Here’s what you need to know to start your day.
Reported by NYTimes.com 4 hours ago.
Asia and Australia Edition: Russia, Kathmandu, Hubert de Givenchy: Your Tuesday Briefing
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Navigant Expands into Australia
CHICAGO & PERTH, Australia--(BUSINESS WIRE)--Navigant (NYSE: NCI) today announced the expansion of its global Construction practice (GCP) into Australia, with new offices in Perth and Sydney. The expansion of Navigant’s global Construction practice, a practice within the company’s Disputes, Forensics, and Legal Technology (DFLT) segment, is another step in expanding Navigant’s global, industry-leading expert and advisory services work for high-stakes legal and regulatory proceedings. “Our forma
Reported by Business Wire 5 hours ago.
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Golf: Els to captain Internationals at 2019 Presidents Cup
(Reuters) - South African Ernie Els will be captain of the International team for next year's Presidents Cup at Royal Melbourne Golf Club in Australia, a source told Reuters on Monday.
Reported by Reuters 4 hours ago.
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Cricket-S.Africa will look to stalwarts to replace Rabada in third test
CAPE TOWN, March 12 (Reuters) - The fitness of experienced fast bowler Dale Steyn will be of even more interest to South Africa in the coming days after their most potent wicket-taker Kagiso Rabada was ruled out of the remainder of the four-test series with Australia.
Reported by Reuters India 3 hours ago.
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Why Japanese steak house Ikinari is growing so fast in New York City
When most restaurant chains expand in New York City, they proceed slowly and cautiously. High rents and intense competition drive their prudent approach. But not Ikinari Steak, a Japan-based steak chain with 188 restaurants, mostly in Japan with some in Australia. It is going full steam ahead in its New York expansion, with plans to add 11 outposts in Manhattan by the end of 2018. So far it has opened five. In fact, it’s hard to pass a corner in Manhattan these days without seeing a sign…
Reported by bizjournals 4 hours ago.
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Come on in! Australia's secret to avoiding recessions
The Turnbull government is standing firm amid growing calls for immigration cuts. It has little choice if it's to continue its era of record economic expansion.
Reported by Brisbane Times 3 hours ago.
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Usain Bolt Has a Line of Hot Sauces Available in Australia
Three are three flavors of Usain's Insane Hot Sauces available to buy.
Reported by SI.com 3 hours ago.
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Sport24.co.za | Steyn ruled out of Newlands Test
The Proteas' selectors face a daunting task assembling a bowling attack for the third Test against Australia at Newlands in Cape Town.
Reported by News24 3 hours ago.
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Isagenix Matches Jon Rahm’s $21,000 Donation to the Mexican Red Cross
Isagenix International is matching PGA Tour star Jon Rahm’s $21,000 donation to the Mexican Red Cross to help those affected by the recent earthquakes in Mexico.
GILBERT, Ariz. (PRWEB) March 12, 2018
Isagenix International, a global health and wellness company providing nutrition and lifestyle solutions, is pleased to announce it is matching PGA Tour star Jon Rahm’s $21,000 donation to the Mexican Red Cross. The donation stems from the Team Isagenix Elite athlete’s performance at the WGC-Mexico Championship March 1-4. Shortly before the golf tournament, Rahm, ranked No. 2 in the world, announced he would contribute $1,000 for every birdie and $3,000 for every eagle to the Mexican Red Cross to help those affected by the recent earthquakes in Mexico.
“As soon as we heard what Jon was doing, we had to get involved,” said Erik Coover, Isagenix senior vice president of global field development and culture. “Isagenix is passionate about helping victims of disaster, so Jon’s generosity and heart for the people of Mexico really resonated with us. We’re honored to help him support the Mexican Red Cross as it provides much-needed assistance to those affected by the earthquakes.”
The company’s matching donation marks the second time Isagenix has contributed to the Mexican Red Cross. In 2017, it donated to the organization’s earthquake disaster fund. Isagenix also encouraged its customers to purchase a box of IsaBar™ Avena con Pasas protein meal replacement bars last year to donate to Mexican Red Cross relief efforts. The company matched those purchases by donating one box of IsaBar for each box purchased.
In 2017, Isagenix contributed nearly $7 million in monetary and product donations to disaster relief and charitable groups supporting children and families.
“I’m thrilled that Isagenix is matching my donation so it will have the greatest impact possible on a community that needs our help,” Rahm said. “I truly appreciate having a sponsor that supports and shares my desire to make a difference in the lives of others.”
To learn more about Isagenix, visit our newsroom at Isagenix.com, like us on Facebook at Facebook.com/Isagenix, and follow us on Twitter and Instagram at @Isagenix.
About Isagenix International
Established in 2002, Isagenix provides systems for weight wellness, energy, performance, healthy aging, and wealth creation. With nearly 600,000 customers worldwide and more than 100 life-changing products, packs, and systems globally, the company is committed to producing Solutions to Transform Lives™. Since its inception in 2002, Isagenix has generated nearly $6 billion in cumulative global sales through an independent network of associates in the U.S., Canada, Puerto Rico, Hong Kong, Australia, New Zealand, Taiwan, Mexico, Singapore, Malaysia, Colombia, Indonesia, the United Kingdom, Ireland, and the Netherlands. Isagenix is a privately owned company with headquarters in Gilbert, Arizona. For more information, visit Isagenix.com. Reported by PRWeb 3 hours ago.
GILBERT, Ariz. (PRWEB) March 12, 2018
Isagenix International, a global health and wellness company providing nutrition and lifestyle solutions, is pleased to announce it is matching PGA Tour star Jon Rahm’s $21,000 donation to the Mexican Red Cross. The donation stems from the Team Isagenix Elite athlete’s performance at the WGC-Mexico Championship March 1-4. Shortly before the golf tournament, Rahm, ranked No. 2 in the world, announced he would contribute $1,000 for every birdie and $3,000 for every eagle to the Mexican Red Cross to help those affected by the recent earthquakes in Mexico.
“As soon as we heard what Jon was doing, we had to get involved,” said Erik Coover, Isagenix senior vice president of global field development and culture. “Isagenix is passionate about helping victims of disaster, so Jon’s generosity and heart for the people of Mexico really resonated with us. We’re honored to help him support the Mexican Red Cross as it provides much-needed assistance to those affected by the earthquakes.”
The company’s matching donation marks the second time Isagenix has contributed to the Mexican Red Cross. In 2017, it donated to the organization’s earthquake disaster fund. Isagenix also encouraged its customers to purchase a box of IsaBar™ Avena con Pasas protein meal replacement bars last year to donate to Mexican Red Cross relief efforts. The company matched those purchases by donating one box of IsaBar for each box purchased.
In 2017, Isagenix contributed nearly $7 million in monetary and product donations to disaster relief and charitable groups supporting children and families.
“I’m thrilled that Isagenix is matching my donation so it will have the greatest impact possible on a community that needs our help,” Rahm said. “I truly appreciate having a sponsor that supports and shares my desire to make a difference in the lives of others.”
To learn more about Isagenix, visit our newsroom at Isagenix.com, like us on Facebook at Facebook.com/Isagenix, and follow us on Twitter and Instagram at @Isagenix.
About Isagenix International
Established in 2002, Isagenix provides systems for weight wellness, energy, performance, healthy aging, and wealth creation. With nearly 600,000 customers worldwide and more than 100 life-changing products, packs, and systems globally, the company is committed to producing Solutions to Transform Lives™. Since its inception in 2002, Isagenix has generated nearly $6 billion in cumulative global sales through an independent network of associates in the U.S., Canada, Puerto Rico, Hong Kong, Australia, New Zealand, Taiwan, Mexico, Singapore, Malaysia, Colombia, Indonesia, the United Kingdom, Ireland, and the Netherlands. Isagenix is a privately owned company with headquarters in Gilbert, Arizona. For more information, visit Isagenix.com. Reported by PRWeb 3 hours ago.
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Precision Therapeutics Appoints Kevin Hungerford as Vice President of Sales and Marketing
MINNEAPOLIS, March 12, 2018 (GLOBE NEWSWIRE) -- Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the Company”), formerly Skyline Medical, announced today that it has appointed Kevin Hungerford as Global Vice President of Sales and Marketing, effective immediately. Based in the United States, Mr. Hungerford will be responsible for overseeing all sales and marketing activities for the Company’s FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal to hospitals and medical centers. He will report to Dr. Carl Schwartz, Chief Executive Officer, and replaces Mr. Peter Alex, who is stepping down to pursue other opportunities.This new appointment follows the launch of the Company’s aggressive new U.S. sales and marketing campaign for the STREAMWAY system, which resulted in a meaningful ramp in domestic sales in the fourth quarter of 2017 and early 2018. The Company has also made initial investments in its international sales and marketing strategy by signing independent distribution agreements in Australia, Canada and Switzerland, as announced in November 2017, opening a European Headquarters in Brussels, Belgium, and appointing a Vice President of International Sales, Mr. Jean-Paul Rasschaert.
Mr. Hungerford is a senior executive with over 20 years of sales and marketing experience in the U.S. medical device market. He joins Precision Therapeutics from Sirtex Medical, a global medical device company, where he worked from 2012 – 2018 in a variety of positions of increasing seniority, most recently as the Director of Marketing where he was responsible for overseeing all Interventional Radiology (IR) marketing activities and professional education. He previously worked at Boston Scientific Endoscopy from 1997 – 2012 where he led several sales teams who were directed to drive market-share, new technology and market adoption of key technologies.
Dr. Carl Schwartz, Chief Executive Officer at Precision Therapeutics, commented, “Kevin has extensive sales experience in the medical device market, most recently in the Interventional Radiology space, which is one of the STREAMWAY’s core markets. His background at reputable, global companies, such as Sirtex Medical and Boston Scientific Endoscopy, and vast network of healthcare contacts, are expected to boost our reputation as a best-in-class provider of fluid management systems and allow us to broaden our market reach. Kevin will oversee our aggressive new sales and marketing strategy, launched in 2017, which includes several international distribution agreements and the opening of our new European Headquarters in Belgium. I would like to thank Peter Alex for his commitment and contributions to the Company and the work he has done to position it for near and long-term sales growth.”
Mr. Kevin Hungerford, Vice President of Sales and Marketing for Precision Therapeutics’ Skyline Medical division, commented, “The STREAMWAY is a unique solution for medical waste management that virtually eliminates staff exposure to potentially infectious fluids found in the healthcare environment. From my years interacting with the healthcare community it is evident to me that it has the potential to revolutionize our approach to health and safety in the operating room and fulfils an unmet need in the market. I am pleased to join the Company and look forward to driving sales and building value for the Company.”
As part of Mr. Hungerford’s compensation package, he will receive inducement stock options in accordance with NASDAQ listing rules for 111,112 shares of Precision Therapeutics common stock at $1.35 per share. The options will vest quarterly in four equal installments over a 12-month period and have a term of 10 years. The options are subject to the terms and conditions detailed in the Company’s stock incentive plan.
*About the STREAMWAY System*
Produced by Skyline Medical, a division of Precision Therapeutics, the revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
*About Precision Therapeutics Inc.*
Precision Therapeutics (NASDAQ:AIPT) operates in two business areas: first, applying artificial intelligence to personalized medicine and drug discovery to provide personalized medicine solutions for clients in the pharmaceutical, diagnostic, and biotech industries, and second, production of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal.
Precision Therapeutics' CRO services business is committed to improving the effectiveness of cancer therapy using the power of artificial intelligence (AI) applied to rich data diseases databases. This business has launched with Precision Therapeutics' investment in Helomics Corporation, a precision diagnostic company and integrated clinical contract research organization whose mission is to improve patient care by partnering with pharmaceutical, diagnostic, and academic organizations to bring innovative clinical products and technologies to the marketplace. In addition to its proprietary precision diagnostics for oncology, Helomics offers boutique CRO services that leverage our patient-derived tumor models, coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and a proprietary bioinformatics platform (D-CHIP) to provide a tailored solution to our client's specific needs. Helomics is 25% owned by Precision Therapeutics. Helomics® is headquartered in Pittsburgh, Pennsylvania where the company maintains state-of-the-art, CLIA-certified, clinical and research laboratories. For more information, please visit www.Helomics.com. Precision Therapeutics and Helomics have also announced a proposed joint venture with GLG Pharma focused on using their combined technologies to bring personalized medicines and testing to ovarian and breast cancer patients, especially those who present with ascites fluid (over one-third of patients). The growth strategy in this business includes securing new partnerships and considering acquisitions in the precision medicine space.
Sold through the Skyline Medical business of Precision Therapeutics, The STREAMWAY System virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement, and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit www.skylinemedical.com.
