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News

Columbus McKinnon Gross Profit Increased 7% on 4% Revenue Growth in Third Quarter Fiscal Year 2019

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Columbus McKinnon Corporation (Nasdaq:CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced financial results for its fiscal year 2019 third quarter, which ended December 31, 2018.

Third Quarter Highlights (compared with prior-year period)

  • Blueprint for Growth strategy working: 80/20 process delivered cost savings and improved earnings power
  • Strong cash generation: Paid down more than $50 million in debt year-to-date; net leverage ratio now less than 2x
  • Market share gains support revenue growth of 4%; adjusted for FX, revenue grew more than 6%
  • Gross margin was 33.8%, up 90 bps; delivered 7th consecutive quarter of year-over-year expansion

Mark Morelli, President and CEO of Columbus McKinnon, commented, Our financial results are demonstrating that our Blueprint for Growth strategy is working. We have rapidly deployed our 80/20 process through approximately half of Columbus McKinnon and as a result are improving customer response time, reducing costs and streamlining processes. Our strong performance reflects our success in simplifying the business, improving operational efficiencies, ramping our growth engine and strengthening earnings power.

The net loss on held for sale businesses of $15.6 million includes the gain on the sale of the Tire Shredder business and an additional impairment on the remaining businesses held for sale, reflecting managements estimate of their fair market value.

Third Quarter Fiscal 2019 Sales

($ in millions) Q3 FY 19 Q3 FY 18 Change % Change
Net sales $ 217.4 $ 208.7 $ 8.7 4.2%
U.S. sales $ 116.0 $ 108.1 $ 7.9

7.3%

% of total 53 % 52 %
Non-U.S. sales $ 101.4 $ 100.6 $ 0.8 0.8%
% of total 47 % 48 %

Higher sales were driven by strong volume in the U.S. and Canada and pricing in EMEA. Excluding the effect of foreign currency translation, sales increased 6.1%.

Third Quarter Fiscal 2019 Operating Results

($ in millions) Q3 FY 19 Q3 FY 18 Change % Change
Gross profit $ 73.4 $ 68.7 $ 4.7 6.9%
Gross margin 33.8 % 32.9 % 90 bps
Income from operations $ 6.6 $ 13.7 $ (7.1 ) (51.5)%
Operating margin 3.1 % 6.6 % (350) bps
Net income (loss) $ (0.8 ) $ (10.6 ) $ 9.8 NM
Diluted EPS $ (0.03 ) $ (0.46 ) $ 0.43 NM
Adjusted EBITDA * $ 30.8 $ 26.9 $ 3.9 14.6%
Adjusted EBITDA margin 14.2 % 12.9 % 130 bps

*A non-GAAP measure, Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Please see the attached tables for a reconciliation of adjusted EBITDA to GAAP net income (loss).

Gross profit and gross margin improvement were largely the result of higher volume and productivity improvements from operational excellence measures and lower medical costs. Pricing more than offset material cost inflation. For more information on changes in gross profit, please see the table on page 8 of this release. Adjusted income from operations was $22.9 million, up $5.1 million, or 28.9%, over the third quarter of fiscal 2018. Adjusted operating margin expanded 200 basis points from the effects of 80/20 simplification and lower selling expenses. Please see the reconciliation of GAAP income from operations to adjusted income from operations on page 11 of this release.

Adjusted net income for the quarter was $14.5 million, or $0.61 per diluted share, compared with $10.4 million, or $0.44 per diluted share, in the prior-year period. Adjusted EBITDA margin was 14.2%. Please see the reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share on page 12 of this release.

Fourth Quarter Fiscal 2019 Outlook

Excluding the businesses expected to be divested, orders in the third quarter grew more than 5% and backlog increased at a similar rate. With the continued strength, the Company expects year-over-year sales growth in the fourth quarter of fiscal 2019 to be approximately 4% to 5%, excluding an approximate 3% to 4% anticipated headwind from foreign currency translation, the impact of the divestiture of the Tire Shredder business and the timing of remaining divestitures. Last years fiscal fourth quarter included $3.3 million in revenue related to the Tire Shredder business, which was divested December 28, 2018. The sale of Crane Equipment & Service, Inc. is expected to close by the end of February 2019. That business had $1.5 million in revenue in the month of March 2018. The sales process is ongoing for Stahlhammer Bommern GmbH.

