Insights about U.S. Stocks that landed in the Red-Zone during Thursday’s trade, are depicted underneath:
Greif, Inc (NYSE:GEF)’s shares dwindled -13.47%, and closed at $37.78.
Greif, Inc. (GEF), a global leader in industrial packaging products and services, stated first quarter 2015 net revenue attributable to the corporation totaling $30.1 million or $0.52 per diluted Class A share on sales of $902.3 million contrast with net revenue of $30.7 million or $0.53 per diluted Class A share on sales of $1,001.5 million in the first quarter of 2014. After adjusting for the effect of dispositions, facility closures and currency fluctuations, sales for the quarter were flat contrast to the first quarter of 2014. Not including the influence of special items1, earnings were $0.30 per diluted Class A share contrast to $0.46 per diluted Class A share for the first quarter of 2014.
David B. Fischer, president and chief executive officer, stated, “Net sales for the first quarter of 2015 not including divestitures and foreign currency translation were similar to the same period last year. Our results were also adversely influenced by product and geographic mix issues resulting in lower gross profit, a higher effective tax rate and lower results in the Flexible Packaging business contrast to a year ago. We are aggressively executing transformation initiatives through portfolio optimization and specific opportunities in individual work streams. During the past few quarters we have taken actions to sell non-core businesses and continue to address operations that no longer fit our business portfolio. Since the starting of the first quarter 2015, we have declared the closing of four plants located primarily in North America, APAC and Europe and divested three businesses. We expect the benefits of these actions to make positive contributions to our results starting in the second half of this year.”
On March 3, 2015, the Board of Directors declared quarterly cash dividends of $0.42 per share of Class A Ordinary Stock and $0.63 per share of Class B Ordinary Stock. Dividends are payable on April 1, 2015, to stockholders of record at close of business on March 19, 2015.
Greif is a world leader in industrial packaging products and services. The corporation produces steel, plastic, fibre, flexible and corrugated containers and containerboard, and provides reconditioning, blending, filling and packaging services for a wide range of industries. Greif also manages timber properties in North America.
IGI Laboratories, Inc (NYSEMKT:IG), declined -11.79%, and closed at $9.43.
IGI, Laboratories, Inc. (IG), a New Jersey based specialty generic pharmaceutical corporation, declared its financial results for the fourth quarter and year ended December 31, 2014.
Fourth Quarter and Year to Date 2014 Highlights:
- Total proceeds of $13.7 million in the fourth quarter of 2014, an raise of 104% over the same quarter in 2013
- Total proceeds of $33.7 million for the year ended December 31, 2014, an raise of 85% over the same period in 2013
- Total net proceeds generated from the sale of IGI label generic topical pharmaceutical products for the three and twelve months ended December 31, 2014 of $10.5 million, and $19.8 million, respectively
- Gross profit for the year ended December 31, 2014 equaled 50% as contrast to 34% in the same period of 2013
- IGI filed eleven Abbreviated New Drug Applications (ANDAs), in 2014 with the U.S. Food and Drug Administration (FDA)
- Net revenue was $5.6 million in the fourth quarter of 2014, counting a non-cash gain of $2.3 million, contrast to $0.7 million in the same period in 2013
- Net revenue was $5.3 million for the year ended December 31, 2014, counting a non-cash gain of $2.3 million, contrast to a net loss of $0.1 million for the year ended December 31, 2013.
IGI Laboratories, Inc. develops, manufactures, and markets topical formulations in the United States. The corporation sells its generic topical pharmaceutical products under the IGI label.
Paragon Offshore PLC (NYSE:PGN), dipped -10.34%, and closed at $1.56, hitting new 52-week low of $1.55.
Formerly On February 19, Paragon Offshore plc (PGN), stated a fourth quarter 2014 net revenue of $2.8 million, or $0.03 per diluted share as contrast to fourth quarter 2013 net revenue of $37.6 million, or $0.44 per diluted share. Results for the quarter comprise a $130.5 million, or $1.47 per diluted share, non-cash impairment charge related to Paragon’s four cold-stacked units, the Paragon MSS3, Paragon DPDS4, Paragon FPSO1, and Paragon B153 each of which the corporation has decided to scrap. Results also comprised of an $11.7 million, or $0.13 per diluted share, gain related to the formerly revealed repurchase of an aggregate principal amount of $35.2 million of its senior unsecured notes. Not including the impairment, the tax influence of the loss on the impairment, and the gain, Paragon’s adjusted net revenue (see Reconciliation of GAAP to Non-GAAP Financial Measures Table for a reconciliation to net revenue) was $80.3 million, or $0.90 per diluted share. Results for Prospector Offshore Drilling S.A. (“Prospector”), in which Paragon attained a majority interest on November 17, 2014, were comprised of in Paragon’s results for the quarter.
