and Intrepid Potash.  Kohn received his B.S. in Accounting from the University of Northern Colorado in 1988 and was a licensed Certified Public Accountant from 1989 through 2000.

About Westmoreland Coal Company

Westmoreland Coal Company is the oldest independent coal company in the United States.  Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant.  Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership.  Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina.  For more information, visit www.westmoreland.com.

For further information please contact
                    
                    Gary Kohn
                    Chief Financial Officer
                    1-720-354-4467
                    gkohn@westmoreland.com

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Landec Corporation Agrees to Settle Labor Related Legal Actions and Updates Guidance

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Settlement Covers All Potential Past Wage and Hour Claims

/EIN News/ — MENLO PARK, Calif., March 28, 2017 (GLOBE NEWSWIRE) — Landec Corporation (NASDAQ:LNDC), a leading innovator of diversified health and wellness solutions within the packaged natural food and biomaterial markets, announced today that Apio, Inc., Landec’s food subsidiary (“Apio”), has reached an agreement in principle to settle a variety of claims made against the Company and its labor contractor.

Apio has been the target of a union organizing campaign which has included two unsuccessful attempts to unionize Apio’s Guadalupe, California processing plant. The campaign has involved a union and over 100 former and current employees of Pacific Harvest, Inc. and Rancho Harvest, Inc. (collectively “Pacific Harvest”), Apio’s labor contractors, bringing dozens of legal actions before various state and federal agencies, the California Superior Court, and initiating over 100 individual arbitrations against Apio and Pacific Harvest (the “Actions”).

For over 15 years, Apio has retained Pacific Harvest, a contract labor provider, to manage all aspects of hourly labor requirements within its Guadalupe, California manufacturing facility, including recruiting, hiring, daily management, payroll processing and employee benefits administration. In August 2015, one month before the first lawsuit was filed against Apio and Pacific Harvest, the National Labor Relations Board (NLRB) held in the Browning-Ferris Industries decision that employees of a labor contractor may be considered to be de facto employees of the company who engaged the labor contractor. As a result, rather than being shielded from these type of lawsuits as in the past, Apio may now be considered a joint employer and therefore may be jointly liable with Pacific Harvest, even though the employees who filed the claims are employees of Pacific Harvest. Starting in January of this year, Apio assumed the responsibilities for all human resource activities, employee management and employee documentation while still using Pacific Harvest for recruiting, payroll processing and securing employee benefits for the plant employees.

The Actions consist of three main types of claims: (1) Unfair Labor Practice claims (“ULPs”) before the NLRB, (2) discrimination/wrongful termination claims before state and federal agencies and in individual arbitrations, and (3) wage and hour claims as part of two Private Attorney General Act (PAGA) cases in state court and in over 100 individual arbitrations.

Financial Implications
A settlement of the ULP claims among the NLRB, the Union, Apio, and Pacific Harvest that were pending before the NLRB was approved on December 27, 2016 for $310,000. Apio was responsible for half or this settlement or $155,000. Concerning the discrimination/wrongful termination claims and the wage and hour claims, in order to avoid the time and expense of further litigation and without admission of liability, the parties have agreed in principle to a class action settlement which covers all non-exempt employees of Pacific Harvest working at Apio’s Guadalupe, California facility. This settlement remains subject to all of the plaintiffs executing the settlement agreement, and the settlement agreement being approved by the Santa Barbara County Superior Court. Under the Settlement Agreement, the plaintiffs will be paid in three installments: $2.4 million in April 2017, $1.8 million in November 2017 and $1.8 million in July 2018. Apio is responsible for half of these payments with Pacific Harvest responsible for the other half.

Based on the initial number of claims and the initial length of time covered by the claims, Apio had recorded a legal settlement contingency accrual of $1.3 million as of November 27, 2016, which Apio believed was sufficient to resolve its share of the costs of the Actions prior to the significant increase in the number of potential claims and the number of past years covered in the final settlement.

As a result of the class action settlement, during the third quarter ended February 26, 2017, Apio will be recording an additional legal settlement charge of $2.1 million, or $0.05 per share after tax, for its one-half of the settlement obligation, bringing the total legal settlement charge for fiscal year 2017 to $2.6 million and the accrual to $3.0 million as of February 26, 2017. During the first nine months of fiscal 2017, Apio had incurred $1.7 million of legal defense expenses related to the Actions, bringing the total expenses associated with these Actions during fiscal 2017 to $4.3 million, or $0.10 per share after taxes.

Importantly, by settling on a class-wide basis, the number of individuals who will be releasing their claims is significantly higher and the length of time covered by the settlement increased from one year to four years. As a result, this settlement allows Apio to avoid millions of dollars of legal fees to arbitrate and individually try all of these matters over the next several years.

“We are very pleased that these legal actions are now behind us and that we are able to settle these Actions as a class rather than having to arbitrate over 100 cases individually which could have taken several years,” stated Ron Midyett, Landec’s COO. “To prevent Apio from being subjected to such litigation in the future, Apio has taken over all of the responsibilities of human resources for the plant employees and has established a new set of more stringent policies and procedures including monitoring payroll processing on a weekly basis.”

