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Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (LDP) Notification of Sources of Distribution Under Section 19(a)

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NEW YORK, April 28, 2021 /PRNewswire/ — This press release provides shareholders of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (NYSE: LDP) (the “Fund”) with information regarding the sources of the distribution to be paid on April 30, 2021 and cumulative distributions paid fiscal year-to-date.

In December 2016, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund’s long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

The Fund’s monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund’s assets. A return of capital is not taxable; rather, it reduces a shareholder’s tax basis in his or her shares of the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund’s distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund’s distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES

April 2021

YEAR-TO-DATE (YTD)

April 30, 2021*

Source

Per Share Amount

% of Current Distribution

Per Share Amount

% of 2021 Distributions

Net Investment Income

$0.0896

62.66%

$0.4179

73.06%

Net Realized Short-Term Capital Gains

$0.0000

0.00%

$0.0000

0.00%

Net Realized Long-Term Capital Gains

$0.0534

37.34%

$0.1541

26.94%

Return of Capital (or other Capital Source)

$0.0000

0.00%

$0.0000

0.00%

Total Current Distribution

$0.1430

100.00%

$0.5720

100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2021 (January 1, 2021 through March 31, 2021) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2021. In addition, the Fund’s Average Annual Total Return for the five-year period ending March 31, 2021 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2021. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Fund Performance and Distribution Rate Information:

Year-to-date January 1, 2021 to March 31, 2021

Year-to-date Cumulative Total Return1

0.98%

Cumulative Distribution Rate2

2.22%


Five-year period ending March 31, 2021

Average Annual Total Return3

9.04%

Current Annualized Distribution Rate4

6.65%



1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2021 through April 30, 2021) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of March 31, 2021.

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending March 31, 2021. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of March 31, 2021.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund’s most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

Website: https://www.cohenandsteers.com 
Symbol: (NYSE: CNS)

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, and Tokyo.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

SOURCE Cohen & Steers

Related Links

https://www.cohenandsteers.com

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Vori Health Announces $45MM Series A Led By NEA

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SAN FRANCISCO, May 7, 2021 /PRNewswire/ — Today, Vori Health, a first-class medical provider for innovative musculoskeletal care through technology, community and care teams, announced their Series A funding of $45MM led by New Enterprise Associates, Inc. (NEA), with participation from current investors AlleyCorp and Max Ventures. With the funding, Vori will focus on technology, product, services, and data buildout, along with accelerated clinical and support-team growth.

“Vori Health is ecstatic to announce our Series A with the world-renowned healthcare investment team at NEA,” said Dr. Ryan Grant, Founder and CEO of Vori Health. “With the funding, we are excited to further develop our platform and better support patients with musculoskeletal pain and injury, while remaining focused on our mission to deliver innovative care that is human-centered and evidence-based.”

Musculoskeletal pain and injury is the top cause of global disability, affecting 54% of the U.S. population and is one of the most expensive sectors in healthcare. Care today is difficult to navigate, unnecessarily high-cost, and objectively not evidence-based. Vori Health was established to combat these inequities by delivering a truly elevated, human-centered, patient care experience through cutting-edge technology, premium content, community, and multidisciplinary care teams.

“We’re thrilled to partner with Vori Health, which is bringing a clinically differentiated care model to the $300B musculoskeletal space,” remarked Mohamad Makhzoumi, General Partner and Head of Global Healthcare Investing at NEA. “We’ve closely followed the ongoing shift to value-based care, and Vori’s all-inclusive, evidence-based, tech-enabled solution is well-positioned for continued growth. We’re excited to support Ryan and the Vori team to integrate a historically fragmented sector of healthcare, leading to more efficient musculoskeletal care management by providers and better outcomes for patients.” Mohamad Makhzoumi joins Vori Health’s physician-led Board of Directors composed of Chief Medical Officer and Co-founder Dr. Mary O’Connor who was previously Chair of Orthopedics at Mayo Clinic in Florida, Dr. Brenton Fargnoli who is Partner at AlleyCorp, and CEO Dr. Ryan Grant.

Vori Health believes in building a community for those suffering from musculoskeletal pain, with the ethos that lasting behavioral change and treatment outcomes require a social connection as well as a clinical one. The platform also provides a social network, group classes, educational content, community forums, blogging, live messaging and immersive care.

Vori Health’s virtual-first program offers a variety of care solutions that can be customized to an individual patient’s needs. As a full-stack medical provider, all patients have access to an integrated care team, care navigation, an ever-expanding library of educational content, and a growing suite of conditions treated. Vori’s existing and new partnership list continues to grow daily, with a deluge of practice groups excited to engage with the company.

About Vori Health
Vori Health is an all-inclusive medical and health provider practicing a holistic, integrated approach starting with musculoskeletal care. The organization offers full service physical medicine and rehabilitation care, physical therapy, prescriptions, imaging & lab ordering, health coaching, nutritional guidance, community support and premium instructional content. The team consists of carefully selected, board-certified physicians and licensed healthcare providers, and provides health services that are accessible at the click of a button from the comfort, convenience, and privacy of a patient’s home. Learn more at www.vorihealth.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s life cycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions.
www.nea.com.

About AlleyCorp and Max Ventures
Founded by serial entrepreneur Kevin Ryan, AlleyCorp is an early stage venture fund and one of the most active early stage investors in New York. On the incubation-side, AlleyCorp founded companies include MongoDB (NASDAQ: MDB), Business Insider, Gilt Groupe, Zola, Nomad Health (Co-founder Dr. Ryan Grant), and more. In recent years, AlleyCorp has built and grown a significant healthcare vertical both in New York and beyond. 
www.alleycorp.com

Max Ventures is an early-stage investment firm based in NYC. The firm has a global focus and has invested in more than 60 early-stage companies, primarily focusing on digital health, digital commerce, and SaaS.
www.maxventures.vc 

SOURCE Vori Health

Related Links

http://www.vorihealth.com

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Oncolytics Biotech® Reports 2021 First Quarter Development Highlights and Financial Results

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– AWARE-1 clinical data validate clinical development strategy by confirming pelareorep’s anti-tumor mechanism of action known to be associated with improved patient outcomes and ability to synergize with checkpoint inhibitors

– Preclinical studies show that pelareorep’s synergistic benefits extend across multiple classes of immunotherapeutic agents, including novel CAR T approaches in solid tumors

– Phase 2 BRACELET-1 clinical trial on track for full enrollment in Q4-2021

– Strong financial foundation with over $50 million in cash on hand and cash runway to Q4-2022

SAN DIEGO and CALGARY, AB, May 7, 2021 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC) today announced its financial results and development highlights for the quarter ended March 31, 2021. All dollar amounts are expressed in Canadian currency unless otherwise noted.

