Posts Tagged ‘chief executive officer’
Meridian Bioscience Receives FDA Clearance For ImmunoCard(R) C. difficile GDH Test
December 28, 2011
CINCINNATI, Dec 27, 2011 (BUSINESS WIRE) –
Meridian Bioscience, Inc., Cincinnati, Ohio
/quotes/zigman/85211/quotes/nls/vivo VIVO
-1.00%
today
announced it has received FDA clearance for a new Clostridium
difficile assay, ImmunoCard(R) C. difficile
GDH. This test detects the C. difficile common antigen glutamate
dehydrogenase (or GDH). This assay has already been successfully
launched and accepted in global markets as an excellent screening option
for C. difficile. The GDH common antigen is present in both
toxigenic and nontoxigenic strains of C. difficile. Toxigenic
strains of C. difficile are frequently associated with hospital
and community-acquired diarrhea and can lead to life-threatening
complications or death. Therefore, laboratories can use this highly
sensitive screening test to identify patients with a suspected C.
difficile infection and then reflex positives to a
sensitive and more specific molecular assay like illumigene(R) C.
difficile, which can confirm infection with the toxin-producing
strains. Meridian Bioscience is the only manufacturer that can provide a
complete portfolio of C. difficile testing solutions that meets
the needs of its global customers. ImmunoCard C. difficile
GDH, used in conjunction with illumigeneC.
difficile, empowers cost-sensitive laboratories with an economical
algorithmic option for C. difficile diagnostic testing.
Jack Kraeutler, Chief Executive Officer stated, “C. difficile
continues to be both a dangerous and costly infection for patients and
the healthcare institutions that care for them. For a screening test to
be most effective, it must be very sensitive so as not to miss any true
positives. In rigorous clinical studies, ImmunoCard C. difficile
had the highest negative predictive value when compared against
competing screening tests. The introduction of ImmunoCardC.
difficile GDH in the US market continues Meridian’s legacy of
leadership in the detection and identification of C. difficile. This
new product, along with the Meridian illumigeneC.
difficile molecular assay, allows laboratories to identify C.
difficile infected patients with a rapid screening test and
molecular confirmation in less than two hours.”
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor from civil litigation for forward-looking statements accompanied
by meaningful cautionary statements. Except for historical information,
this report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, which may be identified by words
such as “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”,
“will”, “expects”, “intends”, “believes”, “should” and similar
expressions or the negative versions thereof and which also may be
identified by their context. Such statements, whether expressed or
implied, are based upon current expectations of the Company and speak
only as of the date made. The Company assumes no obligation to publicly
update or revise any forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied therein will not be realized. These statements are subject to
various risks, uncertainties and other factors that could cause actual
results to differ materially, including, without limitation, the
following: Meridian’s continued growth depends, in part, on its ability
to introduce into the marketplace enhancements of existing products or
new products that incorporate technological advances, meet customer
requirements and respond to products developed by Meridian’s
competition. While Meridian has introduced a number of internally
developed products, there can be no assurance that it will be successful
in the future in introducing such products on a timely basis. Ongoing
consolidations of reference laboratories and formation of multi-hospital
alliances may cause adverse changes to pricing and distribution.
Recessionary pressures on the economy and the markets in which our
customers operate, as well as adverse trends in buying patterns from
customers can change expected results. Costs and difficulties in
complying with laws and regulations administered by the United States
Food and Drug Administration can result in unanticipated expenses and
delays and interruptions to the sale of new and existing products.
Changes in the relative strength or weakness of the U.S. dollar can also
change expected results. One of Meridian’s main growth strategies is the
acquisition of companies and product lines. There can be no assurance
that additional acquisitions will be consummated or that, if
consummated, will be successful and the acquired businesses will be
successfully integrated into Meridian’s operations. There may be risks
that acquisitions may disrupt operations and may pose potential
difficulties in employee retention and there may be additional risks
with respect to Meridian’s ability to recognize the benefits of
acquisitions, including potential synergies and cost savings or the
failure of acquisitions to achieve their plans and objectives. The
Company cannot predict the possible effects of recently-enacted United
States healthcare legislation and any similar initiatives in other
countries on its results of operations. In addition to the factors
described in this paragraph, Part I, Item 1A Risk Factors of our Form
10-K contains a list and description of uncertainties, risks and other
matters that may affect the Company.
Meridian is a fully integrated life science company that manufactures,
markets and distributes a broad range of innovative diagnostic test
kits, purified reagents and related products and offers
biopharmaceutical enabling technologies. Utilizing a variety of methods,
these products and diagnostic tests provide accuracy, simplicity and
speed in the early diagnosis and treatment of common medical conditions,
such as gastrointestinal, viral and respiratory infections. Meridian’s
diagnostic products are used outside of the human body and require
little or no special equipment. The Company’s products are designed to
enhance patient well-being while reducing the total outcome costs of
healthcare. Meridian has strong market positions in the areas of
gastrointestinal and upper respiratory infections, serology,
parasitology and fungal disease diagnosis. In addition, Meridian is a
supplier of rare reagents, specialty biologicals and related
technologies used by biopharmaceutical companies engaged in research for
new drugs and vaccines. The Company markets its products and
technologies to hospitals, reference laboratories, research centers,
veterinary testing centers, diagnostics manufacturers and biotech
companies in more than 60 countries around the world. The Company’s
shares are traded through NASDAQ’s Global Select Market, symbol VIVO.
