During Tuesday’s afternoon trade, Shares of Symantec Corporation (NASDAQ:SYMC), gain 0.04% to $23.43.
J M Smucker Co (SJM) declared results for the fourth quarter and year ended April 30, 2015.
Executive Summary
The Company’s fiscal 2015 results were significantly influenced by the Big Heart Pet Brands (“Big Heart”) acquisition and related purchase accounting and financing activities during its fourth quarter. Counting these items, the Company’s stated results were as follows:
Results for the periods ended April 30, 2015 and 2014, comprise the operations of: (1) Big Heart since the completion of the acquisition on March 23, 2015; (2) Sahale Snacks, Inc. (“Sahale”) since the completion of the acquisition on September 2, 2014; (3) Enray Inc. (“Enray”) since the completion of the acquisition on August 20, 2013; and (4) the impact of the Company’s licensing and distribution agreement with Cumberland Packing Corp. (“Cumberland”), which commenced on July 1, 2013.
Noteworthy acquisition impacts and financing costs in the quarter comprised of:
- Other debt costs of $173.3 million, primarily related to the early redemption of the Company’s senior private placement notes;
- Big Heart operations for the six weeks since the close of the transaction, counting net sales of $244.5 million and an operating loss of $26.0 million, reflecting the unfavorable impact of a $47.0 million fair value purchase accounting adjustment to attained inventory sold during the quarter (“inventory purchase accounting adjustment”) and incremental promotional spending and marketing expense to support new product introductions and certain other initiatives;
- Net incremental interest expense related to the new debt structure; and
- The issuance of 17.9 million of the Company’s common shares and related impact on the calculation of weighted-average shares outstanding.
Results in the above table also reflect:
- Net sales declines in the fourth quarter of 2015, contrast to 2014, in the U.S. Retail Consumer Foods segment driven by lower net price realization and volume and in the U.S. Retail Coffee segment driven by volume; and
- Operating income not taking into account the impact of restructuring and merger and integration costs and unallocated derivative gains and losses (“certain items affecting comparability”) was unfavorably influenced in the fourth quarter of 2015 by the results of the U.S. Retail Coffee segment and an enhance in general and administrative expenses, contrast to 2014.
The J. M. Smucker Company manufactures and markets branded food products worldwide. The company operates through three segments: U.S. Retail Coffee; U.S. Retail Consumer Foods; and International, Foodservice, and Natural Foods. It offers coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, fruits, canned milk, flour and baking ingredients, fruit and vegetable juices and beverages, frozen sandwiches, ready-to-eat waffles, toppings, syrups, jelly products, pickles, condiments, and grain products.
Shares of Knight Transportation (NYSE:KNX), declined -2.31% to $28.28, during its afternoon trading session.
Knight Transportation, Inc. (KNX) anticipates to release its 2015 second quarter earnings on Wednesday, July 22nd, 2015, shortly before market open. Knight will be holding a live conference call with analysts and investors to talk about the earnings release, the results of operations, and other matters after its earnings press release on Wednesday, July 22nd, 2015, at 4:30 pm EDT. (Please note that, since the call will start promptly as planned, you will need to join a few minutes preceding to that time.) Slides to accompany this call will be posted on the company’s website and will be accessible to download just preceding to the planned conference call.
Knight Transportation, Inc., together with its auxiliaries, operates as a short-to-medium haul truckload carrier of general commodities primarily in the United States. It operates through two segments, Trucking and Logistics. The Trucking segment offers truckload carrier dry van, temperature-controlled (refrigerated), and drayage services between ocean ports, rail ramps, and shipping docks.
Discover Financial Services (NYSE:DFS), during its Tuesday’s afternoon trading session gained 0.17% to $58.55.
Finicity Corp.™ makers of the popular personal finance application Mvelopes (www.mvelopes.com) and Discover Personal Loans are working together to assist consumers take control over their finances. Finicity’s Financial Wellness programs, counting Mvelopes, assist keep people on track with their spending, budget, and planned loan repayment.
This unique program brings together the power of Discover’s Personal Loans, backed by Finicity’s tools; education and accountability, to assist consumers eliminate high interest debt. Once approved for a personal loan, Mvelopes users can sync their Discover Personal Loan with their web and mobile app to assist them stay on top of payments and focus on paying their balances off as quickly as possible.
Discover Financial Services operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, counting private student loans, personal loans, home loans, home equity loans, prepaid cards, and other consumer lending, in addition to deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
Finally, Depomed Inc (NASDAQ:DEPO), gained 1.11%, to $30.85.
Depomed Inc (DEPO) declared it has reached a settlement agreement in its ongoing patent litigation related to an Abbreviated New Drug Application (ANDA) seeking approval to market a generic version of Depomed’s Zipsor® (diclofenac liquid filled capsules) 25mg tablets. The settlement permits defendant Watson Laboratories Inc. to start selling generic Zipsor on March 24, 2022, or earlier under certain circumstances. The settlement concludes all ongoing ANDA litigation related to Zipsor.
The settlement agreement is subject to review by the U.S. Department of Justice and the Federal Trade Commission, and entry of an order dismissing the litigation by the U.S. District Court for the District of New Jersey.
Depomed, Inc., a specialty pharmaceutical company, develops products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the administration of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults; and Lazanda (fentanyl) nasal spray, an intranasal fentanyl drug used to manage breakthrough pain in adults.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.