On Friday, Shares of Comcast Corporation (NASDAQ:CMCSK), lost -2.50% to $57.64.
Comcast Corporation declared it plans to conduct a pilot program for low-income senior citizens in San Francisco as part of Internet Essentials, the nation’s largest and most comprehensive high-speed Internet adoption program for low-income Americans. Now entering its fifth year, Internet Essentials has connected more than 280,000 low-income Californians to online access at home, of which nearly 90,000 live in the Greater Bay Area. California now ranks first in the nation for Internet Essentials adoption, with the program reaching more than 23 percent of its estimated eligible population.
Since 2011, Comcast has made more than 25 key enhancements to the program. Earlier this month, the Company declared it is doubling the service’s download Internet speed to up to 10 Mbps downstream and providing a Wi-Fi router for no additional cost. Customers will be able to power multiple devices simultaneously and connect any Internet-enabled device, which could assist save money on wireless bills.
“We have made real and noteworthy progress toward closing the digital divide for low-income parents and children across the country. In less than four years, Internet Essentials has connected more than 500,000 families, or more than 2 million low-income Americans, to the power of the Internet at home,” said David L. Cohen, Comcast Corporation Senior Executive Vice President and Chief Diversity Officer. “Now, with our low-income senior citizen pilot in San Francisco, we are opening up a second front in our attack on the digital divide so these seniors can get connected to the Internet in their homes and use it to communicate with friends and family, access healthcare and financial information, and enjoy online news and entertainment.”
Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks segments.
Shares of New York & Company, Inc. (NYSE:NWY), inclined 28.44% to $2.71, during its last trading session.
New York & Company, declared results for the second quarter ended August 1, 2015.
Second Quarter Fiscal Year 2015 Results: (13-weeks ended August 1, 2015 contrast to the 13-weeks ended August 2, 2014)
- Net sales were $235.7 million, as contrast to $226.1 million in the preceding year.
- Comparable store sales raised 3.8%, following an improvement of 2.3% for the same period last year and total net sales raised by 4.3%.
- Gross profit as a percentage of net sales raised 110 basis points as compared to the fiscal 2014-second quarter principally due to improved leverage of buying and occupancy costs.
- Selling, general, and administrative expenses were $66.7 million, as contrast to $61.7 million in the preceding year period. Comprised of in fiscal 2015-second quarter are $2.0 million of non-operating charges as the Company continues on its path of becoming a leaner Company. These non-operating charges are due to a reduction in headcount in its corporate headquarters resulting in a severance charge of $0.8 million, consulting fees of $0.6 million to complete the formerly revealed business re-engineering project, and $0.6 million of certain legal and corporate moving expenses.
- Not taking into account non-operating charges of $2.0 million, non-GAAP selling, general and administrative expenses were $64.7 million, as contrast to $61.7 million in the preceding year. This enhance reflects incremental investments in marketing to drive sales, enhances in variable distribution costs associated with the growing eCommerce business, and enhances in rent and depreciation related to the new corporate headquarters, partially offset by savings from the organizational realignment initiated in the third quarter of fiscal 2014. There were no non-operating charges recorded during the first or second quarters of fiscal year 2014.
- GAAP operating income was $0.4 million, as contrast to the preceding year’s second quarter GAAP operating income of $0.2 million. On a non-GAAP basis, not taking into account $2.0 million of non-operating charges, adjusted operating income was $2.5 million, surpassing the high end of the Company’s formerly issued guidance range of $1 million to $2 million.
- GAAP net loss for the second quarter of fiscal year 2015 was $0.1 million, or $0.00 per diluted share. This compares to the preceding year’s GAAP net loss of $0.1 million, or $0.00 per diluted share. On a non-GAAP basis, the Company’s second quarter 2015 adjusted net income was $1.9 million, or $0.03 per diluted share.
- Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 5 of this press release, which delineates the non-operating charges for the three and six months ended August 1, 2015.
- Total quarter-end inventory raised 1.2%, as contrast to the end of last year’s second quarter, which was below the Company’s formerly issued guidance on May 21, 2015. In-store inventory raised 7.6%, in line with the Company’s preceding expectations.
- Capital spending for the second quarter of fiscal year 2015 was $7.3 million, as contrast to $6.2 million in last year’s second quarter, primarily reflecting continued investments in the Company’s information technology infrastructure, counting its omni-channel retail strategy, the opening of new Outlet stores and the remodeling of existing locations. The decrease in capital spending during the second quarter of fiscal year 2015, as contrast to the Company’s formerly issued guidance, is primarily due to lower than predictable costs related to the build-out of the new corporate headquarters and a shift in the timing of certain information technology projects to later this year.
