On Thursday, Shares of Penn Virginia Corporation (NYSE:PVA), lost -32.02% to $1.38, hitting its lowest level.
Penn Virginia Corporation stated financial results for the three months ended June 30, 2015 and offered updates of its operations and 2015 capital plan and guidance.
Recent Highlights Includes:
- At June 30, 2015, our financial liquidity was $215 million and our leverage ratio was 3.7 times.
- Assuming the closing of the formerly declared sale of our East Texas assets, estimated to be in late August, our pro forma liquidity would be about $260 million.
- Year-end 2015 liquidity is predictable to be between $200 and $220 million, counting the estimated borrowing base reduction due to the East Texas sale, but excludes any potential adjustment to our borrowing base in the fall of 2015.
- Preliminarily, we estimate 2016 capital expenditures to be between $200 and $250 million resulting in oil production during the fourth quarter of 2016 similar to that estimated for fourth quarter 2015.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States.
Shares of Avon Products Inc. (NYSE:AVP), inclined 2.42% to $5.51, during its last trading session.
Avon Products stated second-quarter 2015 results. “Our overall second-quarter performance was in line with our expectations in an environment of extraordinary currency pressure. Market by market, our local teams are operating effectively as they address consumer demands, improve Representative engagement and manage cost,” said Sheri McCoy, Chief Executive Officer of Avon Products, Inc. “In addition, given that we anticipate the challenging environment to continue, we have taken steps to improve our financial flexibility.”
Second-Quarter 2015 Income Statement Review (contrast with second-quarter 2014)
- Total revenue for Avon Products, Inc. reduced 17% to $1.8 billion, but was relatively unchanged in constant dollars. Constant-dollar revenue benefited from growth in Europe, Middle East & Africa, in addition to Latin America, due to markets experiencing high inflation (Venezuela and Argentina), partially offset by a decline in North America.
- Active Representatives were down 2% year over year, led by a continued decline in North America, partially offset by growth in Europe, Middle East & Africa, most significantly Russia. Average order raised 2%, which benefited from price enhances in markets experiencing high inflation.
- Total units reduced 4%, driven by declines in Latin America and North America. Price/mix was up 4% during the quarter, aided by pricing in markets experiencing high inflation in addition to improved price/mix in Brazil.
- Beauty sales declined 17%, but raised 1% in constant dollars. Fashion & Home sales declined 14%, or were relatively unchanged in constant dollars.
Avon Products, Inc. manufactures and markets beauty and related products worldwide. It offers beauty products, such as skincare, and personal care products, in addition to fragrances and color cosmetics; and fashion and home products comprising of jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products, and nutritional products.
Finally, 3D Systems Corporation (NYSE:DDD), ended its last trade with -8.94% loss, and closed at $13.85, hitting its lowest level.
ZVerse, leading developers of 3D content creation applications for full color 3D printing, recently declared a planned partnership and commercial agreement with 3D Systems (DDD) to advance applications and market opportunities for full color 3D printing.
As part of the agreement, ZVerse and 3D Systems will co-develop ZVerse’s patent pending post processing technology for producing high gloss and moisture resistant full color 3D printed products. In addition, the companies will collaborate on development and marketing of 3D Systems’ Photobooth technology using ZVerse’s licensed content and distribution channels.
In addition to the partnership, ZVerse declared that it has closed on a $3.5 million Series A funding round from Mosley Ventures, Capital A Partners and planned investors. Top regional entrepreneurial angel investors in earlier rounds, Walter Alessandrini and Scot Wingo, took part in the Series A round, also. Wei-Chun Tai, of Mosley Ventures, joins the ZVerse board.
3D Systems Corporation, through its auxiliaries, operates as a provider of 3D printing centric design-to-manufacturing solutions in the Americas, Germany, and the Asia-Pacific, in addition to other European, the Middle East, and African countries.
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