CyberArk Names Ron Zoran Chief Revenue Officer

NEWTON, Mass. & PETACH TIKVA, Israel–(BUSINESS WIRE)–CyberArk (NASDAQ: CYBR), the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced the promotion of Ron Zoran to the newly created position of Chief Revenue Officer (CRO), effective immediately. Zoran will be responsible for executing the company’s worldwide sales strategy across sales, sales engineering, and channels to drive revenue growth across all geographies.

Since CyberArk’s founding in 1999, Zoran has held leadership positions across the organization in sales management, research and development, and technical support. Most recently as Vice President of Sales for the Americas, Zoran led the U.S., Canada and Latin America sales, sales engineering and channel sales teams increasing revenue in those regions from $34 million in 2013 to more than $130 million in 2016, representing a three-year CAGR of 58%. Under his leadership, CyberArk, nearly tripled the Americas customer base to about 1,800 customers, increased penetration of the Fortune 500, and successfully expanded the company’s presence in the US Federal vertical, as well as in Canada and Latin America. The company also strengthened its channel relationships, increasing collaboration with advisory firms, systems integrators and value added resellers.

“Ron’s proven track record across every role he’s held at CyberArk, his passion for our mission and deep security expertise gives me great confidence in Ron’s ability to deliver results and enable CyberArk to fully capitalize on our tremendous opportunity,” said Udi Mokady, CyberArk Chairman and CEO. “With Ron at the helm of our global sales organization, we will drive consistent best practices across all sales, sales engineering and channel sales to enable CyberArk to expand our market reach, drive growth and scale our operations.”

“CyberArk is the undisputed leader in privileged account security with the best and only solution that helps organizations protect their privileged accounts across the enterprise, in the cloud and across the DevOps pipeline,” said Zoran. “I am passionate about driving customer adoption of privileged account security as a critical and measurable layer of security for organizations to defend against an increasingly complex threat landscape. I look forward to taking CyberArk to the next level of growth and market leadership.”

Prior to joining CyberArk, Zoran spent 6 years as an Officer and R&D Group Manager at the Technological Computer Center of the Israeli Defense Forces. Zoran holds an MBA from Northeastern University and a B.A. in Computer Science from Bar-Ilan University.

About CyberArk
CyberArk is the only security company focused on eliminating the most advanced cyber threats; those that use insider privileges to attack the heart of the enterprise. Dedicated to stopping attacks before they stop business, CyberArk proactively secures against cyber threats before attacks can escalate and do irreparable damage. The company is trusted by the world’s leading companies – including more than 50 percent of the Fortune 100 – to protect their highest value information assets, infrastructure and applications. A global company, CyberArk is headquartered in Petach Tikva, Israel, with U.S. headquarters located in Newton, Mass. The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan. To learn more about CyberArk, visit www.cyberark.com, read the CyberArk blog, or follow on Twitter via @CyberArk, LinkedIn or Facebook.

Copyright © 2017 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

Pier 1 Imports, Inc. Announces Management Changes

FORT WORTH, Texas–(BUSINESS WIRE)–Pier 1 Imports, Inc. (NYSE:PIR) today announced that Jeffrey N. Boyer, Executive Vice President and Chief Financial Officer, is leaving the Company effective October 3, 2017 to become Chief Financial Officer of Fossil Group, Inc. (Nasdaq GS: FOSL), where he has been a member of the Board of Directors since 2007. Pier 1 Imports is in the process of appointing an executive search firm to conduct a comprehensive search for a new CFO. Separately, the Company is very pleased to announce the appointment of IT Veteran Bhargav J. Shah, 41, as Senior Vice President and Chief Information Officer, effective immediately.

Alasdair James, President and Chief Executive Officer, stated, “On behalf of Pier 1 Imports’ Board of Directors and management team, we thank Jeff for his financial leadership and many contributions to Pier 1 Imports over the past two years and welcome Bhargav to the Company. Jeff manages a strong team that will continue driving our financial functions and supporting our strategy. We wish Jeff well and are pleased he will be here to ensure a smooth transition during this important time.”

Mr. Boyer stated, “I have been very fortunate to have spent the past two years working with a fantastic team in this highly collaborative culture. The Company is well positioned to drive long-term growth under Alasdair’s leadership. I wish them all the best in their journey as I make the transition from a long-term board member to a management role at Fossil Group.”

Bhargav Shah comes to Pier 1 Imports with nearly 20 years of broad-based technology, digital and supply chain experience. His roles and successes in his two most recent positions – CIO and Head of e-Commerce at IntegraCore, a global supply chain management company, and CIO and CTO at online retailer Overstock.com (Nasdaq: OSTK) – are a strong fit with Pier 1 Imports’ growth strategy. During his tenure at IntegraCore, Bhargav led the Company’s e-Commerce initiative and built an online sales model for supply chain automation and logistics. At Overstock.com, Bhargav increased data usage to automate and improve decision-making and drove customer centricity across devices and channels, resulting in improved customer engagement and cross-channel growth. Earlier in his career, Bhargav held information technology positions at KPMG, LLP, Pfizer Inc. and Ernst & Young, LLP. He earned a Bachelor of Chemical Engineering from the University of Mumbai and an MBA, Finance and Technology, from Bentley University in Waltham, MA.

Commenting on the appointment of Bhargav, Mr. James stated, “We are pleased to have someone with Bhargav’s expertise join Pier 1 Imports. He brings a diverse skill set that includes IT strategy, cloud computing, artificial intelligence and machine learning, as well as an impressive track record of driving automation and growth. Importantly, we also expect to benefit from his retail systems experience. We look forward to Bhargav’s contributions as our organization focuses on utilizing more data-driven initiatives to fuel efficiency, sophistication and improved performance.”

Financial Disclosure Advisory

Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include, but are not limited to: the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the Company’s ability to implement planned cost control measures; expected benefits from the real estate optimization initiative, including cost savings and increases in efficiency; risks related to U.S. import policy; and changes in foreign currency values relative to the U.S. Dollar. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s Annual Report on Form 10-K and in other filings with the SEC. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements.