Guidance Update
Molly Hemmeter, Landec’s President and CEO, stated, “From an operational standpoint, for the third quarter of fiscal 2017, we are reiterating our revenue guidance of $133 million to $140 million and we are reiterating our net income guidance of $0.16 to $0.19 per share, prior to the $2.1 million additional legal settlement charge.

Regarding our fourth quarter of fiscal 2017 ended May 28th, the heavy rains this winter have damaged crops, reduced yields both in the field and in our processing facilities, and have impeded our growers’ ability to plant fields during January and February which will result in shortages of key vegetable crops during our fiscal fourth quarter. As a result, we now expect our revenues in the fourth quarter to be $134 million to $137 million and net income to be $0.09 to $0.11 per share. As of now, we do not expect the heavy rains this winter to have a negative impact on our financial results in fiscal 2018.”    

About Landec Corporation 
Landec Corporation (NASDAQ:LNDC) is a leading innovator of diversified health and wellness solutions within the packaged natural food and biomaterial markets. Apio, Landec’s food business, is the leader in branded, packaged fresh vegetables in North America, utilizing its proprietary BreatheWay® packaging technology to naturally extend the shelf life of fresh produce. Apio combines this technology with the capabilities of a large national fresh produce supplier to offer healthy fresh vegetable products under the Eat Smart® brand to consumers through club and retail grocery stores. Landec recent acquisition, O Olive Oil, Inc., offers organic and natural olive oils and vinegars under the O brand. Lifecore Biomedical, Landec’s biomaterial business, is a fully integrated Contract Development and Manufacturing Organization (CDMO) that offers expertise and capabilities in fermentation, specialty formulation, aseptic filling and final packaging for FDA regulated medical devices and drugs to customers for applications in a wide array of markets including Ophthalmic, Orthopedic and Oncology. For more information about the company, visit Landec’s website at www.landec.com.

Important Cautions Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with operations, the ability to achieve acceptance of the Company’s new products in the market place, weather conditions that can affect the supply and price of produce, the amount and timing of research and development funding and license fees from the Company’s collaborative partners, the timing of regulatory approvals, the mix between domestic and international sales, and the risk factors listed in the Company’s Form 10-K for the fiscal year ended May 29, 2016 (See item 1A: Risk Factors) which may be updated in Part II, Item 1A Risk Factors in the Company’s Quarterly Reports on Form 10-Q. As a result of these and other factors, the Company expects to continue to experience significant fluctuations in quarterly operating results and there can be no assurance that the Company will remain consistently profitable. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise.

Contact Information:   
                    At the Company:     
                    Gregory S. Skinner  
                    Vice President Finance and CFO
                    (650) 261-3677      
                    
                     Investor Relations:
                     John Mills, Partner 
                     (646) 277-1254
                     John.Mills@ICRINC.com

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Landec Corporation Agrees to Settle Labor Related Legal Actions and Updates Guidance

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Settlement Covers All Potential Past Wage and Hour Claims

/EIN News/ — MENLO PARK, Calif., March 28, 2017 (GLOBE NEWSWIRE) — Landec Corporation (NASDAQ:LNDC), a leading innovator of diversified health and wellness solutions within the packaged natural food and biomaterial markets, announced today that Apio, Inc., Landec’s food subsidiary (“Apio”), has reached an agreement in principle to settle a variety of claims made against the Company and its labor contractor.

Apio has been the target of a union organizing campaign which has included two unsuccessful attempts to unionize Apio’s Guadalupe, California processing plant. The campaign has involved a union and over 100 former and current employees of Pacific Harvest, Inc. and Rancho Harvest, Inc. (collectively “Pacific Harvest”), Apio’s labor contractors, bringing dozens of legal actions before various state and federal agencies, the California Superior Court, and initiating over 100 individual arbitrations against Apio and Pacific Harvest (the “Actions”).

For over 15 years, Apio has retained Pacific Harvest, a contract labor provider, to manage all aspects of hourly labor requirements within its Guadalupe, California manufacturing facility, including recruiting, hiring, daily management, payroll processing and employee benefits administration. In August 2015, one month before the first lawsuit was filed against Apio and Pacific Harvest, the National Labor Relations Board (NLRB) held in the Browning-Ferris Industries decision that employees of a labor contractor may be considered to be de facto employees of the company who engaged the labor contractor. As a result, rather than being shielded from these type of lawsuits as in the past, Apio may now be considered a joint employer and therefore may be jointly liable with Pacific Harvest, even though the employees who filed the claims are employees of Pacific Harvest. Starting in January of this year, Apio assumed the responsibilities for all human resource activities, employee management and employee documentation while still using Pacific Harvest for recruiting, payroll processing and securing employee benefits for the plant employees.

