On Thursday, Shares of TCP International Holdings Ltd. (NYSE:TCPI), surged 13.49% to $3.45.
TCP International Holdings, declared that Ellis Yan has decided not to renew his employment contract as Chief Executive Officer as of the expiration of his contract on June 30, 2015. To assist ensure a smooth transition, Mr. Yan will continue to serve as Chairman of the TCP Board of Directors and has agreed to be accessible, as requested, to consult with the new Chief Executive Officer following that appointment. The Nominating and Governance Committee of the TCP Board has begun a search process to identify the next Chief Executive Officer.
The Company hosted a conference call Thursday, April 16, 2015, and talked about this leadership transition in addition to its 2014 fourth quarter and full year financial results, separately declared recently.
TCP International Holdings Ltd., together with its auxiliaries, designs, develops, manufactures, and markets lighting products and accessories to the commercial, industrial, and retail markets worldwide.
Shares of Panera Bread Company (NASDAQ:PNRA), gained 11.57% to $182.89, during the last trading session on Thursday, hitting its highest level.
Panera Bread Company, declared progress on a number of key value enhancing initiatives:
- Panera’s Board of Directors approved an raise to the Company’s current share repurchase program to $750 million. The Company anticipates to purchase $500 million of shares within the next twelve months, through a combination of cash on hand, cash flow from operations, and $500 million of new debt, taking advantage of the attractive current interest rate environment. Since 2012, the Company has repurchased about $511 million of Panera common stock, or 11% of the shares outstanding, counting $154 million of shares that were repurchased during 2014.
- Panera is making noteworthy progress on its formerly declared plan to refranchise 50 to 150 cafes in 2015. As of recently, the Company has reached letters of intent to sell and refranchise 73 cafes and is on track to reach its refranchising aim for 2015. The Company anticipates the sale of these cafes to be accretive to ongoing earnings and will have a related one-time charge. This ongoing accretion was comprised of in the Company’s full-year earnings target. The Company also anticipates to use the proceeds from the refranchising efforts to repurchase shares.
The Company believes technology is a key enabler of its overall strategy. Therefore, in the coming months, the Board intends to add an independent outside director with extensive senior-level technology experience.
The Company further noted that the Board and administration team regularly enlist shareholder input with the shared aim of delivering value, and to that end, the Company recently engaged in a constructive dialogue with one of its shareholders, Luxor Capital Group, LP.
Panera Bread Company owns, operates, and franchises retail bakery-cafes in the United States and Canada. The company operates through three segments: Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations.
At the end of Thursday’s trade, Shares of CollabRx, Inc. (NASDAQ:CLRX), gained 9.09% to $1.14.
CollabRx, and Medytox Solutions, Inc. (MMMS) declared that they have reached a definitive merger contract. Closing of the merger is subject to, among other things, gaining stockholder approvals from both companies, receipt of regulatory approvals and other customary closing conditions.
Under the terms of the contract, which has been unanimously approved and adopted by the Boards of Directors of both CollabRx and Medytox, CollabRx equityholders will own a 10% stake in the combined company and Medytox equityholders will own 90% of the combined company, based on the number of equity securities outstanding right away following the merger, and not taking into account convertible preferred shares and notes issued by Medytox, in addition to option grants predictable to be made in connection with the closing.
Medytox presently owns and operates a diverse family of healthcare companies, counting several clinical testing laboratories, an electronic medical records provider, a laboratory information systems company and a medical billing company. CollabRx is a leading informatics company focused on the interpretation of complex molecular and genetic tests in cancer.
For the twelve months ending December 31, 2014, Medytox Solutions stated net revenue of $57.9 million and income from operations of $15.7 million, an raise of 38.3% and 8.0%, respectively, over the same twelve-month period in 2013. For the same twelve-month period, CollabRx stated revenues of $415,000, with net losses of ($4.3 million).
CollabRx, Inc. provides cloud-based expert systems to inform healthcare decision-making. The company’s cloud-based expert systems provide clinical knowledge to institutions, physicians, researchers, and patients for genomics-based medicine in cancer.
Finally, Philip Morris International, Inc. (NYSE:PM), ended its Thursday’s trading session with 8.74% gain, and closed at $84.96, as PM stated better than predictable earnings results for the 2015 first quarter.
For the most recent quarter Philip Morris said its adjusted earnings fell by 2.5% to $1.16 from the 2014 first quarter, but exceeded the consensus estimate of $1.01 per share. The company stated net revenue of $6.6 billion, a decline of 4.4% from the same period last year. Analysts forecast for revenue of $6.13 billion for the quarter ended March 2015.
Philip Morris guided for full year 2015 earnings between $4.32 per share and $4.42 per share, while analysts are expecting earnings of $4.26 for the current year.
Philip Morris International Inc., through its auxiliaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprise Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White.
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