Meridian’s website address is
www.meridianbioscience.com .
SOURCE: Meridian Bioscience, Inc.
Meridian Bioscience, Inc.
John A. Kraeutler, Chief Executive Officer, 513-271-3700
Copyright Business Wire 2011
/quotes/zigman/85211/quotes/nls/vivo
Add VIVO to portfolio
Meridian Bioscience Receives FDA Clearance For ImmunoCard(R) C. difficile GDH Test
December 28, 2011
CINCINNATI, Dec 27, 2011 (BUSINESS WIRE) –
Meridian Bioscience, Inc., Cincinnati, Ohio
/quotes/zigman/85211/quotes/nls/vivo VIVO
+0.48%
today
announced it has received FDA clearance for a new Clostridium
difficile assay, ImmunoCard(R) C. difficile
GDH. This test detects the C. difficile common antigen glutamate
dehydrogenase (or GDH). This assay has already been successfully
launched and accepted in global markets as an excellent screening option
for C. difficile. The GDH common antigen is present in both
toxigenic and nontoxigenic strains of C. difficile. Toxigenic
strains of C. difficile are frequently associated with hospital
and community-acquired diarrhea and can lead to life-threatening
complications or death. Therefore, laboratories can use this highly
sensitive screening test to identify patients with a suspected C.
difficile infection and then reflex positives to a
sensitive and more specific molecular assay like illumigene(R) C.
difficile, which can confirm infection with the toxin-producing
strains. Meridian Bioscience is the only manufacturer that can provide a
complete portfolio of C. difficile testing solutions that meets
the needs of its global customers. ImmunoCard C. difficile
GDH, used in conjunction with illumigeneC.
difficile, empowers cost-sensitive laboratories with an economical
algorithmic option for C. difficile diagnostic testing.
Jack Kraeutler, Chief Executive Officer stated, “C. difficile
continues to be both a dangerous and costly infection for patients and
the healthcare institutions that care for them. For a screening test to
be most effective, it must be very sensitive so as not to miss any true
positives. In rigorous clinical studies, ImmunoCard C. difficile
had the highest negative predictive value when compared against
competing screening tests. The introduction of ImmunoCardC.
difficile GDH in the US market continues Meridian’s legacy of
leadership in the detection and identification of C. difficile. This
new product, along with the Meridian illumigeneC.
difficile molecular assay, allows laboratories to identify C.
difficile infected patients with a rapid screening test and
molecular confirmation in less than two hours.”
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor from civil litigation for forward-looking statements accompanied
by meaningful cautionary statements. Except for historical information,
this report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, which may be identified by words
such as “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”,
“will”, “expects”, “intends”, “believes”, “should” and similar
expressions or the negative versions thereof and which also may be
identified by their context. Such statements, whether expressed or
implied, are based upon current expectations of the Company and speak
only as of the date made. The Company assumes no obligation to publicly
update or revise any forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied therein will not be realized. These statements are subject to
various risks, uncertainties and other factors that could cause actual
results to differ materially, including, without limitation, the
following: Meridian’s continued growth depends, in part, on its ability
to introduce into the marketplace enhancements of existing products or
new products that incorporate technological advances, meet customer
requirements and respond to products developed by Meridian’s
competition. While Meridian has introduced a number of internally
developed products, there can be no assurance that it will be successful
in the future in introducing such products on a timely basis. Ongoing
consolidations of reference laboratories and formation of multi-hospital
alliances may cause adverse changes to pricing and distribution.
Recessionary pressures on the economy and the markets in which our
customers operate, as well as adverse trends in buying patterns from
customers can change expected results. Costs and difficulties in
complying with laws and regulations administered by the United States
Food and Drug Administration can result in unanticipated expenses and
delays and interruptions to the sale of new and existing products.
Changes in the relative strength or weakness of the U.S. dollar can also
change expected results. One of Meridian’s main growth strategies is the
acquisition of companies and product lines. There can be no assurance
that additional acquisitions will be consummated or that, if
consummated, will be successful and the acquired businesses will be
successfully integrated into Meridian’s operations. There may be risks
that acquisitions may disrupt operations and may pose potential
difficulties in employee retention and there may be additional risks
with respect to Meridian’s ability to recognize the benefits of
acquisitions, including potential synergies and cost savings or the
failure of acquisitions to achieve their plans and objectives. The
Company cannot predict the possible effects of recently-enacted United
States healthcare legislation and any similar initiatives in other
countries on its results of operations. In addition to the factors
described in this paragraph, Part I, Item 1A Risk Factors of our Form
10-K contains a list and description of uncertainties, risks and other
matters that may affect the Company.
Meridian is a fully integrated life science company that manufactures,
markets and distributes a broad range of innovative diagnostic test
kits, purified reagents and related products and offers
biopharmaceutical enabling technologies. Utilizing a variety of methods,
these products and diagnostic tests provide accuracy, simplicity and
speed in the early diagnosis and treatment of common medical conditions,
such as gastrointestinal, viral and respiratory infections. Meridian’s
diagnostic products are used outside of the human body and require
little or no special equipment. The Company’s products are designed to
enhance patient well-being while reducing the total outcome costs of
healthcare. Meridian has strong market positions in the areas of
gastrointestinal and upper respiratory infections, serology,
parasitology and fungal disease diagnosis. In addition, Meridian is a
supplier of rare reagents, specialty biologicals and related
technologies used by biopharmaceutical companies engaged in research for
new drugs and vaccines. The Company markets its products and
technologies to hospitals, reference laboratories, research centers,
veterinary testing centers, diagnostics manufacturers and biotech
companies in more than 60 countries around the world. The Company’s
shares are traded through NASDAQ’s Global Select Market, symbol VIVO.
