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Amkor Technology Reports Financial Results for the Third Quarter 2020 and the Initiation of a Quarterly Cash Dividend

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Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2020 and the initiation of a regular quarterly cash dividend of $0.04 per share.

Stronger than expected demand in the communications and automotive and industrial end markets drove revenue above the high end of our guidance, said Giel Rutten, Amkors president and chief executive officer. The Boards decision to initiate a dividend is a significant milestone for Amkor. Over the past several years, Amkor has capitalized on growth opportunities in advanced packaging technologies that target 5G, advanced automotive systems, IoT and high-performance computing, and the introduction of a regular cash dividend reflects our consistent operating performance, strong free cash flow generation and confidence in our long-term financial outlook.

Results

 

Q3 2020

 

Q2 2020

 

Q3 2019

 

 

($ in millions, except per share data)

Net sales

 

$1,354

 

$1,173

 

$1,084

Gross margin

 

17.8%

 

16.4%

 

16.8%

Operating income

 

$127

 

$87

 

$79

Operating income margin

 

9.4%

 

7.4%

 

7.3%

Net income attributable to Amkor

 

$92

 

$55

 

$54

Earnings per diluted share

 

$0.38

 

$0.23

 

$0.23

EBITDA*

 

$255

 

$209

 

$209

All-time record quarterly revenue drove operating income margin to 9.4% and EPS to $0.38 for the quarter. We also paid down $230 million of debt this quarter, bringing our net debt to $0.4 billion, the lowest in our public company history, said Megan Faust, Amkors executive vice president and chief financial officer. The initiation of a dividend expands Amkors capital allocation strategy for delivering value to stockholders. Our consistent free cash flow and strong balance sheet give us the financial flexibility to continue to make investments in future growth opportunities and return capital to stockholders.

At September 30, 2020, total cash and short-term investments was $0.9 billion, and total debt was $1.3 billion.

The initial quarterly cash dividend of $0.04 per share is payable on January 7, 2021 to stockholders of record at the close of business on December 18, 2020. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.

*EBITDA and net debt are non-GAAP financial measures. The reconciliation to the comparable GAAP financial measure is included below under Selected Operating Data.

Business Outlook

Continued strength in advanced packaging and a recovering automotive end market are expected to drive solid revenue performance in the fourth quarter of 2020, said Rutten. Growing demand and share gains in the communications end market is expected to drive year on year revenue growth of 10% in the fourth quarter.

Fourth quarter 2020 outlook (unless otherwise noted):

  • Net sales of $1.25 billion to $1.35 billion
  • Gross margin of 17% to 20%
  • Net income of $68 million to $115 million, or $0.28 to $0.47 per diluted share
  • Full year 2020 capital expenditures of approximately $550 million

Conference Call Information

Amkor will conduct a conference call on Monday, October 26, 2020, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. This call is being webcast and can be accessed at Amkors website: www.amkor.com. You may also access the call by dialing 1-877-407-4019 or 1-201-689-8337. A replay of the call will be made available at Amkors website or by dialing 1-877-660-6853 or 1-201-612-7415 (conference ID 13711716). The webcast is also being distributed over NASDAQ OMXs investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMXs password-protected event management site, Street Events (www.streetevents.com).

About Amkor Technology, Inc.

Amkor Technology, Inc. is one of the worlds largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test, and is now a strategic manufacturing partner for the worlds leading semiconductor companies, foundries and electronics OEMs. Amkors operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA. For more information, visit www.amkor.com.

AMKOR TECHNOLOGY, INC.