About Pier 1 Imports

Pier 1 Imports is dedicated to offering customers exclusive, one-of-a-kind products that reflect high quality at a great value. Starting with a single store in 1962, Pier 1 Imports’ product is now available in retail stores throughout the U.S. and Canada and online at pier1.com. For more information about Pier 1 Imports or to find the nearest store, please visit pier1.com.

Liza McFadden Joins K12 Inc. Board of Directors

HERNDON, Va.–(BUSINESS WIRE)–K12 Inc. (NYSE: LRN), a technology-based education company and leading provider of online curriculum and school programs for students in pre-K through high school, is pleased to announce that Liza McFadden has been appointed to the Company’s Board of Directors. McFadden will be replacing Jon Q. Reynolds, Jr. who will be retiring from K12’s Board after more than 6 years of service. Mr. Reynolds’ financial and operational expertise have been key to the Board and his contribution deeply appreciated.

“Liza’s dedication to the education community and her expertise in both policy and its application in schools will be invaluable to K12’s Board of Directors,” said Nate Davis, Executive Chairman of K12 Inc. “She has made an enormous impact on the lives of children throughout her career, and we look forward to tapping into her expertise as we sharpen our focus in delivering a transformative learning experience for every student we serve.”

McFadden is President and CEO of the Barbara Bush Foundation for Family Literacy, an organization that believes education is a civil right, no matter one’s age. McFadden’s experience in education is well rounded: she is a former high school teacher, Florida Department of Education administrator, and served in Governor Jeb Bush’s administration where she spearheaded efforts to encourage 200,000 mentors to support public school children.

“Technology can be a powerful tool to help bridge the gap of educational inequities that is a primary driver of income inequality,” said McFadden. “K12 is leveraging technology to meet learners where they are, both geographically and educationally, regardless of their socio-economic status, and I am excited to be a part of the Board of K12.”

McFadden was appointed by President George W. Bush and confirmed by the Senate to serve on the National Institute for Literacy Board. In her home state of Florida, McFadden has served as volunteer chairman of the innovative Florida Schools of Excellence Board, designed to sponsor and approve charter schools at the state level. She is the inaugural recipient of the Women Who Mean Business, Service Award, in her hometown of Tallahassee for her work with a wide array of organizations including: the Friends of Florida State Parks, the Tallahassee Challenger Center, which promotes science and space, and the John Paul II Catholic High School. McFadden holds a Master’s degree from Florida State University, with a Bachelor’s Degree from Fitchburg State University.

About K12 Inc.

K12 Inc. (NYSE: LRN) is driving innovation and advancing the quality of education by delivering state-of-the-art, digital learning platforms and technology to students and school districts across the globe. K12’s curriculum serves over 2,000 schools and school districts and has delivered more than four million courses over the past decade. K12 is a company consisting of thousands of online school educators providing instruction, academic services, and learning solutions to public schools and districts, traditional classrooms, blended school programs, and directly to families. The K12 program is offered in more than seventy K12 partner public schools across the country, and through private schools serving students in all 50 states and more than 100 countries. More information can be found at K12.com.

Lattice Semiconductor Reports Second Quarter 2017 Results

PORTLAND, Ore.–(BUSINESS WIRE)–Lattice Semiconductor Corporation (NASDAQ:LSCC), the leading provider of customizable smart connectivity solutions, announced financial results today for the fiscal second quarter ended July 1, 2017.

The Company reported revenue for the second quarter of 2017 of $94.1 million, which decreased 10.0% sequentially, as compared to the first quarter 2017 revenue of $104.6 million, and decreased 5.1%, as compared to the second quarter 2016 revenue of $99.2 million.

Gross margin on a GAAP basis was 54.4% for the second quarter of 2017, as compared to the first quarter of 2017 gross margin of 58.2% and 58.9% for the second quarter of 2016. Gross margin for the second quarter of 2017 was 54.6% on a non-GAAP basis, as compared to 58.4% for the first quarter of 2017 and 59.1% for the second quarter of 2016.

Total operating expenses for the second quarter of 2017 were $59.9 million on a GAAP basis, as compared to $61.5 million for the first quarter of 2017 and $64.8 million for the second quarter of 2016. Total operating expenses were $46.0 million for the second quarter of 2017 on a non-GAAP basis, as compared to $47.7 million for the first quarter of 2017, and $50.8 million for the second quarter of 2016.

GAAP net loss for the second quarter was $13.0 million ($0.11 per basic and diluted share), with net income of $0.1 million ($0.00 per basic and diluted share) on a non-GAAP basis. This compares to a net loss on a GAAP basis in the prior quarter of $7.3 million ($0.06 per basic and diluted share), with net income on a non-GAAP basis in the prior quarter of $7.1 million ($0.06 per basic and diluted share), and compares to a net loss on a GAAP basis in the year ago period of $13.8 million ($0.12 per basic and diluted share), with net income of $0.2 million ($0.00 per basic and diluted share) on a non-GAAP basis. GAAP results for the second quarter of 2017 reflect $1.6 million in restructuring charges, $0.9 million in acquisition related charges, less than $0.1 million in tax expense, $8.7 million in amortization of acquired intangible assets, and $2.9 million in stock-based compensation expense. GAAP results for the first quarter of 2017 reflect less than $0.1 million in restructuring charges, $1.7 million in acquisition related charges, $0.5 million in tax expense, $8.5 million in amortization of acquired intangible assets, and $3.8 million in stock-based compensation expense. GAAP results for the second quarter of 2016 reflect $2.6 million in restructuring charges, $4.5 million in tax expense, $8.3 million in amortization of acquired intangible assets, and $3.2 million in stock-based compensation expense.

Darin G. Billerbeck, President and Chief Executive Officer, said, „Revenue declined in the second quarter due to lower shipments to handset customers along with continued macro softness in the China communications market. Despite the near term environment, we are very encouraged by the pace and attractiveness of our design wins and the growth prospects in handsets and other smart consumer devices at large OEMs. While revenue during the third quarter is likely to be relatively flat sequentially, we expect to see an uptick in the fourth quarter of 2017 based on our strategy to continue growing our base FPGA business along with investing in the next wave of growth initiatives, including mmWave, Human Machine Interface and Artificial Intelligence.”