Meridian’s website address is
www.meridianbioscience.com .
SOURCE: Meridian Bioscience, Inc.
Meridian Bioscience, Inc.
John A. Kraeutler, Chief Executive Officer, 513-271-3700
Copyright Business Wire 2011
/quotes/zigman/85211/quotes/nls/vivo
Add VIVO to portfolio
National Bank executive to take helm of Standard Life Canada
December 19, 2011
Scotland-based Standard Life PLC said Monday Charles Guay will take the reins as president and chief executive officer of Standard Life Assurance Co. of Canada.
Mr. Guay, currently a senior vice president at National Bank of Canada, will take over the top spot on Feb. 1, 2012, followed by current CEO Joseph Iannicelli’s departure on Feb. 14, 2012.
Mr. Iannicelli said in May he planned to leave the Canadian subsidiary of the financial services company.
Standard Life Canada has been in the news recently for its move away from life insurance as a key part of its business.
On Nov. 29, the company announced it would stop selling individual life insurance and critical illness products effective Jan. 1, 2012.
Posted in Life Assurance Information | 
Tags: bank executive, canadian subsidiary, chief executive officer, executive, individual life insurance, insurance, Life Assurance, life insurance and critical illness, national bank of canada, president, Standard, standard life assurance, standard life canada
Great Eastern launches flexible endowment plan
December 16, 2011
LARGER TYPE
SMALLER TYPE
Great Eastern Life Assurance (Malaysia) Bhd today launched a flexible endowment plan called “Great Cash Gain”.
It seeks to balance savings objective with current financial needs and
protection, and offers limited or full premium payment.
Great Eastern Chief Executive Officer Datuk Koh Yaw Hui said the plan was
suitable for those who plan savings for their children’s future education or for
a comfortable life after retirement while enjoying the benefit of additional
protection.
“Upon maturity of the policy or should any unexpected event happen to the
policyholder such as death or total permanent disability, this plan will pay out
an additional sum assured of up to 80 percent of the basic sum assured without additonal costs,” he said in a statement.
“The savings plan also offers life protection, namely if death occurs due to
accidents before the policy term expires, the next-of-kin will receive an
additional sum of 100 percent from the total basic sum and all additional sums
assured,” he said. — Bernama
New CEO outlines Sun Life Financial growth strategy
December 12, 2011
My news for Investors
TORONTO, Dec. 12, 2011 /PRNewswire/ – Sun Life Financial Inc. (TSX: SLF) (NYSE:
SLF) today announced the completion of a major strategic review of its
businesses. Dean A. Connor, President and Chief Executive Officer, said
the company will be repositioned to accelerate growth, improve return
on shareholders’ equity and reduce volatility by concentrating its
future growth into four key pillars:
-
Continuing to build on its leadership position in Canada in insurance,
wealth management and employee benefits; - Becoming a leader in group insurance and voluntary benefits in the U.S.;
-
Supporting continued growth in MFS Investment Management, and broadening
Sun Life’s other asset management businesses around the world; and - Strengthening Sun Life’s competitive position in Asia.
As a result of this strategic review, the Company announced that it will
close its domestic U.S. variable annuity and individual life products
to new sales effective December 30, 2011. The decision to discontinue
sales in these two lines of business is based on unfavourable product
economics which, due to ongoing shifts in capital markets and
regulatory requirements, no longer enhance shareholder value. This
decision reflects the Company’s intensified focus on reducing
volatility and improving the return on shareholders’ equity by shifting
capital to businesses with superior growth, risk and return
characteristics.
The decision to stop selling variable annuity and individual life
products in the U.S. will not impact existing customers and their
policies. The Company will continue to provide quality service to its
policyholders, while focusing on the profitability, capital efficiency
and risk management of the in-force business.
“To achieve growth in the U.S., we will focus on increasing sales in our
employee benefits business, which is already a top ten player, and will
expand our presence in the growing voluntary benefits segment. We are
confident that with the focused investment announced earlier this year
we can build leading positions in these two sustainable, less
capital-intensive businesses. We will also continue to support growth
in MFS, our highly successful investment manager that has a large U.S.
presence and over US$250 billion of assets under management globally,”
said Connor.
The changes announced today are not expected to have a material impact
on the Company’s 2012 operating net income. The estimated one-time
transition cost associated with the discontinuation of these products
is approximately $75 to $100 million on a pre-tax basis, a portion of
which will be recorded in the fourth quarter of 2011, with the
remainder expected to be charged to income in 2012. There is no
immediate impact to the Risk-Based Capital ratio of Sun Life Assurance
Company of Canada (U.S.) or to the Minimum Continuing Capital and
Surplus Requirements ratio of Sun Life Assurance Company of Canada. In
addition, as at September 30, 2011, there is $97 million of goodwill
associated with variable annuity business in SLF U.S. which will be
reviewed and likely written down as part of the Company’s decision to
discontinue sales of the product.