*Forward-looking Statements*
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include risks related to the proposed joint ventures, including the need to negotiate the definitive agreements for the joint ventures; possible failure to realize anticipated benefits of the joint ventures; and costs of providing funding to the joint ventures. Other risks and uncertainties relating to the Company include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; sales cycles that can be longer than expected, resulting in delays in projected sales or failure to make such sales; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
*Contacts:*
Investor Relations
KCSA Strategic Communications
Elizabeth Barker
(212) 896-1203
ebarker@kcsa.com
MONEYINFO, LLC
Charles Moskowitz
617-827-1296
info@moneyinfo-llc.com
Reported by GlobeNewswire 3 hours ago.
Mr. Hungerford is a senior executive with over 20 years of sales and marketing experience in the U.S. medical device market. He joins Precision Therapeutics from Sirtex Medical, a global medical device company, where he worked from 2012 – 2018 in a variety of positions of increasing seniority, most recently as the Director of Marketing where he was responsible for overseeing all Interventional Radiology (IR) marketing activities and professional education. He previously worked at Boston Scientific Endoscopy from 1997 – 2012 where he led several sales teams who were directed to drive market-share, new technology and market adoption of key technologies.
Dr. Carl Schwartz, Chief Executive Officer at Precision Therapeutics, commented, “Kevin has extensive sales experience in the medical device market, most recently in the Interventional Radiology space, which is one of the STREAMWAY’s core markets. His background at reputable, global companies, such as Sirtex Medical and Boston Scientific Endoscopy, and vast network of healthcare contacts, are expected to boost our reputation as a best-in-class provider of fluid management systems and allow us to broaden our market reach. Kevin will oversee our aggressive new sales and marketing strategy, launched in 2017, which includes several international distribution agreements and the opening of our new European Headquarters in Belgium. I would like to thank Peter Alex for his commitment and contributions to the Company and the work he has done to position it for near and long-term sales growth.”
Mr. Kevin Hungerford, Vice President of Sales and Marketing for Precision Therapeutics’ Skyline Medical division, commented, “The STREAMWAY is a unique solution for medical waste management that virtually eliminates staff exposure to potentially infectious fluids found in the healthcare environment. From my years interacting with the healthcare community it is evident to me that it has the potential to revolutionize our approach to health and safety in the operating room and fulfils an unmet need in the market. I am pleased to join the Company and look forward to driving sales and building value for the Company.”
As part of Mr. Hungerford’s compensation package, he will receive inducement stock options in accordance with NASDAQ listing rules for 111,112 shares of Precision Therapeutics common stock at $1.35 per share. The options will vest quarterly in four equal installments over a 12-month period and have a term of 10 years. The options are subject to the terms and conditions detailed in the Company’s stock incentive plan.
*About the STREAMWAY System*
Produced by Skyline Medical, a division of Precision Therapeutics, the revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
*About Precision Therapeutics Inc.*
Precision Therapeutics (NASDAQ:AIPT) operates in two business areas: first, applying artificial intelligence to personalized medicine and drug discovery to provide personalized medicine solutions for clients in the pharmaceutical, diagnostic, and biotech industries, and second, production of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal.
Precision Therapeutics' CRO services business is committed to improving the effectiveness of cancer therapy using the power of artificial intelligence (AI) applied to rich data diseases databases. This business has launched with Precision Therapeutics' investment in Helomics Corporation, a precision diagnostic company and integrated clinical contract research organization whose mission is to improve patient care by partnering with pharmaceutical, diagnostic, and academic organizations to bring innovative clinical products and technologies to the marketplace. In addition to its proprietary precision diagnostics for oncology, Helomics offers boutique CRO services that leverage our patient-derived tumor models, coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and a proprietary bioinformatics platform (D-CHIP) to provide a tailored solution to our client's specific needs. Helomics is 25% owned by Precision Therapeutics. Helomics® is headquartered in Pittsburgh, Pennsylvania where the company maintains state-of-the-art, CLIA-certified, clinical and research laboratories. For more information, please visit www.Helomics.com. Precision Therapeutics and Helomics have also announced a proposed joint venture with GLG Pharma focused on using their combined technologies to bring personalized medicines and testing to ovarian and breast cancer patients, especially those who present with ascites fluid (over one-third of patients). The growth strategy in this business includes securing new partnerships and considering acquisitions in the precision medicine space.
Sold through the Skyline Medical business of Precision Therapeutics, The STREAMWAY System virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement, and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit www.skylinemedical.com.
*Forward-looking Statements*
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include risks related to the proposed joint ventures, including the need to negotiate the definitive agreements for the joint ventures; possible failure to realize anticipated benefits of the joint ventures; and costs of providing funding to the joint ventures. Other risks and uncertainties relating to the Company include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; sales cycles that can be longer than expected, resulting in delays in projected sales or failure to make such sales; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
*Contacts:*
Investor Relations
KCSA Strategic Communications
Elizabeth Barker
(212) 896-1203
ebarker@kcsa.com
MONEYINFO, LLC
Charles Moskowitz
617-827-1296
info@moneyinfo-llc.com
Reported by GlobeNewswire 3 hours ago.
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The Latest Challenger To Lithium-Ion Batteries
The race for cheaper, better batteries has never been more intense and more interesting. The latest contender comes from Australia, from RMIT University. It is a hybrid between a chemical battery and a fuel cell that combines cheap resources—carbon and water—and promising efficiency. The battery works by breaking down water in the fuel cell with the help of electrons from an electric circuit. The protons resulting from this breakdown pass the cell membrane and bond with the carbon electrode where they are stored as hydrogen ions. That’s…
Reported by OilPrice.com 2 hours ago.
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MD for Men Announces Dr. Wayne Kuang's Designation as a UroLift® Center of Excellence
Designation Recognizes Dr. Wayne Kuang's Commitment to Exemplary Care, Deep UroLift Experience
ALBUQUERQUE, N.M. (PRWEB) March 12, 2018
MD for Men specializing in Hotel Healthcare Hospitality today announces that Dr. Wayne Kuang has been designated as the first UroLift® Center of Excellence in New Mexico. The designation recognizes that Dr. Kuang has achieved a high level of training and experience with the UroLift System and demonstrated a commitment to exemplary care for men suffering from symptoms associated with Benign Prostatic Hyperplasia or BPH.
"The UroLift System is a breakthrough minimally invasive treatment that typically takes less than an hour and can offer multiple benefits for men with enlarged prostate - no cutting, heating, or removal of tissue, minimal downtime, no compromise of sexual function, and no need for continued medications," said Dr. Kuang. "I am proud to be a national leader offering this breakthrough treatment option."
Nearly 40 million men in the United States are affected by BPH. Not to be confused with prostate cancer, BPH occurs when the prostate gland that surrounds the male urethra becomes enlarged with advancing age and begins to obstruct the urinary system. Symptoms of BPH often include interrupted sleep and urinary problems, and can cause loss of productivity, depression and decreased quality of life.
Five-year data from a randomized study shows the UroLift System offers not only rapid improvement, but also durable relief for patients with BPH. After five years, patients treated with the UroLift System continue to experience symptom relief with minimal side effects, with few patients requiring an additional procedure for relief. A second randomized clinical trial called BPH6 demonstrated that the minimally invasive UroLift System compares very well to the reference standard surgery, transurethral resection of the prostate (TURP), with regard to efficacy, and is superior to TURP at preserving sexual function and offering a more rapid recovery.
Medication is often the first-line therapy for enlarged prostate, but relief can be inadequate and temporary. Side effects of medication treatment can include sexual dysfunction, dizziness and headaches, prompting many patients to quit using the drugs. For these patients, the classic alternative is surgery that cuts, heats or removes prostate tissue to open the blocked urethra. While current surgical options can be very effective in relieving symptoms, they can also leave patients with permanent side effects such as urinary incontinence, erectile dysfunction and retrograde ejaculation.
About the UroLift System
NeoTract's FDA-cleared UroLift System is a novel, minimally invasive technology for treating lower urinary tract symptoms due to benign prostatic hyperplasia (BPH). The UroLift permanent implants, delivered during a minimally invasive transurethral outpatient procedure, relieve prostate obstruction and open the urethra directly without cutting, heating, or removing prostate tissue. Clinical data from a pivotal 206-patient randomized controlled study showed that patients with enlarged prostate receiving UroLift implants reported rapid and durable symptomatic and urinary flow rate improvement without compromising sexual function. Patients also experienced a significant improvement in quality of life. Most common adverse events reported include hematuria, dysuria, micturition urgency, pelvic pain, and urge incontinence. Most symptoms were mild to moderate in severity and resolved within two to four weeks after the procedure. The UroLift System is available in the U.S., Europe, Australia, Canada, Mexico and South Korea. Learn more at http://www.UroLift.com.
About MD for Men
A men's health center empowering men with the guest experience to evolve fearlessly into the best version of themselves to positively impact their personal, professional, community and global relationships. Specializing in Vasectomy, Enlarged Prostate, Testosterone Balancing & Sexual Health. Learn more at http://www.mdformen.com
# # #
Media Contact:
Amy Cramer
M: 650-391-3714
Amy(at)healthandcommerce(dot)com Reported by PRWeb 3 hours ago.
ALBUQUERQUE, N.M. (PRWEB) March 12, 2018
MD for Men specializing in Hotel Healthcare Hospitality today announces that Dr. Wayne Kuang has been designated as the first UroLift® Center of Excellence in New Mexico. The designation recognizes that Dr. Kuang has achieved a high level of training and experience with the UroLift System and demonstrated a commitment to exemplary care for men suffering from symptoms associated with Benign Prostatic Hyperplasia or BPH.
"The UroLift System is a breakthrough minimally invasive treatment that typically takes less than an hour and can offer multiple benefits for men with enlarged prostate - no cutting, heating, or removal of tissue, minimal downtime, no compromise of sexual function, and no need for continued medications," said Dr. Kuang. "I am proud to be a national leader offering this breakthrough treatment option."
Nearly 40 million men in the United States are affected by BPH. Not to be confused with prostate cancer, BPH occurs when the prostate gland that surrounds the male urethra becomes enlarged with advancing age and begins to obstruct the urinary system. Symptoms of BPH often include interrupted sleep and urinary problems, and can cause loss of productivity, depression and decreased quality of life.
Five-year data from a randomized study shows the UroLift System offers not only rapid improvement, but also durable relief for patients with BPH. After five years, patients treated with the UroLift System continue to experience symptom relief with minimal side effects, with few patients requiring an additional procedure for relief. A second randomized clinical trial called BPH6 demonstrated that the minimally invasive UroLift System compares very well to the reference standard surgery, transurethral resection of the prostate (TURP), with regard to efficacy, and is superior to TURP at preserving sexual function and offering a more rapid recovery.
Medication is often the first-line therapy for enlarged prostate, but relief can be inadequate and temporary. Side effects of medication treatment can include sexual dysfunction, dizziness and headaches, prompting many patients to quit using the drugs. For these patients, the classic alternative is surgery that cuts, heats or removes prostate tissue to open the blocked urethra. While current surgical options can be very effective in relieving symptoms, they can also leave patients with permanent side effects such as urinary incontinence, erectile dysfunction and retrograde ejaculation.
About the UroLift System
NeoTract's FDA-cleared UroLift System is a novel, minimally invasive technology for treating lower urinary tract symptoms due to benign prostatic hyperplasia (BPH). The UroLift permanent implants, delivered during a minimally invasive transurethral outpatient procedure, relieve prostate obstruction and open the urethra directly without cutting, heating, or removing prostate tissue. Clinical data from a pivotal 206-patient randomized controlled study showed that patients with enlarged prostate receiving UroLift implants reported rapid and durable symptomatic and urinary flow rate improvement without compromising sexual function. Patients also experienced a significant improvement in quality of life. Most common adverse events reported include hematuria, dysuria, micturition urgency, pelvic pain, and urge incontinence. Most symptoms were mild to moderate in severity and resolved within two to four weeks after the procedure. The UroLift System is available in the U.S., Europe, Australia, Canada, Mexico and South Korea. Learn more at http://www.UroLift.com.
About MD for Men
A men's health center empowering men with the guest experience to evolve fearlessly into the best version of themselves to positively impact their personal, professional, community and global relationships. Specializing in Vasectomy, Enlarged Prostate, Testosterone Balancing & Sexual Health. Learn more at http://www.mdformen.com
# # #
Media Contact:
Amy Cramer
M: 650-391-3714
Amy(at)healthandcommerce(dot)com Reported by PRWeb 3 hours ago.
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Delivery Hero AG: Placement price for new shares issued in connection with existing stock option program and sold for option holders has been set
DGAP-News: Delivery Hero AG / Key word(s): Capital Increase
12.03.2018 / 22:12
The issuer is solely responsible for the content of this announcement.
--------------------
*Delivery Hero AG: Placement price for new shares issued in connection with existing stock option program and sold for option holders has been set*
*Berlin, March 12, 2018* - As announced today, the management board of Delivery Hero AG ("Delivery Hero"), with the consent of the supervisory board, resolved to issue new shares under exclusion of shareholders' subscription rights with regard to the existing stock option program for current and former employees, directors and supporters of Delivery Hero and its subsidiaries. 1,366,311 new ordinary registered shares ("New Shares"), representing approx. 0.75% of Delivery Hero's share capital, will be issued to beneficiaries of the stock option program who have exercised their stock options. Delivery Hero's share capital will be increased by an amount of EUR 1,366,311 from EUR 182,498,900 to EUR 183,865,211.
