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Emera Reports 2019 First Quarter Financial Results

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HALIFAX, Nova Scotia–(BUSINESS WIRE)–Today Emera (TSX: EMA) announced financial results for the first quarter
of 2019.

Q1 2019 Highlights:

Reported Net Income

  • Q1 2019 reported net income was $312 million, compared with net income
    of $271 million in Q1 2018
  • Q1 2019 reported earnings per common share were $1.32, compared with
    $1.17 per common share in Q1 2018

Adjusted Net Income (1)

  • Q1 2019 adjusted net income was $224 million, compared with $202
    million in Q1 2018
  • Q1 2019 adjusted earnings per common share were $0.95, compared with
    $0.87 in Q1 2018

Cash Flow

  • Operating cash flow, before changes in working capital, decreased by
    $26 million to $418 million in Q1 2019, compared with $444 million in
    Q1 2018

DRIP Discount

  • Discount offered on the reinvestment of cash dividends under the
    dividend reinvestment plan (the “DRIP”) reduced from five per cent to
    two per cent

(1) See “Non-GAAP Measures” noted below.

“Our business continued to perform well during the first quarter,
delivering strong financial results while making measurable progress on
our strategic objectives,” said Scott Balfour, President and CEO. “With
the recent close of our New England Gas Generation transaction and the
announced sale of Emera Maine, we are well positioned to focus on our
robust capital investment profile.”

Financial Highlights:

For the   Three months ended March 31
millions of Canadian dollars (except per share amounts)     2019     2018
Net income attributable to common shareholders $ 312   $ 271
After-tax mark-to-market gain (loss)     88   $ 69
Adjusted net income attributable to common shareholders (1)(2)   $ 224   $ 202
 
Earnings per common share – basic $ 1.32 $ 1.17
Adjusted earnings per common share – basic (1)(2)   $ 0.95   $ 0.87
 
Weighted average shares of common stock outstanding – basic
(millions of shares)
236 231

(1) See “Non-GAAP Measures” noted below
(2)
Adjusted net income and adjusted earnings per common share exclude the
effect of mark-to-market adjustments

After-tax mark-to-market gains increased $19 million to $88 million in
2019 compared to $69 million in 2018, mainly due to changes in Emera
Energy’s existing positions on gas contracts and a larger reversal of
mark-to-market losses in 2019 compared to 2018, partially offset by
higher amortization of gas transportation assets in 2019.

The weaker Canadian dollar increased earnings by $13 million and
adjusted earnings by $8 million in Q1 2019 compared to Q1 2018.

Consolidated Financial Review:

The following table highlights significant changes in adjusted net
income from 2018 to 2019 in the first quarter.

For the   Three months ended
millions of Canadian dollars     March 31
Adjusted net income – 2018 (1)(2) $ 202
Gas Utilities and Infrastructure 14
Gain on sale of property in Florida 10
Canadian Electric Utilities 6
Other Variances     (8)
Adjusted net income – 2019 (1)(2)   $ 224

(1) See “Non-GAAP Measures” noted below
(2)
Excludes the effect of mark-to-market adjustments

Segmented Results:

Effective January 1, 2019, Emera has revised its reportable segments to
align with strategic priorities and internal governance. Emera reports
its results in five operating segments: Florida Electric Utility,
Canadian Electric Utilities, Other Electric Utilities, Gas Utilities and
Infrastructure and Other.

For the   Three months ended March 31
millions of Canadian dollars (except per share amounts)     2019     2018
Adjusted net income (1)  
Florida Electric Utility $ 61 $ 60
Canadian Electric Utilities 96 90
Other Electric Utilities (2) 16 15
Gas Utilities and Infrastructure 67 53
Other (2)     (16)     (16)
Adjusted net income (1) $ 224 $ 202
After-tax mark-to-market gain (loss)     88     69
Net income attributable to common shareholders   $ 312   $ 271
EPS (basic)   $ 1.32   $ 1.17
Adjusted EPS (basic) (1)(2)   $ 0.95   $ 0.87

(1) See “Non-GAAP Measures” noted below.
(2)
Excludes the effect of mark-to-market adjustments.

Florida Electric Utility’s CAD net income increased by $1 million
to $61 million in Q1 2019, compared to $60 million in Q1 2018. This
increase was due to higher revenues related to the in-service solar
generation projects, lower OM&G due to the timing of generation outages
and a weaker Canadian dollar, partially offset by lower revenues due to
less favourable weather.

Canadian Electric Utilities’ net income increased by $6 million
to $96 million, compared to $90 million in Q1 2019. The increase was due
to higher sales volume due to weather and lower OM&G, primarily a result
of lower storm costs, at Nova Scotia Power Inc.