“Our continued progress over the past several months has substantially de-risked our lead breast cancer program and validated our broader development strategy,” said Dr. Matt Coffey, President and Chief Executive Officer of Oncolytics Biotech Inc. “Clinical data from our AWARE-1 trial show pelareorep alters tumor microenvironments by enabling the infiltration of anti-cancer T cells, shown to be associated with improved cancer patient outcomes, including survival, and demonstrates the synergy between pelareorep and checkpoint inhibitors. These findings support the overall survival benefit observed in our prior phase 2 breast cancer study and suggest that we can deliver additional benefits to patients with HR+/HER2- metastatic breast cancer by combining pelareorep with a checkpoint inhibitor. This hypothesis is currently being evaluated in the BRACELET-1 trial, which remains on track for full enrollment this year.”

Dr. Coffey continued, “Alongside our clinical accomplishments, we also generated compelling preclinical data demonstrating pelareorep’s potential to synergize with a broad array of immune-oncology (IO) agents such as CAR T cells and bispecific antibodies. These data suggest that pelareorep’s clinically demonstrated ability to recruit T cells into tumors may significantly boost the effectiveness of various IO agents in solid cancers, an area where they have shown limited efficacy to date. Looking forward, we plan to pursue pelareorep’s development as an enabling technology for multiple classes of IO agents through a partnership strategy, which should allow us to remain primarily focused internally on breast cancer and the execution of our stated clinical milestones.”

First Quarter and Subsequent Highlights

Breast Cancer Program

Achieved primary endpoint in AWARE-1 study

An electronic poster at the American Association for Cancer Research (AACR) Annual Meeting 2021 included data from the twenty HR+/HER2- early-stage breast cancer patients included in AWARE-1’s first two cohorts (link to PR; link to poster). Results from these patients, treated with pelareorep and letrozole without (cohort 1) or with (cohort 2) the PD-L1 inhibitor atezolizumab (Tecentriq®), showed pelareorep and letrozole treatment upregulated tumor PD-L1 expression, induced the generation and expansion of T cell clones, promoted tumor infiltration of CD8+ T cells, and increased CelTIL score, a measure of tumor cellularity and inflammation associated with favorable clinical outcomes. These desired outcomes were further enhanced by the addition of atezolizumab, demonstrating that pelareorep and atezolizumab synergistically combine to generate an anti-cancer immune response in the tumor and peripheral blood. Notably, the trial demonstrated dose-related activity of pelareorep led to the achievement of the primary endpoint, with six of ten patients achieving at least a 30% increase in CelTIL score following treatment in cohort 2. Together, these data support the results of a prior successful phase 2 trial (IND-213) that showed a near doubling of overall survival with pelareorep treatment in HR+/HER2- patients and the clinical rationale behind the phase 2 BRACELET-1 trial, which is evaluating the safety and efficacy of pelareorep and chemotherapy alone, and in combination with a PD-L1 inhibitor, in HR+/HER2- breast cancer patients.

Additional Immunotherapeutic Combinations and Opportunities

Demonstrated the potential of pelareorep to broaden the applicability of CAR T cells to solid tumors

A preclinical study from the Mayo Clinic showed that loading chimeric antigen receptor (CAR) T cells with pelareorep vastly improved their persistence and efficacy in a murine solid tumor model, in stark contrast to prior preclinical studies that showed intratumoral infection with the VSV oncolytic virus weakened CAR T cells (link to PR; link to poster). The efficacy of pelareorep-loaded CAR T cell (“CAR/Pela”) therapy was further enhanced by subsequently administering a single intravenous dose of pelareorep, which led to the generation of highly persistent CAR T cells, the inhibition of recurrent tumor growth, and ultimately tumor cures. These synergistic immune effects were notably specific to pelareorep, as intravenous boosting with VSV did not augment CAR/Pela therapy or prevent the growth of recurrent tumors. Collectively, these data demonstrate the potential of pelareorep to broaden the applicability of CAR T cells to solid tumors, an area where CAR T cell efficacy is currently limited due to immunosuppressive tumor microenvironments that promote T cell exhaustion and exclusion. 

Announced preclinical data highlighting pelareorep’s ability to synergize with multiple classes of anti-cancer agents

Data presented in two electronic poster presentations at the AACR Annual Meeting 2021 showed that pelareorep enhanced the anti-tumor efficacy of the poly(ADP)-ribose polymerase 1 (PARP-1) inhibitor talazoparib and the cyclin-dependent kinase (CDK) 4/6 inhibitor palbociclib, which are both FDA approved for the treatment of breast cancer. The observed synergistic effects between pelareorep and both talazoparib and palbociclib were notably mediated through immunologic mechanisms rather than through the molecular pathways typically associated with PARP-1 and CDK 4/6 inhibition (link to PR; link to CDK4/6 poster; link to PARP-1 poster). Together, these results suggest that pelareorep may enhance the therapeutic potential of PARP-1 and CDK 4/6 inhibitors by expanding the mechanisms by which they exert anti-tumor effects.

Initiation of a preclinical research collaboration with Leiden University Medical Center (LUMC) and Oncode Institute to evaluate pelareorep-bispecific antibody combination therapies

Collaborative preclinical studies with LUMC will evaluate the combination of pelareorep-CD3-bispecific antibody combinations in breast and pancreatic tumor models. Pelareorep’s clinically demonstrated ability to recruit T cells to solid tumors provides a strong rationale for these studies, as CD3-bispecific antibodies are designed to facilitate cancer-killing by simultaneously engaging both T cells and tumor tissue. Prior preclinical studies in breast and pancreatic cancer models also support this collaboration, as they have shown that the addition of pelareorep to CD3-bispecific antibody therapy results in cancer regression and prolonged survival.

Corporate Highlights

Hosted a key opinion leader webinar on AWARE-1 data, the immunotherapeutic effects of pelareorep in breast cancer, and its synergistic activity with CAR T cells in solid tumors

The webinar featured presentations by Key Opinion Leaders (KOLs) Aleix Prat, M.D., Ph.D. (Clínic Barcelona) and Richard Vile, Ph.D., (Mayo Clinic), as well as a corporate update by members of the Oncolytics management team. The formal presentations were followed by a question and answer session. A replay of the event can be accessed by clicking here.

