On Monday, Shares of Sears Holdings Corp (NASDAQ:SHLD), gained 0.33% to $24.47.
Sears Holdings Corporation provided an update on our second quarter performance, improved financial position and actions that enhance our liquidity and business operations.
In summary, Holdings:
- Continued to enhance the performance of our business and expect a fourth successive quarter of improved Adjusted EBITDA;
- Accomplished an amendment and extension of our $3.275 billion domestic credit facility with about $2.0 billion maturing in 2020 and the remaining about $1.3 billion of the existing credit facility in place until April of 2016. This represents a noteworthy milestone and provides the Company with a credit facility consistent with our needs, given our reduced reliance on inventory as a source of financing;
- Substantially accomplished the capital structure adjustments we laid out in August 2014, counting the domestic credit facility extension and the formation of Seritage Growth Properties, a recently formed independent publicly traded real estate investment trust, and realized $3.0 billion of proceeds from these REIT-related transactions, counting the formerly declared joint ventures with three leading mall owners and operators; and
- At the end of the quarter, we expect about $1.2 billion in availability under our domestic credit facility and $1.8 billion in cash contrast to $0.2 billion and $0.6 billion, respectively, in the preceding year.
Sears Holdings Corporation operates as a retailer in the United States. It operates in two segments, Kmart and Sears Domestic. The Kmart segment operates retail stores that offer a range of products, counting consumer electronics, seasonal merchandise, outdoor living, toys, lawn and garden equipment, food and consumables, and apparel; and in-store pharmacies.
Shares of OraSure Technologies, Inc. (NASDAQ:OSUR), inclined 9.69% to $5.66, during its last trading session.
OraSure Technologies, declared its merged financial results for the three and six months ended June 30, 2015.
Financial Highlights
- Merged net revenues for the second quarter of 2015 were a record $30.4 million, a 15% enhance from the comparable quarter of 2014. Merged net revenues for the six months ended June 30, 2015 were $57.5 million, also a 15% enhance from the comparable period of 2014.
- The Company’s molecular collection systems partner, DNA Genotek (“DNAG”), contributed $8.1 million in net revenues during the second quarter of 2015, which is a record and represents a 65% enhance over the second quarter of 2014. DNAG net revenues during the six months ended June 30, 2015 were $14.8 million, a 39% enhance from the comparable period in 2014.
- Net domestic product revenues for the Company’s OraQuick(R) rapid HCV test were $1.7 million for the second quarter of 2015, representing a 39% enhance over the second quarter of 2014. Net domestic product revenues for the OraQuick(R) rapid HCV test were $2.9 million for the six months ended June 30, 2105, a 53% enhance from the comparable period in 2015. Total HCV-related revenues, counting exclusivity payments recognized under the HCV co-promotion agreement with AbbVie, were $5.7 million and $11.2 million for the second quarter and first six months of 2015, respectively. Total HCV-related revenues for the second quarter and first six months of 2014 were $2.9 million and $4.5 million, respectively. In July 2015, the Company received an additional $15.0 million exclusivity payment following its HCV co-promotion agreement with AbbVie.
- Merged net income for the second quarter of 2015 was $2.0 million, or $0.03 per share on a fully-diluted basis, which compares to merged net income of $2.5 million, or $0.04 per share on a fully-diluted basis, for the second quarter of 2014. Merged net income for the six months ended June 30, 2015 was $2.1 million, or $0.04 per share on a fully-diluted basis, which compares to a merged net loss of $3.1 million, or $0.06 per share, for the comparable period of 2014. The Company’s bottom line results for the second quarter and first six months of 2014 comprised of a $5.5 million payment received as a result of the termination of the Company’s drug assay partnership with Roche Diagnostics. This $5.5 million payment was recorded as an offset to expenses in the second quarter of 2014. The Company’s bottom line results in 2015 benefited from the enhance in product revenues, the AbbVie exclusivity payments, the initial clinical development funding received for the Company’s rapid Ebola test, lower royalty expenses and lower sales and marketing expenses.
- Cash and short-term investments totaled $91.4 million and working capital amounted to $109.7 million at June 30, 2015.
OraSure Technologies, Inc., together with its auxiliaries, develops, manufactures, markets, and sells oral fluid diagnostic products and specimen collection devices in the United States, Europe, and internationally.
Finally, Tidewater Inc. (NYSE:TDW), ended its last trade with 5.14% gain, and closed at $19.02.
Tidewater, declared a first quarter net loss for the period ended June 30, 2015, of $15.1 million, or $0.32 per common share, on revenues of $304.8 million. For the same quarter last year, net earnings were $43.7 million, or $0.88 per common share, on revenues of $385.7 million. The right away preceding quarter ended March 31, 2015, had a net loss of $9.1 million, or $0.19 per common share, on revenues of $324.8 million. Included in the net loss for the quarter ended June 30, 2015 was the following:
- $15.0 million ($14.0 million after-tax, or $0.30 per share) in non-cash asset impairment charges that is included in “Gain/loss on asset dispositions, net,” and resulted from impairment reviews undertaken during the quarter, counting write-offs of unreimbursed and/or potentially unrecoverable costs related to cancelled vessel construction contracts and a vessel construction project that is the subject of an on-going arbitration proceeding.
- $10.2 million ($9.5 million after-tax, or $0.20 per share) of total foreign exchange losses, $6.1 million of which is comprised of in Equity in net earnings/(losses) of unmerged companies and related to our Angola joint venture, Sonatide.
Tidewater Inc. provides offshore service vessels and marine support services through the operation of a fleet of marine service vessels to the offshore energy industry worldwide. The company operates in Americas, Asia/Pacific, Middle East/North Africa, and Sub-Saharan Africa/Europe segments.
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