Teleconference/webcast

Columbus McKinnon will host a conference call and live webcast today at 10:00 AM Eastern Time, at which management will review the Companys financial results and strategy. The review will be accompanied by a slide presentation, which will be available on Columbus McKinnons website at www.cmworks.com/investors. A question and answer session will follow the formal discussion.

The conference call can be accessed by dialing 201-493-6780. The listen-only audio webcast can be monitored at www.cmworks.com/investors. To listen to the archived call, dial 412-317-6671 and enter the passcode 13686186. The telephonic replay will be available from 1:00 PM Eastern Time on the day of the call through Thursday, February 7, 2019. Alternatively, an archived webcast of the call can be found on the Companys website. In addition, a transcript of the call will be posted to the website once available.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies, systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, actuators, rigging tools, light rail work stations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at https://www.cmworks.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the effectiveness of the Companys 80/20 process to simplify operations, the ability of the Companys operational excellence initiatives to drive profitability, the success of the Companys new products to enhance revenue, the timing and success of the divestitures, global economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company’s customers and suppliers, competitor responses to the Company’s products and services, the overall market acceptance of such products and services, the ability to expand into new markets and geographic regions, and other factors disclosed in the Company’s periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

Financial tables follow.

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Income Statements – UNAUDITED

(In thousands, except per share and percentage data)

Three Months Ended
December 31, 2018 December 31, 2017 Change
Net sales $ 217,415 $ 208,725 4.2 %
Cost of products sold 144,010 140,029 2.8 %
Gross profit 73,405 68,696 6.9 %
Gross profit margin 33.8 % 32.9 %
Selling expenses 23,858 25,467 (6.3 )%
% of net sales 11.0 % 12.2 %
General and administrative expenses 20,379 22,318 (8.7 )%
% of net sales 9.4 % 10.7 %
Research and development expenses 3,271 3,293 (0.7 )%
% of net sales 1.5 % 1.6 %
Net loss on held for sale businesses 15,550 NM
Amortization of intangibles 3,701 3,908 (5.3 )%
Income from operations 6,646 13,710 (51.5 )%
Operating margin 3.1 % 6.6 %
Interest and debt expense 4,330 4,864 (11.0 )%
Investment (income) loss, net 82 (53 ) NM
Foreign currency exchange (gain) loss (25 ) 312 NM
Other (income) expense, net (70 ) (725 ) (90.3 )%
Income before income tax expense 2,329 9,312 (75.0 )%
Income tax expense 3,111 19,877 (84.3 )%
Net income (loss) $ (782 ) $ (10,565 ) NM
Average basic shares outstanding 23,348 23,007 1.5 %
Basic income (loss) per share $ (0.03 ) $ (0.46 ) NM
Average diluted shares outstanding 23,348 23,007 1.5 %
Diluted income (loss) per share $ (0.03 ) $ (0.46 ) NM
Dividends declared per common share $ 0.05 $ 0.04

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Income Statements – UNAUDITED

(In thousands, except per share and percentage data)

Nine Months Ended
December 31, 2018 December 31, 2017 Change
Net sales $ 659,549 $ 625,279 5.5 %
Cost of products sold 430,597 416,257 3.4 %
Gross profit 228,952 209,022 9.5 %
Gross profit margin 34.7 % 33.4 %
Selling expenses 73,940 74,309 (0.5 )%
% of net sales 11.2 % 11.9 %
General and administrative expenses 61,893 60,704 2.0 %
% of net sales 9.4 % 9.7 %
Research and development expenses 10,137 9,938 2.0 %
% of net sales 1.5 % 1.6 %
Net loss on held for sale businesses 26,650 NM
Amortization of intangibles 11,358 11,547 (1.6 )%
Income from operations 44,974 52,524 (14.4 )%
Operating margin 6.8 % 8.4 %
Interest and debt expense 13,185 15,072 (12.5 )%
Investment (income) loss, net (297 ) (161 ) 84.5 %
Foreign currency exchange (gain) loss 206 705 (70.8 )%
Other (income) expense, net (417 ) (1,713 ) (75.7 )%
Income before income tax expense 32,297 38,621 (16.4 )%
Income tax expense 9,461 25,022 (62.2 )%
Net income $ 22,836 $ 13,599 67.9 %
Average basic shares outstanding 23,245 22,778 2.1 %
Basic income per share $ 0.98 $ 0.60 63.3 %
Average diluted shares outstanding 23,647 23,203 1.9 %
Diluted income per share $ 0.97 $ 0.59 64.4 %
Dividends declared per common share $ 0.10 $ 0.08

