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Lindsay Corporation Reports Fiscal 2021 First Quarter Results

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Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its first quarter of fiscal 2021, which ended on November 30, 2020.

First Quarter Summary

Revenues for the first quarter of fiscal 2021 were $108.5 million, a decrease of $0.9 million, or 1 percent, compared to revenues of $109.4 million in the prior year first quarter. Net earnings for the quarter were $7.1 million, or $0.65 per diluted share, compared with net earnings of $8.3 million, or $0.77 per diluted share, for the prior year first quarter. Net earnings for the quarter include an income tax benefit of approximately $1.7 million, or $0.16 per diluted share, related to the release of a valuation allowance in a foreign jurisdiction.

Irrigation market conditions improved during the quarter with rising agricultural commodity prices and higher projected net farm income. This resulted in stronger than expected order flow for irrigation equipment, particularly in the latter part of the quarter. said Randy Wood, President and Chief Executive Officer. Our infrastructure business performed well, although results were lower than a very strong first quarter in the prior year.

First Quarter Segment Results

Irrigation segment revenues for the first quarter of fiscal 2021 increased $4.1 million, or 5 percent to $87.4 million, compared to $83.3 million in the prior year first quarter. North America irrigation revenues of $52.8 million decreased $0.8 million, or 2 percent, compared to the prior year first quarter. The decrease resulted primarily from lower engineering services revenue related to a project in the prior year that did not repeat that was partially offset by higher irrigation equipment unit volume. International irrigation revenues of $34.6 million increased $4.8 million, or 16 percent, compared to the prior year first quarter. The increase resulted from higher unit sales volumes in several regions which were partially offset by the unfavorable effects of foreign currency translation of approximately $2.4 million compared to the prior year first quarter.

Irrigation segment operating margin was 12.2 percent of sales, compared to 11.7 percent of sales in the prior year first quarter. The increase resulted primarily from the impact of higher irrigation system unit volume and was partially offset by the impact of higher raw material and freight costs.

Infrastructure segment revenues for the first quarter of fiscal 2021 were $21.1 million, a decrease of $5.0 million, or 19 percent, compared to $26.1 million in the prior year first quarter. The decrease resulted primarily from a large order delivered in the prior year that did not repeat and from lower road construction activity in the current year.

Infrastructure segment operating margin was 20.1 percent of sales, compared to 33.5 percent of sales in the prior year first quarter. The decrease resulted primarily from lower revenue in higher margin product lines and an increase in raw material and other costs compared to the prior year.

The backlog of unfilled orders at November 30, 2020 was $89.2 million compared with $69.2 million at November 30, 2019. Included in these backlogs are amounts of $5.4 million and $5.2 million, respectively, that are not expected to be fulfilled within the subsequent twelve months. The increase in backlog is primarily attributable to higher order activity in North America irrigation.

Outlook

Our backlog of irrigation equipment orders in North America supports solid revenue growth for our second quarter. We also expect improved activity levels to continue in international irrigation markets. At the same time, we are seeing rapid and significant increases in steel and freight costs that will pressure margins in the short term until pricing actions are fully implemented. said Mr. Wood. In our infrastructure business, we continue to be encouraged by the quality of our Road Zipper sales funnel. However, the timing of those projects can be difficult to predict, particularly in the current environment with coronavirus-related effects on road construction activity.

Our financial position remains strong, providing support for our innovation growth strategy across our businesses that address global megatrends and provide solutions that conserve natural resources.

First Quarter Conference Call

Lindsays fiscal 2021 first quarter investor conference call is scheduled for 11:00 a.m. Eastern Time today. Interested investors may participate in the call by dialing (833) 535-2202 in the U.S., or (412) 902-6745 internationally, and requesting the Lindsay Corporation call. Additionally, the conference call will be simulcast live on the Internet and can be accessed via the investor relations section of the Company’s Web site, www.lindsay.com. Replays of the conference call will remain on our Web site through the next quarterly earnings release. The Company will have a slide presentation available to augment management’s formal presentation, which will also be accessible via the Company’s Web site.

About the Company

Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the worlds rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic center pivot and lateral move agricultural irrigation systems and FieldNET remote irrigation management and scheduling technology, as well as irrigation consulting and design and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the worlds roads, bridges and tunnels, through the Barrier Systems, Road Zipper and Snoline„¢ brands. For more information about Lindsay Corporation, visit www.lindsay.com.