Financial Highlights

  • As of March 31, 2021, the Company reported $50.4 million in cash and cash equivalents. The Company raised gross proceeds of $25.8 million during the first quarter through issuing of common stock through its ATM facility.
  • Operating expense for the first quarter of 2021 was $3.1 million, compared to $3.0 million in the first quarter of 2020.
  • R&D expense for the first quarter of 2021 was $2.8 million, compared to $2.5 million in the first quarter of 2020.
  • Net cash used in operating activities for the first quarter of 2021 was $5.6 million, compared to $4.0 million for the first quarter of 2020.
  • The net loss for the first quarter of 2021 was $6.4 million, compared to a net income of $0.4 million in the first quarter of 2020, which reflected a $4.2 million non-cash gain in fair value of warrant derivative. The basic and diluted loss per share was $0.13 in the first quarter of 2021, compared to a basic earnings and diluted loss per share of $0.01 and $0.04, respectively, in the first quarter of 2020.

Anticipated Milestones and Catalysts

  • Announcement of final data from phase 2 NU 18I01 second-line pancreatic cancer study: H1 2021
  • Dosing of the first patient in GOBLET study in gastrointestinal cancer: mid-2021
  • Final biomarker data for AWARE-1 breast cancer study in the intended target population for a registrational study: H2 2021
  • Completion of enrollment in BRACELET-1 metastatic breast cancer study: Q4 2021
  • Interim safety update from IRENE study in triple-negative breast cancer: Q4 2021
  • Interim safety data from phase 1 WINSHIP 4398-18 multiple myeloma study: Q4 2021

Oncolytics expects to provide updates on the timing of the following milestones over the coming months:

  • Interim safety update from Phase 2 BRACELET-1 metastatic breast cancer study
  • Phase 2 BRACELET-1 metastatic breast cancer study: final data

Update on COVID-19

Oncolytics continues to collaborate with its investigators to ensure the safety of patients and employees, as well as the productivity of its clinical programs. We expect these measures will allow us to build on the positive momentum of 2020, despite any COVID-19-related challenges that may arise. Moving forward, we plan to remain in contact with relevant stakeholders and keep the market apprised of any new information that may materially impact clinical timelines.

Accessing the Annual Corporate Update Presentation 

The Annual Corporate Update, which will also discuss first quarter 2021 financial results, beginning immediately following the Annual General Meeting at approximately 12:10 p.m. Eastern Daylight Time, may be accessed via the AGM webcast link, https://web.lumiagm.com/158281614, as a guest or by dialing +1-888-231-8191 for callers in North America and +1-647-427-7450 for International callers. The live webcast of the corporate update section of the call will be accessible on the Investor Relations page of Oncolytics’ website at https://ir.oncolyticsbiotech.com/events-presentations and will be archived for three months. 

ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited)

(in Canadian dollars, except share amounts)


As at

March 31,
2021
$

December 31,
2020
$

Assets



Current assets



Cash and cash equivalents

50,362,162


31,219,574


Other receivables

111,665


89,661


Prepaid expenses

2,881,730


2,427,200


Total current assets

53,355,557


33,736,435


Non-current assets



Property and equipment

215,587


236,664


Right-of-use assets

609,297


372,468


Total non-current assets

824,884


609,132





Total assets

54,180,441


34,345,567


Liabilities And Shareholders’ Equity



Current Liabilities



Accounts payable and accrued liabilities

1,918,638


1,805,015


Other liabilities


123,985


Lease liabilities

252,356


248,885


Warrant derivative

237,546


531,228


Total current liabilities

2,408,540


2,709,113


Non-current liabilities



Contract liability

6,730,287


6,730,287


Lease liabilities

371,974


153,174


Total non-current liabilities

7,102,261


6,883,461





Total liabilities

9,510,801


9,592,574


Commitments and contingencies



Shareholders’ equity



Share capital

  Authorized: unlimited

  Issued: March 31, 2021 – 52,844,210

  December 31, 2020 – 46,166,980

382,963,397


356,824,172


Warrants

3,617,570


3,617,570


Contributed surplus

31,274,835


31,022,356


Accumulated other comprehensive income

359,913


400,225


Accumulated deficit

(373,546,075)


(367,111,330)


Total shareholders’ equity

44,669,640


24,752,993


Total liabilities and shareholder’s equity

54,180,441


34,345,567


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME

(unaudited)

(in Canadian dollars, except share amounts)


For the three-month period ending March 31,

2021

$

2020

$




Expenses



   Research and development

2,759,014


2,529,646


   Operating

3,141,890


2,993,388


Loss before the following

(5,900,904)


(5,523,034)


   Change in fair value of warrant derivative

(164,780)


4,151,982


 Foreign exchange (loss) gain

(390,554)


1,704,805


   Interest income, net

21,493


65,909


Net (loss) income

(6,434,745)


399,662


Other comprehensive (loss) income items that may be reclassified to net loss



  Translation adjustment

(40,312)


295,212


Net comprehensive (loss) income

(6,475,057)


694,874





(Loss) earnings per common share



Basic

(0.13)


0.01


Diluted

(0.13)


(0.04)


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in Canadian dollars)



Share Capital

$

Warrants

$

Contributed Surplus

$

Accumulated Other Comprehensive Income

$

Accumulated Deficit

$

Total

$

As at December 31, 2019

311,077,859


3,617,570


29,338,849


464,101


(344,606,273)


(107,894)


Net loss and other comprehensive loss




295,212


399,662


694,874


Issued pursuant to stock option plan

134,985



(49,835)




85,150


Issued pursuant to incentive share award plan

209,475



(209,475)





Issued pursuant to “At the Market” Agreement

17,529,109






17,529,109


Issued pursuant to warrant derivative exercised

5,529,266






5,529,266


Share-based compensation



392,805




392,805


Share issue costs

(691,297)






(691,297)


As at March 31, 2020

333,789,397


3,617,570


29,472,344


759,313


(344,206,611)


23,432,013









As at December 31, 2020

356,824,172


3,617,570


31,022,356


400,225


(367,111,330)


24,752,993


Net loss and other comprehensive income




(40,312)


(6,434,745)


(6,475,057)


Issued pursuant to stock option plan

302,908



(113,558)




189,350


Issued pursuant to incentive share award plan

292,039



(292,039)





Issued pursuant to “At the Market” Agreement

25,831,909






25,831,909


Issued pursuant to warrant derivative exercised

686,616






686,616


Share-based compensation



658,076




658,076


Share issue costs

(974,247)






(974,247)


As at March 31, 2021

382,963,397


3,617,570


31,274,835


359,913


(373,546,075)


44,669,640


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in Canadian dollars)


For the three-month period ending March 31,

2021

$

2020

$




Operating Activities



Net loss for the period

(6,434,745)