Max Downing, Chief Financial Officer, added, „During the second quarter of 2017, we generated $3.8 million in cash flow from operations and paid approximately $30.0 million in debt payments ($22.9 million for principal and $7.1 million for interest) as compared to debt payments of $15.8 million in the prior quarter ($10.8 million for principal and $5.0 million for interest). As part of our efforts to maximize profitability, we are taking decisive actions to right size our cost and operating structure to focus on the areas of our business with the highest strategic value and greatest return. We currently expect to exit the third quarter of 2017 with quarterly non-GAAP operating expenses reduced to approximately $43 million to $45 million. Other infrastructure activities we have in place are expected to help us further reduce our quarterly non-GAAP operating expense level to approximately $40 million, while also achieving a non-GAAP operating income target of 20% by the end of the first quarter of 2018.”

Recent Business Highlights

  • Launches New Machine Learning and Sensor-to-Cloud Security Solutions for Intelligence at the Edge: Lattice’s iCE40 UltraPlus accelerates innovation in smartphones, wearables, drones, 360 cameras, human-machine interfaces (HMIs), industrial automation and IoT security. New reference designs offer additional resources for customers to develop differentiated, innovative products, while meeting fast time-to-market requirements. Reference designs take advantage of iCE40 UltraPlus’ power efficient parallel processing for sensor stitching and repetitive number crunching.
  • Lattice’s ECP5™ FPGA Enables Energy-Efficient Embedded Vision Systems at the Edge: Lattice announced the implementation of its ECP5 FPGA into embedded vision applications for smart surveillance and automotive applications at the Edge. Reinforcing Lattice’s commitment to the industrial and automotive markets, the Company’s ECP5 family of low power, small form factor FPGAs enables CPU acceleration for license plate detection and image enhancement in intelligent traffic cameras. In addition, Lattice’s ECP5 FPGA enables the integration of image stitching and 3D merging for Advanced Driver Assistance Systems (ADAS) 360 surround view systems.
  • Lattice Introduces Ultra HD Wireless Solution to Deliver Blu-ray Quality Video: Lattice introduced an ultra-high-definition (UHD) wireless solution to deliver Blu-ray quality video for broad market applications. Using the MOD6320-T and MOD6321-R wireless video modules based on Lattice’s SiBEAM 60 GHz technology and the Sil9396 HDMI 2.0 video bridge device, Lattice is the first to bring to market a 4K wireless video solution that transmits in the 60 GHz band, ensuring robust, low latency video transmission free from interference. The new wireless reference design provides a high bandwidth, wireless audio/video interface compatible with the HDMI standard for in-room applications in a range of markets including medical and industrial.
  • Proposed Merger with Canyon Bridge: The Merger was approved by Lattice’s shareholders on February 28, 2017. On June 9, 2017, Lattice and Canyon Bridge Fund I, LP (“Canyon Bridge”) jointly withdrew and re-filed their joint voluntary notice to the Committee on Foreign Investment („CFIUS”) under the Defense Production Act of 1950, as amended, to allow more time for review and discussion with CFIUS in connection with the proposed merger (the “Merger”) between Lattice and an indirect wholly-owned subsidiary of Canyon Bridge. Lattice and Canyon Bridge remain fully committed to the Merger and plan to continue to actively engage in further discussions with CFIUS during its review, and to allowing Lattice’s stockholders to realize the value offered by the proposed transaction.

Investor Conference Call / Outlook:

As a result of the acquisition announcement with Canyon Bridge, the Company will not hold a quarterly conference call and webcast, and will not provide an outlook for its future financial results.

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our expectation that we will continue to invest in our business as we capitalize on exciting opportunities, including video and enabling applications in consumer and industrial led by our fast growing CrossLinkTM video bridging product, along with our wireless products showcased in leading edge OEM wireless VR headsets; our expectation that our FPGA technology will allow us to thrive as we leverage the many advantages of our low power solutions critical to the interconnected world of smart devices; and our intention to remain committed to actively managing our operating expenses as we focus on our financial model. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology; and our expectation that we will remain focused on maximizing the leverage of our operating model and reduce our outstanding debt balance. Lattice believes the factors identified below could cause actual results to differ materially from the forward-looking statements.

Estimates of future revenue are inherently uncertain due to, among other things, the high percentage of quarterly “turns” business. In addition, revenue is affected by such factors as global economic conditions, which may affect customer demand, pricing pressures, competitive actions, the demand for our Mature, Mainstream and New products, and in particular our iCE40™ and MachXO3L™ devices, the ability to supply products to customers in a timely manner, changes in our distribution relationships, or the volatility of our consumer business. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, including commodity costs, variations in manufacturing yields, the failure to sustain operational improvements, the actual amount of compensation charges due to stock price changes. Any unanticipated declines in revenue or gross margin, any unanticipated increases in our operating expenses or unanticipated charges could adversely affect our profitability.

In addition to the foregoing, other factors that may cause actual results to differ materially from the forward-looking statements in this press release include disruptions of our business arising from the announcement and pendency of our proposed acquisition by Canyon Bridge Capital Partners, Inc., global economic uncertainty, overall semiconductor market conditions, market acceptance and demand for our new products, the Company’s dependencies on its silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks, the failure to achieve the anticipated benefits and synergies of the Silicon Image transaction. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2016, and Lattice’s quarterly reports filed on Form 10-Q.

You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures:

Included within this press release and the accompanying tables and notes are non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with U.S. GAAP. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation, restructuring charges, acquisition-related charges, amortization of acquired intangible assets, purchase accounting adjustments, and the estimated tax effect of these items. These charges and adjustments may be nonrecurring in nature but are a result of periodic or non-core operating activities of the Company. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release.

The Company’s management believes that these non-GAAP financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. In particular, investors may find the non-GAAP measures useful in reviewing our operating performance without the significant accounting charges resulting from the Silicon Image acquisition, alongside the comparably adjusted prior year results. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data when making their investment decisions.