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Balance Sheets

(In thousands)

December 31, 2018

March 31, 2018
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 58,079 $ 63,021
Trade accounts receivable 123,411 127,806
Inventories 149,716 152,886
Prepaid expenses and other 16,577 16,582
Total current assets 347,783 360,295
Property, plant, and equipment, net 88,656 113,079
Goodwill 326,851 347,434
Other intangibles, net 239,452 263,764
Marketable securities 6,951 7,673
Deferred taxes on income 32,668 32,442
Other assets 20,163 17,759
Total assets $ 1,062,524 $ 1,142,446
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Trade accounts payable $ 39,725 $ 46,970
Accrued liabilities 95,494 99,963
Current portion of long-term debt 60,038 60,064
Total current liabilities 195,257 206,997
Senior debt, less current portion 33
Term loan and revolving credit facility 254,795 303,221
Other non-current liabilities 192,041 223,966
Total liabilities 642,093 734,217
Shareholders equity:
Common stock 234 230
Additional paid-in capital 275,750 269,360
Retained earnings 219,289 197,897
Accumulated other comprehensive loss (74,842 ) (59,258 )
Total shareholders equity 420,431 408,229
Total liabilities and shareholders equity $ 1,062,524 $ 1,142,446

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Statements of Cash Flows – UNAUDITED

(In thousands)

Nine Months Ended
December 31, 2018 December 31, 2017
Operating activities:
Net income $ 22,836 $ 13,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 24,763 26,873
Deferred income taxes and related valuation allowance (2,353 ) 20,141
Net loss (gain) on sale of real estate, investments, and other 109 (10 )
Stock based compensation 4,625 4,267
Amortization of deferred financing costs and discount on debt 1,992 2,009
Net loss on held for sale businesses 26,650
Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures:
Trade accounts receivable (1,407 ) (6,516 )
Inventories (13,043 ) (6,456 )
Prepaid expenses and other (103 ) (130 )
Other assets 232 2,803
Trade accounts payable (5,330 ) 389
Accrued liabilities 3,558 5,388
Non-current liabilities (8,733 ) (11,114 )
Net cash provided by operating activities 53,796 51,243
Investing activities:
Proceeds from sales of marketable securities 1,238 653
Purchases of marketable securities (835 ) (109 )
Capital expenditures (7,236 ) (9,384 )
Proceeds from sale of real estate 176
Net proceeds from sale of business 5,103
Net payments to former STAHL owner (14,750 )
Payment of restricted cash to former owner (294 ) (294 )
Cash paid for purchase of equity investment (3,359 )
Net cash used for investing activities (1,848 ) (27,243 )
Financing activities:
Proceeds from the issuance of common stock 3,708 5,961
Repayment of debt (50,051 ) (45,050 )
Payment of dividends (3,484 ) (2,737 )
Other (1,941 ) (1,255 )
Net cash used for financing activities (51,768 ) (43,081 )
Effect of exchange rate changes on cash (5,416 ) 5,795
Net change in cash and cash equivalents (5,236 ) (13,286 )
Cash, cash equivalents, and restricted cash at beginning of year 63,565 78,428
Cash, cash equivalents, and restricted cash at end of period $ 58,329 $ 65,142

COLUMBUS McKINNON CORPORATION

Q3 FY 2019 Sales Bridge

Third Quarter Year to Date
($ in millions) $ Change % Change $ Change % Change
Fiscal 2018 Sales $ 208.7 $ 625.3
Volume 9.9 4.8 % 28.2 4.5 %
Pricing 2.8 1.3 % 6.9 1.1 %
Foreign currency translation (4.0 )

(1.9)

%

(0.9 )

(0.1)