399,662


Depreciation – property and equipment

20,550


23,045


Depreciation – right-of-use-assets

86,184


91,023


Share-based compensation

658,076


392,805


Interest expense on lease liabilities

13,809


18,209


Unrealized foreign exchange loss (gain)

519,368


(1,427,756)


Change in fair value of warrant derivative

164,780


(4,151,982)


Net change in non-cash working capital

(596,479)


699,737


Cash used in operating activities

(5,568,457)


(3,955,257)


Investing Activities



Acquisition of property and equipment


(10,715)


Cash used in investing activities


(10,715)


Financing Activities



Proceeds from exercise of stock options

189,350


85,150


Proceeds from exercise of warrant derivative

230,946


1,433,142


Proceeds from “At the Market” equity distribution agreement

24,857,662


16,837,813


Payment of lease liabilities

(111,673)


(113,474)


Cash provided by financing activities

25,166,285


18,242,631


Increase in cash

19,597,828


14,276,659


Cash and cash equivalents, beginning of period

31,219,574


14,148,021


Impact of foreign exchange on cash and cash equivalents

(455,240)


2,142,800


Cash and cash equivalents, end of period

50,362,162


30,567,480


About AWARE-1

AWARE-1 is an open label window-of-opportunity study in early-stage breast cancer enrolling 38 patients into five cohorts:

  • Cohort 1 (n=10), HR+ / HER2- (pelareorep + letrozole)
  • Cohort 2 (n=10), HR+ / HER2- (pelareorep + letrozole + atezolizumab)
  • Cohort 3 (n=6), TNBC (pelareorep + atezolizumab)
  • Cohort 4 (n=6), HR+ / HER2+ (pelareorep + trastuzumab + atezolizumab)
  • Cohort 5 (n=6), HR- / HER2+ (pelareorep + trastuzumab + atezolizumab)

The study combines pelareorep, without or with atezolizumab, and the standard of care therapy according to breast cancer subtype. Tumor tissue is collected from patients as part of their initial breast cancer diagnosis, again on day three following initial treatment, and finally at three weeks following treatment, on the day of their mastectomy. Data generated from this study are intended to confirm that pelareorep is acting as a novel immunotherapy, to evaluate potential synergy between pelareorep and checkpoint blockade, and to provide comprehensive biomarker data by breast cancer subtype. The primary endpoint of the study is overall CelTIL score (a measurement of cellularity and tumor-infiltrating lymphocytes). Secondary endpoints for the study include CelTIL by breast cancer subtype, safety, and tumor and blood-based biomarkers.

For more information about the AWARE-1 study, refer to https://clinicaltrials.gov/ct2/show/NCT04102618.

Tecentriq® (atezolizumab) is a registered trademark of Genentech, a member of the Roche Group.

About BRACELET-1

The BRACELET-1(BReast cAnCEr with the Oncolytic Reovirus PeLareorEp in CombinaTion with anti- PD-L1 and Paclitaxel) study is an open-label, phase 2, randomized study in patients with HR+/HER2-, endocrine-refractory metastatic breast cancer being conducted under a co-development agreement with Merck KGaA, Darmstadt, Germany and Pfizer. PrECOG LLC, a leading cancer research network, is managing the study. The study will take place at 20 trial sites and enroll 45 patients randomized into three cohorts. A three-patient safety run-in will be conducted with patients receiving pelareorep, paclitaxel, and avelumab prior to randomization. The three cohorts will be treated as follows:

  • Cohort 1 (n=15): paclitaxel
  • Cohort 2 (n=15): paclitaxel + pelareorep
  • Cohort 3 (n=18): paclitaxel + pelareorep + avelumab (Bavencio®)

Patients in cohort 1 will receive paclitaxel on days 1, 8, and 15 of a 28-day cycle. Patients in cohort 2 will receive the same paclitaxel regimen as cohort 1, plus pelareorep on days 1, 2, 8, 9, 15 and 16 of the 28-day cycle. Patients in cohort 3 will receive the same combination and dosing regimen as cohort 2, plus avelumab on days 3 and 17 of the 28-day cycle. The primary endpoint of the study is overall response rate. Exploratory endpoints include peripheral and tumor T cell clonality, inflammatory markers, and safety and tolerability assessments.

For more information about the BRACELET-1 study, refer to https://clinicaltrials.gov/ct2/show/NCT04215146.

About CAR T cells and CAR T therapy

The CAR T process begins when blood is drawn from a patient and their T cells are separated so they can be genetically engineered to produce chimeric antigen receptors (CARs). These receptors enable the T cells to recognize and attach to a specific protein or antigen on tumor cells. Once the engineering process is complete, a laboratory can increase the number of CAR T cells into the hundreds of millions. Finally, the CAR T cells will be infused back into the patient where, ideally, the engineered cells further multiply, and recognize and kill cancer cells. Historically, solid tumors have been considered beyond the reach of CAR T therapy due to their tumor microenvironment, which is detrimental to CAR T cell entry and activity, amongst other challenges.1

About Pelareorep

Pelareorep is a non-pathogenic, proprietary isolate of the unmodified reovirus: a first-in-class intravenously delivered immuno-oncolytic virus for the treatment of solid tumors and hematological malignancies. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive immune responses to treat a variety of cancers and has been demonstrated to be able to escape neutralizing antibodies found in patients.

About Oncolytics Biotech Inc.

Oncolytics is a biotechnology company developing pelareorep, an intravenously delivered immuno-oncolytic virus. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.

Pelareorep has demonstrated synergies with immune checkpoint inhibitors and may also be synergistic with other approved immuno-oncology agents. Oncolytics is currently conducting and planning additional studies of pelareorep in combination with checkpoint inhibitors and targeted therapies in solid and hematological malignancies, as it prepares for a phase 3 registration study in metastatic breast cancer. For further information, please visit: www.oncolyticsbiotech.com.

References:

1.  National Cancer Institute. CAR T Cells: Engineering Patients’ Immune Cells to Treat Their Cancers. Updated July 31, 2019. Accessed February 18, 2021. https://www.cancer.gov/about-cancer/treatment/research/car-t-cells

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as “forward-looking statements”). Forward-looking statements contained in this press release include statements regarding the mode of action, potential and benefits of pelareorep as a cancer therapeutic; expectations as to the purpose, design, outcomes and benefits of its current or pending clinical trials involving pelareorep; expectations as to the enrollment in its various clinical studies; expectations regarding Oncolytics’ cash runway; beliefs regarding Oncolytics being positioned for sustained growth; plans to pursue pelareorep’s development through a  partnership strategy and the anticipated benefits therefrom; Oncolytics upcoming catalysts and milestones and Oncolytics’ expectations in relation thereto; our management of our business during the ongoing COVID-19 pandemic; the timing and content of our annual corporation presentation; and other statements related to anticipated developments in Oncolytics’ business and technologies.  In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics’ actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics’ ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. In particular, we may be impacted by business interruptions resulting from COVID-19 coronavirus, including operating, manufacturing supply chain, clinical trial and project development delays and disruptions, labour shortages, travel and shipping disruption, and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how Oncolytics may be affected if the COVID-19 pandemic persists for an extended period of time. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition.  Investors should consult Oncolytics’ quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.