In addition, the Company uses Adjusted EBITDA to measure compliance with certain of its debt covenants. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

About Lattice Semiconductor Corporation:

Lattice Semiconductor Corporation (NASDAQ:LSCC) provides smart connectivity solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets worldwide. Our unwavering commitment to our customers enables them to accelerate their innovation, creating an ever better and more connected world.

For more information, visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube or RSS.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), iCE40 and MachXO3L, and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

Lattice Semiconductor Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 
  Three Months Ended   Six Months Ended
July 1,
2017
  April 1,
2017
  July 2,
2016
July 1,
2017
  July 2,
2016
Revenue $ 94,137   $ 104,587   $ 99,209   $ 198,724   $ 195,721  
Costs and expenses:
Cost of sales 42,928 43,755 40,783 86,683 80,191
Research and development 26,820 27,389 30,915 54,209 63,523
Selling, general, and administrative 21,938 23,905 23,005 45,843 46,613
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring 1,576 66 2,568 1,642 7,999
Acquisition related charges 867   1,660     2,527   94  
102,866   105,289   105,582   208,155   215,452  
Loss from operations (8,729 ) (702 ) (6,373 ) (9,431 ) (19,731 )
Interest expense (4,656 ) (5,568 ) (5,062 ) (10,224 ) (10,022 )
Other income (expense), net 564   (148 ) 2,532   416   3,349  
Loss before income taxes and equity in net loss of an unconsolidated affiliate (12,821 ) (6,418 ) (8,903 ) (19,239 ) (26,404 )
Income tax expense 47 518 4,539 565 6,439
Equity in net loss of an unconsolidated affiliate, net of tax (154 ) (339 ) (368 ) (493 ) (678 )
Net loss $ (13,022 ) $ (7,275 ) $ (13,810 ) $ (20,297 ) $ (33,521 )
 
Net loss per share, basic and diluted $ (0.11 ) $ (0.06 ) $ (0.12 ) $ (0.17 ) $ (0.28 )
 
Shares used in per share calculations, basic and diluted 122,390   121,800   119,445   122,095   119,125  

Lattice Semiconductor Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
  July 1,
2017
  December 31,
2016
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities $ 84,886 $ 116,860
Accounts receivable, net 86,791 99,637
Inventories 78,479 79,168
Other current assets 18,421   19,035
Total current assets 268,577 314,700
 
Property and equipment, net 49,356 49,481
Intangible assets, net of amortization 97,817 118,863
Goodwill 269,758 269,758
Deferred income taxes 379 372
Other long-term assets 11,394   13,709
$ 697,281   $ 766,883
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 75,916 $ 90,798
Current portion of long-term debt 15,318 33,767
Deferred income and allowances on sales to sell-through distributors and deferred license revenue 25,313   32,985
Total current liabilities 116,547 157,550
 
Long-term debt 286,979 300,855
Other long-term liabilities 34,990   38,048
Total liabilities 438,516 496,453
 
Stockholders’ equity 258,765   270,430
$ 697,281   $ 766,883

Lattice Semiconductor Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 
Six Months Ended
July 1, 2017   July 2, 2016
Cash flows from operating activities:
Net loss $ (20,297 ) $ (33,521 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 30,497 32,352
Amortization of debt issuance costs and discount 1,354 659
Loss on sale or maturity of marketable securities 200 72
Gain on forward contracts (26 ) (4 )
Stock-based compensation expense 6,772 7,798
(Gain) loss on disposal of fixed assets (61 ) 314
Gain on sale of business unit (300 ) (2,646 )
Equity in net loss of an unconsolidated affiliate, net of tax 493 678
Changes in assets and liabilities:
Accounts receivable, net 12,846 3,524
Inventories 689 (10,847 )
Prepaid expenses and other assets 2,822 18
Accounts payable and accrued expenses (includes restructuring) (13,554 ) 23,901
Accrued payroll obligations (1,894 ) 574
Income taxes payable (355 ) (253 )
Deferred income and allowances on sales to sell-through distributors (7,342 ) 10,155
Deferred licensing and services revenue (330 ) (117 )
Net cash provided by operating activities 11,514   32,657  
Cash flows from investing activities:
Proceeds from sales of and maturities of short-term marketable securities 7,200 11,960
Purchases of marketable securities (7,420 ) (2,944 )
Capital expenditures (7,035 ) (10,102 )
Proceeds from sale of business unit, net of cash sold 300 1,972
Cash paid for a non-marketable equity method investment (1,000 )
Cash paid for software licenses (4,149 ) (5,672 )
Net cash used in investing activities (12,104 ) (4,786 )
Cash flows from financing activities:
Restricted stock unit withholdings (1,748 ) (1,427 )
Proceeds from issuance of common stock 2,931 3,326
Repayment of debt (33,679 ) (3,404 )
Net cash used in financing activities (32,496 ) (1,505 )
Effect of exchange rate change on cash 950   (441 )
Net (decrease) increase in cash and cash equivalents (32,136 ) 25,925
Beginning cash and cash equivalents 106,552   84,606  
Ending cash and cash equivalents $ 74,416   $ 110,531  
 
Supplemental cash flow information:
Change in unrealized loss related to marketable securities, net of tax, included in Accumulated other comprehensive loss $ 71 $ 27
Income taxes paid, net of refunds $ 976 $ 4,864
Interest paid $ 12,094 $ 9,264
Accrued purchases of plant and equipment $ 2,216 $ 1,585

Lattice Semiconductor Corporation

– Supplemental Historical Financial Information –

(unaudited)

