Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$RAVN's BoD approved $25MM in stock repurchase authorization. With this additional authorization, $RAVN will have about $28MM remaining in its stock repurchase program. The board also approved a regular quarterly cash dividend of 13 cents a share, payable on Jan. 26, 2018 to shareholders of record on Jan. 12, 2018.
Recliner manufacturer $LZB reported a 2Q18 profit jump of 10% on increased revenue. Net income jumped to $22.89MM or $0.47 per share from the year ago net income of $20.8MM or $0.42 per share. Revenue for the quarter rose 4.4% to $393.2MM. Same-store written sales for the company's Furniture Galleries network increased 1.9%.
$CLX announced the official opening of a new manufacturing facility for the company's Home Care products. Named Atlanta West, the 258,000-sq.ft. facility is adjacent to the company's existing manufacturing facility, called Atlanta Main. The opening of Atlanta West has created about 100 jobs in Clayton County.
$ASH is combining its nutrition business with the ingredients processing expertise of the recently-acquired Pharmachem with the goal of expanding into the fast-growing global nutraceuticals market. The combined unit, which will be called Health and Wellness, will continue to report up through $ASH’s Specialty Ingredients segment.
$ASH plans to nominate Jerome Peribere as a new independent director for election at its upcoming 2018 Annual Meeting. If elected, it is also intended that Peribere will serve as a member of the compensation committee. George Schaefer Jr. will not be nominated for re-election to the board.
During 3Q18, $RAVN launched an initiative called Project Atlas. This is a strategic long-term investment to replace the existing enterprise resource planning platforms. Project Atlas is expected to take approx. three years to complete and cost between $8-10MM. In 3Q18, Project Atlas costs were approx. $300,000.
$RAVN reported net income of $12MM or $0.33 per share in 3Q18 versus $5.7MM or $0.16 per share in 3Q17. The increase in EPS was driven primarily by the improved operating performance in both Engineered Films and Aerostar. The impact of the CLI acquisition was neutral to EPS in 3Q18. Net sales were $101.3MM, up 39.7% versus last year.
$WST, a pharmaceutical services firm, said a recent study showed its injection guide ID Adaptor could be used for administering intradermal injections in a safe and effective manner. The clinical trial evaluated the feasibility of conducting a door-to-door vaccination campaign to administer Fractional Inactivated Poliovirus Vaccine to children.