Company Contact

Jon Patton

Director of IR & Communication

+1-858-886-7813

[email protected]  

Investor Relations for Oncolytics

Timothy McCarthy

LifeSci Advisors

+1-917-679-9282

[email protected]

SOURCE Oncolytics Biotech® Inc.

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PR Newswire

Spire Reports Second Quarter Results

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ST. LOUIS, May 7, 2021 /PRNewswire/ — Spire Inc. (NYSE: SR) today reported results for its fiscal second quarter ended March 31, 2021. Highlights include:

  • Second quarter fiscal 2021 net income of $187.4 million ($3.55 per diluted share), compared to $133.6 million ($2.54 per share) in the prior year
  • Net economic earnings* (NEE) of $195.6 million ($3.71 per share), up from $144.0 million ($2.75 per share) a year ago, reflecting strong Spire Marketing performance
  • Results for Spire Marketing include value created during the February cold weather event, and our fiscal 2021 NEE guidance range has been increased to $4.30$4.50 per share

“During February’s severe winter weather, teams across Spire ensured our communities maintained access to the energy they needed to stay safe and warm, while doing everything we could to minimize impact to cost. At the same time, our Spire Marketing business was well positioned to meet customer needs, while also capturing additional value,” said Suzanne Sitherwood, president and chief executive officer. “Our exceptional operating performance reflects thoughtful preparation and the benefits of our investments in natural gas supply, storage resources and the Spire STL Pipeline. We are also delivering on our commitment to be a carbon neutral company by midcentury, and will be issuing an update on our ESG progress next week in our third annual Corporate Social Responsibility report.”  

Second Quarter Results


Three Months Ended March 31,




(Millions)



(Per Diluted Common Share)




2021



2020



2021



2020


Net Economic Earnings* by Segment

















Gas Utility


$

159.7



$

144.3










Gas Marketing



39.8




5.1










Other



(3.9)




(5.4)










Total


$

195.6



$

144.0



$

3.71



$

2.75


Missouri regulatory adjustment (Court Ruling), pre-
tax



9.0







0.17





Other net economic earnings adjustments, pre-tax



(20.1)




(13.8)




(0.39)




(0.27)


Income tax effect of pre-tax adjustments



2.9




3.4




0.06




0.06


Net Income


$

187.4



$

133.6



$

3.55



$

2.54


Weighted Average Diluted Shares Outstanding



51.7




51.1











*Non-GAAP, see “Net Economic Earnings and Reconciliation to GAAP.”

Consolidated net income for the three months ended March 31, 2021, the second quarter of our fiscal year, was $187.4 million ($3.55 per diluted share), up from $133.6 million ($2.54 per share) a year ago.

Net economic earnings (NEE) for the second quarter of fiscal 2021 was $195.6 million ($3.71 per share) up from $144.0 million ($2.75 per share) last year, reflecting especially strong Gas Marketing performance, improved performance at our gas utilities and lower interest expense. 

NEE excludes from net income the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions.

Gas Utility

The Gas Utility segment includes the regulated distribution operations of our five gas utilities across Alabama, Mississippi and Missouri. Second quarter NEE was $159.7 million, up from $144.3 million in the prior year, reflecting a higher contribution margin and lower expenses after removing the impact of the reclassification of certain pension costs to “Other Income (Expense)” below the operating income line.

Contribution margin increased $22.0 million, reflecting higher usage of $7.3 million. Degree days in the current year quarter were about 2% warmer than normal in Missouri and Alabama, but 11% and 32% colder versus the prior year, respectively, resulting in higher usage compared to the prior year. Margin also benefited from higher Infrastructure System Replacement Surcharge (ISRS) revenues of $6.6 million (including an ISRS rulings provision of $2.2 million last year), and favorable rate adjustments at Spire Alabama of $4.3 million.

Operation and maintenance (O&M) expenses of $104.0 million for the quarter were $8.2 million higher than the same period a year ago. However, after removing a $19.1 million year-over-year impact from the reclassification of certain pension costs to below the operating income line (no bottom line impact), and a court ruling that reversed $9.0 million of pension charge due to disallowed costs in Spire Missouri’s last rate case, O&M expenses were down $1.9 million. This decrease reflects lower costs for operational, administrative and employee-related expenses. Depreciation and amortization expenses increased $2.5 million from last year, reflecting incremental capital investment. Taxes other than income taxes increased $4.7 million due to higher gross receipts taxes.

Gas Marketing

The Gas Marketing segment includes the results of Spire Marketing, which provides natural gas marketing services across most of the United States. Second quarter NEE was $39.8 million, up from $5.1 million in the prior year. During the quarter, Spire Marketing saw significantly higher volumes and margins as a result of extreme market conditions due to the February cold weather event, including monetizing incremental storage capacity.

Other

Other gas-related operations and corporate costs on an NEE basis for the second quarter were $3.9 million in fiscal 2021, compared to $5.4 million a year ago reflecting improved performance at Spire Storage and lower interest expense.

Year-to-Date Results


Six Months Ended March 31,




(Millions)



(Per Diluted Common Share)




2021



2020



2021



2020


Net Economic Earnings* by Segment

















Gas Utility


$

236.1



$

213.4










Gas Marketing



43.1




11.2










Other



(6.7)




(8.8)










Total


$

272.5



$

215.8



$

5.12



$

4.06


Missouri regulatory adjustment (Court Ruling), pre-tax



9.0







0.18





Other net economic earnings adjustments, pre-tax



(4.1)




(20.1)




(0.08)




(0.39)


Income tax effect of pre-tax adjustments



(1.1)




4.9




(0.02)




0.10


Net Income


$

276.3



$

200.6



$

5.20



$

3.77


Weighted Average Diluted Shares Outstanding



51.7




51.1











*Non-GAAP, see “Net Economic Earnings and Reconciliation to GAAP.”

For the first six months of fiscal 2021, we reported consolidated net income of $276.3 million ($5.20 per diluted share) compared to $200.6 million ($3.77 per share) for the prior year.