 
  Three Months Ended   Six Months Ended
July 1,
2017
  April 1,
2017
  July 2,
2016
July 1,
2017
  July 2,
2016
Operations and Cash Flow Information
Percent of Revenue
Gross Margin 54.4 % 58.2 % 58.9 % 56.4 % 59.0 %
R&D Expense 28.5 % 26.2 % 31.2 % 27.3 % 32.5 %
SG&A Expense 23.3 % 22.9 % 23.2 % 23.1 % 23.8 %
Depreciation and amortization (in thousands) 15,201 15,296 15,021 30,497 32,352
Stock-based compensation expense (in thousands) 2,929 3,843 3,242 6,772 7,798
Restructuring and severance related charges (in thousands) 1,576 66 2,568 1,642 7,999
Net cash provided by (used in) operating activities (thousands) 3,849 7,665 9,533 11,514 32,657
Capital expenditures (in thousands) 3,661 3,374 4,402 7,035 10,102
Repayment of debt (thousands) 22,899 10,780 2,529 33,679 3,404
Interest paid (in thousands) 7,069 5,025 4,593 12,094 9,264
Taxes paid (cash, in thousands) 754 222 2,368 976 4,864
 
Balance Sheet Information
Current Ratio 2.3 2.6 2.0
A/R Days Revenue Outstanding 84 57 78
Inventory Months 5.5 5.3 6.4
 
Revenue% (by Geography)
Asia 69 % 70 % 68 % 70 % 68 %
Europe (incl. Africa) 11 % 11 % 15 % 11 % 16 %
Americas 20 % 19 % 17 % 19 % 16 %
 
Revenue% (by End Market)
Communications and Computing 29 % 29 % 29 % 29 % 31 %
Mobile and Consumer 27 % 30 % 24 % 29 % 25 %
Industrial and Automotive 32 % 30 % 37 % 30 % 35 %
Licensing and Services 12 % 11 % 10 % 12 % 9 %
 
Revenue% (by Channel)
Sell-through distribution 66 % 60 % 59 % 63 % 56 %
Direct 34 % 40 % 41 % 37 % 44 %

Lattice Semiconductor Corporation

– Reconciliation of U.S. GAAP to Non-GAAP Financial Measures –

(in thousands, except per share data)

(unaudited)

                   
Three Months Ended Six Months Ended
July 1,
2017
  April 1,
2017
  July 2,
2016
July 1,
2017
  July 2,
2016
 
Gross Margin Reconciliation
GAAP Gross margin $ 51,209 $ 60,832 $ 58,426 $ 112,041 $ 115,530
Inventory step-up expense 523
Stock-based compensation – gross margin 180   228   166   408     425  
Non-GAAP Gross margin $ 51,389 $ 61,060 $ 58,592 $ 112,449 $ 116,478
 
Gross Margin % Reconciliation
GAAP Gross margin % 54.4 % 58.2 % 58.9 % 56.4 % 59.0 %
Cumulative effect of non-GAAP Gross Margin adjustments 0.2 % 0.2 % 0.2 % 0.2 % 0.5 %
Non-GAAP Gross margin % 54.6 % 58.4 % 59.1 % 56.6 % 59.5 %
 
Operating Expenses Reconciliation
GAAP Operating expenses $ 59,938 $ 61,534 $ 64,799 $ 121,472 $ 135,261
Amortization of acquired intangible assets (8,737 ) (8,514 ) (8,311 ) (17,251 ) (17,032 )
Restructuring charges (1,576 ) (66 ) (2,568 ) (1,642 ) (7,999 )
Acquisition related charges (1) (867 ) (1,660 ) (2,527 ) (94 )
Stock-based compensation – operations (2,749 ) (3,615 ) (3,076 ) (6,364 )   (7,373 )
Non-GAAP Operating expenses $ 46,009 $ 47,679 $ 50,844 $ 93,688 $ 102,763
 
Income (Loss) from Operations Reconciliation
GAAP Loss from operations $ (8,729 ) $ (702 ) $ (6,373 ) $ (9,431 ) $ (19,731 )
Inventory step-up expense 523
Stock-based compensation – gross margin 180 228 166 408 425
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring charges 1,576 66 2,568 1,642 7,999
Acquisition related charges (1) 867 1,660 2,527 94
Stock-based compensation – operations 2,749   3,615   3,076   6,364     7,373  
Non-GAAP Income from operations $ 5,380 $ 13,381 $ 7,748 $ 18,761 $ 13,715
 
Income (Loss) from Operations % Reconciliation
GAAP Loss from operations % (9.3 )% (0.7 )% (6.4 )% (4.7 )% (10.1 )%
Cumulative effect of non-GAAP Gross Margin and Operating adjustments 15.0 % 13.5 % 14.2 % 14.1 % 17.1 %
Non-GAAP Income from operations % 5.7 % 12.8 % 7.8 % 9.4 % 7.0 %
 
(1) Legal fees and outside services in connection with our pending acquisition by Canyon Bridge Acquisition Company, Inc.
 
Lattice Semiconductor Corporation
– Reconciliation of U.S. GAAP to Non-GAAP Financial Measures –
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Six Months Ended
July 1,
2017
April 1,
2017
July 2,
2016
July 1,
2017
July 2,
2016
 
Income Tax Expense Reconciliation
GAAP Income tax expense $ 47 $ 518 $ 4,539 $ 565 $ 6,439
Estimated tax effect of non-GAAP adjustments (2) 663   (303 ) (2,499 ) 360     (1,951 )
Non-GAAP Income tax expense $ 710 $ 215 $ 2,040 $ 925 $ 4,488
 
Net Income (Loss) Reconciliation
GAAP Net loss $ (13,022 ) $ (7,275 ) $ (13,810 ) $ (20,297 ) $ (33,521 )
Inventory step-up expense 523
Stock-based compensation – gross margin 180 228 166 408 425
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring charges 1,576 66 2,568 1,642 7,999
Acquisition related charges (1) 867 1,660 2,527 94
Stock-based compensation – operations 2,749 3,615 3,076 6,364 7,373
Gain on sale of business unit (300 ) (2,646 ) (300 ) (2,646 )
Estimated tax effect of non-GAAP adjustments (2) (663 ) 303   2,499   (360 )   1,951  
Non-GAAP Net income (loss) $ 124 $ 7,111 $ 164 $ 7,235 $ (770 )
 
Net Income (Loss) Per Share Reconciliation
GAAP Net loss per share – basic and diluted $ (0.11 ) $ (0.06 ) $ (0.12 ) $ (0.17 ) $ (0.28 )
Cumulative effect of Non-GAAP adjustments 0.11   0.12   0.12   0.23   0.27  
Non-GAAP Net income (loss) per share – basic and diluted $ $ 0.06 $ $ 0.06 $ (0.01 )
 
Shares used in per share calculations:
Basic 122,390 121,800 119,445 122,095 119,125
Diluted – GAAP (3) 122,390 121,800 119,445 122,095 119,125
Diluted – Non-GAAP (3) 124,527 124,343 120,871 124,276 119,125
 
 
(1) Legal fees and outside services in connection with our pending acquisition by Canyon Bridge Acquisition Company, Inc.
(2) We calculate non-GAAP tax expense by applying our tax provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of non-GAAP adjustments.”
(3) Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares.