Selected Operating Data

 

 

Q3 2020

 

Q2 2020

 

Q3 2019

Net Sales Data:

 

 

 

 

 

Net sales (in millions):

 

 

 

 

 

Advanced products (1)

$

899

 

 

$

729

 

 

$

589

 

Mainstream products (2)

455

 

 

444

 

 

495

 

Total net sales

$

1,354

 

 

$

1,173

 

 

$

1,084

 

 

 

 

 

 

 

Packaging services

86

%

 

84

%

 

84

%

Test services

14

%

 

16

%

 

16

%

 

 

 

 

 

 

Net sales from top ten customers

63

%

 

69

%

 

62

%

 

 

 

 

 

 

End Market Data:

 

 

 

 

 

Communications (handheld devices, smartphones, tablets)

43

%

 

38

%

 

41

%

Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)

25

%

 

27

%

 

18

%

Automotive, industrial and other (driver assist, infotainment, performance, safety)

17

%

 

19

%

 

26

%

Computing (data center, infrastructure, PC/laptop, storage)

15

%

 

16

%

 

15

%

Total

100

%

 

100

%

 

100

%

 

 

 

 

 

 

Gross Margin Data:

 

 

 

 

 

Net sales

100.0

%

 

100.0

%

 

100.0

%

Cost of sales:

 

 

 

 

 

Materials

46.9

%

 

45.2

%

 

40.4

%

Labor

12.8

%

 

13.9

%

 

15.8

%

Other manufacturing

22.5

%

 

24.5

%

 

27.0

%

Gross margin

17.8

%

 

16.4

%

 

16.8

%

 

(1) Advanced products include flip chip and wafer-level processing and related test services

(2) Mainstream products include wirebond packaging and related test services

AMKOR TECHNOLOGY, INC.

Selected Operating Data

 

This press release includes EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, our ability to service debt and our ability to fund capital expenditures. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.

 

Non-GAAP Financial Measure Reconciliation:

 

Q3 2020

 

Q2 2020

 

Q3 2019

 

(in millions)

EBITDA Data:

 

 

 

 

 

Net income

$

93

 

 

$

56

 

 

$

54

 

Plus: Interest expense

16

 

 

16

 

 

17

 

Plus: Income tax expense

16

 

 

13

 

 

9

 

Plus: Depreciation & amortization

130

 

 

124

 

 

129

 

EBITDA

$

255

 

 

$

209

 

 

$

209

 

This press release also includes net debt, which is not defined by U.S. GAAP. We define net debt as total debt as reported on the consolidated balance sheet less the sum of cash and cash equivalents, and short term investments. We believe net debt to be relevant and useful information to our investors because it provides them with additional information in assessing our capital structure, financial leverage, and our ability to reduce debt and to fund investing and financing activities. This measure should be considered in addition to, and not as a substitute for, or superior to, total debt, prepared in accordance with U.S. GAAP. Furthermore, our definition of net debt may not be comparable to similarly titled measures reported by other companies.

 

Non-GAAP Financial Measure Reconciliation:

 

Q3 2020

 

Q2 2020

 

Q3 2019

 

(in millions)

Net Debt Data:

 

 

 

 

 

Total Debt

$

1,319

 

 

$

1,545

 

 

$

1,298

 

Less: Cash and Cash Equivalents

567

 

 

783

 

 

599

 

Less: Short-term Investments

356

 

 

311

 

 

6

 

Net Debt

$

396

 

 

$

451

 

 

$

693

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands, except per share data)

Net sales

$

1,354,023

 

 

$

1,083,917

 

 

$

3,679,548

 

 

$

2,874,186

 

Cost of sales

1,112,938

 

 

901,677

 

 

3,057,235

 

 

2,447,731

 

Gross profit

241,085

 

 

182,240

 

 

622,313

 

 

426,455

 

Selling, general and administrative

77,781

 

 

70,458

 

 

224,623

 

 

206,803

 

Research and development

35,835

 

 

32,927

 

 

99,624

 

 

104,867

 

Total operating expenses

113,616

 

 

103,385

 

 

324,247

 

 

311,670

 

Operating income

127,469

 

 

78,855

 

 

298,066

 

 

114,785

 

Interest expense

16,404

 

 

16,988

 

 

49,461

 

 

54,914

 

Other (income) expense, net

2,415

 

 

(1,760

)

 

1,567

 

 

641

 

Total other expense, net

18,819

 

 

15,228

 

 

51,028

 