NEE for the six months ended March 31, 2021 was $272.5 million ($5.12 per share), up from $215.8 million ($4.06 per share) a year ago. The increase in NEE reflects higher Gas Marketing and Gas Utility earnings, and lower other costs.

Gas Utility

For the first six months of fiscal 2021, the Gas Utility segment reported NEE of $236.1 million, up $22.7 million from a year ago, reflecting a higher contribution margin offset by slightly higher operating expenses (excluding the pension reclassification noted earlier).

Year-to-date segment contribution margin increased by $29.6 million. The higher margin reflects a $13.1 million increase in ISRS revenues (including the ISRS ruling provision last year) for our Missouri utilities, and a net year-to-date rate adjustment of $3.0 million for Spire Alabama. Margin also benefitted by $8.4 million from higher usage due to colder weather compared to the prior-year period.

O&M expenses increased by $2.6 million compared to the prior-year period. However, after removing the $18.1 million pension reclassification and adjusting for the $9.0 million reversal of a 2018 pension charge noted earlier, O&M was down $6.5 million, reflecting lower operations and employee-related expenses. Depreciation and amortization rose by $4.7 million reflecting increased capital investment across our utilities.

Gas Marketing

NEE was $43.1 million in the first half of fiscal 2021, up from $11.2 million in the prior-year period, driven by the strong second quarter results this year as a result of extreme market conditions due to the February 2021 cold weather event including optimization of incremental storage positions. 

Other

On an NEE basis, year-to-date other gas-related operations and corporate costs were $6.7 million, down from $8.8 million in the prior-year period. The improvement was driven by better results from Spire Storage, offset by slightly higher corporate costs.

Balance Sheets and Cash Flow

In the second quarter of fiscal 2021, we maintained a solid capital structure and ample liquidity. Short-term borrowings outstanding at March 31, 2021, were $653.5 million, up from $560.6 million at March 31, 2020, reflecting lower cash flow from operations and seasonal working capital needs that typically peak during the winter. We retain significant capacity in our revolving credit facility, cash position and related commercial paper program to meet our liquidity needs. To maintain financial flexibility in the wake of the February cold weather event, Spire Missouri entered into a 364-day term loan for $250 million on March 23, 2021.

On February 18, 2021, Spire completed an offering of Equity Units for gross proceeds of $175 million, initially recorded as long-term debt. Net proceeds were used, in part, to repay short-term debt under our commercial paper program. This offering satisfies our planned equity needs for fiscal 2021.

Net cash provided by operating activities was $159.2 million for the six months ended March 31, 2021, down from $321.7 million for the first six months of fiscal 2020, largely due to fluctuations in working capital balances.

Capital expenditures for the first half of fiscal 2021 were $303.5 million, down from $346.1 million in the prior year mainly due to decreased investment in the Spire STL Pipeline that was placed into service early in fiscal 2020. Capital expenditures for our gas utilities were up slightly from last year.

For additional details on Spire’s results for the second quarter of fiscal 2021, please see the accompanying unaudited Condensed Consolidated Statements of Income, Balance Sheets, and Statements of Cash Flows.

Guidance and Outlook

As a result of the performance of Spire Marketing in our second quarter, we are increasing our fiscal 2021 NEE expectation range to $4.30$4.50 per share. First half results and our strong financial position at March 31 also allowed us to reduce our planned equity needs through 2023.

Our annual long-term NEE per share growth target remains 5-7 percent, driven by continued, consistent growth of our gas utilities. Our long-term targets are based on expected annual rate base growth of 7-8 percent driven by investment in pipeline upgrades as well as technology upgrades and new business. The pipeline upgrades enhance system reliability and safety while supporting further reductions in methane emissions.

We affirm our 5-year capital expenditures outlook through fiscal 2025 of $3.0 billion and our expected fiscal 2021 investment of $590 million

Regulatory Matters

Missouri rate review progressing

Our Missouri rate review continues to progress according to schedule. The next milestones in the procedural schedule call for other interested parties to the case to submit their testimony on May 12 in regard to revenue requirements. This will include recommendations on return on equity and capital structure. Then on May 26, they will submit testimony on rate design.

Spire Missouri will update information in its initial filing through the test year update period ending May 31, 2021. Local public hearings are scheduled for late June, with hearings before the Missouri Public Service Commission (MoPSC) slated for July and August.

Spire Missouri filed its rate review with the MoPSC in December 2020, seeking recovery of costs and more than $850 million in capital investments since 2018 to make our system safer, more reliable and cleaner for our customers and communities.

Dividends

The Spire board of directors has declared a quarterly common stock dividend of $0.65 per share, payable July 2, 2021, to shareholders of record on June 11, 2021. We have continuously paid a cash common stock dividend since 1946, with 2021 marking the 18th consecutive year of increasing dividends on an annualized basis.

The board also declared the regular quarterly dividend of $0.36875 per depositary share on Spire’s 5.90 percent Series A Cumulative Redeemable Preferred Stock payable August 16, 2021, to holders of record on July 26, 2021.

Conference Call and Webcast

Spire will host a conference call and webcast today to discuss our fiscal 2021 second quarter financial results. To access the call, please dial the applicable number approximately 5-10 minutes prior to the start time.

Date and Time:


Friday, May 7



8 a.m. CT (9 a.m. ET)





Phone Numbers:


U.S. and Canada:

844-824-3832



International:

412-317-5142

The call will also be webcast and can be accessed at Investors.SpireEnergy.com under the Events & presentations tab. A replay of the call will be available at 10 a.m. CT (11 a.m. ET) on May 7 until June 6, 2021, by dialing 877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The replay access code is 10153426.

About Spire

At Spire Inc. (NYSE: SR) we believe energy exists to help make people’s lives better. It’s a simple idea, but one that’s at the heart of our company. Every day we serve 1.7 million homes and businesses making us the fifth largest publicly traded natural gas company in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing, Spire STL Pipeline and Spire Storage. We are committed to transforming our business through growing organically, investing in infrastructure, and advancing through innovation. Learn more at SpireEnergy.com.

Cautionary Statements on Forward-Looking Information and Non-GAAP Measures

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Spire’s future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company’s control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. More complete descriptions and listings of these uncertainties and risk factors can be found in the Company’s annual (Form 10-K) filing with the Securities and Exchange Commission.

This news release includes the non-GAAP financial measures of “net economic earnings,” “net economic earnings per share,” and “contribution margin.” Management also uses these non-GAAP measures internally when evaluating the Company’s performance and results of operations. Net economic earnings exclude from net income the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net unrealized gains and losses on energy-related derivatives resulting from the current changes in the fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. Contribution margin adjusts revenues to remove the costs that are directly passed on to customers and collected through revenues, which are the wholesale cost of natural gas and gross receipts taxes. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income, or earnings per share.