The Corporation has revised its tax provision and net revenue for the three month period ended September 30, 2014 to correct the amortization of our deferred tax liability related to the Paragon DPDS1. In connection with the impairment of the Paragon DPDS1 during the third quarter, a tax benefit should have been recorded to proportionally eliminate the related deferred tax liability specifically related to the Paragon DPDS1. The revision resulted in an additional non-cash tax benefit of $25.1 million, or $0.28 per diluted share and corresponding raise to net revenue during the third quarter of 2014. We have concluded that this misstatement was not material to our merged and combined financial statements for the aforementioned preceding period.
Total proceeds for the fourth quarter of 2014 were $495.0 million contrast to $505.2 million in the third quarter of 2014. Not including the $16.2 million in proceed for the rigs retained by Noble, total proceeds for the third quarter of 2014 were $489.0 million. Paragon stated utilization for its marketed rig fleet, which excludes two cold stacked floaters and one cold stacked jackup, as 84 percent for the fourth quarter of 2014, which was an improvement of two percent contrast to the third quarter of 2014. Average daily proceeds reduced one percent in the fourth quarter to $149,000 per rig contrast to the previous quarter average of $151,000 per rig. Contract drilling operating costs raised three percent in the fourth quarter to $224.5 million contrast to $217.4 million in the third quarter of 2014.
Fourth quarter 2014 utilization of Paragon’s marketed jackup rig fleet raised to 82 percent contrast to the 79 percent utilization achieved during the third quarter of 2014. Average daily proceeds for Paragon’s jackup fleet during the fourth quarter improved by three percent to $120,000 per rig from $117,000 per rig during the third quarter of 2014.
Paragon is a global provider of offshore drilling rigs. Paragon’s drilling fleet comprises 32 jackups and six floaters (four drillships and two semisubmersibles). In addition, Paragon is the majority shareholder of Prospector Offshore Drilling S.A., a publicly traded offshore drilling corporation on the Oslo Axess stock exchange that owns and operates two high specification jackups.
American Eagle Energy Corp (NYSEMKT:AMZG), dropped -10.33%, and closed at $0.200, hitting new 52-week low of $0.19.
American Eagle Energy Corporation (AMZG), declares an operations update for the fourth quarter ending December 31, 2014, capital spending and production guidance, and estimated proved reserves for year-end 2014.
2015 Capital Spending Guidance;
The Corporation is focused on capital discipline and maintaining liquidity in the current price environment. In light of the decreasing crude oil price trend, American Eagle stopped drilling in November 2014, after the Huffman 15-34S well, and has suspended its 2015 capital plans until the oil price and service cost environment come into balance. The Corporation has two gross (1.9 net) wells (the Byron 4-4 and the Shelley Lynn 4-4N) that were drilled during the fourth quarter and are awaiting completion. These wells will not be accomplished until pricing conditions improve.
Production Volume and Lease Operating Expense Guidance:
American Eagle estimates that its average production for the fourth quarter ended December 31, 2014, was about 2,588 BOEPD. The Corporation estimates that average production for the first quarter ended March 31, 2015, will be about 1,900 BOEPD. The lower estimated quarterly production reflects the loss of production from the formerly declared non-core asset sale, normal production decline, raised downtime from workovers associated with the conversion of six wells from higher cost submersible pumps to rod pumps and from winter weather.
American Eagle calculated an average lease operating expense (“LOE”) for the fourth quarter of about $25 per barrel of equivalent (“BOE”), which was significantly elevated from previous periods due to year-end adjustments and utilization of higher cost submersible pumps. The Corporation estimates that LOE expenses will trend downward in 2015 from about $20 per BOE to a likely range of $15 to $17 per BOE, reflecting savings from the full utilization of the installed salt water disposal pipelines, arrival of the electrical infrastructure and conversion of submersible pumps to more cost efficient rod pumps. American Eagle is also in the early stages of exploring options to connect to a crude oil gathering system in the area.
American Eagle Energy Corporation is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota, targeting the Bakken and Three Forks shale oil formations.