“Today begins a new chapter in the history of Sun Life Financial,” said
Connor. “We are charting a new course with a new strategy that
leverages what we do best today, and positions us for success as we
pursue the many opportunities in our business around the world.”
Investor conference call
Sun Life Financial will hold an investor conference call on Monday,
December 12, 2011, at 8:00 a.m. ET. The conference call will be hosted
by Dean A. Connor, President and Chief Executive Officer, who will
provide a strategic update on the Company to investors, followed by a
question and answer session.
The conference call will be available via live audio webcast (http://www.media-server.com/m/p/s327btqm) and by telephone. To access the conference call by telephone, dial
416-644-3416 (Toronto), or 1-800-814-4860 (Canada/U.S.). Individuals
participating in the call in a listen-only mode are encouraged to
connect via the webcast.
The investor conference call will be archived and made available until
December 26, 2011. To listen to a replay of the conference call, dial
416-640-1917 (Toronto) or 1-877-289-8525 and enter access code 4496444.
The archive of the audio webcast will also be available on the
Company’s website at www.sunlife.com/PresentationsForInvestors.
Forward-looking information
Certain information in this document, including information relating to
Sun Life Financial’s strategies and other statements that are
predictive in nature, that depends upon or refers to future events or
conditions, including information in this news release and the investor
call referred to above concerning the Company’s decision to close its
U.S. variable annuity and individual life products to new sales,
statements and information that includes words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates” or similar
expressions, are forward-looking statements within the meaning of
securities laws. These statements represent the Company’s expectations,
estimates and projections regarding future events and are not
historical facts. Forward-looking information is not a guarantee of
future performance and involves risks and uncertainties that are
difficult to predict. Future results and shareholder value may differ
materially from those expressed in this forward-looking information due
to, among other factors, the matters set out under Risk Factors in the
Company’s 2010 Annual Information Form and the factors detailed in its
other filings with Canadian and U.S. securities regulators, including
its annual and interim Management’s Discussion and Analysis and annual
and interim Consolidated Financial Statements.
Factors that could cause actual results to differ materially from
expectations include, but are not limited to, changes in legislation
and regulations including capital requirements and tax laws; investment
losses and defaults and changes to investment valuations; the
performance of equity markets; the cost, effectiveness and availability
of risk-mitigating hedging programs; losses relating to real estate
investments; the creditworthiness of guarantors and counterparties to
derivatives; changes and volatility in interest rates and credit/swap
spreads; other market risks including movement in credit spreads; risks
relating to product design and pricing; market conditions that
adversely affect the Company’s capital position or its ability to raise
capital; possible sustained economic downturn; regulatory
investigations and proceedings and private legal proceedings and class
actions relating to practices in the mutual fund, insurance, annuity
and financial product distribution industries; risks related to market
liquidity; downgrades in financial strength or credit ratings; the
ability to attract and retain employees; risks relating to financial
modelling errors; the performance of the Company’s investments and
investment portfolios managed for clients such as segregated and mutual
funds; the impact of mergers and acquisitions; insurance risks
including mortality, morbidity, including the occurrence of natural or
man-made disasters, pandemic diseases and acts of terrorism; adverse
mortality and morbidity experience; uncertainty in the rate of
mortality improvement; risks relating to policyholder behaviour; the
inability to maintain strong distribution channels and risks relating
to market conduct by intermediaries and agents; risks relating to
operations in Asia including risks relating to joint ventures; the
impact of competition; currency exchange rate fluctuations; business
continuity risks; failure of information systems and Internet-enabled
technology; breaches of computer security and privacy; dependence on
third-party relationships including outsourcing arrangements; the
impact of adverse results in the closed block of business; the
potential for financial loss related to changes in the environment; the
availability, cost and effectiveness of reinsurance; the
ineffectiveness of risk management policies and procedures; the impact
of higher-than-expected future expense cash flows; and the risks
relating to the significant estimates and judgment in calculating
taxes. In addition to the foregoing, the anticipated benefits from
discontinuing the sale of domestic U.S. variable annuities and
individual life products may not be achieved for a variety of reasons,
including the factors described above and we could face other
pressures, as a result of this decision, such as employee recruitment
and retention issues and potential loss of distributors for our other
U.S. products. The Company does not undertake any obligation to update
or revise its forward-looking information to reflect events or
circumstances after the date of this report or to reflect the
occurrence of unanticipated events, except as required by law.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners today
have operations in key markets worldwide, including Canada, the United
States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of September 30, 2011, the Sun
Life Financial group of companies had total assets under management of
$459 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars, unless otherwise
noted.
SOURCE Sun Life Financial Inc.
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To see robust revenue from 2013: Nectar Lifesciences
December 9, 2011
0
ALSO READ
- See latest News about Nectar Life
- See previous management interviews
- See what other Experts Brokerages are saying about Nectar Life
In an interview to CNBC-TV18, Dinesh Dua, chief executive officer of Nectar Lifesciences spoke about the approval it has received from Current Good Manufacturing Practices (cGMP) for its Cephalasporin Formulations.
Below is the edited transcript of the interview. Also watch the accompanying video.
Q: Take us through this European Current Good Manufacturing Practices (cGMP) approval for your Himachal Pradesh plant. What specific opportunity it presents to you for Cephalasporin?