The Actions consist of three main types of claims: (1) Unfair Labor Practice claims (“ULPs”) before the NLRB, (2) discrimination/wrongful termination claims before state and federal agencies and in individual arbitrations, and (3) wage and hour claims as part of two Private Attorney General Act (PAGA) cases in state court and in over 100 individual arbitrations.

Financial Implications
A settlement of the ULP claims among the NLRB, the Union, Apio, and Pacific Harvest that were pending before the NLRB was approved on December 27, 2016 for $310,000. Apio was responsible for half or this settlement or $155,000. Concerning the discrimination/wrongful termination claims and the wage and hour claims, in order to avoid the time and expense of further litigation and without admission of liability, the parties have agreed in principle to a class action settlement which covers all non-exempt employees of Pacific Harvest working at Apio’s Guadalupe, California facility. This settlement remains subject to all of the plaintiffs executing the settlement agreement, and the settlement agreement being approved by the Santa Barbara County Superior Court. Under the Settlement Agreement, the plaintiffs will be paid in three installments: $2.4 million in April 2017, $1.8 million in November 2017 and $1.8 million in July 2018. Apio is responsible for half of these payments with Pacific Harvest responsible for the other half.

Based on the initial number of claims and the initial length of time covered by the claims, Apio had recorded a legal settlement contingency accrual of $1.3 million as of November 27, 2016, which Apio believed was sufficient to resolve its share of the costs of the Actions prior to the significant increase in the number of potential claims and the number of past years covered in the final settlement.

As a result of the class action settlement, during the third quarter ended February 26, 2017, Apio will be recording an additional legal settlement charge of $2.1 million, or $0.05 per share after tax, for its one-half of the settlement obligation, bringing the total legal settlement charge for fiscal year 2017 to $2.6 million and the accrual to $3.0 million as of February 26, 2017. During the first nine months of fiscal 2017, Apio had incurred $1.7 million of legal defense expenses related to the Actions, bringing the total expenses associated with these Actions during fiscal 2017 to $4.3 million, or $0.10 per share after taxes.

Importantly, by settling on a class-wide basis, the number of individuals who will be releasing their claims is significantly higher and the length of time covered by the settlement increased from one year to four years. As a result, this settlement allows Apio to avoid millions of dollars of legal fees to arbitrate and individually try all of these matters over the next several years.

“We are very pleased that these legal actions are now behind us and that we are able to settle these Actions as a class rather than having to arbitrate over 100 cases individually which could have taken several years,” stated Ron Midyett, Landec’s COO. “To prevent Apio from being subjected to such litigation in the future, Apio has taken over all of the responsibilities of human resources for the plant employees and has established a new set of more stringent policies and procedures including monitoring payroll processing on a weekly basis.”

Guidance Update
Molly Hemmeter, Landec’s President and CEO, stated, “From an operational standpoint, for the third quarter of fiscal 2017, we are reiterating our revenue guidance of $133 million to $140 million and we are reiterating our net income guidance of $0.16 to $0.19 per share, prior to the $2.1 million additional legal settlement charge.

Regarding our fourth quarter of fiscal 2017 ended May 28th, the heavy rains this winter have damaged crops, reduced yields both in the field and in our processing facilities, and have impeded our growers’ ability to plant fields during January and February which will result in shortages of key vegetable crops during our fiscal fourth quarter. As a result, we now expect our revenues in the fourth quarter to be $134 million to $137 million and net income to be $0.09 to $0.11 per share. As of now, we do not expect the heavy rains this winter to have a negative impact on our financial results in fiscal 2018.”    

About Landec Corporation 
Landec Corporation (NASDAQ:LNDC) is a leading innovator of diversified health and wellness solutions within the packaged natural food and biomaterial markets. Apio, Landec’s food business, is the leader in branded, packaged fresh vegetables in North America, utilizing its proprietary BreatheWay® packaging technology to naturally extend the shelf life of fresh produce. Apio combines this technology with the capabilities of a large national fresh produce supplier to offer healthy fresh vegetable products under the Eat Smart® brand to consumers through club and retail grocery stores. Landec recent acquisition, O Olive Oil, Inc., offers organic and natural olive oils and vinegars under the O brand. Lifecore Biomedical, Landec’s biomaterial business, is a fully integrated Contract Development and Manufacturing Organization (CDMO) that offers expertise and capabilities in fermentation, specialty formulation, aseptic filling and final packaging for FDA regulated medical devices and drugs to customers for applications in a wide array of markets including Ophthalmic, Orthopedic and Oncology. For more information about the company, visit Landec’s website at www.landec.com.

Important Cautions Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with operations, the ability to achieve acceptance of the Company’s new products in the market place, weather conditions that can affect the supply and price of produce, the amount and timing of research and development funding and license fees from the Company’s collaborative partners, the timing of regulatory approvals, the mix between domestic and international sales, and the risk factors listed in the Company’s Form 10-K for the fiscal year ended May 29, 2016 (See item 1A: Risk Factors) which may be updated in Part II, Item 1A Risk Factors in the Company’s Quarterly Reports on Form 10-Q. As a result of these and other factors, the Company expects to continue to experience significant fluctuations in quarterly operating results and there can be no assurance that the Company will remain consistently profitable. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise.