Concerning Forward-looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties and which reflect managements current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and planned financing of the Company and those statements preceded by, followed by or including the words anticipate, estimate, believe, intend, “expect,” “outlook,” “could,” “may,” “should,” will, or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.

LINDSAY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

 

 

 

 

 

 

 

Three months ended

 

 

(in thousands, except per share amounts)

 

 

November 30,

2020

 

 

 

November 30,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

108,485

 

 

$

 

109,393

 

 

Cost of operating revenues

 

 

 

77,077

 

 

 

 

75,319

 

 

Gross profit

 

 

 

31,408

 

 

 

 

34,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Selling expense

 

 

 

7,331

 

 

 

 

6,492

 

 

General and administrative expense

 

 

 

13,452

 

 

 

 

11,804

 

 

Engineering and research expense

 

 

 

3,090

 

 

 

 

3,502

 

 

Total operating expenses

 

 

 

23,873

 

 

 

 

21,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

7,535

 

 

 

 

12,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

(1,201

)

 

 

 

(1,186

)

 

Interest income

 

 

 

303

 

 

 

 

615

 

 

Other income (expense), net

 

 

 

246

 

 

 

 

(450

)

 

Total other (expense) income

 

 

 

(652

)

 

 

 

(1,021

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

 

6,883

 

 

 

 

11,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (benefit) expense

 

 

 

(212

)

 

 

 

2,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

7,095

 

 

$

 

8,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.65

 

 

$

 

0.77

 

 

Diluted

 

$

 

0.65

 

 

$

 

0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

10,845

 

 

 

 

10,795

 

 

Diluted

 

 

 

10,888

 

 

 

 

10,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

 

0.32

 

 

$

 

0.31

 

 

 

 

LINDSAY CORPORATION AND SUBSIDIARIES

SUMMARY OPERATING RESULTS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

(in thousands)

 

 

November 30,

2020

 

 

 

November 30,

2019

 

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Irrigation:

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

 

52,790

 

 

$

 

53,588

 

 

International

 

 

 

34,566

 

 

 

 

29,739

 

 

Irrigation segment

 

 

 

87,356

 

 

 

 

83,327

 

 

Infrastructure segment

 

 

 

21,129

 

 

 

 

26,066

 

 

Total operating revenues

 

$

 

108,485

 

 

$

 

109,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

Irrigation segment

 

$

 

10,633

 

 

$

 

9,784

 

 

Infrastructure segment

 

 

 

4,256

 

 

 

 

8,741

 

 

Corporate

 

 

 

(7,354

)

 

 

 

(6,249

)

 

Total operating income

 

$

 

7,535

 

 

$

 

12,276

 

 

The Company manages its business activities in two reportable segments as follows:

Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial IoT solutions.

Infrastructure “ This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment.

Certain immaterial reclassifications have been made to the prior year operating results to conform with current year presentation, as revenues and operating income from certain product lines previously included within the Infrastructure reporting segment are now included within the Irrigation reporting segment.

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

November 30,

2020

 

 

November 30,

2019

 

 

August 31,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

126,802

 

 

$

 

120,910

 

 

$

 

121,403

 

Marketable securities

 

 

 

19,624

 

 

 

 

 

 

 

 

19,511

 

Receivables, net

 

 

 

74,909

 

 

 

 

79,317

 

 

 

 

84,604

 

Inventories, net

 

 

 

114,278

 

 

 

 

97,284

 

 

 

 

104,792

 

Assets held-for-sale

 

 

 

 

 

 

 

2,744

 

 

 

 

 

Other current assets, net

 

 

 

20,837

 

 

 

 

16,376

 

 

 

 

17,625

 

Total current assets

 

 

 

356,450

 

 

 

 

316,631

 

 

 

 

347,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

 

81,295

 

 

 

 

70,305

 

 

 

 

79,581

 

Intangibles, net

 

 

 

22,817

 

 

 

 

23,739

 

 

 

 

23,477

 

Goodwill

 

 

 

68,027

 

 

 

 

64,358

 

 

 

 

68,004

 

Operating lease right-of-use assets

 

 

 

26,008

 

 

 

 

25,764

 

 

 

 

27,457

 

Deferred income tax assets

 

 