A: This is the result of pains taken over the past two years, when we have been filing for the approval in a very complicated but attractive and lucrative market of European Union. As you rightly said 27 odd countries plus another 10 which give mutual accreditation based on the approval. We have just been approved by Ministry of Health, Hungary for an entry into the European market. This would get us into a very robust revenue stream and an interesting bottomline from 2013 onwards. This sets the stage for us to go for further approvals from various other authorities of regulated markets which is the US and Japan in particular.
Over the last two or three months, its been in the news that we have been approved for the active pharmaceutical ingredients (API) by US, European Union and Japan recently. So, that puts us in a very enviable position in terms of being most integrated player both in API and formulations going forward. It also helps us to become the lowest cost producer in the world for both oral and the sterile injectible molecules. This has very interesting opportunities in regulated markets which represent atleast about 60% of the global potential for Cephalasporin in the world.
Q: You have got this cGMP approval for the euro zone. Could you tell us how soon would you start supplying over there and what financial benefit we could see in FY13 and thereafter in FY14?
A: As soon as you get approval you dont get into the market. It will take about a year-and-a-half before we start marketing our own brands through partners in European Union. Our strength lies in manufacturing, quality control, quality assurance and regulating. We are on the look out for very aggressive foremost companies in Europe to take us forward into the market.
Q: You received USFDA nod for your plant in Punjab, just take us through whether you have started supplying from that and what sort of upside do you see from the US markets in terms of API manufacture?
A: We are in a very advanced stage of discussions for transferring the concerned source of API to Nectar. It’s just been couple of months since we have received the approved. It’s a process that takes at least three-four months, or maybe even six months before the formulations company in the US would want to completely transfer it, of course, unless you give a very significant upside in terms of cost arbitrage.
The incentive for switching over to an API would be relatively less. Having said that, the biggest upside is that the moment you get an approval for API, you factor that into your ANDA, which is the formulation, and that’s what actually gives you a terrific upside in terms of cost effective formulations. In this regard, we are in discussions with generic behemoths and one or two new era companies to take them through the vertical integrated pathway, which means that API and formulation together can present a very interesting and fascinating proposition for them. That’s how we will go forward.
So, now onwards, standalone API would basically not be the recipe for success, it would be an integrated approach, and for that, we are in fairly advanced discussions with a few corporations which have a very interesting proposition out there in the US market.
Q: FY12 is coming to an end, what revenue guidance one can achieve in FY13. What revenue growth we can expect in FY13 from Nectar referring to all the benefits and all the opportunities.
A: Recently we have revised our earlier forecast which I had announced to about Rs 1400 crore. Hopefully if all goes well we should be looking at close to about Rs 1600 crore on the topline for the current financial year. And going forward in FY12-13 we should be looking at close to about Rs 1800-1900 crore on topline.
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Great Eastern Launches Flexible Endowment Plan
December 8, 2011
December 07, 2011 20:10 PM
Great Eastern Launches Flexible Endowment Plan
<!–
By: Ramjit
–>
KUALA LUMPUR, Dec 7 (Bernama) — Great Eastern Life Assurance (Malaysia) Bhd today launched a flexible endowment plan called “Great Cash Gain”.
It seeks to balance savings objective with current financial needs and protection, and offers limited or full premium payment.
Great Eastern Chief Executive Officer Datuk Koh Yaw Hui said the plan was suitable for those who plan savings for their children’s future education or for a comfortable life after retirement while enjoying the benefit of additional protection.
“Upon maturity of the policy or should any unexpected event happen to the policyholder such as death or total permanent disability, this plan will pay out an additional sum assured of up to 80 percent of the basic sum assured without additonal costs,” he said in a statement.
“The savings plan also offers life protection, namely if death occurs due to accidents before the policy term expires, the next-of-kin will receive an additional sum of 100 percent from the total basic sum and all additional sums assured,” he said.
— BERNAMA
We provide
(subscription-based)
news coverage in our Newswire service.
<!–addthis_pub = ‘setokin’;
–>
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Great Eastern Life launchs flexible endowment plan
December 8, 2011
LARGER TYPE
SMALLER TYPE
Great Eastern Life Assurance (Malaysia) Bhd today launched a flexible endowment plan called “Great Cash Gain”.
It seeks to balance savings objective with current financial needs and
protection, and offers limited or full premium payment.
Great Eastern Chief Executive Officer Datuk Koh Yaw Hui said the plan was
suitable for those who plan savings for their children’s future education or for
a comfortable life after retirement while enjoying the benefit of additional
protection.
“Upon maturity of the policy or should any unexpected event happen to the
policyholder such as death or total permanent disability, this plan will pay out
an additional sum assured of up to 80 percent of the basic sum assured without additonal costs,” he said in a statement.
“The savings plan also offers life protection, namely if death occurs due to
accidents before the policy term expires, the next-of-kin will receive an
additional sum of 100 percent from the total basic sum and all additional sums
assured,” he said. — Bernama
Great Eastern Life launchs flexible endowment plan
December 8, 2011
LARGER TYPE
SMALLER TYPE
Great Eastern Life Assurance (Malaysia) Bhd today launched a flexible endowment plan called “Great Cash Gain”.
It seeks to balance savings objective with current financial needs and
protection, and offers limited or full premium payment.
Great Eastern Chief Executive Officer Datuk Koh Yaw Hui said the plan was
suitable for those who plan savings for their children’s future education or for
a comfortable life after retirement while enjoying the benefit of additional
protection.