%

Total change $ 8.7 4.2 % $ 34.2 5.5 %
Fiscal 2019 Sales $ 217.4 $ 659.5

COLUMBUS McKINNON CORPORATION

Q3 FY 2019 Gross Profit Bridge

($ in millions) Third Quarter Year to Date
Fiscal 2018 Gross Profit $ 68.7 $ 209.0
Sales volume and mix 2.0 8.9
Productivity, net of other cost changes 1.6 7.9
Pricing, net of material cost inflation 1.6 4.4
Product liability 0.6 0.8
Prior year STAHL integration costs 0.1 0.3
Foreign currency translation (1.0 ) (0.1 )
Ohio plant closure (0.2 ) (0.2 )
Current year STAHL integration costs (0.3 )
Prior year insurance settlement (1.7 )
Total change $ 4.7 $ 20.0
Fiscal 2019 Gross Profit $ 73.4 $ 229.0

COLUMBUS McKINNON CORPORATION

Additional Data – UNAUDITED

December 31, 2018 March 31, 2018 December 31, 2017
($ in millions)
Backlog $ 159.9 $ 177.4 $ 152.3
Long-term backlog (expected to ship beyond 3 months) $ 55.1 $ 59.5 $ 50.9
Long-term backlog as % of total backlog 34.5 % 33.5 % 33.4 %
Trade accounts receivable
Days sales outstanding (2) 52.3 days 54.3 days 53.8 days
Inventory turns per year (2)
(based on cost of products sold) 3.8 turns 3.7 turns 3.9 turns
Days’ inventory (2) 96.1 days 100.0 days 93.6 days
Trade accounts payable
Days payables outstanding (2) 25.4 days 30.6 days 28.0 days
Working capital as a % of sales (1), (2) 17.9 % 17.9 % 17.4 %
Debt to total capitalization percentage 42.8 % 47.1 % 49.6 %
Debt, net of cash, to net total capitalization 37.9 % 42.4 % 44.9 %

(1) December 31, 2017 figure excludes the impact of the acquisition of STAHL.

(2) December 31, 2018 figures exclude the Tire Shredder business, which was divested on December 28, 2018.

U.S. Shipping Days by Quarter
Q1 Q2 Q3 Q4 Total
FY 20 63 63 61 64 251
FY 19 64 63 60 63 250
FY 18 63 62 60 63 248

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Gross Profit to

Non-GAAP Adjusted Gross Profit and Adjusted Gross Margin

($ in thousands, except per share data)

Three Months Ended December 31, Year to Date Ended December 31,
2018 2017 2018 2017
Gross profit $ 73,405 $ 68,696 $ 228,952 $ 209,022
Add back (deduct):
Ohio plant closure 200 200
STAHL integration costs 50 271
Insurance settlement (1,741 )
Non-GAAP adjusted gross profit $ 73,605 $ 68,746 $ 229,152 $ 207,552
Sales $ 217,415 $ 208,725 $ 659,549 $ 625,279
Adjusted gross margin 33.9 % 32.9 % 34.7 % 33.2 %

Adjusted gross profit is defined as gross profit as reported, adjusted for certain items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted gross profit, is important for investors and other readers of the Companys financial statements and assists in understanding the comparison of the current quarters and current year’s gross profit to the historical periods’ gross profit, as well as facilitates a more meaningful comparison of the Companys gross profit to that of other companies.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Income from Operations to

Non-GAAP Adjusted Income from Operations and Adjusted Operating Margin

($ in thousands, except per share data)

Three Months Ended December 31, Year to Date Ended December 31,
2018 2017 2018 2017
Income from operations $ 6,646 $ 13,710 $ 44,974 $ 52,524
Add back (deduct):
Impairment on held for sale business 16,653 27,753
Gain on sale of business (1,103 ) (1,103 )
Insurance recovery legal costs 491 1,040 1,150 2,592
Ohio plant closure 200 200
STAHL integration costs 3,006 1,906 4,846
Magnetek litigation 400
Insurance settlement (1,741 )
Non-GAAP adjusted income from operations $ 22,887 $ 17,756 $ 74,880 $ 58,621
Sales $ 217,415 $ 208,725 $ 659,549 $ 625,279
Adjusted operating margin 10.5 % 8.5 % 11.4 % 9.4 %