 

55,555

 

Income before taxes

108,650

 

 

63,627

 

 

247,038

 

 

59,230

 

Income tax expense

15,753

 

 

9,141

 

 

33,504

 

 

36,418

 

Net income

92,897

 

 

54,486

 

 

213,534

 

 

22,812

 

Net income attributable to non-controlling interests

(746

)

 

(416

)

 

(2,070

)

 

(1,071

)

Net income attributable to Amkor

$

92,151

 

 

$

54,070

 

 

$

211,464

 

 

$

21,741

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

0.23

 

 

$

0.88

 

 

$

0.09

 

Diluted

$

0.38

 

 

$

0.23

 

 

$

0.87

 

 

$

0.09

 

 

 

 

 

 

 

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

241,675

 

 

239,586

 

 

241,232

 

 

239,503

 

Diluted

242,592

 

 

239,937

 

 

241,937

 

 

239,858

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

September 30,

2020

 

December 31,

2019

 

(In thousands)

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

566,745

 

 

$

894,948

 

Restricted cash

945

 

 

610

 

Short-term investments

356,150

 

 

6,348

 

Accounts receivable, net of allowances

990,637

 

 

850,753

 

Inventories

299,830

 

 

220,602

 

Other current assets

54,264

 

 

28,272

 

Total current assets

2,268,571

 

 

2,001,533

 

Property, plant and equipment, net

2,560,195

 

 

2,404,850

 

Operating lease right of use assets

149,727

 

 

148,549

 

Goodwill

26,747

 

 

25,976

 

Restricted cash

3,087

 

 

2,974

 

Other assets

128,293

 

 

111,733

 

Total assets

$

5,136,620

 

 

$

4,695,615

 

LIABILITIES AND EQUITY

Current liabilities:

 

 

 

Short-term borrowings and current portion of long-term debt

$

136,526

 

 

$

144,479

 

Trade accounts payable

611,965

 

 

571,054

 

Capital expenditures payable

328,171

 

 

77,044

 

Accrued expenses

298,708

 

 

267,226

 

Total current liabilities

1,375,370

 

 

1,059,803

 

Long-term debt

1,182,573

 

 

1,305,755

 

Pension and severance obligations

175,941

 

 

176,971

 

Long-term operating lease liabilities

88,257

 

 

91,107

 

Other non-current liabilities

91,742

 

 

71,740

 

Total liabilities

2,913,883

 

 

2,705,376

 

 

 

 

 

Stockholders equity:

 

 

 

Preferred stock

 

 

 

Common stock

288

 

 

287

 

Additional paid-in capital

1,943,140

 

 

1,927,739

 

Retained earnings

445,541

 

 

234,077

 

Accumulated other comprehensive income (loss)

23,309

 

 

19,115

 

Treasury stock

(217,660

)

 

(217,479

)

Total Amkor stockholders equity

2,194,618

 

 

1,963,739

 

Non-controlling interests in subsidiaries

28,119

 

 

26,500

 

Total equity

2,222,737

 

 

1,990,239

 

Total liabilities and equity

$

5,136,620

 

 

$

4,695,615

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

For the Nine Months Ended September 30,

 

2020

 

2019

 

(In thousands)

Cash flows from operating activities:

 

 

 

Net income

$

213,534

 

 

$

22,812

 

Depreciation and amortization

377,722

 

 

398,013

 

Other operating activities and non-cash items

20,368

 

 

51,533

 

Changes in assets and liabilities

(177,576

)

 

(189,026

)

Net cash provided by operating activities

434,048

 

 

283,332

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

(275,531

)

 

(328,497

)

Proceeds from sale of property, plant and equipment

2,710

 

 

8,495

 

Proceeds from insurance recovery for property, plant and equipment

 

 

1,538

 

Proceeds from sale of short-term investments

37,633

 

 

 

Proceeds from maturities of short-term investments

86,216

 

 

6,469

 

Payments for short-term investments

(475,696

)

 

(5,935

)

Other investing activities

13,331

 