ESB Telecoms Ltd to Work with Silver Spring Networks to Deploy National IoT Network in Ireland

DUBLIN, Ireland & SAN JOSE, Calif.–(BUSINESS WIRE)–Silver Spring Networks, Inc. (NYSE: SSNI) today announced it has agreed to work with ESB Telecoms Ltd to develop a national Internet of Things (IoT) network across Ireland. ESB Telecoms Ltd is a wholly owned subsidiary of ESB and operates a national open access wholesale telecommunications network throughout Ireland.

The envisioned network will serve as a catalyst for municipal, commercial and industrial customers to connect IoT and smart city applications and devices. Once the deployment of the IoT network is completed, Silver Spring’s Starfish™ platform-as-a-service (PaaS) would augment ESB Telecoms Ltd’s telecoms infrastructure and services nationally. Starfish PaaS would offer service level agreements, and be based on Silver Spring’s proven, secure, reliable, Wi-SUN® standards-based mesh technology, built on the IEEE 802.15.4g specification1.

“Many Irish cities, towns and businesses are interested in how the IoT can help create new innovative, efficient and sustainable services,” said Rory McGowan, Managing Director, ESB Telcoms Ltd. “By working with Silver Spring Networks, we believe that we’ll be able to accelerate IoT development nationally, with the high standard of reliability and service that our customers have come to expect from us. We look forward to helping Ireland become a leader through the deployment of one of the world’s first standards-based national IoT rollouts.”

“We will be honored to work with ESB Telecoms Ltd and see this as a further endorsement of the Wi-SUN mesh network protocol. Together we expect to utilize currently existing standards-based technology to accelerate deployment of massive-scale networks for devices, enabling entities to cost-effectively join the IoT revolution through our Starfish Platform-as-a-Service,” said Mike Bell, President and CEO, Silver Spring Networks. “By its very nature, mesh technology can securely aggregate data from widely distributed endpoints – from dense urban environments to remote rural areas – and then backhaul that data through the carriers’ towers. And above all, it’s real and scalable – it has already proven itself for industrial IoT on five continents.”

As mesh-connected devices communicate with their neighbor devices, these networks are uniquely suited for delivering the robust and reliable connectivity that IoT networks require. With more than 26.7 million enabled devices delivered, Silver Spring has deployed its technology in Bristol, Chicago, Copenhagen, Dubai, Glasgow, Kolkata, London, Melbourne, Mexico City, Paris, San Francisco, Sao Paulo, Singapore, and Washington, D.C.

To learn more on why mesh networks are suited for smart cities and the Internet of Important Things™, visit www.youtube.com/watch?v=cYN2poDFiec.

Join the Silver Spring Networks Conversation

About ESB Telecoms Ltd.

ESB Telecoms Ltd is the telecoms subsidiary of ESB, the Irish energy utility. ESB Telecoms Ltd owns and operates the National Telecommunications Fibre Optic Network covering the entire country. It also operates 450 telecommunication towers and sites on which all major Irish telecommunications companies have substantial installations. Customers of ESB Telecoms Ltd include all Mobile Phone operators, Irish Government bodies, licensed FM operators and Wireless Internet services providers.
www.esb.ie/our-businesses/telecoms/telecoms-overview

About Silver Spring Networks

Silver Spring Networks enables the Internet of Important Things™ by reliably and securely connecting things that matter. Cities, utilities, and companies on five continents use the company’s cost-effective, high-performance IoT network and data platform to operate more efficiently, get greener, and enable innovative services that can improve the lives of millions of people. With more than 26.7 million devices delivered, Silver Spring provides a proven standards-based platform safeguarded with military grade security. Silver Spring Networks’ customers include Baltimore Gas & Electric, CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, and Singapore Power. Silver Spring has also deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn more, visit www.ssni.com.

Forward-Looking Statements

This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding Silver Spring’s intended collaboration with ESB Telecoms Ltd. Statements including words such as “anticipate”, “believe”, “estimate”, “expect” or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the negotiation and execution of a definitive agreement, as well as those described in Silver Spring Networks’ documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.

1 Wi-SUN is a registered trademark of the Wi-SUN Alliance.

Silver Spring Networks to Extend Starfish™ Service to Additional Areas in London

LONDON & SAN JOSE, Calif.–(BUSINESS WIRE)–Silver Spring Networks, Inc. (NYSE: SSNI) today announced that it will deploy its Starfish™ platform-as-a-service (PaaS) across the City of London and the London Borough of Barking and Dagenham. This adds to the previously announced London deployment in the City of Westminster. Through urbancontrol, the newest company within the DW Windsor Group, Silver Spring’s Starfish is expected to connect approximately 12,000 smart street lights in the City of London and 15,500 smart street lights in the Borough of Barking and Dagenham. Starfish is based on Silver Spring’s proven, secure, and reliable wireless network and data platform, built on the Wi-SUN® IoT mesh technology specification. Silver Spring is a founding member and co-chair of the Wi-SUN Alliance®, which drives the interoperability for wireless solutions based on the IEEE 802.15.4g standard1.