Condensed Consolidated Statements of Income – Unaudited


 (In Millions, except per share amounts)


Three Months Ended

March 31,



Six Months Ended

March 31,




2021



2020



2021



2020


Operating Revenues


$

1,104.9



$

715.5



$

1,617.5



$

1,282.4


Operating Expenses:

















Natural gas



619.1




297.1




800.3




559.0


Operation and maintenance



119.0




105.7




230.6




222.3


Depreciation and amortization



51.5




49.2




102.3




96.7


Taxes, other than income taxes



57.9




53.0




94.0




91.6


Total Operating Expenses



847.5




505.0




1,227.2




969.6


Operating Income



257.4




210.5




390.3




312.8


Interest Expense, Net



25.8




27.2




51.5




53.9


Other Income (Expense), Net



1.8




(19.5)




6.1




(13.8)


Income Before Income Taxes



233.4




163.8




344.9




245.1


Income Tax Expense



46.0




30.2




68.6




44.5


Net Income



187.4




133.6




276.3




200.6


Provision for preferred dividends



3.7




3.7




7.4




7.4


Income allocated to participating securities



0.3




0.2




0.4




0.3


Net Income Available to Common Shareholders


$

183.4



$

129.7



$

268.5



$

192.9



















Weighted Average Number of Shares Outstanding:

















Basic



51.6




51.0




51.6




51.0


Diluted



51.7




51.1




51.7




51.1



















Basic Earnings Per Common Share


$

3.56



$

2.55



$

5.21



$

3.78


Diluted Earnings Per Common Share


$

3.55



$

2.54



$

5.20



$

3.77


Dividends Declared Per Common Share


$

0.65



$

0.6225



$

1.30



$

1.245


Condensed Consolidated Balance Sheets – Unaudited


 (In Millions)


March 31,



September 30,



March 31,




2021



2020



2020


ASSETS













Utility Plant


$

6,974.3



$

6,766.3



$

6,369.4


Less:  Accumulated depreciation and amortization



2,145.1




2,086.2




1,848.4


Net Utility Plant



4,829.2




4,680.1




4,521.0


Non-utility Property



457.0




432.3




547.4


Other Investments



76.4




71.7




68.1


Total Other Property and Investments



533.4




504.0




615.5


Current Assets:













Cash and cash equivalents



104.0




4.1




108.4


Accounts receivable, net



595.6




253.3




353.0


Inventories



180.0




191.5




127.1


Other



160.4




141.7




130.3


Total Current Assets



1,040.0




590.6




718.8


Deferred Charges and Other Assets



2,534.2




2,466.5




2,162.7


Total Assets


$

8,936.8



$

8,241.2



$

8,018.0















CAPITALIZATION AND LIABILITIES













Capitalization:













Preferred stock


$

242.0



$

242.0



$

242.0


Common stock and paid-in capital



1,563.9




1,600.8




1,571.9


Retained earnings



920.1




720.7




902.3


Accumulated other comprehensive gain (loss)



5.3




(41.2)




(50.6)


Total Shareholders’ Equity



2,731.3




2,522.3




2,665.6


Temporary equity



8.2




3.4




3.9


Long-term debt (less current portion)



2,692.5




2,423.7




2,484.8


Total Capitalization



5,432.0




4,949.4




5,154.3


Current Liabilities:













Current portion of long-term debt



110.8




60.4




5.4


Notes payable



653.5




648.0




560.6


Accounts payable



352.1




243.3




221.4


Accrued liabilities and other



391.1




497.5




365.1


Total Current Liabilities



1,507.5




1,449.2




1,152.5


Deferred Credits and Other Liabilities:













Deferred income taxes



602.8




511.4




498.1


Pension and postretirement benefit costs



274.4




309.0




272.1


Asset retirement obligations



551.0




540.1




344.7


Regulatory liabilities



423.5




343.7




472.3


Other



145.6




138.4




124.0


Total Deferred Credits and Other Liabilities



1,997.3




1,842.6




1,711.2


Total Capitalization and Liabilities


$

8,936.8



$

8,241.2



$

8,018.0


Condensed Consolidated Statements of Cash Flows – Unaudited


 (In Millions)


Six Months Ended

March 31,




2021



2020


Operating Activities:









Net Income


$

276.3



$

200.6


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









Depreciation and amortization



102.3




96.7


Deferred income taxes and investment tax credits



68.5




42.8


Changes in assets and liabilities



(293.7)




(18.3)


Other



5.8




(0.1)


Net cash provided by operating activities



159.2




321.7











Investing Activities:









Capital expenditures



(303.5)




(346.1)


Other



(0.8)




1.5


Net cash used in investing activities



(304.3)




(344.6)











Financing Activities:









Issuance of long-term debt



325.0




510.0


Repayment of long-term debt



(5.4)




(140.0)


Issuance (repayment) of short-term debt, net



5.5




(182.6)


Issuance of common stock



0.7




15.2


Dividends paid on common stock



(65.9)




(63.8)


Dividends paid on preferred stock



(7.4)




(7.4)


Other



(7.5)




(5.9)


Net cash provided by financing activities



245.0




125.5











Net Increase in Cash, Cash Equivalents, and Restricted Cash



99.9




102.6


Cash, Cash Equivalents, and Restricted Cash at Beginning of Period



4.1




5.8


Cash, Cash Equivalents, and Restricted Cash at End of Period


$

104.0



$

108.4


Net Economic Earnings and Reconciliation to GAAP


 (In Millions, except per share amounts)


Gas

Utility



Gas

Marketing



Other



Total



Per

Diluted

Common
Share
 (2)


Three Months Ended March 31, 2021





















Net Income (Loss) [GAAP]


$

166.4



$

24.9



$

(3.9)



$

187.4



$

3.55


Adjustments, pre-tax:





















Missouri regulatory adjustments



(9.0)










(9.0)




(0.17)


Fair value and timing adjustments



0.2




19.9







20.1




0.39


Income tax effect of adjustments (1)



2.1




(5.0)







(2.9)




(0.06)


Net Economic Earnings (Loss) [Non-GAAP]


$

159.7



$

39.8



$

(3.9)



$

195.6



$

3.71























Three Months Ended March 31, 2020





















Net Income (Loss) [GAAP]


$

142.3



$

(3.3)



$

(5.4)



$

133.6



$

2.54


Adjustments, pre-tax:





