Contact Information:   
                    At the Company:     
                    Gregory S. Skinner  
                    Vice President Finance and CFO
                    (650) 261-3677      
                    
                     Investor Relations:
                     John Mills, Partner 
                     (646) 277-1254
                     John.Mills@ICRINC.com

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CDTi Revises Timing of Fourth Quarter and Year-End 2016 Financial Results

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OXNARD, Calif., March 28, 2017 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, announced it will now report its fourth quarter and year-end 2016 financial results after the market closes on Friday, March 31, 2017. CDTi will hold a conference call that same day at 1:30 p.m. PT (4:30 p.m. ET) to discuss its results and answer questions.

/EIN News/ — To participate in the conference call, please dial +1 (877) 303-9240, and international participants should dial +1 (760) 666-3571. The conference code is 71254554. The conference call will be webcast live on the CDTi website at www.cdti.com under the „Investor Relations” section. To listen to the live webcast, participants should visit the site at least 15 minutes prior to the conference to download any required streaming media software. An archived recording of the conference call will be available on the CDTi website for 30 days. You may also access a telephone replay for two business days following the conclusion of the call by dialing +1 (855) 859-2056 or +1 (404) 537-3406 if dialing in internationally. The passcode is 71254554.

About CDTi
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits the Company’s high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™), Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. For more information, please visit www.cdti.com.

Contact Information:
Becky Herrick or Cathy Mattison
LHA (IR Agency)
+1 (415) 433 3777
bherrick@lhai.com
cmattison@lhai.com

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CDTi Revises Timing of Fourth Quarter and Year-End 2016 Financial Results

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OXNARD, Calif., March 28, 2017 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, announced it will now report its fourth quarter and year-end 2016 financial results after the market closes on Friday, March 31, 2017. CDTi will hold a conference call that same day at 1:30 p.m. PT (4:30 p.m. ET) to discuss its results and answer questions.

/EIN News/ — To participate in the conference call, please dial +1 (877) 303-9240, and international participants should dial +1 (760) 666-3571. The conference code is 71254554. The conference call will be webcast live on the CDTi website at www.cdti.com under the „Investor Relations” section. To listen to the live webcast, participants should visit the site at least 15 minutes prior to the conference to download any required streaming media software. An archived recording of the conference call will be available on the CDTi website for 30 days. You may also access a telephone replay for two business days following the conclusion of the call by dialing +1 (855) 859-2056 or +1 (404) 537-3406 if dialing in internationally. The passcode is 71254554.

About CDTi
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits the Company’s high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™), Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. For more information, please visit www.cdti.com.

Contact Information:
Becky Herrick or Cathy Mattison
LHA (IR Agency)
+1 (415) 433 3777
bherrick@lhai.com
cmattison@lhai.com

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Dave & Buster’s Achieves Fourth Quarter Net Income Growth of Over 19%

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Delivers Fourth Quarter Adjusted EBITDA Growth of 16.5% As Comparable Store Sales Increase 3.2%

Surpasses $1 Billion Annual Sales Milestone

DALLAS, March 28, 2017 (GLOBE NEWSWIRE) — Dave & Buster’s Entertainment, Inc., (NASDAQ:PLAY), („Dave & Buster’s” or „the Company”), an owner and operator of entertainment and dining venues, today announced financial results for its fourth quarter 2016, which ended on January 29, 2017. The Company also issued its guidance for the full year 2017.

/EIN News/ — Key highlights from the fourth quarter 2016 compared to the fourth quarter 2015 include:

  • Total revenues increased 15.4% to $270.2 million from $234.2 million.
  • Comparable store sales increased 3.2%.
  • Opened four new stores compared to four new stores.
  • Net income of $27.4 million, or $0.63 per diluted share, vs. net income of $23.0 million, or $0.53 per diluted share.
  • Adjusted EBITDA*, a non-GAAP measure, increased 16.5% to $74.5 million from $63.9 million.
  • As a percentage of total revenues, Adjusted EBITDA increased 30 basis points to 27.6% from 27.3%.

Key highlights from the full year 2016 compared to the full year 2015 include:

  • Total revenues increased 15.9% to $1.005 billion from $867 million.
  • Comparable store sales increased 3.3%.
  • Opened eleven new stores compared to ten new stores.
  • Net income of $90.8 million, or $2.10 per diluted share, vs. net income of $59.6 million, or $1.39 per diluted share.
  • Adjusted EBITDA*, a non-GAAP measure, increased 25.8% to $261.5 million from $207.8 million
  • As a percentage of total revenues, Adjusted EBITDA increased 200 basis points to 26.0% from 24.0%.

