Month: January 2017 (page 1 of 4)

TerraForm Global second quarter beats estimates as takeover talks continue

terraform-logo-newBETHESDA, MD — TerraForm Global Inc., a subsidiary of bankrupt solar company SunEdison Inc., reported net income of $6 million in its second quarter on Tuesday, beating estimates as talks of a takeover by Canada’s largest alternative asset manager continue.

The company was expected to report a loss in the quarter, according to the consensus analyst estimate.

As the biggest clean energy company in the world with assets spread across six continents, an overextended SunEdison filed the biggest U.S. bankruptcy of 2016.

Bethesda, Maryland-based TerraForm Global and its sister TerraForm Power were designed to buy and own SunEdison’s completed power plants, and their portfolios of wind and solar farms are among the most coveted assets as SunEdison’s creditors and other buyers assess the company’s value, according to Bloomberg.

Brookfield Asset Management offered $12 a share for TerraForm Power, conditional on acquiring more than half of sister company TerraForm Global, according to a regulatory filing on Jan. 21. That’s lower than TerraForm Power’s closing price of $12.17 the day before.

Toronto-based Brookfield’s bid was lower than where the stock trades because the company doesn’t want to take on the risk that comes with buying a firm such as TerraForm with a relatively high debt cost without sufficient upside to compensate for that risk.

TerraForm Power, owner and operator of wind and solar clean energy power plants in the U.S. and the U.K., has a market capitalization of $1.66 billion.

Its shares closed Tuesday at $11.87, up 2.59 percent. TerraForm Power’s 2016 high was $14.48 on Sept. 23 with a low of $7.86 on June 17.

TerraForm Global generates power in emerging markets including Brazil, India and China. Its shares closed Tuesday at $4.40, up 1.15 percent. The company’s 2016 high was $4.54 on Jan. 8 with a low of $2.54 on Feb. 26.

TerraForm Global said it expects to file its third quarter 2016 earnings by the March 2017 Nasdaq deadline. The company said it does not expect to have the time or resources to file its yearly earnings for 2016 by the March 2017 SEC deadline or its first quarter 2017 earnings by the May 2017 deadline. 

TerraForm Global’s filing for the quarter ended June 30, 2016, can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Under Armour stocks plummet 25 percent after disappointing fourth-quarter earnings

BALTIMORE, MD – Under Armour Inc. shares dropped 25 percent after disappointing fourth-quarter reports stated only a 12 percent increase in revenue and unexceptional predictions for 2017, according to a filing with the Securities and Exchange Commission.

Under Armour’s fourth-quarter net income fell 1 percent to $105 million, well below the S&P Global Market Intelligence predictions of $113 million. Revenue rose 12 percent to $1.31 billion, also falling short of the expected $1.41 billion.

The international performance apparel company attributed the slowed revenue to dismal holiday sales, investment in company growth and recent brick-and-mortar sports apparel retail bankruptcies. The report comes after Under Armour announced sales growth greater than 20 percent for the previous 26 quarters, drastically outperforming the rest of the market.

The filing also announced Chief Financial Officer Lawrence Molloy will resign from the company due to personal reasons. Under Armour appointed David Bergman, senior vice president of corporate finance, to be his replacement effective Feb. 3.

For the year, company revenue grew 22 percent to $4.83 million and a 19 percent increase in wholesale revenues to $3.1 billion. Under Armour has predicted a modest 2017 net revenue growth between 11 and 12 percent, to reach $5.4 billion.

Under Armour stock closed at $21.49 per share, down 25.74 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Bay Bancorp earnings boosted by Hopkins deal

Bay BankCOLUMBIA, MD – Bay Bancorp Inc., a savings and loans holding company, reported that its fourth-quarter profits doubled to $740,000, according to a Securities and Exchange Commission filing.

The fourth quarter increase can be attributed to the acquisition of Hopkins Federal Savings Bank by Bay Bancorp. The acquisition took place in the third quarter of 2016 and boosted Bay Bank’s quarterly performance.

Bay Bancorp reported earnings of $370,000 in the fourth quarter of 2015.

The Hopkins merger increased the company’s growth in net loans and targeted core deposits and allowed the bank to acquire total assets that exceed $620 million, compared to $606 million in the third quarter of 2016 and $491 million in the previous year.

