Day: April 25, 2017

U.S. Silica Holdings reports increased earnings

logo-topFREDERICK, MD — U.S. Silica Holdings Inc., a Maryland-based silica and sand supplier, reported earnings of $2.5 million, or 3 cents per diluted share, for the first quarter after reporting a loss in the same quarter a year ago.

U.S. Silica Holdings 77 percent increase in this quarter’s net income follows a net loss of $11 million in the first quarter of 2016. Business development expenses of $1.5 million and the $6.3 million cost of restructuring a vendor contract negatively affected the 2016 first quarter earnings.

U.S. Silica Holdings earnings were above analyst estimates for the first quarter. Excluding restructuring charges, the company earned 9 cents a share, above expectations of earnings of 6 cents per share.

Revenue increased 100 percent to $244.8 million from $122.5 million from the same quarter last year.

The increase in revenue is due to high record demand for oil and gas, a business that reported 2.5 million in tons sold and $193 million in revenue.

“Specialty Products segment continues to make great progress in growing its bottom line through a combination of strategic price increases and the roll out of more higher margin products,” said Chief Executive Officer Bryan Shinn in a statement.

The company’s projections for 2017 capital expenditures are $125 million to $150 million.

U.S. Silica’s shares closed at $42.54, a 2.4 percent , for Tuesday.

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

Takoma Park-based start-up brewery seeks to raise $700,000

TAKOMA PARK, MD — A start-up brewery has raised $140,000 from four investors, according to a filing with the Securities and Exchange Commission. MDBW-logo-draft-yellow-whitebg

Parallel World Brewing Co. filed the Form D on April 25. The first sale occurred on April 10, and the company plans to raise a total of $700,000. The minimum investment accepted from any outside investor is $14,000.

The company does not intend this offering to last more than one year, and it is not being made in connection with a business combination transaction.

The company has two trademarks, which can be found here.

Christian Layke, chief executive officer, signed the Form D. He was head brewer at Gordon Biersch Brewery Restaurant for eight years before co-founding Parallel World Brewing in March 2017.

The Form D can be found here.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 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.

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

Lockheed Martin’s shares fall after lower-than-expected first quarter revenue

BETHESDA, MD — Lockheed Martin Corp.’s shares dropped as much as 4 percent after the company reported first-quarter revenue of $11.06 billion,  which missed analysts’ forecasts of $11.23 billion for the period due to lower-than-expected sales.Lockheed Martin

The U.S. defense contractor’s net earnings from continuing operations fell to $763 million from $806 million in the year ago period. Adjusted earnings per share was reported as $3, topping Wall Street forecasts of $2.79 per share.

Net earnings from continuing operations were impacted by a $120 million charge for a loss program to design, integrate and install an integrated air missile defense system for an international customer.

“While our net earnings were impacted by certain adjustments, we increased our outlook for full year cash from operations by $300 million to at least $6.0 billion and we continue to position the company to deliver outstanding value to customers and shareholders,” said president and CEO Marillyn Hewson.

Lockheed lowered its full year earnings outlook to between $12.15 per share and $12.45 per share from its previous view between $12.25 per share and $12.55 per share.

The defense contractor’s shares, which have climbed nearly 11 percent so far this year, 4 percent in pre-market trading to $265.32 Tuesday morning after the announcement. They were trading at $268.36, down $7.85, in midday Tuesday trading.

The Securities and Exchange Commission filing can be found here.

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

Omega Healthcare bumps CEO Pickett’s bonus up 25 percent after strong earnings

OmegaHUNT VALLEY, MD — Omega Healthcare Investors Inc. paid Chief Executive Officer Taylor Pickett $6.7 million in compensation in 2016, up from $6 million in 2015, according to a filing with the Securities and Exchange Commission.

Pickett, 55, has led Omega since 2001.

His 2016 bonus of $1.4 million increased by 25.3 percent from last year. His total cash bonus for the year includes his bonus of $360,000 and his non-equity incentive plan compensation of $1.1 million, which increased 33.3 percent from the previous year.

Pickett was given stock awards of $4.5 million, up 8.5 percent from 2015. He made $2.5 million in vested stock awards based on the Dec. 31 closing price of $31.  

Shares of Omega were trading flat Tuesday afternoon around $34 a share.

In February, Omega reported an earnings increase that exceeded analyst expectations of 48 cents per share by 31.3 percent.

The real estate investor’s fourth-quarter earnings reached $129.9 million, or 63 cents per share, a 104 percent increase from the same quarter one year prior.

The company’s funds from operations, a measure of income typical of REITs, reached $171.5 million, or $84 cents. That increased 34.6 percent from last year.

Yearly earnings were $383.4 million, or $1.90 per share, up 64.3 percent from last year.

Hunt Valley, Maryland-based Omega is a real estate investment firm that invests predominantly in nursing homes.

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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