1,263,111 of these New Shares have been placed with institutional investors through an accelerated bookbuilt offering upon direction and for the benefit of certain beneficiaries, mainly former employees, directors and supporters, inter alia, so that they can finance the exercise prices and income taxes. The placement price for the New Shares was set at EUR 38,50. UniCredit Bank AG acted as Sole Bookrunner on the share placement.
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to buy any securities. The securities have already been sold.
This publication may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Canada, Japan or Australia or any other jurisdiction where such announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Delivery Hero AG or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities referred to herein may not be offered or sold in the United States of America in the absence of registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). The securities of Delivery Hero AG have not been, and will not be, registered under the Securities Act.
In the United Kingdom, this announcement is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as 'Relevant Persons'). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
In member states of the European Economic Area which have implemented Directive 2003/71/EC and any amendments thereto, in particular, Directive 2010/73/EU, this announcement and any offer, if made subsequently, is directed exclusively at persons who are 'qualified investors' within the meaning of the Prospectus Directive.
No action has been taken that would permit an offering or acquisition of the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero AG ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes,""estimates,""anticipates,""expects,""intends,""may,""will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero AG and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
In connection with the transaction described above (the 'Placement'), UniCredit Bank AG is acting exclusively for Delivery Hero AG. It will not regard any other person as its clients in relation to the transaction and will neither be responsible nor provide protection to anyone other than Delivery Hero AG, nor will it provide advice to anyone other than Delivery Hero AG in relation to the Placement, the contents of this announcement or any other matter referred to herein.
In connection with the Placement, UniCredit Bank AG and any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase securities of Delivery Hero AG and may otherwise deal for their own accounts. Accordingly, references to the securities issued or sold should be read as including any issue, offer or sale to UniCredit Bank AG and any of its affiliates acting as investors for their own accounts. In addition UniCredit Bank AG or its affiliates may enter into financing arrangements and swaps with investors in connection with which UniCredit Bank AG (or its affiliates) may from time to time acquire, hold or dispose of Delivery Hero AG's shares. UniCredit Bank AG does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
Neither UniCredit Bank AG nor any of its directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or, with limited exception, other information relating to Delivery Hero AG, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
Contact:
Bodo v. Braunmühl
Head of Corporate Communications --------------------
12.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: Delivery Hero AG
Oranienburger Straße 70
10117 Berlin
Germany
Phone: +49 (0)30 5444 59 000
Fax: +49 (0)30 5444 59 024
E-mail: info@deliveryhero.com
Internet: www.deliveryhero.com
ISIN: DE000A2E4K43
WKN: A2E4K4
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service Reported by EQS Group 2 hours ago.
12.03.2018 / 22:12
The issuer is solely responsible for the content of this announcement.
--------------------
*Delivery Hero AG: Placement price for new shares issued in connection with existing stock option program and sold for option holders has been set*
*Berlin, March 12, 2018* - As announced today, the management board of Delivery Hero AG ("Delivery Hero"), with the consent of the supervisory board, resolved to issue new shares under exclusion of shareholders' subscription rights with regard to the existing stock option program for current and former employees, directors and supporters of Delivery Hero and its subsidiaries. 1,366,311 new ordinary registered shares ("New Shares"), representing approx. 0.75% of Delivery Hero's share capital, will be issued to beneficiaries of the stock option program who have exercised their stock options. Delivery Hero's share capital will be increased by an amount of EUR 1,366,311 from EUR 182,498,900 to EUR 183,865,211.
1,263,111 of these New Shares have been placed with institutional investors through an accelerated bookbuilt offering upon direction and for the benefit of certain beneficiaries, mainly former employees, directors and supporters, inter alia, so that they can finance the exercise prices and income taxes. The placement price for the New Shares was set at EUR 38,50. UniCredit Bank AG acted as Sole Bookrunner on the share placement.
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to buy any securities. The securities have already been sold.
This publication may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Canada, Japan or Australia or any other jurisdiction where such announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Delivery Hero AG or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities referred to herein may not be offered or sold in the United States of America in the absence of registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). The securities of Delivery Hero AG have not been, and will not be, registered under the Securities Act.
In the United Kingdom, this announcement is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as 'Relevant Persons'). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
In member states of the European Economic Area which have implemented Directive 2003/71/EC and any amendments thereto, in particular, Directive 2010/73/EU, this announcement and any offer, if made subsequently, is directed exclusively at persons who are 'qualified investors' within the meaning of the Prospectus Directive.
No action has been taken that would permit an offering or acquisition of the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero AG ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes,""estimates,""anticipates,""expects,""intends,""may,""will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero AG and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
In connection with the transaction described above (the 'Placement'), UniCredit Bank AG is acting exclusively for Delivery Hero AG. It will not regard any other person as its clients in relation to the transaction and will neither be responsible nor provide protection to anyone other than Delivery Hero AG, nor will it provide advice to anyone other than Delivery Hero AG in relation to the Placement, the contents of this announcement or any other matter referred to herein.
In connection with the Placement, UniCredit Bank AG and any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase securities of Delivery Hero AG and may otherwise deal for their own accounts. Accordingly, references to the securities issued or sold should be read as including any issue, offer or sale to UniCredit Bank AG and any of its affiliates acting as investors for their own accounts. In addition UniCredit Bank AG or its affiliates may enter into financing arrangements and swaps with investors in connection with which UniCredit Bank AG (or its affiliates) may from time to time acquire, hold or dispose of Delivery Hero AG's shares. UniCredit Bank AG does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
Neither UniCredit Bank AG nor any of its directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or, with limited exception, other information relating to Delivery Hero AG, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
Contact:
Bodo v. Braunmühl
Head of Corporate Communications --------------------
12.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: Delivery Hero AG
Oranienburger Straße 70
10117 Berlin
Germany
Phone: +49 (0)30 5444 59 000
Fax: +49 (0)30 5444 59 024
E-mail: info@deliveryhero.com
Internet: www.deliveryhero.com
ISIN: DE000A2E4K43
WKN: A2E4K4
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service Reported by EQS Group 2 hours ago.
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Irish tourists accused of scams leave Australia
A group of Irish tourists who are accused of being part of a series of thefts and scams across Queensland have left the country.Police told news.com.au a number of the group have left the country but could not confirm exactly...
Reported by New Zealand Herald 2 hours ago.
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Australia's new strategy towards Asean
When Australia looks to the north, what does it see? Southeast Asia, of course. But the region is no longer the geographic landmass in its front yard comprised of 10 countries governed by different political systems and cultural values to its own. From next week onward, Southeast Asian countries, each with a unique domestic dynamic, will become the nexus of Australian foreign policy.
Reported by Bangkok Post 36 minutes ago.
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Comet Ridge gas flow rate continues to climb from Mira pilot well
Comet Ridge Ltd (ASX:COI) is benefitting from an increasing gas flow rate from the Mira 6/2 vertical horizontal combination pilot well at its Mahalo Coal Seam Gas project in Queensland. Notably, the gas flow rate continues to climb towards 1 million cubic feet per day (scf/d) confirming it as the best performing gas producer in Mahalo Block. The climbing gas rate supports the significance of the recent large reserves and resources upgrade. Mira 6/2 well combination passed 840,000 scf/d Gas production from the Mira 6/2 well combination had just passed 840,000 scf/d and was still rising. Tor McCaul, managing director, said: “Production from this well continues to exceed our expectations, reducing the implied capital cost of developing the Mahalo Gas Project.” McCaul also said although the bottom-hole pressure in Mira 6/2 had been steadily reducing, there was still significant further scope for gas production at Mira to continue climbing. Maholo is close to infrastructure The Mahalo project is located 240 kilometres west of Gladstone in the southern Bowen Basin. The project is close to infrastructure with pipeline connections to the Gladstone domestic and LNG market a short distance to both the west and south of the two pilot schemes. Comet Ridge owns 40% of the Maholo project alongside Australia Pacific LNG Pty Ltd (30%) and Santos QNT Pty Ltd (30%).
Reported by Proactive Investors 2 hours ago.
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No1 Search Engine Listing Reviews Webfire 3.0, The Lazy Man's Way To Do It Yourself SEO Tool
PERTH, Australia, March 12, 2018 (GLOBE NEWSWIRE) -- WebFire 3.0 is a must-have all-in-one SEO tool for people that desire to rank in search engines without extensive knowledge or background of SEO and SEO tools.Website not getting traffic? No problem! Use WebFire 3.0! Sounds fancy but how did it help us? Here is our Webfire 3.0 Review:
WebFire 3.0 gathered what SEO enthusiasts do and made a tool specifically built for non-techy website owners and everything put into one place.
Save time by hopping onto several keyword research tools, WebFire 3.0 has it.
We love how the keyword research tool generates 50 top related searched keywords based on one keyword you want to target. It's a no-brainer, You just have to type one keyword, and every other keyword will be shown in the reports. It allows you to specify the location, and it will only show the keywords being searched on a specific area. The best thing about it is it will show you how many competitors for that certain keyword. That will tell if you should go after that particular keyword or not.
There are approximately 30 tools that you can see in WebFire 3.0, and almost all of them are very useful. It's just amazing how unique this marketing tool is. WebFire 3.0 analyzes incoming and outgoing link popularity, keyword density ratio on the web page and title tags and predict rankings. These features are pretty unique and aren't usually found in search engine software programs.
For a Do it yourself SEO or a professional search engine optimizer or someone who likes to work out how the top ranked pages achieved their rankings without exerting much effort, then WebFire 3.0 is highly recommend for your marketing arsenal.
Youtube Video: https://www.youtube.com/watch?list=PLp3mzvc01hNR09ASF0AlfTj-srrwjzPDZ&v=0R00sbv38cs
*Organization: No1 Search Engine Listing*
*Address: Perth, Australia*
*Phone: +61 422167724*
*http://www.no1searchenginelisting.com*
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/34b35e56-b072-428a-938c-fb47f58283fe Reported by GlobeNewswire 2 hours ago.
WebFire 3.0 gathered what SEO enthusiasts do and made a tool specifically built for non-techy website owners and everything put into one place.
Save time by hopping onto several keyword research tools, WebFire 3.0 has it.
We love how the keyword research tool generates 50 top related searched keywords based on one keyword you want to target. It's a no-brainer, You just have to type one keyword, and every other keyword will be shown in the reports. It allows you to specify the location, and it will only show the keywords being searched on a specific area. The best thing about it is it will show you how many competitors for that certain keyword. That will tell if you should go after that particular keyword or not.
There are approximately 30 tools that you can see in WebFire 3.0, and almost all of them are very useful. It's just amazing how unique this marketing tool is. WebFire 3.0 analyzes incoming and outgoing link popularity, keyword density ratio on the web page and title tags and predict rankings. These features are pretty unique and aren't usually found in search engine software programs.
For a Do it yourself SEO or a professional search engine optimizer or someone who likes to work out how the top ranked pages achieved their rankings without exerting much effort, then WebFire 3.0 is highly recommend for your marketing arsenal.
Youtube Video: https://www.youtube.com/watch?list=PLp3mzvc01hNR09ASF0AlfTj-srrwjzPDZ&v=0R00sbv38cs
*Organization: No1 Search Engine Listing*
*Address: Perth, Australia*
*Phone: +61 422167724*
*http://www.no1searchenginelisting.com*
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/34b35e56-b072-428a-938c-fb47f58283fe Reported by GlobeNewswire 2 hours ago.
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White Cliff Minerals directors continue to demonstrate confidence in company through on-market purchases
White Cliff Minerals Ltd (ASX:WCN) directors continue to demonstrate their confidence in the company by acquiring shares on-market. Chairman Michael Langoulet has acquired a further 1.5 million shares at 0.4 cents each, taking his holdings to more than 60.5 million shares. Managing director Todd Hibberd has acquired more than 2.498 million additional shares on-market at 0.4 cents each, taking his total holdings to more than 68.5 million shares. READ: White Cliff Minerals continues to receive buying support on-market from its board These purchases represent the fourth and fifth examples of recent buying activity by the two directors. Earlier this month Langoulet purchased two parcels of 2.5 million shares while Hibberd also acquired 2.5 million. Rights issue to raise up to $1.66 million They come as the company embarks on a rights issue to raise up to $1.66 million. White Cliff is issuing one new share for every six shares held at an issue price of 0.3 cents each. For each new share shareholders will also receive one free attaching option with an exercise price of 1 cent and an expiry date of 30 June 2019. Closing date for acceptances is 22 March The prospectus has been sent to eligible White Cliff shareholders and the closing date for acceptances to be received by the company is 22 March 2018. Notably, the rights issue is underwritten up to the value of $1 million. White Cliff Minerals has battery metals and gold interests in Western Australia as well as gold interests in the Kyrgyz Republic. White Cliff has battery metals and gold interests in Western Australia. READ: White Cliff Minerals prepares for 3,000 metres of drilling at Coglia Well cobalt nickel project Statutory approvals were recently received for an initial 3,000-metre drilling program at its Coglia Well cobalt and nickel project in Western Australia. Drilling undertaken at the prospect in 2016 identified widespread cobalt and nickel mineralisation over an area 2,500 metres in length and 500 metres in width. Some of the better intersections included 28 metres at 0.12% cobalt and 0.55% nickel from 60 metres and 12 metres at 2.18% nickel and 0.06% cobalt. Coglia Well is in highly prospective territory 70 kilometres southeast of Laverton in the Northeast Goldfields. Further drilling approvals sought Drilling approvals are also being sought for the Coronation Dam and Ghan Well cobalt nickel projects. White Cliff is planning air-core and RC programs for these projects with 3D geological and orebody models are being generated.