“We are very proud of our team’s accomplishments this year with over $100 million in new loan originations, successful completion of the Hopkins acquisitions, and leadership transition in numerous key banking, credit and operations roles,” stated Joseph J. Thomas, chief executive officer of Bay Bancorp, in a statement.

Total deposits increased to $526 million from $367 million, a 43.3 percent increase from the previous year and is due to the deposits acquired in the merger.

Bay Bank’s pre tax earnings have increased 43 percent from last quarter and increased 52 percent from the last year.

Bay Bancorp ‘s stock increased 2.19 percent to $7 in midday trading Tuesday.

No analysts cover the company.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

 

Severn Bancorp announces slight increase in earnings

ANNAPOLIS, MD — Severn Bancorp announced Monday that its fourth-quarter net income rose 2.3 percent, according to a filing with the Securities and Exchange Commission.

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The net income of $1.103 million, or 8 cents per share, for the fourth quarter is up from net income of $1.078 million, or 5 cents, from the same 2015 period. The bank is not covered by analysts.

“Our real work has been on reducing our cost of funds and growing our community banking presence,” stated Alan J. Hyatt, president and CEO, in a statement. “We have been focused on relationships and pulling in deposits along with those relationships. We want to show the residents and businesses of Anne Arundel County what we have to offer and how Severn can work for them.”

For the 2016 year, net income for Severn was $15.539 million, or $1.19 per share. This is up significantly from net income of $4.545 million, or 21 cents per share for the 2015 year.

The significant increase in 2016 earnings is a result of an $11.837 million reversal of net deferred tax asset valuation allowance from the second quarter 2016.

Severn had a 4.8 percent decrease in interest expense from 2016 to 2015 from replacing high cost borrowings with core deposits.

Severn Bank was founded in 1946 and has assets of about $790 million.

Severn’s stock opened Monday at $7.05, down 1 cent from the previous day’s close.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Bethesda-based Pinkard group raises $19 million

BETHESDA, MD—Pinkard Group, a Bethesda, Maryland-based real estate investment and development company, raised $19 million in a fund to invest in real estate, according to a Securities and Exchange Commission filing.The Pinkard Group

Pinkard Fund II LLC filed the Form D on Jan. 30. The exact amount of shares sold totaled to $19,190,000. It reported that the proceeds were to be used for customary management fees and performance fees given to the company and its affiliates.

Pinkard Partners II LLC is a subsidiary of the Pinkard Fund and is operated by Robert M. Pinkard and Peter C. Kleeblatt. The company was founded in 2010 and capitalizes on global real estate opportunities and relationships in the greater Washington, DC area.

Investments the company has taken include residential, corporate and commercial real estate projects.

When filing a Reg D exemption, companies do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism 

Argan CEO Bosselmann profits $1.3 million after selling stock

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DICKERSON, MD — Argan Inc. Chairman and CEO Rainer Bosselmann profited $1.3 million after exercising stock options and selling stock this week, according to a filing with the Securities and Exchange Commission.

Form 4 stated Bosselmann exercised a stock option issued in 2014 to purchase 50,000 shares of common stock at $27.09 per share.

Bosselman then sold 12,600 shares of common stock which were acquired pursuant the exercise of stock options on the same day on the open market at $76.0471 per share for a value of $958,193.

On Jan. 26, he sold 22,807 shares of common stock acquired through the exercise of stock options at $75.0644 for a value of $1,711,994.

On Jan. 27, he sold 83 more shares at $75 for $6,225.

Bosselmann gained a total of $1,321,912 following the exercise of stock options and the selling of common stock. He still owns 327,411 shares of stock in the company worth more than $24 million.

Argan is a holding company incorporated in 1961. The company’s primary business is designing and building energy plants through its Gemma Power System subsidiary. Argan also owns Atlantic Projects Company Limited and Southern Maryland Cable Inc.

Argan stock closed at $74.50 per share on Friday, down 50 cents.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Baltimore-based Cerecor seeks to raise $12 million to fund drug development

BALTIMORE, MD — Cerecor Inc., a clinical-stage biopharmaceutical company, announced plans Friday to sell $12 million in stock to raise money for the development of two psychiatric drugs.

