On Tuesday, Shares of Williams Partners L.P. (NYSE:WPZ), loss -1.40% to $48.64.
Williams Partners, declared unaudited financial results for first quarter 2015, during which time Williams Partners and Access Midstream Partners, L.P. (formerly NYSE: ACMP) merged to form one master limited partnership (MLP). Financial information for periods preceding to July 2014 – when Williams (WMB) attained control of Access Midstream – represents pre-merger Williams Partners and excludes Access Midstream.
Williams Partners stated first quarter 2015 adjusted EBITDA of $917 million, a $149 million, or 19 percent, enhance from first quarter 2014.
The enhance in adjusted EBITDA for first quarter 2015 is due primarily to the contribution of about $314 million of adjusted EBITDA from Access Midstream as a result of the merger, $69 million higher adjusted EBITDA for the Atlantic-Gulf, and $46 million higher adjusted EBITDA from Northeast G&P. Partially offsetting these enhances were a $229 million decrease at NGL & Petchem Services due primarily to $173 million of business interruption proceeds comprised of in adjusted EBITDA in 2014 and a $50 million decrease in the West due to lower NGL margins.
The enhance in adjusted EBITDA in first quarter 2015 was also driven by $490 million, or 66 percent, higher fee-based revenues contrast with first quarter 2014. The merger with Access Midstream contributed $369 million and Atlantic-Gulf and Northeast G&P improved $79 million and $43 million, respectively. Not taking into account the Access Midstream merger, Williams Partners first-quarter 2015 fee-based revenue was up $121 million, or 16 percent. Additionally, the proportional EBITDA from non-merged joint ventures raised $90 million for first quarter 2015 as compared to first quarter 2014, primarily from the addition of Access Midstream’s joint ventures.
Williams Partners L.P., an energy infrastructure company, focuses on connecting North America’s hydrocarbon resource plays to growing markets for natural gas and natural gas liquids (NGL). It operates in Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services segments.
Shares of IGI, Laboratories, Inc. (NYSEMKT:IG), declined -3.05% to $5.09, during its last trading session.
IGI Laboratories, declared its financial results for the first quarter ended March 31, 2015.
IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “Compriseent with our expectations, based on historical trends in our portfolio and noteworthyincremental sales in the fourth quarter of 2014, we practiced a decline in first quarter revenue as contrast to the fourth quarter of 2014. Looking forward, as a result of recent changes in our customer mix and market pricing, particularly for econazole nitrate, we anticipate revenue from our econazole nitrate cream products to decline in the second quarter of 2015. While the impact of this change has not fully taken effect, we now expect second quarter 2015 revenue in a range of $7.0 to $8.0 million. As we continue to evaluate and respond to these changes, we intend to update the investment community as quickly as practical to share our outlook on the market and any adjustments to our business that we see necessary to provide updated guidance for the full year 2015.”
Mr. Grenfell-Gardner continued, “These changes in the market dynamics of one product in the short term will not distract us from our dedication to the creation of long-term shareholder value through the execution of our TICO strategy to expand our presence in the topical, injectable, complex and ophthalmic markets. We still believe that 2015 is the year dedicated to building our foundation, focused on the advancement of our research and development pipeline. We believe that we are making good progress on the injectable and ophthalmic product projects, in addition to our first 505(b)2 topical project, so we are actively pursuing all areas of our TICO strategy. As of recently, we have twenty-four ANDAs pending with the FDA. Based on February 2015 IMS Health data, the addressable market for our pipeline of twenty-four ANDAs, pending approval by the FDA, is estimated at $702 million. Our team has now filed its first two ANDAs for 2015, and is on target to file at least another four in the second quarter of 2015. Counting the products presently on stability, our team has almost doubled productivity over this time last year, and we expect to be on target to file 20 topical ANDA submissions in 2015.”
IGI Laboratories, Inc., a specialty generic pharmaceutical company, develops, manufactures, and markets topical formulations in the United States. It sells generic pharmaceutical products in topical, injectable, complex, and ophthalmic dosage forms under IGI label.
At the end of Tuesday’s trade, Shares of Edwards Lifesciences Corp. (NYSE:EW), dipped -3.05% to $123.86.
On April 23, Edwards Lifesciences stated net income for the quarter ended March 31, 2015 of $123.4 million, or $1.12 per diluted share. Net income for the same period a year earlier was $60.3 million, or $0.56 per diluted share, and non-GAAP net income was $82.1 million, or $0.76 per diluted share.
Net sales for the quarter ended March 31, 2015 raised 13.0 percent to $590.3 million contrast to the same period last year. Underlying sales grew 21 percent. U.S. and international segment sales for the first quarter were $283.5 million and $306.8 million, respectively.
Edwards Lifesciences Corporation provides products and technologies to treat structural heart disease and critically ill patients worldwide. The company offers transcatheter heart valve therapy products comprising transcatheter aortic heart valves and their delivery systems for the nonsurgical replacement of heart valves.
Finally, Affymetrix Inc. (NASDAQ:AFFX), ended its last trade with -3.04% loss, and closed at $12.10.
Affymetrix, stated its operating results for the first quarter of 2015.
Results for the three months ended March 31, 2015:
- Stated revenue growth of 6.9% and 9.1% on a constant currency basis.
- Total revenue was $88.7 million, contrast to $83.0 million in first quarter of 2014.
- Product revenue was $79.4 million contrast to $73.7 million in the first quarter of 2014, an enhance of 7.7%.
- GAAP net income was $4.4 million, or $0.06 per diluted share, as contrast to a GAAP net loss of $10.5 million, or $0.14 per diluted share, in the first quarter of 2014, an enhance of $14.9 million or $0.20 per diluted share.
- Non-GAAP net income was $7.9 million, or $0.10 per diluted share, contrast to a non-GAAP net income of $1.9 million, or $0.03 per diluted share, for the first quarter of 2014. Please refer to “Itemized Reconciliation Between GAAP and Non-GAAP Net Income (Loss)” for a reconciliation of these GAAP and non-GAAP financial measures.
- Net proceeds of $25.3 million raised through an “at-the-market” offering.
- Total balance in cash and cash equivalents was $104.0 million and senior debt was $22.0 million as of March 31, 2015.
Affymetrix, Inc. provides life science products and molecular diagnostic products that enable parallel analysis of biological systems at the gene, protein, and cell level primarily in the United States, Europe, Latin America, and Asia. The company operates in two segments, Affymetrix Core and eBioscience.
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