Reported by Proactive Investors 1 hour ago.
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De Gruyter Now Prints in the US and Australia via Ingram’s Lightning Source
MELBOURNE, Australia--(BUSINESS WIRE)--De Gruyter has expanded its global presence in the United States and Australia by tapping into print on demand services from Lightning Source LLC.
Reported by Business Wire 2 hours ago.
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Fanhua Reports Fourth Quarter and Fiscal Year 2017 Unaudited Financial Results And Declares Quarterly Dividend
GUANGZHOU, China, March 12, 2018 (GLOBE NEWSWIRE) -- Fanhua Inc., (Nasdaq:FANH), (the "Company" or "Fanhua"), a leading independent online-to-offline ("O2O") financial services provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2017^1.On March 9, 2018, its Board of Directors declared a quarterly dividend of US$0.01 per ordinary share, or US$0.20 per ADS, amounting to a total of US$13.0 million, which represents 66.7% of the Company's net income attributable to shareholders for the fourth quarter of 2017. The dividend will be payable on or around April 10, 2018 to shareholders of record on March 26, 2018.
*Financial Highlights for** the Fourth Quarter of **2017**:*
(In thousands, except per ADS) *2016Q4*
*(RMB)* *2017Q4*
*(RMB)* *2017Q4*
*(US$)* *Change %*
Total net revenues 1,323,378 690,476 106,124 -47.8
Operating income 21,344 62,143 9,551 191.1
Net income attributable to
the Company’s shareholders^2 74,594 126,874 19,500 70.1
Diluted net income per ADS 1.23 1.98 0.30 61.0
*Financial Highlights for** Year **2017**:*
(In thousands, except per ADS) *2016*
*(RMB)* *2017*
*(RMB)* *2017*
*(US$)* *Change %*
Total net revenues 4,082,884 4,088,473 628,386 0.1
Operating (loss) income (8,466 ) 273,136 41,980 N/A
Net income attributable to
the Company’s shareholders 157,047 449,228 69,045 186.0
Diluted net income per ADS 2.60 7.29 1.13 180.4
Commenting on the fourth quarter and fiscal year 2017 financial results, Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, "Owing to strong performance in the past four quarters, our total operating income in 2017 grew to RMB273.1 million, far above our previous expectation of RMB180 million, and net income attributable to shareholders grew by 186.0% year-over-year to RMB449.2 million. "During the fourth quarter of 2017, the Chinese life insurance industry reported single digit year-over-year growth of 2.4% following the implementation of Circular No. 134, which banned the fast-return feature of annuity and endowment insurance products and prohibited life insurers from selling universal life insurance as an add-on to regular life policies. Against this backdrop, we still achieved 50% year-over-year growth in life insurance premiums in the same period which contributed to year-over-year growth of approximately 191.1% to RMB62.1 million in our operating income, once again beating guidance.
"As we enter 2018, new premiums were down across the life insurance market during the Jumpstart sales season, due to the drastic decline in the sales of annuity and universal products which used to be the major contributors behind the rapid growth in life insurance premiums in the past two years. Sales in these products have decreased mainly as a result of high bond yields and CIRC-guided product changes towards higher protection features in new product design. Despite that, we believe that the structural growth of the life insurance market will continue as there is still significant room for more growth in the sales of protection-oriented life insurance products.
"As for Fanhua, protection-oriented insurance products have always been and will continue to be our focus. With continued growth in the life insurance business, we are optimistic that our operating income will grow by approximately 40% year-over-year in 2018."
*Financial Results for the **Fourth Quarter of **2017*
*Total net revenues *were RMB690.5 million (US$106.1 million) for the fourth quarter of 2017, representing a decrease of 47.8% from RMB1,323.4 million for the corresponding period in 2016.
· *Net revenues for the **life **insurance **business *were RMB490.3 million (US$75.4 million) for the fourth quarter of 2017, representing an increase of 35.3% from RMB362.3 million for the corresponding period in 2016. The increase was due to the growth in the number of sales agents and the rapid growth of renewal commissions. Revenues generated from our life insurance business accounted for 71.0% of our total net revenues in the fourth quarter of 2017.· *Net revenues for the P&C insurance business* were RMB101.9 million (US$15.7 million) for the fourth quarter of 2017, representing a decrease of 88.1% from RMB857.4 million for the corresponding period in 2016. The decrease was primarily due to i) our decision to terminate lower margin channel businesses starting from the second quarter of 2017 and ii) implementation of a platform business model for our auto insurance business beginning the fourth quarter of 2017. Under the new platform business model, we no longer enter into contracts with property and casualty insurance companies for the distribution of auto insurance products through our individual sales agents to earn profits from the commission spread. Rather, we operate CNpad as a public auto insurance transaction platform which connects insurance distributors with our sales agents and charge insurance distributors technology service fees based on the volume of insurance premiums they transact through CNpad. A technology service fee is typically much smaller than the commission we previously received from insurance companies, though our costs are minimal. Revenues generated from the P&C insurance business accounted for 14.8% of our total net revenues in the fourth quarter of 2017.· *Net revenues for the claims adjusting business *were RMB98.3 million (US$15.1 million) for the fourth quarter of 2017, representing a decrease of 5.2% from RMB103.7 million for the corresponding period in 2016. Revenues generated from the claims adjusting business accounted for 14.2% of our total net revenues in the fourth quarter of 2017.
*Total operating costs and expenses* were RMB628.3 million (US$96.6 million) for the fourth quarter of 2017, representing a decrease of 51.7% from RMB1,302.0 million for the corresponding period in 2016.
· *Commission costs* were RMB456.4 million (US$70.1 million) for the fourth quarter of 2017, representing a decrease of 53.9% from RMB989.8 million for the corresponding period in 2016. The decrease in commission cost was mainly due to the decrease in P&C insurance business, partially offset by the growth of life insurance business.
*
- Costs of the life insurance business *were RMB314.5 million (US$48.3 million) for the fourth quarter of 2017, representing an increase of 28.3% from RMB245.1 million for the corresponding period in 2016. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 68.9% of our total commission costs in the fourth quarter of 2017.
*- Costs of **the **P&C insurance business* were RMB84.2 million (US$12.9 million) for the fourth quarter of 2017, representing a decrease of 87.8% from RMB687.5 million for the corresponding period in 2016. The decrease was primarily due to the implementation of a platform business model for our P&C insurance business whereby no cost is incurred for the platform model. Costs incurred by the P&C insurance business accounted for 18.5% of our total commission costs in the fourth quarter of 2017.
*- Costs of claims adjusting business* were RMB57.6 million (US$8.9 million) for the fourth quarter of 2017, representing an increase of 0.5% from RMB57.3 million for the corresponding period in 2016. Costs incurred by the claims adjusting business accounted for 12.6% of our total commission costs in the fourth quarter of 2017.· *Selling expenses *were RMB61.5 million (US$9.5 million) for the fourth quarter of 2017, representing a decrease of 63.4% from RMB168.1 million for the corresponding period in 2016. The decrease was primarily because promotional marketing subsidies were paid to sales agents in the fourth quarter of 2016 for selling auto insurance policies while there was no such promotional marketing plan in 2017.· *Gen**eral and administrative e**x**penses *were RMB110.4 million (US$17.0 million) for the fourth quarter of 2017, representing a decrease of 23.4% from RMB144.1 million for the corresponding period in 2016. The decrease was primarily due to a significant reduction in expenses related to P&C insurance agencies as a result of the disposal of our P&C insurance agency subsidiaries in the fourth quarter of 2017, partially offset by an increase in expenses incurred for setting up new offices and staff recruitment as a result of regional expansion.
As a result of the preceding factors, we had an *operating income *of RMB62.1 million (US$9.6 million) for the fourth quarter of 2017, representing an increase of 191.1% from RMB21.3 million for the corresponding period in 2016.
*Operating margin* was 9.0% for the fourth quarter of 2017, compared to 1.6% for the corresponding period in 2016.
*Investment income* was RMB39.5 million (US$6.1 million) for the fourth quarter of 2017, representing a decrease of 26.6% from RMB53.8 million for the corresponding period in 2016. The investment income represented yields from short-term investments in financial products which mainly consist of inter-bank deposits or collective trust products with terms ranging from half a year to two years and interest payable on a quarterly, semi-annual or annual basis. Our investment income fluctuates from quarter to quarter because investment income is recognized when received.
*Interest income* was RMB12.4 million (US$1.9 million) for the fourth quarter of 2017, representing an increase of 40.3 times from RMB0.3 million for the corresponding period in 2016, primarily due to interest related to amounts due from Sincere Fame International Limited ("Sincere Fame") and Shenzhen Chuangjia Investment Limited Partnership, which beneficially owns 84.6% of Fanhua Puyi Fund Sales Limited.
*Income tax expense* was RMB38.1 million (US$5.9 million) for the fourth quarter of 2017, representing an increase of 102.7% from RMB18.8 million for the corresponding period in 2016. The effective tax rate for the fourth quarter of 2017 was 32.9% compared with 25.1% for the corresponding period in 2016. The increase in effective tax rate was primarily due to the withholding income tax provided pursuant to dividend payments in the fourth quarter of 2017.
*Share of income of affiliates *was RMB55.2 million (US$8.5 million) for the fourth quarter of 2017, representing an increase of 297.1% from RMB13.9 million for the corresponding period in 2016, mainly attributable to an increase of profits from Sincere Fame, a company in which we own 20.6% of the equity interest.
*Net income from continuing operations* was RMB132.9 million (US$20.4 million) for the fourth quarter of 2017, representing an increase of 89.3% from RMB70.2 million for the corresponding period in 2016.
*Net loss (income) from discontinued operations* was RMB1.2 million (US$0.2 million) for the fourth quarter of 2017, mainly representing the loss from disposal of the brokerage segment in the fourth quarter. Net income from discontinued operation was RMB11.7 million for the corresponding period in 2016, representing net income from operation of brokerage segment contribute to the Company.
*Net income attributable to the Company’s shareholders* was RMB126.9 million (US$19.5 million) for the fourth quarter of 2017, representing an increase of 70.1% from RMB74.6 million for the corresponding period in 2016.
*Net margin* was18.4% for the fourth quarter of 2017 compared with 5.6% for the corresponding period in 2016.
*Basic **and diluted **net income per ADS* were RMB1.98 (US$0.30) and RMB1.98 (US$0.30) for the fourth quarter of 2017, respectively, representing increases of 54.7% and 61.0% from RMB1.28 and RMB1.23 for the corresponding period in 2016.
*Financial Results for **Year **2017*
*Total net revenues *were RMB4,088.5 million (US$628.4 million) for 2017, representing an increase of 0.1% from RMB4,082.9 million for the corresponding period in 2016.
· *Net revenues for the **life **insurance **business *were RMB2,424.4 million (US$372.6 million) for 2017, representing an increase of 144.8% from RMB990.5 million in 2016. The increase was due to the growth in the number of sales agents and rapid growth of new policy sales. Revenues generated from our life insurance business accounted for 59.3% of our total net revenues in 2017.· *Net revenues for the P&C insurance business* were RMB1,355.8 million (US$208.4 million) for 2017, representing a decrease of 50.8% from RMB2,755.9 million in 2016. The decrease was primarily due to i) our decision to terminate lower margin channel businesses starting from the second quarter of 2017; ii) implementation of a platform business model for our auto insurance business beginning the fourth quarter of 2017; and iii) the suspension of business cooperation with PICC Property and Casualty Company Limited (“PICC P&C”) starting from March 1, 2017. Revenue generated from our P&C insurance business accounted for 33.2% of our total net revenue in 2017.· *Net revenues for the claims adjusting business *were RMB308.3 million (US$47.4 million) for 2017, representing a decrease of 8.4% from RMB336.4 million in 2016. Revenues generated from the claims adjusting business accounted for 7.5% of our total net revenues in 2017.