Adjusted income from operations is defined as income from operations as reported, adjusted for certain items. Adjusted income from operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from operations, is important for investors and other readers of the Companys financial statements and assists in understanding the comparison of the current quarters and current year’s income from operations to the historical periods’ income from operations, as well as facilitates a more meaningful comparison of the Companys income from operations to that of other companies.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Net Income (Loss) and Diluted Earnings per Share to

Non-GAAP Adjusted Net Income and Diluted Earnings per Share

($ in thousands, except per share data)

Three Months Ended December 31, Year to Date December 31,
2018 2017 2018 2017
Net income (loss) $ (782 ) $ (10,565 ) $ 22,836 $ 13,599
Add back (deduct):
Impairment on held for sale business 16,653 27,753
Gain on sale of business (1,103 ) (1,103 )
Insurance recovery legal costs 491 1,040 1,150 2,592
Ohio plant closure 200 200
STAHL integration costs 3,006 1,906 4,846
Magnetek litigation 400
Insurance settlement (1,741 )
Normalize tax rate to 22% (1) (974 ) 16,938 (4,224 ) 15,184
Non-GAAP adjusted net income $ 14,485 $ 10,419 $ 48,518 $ 34,880
Average diluted shares outstanding 23,681 23,577 23,647 23,203
Diluted income (loss) per share – GAAP $ (0.03 ) $ (0.46 ) $ 0.97 $ 0.59
Diluted income per share – Non-GAAP $ 0.61 $ 0.44 $ 2.05 $ 1.50

(1) Applies a normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.

Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Companys financial statements and assists in understanding the comparison of the current quarters and current year’s net income and diluted EPS to the historical periods’ net income and diluted EPS, as well as facilitates a more meaningful comparison of the Companys net income and diluted EPS to that of other companies.

COLUMBUS McKINNON CORPORATION

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA

($ in thousands)

Three Months Ended December 31, Year to Date December 31,
2018 2017 2018 2017
Net income (loss) $ (782 ) $ (10,565 ) $ 22,836 $ 13,599
Add back (deduct):
Income tax expense 3,111 19,877 9,461 25,022
Interest and debt expense 4,330 4,864 13,185 15,072
Investment loss (income) 82 (53 ) (297 ) (161 )
Foreign currency exchange (gain) loss (25 ) 312 206 705
Other (income) expense, net (70 ) (725 ) (417 ) (1,713 )
Depreciation and amortization expense 7,901 9,118 24,763 26,873
Impairment on held for sale business 16,653 27,753
Gain on sale of business (1,103 ) (1,103 )
Insurance recovery legal costs 491 1,040 1,150 2,592
Ohio plant closure 200 200
STAHL integration costs 3,006 1,906 4,846
Magnetek litigation 400
Insurance settlement (1,741 )
Non-GAAP adjusted EBITDA $ 30,788 $ 26,874 $ 99,643 $ 85,494
Sales $ 217,415 $ 208,725 $ 659,549 $ 625,279
Adjusted EBITDA margin 14.2 % 12.9 % 15.1 % 13.7 %

Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted EBITDA, is important for investors and other readers of the Companys financial statements and assists in understanding the comparison of the current quarters and current year’s net income and diluted EPS to the historical periods’ net income and diluted EPS, as well as facilitates a more meaningful comparison of the Companys net income and diluted EPS to that of other companies.

Gregory P. Rustowicz
Vice President – Finance and Chief Financial
Officer
Columbus McKinnon Corporation
716-689-5442
[email protected]

Investor Relations:
Deborah K. Pawlowski
Kei Advisors
LLC
716-843-3908
[email protected]

News

Suncity Group Named Title Sponsor for Local Arts Events

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Fully Supports Macau’s Cultural Industry and the Recovery of Macau

 

MACAU, CHINA – Media OutReach – 20 September 2020 – To revitalize the development of Macau’s cultural industry, Suncity Group fully supports the local arts event, rooting for Macau citizens and local artists through series of astonishing and diversified music entertaining events. ‘Suncity Group Rooting for Macau – SIM! Music Festival 2020’ is the first musical performance of series events title sponsored by Suncity Group, ended perfectly at the Cotai Arena, Venetian Macau on September 19.

