On Friday, Shares of SouFun Holdings Ltd (NYSE:SFUN), gained 2.15% to $7.14.
SouFun Holdings Limited, declared its unaudited financial results for the three months ended June 30, 2015.
Second Quarter 2015 Highlights
- Total Revenue raised by 25.4% year-on-year to $210.9 million. Revenue from e-commerce services raised by 119.7% year-on-year to $106.8 million.
- Operating income reduced by 72.7% year-on-year to $22.3 million. Non-GAAP operating income reduced by 71.3% year-on-year to $23.9 million. A description of the adjustments from GAAP to non-GAAP operating income is set forth below.
- Net income attributable to SouFun’s shareholders reduced by 76.3% year-on-year to $16.2 million. Fully diluted earnings per ADS reduced by 73.3% year-on-year to $0.04.
- Non-GAAP net income attributable to SouFun’s shareholders reduced by 72.8% year-on-year to $19.6 million.
- Non-GAAP fully diluted earnings per ADS reduced by 75% year-on-year to $0.04.
- GMV raised by 306.7% from $1.7 billion in the first quarter of 2015 to $6.8 billion in the second quarter. The following table shows GMV by month for the first six months of 2015.
SouFun Holdings Limited operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, in addition to to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services.
Shares of Rayonier Inc. (NYSE:RYN), inclined 0.51% to $23.88, during its last trading session.
Rayonier Inc., declared that it has reached a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, counting a five-year $200 million revolving credit facility and a nine-year $350 million term loan facility. The new credit facilities will be used to refinance the company’s existing revolving credit facility and senior exchangeable notes (due in August 2015), in addition to fund an anticipated capital infusion into the company’s New Zealand joint venture for repayment of JV indebtedness. As an eligible Farm Credit System loan, the term loan facility will allow Rayonier to receive annual patronage payments, which should lower the company’s net effective interest cost.
The company has reached an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. Based on the swap rate, the company’s current leverage ratio and the pricing grid, the all-in fixed-rate cost of the term loan facility (net of estimated patronage payments) is predictable to be about 3.3% and the floating-rate cost of the revolving credit facility will be LIBOR + 1.25%.
The company intends to use about $160 million of proceeds from the term loan facility to fund a capital infusion into the Matariki JV, which the JV will in turn use for repayment of all outstanding amounts under its existing NZ$235 million credit facility plus NZ$7 million of related fees and expenses (assuming an exchange rate of US$0.66 per NZ$1.00). Since Rayonier is providing 100% of this capital infusion, its ownership in the JV will enhance from 65% to about 77%, based on an implied pro forma net asset value of NZ$706 million (which equates to about NZ$85 million for the incremental 12% stake). The investment into the Matariki JV is subject to certain closing conditions, counting New Zealand Overseas Investment Office approval and the preparation of customary transaction documents, and is predictable to close by the end of the year. The company anticipates to realize merged interest cost savings of about $5 million annually as a result of the JV recapitalization (based on the 3.3% cost of the new term loan facility as compared to the 6.5% cost of the existing JV debt).
Rayonier Inc. operates as an investment arm of Rayonier TRS Operating Company. Rayonier, Inc. engages in the sale and development of real estate and timberland administration, in addition to in the production and sale of cellulose fibers in the United States, New Zealand, and Australia.
Finally, Mentor Graphics Corp (NASDAQ:MENT), ended its last trade with 26.21% gain, and closed at $2.95.
Mentor Graphics Corporation, declared they will release financial results for the company’s second fiscal quarter, ended July 31, 2015, on Thursday, August 20, 2015, at about 1:10 p.m. Pacific.
Mentor Graphics Corporation provides electronic design automation software and hardware solutions to automate the design, analysis, and testing of electro-mechanical systems, electronic hardware, and embedded systems software.
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