Provision for ISRS rulings



2.2










2.2




0.04


Fair value and timing adjustments



0.4




11.2







11.6




0.23


Income tax effect of adjustments (1)



(0.6)




(2.8)







(3.4)




(0.06)


Net Economic Earnings (Loss) [Non-GAAP]


$

144.3



$

5.1



$

(5.4)



$

144.0



$

2.75























Six Months Ended March 31, 2021





















Net Income (Loss) [GAAP]


$

242.9



$

40.1



$

(6.7)



$

276.3



$

5.20


Adjustments, pre-tax:





















Missouri regulatory adjustments



(9.0)










(9.0)




(0.18)


Fair value and timing adjustments



0.1




4.0







4.1




0.08


Income tax effect of adjustments (1)



2.1




(1.0)







1.1




0.02


Net Economic Earnings (Loss) [Non-GAAP]


$

236.1



$

43.1



$

(6.7)



$

272.5



$

5.12























Six Months Ended March 31, 2020





















Net Income (Loss) [GAAP]


$

209.4



$



$

(8.8)



$

200.6



$

3.77


Adjustments, pre-tax:





















Provision for ISRS rulings



4.8










4.8




0.09


Fair value and timing adjustments



0.4




14.9







15.3




0.30


Income tax effect of adjustments (1)



(1.2)




(3.7)







(4.9)




(0.10)


Net Economic Earnings (Loss) [Non-GAAP]


$

213.4



$

11.2



$

(8.8)



$

215.8



$

4.06


(1)

Income tax effect is calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items and then adding any estimated effects of enacted state or local income tax laws for periods before the related effective date.

(2)

Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation, which includes reductions for cumulative preferred dividends and participating shares.

Contribution Margin and Reconciliation to GAAP


 (In Millions)


Gas

Utility



Gas

Marketing



Other



Eliminations



Consolidated


Three Months Ended March 31, 2021





















Operating Income [GAAP]


$

224.0



$

31.7



$

1.7



$



$

257.4


Operation and maintenance expenses



104.0




7.1




11.1




(3.2)




119.0


Depreciation and amortization



49.5




0.3




1.7







51.5


Taxes, other than income taxes



56.4




0.5




1.0







57.9


Less: Gross receipts tax expense



(42.1)




(0.1)










(42.2)


Contribution Margin [Non-GAAP]



391.8




39.5




15.5




(3.2)




443.6


Natural gas costs



619.2




(6.2)




0.1




6.0




619.1


Gross receipts tax expense



42.1




0.1










42.2


Operating Revenues


$

1,053.1



$

33.4



$

15.6



$

2.8



$

1,104.9























Three Months Ended March 31, 2020





















Operating Income (Loss) [GAAP]


$

212.9



$

(4.4)



$

2.0



$



$

210.5


Operation and maintenance expenses



95.8




3.6




9.6




(3.3)




105.7


Depreciation and amortization



47.0




0.1




2.1







49.2


Taxes, other than income taxes



51.7




0.4




0.9







53.0


Less: Gross receipts tax expense



(37.6)




(0.2)




(0.1)







(37.9)


Contribution Margin [Non-GAAP]



369.8




(0.5)




14.5




(3.3)




380.5


Natural gas costs



271.6




33.6




0.1




(8.2)




297.1


Gross receipts tax expense



37.6




0.2




0.1







37.9


Operating Revenues


$

679.0



$

33.3



$

14.7



$

(11.5)



$

715.5























Six Months Ended March 31, 2021





















Operating Income [GAAP]


$

330.8



$

52.0



$

7.5



$



$

390.3


Operation and maintenance expenses



207.0




10.4




19.7




(6.5)




230.6


Depreciation and amortization



98.1




0.6




3.6







102.3


Taxes, other than income taxes



91.9




0.7




1.4







94.0


Less: Gross receipts tax expense



(63.8)




(0.1)










(63.9)


Contribution Margin [Non-GAAP]



664.0




63.6




32.2




(6.5)




753.3


Natural gas costs



823.5




(5.5)




0.1




(17.8)




800.3


Gross receipts tax expense



63.8




0.1










63.9


Operating Revenues


$

1,551.3



$

58.2



$

32.3



$

(24.3)



$

1,617.5























Six Months Ended March 31, 2020





















Operating Income [GAAP]


$

309.2



$



$

3.6



$



$

312.8


Operation and maintenance expenses



204.4




6.7




17.5




(6.3)




222.3


Depreciation and amortization



93.4




0.1




3.2







96.7


Taxes, other than income taxes



89.6




0.7




1.3







91.6


Less: Gross receipts tax expense



(62.2)




(0.2)




(0.1)







(62.5)


Contribution Margin [Non-GAAP]



634.4




7.3




25.5




(6.3)




660.9


Natural gas costs



513.1




58.1




0.2




(12.4)




559.0


Gross receipts tax expense



62.2




0.2




0.1







62.5


Operating Revenues


$

1,209.7



$

65.6



$

25.8



$

(18.7)



$

1,282.4


SOURCE Spire Inc.

Related Links

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PR Newswire

Envista Announces Participation In Bank Of America Healthcare Conference

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BREA, Calif., May 7, 2021 /PRNewswire/ — Envista Holdings Corporation (NYSE: NVST) (“Envista”) today announced that the company will participate in the Bank of America Healthcare Conference on Tuesday, May 11, 2021 at 11:45 AM ET.

Investors will be able to access the event through Envista’s Investor Relations website under the subheading Events and Presentations.

ABOUT ENVISTA HOLDINGS CORPORATION

Envista is a global family of more than 30 trusted dental brands, united by a shared purpose: to partner with professionals to improve lives.  Envista helps its customers deliver the best possible patient care through industry-leading dental consumables, solutions, technology, and services.  Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers an estimated 90% of dentists’ clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the aesthetics of the human smile.  Envista companies, including KaVo, Kerr, Nobel Biocare, and Ormco, partner with dental professionals to help them deliver the best possible patient care.

Envista separated from Danaher Corporation and became an independent company in 2019. We brought with us the proven Envista Business System (EBS) methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus to meet the end-to-end needs of dental professionals worldwide.  Envista is now one of the largest global dental products companies, with significant market positions in some of the most attractive segments of the dental products industry.  For more information, please visit www.envistaco.com.

FOR FURTHER INFORMATION
Stephen Keller
Investor Relations
Envista Holdings Corporation
200 S. Kraemer Blvd., Building E
Brea, CA 92821
Telephone: (714) 817-7000
Fax: (714) 817-5450

SOURCE Envista Holdings Corporation

Related Links

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