On Tuesday, Ashford Hospitality Trust, Inc. (NYSE:AHT)’s shares inclined 1.53% to $8.62.
Ashford Hospitality Trust, Inc. ( AHT ) stated financial results and performance measures for the second quarter ended June 30, 2015. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Accessible Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma assuming each of the hotel properties in the Company’s hotel portfolio as of June 30, 2015 were owned as of the startning of each of the periods presented. Unless otherwise stated, all stated results compare the second quarter ended June 30, 2015, with the second quarter ended June 30, 2014 (see talk aboution below). The reconciliation of non-GAAP financial measures is comprised of in the financial tables accompanying this press release.
STRATEGY REFINEMENTS
- The Company will focus on acquiring and owning upper upscale, full service hotels
- The Company is not planning nor anticipates any future platform spinoffs
- The Company will continue to target a net debt to gross assets ratio of 55% - 60%
- The Company will continue to target cash and cash equivalents at a level of 25% - 35% of its total equity market capitalization for the purposes of:
- property-level and corporate-level working capital needs
- as a hedge against a downturn in the economy or hotel fundamentals
Ashford Hospitality Trust, Inc. is a publicly owned real estate investment trust. The firm engages in investment and administration of properties in the hospitality industry. It invests in the real estate markets of the United States. The firm primarily invests in hotels with a focus on the ownership of upper-upscale and upscale full-service and select service hotels in primary, secondary and resort markets.
Bank of Nova Scotia (NYSE:BNS)’s shares dropped -1.98% to $47.52.
Scotiabank declared that a contract has been reached to acquire Citigroup’s retail and commercial banking businesses in Panama and Costa Rica, subject to regulatory approval. Scotiabank’s common equity tier one capital ratio will be influenced by about 15 basis points.
This acquisition is in line with Scotiabank’s strategy to enhance scale within its footprint and complements its operations in Panama and Costa Rica. This transaction will provide a noteworthy lift to the Bank’s market share in credit cards to about 18% in Panama and 15% in Costa Rica, ranking Scotiabank number two in both countries in this segment.
Citibank’s operations in Costa Rica and Panama comprise 27 branches which serve more than 250,000 retail and commercial banking customers. Citibank has been operating in Costa Rica since 1968 and in Panama since 1904 and will continue to operate in these countries with a focus on its Corporate and Institutional Banking Business, and International Wealth Administration Services, capitalizing on its global presence and competitive leadership position in these segments.
The Bank of Nova Scotia provides various personal, commercial, corporate, and investment banking services in Canada and internationally. The company provides financial advice, solutions, and day-to-day banking products, counting debit cards, checking accounts, credit cards, investments, mortgages, loans, and related creditor insurance products to individuals and small businesses; and commercial banking solutions, counting lending, deposit, cash administration, and trade finance solutions to medium and large businesses primarily through a network of 1,040 branches and 3,942 automated banking machines.
At the end of Tuesday’s trade, Commscope Holding Company Inc (NASDAQ:COMM)‘s shares dipped -3.45% to $30.50.
CommScope Holding Company, Inc. (COMM), a global provider of connectivity and essential infrastructure solutions for wireless, business enterprise and residential broadband netoperates, stated sales of $867 million and net income of $46 million, or $0.24 per diluted share, for the quarter ended June 30, 2015. Non-GAAP adjusted net income for the second quarter of 2015 was $95 million, or $0.49 per diluted share. A reconciliation of stated GAAP results to non-GAAP results is attached.
For the quarter ended June 30, 2014, CommScope stated sales of $1.1 billion and net income of $28 million or $0.15 per diluted share. Non-GAAP adjusted net income for the second quarter of 2014 was $139 million, or $0.73 per diluted share.
CommScope Holding Company, Inc., together with its auxiliaries, provides connectivity and infrastructure solutions for wireless, business enterprise, and residential broadband netoperates worldwide. The company operates through three segments: Wireless, Enterprise, and Broadband.
Sequenom, Inc. (NASDAQ:SQNM), ended its Tuesday’s trading session with -5.58% loss, and closed at $2.20.
Sequenom, Inc. (SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, stated total revenues of $32.8 million for the second quarter of 2015, a decrease of 18% contrast to revenues of $39.8 million for the second quarter of 2014. Revenues for the second quarter of 2014 comprised of about $6.1 million of incremental “catch-up” payments from payors for services performed in preceding periods, in addition to the incremental change for the conversion from cash to accrual accounting for certain payors. No noteworthy catch-up collections were received in the second quarter of 2015, as the timeliness of collections has improved with additional payor contracts. Sequenom now has coverage for 172 million commercial lives and 40 million lives under Medicaid programs. The second quarter of 2015 had lower diagnostic services revenues contrast to the second quarter of 2014 by about $3 million, associated with the conversion of a referring laboratory partner to a patent pool licensee.
License revenues raised to $1.9 million for the second quarter of 2015, contrast to $0.4 million for the second quarter of 2014, reflecting the enhance in test fees under the Pooled Patents Agreement that was signed in December 2014.
Cash burn for the second quarter of 2015 was $2.9 million, contrast to $4.1 million in the same period of 2014. The second quarter 2015 cash burn excludes payment of costs related to the convertible debt exchange of $1.6 million. The loss from ongoing operations before income taxes reduced by 41% to $9.0 million for the second quarter of 2015 as contrast to $15.3 million for the second quarter of 2014.
Sequenom, Inc., a life sciences company, develops and commercializes molecular diagnostics testing services for the women’s health and oncology markets in the United States and internationally. The company provides molecular based laboratory developed tests (LDTs) comprising MaterniT21 PLUS LDT, a noninvasive prenatal test (NIPT) to detect fetal chromosomal abnormalities; HerediT CF LDT, a carrier screen test to identify individuals with cystic fibrosis or genetic mutations; SensiGene fetal Rhesus D (RhD) LDT, a NIPT to determine the presence or absence of RhD factor by direct detection of the fetal RhD genotype in RhD negative mothers from a maternal blood sample; and VisibiliT LDT, a NIPT to detect fetal chromosomal abnormalities by determining the relative amount of chromosomal material present in circulating cell-free DNA in a maternal blood sample.
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