On Thursday, Fortune Brands Home & Security Inc (NYSE:FBHS)’s shares declined -1.25% to $45.80.
Fortune Brands Home & Security Inc (FBHS) revealed that it has closed an all-cash tender offer to buy all shares of the kitchen and bathroom cabinetry producer, Norcraft Companies Inc., for about $25.50 per share.
Fortune Brands had agreed to acquire Norcraft on Mar 30, 2015, following which it launched this tender offer on Apr 14. Norcraft will form part of Fortune Brands’ cabinet segment post the completion of the deal, complementing the latter well with its solid operational administration, robust dealer network and commendable experience.
On the other hand, Norcraft will leverage Fortune Brands’ strong resources and scale of operations. Overall, both the companies complement each other, which will likely drive results and boost shareholder value.
Fortune Brands Home & Security, Inc. provides home and security products for use in residential home repair, remodeling, new construction, security applications, and storage. It operates in four segments: Cabinets, Plumbing, Doors, and Security. The Cabinets segment manufactures custom, semi-custom, and stock cabinetry, in addition to vanities for the kitchen, bath, and other parts of the home under various brand names, counting Aristokraft, Kitchen Craft, Kitchen Classics, Omega, Schrock, Homecrest, Decorá, Diamond, St. Paul, Kemper, Thomasville, and Martha Stewart Living in North America.
Vince Holding Corp (NYSE:VNCE)’s shares dropped -4.46% to $15.21.
Vince Holding Corp (VNCE) stated unaudited results for the first quarter of fiscal 2015.
For the first quarter ended May 2, 2015:
- Net sales raised 12.0% to $59.8 million from $53.5 million in the first quarter of fiscal 2014. The wholesale segment raised 2.6% to $38.3 million and the direct-to-consumer segment raised 33.6% to $21.6 million over the first quarter of fiscal 2014. Comparable store sales raised 9.7%, counting ecommerce sales.
- Gross profit raised 16.4% to $30.7 million from $26.4 million in the first quarter of fiscal 2014. Gross profit as a percentage of net sales raised 200 basis points to 51.4% from 49.4% in fiscal 2014.
- Selling, general, and administrative expenses were $25.6 million or 42.9% of sales contrast to $21.2 million or 39.7% of sales in the first quarter of fiscal 2014. The enhance in SG&A was largely driven by store labor and occupancy costs associated with 13 new store openings since the end of the first quarter of fiscal 2014, in addition to raised stock compensation expense contrast to last year’s first quarter.
- Operating income was $5.1 million or 8.5% of sales contrast to $5.2 million or 9.7% of sales for the first quarter of fiscal 2014.
Vince Holding Corp. designs, merchandises, and sells various contemporary fashion brand products in the United States and internationally. It operates through two segments, Wholesale and Direct-To-Consumer. The company offers a range of women’s products, such as cashmere sweaters, silk blouses, leather and suede leggings and jackets, dresses, denims, tanks, T-shirts, pants, handbags, and outerwear; and men’s products comprising T-shirts, knit and woven tops, sweaters, denim, pants, blazers, outerwear, and leather jackets.
At the end of Thursday’s trade, Quantum Corp (NYSE:QTM)‘s shares dipped -2.50% to $1.95.
Quantum Corp (QTM) has created a purpose built partner, Quantum Anesthesia Administration LLC (“QAM”) to acquire all the common shares of DA Administration Corp. (“DA” “the Transaction”). DA Administration Corp. is an anesthesia company with anesthesia administration contracts at all NYC Surgical Associates (“NYCSA”) facilities in New York , New Jersey and the initial Centers for Special Surgery (“CSS”) facility in Essex County .
Key Benefits:
- Right away adds noteworthy revenues and EBITDA to QIIC’s business
- Synergistic with our facility and procedure growth efforts;
- Anesthesia fees enhance average revenue per patient (ARPP)
The existing revenue and patient base of DA creates a platform for US National Growth as QAM will be focused on managing and providing anesthesia services in facilities owned, managed or associated with QIIC and will also add additional Anesthesia Contracts in markets where QIIC has a market presence.
Thus far in 2015, DA has average monthly run rate of over 100 procedures per month with an average anesthesia fee of about $1,450 per procedure, which right away enhances average revenue per patient (ARPP) at any of QIIC’s facilities. QAM, as an ancillary service provider, will seek to enter into long term contracts with QIIC (up to 10 years) to provide anesthesia services to facilities that QIIC owns or has an affiliation with.
This acquisition furthers QIIC’s business relationship with NYCSA, our partners in CSS. QAM now administers and puts itself in a position to profit on all anesthesia related services in facilities owned, managed or associated with NYCSA and CSS counting Essex County, New Jersey and the pending transaction with Advanced Surgery Center in Rockland , New York. This new anesthesia administration services platform is able to service QIIC’s current needs in the New Jersey and New York State areas and can serve as a national platform for future ASCs and other medical facilities in other markets.
Quantum Corporation provides scale-out storage, archive, and data protection solutions for small businesses to major enterprises in the Americas, Europe, and the Asia Pacific. Its scale-out storage and archive products comprise StorNext File System software, which provides file sharing, storage, and archive for content workflows, digital libraries, and data repositories; StorNext Storage Manager software that automatically copies and migrates data between different tiers of storage based on user-defined policies; StorNext appliances that offer predictable file sharing and in purpose-built configurations of metadata controllers, expansion appliances, and disk and archive enabled libraries; and Lattus Object Storage solutions, which enable high volumes of data to be accessible at any time to extract valuable information.
Fiserv Inc (NASDAQ:FISV), ended its Thursday’s trading session with -1.45% loss, and closed at $80.20.
Fiserv Inc (FISV) will host its Investor Conference on Tuesday, June 16, 2015 at 9:30 a.m. ET. The event will be held in New York City and will feature presentations from members of the Fiserv senior administration team.
Fiserv, Inc., together with its auxiliaries, provides financial services technology worldwide. The company’s Payments and Industry Products segment provides debit, credit, and prepaid card processing and services; electronic bill payment and presentment services; Internet and mobile banking software and services; person-to-person payment services; and other electronic payments software and services.
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