“Upon maturity of the policy or should any unexpected event happen to the
policyholder such as death or total permanent disability, this plan will pay out
an additional sum assured of up to 80 percent of the basic sum assured without additonal costs,” he said in a statement.
“The savings plan also offers life protection, namely if death occurs due to
accidents before the policy term expires, the next-of-kin will receive an
additional sum of 100 percent from the total basic sum and all additional sums
assured,” he said. — Bernama
Franklin Covey Announces Strong Fiscal Fourth Quarter and Full Year Results
November 9, 2011
SALT LAKE CITY, Nov 08, 2011 (BUSINESS WIRE) –
–Fiscal 2011 Revenue Up 17% to $160.8 MillionFull Year Adjusted EBITDA Improves 47% to $21.2 MillionCompany Offers Preliminary Fiscal 2012 Adjusted EBITDA Outlook
Franklin Covey Co.
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+2.88%
, a global provider of productized training
and consulting services, today announced financial results for its
fourth fiscal quarter and fiscal year ended August 31, 2011.
Net sales for fiscal year 2011 totaled $160.8 million, a 17% increase
over the $136.9 million reported in the prior year. The improvement in
net sales had a significant impact on the Company’s operating results as
Adjusted EBITDA for the fiscal year increased 47% to $21.2 million,
compared with $14.4 million in fiscal 2010. Pre-tax income also improved
significantly, increasing by $7.3 million to $8.4 million, compared with
$1.2 million in the prior year.
Bob Whitman, Chairman and Chief Executive Officer of Franklin Covey,
commented, “We are pleased with the strength of our fiscal 2011 results
which saw continued growth in every major channel and in every practice.
We are delighted that, as expected, this revenue growth translated into
significant growth in both profitability and cash flows from operations.
This performance marks another significant milestone in our multi-year
growth plan and we expect to continue strong revenue and profit momentum
into fiscal 2012 and beyond.”
Fiscal Year 2011 Results
The Company saw broad-based revenue growth across all of its key
channels and practices. Revenue through the Company’s direct offices
that serve the United States and Canada, including the government
services group, increased 24% to $85.4 million, compared with $68.7
million in fiscal 2010. Revenue increased compared to the prior year at
all of these offices, including the government services group. Revenue
from the Company’s international direct offices increased by 13% to
$27.5 million, despite the economic impact of the natural disasters in
Japan. Royalty and other revenue from our 35 international licensee
partners increased to $12.6 million, or 14%, compared with $11.1 million
in fiscal 2010. All of the Company’s national account practices reported
increased revenues, led by a $1.6 million improvement in revenues from
the Education practice and a $1.2 million improvement in revenue in the
Sales Performance practice. Total national account practice sales
increased by $3.3 million, or 17%, compared to fiscal 2010. Self-funded
marketing revenues, which include public programs, book and audio sales
and royalties, and delivered speeches, increased by $0.9 million or 12%,
on the strength of royalties related to new books.
Gross profit increased 16% to $103.5 million due to increased revenue,
with gross margins dipping modestly to 64.3% of sales in fiscal 2011,
compared to 65.1% of sales in the prior year. The fluctuation was
primarily due to the non-repeat of a large intellectual property sale
that occurred in the fourth quarter of fiscal 2010, and to a slight
shift in the mix of content and delivery. These factors were partially
offset by increased international licensee royalty revenues.
Selling, general and administrative expenses (SGA) as a percentage of
sales declined to 53.0% compared to 56.7% of sales in the prior year. On
a dollar basis, SGA increased $7.7 million primarily due to increased
commissions and bonuses on increased sales, new personnel hired in
fiscal 2011, and increased share-based compensation costs. Depreciation
and amortization charges declined slightly compared to the prior year
and contributed to improved income from operations during fiscal 2011.
Net income improved to $4.8 million or $0.27 per diluted share, compared
with a $0.5 million net loss, or ($.04) per share in fiscal 2010. The
Company’s net income benefited from a significant decrease in the
effective tax rate from 210% in fiscal 2010 to 43% in fiscal 2011,
primarily due to the utilization of foreign tax credits in fiscal 2011.
On June 1, 2010, the Company completed the sale of the product sales
division of its wholly-owned subsidiary in Japan. The operating results
of the Japan product sales division were reclassified and reported as
discontinued operations for the fourth fiscal quarter and fiscal year
ended August 31, 2010.
As of August 31, 2011, the Company had $3.0 million in cash and cash
equivalents, compared with $1.1 million at May 28, 2011. Net working
capital increased to $16.7 million at August 31, 2011 compared with
$11.5 million on May 28, 2011, and $4.6 million at August 31, 2010.
Fiscal Fourth Quarter 2011 Results
For the fiscal quarter ended August 31, 2011, the Company’s revenues
increased to $45.0 million compared with $44.7 million in same quarter
of the prior year, with improved revenues across the rest of the Company
more than offsetting the anticipated $3.6 million decrease in revenues
from the Company’s government services group. Revenue in the government
services group for the fourth quarter was lower than in the prior year,
when significant revenue was generated during the initial implementation
phase of some significant contracts.