 

9,924

 

 

 

 

9,902

 

 

 

 

9,935

 

Other noncurrent assets, net

 

 

 

10,681

 

 

 

 

16,112

 

 

 

 

14,137

 

Total assets

 

$

 

575,202

 

 

$

 

526,811

 

 

$

 

570,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

36,263

 

 

$

 

30,097

 

 

$

 

29,554

 

Current portion of long-term debt

 

 

 

214

 

 

 

 

210

 

 

 

 

195

 

Other current liabilities

 

 

 

65,910

 

 

 

 

54,494

 

 

 

 

72,646

 

Total current liabilities

 

 

 

102,387

 

 

 

 

84,801

 

 

 

 

102,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension benefits liabilities

 

 

 

6,293

 

 

 

 

5,948

 

 

 

 

6,374

 

Long-term debt

 

 

 

115,641

 

 

 

 

115,805

 

 

 

 

115,682

 

Operating lease liabilities

 

 

 

24,863

 

 

 

 

25,323

 

 

 

 

25,862

 

Deferred income tax liabilities

 

 

 

902

 

 

 

 

845

 

 

 

 

889

 

Other noncurrent liabilities

 

 

 

21,215

 

 

 

 

21,089

 

 

 

 

20,806

 

Total liabilities

 

 

 

271,301

 

 

 

 

253,811

 

 

 

 

272,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

18,948

 

 

 

 

18,897

 

 

 

 

18,918

 

Capital in excess of stated value

 

 

 

78,026

 

 

 

 

71,706

 

 

 

 

77,686

 

Retained earnings

 

 

 

503,342

 

 

 

 

479,732

 

 

 

 

499,724

 

Less treasury stock – at cost

 

 

 

(277,238

)

 

 

 

(277,238

)

 

 

 

(277,238

)

Accumulated other comprehensive loss, net

 

 

 

(19,177

)

 

 

 

(20,097

)

 

 

 

(20,572

)

Total shareholders’ equity

 

 

 

303,901

 

 

 

 

273,000

 

 

 

 

298,518

 

Total liabilities and shareholders’ equity

 

$

 

575,202

 

 

$

 

526,811

 

 

$

 

570,526

 

 

LINDSAY CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

(in thousands)

 

 

November 30, 2020

 

 

 

November 30, 2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

 

7,095

 

 

$

 

8,345

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

5,140

 

 

 

 

4,748

 

Provision for uncollectible accounts receivable

 

 

 

158

 

 

 

 

248

 

Deferred income taxes

 

 

 

140

 

 

 

 

1,987

 

Share-based compensation expense

 

 

 

1,583

 

 

 

 

1,160

 

Foreign currency transaction (gain) loss

 

 

 

(203

)

 

 

 

668

 

Other, net

 

 

 

36

 

 

 

 

(294

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

8,896

 

 

 

 

(4,122

)

Inventories

 

 

 

(8,294

)

 

 

 

(4,931

)

Other current assets

 

 

 

(3,068

)

 

 

 

(2,466

)

Accounts payable

 

 

 

7,286

 

 

 

 

725

 

Other current liabilities

 

 

 

(7,146

)

 

 

 

(1,901

)

Other noncurrent assets and liabilities

 

 

 

3,750

 

 

 

 

(2,626

)

Net cash provided by operating activities

 

 

 

15,373

 

 

 

 

1,541

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

 

(5,614

)

 

 

 

(4,322

)

Purchases of marketable securities available-for-sale

 

 

 

(3,844

)

 

 

 

 

Proceeds from maturities of marketable securities available-for-sale

 

 

 

3,616

 

 

 

 

 

Proceeds from settlement of net investment hedges

 

 

 

 

 

 

 

1,092

 

Other investing activities, net

 

 

 

 

 

 

 

24

 

Net cash used in investing activities

 

 

 

(5,842

)

 

 

 

(3,206

)

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

56

 

 

 

 

 

Common stock withheld for payroll tax obligations

 

 

 

(1,269

)

 

 

 

(1,111

)

Principal payments on long-term debt

 

 

 

(35

)

 

 

 

(52

)

Dividends paid

 

 

 

(3,477

)

 

 

 

(3,353

)

Net cash used in financing activities

 

 

 

(4,725

)

 

 

 

(4,516

)

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

593

 

 

