On Friday, Shares of General Electric Company (NYSE:GE), lost -0.92% to $25.79.
Commercial Distribution Finance (CDF), a division of GE Capital, declared that its joint inventory-financing venture with Brunswick Corporation, Brunswick Acceptance Company (BAC), has been extended through 2019.
BAC provides boat dealers with a long-term source of wholesale inventory financing. The programs offered by BAC are exclusive to dealers of Brunswick boat brands and Mercury Marine engines in the United States. Brunswick boat brands comprise such prominent names as Sea Ray, Boston Whaler, Harris, Bayliner, Lund, Crestliner, and Lowe. BAC was originally formed in 2002; presently more than 600 dealers take part in the programs, often with multiple Brunswick brands in their dealerships.
For more than 50 years and through all business and economic cycles, CDF has offered customer-centric floorplan financing programs that enable marine dealers to stock a broad selection of new and pre-owned products. Floorplan financing, also known as inventory financing, is an important element of a successful manufacturer-dealer business model as manufacturers and distributors benefit from improved product flow and raised sales opportunities, and dealers obtain improved terms and credit availability.
Commercial Distribution Finance (CDF) offered $46 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2014.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of Hecla Mining Co. (NYSE:HL), declined -3.14% to $1.85, during its last trading session.
Hecla Mining Company declared a second quarter net loss applicable to common shareholders of $26.8 million, or $0.07 per share, and a loss after adjustments applicable to common shareholders of $17.6 million, or $0.05 per share.
FINANCIAL OVERVIEW
Net loss applicable to common shareholders for the second quarter was $26.8 million, or $0.07 per share, contrast to net loss applicable to common shareholders of $14.5 million, or $0.04 per share, for the same period a year ago, and was influenced by the following items:
- Cash cost, after by-product credits, per gold ounce reduced 13% and per silver ounce raised 5% from second quarter 2014.
- Net mark-to-market loss on base metal derivative contracts of $0.9 million, as a result of rising base metals prices, contrast to a net loss of $11.6 million in the second quarter of 2014.
- Raised pre-development spending on San Sebastian.
- A $1.8 million foreign exchange loss on Canadian assets.
- Lower realized silver, gold, and lead prices with higher realized zinc prices.
- An $8.7 million accrual for possible environmental settlement.
- $2.1 million of acquisition costs for Revett Mining Company.
Hecla Mining Company, together with its auxiliaries, discovers, acquires, develops, produces, and markets precious and base metal deposits worldwide. The company offers unrefined gold and silver bullion bars to precious metals traders; and lead, zinc, and bulk concentrates to custom smelters and brokers.
Finally, Windstream Holdings, Inc. (NASDAQ:WIN), ended its last trade with -0.88% loss, and closed at $5.64.
Windstream Holdings stated second-quarter results highlighted by improving financial trends and the declaration of a share repurchase program.
Share Repurchase Program
Recently Windstream declared a share repurchase program of up to $75 million, which is predictable to be accomplished by December 31, 2016. Windstream will buy back shares opportunistically through open market purchases funded primarily by cash from operations.
“In order to create value for our shareholders, the board of directors has authorized a share repurchase program of up to $75 million,” Thomas added. “Windstream stock is significantly undervalued and a share buyback is an attractive investment and an efficient way to return capital to shareholders.”
In addition, the board of directors declared the regular quarterly dividend of 15-cents per share to shareholders of record as of Sept 30, 2015.
Pro Forma Financial Results
Total revenues were $1.4 billion and grew sequentially by $10 million in the second quarter.
Consumer service revenues in the second quarter were $314 million, which grew $2 million relative to the first quarter, and were essentially unchanged from the same period a year ago.
“We again continue to see positive momentum in our consumer channel and we are making targeted investments to generate revenue growth in these attractive high margin businesses,” Thomas said.
ILEC small business revenues in the second quarter were $108 million as we continue to invest in high-speed Internet capabilities to drive additional broadband revenue growth.
Carrier service revenues were $156 million, not taking into account legacy wireless TDM, in the second quarter, which was up year over year due to growth in Ethernet sales, wholesale revenues and improving sales of our expanded long-haul express network.
Enterprise service revenues were $485 million in the second quarter, up 3.5 percent from the same period a year ago, led by demand for IP-based solutions and next generation data. Data and integrated solution service revenues within Enterprise also grew about 7.3 percent.
CLEC Small Business service revenues were $146 million in the second quarter as we continue to focus on retention, selling incremental services to existing customers and cost reductions to deliver profitable revenue opportunities.
Adjusted OIBDAR was $489 million in the second quarter and was flat sequentially, with margins of 34.5 percent.
Adjusted OIBDA was $327 million in the second quarter and capital expenditures were $255 million in the second quarter.
On a year-to-date basis, adjusted free cash flow was $141 million.
Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, in addition to broadband, voice, and video services to consumers primarily in rural markets.
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