 

(887

)

Net cash used in investing activities

(611,337

)

 

(318,817

)

Cash flows from financing activities:

 

 

 

Proceeds from revolving credit facilities

312,000

 

 

172,700

 

Payments of revolving credit facilities

(332,000

)

 

(92,700

)

Proceeds from short-term debt

86,769

 

 

51,434

 

Payments of short-term debt

(76,004

)

 

(42,067

)

Proceeds from issuance of long-term debt

225,985

 

 

714,375

 

Payments of long-term debt

(370,426

)

 

(847,155

)

Payments of finance lease obligations

(7,193

)

 

(4,358

)

Other financing activities

7,707

 

 

(1,963

)

Net cash used in financing activities

(153,162

)

 

(49,734

)

Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash

2,696

 

 

1,385

 

Net decrease in cash, cash equivalents and restricted cash

(327,755

)

 

(83,834

)

Cash, cash equivalents and restricted cash, beginning of period

898,532

 

 

688,051

 

Cash, cash equivalents and restricted cash, end of period

$

570,777

 

 

$

604,217

 

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements, including statements regarding future demand, operating performance, free cash flow generation, financial outlook, investment and return of capital, statements regarding future dividends and all of the statements made under Business Outlook above. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:

  • health conditions or pandemics, such as COVID-19, impacting labor availability and operating capacity, capital availability, the supply chain and consumer demand for our customers products and services;
  • dependence on the highly cyclical, volatile semiconductor industry;
  • industry downturns and declines in global economic and financial conditions;
  • fluctuation in demand for semiconductors and conditions in the semiconductor industry generally, as well as by specific customers, such as inventory reductions by our customers impacting demand in key markets;
  • changes in our capacity and capacity utilization rates and fluctuations in our manufacturing yields;
  • the development, transition and ramp to high volume manufacture of more advanced silicon nodes and evolving wafer, packaging and test technologies may cause production delays, lower manufacturing yields and supply constraints for new wafers and other materials;
  • absence of backlog, the short-term nature of our customers commitments, double bookings by customers and deterioration in customer forecasts and the impact of these factors, including the possible delay, rescheduling and cancellation of large orders, or the timing and volume of orders relative to our production capacity;
  • changes in costs, quality, availability and delivery times of raw materials, components and equipment, including any disruption in the supply of certain materials due to regulations and customer requirements, as well as wage inflation and fluctuations in commodity prices;
  • dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;
  • dependence on international factories and operations and risks relating to our customers and vendors international operations;
  • laws, rules, regulations and policies imposed by U.S. or other governments, such as tariffs, customs, duties and other restrictive trade barriers, national security, data privacy and cybersecurity, antitrust and competition, tax, currency and banking, labor, environmental, health and safety, and in particular the recent increase in tariffs, customs, duties and other restrictive trade barriers considered or adopted by U.S. and other governments;
  • laws, rules, regulations and policies within China and other countries that may favor domestic companies over non-domestic companies, including customer- or government-supported efforts to promote the development and growth of local competitors;
  • fluctuations in currency exchange rates, particularly the dollar/yen exchange rate for our operations in Japan;
  • competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and new competitors, including foundries;
  • decisions by our integrated device manufacturer and foundry customers to curtail outsourcing;
  • difficulty achieving high capacity utilization rates due to high percentage of fixed costs;
  • our substantial investments in equipment and facilities to support the demand of our customers;
  • there can be no assurance regarding when our factory and research and development center in Korea will be fully utilized, or that the actual scope, costs, timeline or benefits of the project will be consistent with our expectations;
  • the historical downward pressure on the prices of our packaging and test services;
  • any warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business;
  • our substantial indebtedness and restrictive covenants in the indentures and agreements governing our current and future indebtedness;
  • the possibility that we may decrease or suspend our quarterly dividend;
  • difficulty funding our liquidity needs;
  • our significant severance plan obligations associated with our manufacturing operations in Korea;
  • maintaining an effective system of internal controls;
  • difficulty attracting, retaining or replacing qualified personnel;
  • our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;
  • challenges with integrating diverse operations;
  • any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for tax holidays, or any requirements to establish or adjust valuation allowances on deferred tax assets;
  • our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others and implement new technologies;
  • natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions; and
  • the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the companys Annual Report on Form 10-K for the year ended December 31, 2019 and in the companys subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by law.

