On Tuesday, Key Energy Services, Inc. (NYSE:KEG)’s shares declined -3.14% to $2.47.
Key Energy Services, Inc. (KEG) stated first quarter 2015 merged revenues of $267.8 million and a pre-tax GAAP loss of $91.1 million, or $0.39 per share.
The results for the first quarter comprise:
- a pre-tax charge of $21.7 million, or $0.09 per share, for a true-up to the impairment charge recorded in the fourth quarter 2014 associated with the Coiled Tubing Services segment.
- pre-tax costs of $18.0 million, or $0.08 per share, related to the formerly revealed Foreign Corrupt Practices Act (“FCPA”) investigations.
- a pre-tax charge of $4.0 million, or $0.02 per share, for a reserve associated with the receivable from the Company’s 2012 sale of its’ Argentine business.
Not taking into account these items, the Company stated a pre-tax loss of $41.9 million, or $0.18 per share. Fourth quarter 2014 merged revenues were $354.8 million with a pre-tax GAAP loss of $80.8 million, or $0.34 per share. The results for the fourth quarter comprise a pre-tax charge of $31.7 million, or $0.13 per share, for a true-up to the impairment charge of the Company’s U.S. assets taken in the third quarter and an additional impairment of the Company’s goodwill in the fourth quarter, pre-tax costs of $19.6 million, or $0.08 per share, related to the FCPA investigations and a pre-tax loss of $3.7 million, or $0.02 per share, on the disposal of obsolete assets. Not taking into account these items, the Company stated a pre-tax loss of $24.7 million, or $0.10 per share.
Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States and internationally. It offers rig-based services, counting the maintenance, workover, and recompletion of existing oil wells; completion of newly-drilled wells; and plugging and abandonment of wells at the end of their lives, in addition to specialty drilling services to oil and natural gas producers.
Intercept Pharmaceuticals Inc (NASDAQ:ICPT)’s shares dropped -16.08% to $263.50.
Intercept Pharmaceuticals Inc (ICPT) declared its plans for an international Phase 3 trial of obeticholic acid (OCA), the company’s lead FXR agonist, in patients with non-cirrhotic nonalcoholic steatohepatitis (NASH) with liver fibrosis. OCA has received breakthrough therapy designation in this patient population from the U.S. Food and Drug Administration (FDA). In accordance with harmonized advice from the FDA and European Medicines Authority (EMA), the Randomized Global Phase 3 Trial to Evaluate the Impact on NASH with Fibrosis of Obeticholic Acid Treatment (REGENERATE) has been designed as a double-blind, placebo-controlled pivotal Phase 3 clinical trial predictable to enroll up to about 2,500 patients and assess the potential benefit of OCA treatment on liver-related clinical outcomes. The trial will comprise a pre-planned interim histology analysis after 72 weeks of treatment in about 1,400 patients which is intended to serve as the basis for seeking U.S. and international marketing approvals of OCA for the treatment of NASH patients with liver fibrosis.
Intercept Pharmaceuticals, Inc., a development stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics to treat chronic liver and intestinal diseases utilizing its proprietary bile acid chemistry.
At the end of Tuesday’s trade, Kearny Financial Corp. (NASDAQ:KRNY)‘s shares dipped -26.53% to $10.72.
Kearny Financial Corp. (KRNY) declared that it has accomplished its stock offering and the related conversion from the mutual holding company to the stock holding company form of organization. As a result of the closing of the conversion and stock offering, the Company is now the holding company for Kearny Bank. Kearny Financial Corp. (“Kearny-Federal”) and Kearny MHC, the Bank’s former mutual holding company, have ceased to exist. The results of the stock offering were formerly stated in Kearny-Federal’s press release dated May 14, 2015.
As a result of the conversion, each existing share of Kearny-Federal common stock has been converted into the right to receive 1.3804 shares of Company common stock. Stockholders of Kearny-Federal holding shares in street name will automatically receive shares of Company common stock within their accounts. Stockholders of Kearny-Federal holding shares in certificated form will receive book entry statements for their shares of Company common stock through the Company’s Direct Registration System, after returning their stock certificates with a properly accomplished letter of transmittal to the Company’s transfer agent. Letters of transmittal will be promptly sent out to stockholders by the Company’s transfer agent. Cash will be paid in lieu of any fractional shares based on the sale price in the offering of $10.00 per share. About 93,529,444 shares of Company common stock will be outstanding after the completion of the offering and the exchange, before taking into account adjustments for fractional shares.
Kearny Financial Corp. operates as a holding company for Kearny Federal Savings Bank that provides various banking products and services. The company offers various deposit products, counting interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, and certificates of deposit accounts.
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