* A reconciliation of Net Income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA, is set forth in the attachment to this release. Please note that beginning in the fourth quarter of 2016 we revised our calculation of Adjusted EBITDA to exclude adjustments for changes in deferred amusement revenue and ticket liabilities.

“For the quarter, Dave & Buster’s generated a 3.2% increase in comparable store sales, lapping a 6% increase from the prior year, for an impressive 9.2% growth on a two-year stacked basis. Our comparable store sales growth has now exceeded the competitive casual dining benchmark for 19 straight quarters. We also reached an important milestone during the quarter as full year sales exceeded $1 billion. As proud as we are of this accomplishment, we are even more excited about our growth prospects in the future,” said Steve King, Chief Executive Officer.

“We grew revenue by 15.4% and net income by 19.2% during the fourth quarter. Our consistent performance and industry-leading margins position us well for our next growth phase. At the same time, our free cash flow and strong balance sheet allow flexibility to return value to shareholders in additional ways, including share repurchases. To that effect, during fiscal year 2016, we executed $29 million in share repurchases under our current $100 million share repurchase program,” added Brian Jenkins, Chief Financial Officer.

“We expect to open eleven to twelve new stores this year, representing 12% to 13% unit growth. Similar to last year, these openings will skew toward the large store format and new markets for our brand. Our development pipeline is robust and we remain well positioned over the long term to capitalize on the changing retail dynamics affecting big box operators and malls. Our long-term target for annual unit growth continues to be 10% or more and we foresee a 200+ store opportunity in North America alone,” King concluded.

Review of Fourth Quarter 2016 Operating Results

Total revenues increased 15.4% to $270.2 million from $234.2 million in the fourth quarter 2015. Across all stores, Food and Beverage revenues increased 11.3% to $126 million from $113.2 million and Amusement and Other revenues increased 19.2% to $144.2 million from $121.0 million. Food and Beverage represented 46.6% of total revenues while Amusements and Other represented 53.4% of total revenues in the fourth quarter 2016. In last year’s fourth quarter, Food & Beverage represented 48.3% of total revenues while Amusements and Other represented 51.7% of total revenues.

Comparable store sales increased 3.2% in the fourth quarter 2016 compared to a 6.0% increase in the same period last year. Our comparable store sales growth was driven by a 3.5% increase in walk-in sales and a 1.7% increase in special events sales. Non-comparable store revenues increased $30 million or 79% in the fourth quarter 2016 to $68.2 million.

Operating income increased to $44.7 million in the fourth quarter of 2016 from $38.1 million in last year’s fourth quarter. As a percentage of total revenues, operating income increased approximately 20 basis points to 16.5% from 16.3%.

Net income increased to $27.4 million, or $0.63 per diluted share (43.4 million diluted share base), in the fourth quarter of 2016 compared to net income of $23 million, or $0.53 per diluted share (43.1 million diluted share base), in the same period last year.

Store operating income before depreciation and amortization increased 13.4% to $87.2 million in the fourth quarter 2016 from $76.9 million in last year’s fourth quarter. As a percentage of total revenues, store operating income before depreciation and amortization decreased 50 basis points to 32.3% from 32.8%.

Adjusted EBITDA* increased 16.5% to $74.5 million in the fourth quarter 2016 from $63.9 million in the same period last year. As a percentage of total revenues, Adjusted EBITDA increased approximately 30 basis points to 27.6% from 27.3%. As noted earlier, this excludes changes in deferred amusement revenue and ticket liabilities of $2.8 million and $2.5 million in the fourth quarters of fiscal years 2016 and 2015 respectively. These changes were included in our previous Adjusted EBITDA definition and guidance.

Share Repurchases

During fiscal year 2016, our board approved a $100 million share repurchase program. Under this authorization, we repurchased 567,000 shares during the fiscal year for $29 million. This includes 396,000 shares repurchased during the fourth quarter. As of the end of fiscal year 2016, we had $71 million remaining under this authorization.

Development

We opened four stores during the fourth quarter in Toledo, Ohio; Silver Spring (Washington, D.C.), Maryland; Oakville (Toronto), Ontario; and Daly City (San Francisco), California for a total of eleven new stores for the year. Total capital additions (net of tenant improvement allowances and sale-leaseback proceeds) during fiscal year 2016 were $146 million and included development costs for store openings, six remodeling and related projects, new games and maintenance capital.

During the first quarter of fiscal year 2017, we have already opened three stores in Carlsbad, California; Columbia, South Carolina; and Overland Park, Kansas. We currently have six stores under construction in Tucson, Arizona; New Orleans, Louisiana; Alpharetta, Georgia; Myrtle Beach, South Carolina; McAllen, Texas and Bayamon, Puerto Rico.  