Shares will be sold at market price. Money raised by the offering will go toward research and development of the drugs CERC-501 and CERC-611.cerecor

CERC-501 is a treatment for major depressive disorder that has shown positive results in animal and four human clinical trials. The drug is undergoing testing in three externally-funded clinical trials with support from the National Institute of Mental Health, the National Institutes of Health, Yale University, Rockefeller University Hospital and a private foundation.

CERC-611 is a therapeutic drug for partial-onset seizures and epilepsy patients. Cerecor will file a new drug application with the Food and Drug Administration and expects Phase 1 development in 2017.

The $12 million stock offering will be made with Maxim Group LLC as Cerecor’s sales agent.

Cerecor’s stock rose 4.60 percent, or 4 cents, to 91 cents by market close Friday.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

KeyW stock drops 16 percent after earnings guidance, stock pricing

HANOVER, MD — The KeyW Holdings Corp. stock fell by more than 16 percent on Friday after the cybersecurity firm gave earnings guidance on the low range of its previous guidance and priced its secondary stock offering below where it was trading on Thursday.

The Hanover, Maryland-based company said its public offering of 8.5 million shares would be priced at $10.50 per share, according to a filing with the Securities and Exchange Commission.

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The Hanover-based cyber security firm intends to use the net proceeds of the offering to finance possible future acquisitions and for working capital and general corporate purposes.

In addition, the company expects 2016 revenue to be in the range of $290 million to $293 million — at the low end of its previous guidance of $290 million to $300 million — and net income from continuing operations in the range of $3 to $5 million.

KeyW shares were trading at $10.04, down $2.05, or 16.96 percent, in midday trading on Friday.

SunTrust Robinson Humphrey and RBC Capital Markets, Barclays, are joint book-running managers for the offering. Chardan Capital Markets, Drexel Hamilton, Maxim Group and Noble Capital Markets are listed as co-managers for the offering.

Founded in 2008, KeyW provides mission-critical cybersecurity, cyber superiority and geospatial intelligence solutions to clients across the United States.

The Company will report results of operations for the fourth fiscal quarter and fiscal year in its regularly scheduled earnings release and conference call after the market closes on March 8.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

OpGen reports fourth-quarter net loss of at least $4.5 million

OpGenGAITHERSBURG, MD — OpGen Inc., a biotechnology company that’s been public for less than two years, announced decreased revenue and earnings of little change during its fourth quarter.

The company estimated its fourth quarter net loss between $4.5 million and $5.1 million. That represents little to no change from the previous quarter’s $4.8 million net loss and about a 3 percent change from last year’s fourth quarter results of $4.7 million in net losses.

Total net losses for 2016 will amount to between $19 million $19.5 million, up about 11 percent from 2015.

Fourth quarter revenue plunged 23 percent below last year’s revenue, falling to an expected $1 million from $1.3 million. It increased 25 percent from $800,000 the previous quarter.

Year-end revenue reached $4 million, a 25 percent increase from the same time last year.

Cash and cash equivalents decreased to $4.1 million by $200,000, or 4.7 percent, between the third and fourth quarters.

The company’s shares closed at $1.23 Thursday, compared to $1.28 on Wednesday, a 4.9 percent difference.

Zack’s investment research downgraded OpGen from a buy to a hold on Tuesday.

The company’s stock began to fall two weeks ago on Jan. 11 and closed Thursday at $1.23, down 5 cents. It issued its IPO on May 8, 2015.

OpGen works to develop medical diagnostic tests and bioinformatics that combat drug-resistant bacterial infections.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Bethesda-based Debx hopes to raise $1 million

MDBW-logo-draft-yellow-whitebgBETHESDA, MD – Debx, a Bethesda-based company, wants to raise an additional $500,000 to reach its $1 million private equity offering, according to a Security and Exchange Commission filing.

Debx LLC submitted the Form D SEC filing on Jan. 26, and has raised $500,000 from three investors. The minimum investment amount from outside investors is $1,000.

The filing did not disclose how the company would use its proceeds and indicated the offering would not last more than one year.

Ben Psillas, executive officer, manager and promoter of Debx, signed the form. Psillas previously worked as the CEO of Rate Reset, a financial services startup firm that allows consumers to reset rates on mortgage and auto loans from their computer.

Debx is trademarked as a software company, producing a mobile app that allows users to control credit card and other debt payments with their bank accounts through the application.

Companies relying on a Reg D exemption are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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