 

 

(113

)

Net change in cash and cash equivalents

 

 

 

5,399

 

 

 

 

(6,294

)

Cash and cash equivalents, beginning of period

 

 

 

121,403

 

 

 

 

127,204

 

Cash and cash equivalents, end of period

 

$

 

126,802

 

 

$

 

120,910

 

 

LINDSAY CORPORATION:

Brian Ketcham

Senior Vice President & Chief Financial Officer

402-827-6579

THREE PART ADVISORS:

Hala Elsherbini

972-458-8000

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QuickStart Learning Inc. Announces 24-Month Payment Plan with EdAid to Ease Financial Burden for Students

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AUSTIN, Texas, Feb. 26, 2021 /PRNewswire-PRWeb/ — QuickStart Learning, the award-winning IT workforce readiness and career development platform joins hands with EdAid to offer students interest-free 24-month payment plans. This partnership aims to help students and professionals who might find full upfront payment a challenge pursue workforce readiness training and spread tuition payments over 24 months, at 0% interest.

QuickStart offers online IT bootcamps in partnership with top American universities, including Hofstra Continuing Education and Florida Atlantic University Center for Online and Continuing Education. The bootcamp programs are offered in five major fields of information technology, including cybersecurity, cloud computing, web development, data science, and data analytics.

“We are taking steps in the EdTech space to create learning opportunities for students and professionals in the IT domain. By leveraging technology and taking initiatives like partnering with EdAid, we provide students universal access to high-quality education by easing their financial challenges. This would bring out the best IT talent to become a catalyst in assisting the US economy recover fast”, says Ed Sattar, CEO QuickStart.

“We believe access to education should be universal. Now more than ever, it's critical to create affordable upskilling opportunities. This payment plan does just that by lowering the upfront barriers to quality education,” says Tom Woolf, Founder & CEO of EdAid.

About EdAid
EdAid is on a mission to make access to quality education affordable. Through a global platform, they are pioneering deferred payment plans. Founded in the UK, EdAid is authorized and regulated by the Financial Conduct Authority (FCA) and has operations in the US, Canada, Australia, UAE, and the UK. EdAid has partnered with world-class educational institutions to support social mobility through interest-free, flexible payment options, administered by caring and professional student support teams.

About QuickStart
QuickStart is an Austin-based Microsoft Gold Partner accredited by Cisco, NetApp, ITIL, CompTIA, and EC Council. The organization uses its proprietary learning methodology and workforce readiness platform (CLIPP) to transform professionals and teams in the IT industry. The platform maximizes IT workforce readiness by personalizing adaptive learning using AI and multi-modal training delivery to help learners and organizations meet IT career and objectives.

Visit QuickStart Learning at http://www.QuickStart.com to explore the platform and get IT certification training to advance your career or upskill your teams to achieve organizational IT project goals.

Media Contact

Uzair Ahmed, QuickStart, +1 512-535-2465, [email protected]

Twitter

 

SOURCE QuickStart

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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Jianpu Technology, Inc. (JT) Investors

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LOS ANGELES, Feb. 26, 2021 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT) American Depositary Shares (“ADSs” or “shares”) between May 29, 2018 and February 16, 2021, inclusive (the “Class Period”). Jianpu investors have until April 19, 2021 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 16, 2021, Jianpu announced the results of its review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.”

On this news, the Company's share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain of the Company's transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpu's revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpu's internal control over financial reporting; (4) that, as a result of the foregoing, the Company's fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Jianpu ADSs during the Class Period, you may move the Court no later than April 19, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Jianpu securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-jianpu-technology-inc-jt-investors-301233140.html

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

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Falls Fintech to Launch Cohort 3

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SIOUX FALLS, S.D., Feb. 26, 2021 /PRNewswire-PRWeb/ — Falls Fintech, the fintech accelerator founded by Central Payments in 2019, is excited to announce the five companies that make up its third cohort of fintech startups. The 12 week program kicks off on March 1, 2021. Falls Fintech is a business accelerator program geared towards early-stage fintech companies and concludes with a partnership with Central Payments.

“Our third cohort of entrepreneurs are developing fresh approaches to user experience and technology in order to bring greater transparency and cost savings to financial activities. Our Falls Fintech team is eager to spend time working alongside these companies and help prepare them for market launch,” said Nikkee Rhody, Managing Director of Falls Fintech.