Sales from the Company’s international direct offices increased by 11%
to $8.0 million, compared with $7.2 million in the fourth quarter of
2010, primarily due to growth in the Company’s Japan and Australia
offices. Licensee royalty revenues grew by 19% to $3.1 million, from
$2.6 million in the fourth quarter of fiscal 2010, due to broad-based
revenue growth that included a majority of the Company’s international
licensee partners. Revenues from the Company’s national account
practices group increased by $2.2 million, or 34%, over the prior year,
primarily due to strong growth in the Company’s Education practice
during the quarter. Self-funded marketing programs decreased by $0.6
million, or 27%, to $1.6 million primarily due to decreased speech
revenues resulting from the retirement of Dr. Stephen R. Covey from
public speaking.
Gross margin for the quarter ended August 31, 2011 decreased slightly to
65.6% of sales compared with 67.0% of sales in the prior year. Gross
margins were impacted by comparisons in the government services group
that had a large fourth-quarter 2010 intellectual property license sale.
The Company’s SGA expenses as a percent of sales were essentially flat
compared to the prior year. Total SGA expense increased by $0.2 million
compared with the prior year, primarily due to increased share-based
compensation charges in the fourth quarter of fiscal 2011.
Pre-tax income for the quarter decreased to $2.7 million compared with
$3.2 million in the fourth quarter of fiscal 2010. Including the impact
of income taxes, we recognized net income of $3.0 million, or $.16 per
diluted share, for the quarter ending August 31, 2011 compared with a
net loss of $0.5 million, or ($.04) per share, in the prior year.
Fourth-Quarter and Full-Year Financial Highlights
–
Fourth-quarter revenue from the Company’s national account practices
increased by 34%, or $2.2 million, due to the continued rapid adoption
of the Company’s Education practice.
–
Fourth-quarter revenues from the company’s international direct
offices grew 11%, to $8.0 million, compared to $7.2 million in the
fourth quarter of 2010, primarily due to growth in the Company’s Japan
and Australia offices.
–
Fourth-quarter licensee royalty revenue grew by 19%, to $3.1 million,
from $2.6 million in the fourth quarter of 2010.
–
Fourth-quarter net income grew to $3.0 million, compared to a loss of
$0.5 million in the fourth quarter of 2010.
–
Full-year revenues from the Company’s sales offices in the U.S. and
Canada, including the government services group, grew 24%, to $85.4
million, as compared to $68.7 million in fiscal 2010.
–
Full-year revenues from the Company’s international direct offices
grew 13%, to $27.5 million, despite the impact of Japan’s natural
disasters during fiscal 2011.
–
Full-year licensee royalty revenues and other revenues increased 14%
to $12.6 million, compared to $11.1 million in fiscal 2010.
–
Full-year national account practice revenues increased 17%, or $3.3
million, in fiscal 2011.
–
Full-year net income was $4.8 million versus a loss of $0.5 million in
fiscal 2010.
Fiscal Year and Recent Company Highlights
–
Launched the 5 Choices to Extraordinary Productivity(TM)
Work Sessions.
–
The Leader-In-Me education practice grew to 650 schools, including
nearly 325,000 students and 30,000 school staff that have now been
trained in the education process.
–
Launched Dr. Stephen R. Covey’s new work entitled, The 3rd
Alternative: Solving Life’s Most Difficult Problems.
–
Signed agreement with Simon and Schuster for a new book based on the Four
Disciplines.
Preliminary Fiscal 2012 Outlook
The Company’s adjusted EBITDA for fiscal 2012 is expected to range from
$24 million to $26 million. This range represents adjusted EBITDA growth
of between 13% and 23% in fiscal 2012 compared to actual fiscal 2011
results.
Earnings Conference Call
On Tuesday, November 8, 2011, at 5:00 p.m. Eastern time (3:00 p.m.
Mountain time) Franklin Covey will host a conference call to review its
financial results for the quarter and fiscal year ended August 31, 2011.
Interested persons may participate by dialing 800-259-0251
(International participants may dial 617-614-3671), access code:
52748583. Alternatively, a webcast will be accessible at the following
Web site:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetailsc=102601eventID=4217690 .
A replay will be available from November 8 (6:00 p.m. ET) through
November 15, 2011 by dialing 888-286-8010 (International participants
may dial 617-801-6888), access code: 47061026. The webcast will remain
accessible through November 15, 2011 on the Investor Relations area of
the Company’s Web site at:
http://investor.franklincovey.com/phoenix.zhtml?c=102601p=irol-IRHome .
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including those statements related to the Company’s future results and
profitability; expected Adjusted EBITDA in fiscal 2012; and goals
relating to the growth of the Company. Forward-looking statements are
based upon management’s current expectations and are subject to various
risks and uncertainties including, but not limited to: general economic
conditions; the expected number of booked days to be delivered; market
acceptance of new products or services and marketing strategies; the
ability to achieve sustainable growth in future periods; and other
factors identified and discussed in the Company’s most recent Annual
Report on Form 10-K and other periodic reports filed with the Securities
and Exchange Commission. Many of these conditions are beyond the
Company’s control or influence, any one of which may cause future
results to differ materially from the Company’s current expectations,
and there can be no assurance that the Company’s actual future
performance will meet management’s expectations. These forward-looking
statements are based on management’s current expectations and the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect events or circumstances subsequent
to this press release.