Vincent Keenan

Vice President, Investor Relations

480-786-7594

[email protected]

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TORA's OEMS Integrates with Liquidnet's IA Trader to Offer Real Time Actionable Decision Making Tools

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LONDON, Dec. 1, 2020 /PRNewswire-PRWeb/ — TORA, the provider of industry leading trading technology, has today announced that it has integrated its order & execution management system (OEMS) with global institutional investment network, Liquidnet's IA Trader. The integration offers access to advanced artificial intelligence, data analytics tools and a broad range of Liquidnet trading algorithms.

Integrating IA Trader directly in the TORA OEMS helps equity traders enhance their decision making process at the point of trade. The system delivers actionable signals, alerts, compact stamp summaries and data visualisation capabilities that are designed to provide clients greater day-to-day efficiency and enhanced operational workflow in one holistic system.

Liquidnet's IA Trader provides pre, post and intra trade execution analytics driven by exception alerting across equity and related market data. Time-stamps, alerts and analytic tools are designed to helps traders to uncover potential hidden risks and opportunities in their blotters, portfolio or watchlists.

TORA's OEMS offers the most comprehensive front-to-back end trading solution for hedge funds and asset managers. The functionality is fully auditable, MIFID II compliant and automatically details in depth order records, price information and creates best execution reports. TORA's platform also delivers advanced pre trade and post trade TCA to improve execution quality and ensure best execution.

Chris Jenkins, Managing Director at TORA, stated, “We are very pleased to have IA Trader available in the TORA OEMS platform. Data analytics play an ever more important role in the trading process and to have IA Trader as an added data point is very exciting for our clients. The embedded integration allows for a seamless workflow for all users.”

TORA's leading OEMS platform will give users access to advanced functions for portfolio rebalancing, TCA, strong post-trade allocations and commission management tools. The integrated software package already connects with custodians, prime brokerage and trade matching providers across the globe.

About TORA

TORA is the leading global provider of advanced investment management technologies supporting the full trading lifecycle. With a full suite of cloud-based SaaS-delivered execution, analytics and compliance tools, as well as order, portfolio and risk management capabilities and a global FIX network, TORA's products are utilized by hundreds of the industry's leading hedge funds, asset managers, proprietary trading firms and sell-side trading desks globally. With headquarters in San Francisco, TORA has over 250 employees across offices in Hong Kong, Jersey, New York, Romania, Singapore, Sydney and Tokyo. More information is available at http://www.tora.com

About Liquidnet

Liquidnet is a technology-driven, global institutional investment network that intelligently connects the world's investors to the world's investments. Since our founding in 1999, our network has grown to include more than 1,000 institutional investors that collectively manage $33 trillion in equity and fixed income assets. Our network spans 45 markets across six continents and seamlessly connects institutional brokers, investment banks, exchanges, alternative trading venues, and a growing list of data and research providers. We built Liquidnet to make global capital markets more efficient, and continue to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that our customers need. For more information, visit http://www.liquidnet.com and follow us on Twitter @Liquidnet.

Media Contact

Viali Munteanu, Cognito, +44 7547819438, [email protected]

 

SOURCE TORA

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Life Settlement Pioneer Launches PolicyAppraisal.com for Financial Advisors

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ATLANTA, Dec. 1, 2020 /PRNewswire/ — Life insurance settlement industry pioneer Wm. Scott Page recently announced the launch of PolicyAppraisal.com, a website that uses custom algorithms to enable financial advisors and life insurance agents to determine the existing value of life insurance policies. Using its proprietary software know as Value Finder™, PolicyAppraisal.com's team uses analytics to quickly identify if a policy can be sold on the secondary market. Value Finder streamlined the appraisal process to provide a quick “yes” or “no” answer regarding the viability of a life settlement. Today, many financial advisors are bogged down when trying to get simple answers from many life settlement brokers.

