Custom Investing Search Tool

Friday, January 30, 2015

Shake Shack doubles in IPO

Investors are craving burgers and crinkle-cut fries.

Shares of Shake Shack Inc. have more than doubled minutes after they debuted on the stock market debut Friday.

The New York-based burger chain raised $105 million, selling 5 million shares at $21 per share, more than had been expected.

Its shares, trading under the ticker symbol "SHAK" on the New York Stock Exchange, rose $29.20 to $50.20 in morning trading.

Shake Shack cooks its burgers to order and promotes its use of natural ingredients. The chain has 63 restaurants in nine countries. It plans to use some of the money raised to open new locations, including one in Austin, Texas.

ManPower Delivers Big Time On Earnings

ManpowerGroup (NYSE: MAN) today reported net earnings of $1.47 per diluted share for the three months ended December 31, 2014 compared to $1.25 per diluted share in the prior year period. The net earnings in the quarter were $117.2 million compared to $101.2 million a year earlier. Revenues for the fourth quarter totaled $5.1 billion, a decrease of 2 percent in U.S. dollars from the year earlier period and an increase of 5 percent in constant currency.
http://photos.prnewswire.com/prnvar/20110330/CG73938LOGO-a
Included in the prior year fourth quarter results is a restructuring charge related to our simplification and cost recalibration plan of $26.5 million ($19.4 million after tax or 24 cents per diluted share). There were no restructuring charges in the current year quarter. Fourth quarter results were unfavorably impacted by 13 cents per diluted share as foreign currencies were relatively weaker compared to the prior year.

Jonas Prising, ManpowerGroup CEO, said: "We are pleased with our results in the 4th quarter, capping off a year of very good financial performance and margin expansion, continued progress on our strategic initiatives and leadership in workforce solutions. We enter into 2015 with a determination to drive profitable growth, while delivering on our long term ambitions and strategic objectives. We have the market opportunity, we have a strong plan and with our team of talented people across our great company, we will pursue our objectives with discipline, focus and passion for the business.

"We are anticipating diluted earnings per share in the first quarter of 2015 to be in the range of 73 to 81 cents which includes an estimated unfavorable currency impact of 15 cents," Prising stated.

Net earnings per diluted share for the year ended December 31, 2014 was $5.30 compared to $3.62 per diluted share in 2013. Net earnings were $427.6 million compared to $288.0 million in the prior year. Revenues for the year were $20.8 billion, an increase of 3 percent in U.S. dollars from the prior year and 4 percent in constant currency.

Included in the 2013 full year results are restructuring costs of 82 cents per diluted share. There were no restructuring charges in 2014. 2014 results were unfavorably impacted by 10 cents per diluted share due to changes in foreign currencies compared to the prior year.

Buy rating

Response files a New 8-K/A that amends terms

Entry into a Material Definitive Agreement, Creation of a Direct Financia



Item 1.01. Entry into a Material Definitive Agreement.
On July 30, 2014 (the "Closing Date"), Response Genetics, Inc. (the "Company") entered into a credit agreement (the "Credit Agreement") with SWK Funding LLC, as the agent (the "Agent"), and the lenders (including SWK Funding LLC) party thereto from time to time (the "Lenders"). The Credit Agreement provides for a multi-draw term loan to the Company (the "Loan") for up to a maximum amount of $12,000,000 (the "Loan Commitment Amount"). On the Closing Date, the Lenders advanced the Company an amount equal to $8,500,000 which is due and payable on July 30, 2020 (the "Term Loan Maturity Date") or such earlier date on which the Loan Commitment Amount is terminated pursuant to the terms of the Credit Agreement.

The outstanding principal balance under the Credit Agreement will bear interest at a rate per annum equal to the LIBOR Rate (subject to a minimum amount of one percent (1.0%) plus twelve and half percent (12.5%), and will be due and payable in arrears (i) on the forty-fifth (45th) day following the last calendar day of each of the months of September, December, March, and June, commencing with November 15, 2014, (ii) upon a prepayment of the Loan and (iii) at maturity in cash. Upon the earlier of (a) the Term Loan Maturity Date or (b) full repayment of the Loan, the Company is required to pay an exit fee.

In addition, on the Closing Date, the Company issued the Agent a warrant (the "Initial Warrant") to purchase 681,090 shares of the Company's common stock, par value $0.01 per share (the "Common Stock"). The Initial Warrant is exercisable up to and including July 30, 2020 at an exercise price of $0.936 per share, subject to adjustment. The Agent may exercise the Initial Warrant on a cashless basis at any time. In the event the Agent exercises the Initial Warrant on a cashless basis the Company will not receive any proceeds. The exercise price of the Initial Warrant is subject to customary adjustments provisions for stock splits, stock dividends, recapitalizations and the like.