*Total operating costs and expenses* were RMB3,815.3 million (US$586.4 million) for 2017, representing a decrease of 6.7% from RMB4,091.4 million in 2016.
· *Commission costs* were RMB3,059.4 million (US$470.2 million) for 2017, representing a decrease of 1.5% from RMB3,106.6 million in 2016. The decrease in commission cost was mainly due to the decrease in our P&C insurance business, partially offset by the growth of our life insurance business.
*
- Costs of the life insurance business *were RMB1,636.3 million (US$251.5 million) for 2017, representing an increase of 143.1% from RMB673.2 million in 2016. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 53.5% of our total commission costs in 2017.
*- Costs of **the **P&C insurance business* were RMB1,228.5 million (US$188.8 million) for 2017, representing a decrease of 45.0% from RMB2,233.6 million in 2016. The decrease was primarily due to the implementation of a platform business model for our P&C insurance business under which no costs are incurred. Costs incurred by the P&C insurance business accounted for 40.1% of our total commission costs in 2017.
*- Costs of claims adjusting business* were RMB194.5 million (US$29.9 million) for 2017, representing a decrease of 2.7% from RMB199.8 million in 2016. Costs incurred by the claims adjusting business accounted for 6.4% of our total commission costs in 2017.· *Selling expenses *were RMB221.8million (US$34.1 million) for 2017, representing a decrease of 55.9% from RMB502.8 million in 2016. The decrease was primarily because promotional marketing subsidies were paid to sales agents in the fourth quarter of 2016 for selling auto insurance policies while there was no such promotional marketing plan in 2017.· *Gen**eral and administrative e**x**penses *were RMB534.1million (US$82.1 million) for 2017, representing an increase of 10.8% from RMB481.9 million in 2016. The increase was primarily due to an increase in expenses incurred for setting up new offices and staff recruitment as a result of regional expansion offset by the reduction in expenses related to P&C insurance agencies as a result of the disposal of most of our P&C insurance agency subsidiaries in the fourth quarter of 2017.
As a result of the preceding factors, we had an *operating income *of RMB273.1 million (US$42.0 million) for 2017, compared with an operating loss of RMB8.5 million in 2016.
*Operating margin* was 6.7% for 2017, compared to negative 0.2% in 2016.
*Investment income* was RMB191.8million (US$29.5 million) for 2017, representing an increase of 66.3% from RMB115.3 million in 2016. The investment income represented yields from short-term investments in financial products which mainly consist of inter-bank deposits or collective trust products with terms ranging from half-a-year to two years and interest payable on a quarterly, semi-annual or annual basis. Our investment income fluctuates from quarter to quarter because investment income is recognized when received.
*Interest income* was RMB25.9 million (US$4.0 million) for 2017, representing an increase of 275.4% from RMB6.9 million in 2016, primarily due to interest related to amounts due from Sincere Fame International Limited ("Sincere Fame") and Shenzhen Chuangjia Investment Limited Partnership, which beneficially owns 84.6% of Fanhua Puyi Fund Sales Limited.
*Income tax expense* was RMB167.8 million (US$25.8million) for 2017, representing an increase of 516.9% from RMB27.2 million in 2016. The effective tax rate for 2017 was 33.2% compared with 22.0% in 2016. The increase in effective tax rate was primarily due to the withholding income tax provision related to dividend payments for the second half of 2017.
*Share of income of affiliates *was RMB108.9 million (US$16.7 million) for 2017, representing an increase of 125.5% from RMB48.3 million in 2016, mainly attributable to an increase of profits from Sincere Fame, a company in which we own 20.6% of the equity interest.
*Net income from continuing operations* was RMB446.2 million (US$68.6 million) for 2017, representing an increase of 207.5% from RMB145.1 million in 2016.
*Net income from discontinued operations *was RMB5.5 million (US$0.8 million) for 2017, mainly representing net income from operation of Brokerage Segment contribute to the Company. Net income from discontinued operation was RMB22.5 million in 2016, representing net income from operation of Brokerage Segment contribute to the Company.
*Net income attributable to the Company’s shareholders* was RMB449.2 million (US$69.0 million) for 2017, representing an increase of 186.0% from RMB157.0 million in 2016.
*Net margin* was 11.0% for 2017 compared with 3.8% in 2016.
*Basic **and diluted **net income per ADS* were RMB7.29 (US$1.13) and RMB7.29 (US$1.13) for 2017, respectively, representing increases of 169.0% and 180.4% from RMB2.71 and RMB2.60 in 2016.
As of December 31, 2017, the Company had RMB2,862.5 million (US$440.0 million) in *cash, cash** equivalents and short term investments**.*
*Key Operational Metrics for Fanhua's Online Initiatives for 2017**: *
· *CNpad Auto Insurance Mobile Application("CNpad Auto Insurance App") - Our proprietary mobile sales support system:
**- CNpad Auto Insurance App *had been downloaded and activated 365,282 times as of December 31, 2017, representing an increase of 72.0% from 212,317 times as of December 31, 2016;
*- The number of active users of CNpad Auto Insurance App*^3* *was 158,778 in 2017, representing an increase of 103.0% from 78,216 in 2016;
*- I**nsurance premiums generated through **CNpad Auto Insurance **App* were RMB2.7 billion (US$413.5 million) in 2017, representing a decrease of 11.7% from RMB3.0 billion for 2016.· *Lan Zhanggui - Our one-stop insurance service platform that integrates the key functions of both CNpad Auto Insurance and CNpad Life Insurance App, which was launched in October 2017. All CNpad Life Insurance App accounts have been converted to Lan Zhanggui.
**- Lan Zhanggui *had been downloaded and activated 493,360 times as of December 31, 2017, representing an increase of 132.4% from 212,317 times of downloads of CNpad Life Insurance App as of December 31, 2016;
*- The number of active users of Lan Zhanggui*^4 was 126,603 in 2017, representing an increase of 62.0% from 78,126 active users of CNpad Life Insurance App in 2016;
*- I**nsurance premiums generated through **Lan Zhanggui* were RMB2.2 billion (US$340.9 million) in 2017, representing an increase of 194.0% from RMB754.4 million generated through CNpad Life Insurance App for 2016.· *eHuzhu - Our online non-profit mutual aid platform:
**- The number of registered members *was 2.7 million as of December 31, 2017, representing an increase of 101.5% from 1.4 million as of December 31, 2016.· *Baoxian.com** - Our online insurance platform:
**- The number of registered customer accounts *was 1.5 million as of December 31, 2017, representing an increase of 104.1% from approximately 0.7 million as of December 31, 2016.
*- The number of active customer accounts*^5 was 185,611 in 2017, representing an increase of 17.0% from 158,683 in 2016;
*- Insurance premiums generated on or through Baoxian.com *was RMB727.0 million (US$111.7 million) in 2017, representing an increase of 697.1% from RMB91.2 million in 2016.
*Recent Developments*
· As of December 31, 2017, Fanhua had 506,231 sales agents and 1,226 professional claims, compared with 231,592 sales agents and 1,304 claims adjusters as of December 31, 2016. As of December 31, 2017, Fanhua's distribution network consisted of 502 sales outlets in 21 provinces and 144 services outlets in 29 provinces, compared with 746 sales outlets in 21 provinces and 161 service outlets in 29 provinces as of December 31, 2016.· On December 13, 2017, Fanhua signed a Strategic Partnership Agreement with Aeon Life Insurance Limited, pursuant to which both parties will engage in a deep and comprehensive cooperation in a wide range of areas including product sales, technology service and product design to provide best quality insurance products and services to a broader customer base.
· On November 17, 2017, Fanhua won the Influential Insurance Brands Award 2017 at the 12th Insurance Innovation Awards Ceremony, one of the most authoritative and prestigious events in the insurance industry. The panel of judges for the awards included experts in insurance and brand culture as well as the financial media.
*Busine**ss Outlook*
Fanhua expects its operating income to be no less than RMB80.0 million for the first quarter of 2018. This forecast reflects Fanhua’s current view, which is subject to change.
*Conference Call *
The Company will host a conference call to discuss its fourth quarter 2017 financial results as per the following details.
Time: 9:00 PM Eastern Daylight Time on March 12, 2018or 9:00 AM Beijing/Hong Kong Time on March 13, 2018The toll free dial-in numbers:
United States 1-855-500-8701
United Kingdom 0800-015-9724
France 0800-918-648
Germany 0800-184-4876
Australia 1-300-713-759
Canada 1-855-757-1565
Taiwan 0080-665-1951
Hong Kong 800-906-606
The toll dial-in numbers:
China (Mainland) 400-120-0654
Singapore & Other Areas +852-3018-6776
Conference ID #: 6671677
Additionally, a live and archived web cast of this call will be available at:
http://ir.cninsure.net/events.cfm
*About Fanhua Inc.*
Fanhua Inc. is a leading independent online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services to individuals and businesses, including property and casualty and life insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations.
Our online platforms include (1) CNpad, a mobile sales support application, (2) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.
As of December 31, 2017, our distribution and service network is consisted of 646 sales and service outlets covering 29 provinces.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.
*Forward-looking Statements *
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
*FANHUA** INC.
**Unaudited **Condensed Consolidated Balance Sheets
**(In thousands)*
*As of **December 31**,* *As of **December 31**,* *As of **December 31**,*
*201**6* *2017* *2017*
*RMB* *RMB* *US$*
ASSETS:
*Current assets:*
Cash and cash equivalents 236,952 363,746 55,907
Restricted cash 31,996 75,287 11,571
Short term investments 2,797,842 2,498,730 384,048
Accounts receivable, net 501,804 515,194 79,184
Insurance premium receivables 187 4,325 665
Other receivables 49,094 631,381 97,041
Amounts due from related parties 32,495 — —
Other current assets 31,230 43,864 6,742
Current assets held for sale^6 12,964 — —
*Total current assets* *3,694,564* *4,132,527* *635,158*
* * * * * * * *
*Non-current assets:*
Property, plant, and equipment, net 31,338 26,075 4,008
Goodwill and intangible assets, net 181,549 127,079 19,532
Deferred tax assets 8,277 2,091 321
Investment in affiliates 294,576 404,783 62,214
Other non-current assets 28,188 45,187 6,945
Non-current assets held for sale 76 — —
*Total non-current assets* *544,004* *605,215* *93,020*
*Total assets* *4,238,568* *4,737,742* *728,178*
*FANHUA INC. **
**Unaudited*** Condensed Consolidated Balance Sheets****-(Continued)**
**
(In thousands)**
*As of December 31,* *As of December 31,* *As of December 31,*
*2016* *2017* *2017*
* * *RMB* *RMB* *US$*
*Current liabilities:*
Accounts payable 240,952 203,024 31,204
Insurance premium payables 3,750 9,553 1,468
Other payables and accrued expenses 273,458 241,894 37,178
Accrued payroll 58,758 77,424 11,900
Income tax payable 90,118 129,965 19,975
Current liabilities held for sale 80,083 — —
*Total current liabilities* *747,119* *661,860* *101,725*
* * * *
*Non-current liabilities:* * *
Other tax liabilities 72,778 70,350 10,813
Deferred tax liabilities 14,577 17,139 2,634
Non-current liabilities held for sale — — —
*Total **non-current **liabilities* *87,355* *87,489* *13,447*
*Total liabilities* *834,474* *749,349* *115,172*
Ordinary shares 8,658 9,571 1,471
Additional paid-in capital 2,301,655 2,429,559 373,416
Statutory reserves 311,590 311,038 47,806
Retained earnings 1,018,928 1,468,708 225,737
Accumulated other comprehensive loss (65,844 ) (93,108 ) (14,310 )
Subscription receivables (288,135 ) (248,717 ) (38,227 )
*Total shareholders’ equity* *3,286,852* *3,877,051* *595, 893*
Non-controlling interests 117,242 111,342 17,113
*Total equity* *3,404,094* *3**,988,393* *613,006*
*Total liabilities and equity* *4,238,568* *4,737,742* *728,178*
*FANHUA INC.