Financial Outlook

We are providing our initial financial outlook for fiscal 2017, which includes 53 weeks and ends on February 4, 2018:

  • Total revenues of $1.155 billion to $1.170 billion
  • Comparable store sales increase of 2% to 3% (on a comparable 52-week basis)
  • 11 to 12 new stores
  • Net income of $101 million to $105 million
  • Effective tax rate of 36% to 37% and diluted share count of 43.2 million to 43.4 million, excluding the impact of FASB Accounting Standard, ASU 2016-09. The implementation of this new standard could significantly reduce our effective tax rate and slightly increase our diluted share count, dependent on stock option exercises
  • EBITDA of $270 million to $277 million
  • Total capital additions (net of tenant improvement allowances and other landlord payments) of $156 million to $166 million

Conference Call Today

Management will hold a conference call to discuss these results today at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). The conference call can be accessed over the phone by dialing (719) 325-2360 or toll-free (888) 587-0611.  A replay will be available after the call for one year beginning at 7:00 p.m. Central Time (8:00 p.m. Eastern Time) and can be accessed by dialing (412) 317-6671 or toll-free (844) 512-2921; the passcode is 7448438.

Additionally, a live and archived webcast of the conference call will be available at www.daveandbusters.com under the Investor Relations section.

About Dave & Buster’s Entertainment, Inc.

Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s Entertainment, Inc., is the owner and operator of 95 venues in North America that combine entertainment and dining and offer customers the opportunity to „Eat, Drink, Play and Watch,” all in one location.  Dave & Buster’s offers a full menu of „Fun American New Gourmet” entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events.  Dave & Buster’s currently has stores in 33 states and Canada.

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by our level of indebtedness, general business and economic conditions, the impact of competition, the seasonality of the company’s business, adverse weather conditions, future commodity prices, guest and employee complaints and litigation, fuel and utility costs, labor costs and availability, changes in consumer and corporate spending, changes in demographic trends, changes in governmental regulations, unfavorable publicity, our ability to open new stores, and acts of God.  Accordingly, actual results may differ materially from the forward-looking statements, and the Company therefore cautions you against relying on such forward-looking statements.  Dave & Buster’s intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more appropriate information becomes available, except as required by law.

Non-GAAP Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Store operating income before depreciation and amortization, and store operating income before depreciation and amortization margin (collectively the „non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of our operating performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.  The non-GAAP measures used by the Company in this press release may be different from the measures used by other companies.

 
DAVE & BUSTER’S ENTERTAINMENT, INC.
Condensed Consolidated Balance Sheets
(in thousands)
 
         
ASSETS   January 29, 2017   January 31, 2016
         
Current assets:        
         
Cash and cash equivalents $   20,083   $   25,495
Other current assets     55,521       84,585
         
Total current assets     75,604       110,080
         
Property and equipment, net     606,865       523,891
         
Intangible and other assets, net     370,264       369,730
         
Total assets $   1,052,733   $   1,003,701
         
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
         
Total current liabilities $   177,797   $   156,647
         
Other long-term liabilities     178,856       170,800
         
Long-term debt, net     256,628       329,916
         
Stockholders’ equity     439,452       346,338
         
Total liabilities and stockholders’ equity $   1,052,733   $   1,003,701
DAVE & BUSTER’S ENTERTAINMENT, INC.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
                 
    13 Weeks Ended   13 Weeks Ended
    January 29, 2017   January 31, 2016
                 
Food and beverage revenues $   126,001     46.6 %   $   113,237     48.3 %
Amusement and other revenues     144,181     53.4 %       120,978     51.7 %
Total revenues     270,182     100.0 %       234,215     100.0 %
                 
Cost of food and beverage (as a percentage of food and beverage revenues)       31,174     24.7 %       28,522     25.2 %
Cost of amusement and other (as a percentage of amusement and other revenues)       16,726     11.6 %       14,371     11.9 %
Total cost of products       47,900     17.7 %       42,893     18.3 %
Operating payroll and benefits     62,213     23.0 %       53,008     22.6 %
Other store operating expenses     72,835     27.0 %       61,417     26.3 %
General and administrative expenses     14,343     5.3 %       14,615     6.2 %
Depreciation and amortization expense     23,197     8.6 %       20,413     8.7 %
Pre-opening costs     5,024     1.9 %       3,807     1.6 %
Total operating costs     225,512     83.5 %       196,153     83.7 %
                 
Operating income     44,670     16.5 %       38,062     16.3 %
                 
Interest expense, net     1,412     0.5 %       2,407     1.1 %
                 
Income before provision for income taxes     43,258     16.0 %       35,655     15.2 %
Provision for income taxes     15,891     5.9 %       12,705     5.4 %
Net income   $   27,367     10.1 %   $   22,950     9.8 %
                 
Net income per share:                
Basic $   0.65         $   0.55      
Diluted $   0.63         $   0.53      
Weighted average shares used in per share calculations:                
Basic shares    42,215,285            41,548,060      
Diluted shares    43,369,754            43,097,656      
                 
                 
Other information:                
Company-owned and operated stores open at end of period   92           81      
 
                 
The following table sets forth a reconciliation of net income to Adjusted EBITDA for the periods shown:
                 