Non-GAAP Financial Information
Refer to the attached table for the reconciliation of a non-GAAP
financial measure, “Adjusted EBITDA,” to consolidated net income, the
most comparable GAAP financial measure. The Company defines Adjusted
EBITDA as net income or loss from operations excluding the impact of
interest expense, income tax expense, amortization, depreciation,
share-based compensation expense, and other non-recurring items. The
Company references this non-GAAP financial measure in its decision
making because it provides supplemental information that facilitates
consistent internal comparisons to the historical operating performance
of prior periods and the Company believes it provides investors with
greater transparency to evaluate operational activities and financial
results.
About Franklin Covey Co.
Franklin Covey Co.
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+2.88%
(
www.franklincovey.com ),
is a global provider of training and consulting services in the areas of
leadership, productivity, strategy execution, customer loyalty, trust,
sales performance, government, education and individual effectiveness.
Over its history, Franklin Covey has worked with 90 percent of the
Fortune 100, more than 75 percent of the Fortune 500, and thousands of
small and mid-sized businesses, as well as numerous government entities
and educational institutions. Franklin Covey has more than 40 direct and
licensee offices providing professional services in over 140 countries.
FRANKLIN COVEY CO.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------------------------------------------------------------------------------------------------
(in thousands, except per share amounts)
Quarter Ended Fiscal Year Ended
------------------------------- ---------------------------------
August 31, August 31, August 31, August 31,
2011 2010 2011 2010
--------------- --------------- ---------------- ----------------
(unaudited) (unaudited)
Net sales $ 45,013 $ 44,701 $ 160,804 $ 136,874
Cost of sales 15,507 14,753 57,330 47,803
------ ------ ------- -------
Gross profit 29,506 29,948 103,474 89,071
Selling, general, and administrative 24,542 24,335 85,255 77,604
Depreciation 872 768 3,567 3,669
Amortization 775 929 3,540 3,760
------ ------ ------- -------
Income from operations 3,317 3,916 11,112 4,038
Interest expense, net (659) (678) (2,666) (2,858)
------ --- ------ --- ------- --- ------- ---
Income from continuing operations before income taxes
2,658 3,238 8,446 1,180
Income tax benefit (provision) 326 (4,504) (3,639) (2,484)
------ ------ --- ------- --- ------- ---
Income (loss) from continuing operations 2,984 (1,266) 4,807 (1,304)
Income from discontinued operations, net of tax - 508 - 548
Gain on sale of discontinued operations, net of tax - 238 - 238
------ ------ ------- -------
Net income (loss) $ 2,984 $ (520) $ 4,807 $ (518)
=== ====== === ====== === === ======= === ======= ===
Income (loss) from continuing operations per common share:
Basic $ 0.17 $ (0.09) $ 0.28 $ (0.10)
Diluted 0.16 (0.09) 0.27 (0.10)
Net income (loss) per common share:
Basic $ 0.17 $ (0.04) $ 0.28 $ (0.04)
Diluted 0.16 (0.04) 0.27 (0.04)
Weighted average common shares:
Basic 17,336 13,588 17,106 13,525
Diluted 18,342 13,588 17,547 13,525
Sales Detail by Category:
Training and consulting services $ 42,716 $ 42,457 $ 150,976 $ 129,462
Products 1,678 1,484 7,455 4,226
Leasing 619 760 2,373 3,186
------ ------ ------- -------
Total $ 45,013 $ 44,701 $ 160,804 $ 136,874
=== ====== === ====== === ======= === =======
Sales Detail by Region/Type:
U.S./Canada direct $ 22,756 $ 24,917 $ 85,397 $ 68,695
International direct 8,041 7,242 27,464 24,228
Licensees 3,109 2,619 12,590 11,092
National account practices 8,769 6,565 22,780 19,447
Self-funded marketing 1,611 2,201 9,013 8,075
Other 727 1,157 3,560 5,337
------ ------ ------- -------
Total $ 45,013 $ 44,701 $ 160,804 $ 136,874
=== ====== === ====== === ======= === =======
FRANKLIN COVEY CO.
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Reconciliation of Net Income (loss) to Adjusted EBITDA
-----------------------------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Quarter Ended Fiscal Year Ended
----------------------------- -----------------------------
August 31, August 31, August 31, August 31,
2011 2010 2011 2010
-------------- -------------- ------------- ---------------
Reconciliation of net income (loss) to Adjusted EBITDA: (unaudited) (unaudited)
Net Income (loss) $ 2,984 $ (520) $ 4,807 $ (518)
Adjustments:
Loss (income) from discontinued operations, net of tax - (508) - (548)
Gain from sale of discontinued operations, net of tax - (238) - (238)
Interest expense, net 659 678 2,666 2,858
Income tax provision (benefit) (326) 4,504 3,639 2,484
Amortization 775 929 3,540 3,760
Depreciation 872 768 3,567 3,669
Share-based compensation 1,524 384 2,788 1,099
Severance costs 150 920 150 920
Reimbursed travel expenses - - - 686
Management stock loan costs - - - 268
----- ----- ------ ------
Adjusted EBITDA $ 6,638 $ 6,917 $ 21,157 $ 14,440
=== ===== === ===== ===== ====== === ======
SOURCE: Franklin Covey Co.
Franklin Covey
Investor Contact:
Steve Young, 801-817-1776
investor.relations@franklincovey.com
Media Contact:
Debra Lund, 801-817-6440
Debra.Lund@franklincovey.com
Copyright Business Wire 2011
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