“We are excited that our go-to-market strategy is gaining momentum internationally, with our newest award in the UK, and we are honored to expand our deployment in London,” said Ayse Ildeniz, Chief Operating Officer, Silver Spring Networks. “Being selected by London demonstrates that world-class cities rely on technology that is proven to be secure, reliable, scalable and based on our open standards technology – clear advantages that set Silver Spring’s apart from other providers that don’t have experience connecting critical infrastructure.”

Silver Spring’s platform was selected to provide 100% coverage in the dense urban setting of the City of London, including streets, lanes and alleyways where cellular technology is unavailable, and star networks could not reach. “The Square Mile” is a global financial hub and Central Business District through which over 450,000 commuters pass through daily. The smart street lights will help the City of London achieve its energy savings goals and reduce operational costs, while also improving service reliability and helping to lay a platform for future IoT applications.

“The reliability, resilience and cyber security of the system were key requirements for us. We thoroughly evaluated technology options which were proven to connect critical devices at-scale, and guarantee highly reliable coverage, regardless of where the device is connected in the City,” said Giles Radford, Highways Manager, City of London Corporation. “We look forward to working with urbancontrol to deploy Silver Spring technology that will help drive smart city services for the City of London.”

In East London, the Borough of Barking and Dagenham is aiming to drive energy efficiency through remote dimming and brightening of the new smart street lights. The program is a core aspect of the Borough’s goal to become the Green Energy Capital of London, and an important aspect within the selection was Silver Spring’s ability to deploy additional IoT services in the future.

As announced in 2016, urbancontrol is one of Silver Spring Networks’ highly-respected channel partners offering its standards-based platform and solutions. The reseller agreement between urbancontrol and Silver Spring Networks aims to help cities and other public lighting operators in the UK deliver smart street lighting programs and establish a foundation for future Internet of Things (IoT) applications and services such as smart water, traffic signals, and environmental sensors.

“Silver Spring’s proven performance, reliability, system security and smart city flexibility makes it the best networking choice for the requirements for London boroughs both now and in the future,” said Stuart Wilson, Director of urbancontrol. “We believe that our city customers are setting an exemplary example for smart lighting and broader IoT deployments in London and across the UK market.”

“Our partnership with urbancontrol to expand Silver Spring multi-application technology across London demonstrates that cities are looking to upgrade existing services, with a keen eye to future opportunities for smart city and IoT initiatives,” said Brian McGuigan, European Sales Director – Smart Cities, Silver Spring Networks. “We’d encourage boroughs across London to collaborate on innovation, enabled through open standards-based technology, so that the benefits can spread across its communities.”

With more than 26.7 million enabled devices delivered on five continents. Silver Spring Networks has also deployed its technology in Bristol, Chicago, Copenhagen, Dubai, Glasgow, Kolkata, Melbourne, Mexico City, Paris, San Francisco, Sao Paulo, Singapore, and Washington, D.C.

Join the Silver Spring Networks Conversation

About Silver Spring Networks

Silver Spring Networks enables the Internet of Important Things™ by reliably and securely connecting things that matter. Cities, utilities, and companies on five continents use the company’s cost-effective, high-performance IoT network and data platform to operate more efficiently, get greener, and enable innovative services that can improve the lives of millions of people. With more than 26.7 million devices delivered, Silver Spring provides a proven standards-based platform safeguarded with military grade security. Silver Spring Networks’ customers include Baltimore Gas & Electric, CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, and Singapore Power. Silver Spring has also deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn more, visit www.ssni.com.

Forward-Looking Statements

This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding the benefits of Silver Spring’s Starfish platform and IoT technology generally, and the scope of Silver Spring’s engagement with urbancontrol in the City of London and the London Borough of Barking and Dagenham. Statements including words such as “anticipate”, “believe”, “estimate”, “expect” or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the successful implementation of the engagement with urbancontrol in the City of London and the London Borough of Barking and Dagenham, as well as those described in Silver Spring Networks’ documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.

1 Wi-SUN and Wi-SUN Alliance are registered trademarks of the Wi-SUN Alliance.

Global Multi-Rotor Drone Market 2022: Forecasts, Analysis, Overview and Trends

The report evaluates the figures of the global Multi-Rotor Drone market and presents reliable forecasts as to the market’s growth prospects over the coming years. The historical development trajectory of the global Multi-Rotor Drone market is examined in the report, offering solid factual support to the analysis and estimations presented in the report. The geographical and competitive dynamics of this global market are also presented in the report, helping deliver a comprehensive picture of the market.

This report is a full analysis which includes product type, applications, deployment, verticals, technology and regional segmentations. To gain a clear understanding of the breakdown of the Multi-Rotor Drone market, the report also reviews the performance of it’s in the market scenario, power.

Get Sample Copy of this Report: https://goo.gl/RggNbW

The multi-rotor drone market is experiencing an advanced rate of growth over the past years due to the increasing demand in commercial and civil applications. This high scale of growth of the multi-rotor drone industry is subsequently influencing the market, wherein new range of programs are being carried out to develop latest drone technologies. Technology is one of the key drivers for its increased adoption in the commercial market. The reductions in the power, components and form factor has allowed the drones to carry heavier payloads resulting it more versatile for consumer and industrial market.

With all the data congregated and scrutinized using SWOT analysis, there is a vibrant picture of the competitive scenario of the Global Multi-Rotor Drone Market. Openings for the future market growth were uncovered and preoccupied competitive threats also textured. The drifts and inclinations of this market were studied and it shows that there was an illustrious strategic direction observed. By the avaricious market background and using the persistent norms, approaches, and tendencies of other leading markets for citations, market information was understood.

This statistical surveying report investigates and inspects the Multi-Rotor Drone Market and determines a widely inclusive estimate of its development and its details. Another perspective that was efficient is the cost analysis of the prime products driving in the business remembering the overall revenue of the manufacturers.

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The report will enable both existing firms and new entrants to clinch the pulse of the market, which sequentially helps firms to congress a greater market share. Companies procuring this report could use any or many of the below listed 5 strategies to extend their market share.

Market Penetration: Extensive facts on the products and services offered by dominant players in the Multi-Rotor Drone market. The report inspects the Multi-Rotor Drone market by products, applications, end user and region.