*
*Unaudited** Condensed** Consolidated Statements of **Inco**me and Compreh**ensive Income*
(In thousands, except for shares and per share data)
* * * * * For The Three Months Ended * * For The Twelve Months Ended *
*December 31**,**
* *December 31**,**
*
*201**6* *201**7* *201**7* *201**6* *201**7* *201**7*
*RMB* *RMB* *US$* *RMB* *RMB* *US$*
*Net revenues:*
Life insurance Business 362,347 490,319 75,361 990,541 2,424,444 372,630
P&C insurance Business 857,357 101,858 15,655 2,755,930 1,355,773 208,378
Claims adjusting Business 103,674 98,299 15,108 336,413 308,256 47,378
*Total net revenues* *1,323,378* *690,476* *106,124* *4,082,884* *4,088,47**3* *628,386*
*Operating costs and expenses:* * *
Life insurance Business (245,085 ) (314,536 ) (48,343 ) (673,230 ) (1,636,340 ) (251,501 )
P&C insurance Business (687,479 ) (84,217 ) (12,944 ) (2,233,560 ) (1,228,542 ) (188,823 )
Claims adjusting Business (57,273 ) (57,643 ) (8,860 ) (199,810 ) (194,525 ) (29,898 )
*Total operating costs* *(989,837* *)* *(456,396* *)* *(70,147* *)* *(3,106,600* *)* *(3,059,407* *)* *(470,222* *)*
Selling expenses (168,132 ) (61,539 ) (9,458 ) (502,803 ) (221,785 ) (34,088 )
General and administrative expenses (144,065 ) (110,398 ) (16,968 ) (481,947 ) (534,145 ) (82,096 )
*Total operating costs and expenses* *(1,302,034* *)* *(628,333* *)* *(96,573* *)* *(4,091,350* *)* * * *(3,815,33**7* *)* * * *(586,40**6* *)*
*Income **(loss) **from operations* *21,344* *62,143* *9**,**551* *(8,466* *)* *273,136* *41,980*
*Other income, net:* * * * * * *
Investment income 53,837 39,454 6,064 115,275 191,784 29,477
Interest income 347 12,401 1,906 6,901 25,891 3,980
Others, net (407 ) 1,863 286 10,341 14,284 2,195
*Income from continuing operations before income taxes and income of affiliates and discontinued operations* *75,121* *115,861* *17,807* *124,051* * 505,095 * *77,632*
Income tax expense (18,832 ) (38,126 ) (5,860 ) (27,249 ) (167,803 ) (25,791 )
Share of income of affiliates 13,895 55,192 8,483 48,293 108,944 16,744
Net income from continuing operations *70,184* *132,927* *20,430* *145,095* *446,**236* *68,585*
Net income (loss) from discontinued operations, net of tax 11,684 (1,175 ) (180 ) 22,543 5,480 842
*Net income* *81,868* *131,752* *20,250* *167,638* *451,716* *69,427*
less: net income attributable to noncontrolling interests 7,274 4,878 750 10,591 2,488 382
*Net** income attributable to the Company’s shareholders* *74,594* *126,874* *19,500* *1**57**,**047* *449,228* *69,045*
*FANHUA** INC.*
*Unaudited** Condensed** Consolidated Statements of **Inco**me and Compreh**e**nsive Income-(Continued)*
*(In thousands, except for shares and per share data)*
*For The Three Months Ended**
* *For The **Twelve** Months Ended**
*
*December 31**,**
* *December 31**,**
*
*201**6* *201**7* *201**7* *201**6* *201**7* *201**7*
*RMB* *RMB* *US$* *RMB* *RMB* *US$*
*Net income per share:*
*Basic:*
Net income from continuing operations 0.05 0.10 0.02 0.12 0.36 0.06
Net income from discontinued operations 0.01 0.00 0.00 0.02 0.00 0.00
Net income 0.06 0.10 0.02 0.14 0.36 0.06
*Diluted:*
Net income from continuing operations 0.05 0.10 0.02 0.11 0.36 0.06
Net income from discontinued operations 0.01 0.00 0.00 0.02 0.00 0.00
Net income 0.06 0.10 0.02 0.13 0.36 0.06
* *
*Net income per ADS:*
*Basic:*
Net income from continuing operations 1.08 2.00 0.31 2.32 7.20 1.11
Net income (loss) from discontinued operations 0.20 (0.02 ) (0.01 ) 0.39 0.09 0.02
Net income 1.28 1.98 0.30 2.71 7.29 1.13
*Diluted:*
Net income from continuing operations 1.04 2.00 0.31 2.23 7.20 1.11
Net income (loss) from discontinued operations 0.19 (0.02 ) (0.01 ) 0.37 0.09 0.02
Net income 1.23 1.98 0.30 2.60 7.29 1.13
* *
*Shares used in calculating net income per share:*
Basic 1,164,454,046 1,280,599,856 1,280,599,856 1,160,592,325 1,231,698,725 1,231,698,725
Diluted 1,213,598,234 1,283,796,409 1,283,796,409 1,208,821,796 1,261,223,049 1,261,223,049
* *
*Net income* *81,868* *131,752* *20,250* *167,638* *451,716* *69,427*
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (7,151 ) (9,755 ) (1,499 ) 2,177 21,101 3,204
Fair value changes 632 — — 632 (632 ) (97 )
Share of other comprehensive gain (loss) of affiliates (955 ) 920 141 (37,911 ) 1,263 194
*Comprehensive income* *74,394* *122,917* *18,892* *132,536* *473,448* *72,728*
Less: Comprehensive income (loss) attributable to the noncontrolling interests 7,274 4,878 750 10,591 2,488 382
*Comprehensive income attributable to the **Company**’s shareholders* *67,120* *118,039* *18,142* *121,945* *470,960* *75,346*
*FANHUA INC.*
*Unaudited** Condensed** Consolidated Statements of Cash Flow*
*(In thousands)*
* * *For the Three Months Ended**
* *For the **Twelve** Months Ended**
*
* * *December 31**,**
* *December 31**,**
*
* * *2016* *2017* *2017* *2016* *2017* *2017*
* * *RMB* *RMB* *US$* *RMB* *RMB* *US$*
* * * * * * * * * * * * * *
Net cash generated from operating activities 113,516 59,853 9,199 87,846 152,127 23,381
Net cash (used in) generated from investing activities (99,090 ) 43,668 6,712 (732,606 ) (23,723 ) (3,646 )
Net cash generated from (used in) financing activities 399 (150,452 ) (23,124 ) (216,575 ) 47,558 7,310
Net increase (decrease) in cash and cash equivalents, and restricted cash 14,825 (46,931 ) (7,213 ) (861,335 ) 175,962 27,045
*Cash**,** cash equivalents** and restricted cash **at beginning of period* *258,233* *489,895* *75,295* *1,132,851* *273,979^7* *42,110*
Effect of exchange rate changes on cash and cash equivalents 921 (3,931 ) (604 ) 2,463 (10,908 ) (1,677 )
*Cash**,** cash equivalents** and restricted cash** at end of period* *273,979* *439,033* *67,478* *273,979* *439,033* *67,478*
*
For more information, please contact:*
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
*Source: *Fanhua Inc.
_________________________________^1 This announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5063 to US$1.00, the effective noon buying rate as of December 31, 2017 in The City of New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
^2 Following the disposal of Fanhua Bocheng Insurance Brokerage Co., Ltd.. (“Bocheng”), a company primarily engaged in providing insurance brokerage business in November 2017, the Company is required to present its financial results on a continuing and discontinued basis. Profits and losses related to Bocheng are presented as discontinued operations while profits and losses for the remaining business are presented as continuing operations.
^3 Active users of CNpad App included users who made at least one purchase of auto insurance policy through CNpad App (including both its mobile application and WeChat public account) during the specific period.
^4 Active users are defined as users who made at least one purchase of life insurance policy through Lan Zhanggui in the fourth quarter of 2017 or CNpad Life Insurance App prior to the fourth quarter of 2016 during the specified period.
^5 Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com, its mobile application, or WeChat public account during the specified period.
^6 Current assets held for sale includes cash, cash equivalents and restricted cash of RMB 5,032 and nil in thousands as of December 31, 2016 and 2017, respectively.
^7 Amount includes cash, cash equivalents and restricted cash RMB5,032 in thousands of brokerage segment as of December 31, 2016. Reported by GlobeNewswire 1 hour ago.
*Financial Highlights for** the Fourth Quarter of **2017**:*
(In thousands, except per ADS) *2016Q4*
*(RMB)* *2017Q4*
*(RMB)* *2017Q4*
*(US$)* *Change %*
Total net revenues 1,323,378 690,476 106,124 -47.8
Operating income 21,344 62,143 9,551 191.1
Net income attributable to
the Company’s shareholders^2 74,594 126,874 19,500 70.1
Diluted net income per ADS 1.23 1.98 0.30 61.0
*Financial Highlights for** Year **2017**:*
(In thousands, except per ADS) *2016*
*(RMB)* *2017*
*(RMB)* *2017*
*(US$)* *Change %*
Total net revenues 4,082,884 4,088,473 628,386 0.1
Operating (loss) income (8,466 ) 273,136 41,980 N/A
Net income attributable to
the Company’s shareholders 157,047 449,228 69,045 186.0
Diluted net income per ADS 2.60 7.29 1.13 180.4
Commenting on the fourth quarter and fiscal year 2017 financial results, Mr. Chunlin Wang, chairman and chief executive officer of Fanhua, stated, "Owing to strong performance in the past four quarters, our total operating income in 2017 grew to RMB273.1 million, far above our previous expectation of RMB180 million, and net income attributable to shareholders grew by 186.0% year-over-year to RMB449.2 million. "During the fourth quarter of 2017, the Chinese life insurance industry reported single digit year-over-year growth of 2.4% following the implementation of Circular No. 134, which banned the fast-return feature of annuity and endowment insurance products and prohibited life insurers from selling universal life insurance as an add-on to regular life policies. Against this backdrop, we still achieved 50% year-over-year growth in life insurance premiums in the same period which contributed to year-over-year growth of approximately 191.1% to RMB62.1 million in our operating income, once again beating guidance.
"As we enter 2018, new premiums were down across the life insurance market during the Jumpstart sales season, due to the drastic decline in the sales of annuity and universal products which used to be the major contributors behind the rapid growth in life insurance premiums in the past two years. Sales in these products have decreased mainly as a result of high bond yields and CIRC-guided product changes towards higher protection features in new product design. Despite that, we believe that the structural growth of the life insurance market will continue as there is still significant room for more growth in the sales of protection-oriented life insurance products.
"As for Fanhua, protection-oriented insurance products have always been and will continue to be our focus. With continued growth in the life insurance business, we are optimistic that our operating income will grow by approximately 40% year-over-year in 2018."
*Financial Results for the **Fourth Quarter of **2017*
*Total net revenues *were RMB690.5 million (US$106.1 million) for the fourth quarter of 2017, representing a decrease of 47.8% from RMB1,323.4 million for the corresponding period in 2016.
· *Net revenues for the **life **insurance **business *were RMB490.3 million (US$75.4 million) for the fourth quarter of 2017, representing an increase of 35.3% from RMB362.3 million for the corresponding period in 2016. The increase was due to the growth in the number of sales agents and the rapid growth of renewal commissions. Revenues generated from our life insurance business accounted for 71.0% of our total net revenues in the fourth quarter of 2017.· *Net revenues for the P&C insurance business* were RMB101.9 million (US$15.7 million) for the fourth quarter of 2017, representing a decrease of 88.1% from RMB857.4 million for the corresponding period in 2016. The decrease was primarily due to i) our decision to terminate lower margin channel businesses starting from the second quarter of 2017 and ii) implementation of a platform business model for our auto insurance business beginning the fourth quarter of 2017. Under the new platform business model, we no longer enter into contracts with property and casualty insurance companies for the distribution of auto insurance products through our individual sales agents to earn profits from the commission spread. Rather, we operate CNpad as a public auto insurance transaction platform which connects insurance distributors with our sales agents and charge insurance distributors technology service fees based on the volume of insurance premiums they transact through CNpad. A technology service fee is typically much smaller than the commission we previously received from insurance companies, though our costs are minimal. Revenues generated from the P&C insurance business accounted for 14.8% of our total net revenues in the fourth quarter of 2017.· *Net revenues for the claims adjusting business *were RMB98.3 million (US$15.1 million) for the fourth quarter of 2017, representing a decrease of 5.2% from RMB103.7 million for the corresponding period in 2016. Revenues generated from the claims adjusting business accounted for 14.2% of our total net revenues in the fourth quarter of 2017.
*Total operating costs and expenses* were RMB628.3 million (US$96.6 million) for the fourth quarter of 2017, representing a decrease of 51.7% from RMB1,302.0 million for the corresponding period in 2016.
· *Commission costs* were RMB456.4 million (US$70.1 million) for the fourth quarter of 2017, representing a decrease of 53.9% from RMB989.8 million for the corresponding period in 2016. The decrease in commission cost was mainly due to the decrease in P&C insurance business, partially offset by the growth of life insurance business.
*
- Costs of the life insurance business *were RMB314.5 million (US$48.3 million) for the fourth quarter of 2017, representing an increase of 28.3% from RMB245.1 million for the corresponding period in 2016. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 68.9% of our total commission costs in the fourth quarter of 2017.
*- Costs of **the **P&C insurance business* were RMB84.2 million (US$12.9 million) for the fourth quarter of 2017, representing a decrease of 87.8% from RMB687.5 million for the corresponding period in 2016. The decrease was primarily due to the implementation of a platform business model for our P&C insurance business whereby no cost is incurred for the platform model. Costs incurred by the P&C insurance business accounted for 18.5% of our total commission costs in the fourth quarter of 2017.