[View Image]

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd. attended the event 

‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau

[View Image]

Local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival

 

With the purpose of ‘reigniting the local performing arts power’, a group of outstanding local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival. A total of 12 units did their utmost to compete in the same stage with singing and dancing. There was no cessation to the excitement and the symphony of applause and cheers in the whole night.

 

The organisers have specially invited Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd., Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association to serve as adjudicators and presenters, witnessing and supporting this diversified music festival that belongs to Macau with the other officiating guests. It shot in the arm of Macau’s cultural industry which has been gradually recovering after the pandemic. After a series of stiff competitions and wonderful performances by the participating units, the ‘Best Styling Award’ went to Walk with Scamper, the ‘Best Teamwork Award’ was awarded to Girls Rock, the ‘Best Positive Energy’ was given to Bacalhau Talkshow & Band, and finally the ‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau.

 

Mr. Chau said, ‘2020 is the year full of difficulties. With the impact of the pandemic, performing arts and cultural industries in mainland China and Macau have been hard hit. Most of the large-scale musical performances have also been suspended. “Suncity Group Rooting for Macau – SIM! Music Festival 2020” as the first music festival of this year, it undoubtedly brings more positive energy to Macau society as well as the cultural industry, pro-actively supporting the development of Macau’s industrial diversification.’

 

As the first extraordinary music feast of series events ended, ‘Suncity Group Rooting for Macau – SIM! Full Band festival 2020’, also title sponsored by Suncity Group, comes immediately thereafter and will be held on September 26. 13 teams of local rock bands will spare no effort to inspire local Macau citizens and awaken their rocking soul. There are also DJ performances, cold beer and snacks at that night, creating a diversified and dynamic rock music festival with hyper performances and mouth-watering delicacies. It once again roots for the recovery of Macau’s economy.

 

As an enterprise rooted in Macau, Suncity Group is committed to the motherland and Macau. With actively fulfilling its social responsibilities, the Group strives to support the recovery of cultural industry in mainland China and Macau as well as the diversified development of Macau in cooperating to national policies and long-term development of China. Through the title sponsorship of the series arts events, Suncity Group hopes to bring more positive energy and get the uptick of confidence to the Macau society.

 

High-resolution images can be downloaded in the gallery:

https://dropbox.suncity-group.com/url/0919sim

About Suncity Group

Suncity Group was founded in 2007. Since establishment, Suncity Group has been striving to provide the extraordinary VIP entertainment service for our guests, and we then opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business. Meanwhile, we successively set up exclusive VIP Clubs in Manila, Seoul, Incheon, Phnom Penh and Da Nang, etc.

 

Adhering to the spirit of “Innovating With Diversity, Striving For Success”, Suncity Group spared no effort to develop high-end entertainment services and products as well as roll out global VIP loyalty program for the selected members to enjoy entertainment, travel, catering services, luxury shopping and motion picture. Today, the scope of our business covers most sectors, especially in the fields of global travel, film production, concert and event planning, catering and luxury goods.

 

As a Macau born and bred enterprise, Suncity Group is not only devoted to develop the Asian market, but also oriented to expand the global network. In the future, we will surely continue to diversify our VIP entertainment services, attract more exclusive members and make every effort to promote our business in every corner of the world.

 

Official Website | www.suncitygroup.com.mo/en

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News

CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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RETRANSMISSION – MEDIA AVAILABILITY: CN Police officers available for media interviews during Rail Safety Week

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MONTREAL, Sept. 20, 2020 — CN (TSX: CNR) (NYSE: CNI) is offering members of the media the opportunity to talk with uniformed police officers during Rail Safety Week, from September 21-27, about the importance of rail safety at crossings and the dangers of trespassing.

Members of the CN Police Service will be available for media interviews throughout the week. Providing that social distancing be respected or in a virtual manner, we invite media outlets to contact CN to arrange onsite, in studio or on air interviews. The CN media relations team is also happy to offer visual elements for on camera interviews.

CN will mark Rail Safety Week with a public awareness campaign aimed at reducing the number of collisions and trespassing-related accidents. Throughout the week, CN Police will conduct safety initiatives at commuter stations and railway crossings reminding commuters and motorists about the importance of safety at crossings and the deadly risks of trespassing on railway tracks and property.

Media Contact: Mathieu Gaudreault Senior Advisor Public Affairs and Media Relations (514) 249-4735 [email protected]

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