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The report studies the markets for Multi-Rotor Drone across different regions.

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Browse the entire report in detail on the below link:

https://www.researchnreports.com/machinery-equipment/Global-Multi-Rotor-Drone-Market—Analysis-and-Forecast-2016-2022-Focus-on-Major-Applications-Payloads-And-Pricing-64573

MFS Investment Grade Municipal Trust Commences Tender Offer

BOSTON–(BUSINESS WIRE)–MFS Investment Grade Municipal Trust (the „Fund”) (NYSE: CXH) today commenced a cash tender offer for the Fund’s common shares. The Fund is offering to purchase up to 15 percent of the Fund’s outstanding common shares (the “Shares”) at a price per Share equal to 98 percent of the Fund’s net asset value (NAV) per Share calculated as of the close of regular trading on the New York Stock Exchange on the date the offer expires. The tender offer will expire at 5:00 P.M., Eastern Standard Time on September 6, 2017, unless extended. The pricing date will also be September 6, 2017, unless the tender offer is extended. If the number of shares tendered exceeds the maximum amount of the offer, the Fund will purchase shares from tendering shareholders on a pro-rata basis.

The tender offer is being made on the terms and subject to the conditions set forth in the Fund’s tender offer statement on Schedule TO (including an offer to purchase, a related letter of transmittal and other offer documents) that have been filed with the Securities and Exchange Commission (the „SEC”). All of these documents contain important information about the tender offer. Shareholders of the Fund are urged to read them carefully before any decision is made with respect to the offer. Shareholders of the Fund can obtain a free copy of each of these documents at the SEC’s website at www.sec.gov or from the Fund by calling Georgeson LLC, the Fund’s information agent for the tender offer, at 1-866-391-6921. This press release is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of the Fund and is not a prospectus, circular or representation intended for use in the purchase or sale of Fund shares.

About the Fund

The Fund is a closed-end investment company product advised by MFS Investment Management. Except pursuant to a Tender Offer, common shares of the Fund are only available for purchase/sale on the NYSE at the current market price. Shares may trade at a discount to NAV. Shares of the Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the Fund involve investment risk, including possible loss of principal. For more complete information about the Fund, including risks, charges, and expenses, please see the Fund’s annual and semi-annual shareholder reports or contact your financial adviser.

About MFS Investment Management

Established in 1924, MFS is an active, global investment manager with investment offices in Boston, Hong Kong, London, Mexico City, São Paulo, Singapore, Sydney, Tokyo and Toronto. We employ a uniquely collaborative approach to build better insights for our clients. Our investment approach has three core elements: integrated research, global collaboration and active risk management. As of July 31 2017, MFS manages US$468.1 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.

MFS Investment Management
111 Huntington Ave., Boston, MA  02199

38498.1

HER Realtors Opens New Community Office in Leipsic, Ohio

COLUMBUS, Ohio, Aug. 8, 2017 /PRNewswire/ -- HER Realtors is announcing the expansion of its operations to include their newest office in Leipsic, Ohio.

The new HER community office located at 135 East Main Street will be led by Amber Mangas, a community leader and local resident of Leipsic.  This office represents an expansion of HER Realtors' footprint in the northern half of Ohio, as they continue their expansion plans into the northeast and northwest corners of the state.

Mangas has been part of HER Realtors since 2016 and plans to use her local knowledge of Leipsic and the surrounding areas to make homebuyers and sellers dreams a reality.

"I love the small-town community we have here," said Mangas.  "I knew fairly quickly I wanted to open an office in the area, so I can have a face in the community, as well as give other agents an opportunity to utilize the tools HER offers.  Mangas is looking to grow the HER team and plans to hire additional sales associates for her office."

"Mangas' focus will be on bringing new agents to the area and into Leipsic and I think with her strong drive to grow she will do it," states Buffy Walling, District Sales Manager of the Troy, Sidney and Greenville HER offices.

"We know Amber's knowledge of this market is going to have a big impact on our efforts," said Matt Watercutter, Senior Regional Vice President and Broker of Record for HER Realtors. "With the tools, technology and statewide support services HER offers, Amber is well positioned to assist consumers with their housing needs throughout Leipsic and the surrounding communities."

About HER Realtors

Founded in 1956, HER Realtors is the country's largest agent-owned real estate firm and is consistently recognized as one of the most innovative, technologically advanced, and award-winning firms in the country.  With 1,250 agents and 75 offices throughout Ohio and Northern Kentucky, HER Realtors offers a full-range of services to its clients including residential and commercial real estate sales, property management and rental services, mortgage, title services, insurance, home warranties, and other home-related, lifestyle services. To learn more, visit www.HERRealtors.com.

Contact:

Leanne Chylik


Chief Marketing Officer | HER Realtors


(614) 273-8570

 

View original content:http://www.prnewswire.com/news-releases/her-realtors-opens-new-community-office-in-leipsic-ohio-300501509.html

SOURCE HER Realtors

Cohen & Steers Announces Preliminary Assets Under Management

NEW YORK, Aug. 8, 2017 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE:CNS) today reported preliminary assets under management of $61.9 billion as of July 31, 2017, an increase of $1.4 billion from June 30, 2017. The increase was due to market appreciation of $922 million and net inflows of $842 million partially offset by distributions of $321 million.

Assets Under Management
(unaudited)


($ in millions)

AUM


Net


Market 




AUM

By investment vehicle:

June 2017


Flows


Appreciation


Distributions


July 2017

Open-end Funds

$     21,613


$          308


287


$           (35)


$     22,173

Closed-end Funds

9,367


-


132


(41)


9,458

Japan Subadvisory

13,227


(83)


167


(245)


13,066

Subadvisory excluding Japan

6,356


(62)


140


-


6,434

Advisory

9,874


679


196


-


10,749

Total  

$     60,437


$          842


$          922


$         (321)


$     61,880

About Cohen & Steers
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.  Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.

View original content:http://www.prnewswire.com/news-releases/cohen--steers-announces-preliminary-assets-under-management-300501510.html

SOURCE Cohen & Steers, Inc.