*- Costs of claims adjusting business* were RMB57.6 million (US$8.9 million) for the fourth quarter of 2017, representing an increase of 0.5% from RMB57.3 million for the corresponding period in 2016. Costs incurred by the claims adjusting business accounted for 12.6% of our total commission costs in the fourth quarter of 2017.· *Selling expenses *were RMB61.5 million (US$9.5 million) for the fourth quarter of 2017, representing a decrease of 63.4% from RMB168.1 million for the corresponding period in 2016. The decrease was primarily because promotional marketing subsidies were paid to sales agents in the fourth quarter of 2016 for selling auto insurance policies while there was no such promotional marketing plan in 2017.· *Gen**eral and administrative e**x**penses *were RMB110.4 million (US$17.0 million) for the fourth quarter of 2017, representing a decrease of 23.4% from RMB144.1 million for the corresponding period in 2016. The decrease was primarily due to a significant reduction in expenses related to P&C insurance agencies as a result of the disposal of our P&C insurance agency subsidiaries in the fourth quarter of 2017, partially offset by an increase in expenses incurred for setting up new offices and staff recruitment as a result of regional expansion.
As a result of the preceding factors, we had an *operating income *of RMB62.1 million (US$9.6 million) for the fourth quarter of 2017, representing an increase of 191.1% from RMB21.3 million for the corresponding period in 2016.
*Operating margin* was 9.0% for the fourth quarter of 2017, compared to 1.6% for the corresponding period in 2016.
*Investment income* was RMB39.5 million (US$6.1 million) for the fourth quarter of 2017, representing a decrease of 26.6% from RMB53.8 million for the corresponding period in 2016. The investment income represented yields from short-term investments in financial products which mainly consist of inter-bank deposits or collective trust products with terms ranging from half a year to two years and interest payable on a quarterly, semi-annual or annual basis. Our investment income fluctuates from quarter to quarter because investment income is recognized when received.
*Interest income* was RMB12.4 million (US$1.9 million) for the fourth quarter of 2017, representing an increase of 40.3 times from RMB0.3 million for the corresponding period in 2016, primarily due to interest related to amounts due from Sincere Fame International Limited ("Sincere Fame") and Shenzhen Chuangjia Investment Limited Partnership, which beneficially owns 84.6% of Fanhua Puyi Fund Sales Limited.
*Income tax expense* was RMB38.1 million (US$5.9 million) for the fourth quarter of 2017, representing an increase of 102.7% from RMB18.8 million for the corresponding period in 2016. The effective tax rate for the fourth quarter of 2017 was 32.9% compared with 25.1% for the corresponding period in 2016. The increase in effective tax rate was primarily due to the withholding income tax provided pursuant to dividend payments in the fourth quarter of 2017.
*Share of income of affiliates *was RMB55.2 million (US$8.5 million) for the fourth quarter of 2017, representing an increase of 297.1% from RMB13.9 million for the corresponding period in 2016, mainly attributable to an increase of profits from Sincere Fame, a company in which we own 20.6% of the equity interest.
*Net income from continuing operations* was RMB132.9 million (US$20.4 million) for the fourth quarter of 2017, representing an increase of 89.3% from RMB70.2 million for the corresponding period in 2016.
*Net loss (income) from discontinued operations* was RMB1.2 million (US$0.2 million) for the fourth quarter of 2017, mainly representing the loss from disposal of the brokerage segment in the fourth quarter. Net income from discontinued operation was RMB11.7 million for the corresponding period in 2016, representing net income from operation of brokerage segment contribute to the Company.
*Net income attributable to the Company’s shareholders* was RMB126.9 million (US$19.5 million) for the fourth quarter of 2017, representing an increase of 70.1% from RMB74.6 million for the corresponding period in 2016.
*Net margin* was18.4% for the fourth quarter of 2017 compared with 5.6% for the corresponding period in 2016.
*Basic **and diluted **net income per ADS* were RMB1.98 (US$0.30) and RMB1.98 (US$0.30) for the fourth quarter of 2017, respectively, representing increases of 54.7% and 61.0% from RMB1.28 and RMB1.23 for the corresponding period in 2016.
*Financial Results for **Year **2017*
*Total net revenues *were RMB4,088.5 million (US$628.4 million) for 2017, representing an increase of 0.1% from RMB4,082.9 million for the corresponding period in 2016.
· *Net revenues for the **life **insurance **business *were RMB2,424.4 million (US$372.6 million) for 2017, representing an increase of 144.8% from RMB990.5 million in 2016. The increase was due to the growth in the number of sales agents and rapid growth of new policy sales. Revenues generated from our life insurance business accounted for 59.3% of our total net revenues in 2017.· *Net revenues for the P&C insurance business* were RMB1,355.8 million (US$208.4 million) for 2017, representing a decrease of 50.8% from RMB2,755.9 million in 2016. The decrease was primarily due to i) our decision to terminate lower margin channel businesses starting from the second quarter of 2017; ii) implementation of a platform business model for our auto insurance business beginning the fourth quarter of 2017; and iii) the suspension of business cooperation with PICC Property and Casualty Company Limited (“PICC P&C”) starting from March 1, 2017. Revenue generated from our P&C insurance business accounted for 33.2% of our total net revenue in 2017.· *Net revenues for the claims adjusting business *were RMB308.3 million (US$47.4 million) for 2017, representing a decrease of 8.4% from RMB336.4 million in 2016. Revenues generated from the claims adjusting business accounted for 7.5% of our total net revenues in 2017.
*Total operating costs and expenses* were RMB3,815.3 million (US$586.4 million) for 2017, representing a decrease of 6.7% from RMB4,091.4 million in 2016.
· *Commission costs* were RMB3,059.4 million (US$470.2 million) for 2017, representing a decrease of 1.5% from RMB3,106.6 million in 2016. The decrease in commission cost was mainly due to the decrease in our P&C insurance business, partially offset by the growth of our life insurance business.
*
- Costs of the life insurance business *were RMB1,636.3 million (US$251.5 million) for 2017, representing an increase of 143.1% from RMB673.2 million in 2016. The increase was in line with the growth in sales. Costs incurred by the life insurance business accounted for 53.5% of our total commission costs in 2017.
*- Costs of **the **P&C insurance business* were RMB1,228.5 million (US$188.8 million) for 2017, representing a decrease of 45.0% from RMB2,233.6 million in 2016. The decrease was primarily due to the implementation of a platform business model for our P&C insurance business under which no costs are incurred. Costs incurred by the P&C insurance business accounted for 40.1% of our total commission costs in 2017.
*- Costs of claims adjusting business* were RMB194.5 million (US$29.9 million) for 2017, representing a decrease of 2.7% from RMB199.8 million in 2016. Costs incurred by the claims adjusting business accounted for 6.4% of our total commission costs in 2017.· *Selling expenses *were RMB221.8million (US$34.1 million) for 2017, representing a decrease of 55.9% from RMB502.8 million in 2016. The decrease was primarily because promotional marketing subsidies were paid to sales agents in the fourth quarter of 2016 for selling auto insurance policies while there was no such promotional marketing plan in 2017.· *Gen**eral and administrative e**x**penses *were RMB534.1million (US$82.1 million) for 2017, representing an increase of 10.8% from RMB481.9 million in 2016. The increase was primarily due to an increase in expenses incurred for setting up new offices and staff recruitment as a result of regional expansion offset by the reduction in expenses related to P&C insurance agencies as a result of the disposal of most of our P&C insurance agency subsidiaries in the fourth quarter of 2017.
As a result of the preceding factors, we had an *operating income *of RMB273.1 million (US$42.0 million) for 2017, compared with an operating loss of RMB8.5 million in 2016.
*Operating margin* was 6.7% for 2017, compared to negative 0.2% in 2016.
*Investment income* was RMB191.8million (US$29.5 million) for 2017, representing an increase of 66.3% from RMB115.3 million in 2016. The investment income represented yields from short-term investments in financial products which mainly consist of inter-bank deposits or collective trust products with terms ranging from half-a-year to two years and interest payable on a quarterly, semi-annual or annual basis. Our investment income fluctuates from quarter to quarter because investment income is recognized when received.
*Interest income* was RMB25.9 million (US$4.0 million) for 2017, representing an increase of 275.4% from RMB6.9 million in 2016, primarily due to interest related to amounts due from Sincere Fame International Limited ("Sincere Fame") and Shenzhen Chuangjia Investment Limited Partnership, which beneficially owns 84.6% of Fanhua Puyi Fund Sales Limited.
*Income tax expense* was RMB167.8 million (US$25.8million) for 2017, representing an increase of 516.9% from RMB27.2 million in 2016. The effective tax rate for 2017 was 33.2% compared with 22.0% in 2016. The increase in effective tax rate was primarily due to the withholding income tax provision related to dividend payments for the second half of 2017.
*Share of income of affiliates *was RMB108.9 million (US$16.7 million) for 2017, representing an increase of 125.5% from RMB48.3 million in 2016, mainly attributable to an increase of profits from Sincere Fame, a company in which we own 20.6% of the equity interest.
*Net income from continuing operations* was RMB446.2 million (US$68.6 million) for 2017, representing an increase of 207.5% from RMB145.1 million in 2016.
*Net income from discontinued operations *was RMB5.5 million (US$0.8 million) for 2017, mainly representing net income from operation of Brokerage Segment contribute to the Company. Net income from discontinued operation was RMB22.5 million in 2016, representing net income from operation of Brokerage Segment contribute to the Company.
*Net income attributable to the Company’s shareholders* was RMB449.2 million (US$69.0 million) for 2017, representing an increase of 186.0% from RMB157.0 million in 2016.
*Net margin* was 11.0% for 2017 compared with 3.8% in 2016.
*Basic **and diluted **net income per ADS* were RMB7.29 (US$1.13) and RMB7.29 (US$1.13) for 2017, respectively, representing increases of 169.0% and 180.4% from RMB2.71 and RMB2.60 in 2016.
As of December 31, 2017, the Company had RMB2,862.5 million (US$440.0 million) in *cash, cash** equivalents and short term investments**.*
*Key Operational Metrics for Fanhua's Online Initiatives for 2017**: *
· *CNpad Auto Insurance Mobile Application("CNpad Auto Insurance App") - Our proprietary mobile sales support system:
**- CNpad Auto Insurance App *had been downloaded and activated 365,282 times as of December 31, 2017, representing an increase of 72.0% from 212,317 times as of December 31, 2016;
*- The number of active users of CNpad Auto Insurance App*^3* *was 158,778 in 2017, representing an increase of 103.0% from 78,216 in 2016;
*- I**nsurance premiums generated through **CNpad Auto Insurance **App* were RMB2.7 billion (US$413.5 million) in 2017, representing a decrease of 11.7% from RMB3.0 billion for 2016.· *Lan Zhanggui - Our one-stop insurance service platform that integrates the key functions of both CNpad Auto Insurance and CNpad Life Insurance App, which was launched in October 2017. All CNpad Life Insurance App accounts have been converted to Lan Zhanggui.
**- Lan Zhanggui *had been downloaded and activated 493,360 times as of December 31, 2017, representing an increase of 132.4% from 212,317 times of downloads of CNpad Life Insurance App as of December 31, 2016;
*- The number of active users of Lan Zhanggui*^4 was 126,603 in 2017, representing an increase of 62.0% from 78,126 active users of CNpad Life Insurance App in 2016;
*- I**nsurance premiums generated through **Lan Zhanggui* were RMB2.2 billion (US$340.9 million) in 2017, representing an increase of 194.0% from RMB754.4 million generated through CNpad Life Insurance App for 2016.· *eHuzhu - Our online non-profit mutual aid platform:
**- The number of registered members *was 2.7 million as of December 31, 2017, representing an increase of 101.5% from 1.4 million as of December 31, 2016.· *Baoxian.com** - Our online insurance platform:
**- The number of registered customer accounts *was 1.5 million as of December 31, 2017, representing an increase of 104.1% from approximately 0.7 million as of December 31, 2016.
*- The number of active customer accounts*^5 was 185,611 in 2017, representing an increase of 17.0% from 158,683 in 2016;
*- Insurance premiums generated on or through Baoxian.com *was RMB727.0 million (US$111.7 million) in 2017, representing an increase of 697.1% from RMB91.2 million in 2016.
*Recent Developments*
· As of December 31, 2017, Fanhua had 506,231 sales agents and 1,226 professional claims, compared with 231,592 sales agents and 1,304 claims adjusters as of December 31, 2016. As of December 31, 2017, Fanhua's distribution network consisted of 502 sales outlets in 21 provinces and 144 services outlets in 29 provinces, compared with 746 sales outlets in 21 provinces and 161 service outlets in 29 provinces as of December 31, 2016.· On December 13, 2017, Fanhua signed a Strategic Partnership Agreement with Aeon Life Insurance Limited, pursuant to which both parties will engage in a deep and comprehensive cooperation in a wide range of areas including product sales, technology service and product design to provide best quality insurance products and services to a broader customer base.