Other Electric Utilities’ CAD net income, adjusted to exclude
mark-to-market, increased by $1 million to $16 million in Q1 2019,
compared to $15 million in Q1 2018.

Gas Utilities and Infrastructure’s CAD net income increased by
$14 million to $67 million in Q1 2019, compared to $53 million in Q1
2018. This increase was due to favourable weather conditions and the
optimization of pipeline capacity at New Mexico Gas Company, lower
depreciation and amortization at Peoples Gas and customer growth at both
utilities.

Other’s net loss, adjusted to exclude mark-to-market, in Q1 2019
was $16 million, consistent with Q1 2018. Adjusted earnings from Emera
Energy were $52 million, a decrease of $3 million from Q1 2018. Also in
Q1 2019 was a $2 million loss associated with the sales of the New
England Gas Generation portfolio and Bayside and a $10 million gain from
the sale of a property in Florida.

Discount on Reinvested Dividends:

Emera also announced today a change from five per cent to two per cent
of the applicable discount from the average market price for common
shares purchased in connection with the reinvestment of cash dividends
under its DRIP. The revision aligns the Company’s discount rate with
industry peers and offers value for those shareholders electing to
participate in the DRIP. For common shareholders who have elected
participation in the DRIP, reinvestment of their dividends will occur at
the new discount beginning on the next dividend declaration date.
Additional information regarding Emera’s DRIP is available on its
website at www.emera.com.

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning
under USGAAP and may not be comparable to similar measures presented by
other entities. Emera calculates the non-GAAP measures by adjusting
certain GAAP and non-GAAP measures for specific items the Company
believes are significant, but not reflective of underlying operations in
the period. Refer to the Non-GAAP Financial Measures section of our
Management’s Discussion and Analysis (“MD&A”) for further discussion of
these items.

Forward Looking Information

This news release contains forward-looking information within the
meaning of applicable securities laws. By its nature, forward-looking
information requires Emera to make assumptions and is subject to
inherent risks and uncertainties. These statements reflect Emera
management’s current beliefs and are based on information currently
available to Emera management. There is a risk that predictions,
forecasts, conclusions and projections that constitute forward-looking
information will not prove to be accurate, that Emera’s assumptions may
not be correct and that actual results may differ materially from such
forward-looking information. Additional detailed information about these
assumptions, risks and uncertainties is included in Emera’s securities
regulatory filings, including under the heading “Business Risks and Risk
Management” in Emera’s annual Management’s Discussion and Analysis, and
under the heading “Principal Risks and Uncertainties” in the notes to
Emera’s annual and interim financial statements, which can be found on
SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Friday, May 10, 2019
at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q1 2019
financial results.

Analysts and other interested parties in North America are invited to
participate by dialing 1-866-521-4909. International parties are invited
to participate by dialing 1-647-427-2311. Participants should dial in at
least 10 minutes prior to the start of the call. No pass code is
required.

A live and archived audio webcast of the teleconference will be
available on the Company’s website, www.emera.com.
A replay of the teleconference will be available two hours after the
conclusion of the call until June 11, 2019, by dialing 1-800-585-8367
and entering pass code 9045319.

Annual General Meeting

Emera will hold its Annual General Meeting on Wednesday, May 15, 2019 at
2:00 p.m. Atlantic (1:00 p.m. Eastern) at the Halifax Convention Centre,
Argyle Suite, Level 2, 1650 Argyle Street, Halifax, Nova Scotia.

About Emera

Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia, with approximately $32 billion in
assets and 2018 revenues of more than $6.5 billion. The company
primarily invests in regulated electricity generation and electricity
and gas transmission and distribution with a strategic focus on
transformation from high carbon to low carbon energy sources. Emera has
investments throughout North America, and in four Caribbean countries.
Emera’s common and preferred shares are listed on the Toronto Stock
Exchange and trade respectively under the symbol EMA, EMA.PR.A,
EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts
representing common shares of Emera are listed on the Barbados Stock
Exchange under the symbol EMABDR and on The Bahamas International
Securities Exchange under the symbol EMAB. Additional Information can be
accessed at www.emera.com
or at www.sedar.com.

Contacts

Emera Inc.
Investor Relations:
Ken McOnie, VP,
Investor Relations and Treasurer
902-428-6945
[email protected]
Erin
Power, Manager, Investor Relations
902-428-6760
[email protected]
Media:
902-222-2683
[email protected]


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Innocan

Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits

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HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg

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SCHWAZZE

Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer

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DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

About Schwazze

Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.

Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.

Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected] 

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Cannabis

Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028

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