This Falls Fintech session will once again have an Entrepreneur in Residence (EIR) who has already overcome many of the challenges of starting a company and can collaborate with other fintech founders. Cohort 3 EIRs are Karen Rios and Corey Beebe, founders of Lifesaver. As the EIRs, Lifesaver will take part in the Falls Fintech curriculum, mentor other cohort participants, and simultaneously integrate with Central Payments for a market launch soon after completion of the spring session.

Trent Sorbe, President and Founder of Central Payments and Co-Founder of Falls Fintech, said “We're delighted about the opportunity to support the next generation of financial services companies and look forward to bringing their innovative products to market at the end of their Falls Fintech experience through Central Payments.”

All are welcome to join the virtual watch party to meet and hear from the spring 2021 cohort. Register here:
https://us02web.zoom.us/webinar/register/WN_8KN2ACyKQIW_Lbo2WeJZcg
Thursday, March 3, 3:00pm4:00pm CST

The full line-up of impressive participants in cohort 3 are:

1) Lifesaver
CEO: Karen Rios
CTO: Corey Beebe
HQ: New York, NY
GetLifesaver.com
Lifesaver is the universal banking platform that prioritizes financial health for consumers and automates cross-selling for banks.

2) Draft Fuel
CEO: Tom Mangan
COO: Alex Cullingford
HQ: Philadelphia, PA
Draftfuel.com
DraftFuel is a bankroll management app that connects to a user's existing bank accounts and credit cards for the purpose of monitoring and rounding-up to save the spare change from their daily purchases. It also allows users to save a fixed percentage of their bank deposits into an app-integrated, re-loadable, pre-paid virtual debit card to connect and play with on their favorite gaming platforms (Ex: Draftkings, Fanduel, BetMGM, etc.).

3) Frich
CEO: Katrin Kaurov
CPO: Aleksandra Medina
HQ: New York, NY
Getfrich.com
Frich is the first social finance app using gamification and social media elements that empower Gen Z to take control of their social life spending through goal setting with friends.

4) Frugl
CEO: Michael Gauthier
HQ: Toronto, CAN
Frugl.ca
Frugl gives you more confidence in your financial future by empowering you to automatically put away more savings, in ways that work for your lifestyle.

5) Slyde
CEO: David Gertner
President: Ben Gertner
HQ: Boston, MA
Slydemoney.com
Slyde is a consumer fintech company saving users time and money on bill and subscription payments. We make it easy to track, manage, and pay recurring bills and subscriptions from a single place while helping users avoid unnecessary fees and take control of their financial lives.

About the Program: Falls Fintech is a custom, 12-week program designed to accelerate market readiness for early-stage financial technology startups. The high-intensity curriculum is delivered by a distinguished group of payments, technology, and banking professionals. In addition to a financial investment of $15,000, at the conclusion of Falls Fintech, successful companies will have completed all the necessary steps to come to market with a bank partnership and access to the payments ecosystem through Central Payments and its Open*CP platform.

About Central Payments and Central Bank of Kansas City
Central Payments is the payments subsidiary of Central Bank of Kansas City (CBKC) and is headquartered in Dell Rapids, South Dakota. Central Payments administers payment card and funds disbursement programs via retail, employer/payroll, and online outlets nationwide through Open*CP Fintech API Marketplace, one of the only true bank-as-a-service payments platforms and the technology responsible for Central Payments' rise to the fastest growing prepaid card issuer since 2015.*

CBKC is a 68-year-old family-owned bank located in the heart of Kansas City, Missouri and one of 135 financial institutions in the country certified by the U.S. Treasury as a Community Development Financial Institution. CBKC and Central Payments share the mission to provide high-quality financial products to consumers of modest means who historically have not enjoyed the benefits of affordable and accessible financial services. “Treat Each Customer's Balance as Though It's All They Have” guides our approach to product design, customer service, and affordability. Visit central-payments.com, fallsfintech.com, or centralbankkc.com for more information. Member FDIC.

  • Source: The Nilson Report, 2015 to 2019.

Media Contact

Nikkee Rhody, Falls Fintech, +1 (605)521-7080, [email protected]

Melissa Otten, Central Payments, (605)354-5451, [email protected]

Twitter

 

SOURCE Falls Fintech

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