· On November 17, 2017, Fanhua won the Influential Insurance Brands Award 2017 at the 12th Insurance Innovation Awards Ceremony, one of the most authoritative and prestigious events in the insurance industry. The panel of judges for the awards included experts in insurance and brand culture as well as the financial media.
*Busine**ss Outlook*
Fanhua expects its operating income to be no less than RMB80.0 million for the first quarter of 2018. This forecast reflects Fanhua’s current view, which is subject to change.
*Conference Call *
The Company will host a conference call to discuss its fourth quarter 2017 financial results as per the following details.
Time: 9:00 PM Eastern Daylight Time on March 12, 2018or 9:00 AM Beijing/Hong Kong Time on March 13, 2018The toll free dial-in numbers:
United States 1-855-500-8701
United Kingdom 0800-015-9724
France 0800-918-648
Germany 0800-184-4876
Australia 1-300-713-759
Canada 1-855-757-1565
Taiwan 0080-665-1951
Hong Kong 800-906-606
The toll dial-in numbers:
China (Mainland) 400-120-0654
Singapore & Other Areas +852-3018-6776
Conference ID #: 6671677
Additionally, a live and archived web cast of this call will be available at:
http://ir.cninsure.net/events.cfm
*About Fanhua Inc.*
Fanhua Inc. is a leading independent online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services to individuals and businesses, including property and casualty and life insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations.
Our online platforms include (1) CNpad, a mobile sales support application, (2) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in China.
As of December 31, 2017, our distribution and service network is consisted of 646 sales and service outlets covering 29 provinces.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/.
*Forward-looking Statements *
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
*FANHUA** INC.
**Unaudited **Condensed Consolidated Balance Sheets
**(In thousands)*
*As of **December 31**,* *As of **December 31**,* *As of **December 31**,*
*201**6* *2017* *2017*
*RMB* *RMB* *US$*
ASSETS:
*Current assets:*
Cash and cash equivalents 236,952 363,746 55,907
Restricted cash 31,996 75,287 11,571
Short term investments 2,797,842 2,498,730 384,048
Accounts receivable, net 501,804 515,194 79,184
Insurance premium receivables 187 4,325 665
Other receivables 49,094 631,381 97,041
Amounts due from related parties 32,495 — —
Other current assets 31,230 43,864 6,742
Current assets held for sale^6 12,964 — —
*Total current assets* *3,694,564* *4,132,527* *635,158*
* * * * * * * *
*Non-current assets:*
Property, plant, and equipment, net 31,338 26,075 4,008
Goodwill and intangible assets, net 181,549 127,079 19,532
Deferred tax assets 8,277 2,091 321
Investment in affiliates 294,576 404,783 62,214
Other non-current assets 28,188 45,187 6,945
Non-current assets held for sale 76 — —
*Total non-current assets* *544,004* *605,215* *93,020*
*Total assets* *4,238,568* *4,737,742* *728,178*
*FANHUA INC. **
**Unaudited*** Condensed Consolidated Balance Sheets****-(Continued)**
**
(In thousands)**
*As of December 31,* *As of December 31,* *As of December 31,*
*2016* *2017* *2017*
* * *RMB* *RMB* *US$*
*Current liabilities:*
Accounts payable 240,952 203,024 31,204
Insurance premium payables 3,750 9,553 1,468
Other payables and accrued expenses 273,458 241,894 37,178
Accrued payroll 58,758 77,424 11,900
Income tax payable 90,118 129,965 19,975
Current liabilities held for sale 80,083 — —
*Total current liabilities* *747,119* *661,860* *101,725*
* * * *
*Non-current liabilities:* * *
Other tax liabilities 72,778 70,350 10,813
Deferred tax liabilities 14,577 17,139 2,634
Non-current liabilities held for sale — — —
*Total **non-current **liabilities* *87,355* *87,489* *13,447*
*Total liabilities* *834,474* *749,349* *115,172*
Ordinary shares 8,658 9,571 1,471
Additional paid-in capital 2,301,655 2,429,559 373,416
Statutory reserves 311,590 311,038 47,806
Retained earnings 1,018,928 1,468,708 225,737
Accumulated other comprehensive loss (65,844 ) (93,108 ) (14,310 )
Subscription receivables (288,135 ) (248,717 ) (38,227 )
*Total shareholders’ equity* *3,286,852* *3,877,051* *595, 893*
Non-controlling interests 117,242 111,342 17,113
*Total equity* *3,404,094* *3**,988,393* *613,006*
*Total liabilities and equity* *4,238,568* *4,737,742* *728,178*
*FANHUA INC.
*
*Unaudited** Condensed** Consolidated Statements of **Inco**me and Compreh**ensive Income*
(In thousands, except for shares and per share data)
* * * * * For The Three Months Ended * * For The Twelve Months Ended *
*December 31**,**
* *December 31**,**
*
*201**6* *201**7* *201**7* *201**6* *201**7* *201**7*
*RMB* *RMB* *US$* *RMB* *RMB* *US$*
*Net revenues:*
Life insurance Business 362,347 490,319 75,361 990,541 2,424,444 372,630
P&C insurance Business 857,357 101,858 15,655 2,755,930 1,355,773 208,378
Claims adjusting Business 103,674 98,299 15,108 336,413 308,256 47,378
*Total net revenues* *1,323,378* *690,476* *106,124* *4,082,884* *4,088,47**3* *628,386*
*Operating costs and expenses:* * *
Life insurance Business (245,085 ) (314,536 ) (48,343 ) (673,230 ) (1,636,340 ) (251,501 )
P&C insurance Business (687,479 ) (84,217 ) (12,944 ) (2,233,560 ) (1,228,542 ) (188,823 )
Claims adjusting Business (57,273 ) (57,643 ) (8,860 ) (199,810 ) (194,525 ) (29,898 )
*Total operating costs* *(989,837* *)* *(456,396* *)* *(70,147* *)* *(3,106,600* *)* *(3,059,407* *)* *(470,222* *)*
Selling expenses (168,132 ) (61,539 ) (9,458 ) (502,803 ) (221,785 ) (34,088 )
General and administrative expenses (144,065 ) (110,398 ) (16,968 ) (481,947 ) (534,145 ) (82,096 )
*Total operating costs and expenses* *(1,302,034* *)* *(628,333* *)* *(96,573* *)* *(4,091,350* *)* * * *(3,815,33**7* *)* * * *(586,40**6* *)*
*Income **(loss) **from operations* *21,344* *62,143* *9**,**551* *(8,466* *)* *273,136* *41,980*
*Other income, net:* * * * * * *
Investment income 53,837 39,454 6,064 115,275 191,784 29,477
Interest income 347 12,401 1,906 6,901 25,891 3,980
Others, net (407 ) 1,863 286 10,341 14,284 2,195
*Income from continuing operations before income taxes and income of affiliates and discontinued operations* *75,121* *115,861* *17,807* *124,051* * 505,095 * *77,632*
Income tax expense (18,832 ) (38,126 ) (5,860 ) (27,249 ) (167,803 ) (25,791 )
Share of income of affiliates 13,895 55,192 8,483 48,293 108,944 16,744
Net income from continuing operations *70,184* *132,927* *20,430* *145,095* *446,**236* *68,585*
Net income (loss) from discontinued operations, net of tax 11,684 (1,175 ) (180 ) 22,543 5,480 842
*Net income* *81,868* *131,752* *20,250* *167,638* *451,716* *69,427*
less: net income attributable to noncontrolling interests 7,274 4,878 750 10,591 2,488 382
*Net** income attributable to the Company’s shareholders* *74,594* *126,874* *19,500* *1**57**,**047* *449,228* *69,045*
*FANHUA** INC.*
*Unaudited** Condensed** Consolidated Statements of **Inco**me and Compreh**e**nsive Income-(Continued)*
*(In thousands, except for shares and per share data)*
*For The Three Months Ended**
* *For The **Twelve** Months Ended**
*
*December 31**,**
* *December 31**,**
*
*201**6* *201**7* *201**7* *201**6* *201**7* *201**7*
*RMB* *RMB* *US$* *RMB* *RMB* *US$*
*Net income per share:*
*Basic:*
Net income from continuing operations 0.05 0.10 0.02 0.12 0.36 0.06
Net income from discontinued operations 0.01 0.00 0.00 0.02 0.00 0.00
Net income 0.06 0.10 0.02 0.14 0.36 0.06
*Diluted:*
Net income from continuing operations 0.05 0.10 0.02 0.11 0.36 0.06
Net income from discontinued operations 0.01 0.00 0.00 0.02 0.00 0.00
Net income 0.06 0.10 0.02 0.13 0.36 0.06
* *
*Net income per ADS:*
*Basic:*
Net income from continuing operations 1.08 2.00 0.31 2.32 7.20 1.11
Net income (loss) from discontinued operations 0.20 (0.02 ) (0.01 ) 0.39 0.09 0.02
Net income 1.28 1.98 0.30 2.71 7.29 1.13
*Diluted:*
Net income from continuing operations 1.04 2.00 0.31 2.23 7.20 1.11
Net income (loss) from discontinued operations 0.19 (0.02 ) (0.01 ) 0.37 0.09 0.02
Net income 1.23 1.98 0.30 2.60 7.29 1.13
* *
*Shares used in calculating net income per share:*
Basic 1,164,454,046 1,280,599,856 1,280,599,856 1,160,592,325 1,231,698,725 1,231,698,725
Diluted 1,213,598,234 1,283,796,409 1,283,796,409 1,208,821,796 1,261,223,049 1,261,223,049
* *
*Net income* *81,868* *131,752* *20,250* *167,638* *451,716* *69,427*
Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (7,151 ) (9,755 ) (1,499 ) 2,177 21,101 3,204
Fair value changes 632 — — 632 (632 ) (97 )
Share of other comprehensive gain (loss) of affiliates (955 ) 920 141 (37,911 ) 1,263 194
*Comprehensive income* *74,394* *122,917* *18,892* *132,536* *473,448* *72,728*
Less: Comprehensive income (loss) attributable to the noncontrolling interests 7,274 4,878 750 10,591 2,488 382
*Comprehensive income attributable to the **Company**’s shareholders* *67,120* *118,039* *18,142* *121,945* *470,960* *75,346*
*FANHUA INC.*
*Unaudited** Condensed** Consolidated Statements of Cash Flow*
*(In thousands)*
* * *For the Three Months Ended**
* *For the **Twelve** Months Ended**
*
* * *December 31**,**
* *December 31**,**
*
* * *2016* *2017* *2017* *2016* *2017* *2017*
* * *RMB* *RMB* *US$* *RMB* *RMB* *US$*
* * * * * * * * * * * * * *
Net cash generated from operating activities 113,516 59,853 9,199 87,846 152,127 23,381
Net cash (used in) generated from investing activities (99,090 ) 43,668 6,712 (732,606 ) (23,723 ) (3,646 )
Net cash generated from (used in) financing activities 399 (150,452 ) (23,124 ) (216,575 ) 47,558 7,310
Net increase (decrease) in cash and cash equivalents, and restricted cash 14,825 (46,931 ) (7,213 ) (861,335 ) 175,962 27,045
*Cash**,** cash equivalents** and restricted cash **at beginning of period* *258,233* *489,895* *75,295* *1,132,851* *273,979^7* *42,110*
Effect of exchange rate changes on cash and cash equivalents 921 (3,931 ) (604 ) 2,463 (10,908 ) (1,677 )
*Cash**,** cash equivalents** and restricted cash** at end of period* *273,979* *439,033* *67,478* *273,979* *439,033* *67,478*
*
For more information, please contact:*
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 8388-3191
Email: qiusr@fanhuaholdings.com
*Source: *Fanhua Inc.
_________________________________^1 This announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5063 to US$1.00, the effective noon buying rate as of December 31, 2017 in The City of New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
^2 Following the disposal of Fanhua Bocheng Insurance Brokerage Co., Ltd.. (“Bocheng”), a company primarily engaged in providing insurance brokerage business in November 2017, the Company is required to present its financial results on a continuing and discontinued basis. Profits and losses related to Bocheng are presented as discontinued operations while profits and losses for the remaining business are presented as continuing operations.
^3 Active users of CNpad App included users who made at least one purchase of auto insurance policy through CNpad App (including both its mobile application and WeChat public account) during the specific period.
^4 Active users are defined as users who made at least one purchase of life insurance policy through Lan Zhanggui in the fourth quarter of 2017 or CNpad Life Insurance App prior to the fourth quarter of 2016 during the specified period.
^5 Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com, its mobile application, or WeChat public account during the specified period.
^6 Current assets held for sale includes cash, cash equivalents and restricted cash of RMB 5,032 and nil in thousands as of December 31, 2016 and 2017, respectively.
^7 Amount includes cash, cash equivalents and restricted cash RMB5,032 in thousands of brokerage segment as of December 31, 2016. Reported by GlobeNewswire 1 hour ago.
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