    13 Weeks Ended   13 Weeks Ended
    January 29, 2017   January 31, 2016
                 
Net income   $   27,367     10.1 %   $   22,950     9.8 %
Add back: Interest expense, net     1,412             2,407      
Provision for income taxes     15,891             12,705      
Depreciation and amortization     23,197             20,413      
EBITDA     67,867     25.1 %       58,475     25.0 %
Add back: Loss on asset disposal     546             246      
Share-based compensation       1,163             1,519      
Pre-opening costs       5,024             3,807      
Transaction and other costs     (141 )           (151 )    
Adjusted EBITDA* $   74,459     27.6 %   $   63,896     27.3 %
                 
*Beginning in the fourth quarter of 2016 we revised our calculation of Adjusted EBITDA to exclude adjustments for changes in deferred amusement revenue and ticket liabilities. This change was made in order to conform to recent SEC guidance regarding non-GAAP measures and has been applied to all periods presented. The change in deferred amusement revenue and ticket liability was $2,807 and $2,456 in the fourth quarters of fiscal year 2016 and 2015 respectively.
                 
The following table sets forth a reconciliation of operating income to Store operating income before depreciation and amortization for the periods shown:
                 
    13 Weeks Ended   13 Weeks Ended
    January 29, 2017   January 31, 2016
Operating income   $   44,670     16.5 %   $   38,062     16.3 %
Add back: General and administrative expenses     14,343             14,615      
Depreciation and amortization     23,197             20,413      
Pre-opening costs     5,024             3,807      
Store operating income before depreciation and amortization $   87,234     32.3 %   $   76,897     32.8 %
DAVE & BUSTER’S ENTERTAINMENT, INC.
Consolidated Statements of Operations (Audited)
(in thousands, except share and per share amounts)
                 
    52 Weeks Ended   52 Weeks Ended
    January 29, 2017   January 31, 2016
                 
Food and beverage revenues $   452,140     45.0 %   $   405,841   46.8 %
Amusement and other revenues     553,018     55.0 %       461,141   53.2 %
Total revenues     1,005,158     100.0 %       866,982   100.0 %
                 
Cost of food and beverage (as a percentage of food and beverage revenues)       114,946     25.4 %       104,757   25.8 %
Cost of amusement and other (as a percentage of amusement and other revenues)       65,354     11.8 %       58,053   12.6 %
Total cost of products       180,300     17.9 %       162,810   18.8 %
Operating payroll and benefits     228,827     22.8 %       200,129   23.1 %
Other store operating expenses     287,322     28.6 %       250,186   28.8 %
General and administrative expenses     54,474     5.4 %       53,600   6.2 %
Depreciation and amortization expense     88,305     8.8 %       78,660   9.1 %
Pre-opening costs     15,414     1.5 %       11,561   1.3 %
Total operating costs     854,642     85.0 %       756,946   87.3 %
                 
Operating income     150,516     15.0 %       110,036   12.7 %
                 
Interest expense, net     6,985     0.7 %       11,464   1.3 %
Loss on debt retirement     –     0.0 %       6,822   0.8 %
                 
Income before provision for income taxes       143,531     14.3 %       91,750   10.6 %
Provision for income taxes     52,736     5.3 %       32,131   3.7 %
Net income   $   90,795     9.0 %   $   59,619   6.9 %
                 
Net income per share:                
Basic $   2.16         $   1.46    
Diluted $   2.10         $   1.39    
Weighted average shares used in per share calculations:                
Basic shares    41,951,770            40,968,455    
Diluted shares    43,288,592            42,783,905    
                 
                 
Other information:                
Company-owned and operated stores open at end of period   92           81    
 
                 
The following table sets forth a reconciliation of net income to Adjusted EBITDA for the periods shown:
                 
    52 Weeks Ended   52 Weeks Ended
    January 29, 2017   January 31, 2016
                 
Net income   $   90,795     9.0 %   $   59,619   6.9 %
Add back: Interest expense, net     6,985             11,464    
Loss on debt retirement     –             6,822    
Provision for income taxes       52,736             32,131    
Depreciation and amortization     88,305             78,660    
EBITDA     238,821     23.8 %       188,696   21.8 %
Add back: Loss on asset disposal     1,533             1,411    
Share-based compensation       5,828             4,109    
Pre-opening costs     15,414             11,561    
Transaction and other costs     (73 )           2,068    
Adjusted EBITDA* $   261,523     26.0 %   $   207,845   24.0 %
                 
*Beginning in the fourth quarter of 2016 we revised our calculation of Adjusted EBITDA to exclude adjustments for changes in deferred amusement revenue and ticket liabilities. This change was made in order to conform to recent SEC guidance regarding non-GAAP measures and has been applied to all periods presented. The change in deferred amusement revenue and ticket liability was $8,297 and $7,587 in fiscal year 2016 and 2015 respectively.
                 
