Day: March 1, 2017

Sinclair Broadcast exec sells $2.8 million in shares

HUNT VALLEY, MD –- The executive secretary of Sinclair Broadcasting Group Inc. sold $2.8 million of shares in the company.Screen Shot 2017-03-01 at 6.43.36 PM

J. Duncan Smith sold 16,471 shares at a price of $40.29 and another 53,529 shares at a price of $40.10, according to a Form 4 filed with the Securities and Exchange Commission.

After gifting his shares, Smith only has 185 shares left.

Sinclair Broadcasting was founded in the 1970s and is one of the leading broadcast companies in the United States. They engage viewers with compelling news, entertainment and sports content, while providing their advertisers means to connect with mass audiences.

On March 1, it was reported that Sinclair and Tribune Media, one of the largest television broadcasting companies, have been communicating regarding a possible a merger or acquisition.

Sinclair Broadcasting shares closed on March 1 at $41.80, up $1.25 or 3.08 percent increase, for the day.

The filing can be found here.

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

Bethesda-based Crelate raised $1.7 million

CrelateBETHESDA, MD – A Bethesda, Maryland-based company sold $1.7 million in private equity, according to a Securities and Exchange Commission filing. The total filing is for $2.0 million.

Crelate Inc. filed the Form D on Feb. 28. It did not disclose what it would use the proceeds for.

Crelate is a modern talent relationship management company with applicant tracking for recruiters.

Aaron Elder is the CEO of Crelate. Elder served on the board of Celedon Partners before becoming the CEO of Crelate.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as 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

Supernus Pharmaceuticals beats analyst expectations

ROCKVILLE, MD — Supernus Pharmaceuticals Inc., which focuses on developing and commercializing products for the treatment of central nervous system diseases, reported fourth-quarter earnings doubled compared to the same quarter last year due to a spike in product sales.

Net income for the quarter reached $14.3 million, or 26 cents per share diluted, compared to $6.8 million, or 14 cents per share diluted, in the fourth quarter of last year.supernus

Supernus beat analyst predictions for the quarter, which estimated 25 cents per share.

Revenue for the quarter rose to $62.4 million from $43.6 million in 2015, driven by growth in product sales.

Fourth-quarter net product sales were $61.1 million, an increase43 percent compared to 2015. Royalty and licensing revenue was consistent year to year.

Sales of the drugs Trokendi XR and Oxtellar XR totaled $136 million, a 22 percent increase over the fourth quarter of 2015.

The company expects to see sales growth in 2017.  upernus advised investors that the company plans to report $265 million and $275 million in net product sales, up from $210 million last year.

Supernus will spend more on research and development in the coming year, allocating $55 million compared to $42.7 million last year.

The company’s stock price fell 3.56 percent, from $26.60 to $25.70, in Monday trading.

The 8-K 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

DiamondRock Hospitality buys two resorts in Sedona for $97 million

imgresBETHESDA, MD — DiamondRock Hospitality Co., a lodging-focused Maryland corporation operating as a real estate investment trust, announced that it has acquired two resorts in Sedona for $97 million, according to a filing Tuesday with the Securities and Exchange Commission.

The company upwardly revised its 2017 earnings guidance from 92 cents per share to 96 cents per share, reflecting an additional $7.5 million of expected earnings attributable to the acquisition.

DiamondRock’s primary business is to acquire, own and renovate full-service hotel properties. The company owns a portfolio of 28 hotels in the United States, consisting of over 9,600 rooms. Subsidiaries of the company’s partnership, DiamondRock Hospitality Limited Partnership, own the individual hotels.

The company’s most recent purchases, the 88-room L’Auberge and the adjacent 70-room Orchards Inn, include a combined 158 guest rooms, 5,000 square feet of meeting space, outdoor wedding venues and two restaurants.g72811mm01i002

Since 2015, the resorts have undergone $14 million in renovations, and DiamondRock plans to spend $5 million on renovations in the off-seasons over the next two years.

The company said it expects earnings driven by the labor productivity and lower food and beverage cost initiatives that it plans to implement to reach approximately $9.5 million over the next two to three years.

“This acquisition represents a rare opportunity to own two high-quality resort properties in a coveted, high barrier-to-entry resort market,” said Mark Brugger, president and chief executive officer of DiamondRock.

“While we believe the initial pricing of the deal is attractive, we have identified significant opportunities to increase profitability through the implementation of our well-proven asset management practices and thoughtful capital enhancements.”

The $97 million purchase price represents an 8 percent yield and 12.6 multiple on the resorts’ forecasted 2017 earnings before interest, taxes, depreciation and amortization. The yield is calculated by dividing the hotels’ net operating income by the purchase price.

In May 2011, DiamondRock announced a $72.6 million purchase price for JW Marriott Denver.

In December 2014, DiamondRock bought the Westin Beach Resort & Spa in Fort Lauderdale, Florida for $149 million. 

Investor demand for luxury resorts has recovered from the 2008 real estate crash partly because of little new construction in the industry. The Sedona market is one of the highest-growth markets in the U.S., with no new hotel supply under development in the near-term.

DiamondRock trades on the the New York Stock Exchange under the ticker “DRH.” Shares closed down 3 percent at $10.87 Tuesday with about 3.2 million shares trading hands. The company sees an average trading volume of 2.7 million shares.

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

Follow this website

Get every new post delivered right to your inbox.