- The Company opened 2 Outlet stores, closed 2 stores, and remodeled 4 New York & Company stores during the second quarter, ending the fiscal quarter with 504 stores, counting 76 Outlet stores, and 2.6 million selling square feet in operation.
- The Company ended the quarter with $60.1 million of cash-on-hand and no outstanding borrowings under its revolving credit facility, as contrast to $63.2 million of cash-on-hand at the end of last year’s second quarter.
New York & Company, Inc., together with its auxiliaries, operates as a specialty retailer of women’s fashion apparel and accessories in the United States. It offers a merchandise assortment comprising of wear-to-work, casual apparel, and accessories, counting pants, dresses, jackets, knit tops, blouses, sweaters, denim, T-shirts, active wear, handbags, and jewelry under the New York & Company, NY&C, City Style, NY Style, Soho Jeans, Lerner, and Lerner New York brands for women between the ages of 25 and 45.
Finally, RXi Pharmaceuticals Corp (NASDAQ:RXII), ended its last trade with -2.42% loss, and closed at $0.403.
RXi Pharmaceuticals Corporation stated its financial results for the quarter ended June 30, 2015 and offered a business update.
Selected Second Quarter 2015 Financial Highlights
Preferred Shares
The Company’s capital structure has been simplified with the full conversion of all remaining outstanding shares of Series A and Series A-1 convertible preferred stock during the second quarter of 2015 and with the acceleration of the next quarterly dividend payment date from June 30, 2015 to May 27, 2015, at which time the dividend shares were right away converted into common stock. As a result, no shares of preferred stock remain outstanding and no further dividends on those preferred shares will accrue.
Cash Position
At June 30, 2015, the Company had cash, cash equivalents, and short-term investments of about $14.0 million, contrast with cash and cash equivalents of $8.5 million at December 31, 2014.
The Company improved its balance sheet with the completion of a public offering of common stock and warrants. The Company sold 26 million units at a price per unit of $0.40 in the public offering that comprised of both institutional and retail investors. Each unit comprised of one share of common stock, a 13-month overallotment purchase right to purchase one-half of one share of common stock at a price of $0.455 per full share and a 5-year warrant to purchase one-half of one share of common stock at a price of $0.52 per full share. The Company received gross proceeds of $10.4 million and net proceeds of $9.2 million after payment of placement agent fees and other offering expenses, and assuming the overallotment purchase rights and warrants are not exercised.
The Company believes that its existing cash, cash equivalents, and short-term investments should be sufficient to fund operations for at least one year.
Research and Development Expenses
Research and development expenses for the quarter ended June 30, 2015 were $1.4 million, which comprised of $0.2 million of non-cash stock-based compensation expense, as contrast with $1.2 million for the quarter ended June 30, 2014, which comprised of $0.2 million of non-cash stock-based compensation expense. The enhance in research and development expenses in the second quarter of 2015 as contrast to the second quarter of 2014 was primarily due to subject and trial-related fees for the Company’s ongoing three clinical trials, mainly Study 1402.
General and Administrative Expenses
General and administrative expenses for the quarter ended June 30, 2015 were $0.8 million, which comprised of $0.2 million of non-cash stock-based compensation expense, as contrast with $0.9 million for the quarter ended June 30, 2014, which comprised of $0.3 million of non-cash stock-based compensation expense. The decrease in general and administrative expenses in the second quarter of 2015 as contrast to the second quarter of 2014 was primarily due to a reduction in legal fees.
Net Loss Applicable to Common Stockholders
Net loss applicable to common stockholders for the quarter ended June 30, 2015 was $2.2 million, contrast with $3.2 million for the quarter ended June 30, 2014. The decrease in net loss applicable to common stockholders in the second quarter of 2015 as contrast to the second quarter of 2014 was due to the change in operating expenses, as described above, and a decrease in the Company’s preferred stock dividends related to decreases in the Company’s closing common stock price on the dividend payment dates and the number of preferred shares earning dividends each quarter.
RXi Pharmaceuticals Corporation, a biotechnology company, focuses on discovering and developing therapies primarily in the areas of dermatology and ophthalmology. The company develops therapies based on siRNA technology and immunotherapy agents.
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