The following table sets forth a reconciliation of operating income to Store operating income before depreciation and amortization for the periods shown:
                 
    52 Weeks Ended   52 Weeks Ended
    January 29, 2017   January 31, 2016
                 
Operating income $   150,516     15.0 %   $   110,036   12.7 %
Add back: General and administrative expenses     54,474             53,600    
Depreciation and amortization     88,305             78,660    
Pre-opening costs     15,414             11,561    
Store operating income before depreciation and amortization   $   308,709     30.7 %   $   253,857   29.3 %

For Investor Relations Inquiries:
                    Arvind Bhatia, CFA
                    Dave & Buster’s Entertainment, Inc.
                    214.904.2202
                    arvind_bhatia@daveandbusters.com

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Midland States Bancorp Announces Acquisition of CedarPoint Investment Advisors

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EFFINGHAM, Ill., March 28, 2017 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ:MSBI) today announced that it has acquired CedarPoint Investment Advisors, an SEC registered investment advisory (RIA) firm located in Delafield, Wisconsin.  Founded in 2009, CedarPoint provides clients with a full range of financial planning and investment services and has approximately $180 million in assets under administration.  The transaction increases the size of Midland’s Wealth Management group to approximately $1.9 billion in assets under administration and 50 financial professionals. 

Eric Chojnicki, President of Midland Wealth Management, said, “We are very pleased to welcome CedarPoint’s talented team of investment advisors and their clients to Midland.  The acquisition of our first RIA expands upon the fiduciary relationship, asset-based fee model that we have built at Midland Wealth Management. CedarPoint has also built a successful firm based on complete fee transparency and unbiased investment advice. The philosophy, values and expertise of Dan Wilson and Bob Dignan, CedarPoint’s principals, are a strong fit with the holistic approach we have at Midland to serve every area of our clients’ financial needs.”

Dan Wilson, CFP®, said, “We are enthusiastic about joining forces with Midland and the opportunities it presents for our clients and the firm. Midland combines the strength of a larger financial institution and a 135 year tradition of customer-centric philosophy. It has a large team of financial professionals and a long history of serving families and business owners. We are particularly impressed by Midland’s culture and its approach to business, which we believe mirrors our own.”

Bob Dignan, CFP®, said, “We think CedarPoint’s clients will benefit from the enhanced technology, broader resources and client support Midland offers.  By leveraging the strength of Midland’s wealth management platform, the CedarPoint team will have an even greater ability to help our clients meet their financial goals.”

CedarPoint will continue operating from its current location in Delafield, WI.  More information on the firm can be found on its website at www.cedarpointinvestments.com.  

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. Midland had assets of approximately $3.2 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.7 billion as of December 31, 2016. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland has more than 80 locations across the United States. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes „forward-looking statements,” including but not limited to statements about Midland’s wealth management operations.  These statements are subject to many risks and uncertainties, including changes in general economic, business and political conditions and financial markets; changes in business plans and other risks detailed from time to time in filings made by Midland with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as „will,” „propose,” „may,” „plan,” „seek,” „expect,” „intend,” „estimate,” „anticipate,” „believe” or „continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
                    MIDLAND STATES BANCORP, INC.:
                    Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

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Aeglea BioTherapeutics to Present at the 16th Annual Needham Healthcare Conference

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AUSTIN, Texas, March 28, 2017 (GLOBE NEWSWIRE) — Aeglea BioTherapeutics, Inc., (NASDAQ:AGLE) a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat rare genetic diseases and cancer, today announced that it will present a corporate update at the 16th Annual Needham Healthcare Conference in New York on Tuesday, April 4 at 2:20 p.m. ET.  

/EIN News/ — To access the live and archived webcast of the presentation, please visit the Investor Relations section of the Aeglea BioTherapeutics website. The webcast and presentation will be archived for viewing for 90 days thereafter.

About Aeglea BioTherapeutics
Aeglea is a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat rare genetic diseases and cancer. The company’s engineered human enzymes are designed to modulate the extremes of amino acid metabolism in the blood to reduce toxic levels of amino acids in inborn errors of metabolism or target tumor metabolism for cancer treatment. AEB1102, Aeglea’s lead product candidate, is currently being studied in two ongoing Phase 1 clinical trials in patients with advanced solid tumors and acute myeloid leukemia/myelodysplastic syndrome (AML/MDS). Additionally, Aeglea is recruiting patients into its ongoing Phase 1/2 trial of AEB1102 for the treatment of patients with Arginase I deficiency. The company is building a pipeline of additional product candidates targeting key amino acids, including AEB4104, which degrades homocystine, a target for an inborn error of metabolism, as well as two potential treatments for cancer, AEB3103, which degrades cysteine, and its oxidized form cystine, and AEB2109, which degrades methionine. For more information, please visit http://aegleabio.com.

Contact:
                    Media Contact: 
                    Kelly Boothe, Ph.D. 
                    Pure Communications 
                    415.946.1076
                    media@aegleabio.com
                    
                    Investor Contact:
                    Charles N. York II 
                    Chief Financial Officer 
                    Aeglea BioTherapeutics 
                    investors@aegleabio.com

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