The remaining $3,500,000 of the Loan Commitment Amount (the "Subsequent Term Loan") may be advanced to the Company upon written request to the Agent during the period beginning on the Closing Date and ending February 28, 2016 provided that (i) no default or event of default has occurred or is continuing under the Credit Agreement, (ii) the aggregate revenue recognized by the Company and any of its subsidiaries during any period of four (4) consecutive fiscal quarters ending prior to December 31, 2015, exceeds a certain dollar amount threshold and
(iii) the Agent has received an executed warrant (the "Subsequent Term Loan Warrant") to purchase a number of shares of Common Stock equal to the number obtained when the amount of the Subsequent Term Loan is multiplied by 7.5% and the product is divided by the exercise price of such warrant. The exercise price of the Subsequent Term Loan Warrant will be equal to 1.2 times the lower of (a) the average closing price of the Common Stock on the previous 20 trading days before the closing date of the Subsequent Term Loan, or (b) the closing price of the Common Stock on the last trading day prior to such Subsequent Term Loan's closing date. The Subsequent Term Loan Warrant will be exercisable for a period of six years from the closing date of the Subsequent Term Loan, subject to adjustment. Upon issuance, the Agent may exercise the Subsequent Term Loan Warrant on a cashless basis at any time. In the event the Lender exercises the Subsequent Term Loan Warrant on a cashless basis we will not receive any proceeds. The exercise price of the Subsequent Term Loan Warrant is subject to customary adjustments provisions for stock splits, stock dividends, recapitalizations and the like.

The Company may prepay the Loan, in whole or in part, upon five business days written notice provided that a prepayment premium is paid to the Lenders as set forth in the Credit Agreement. The Company is required to prepay the Loan with any net cash proceeds received from certain types of dispositions of assets described in the Credit Agreement. The Company is also required to make certain revenue based payments on the Company's quarterly revenues applied in the following priority: (i) first to the payment of all fees, costs, expenses and indemnities due and owing to the Agent under the Credit Agreement, (ii) second, to the payment of all fees, costs, expenses and indemnities due and owing to the Lenders under the Credit Agreement, (iii) third, to the payment of all accrued but unpaid interest until paid in full; (iv) fourth, for each revenue based payment date after August 2016, to the payment of all principal of the Loan up to an aggregate amount of US$750,000 on any such payment date; and (v) fifth, all remaining amounts to the Company.

The Credit Agreement contains customary affirmative and negative covenants for credit facilities of its type, including, limiting the Company's ability to pay dividends or redeem outstanding equity interests, incur additional indebtedness, grant additional liens, engage in any other type of business, make investments, merge, consolidate or sell all or substantially all of its assets and enter into transactions with related parties. The Credit Agreement also contains certain financial covenants, including, certain minimum aggregate revenues requirements.

The Credit Agreement includes customary events of default, including failure to pay principal, interest or fees when due, failure to comply with covenants, default under certain other indebtedness, certain insolvency or bankruptcy events, the occurrence of certain material judgments the institution of any proceeding by a government agency or a change of control of the Company that it is not otherwise permitted under the Credit Agreement.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement attached hereto as Exhibit 10.1. Readers should review such agreement for a complete understanding of the terms and conditions associated with this transaction.





Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 above is incorporated by this reference into this Item 2.03.





Item 8.01 Other Events.
On August 5, 2014, the Company issued a press release announcing the matters set forth in Item 1.01 of this Current Report on Form 8-K. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.





Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this report:




Exhibit # Description

10.1 Credit Agreement, dated July 30, 2014, by and between the Company,
SWK Funding LLC and the Lenders party there to from time to time.**

99.1 Press Release, dated August 5, 2014 (Previously filed).

** Confidential treatment is requested for certain confidential
portions of this exhibit pursuant to Rule 24b-2 under the Exchange
Act. In accordance with Rule 24b-2, these confidential portions have
been omitted from this exhibit and filed separately with the
Securities and Exchange Commission.



Thursday, January 29, 2015

Amazon killed it

Amazon.com, Inc. (AMZN) today announced financial results for its fourth quarter ended December 31, 2014.

Operating cash flow increased 25% to $6.84 billion for the trailing twelve months, compared with $5.47 billion for the trailing twelve months ended December 31, 2013. Free cash flow decreased to $1.95 billion for the trailing twelve months, compared with $2.03 billion for the trailing twelve months ended December 31, 2013.

Common shares outstanding plus shares underlying stock-based awards totaled 483 million on December 31, 2014, compared with 476 million one year ago.

Fourth Quarter 2014

Net sales increased 15% to $29.33 billion in the fourth quarter, compared with $25.59 billion in fourth quarter 2013. Excluding the $895 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 18% compared to fourth quarter 2013.

Operating income was $591 million in the fourth quarter, compared with operating income of $510 million in fourth quarter 2013.

Net income was $214 million in the fourth quarter, or $0.45 per diluted share, compared with net income of $239 million, or $0.51 per diluted share, in fourth quarter 2013.

Full Year 2014

Net sales increased 20% to $88.99 billion, compared with $74.45 billion in 2013. Excluding the $636 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 20% compared with 2013.

Operating income was $178 million, compared with operating income of $745 million in 2013.

Net loss was $241 million, or $0.52 per diluted share, compared with net income of $274 million, or $0.59 per diluted share, in 2013.

Why GENE is up 200% today

GENE reported that up to 6 new breast diagnosis/treatment centres are expected to begin offering BREVAGenplus to their at-risk patients in a systematic broad fashion in the January to March timeframe, with a growing number of additional new breast and imaging centre customers expected to follow later in calendar year 2015. As a result, the Company expects sales growth to accelerate in the second half 2015 and beyond.

Popular Posts

Translate

HOT STOCKS!!!