Each member of the executive team at PolicyAppraisal.com has more than 25 years of experience working within the life insurance settlement industry. Page, the organization's founder, is a pioneer of the life settlement industry and has unmatched experience, knowledge, and funding relationships within the secondary market.

“We have dramatically overhauled the process of determining the value of a life insurance policy,” said Page. “Using new technology, industry experience with underwriting medical impairments, and knowledge of institutional buying patterns and return targets, we have created a system that accurately evaluates key data points and quickly creates a realistic appraisal.”

The team at PolicyAppraisal.com educates financial advisors about the value of life insurance as an asset that is worth more than its cash value – and more than its intangible value as a financial safety net.

“In a timely manner, we can provide an appraisal that will help agents and advisers offer reliable options to their clients,” said Page. “We offer this without an agent having to contact a broker.”

Life insurance is an integral part of any financial plan, however, most industry professionals are kept in the dark regarding the real value of an existing life insurance policy. Restrictive carrier contracts and a convoluted broker market inhibit life settlement transactions. Over the past 25 years, executives from PolicyAppraisal.com have assisted in thousands of transactions and put millions of dollars in the hands of insurance owners from policies that would have otherwise lapsed. Life insurance policy appraisals are invaluable tools for anyone advising seniors about their long-term financial plans.

The company recently launched its website, including a text messaging option to help agents get questions answered very quickly.

“Agents who are concerned about privacy or asking questions through their broker-dealer can learn about policy appraisals by sending an anonymous text message to us, which will go directly to the mobile phone of one of our experts,” said Page. “Texts can be sent at any time (day or night), and we will respond quickly with a thorough answer.”

About Policy Appraisal

More information is available by visiting www.PolicyAppraisal.com, calling (800) 286-3738, or sending a text through the website.

Press Contact

Stephen E. Terrell
800-286-3738

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/life-settlement-pioneer-launches-policyappraisalcom-for-financial-advisors-301182239.html

SOURCE Policy Appraisal

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News

BMO Financial Group Declares Dividends

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TORONTO, Dec. 1, 2020 /PRNewswire/ — Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.06 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2021 (“Q1 2021 Dividend”), unchanged from the previous quarter and the prior year.

The Board of Directors also declared dividends of:

  • $0.112813 per share on paid-up Class B Preferred Shares Series 25;
  • $0.078011 per share on paid-up Class B Preferred Shares Series 26;
  • $0.24075 per share on paid-up Class B Preferred Shares Series 27;
  • $0.2265 per share on paid-up Class B Preferred Shares Series 29;
  • $0.240688 per share on paid-up Class B Preferred Shares Series 31;
  • $0.190875 per share on paid-up Class B Preferred Shares Series 33;
  • $0.303125 per share on paid-up Class B Preferred Shares Series 38;
  • $0.28125 per share on paid-up Class B Preferred Shares Series 40;
  • $0.275 per share on paid-up Class B Preferred Shares Series 42;
  • $0.303125 per share on paid-up Class B Preferred Shares Series 44; and
  • $0.31875 per share on paid-up Class B Preferred Shares Series 46.

The dividend on the common shares is payable on February 26, 2021, to shareholders of record on February 1, 2021. The dividends on the preferred shares are payable on February 25, 2021, to shareholders of record on February 1, 2021.

The above-mentioned dividends on the common and preferred shares are designated as “eligible” dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.

Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the “Plan”).  For the Q1 2021 Dividend declared today and subsequently until further notice, such additional common shares will be purchased on the open market.

For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on February 3, 2021. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.

More information about the Plan and how to enroll can be found at:

http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan

For News Media Enquiries: Paul Gammal, Toronto, [email protected], (416) 867-3996; For Investor Relations Enquiries: Bill Anderson, Toronto, [email protected], (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOmedia

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