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Core Lab Reports Third Quarter 2020 Results From Continuing Operations:

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The sequential decline in revenue was attributable to continued global industry disruptions associated with COVID-19, as well as four tropical weather systems impacting the Gulf of Mexico during the third quarter of 2020.  Geographically, the sequential revenue decline was primarily associated with a decrease in both international product sales, as well as lower activity on international projects.  Improved revenue from the U.S. land market was offset by Gulf Coast storm-related disruptions.  

Previously announced Cost Reduction Plans (Phase 1 and Phase 2), totaling $61,000,000 of annualized cost savings, have now been fully implemented and were completed in the third quarter of 2020, in line with Core’s previously stated expectations.  Core’s management will continue to evaluate further options to align the Company’s cost structure with anticipated client activity as necessary.

Core’s CEO, Larry Bruno stated, “Core’s third quarter results display both the durability and adaptability of the business model, along with the benefit of our cost reduction plans, as Core continued to generate free cash flow despite the aforementioned industry disruptions.  Core’s global exposure, talented and dedicated staff, along with our expanding line of proprietary and patented products and services, have us well positioned to navigate today’s market and capitalize on future opportunities”.

Liquidity, Free Cash Flow, Private Placement Notes and Dividend

During the third quarter of 2020, Core continued to generate free cash flow (“FCF”), with cash from operations of $20,700,000 and incurred capital expenditures of $2,200,000, yielding FCF of $18,500,000.  The third quarter of 2020 marks the 76th consecutive quarter that the Company generated positive FCF, despite challenging market and industry conditions.  Free cash was almost entirely focused towards reducing the Company’s debt, with net debt reduced by $16,200,000 during the third quarter of 2020.  Core will continue applying its excess free cash flow towards debt reduction for the foreseeable future. 

As previously announced on 16 October 2020, Core Lab entered into an agreement to issue $60,000,000 of new fixed-rate long-term senior notes (“Notes”) through a private placement to extend the maturity for a portion of the Company’s long-term debt.  The Note Purchase Agreement was signed on 16 October 2020, with funding to occur 12 January 2021.

The following table summarizes the terms of the new Notes:

Instrument


Face Value

($ Millions)



Term


Interest
Coupon



Maturity Date

U.S. Private Placement Notes


$

45.0



5-Year


4.09%



12 January 2026

U.S. Private Placement Notes



15.0



7-Year


4.38%



12 January 2028

TOTAL


$

60.0










The net proceeds from the new Notes are intended to be used exclusively to reduce outstanding debt on the Company’s revolving credit facility (“Credit Facility”), thus increasing the available borrowing capacity by $60,000,000. The Company’s Credit Facility has an aggregate borrowing capacity of $225,000,000, of which $116,000,000 was outstanding as of 30 September 2020.  The Company’s CFO, Chris Hill, had the following statement, “This transaction accomplishes two goals as we manage the Company’s corporate debt structure through the disruptions associated with the COVID-19 pandemic.  First, it provides additional liquidity under the Company’s Credit Facility to address the outstanding $75 million senior notes maturing 30 September 2021, and second, issuing $60 million in new Notes and retiring $75 million of existing notes next year is an additional step toward our long-term strategy of reducing debt and Core Lab’s debt leverage ratio”. The new Notes include certain financial covenants that align with the financial covenants under the Company’s Credit Facility, limiting total Company net debt to a maximum leverage ratio and requiring a minimum interest coverage ratio.

Quarter Ending 2020 2021 Jun. 30 Sept. 30 Dec. 31 Mar. 31 Jun. 30 Sept. 30 Dec. 31 Maximum Leverage Ratio 3.00 2.75 2.50 2.00 1.50 1.00 Core Lab’s leverage ratio of 2.21 at 30 June 2020

As of 30 September 2020, the Company’s leverage ratio was 2.49 to 1, with $96,000,000 of excess capacity under the Credit Facility.  As stated earlier, the proceeds from the new Notes on 12 January 2021 are intended to reduce outstanding debt on the Company’s Credit Facility and provide an additional $60,000,000 of borrowing capacity and liquidity.  The Company anticipates it will continue to generate positive cash flow and reduce net debt, while maintaining ample liquidity. 

On 17 July 2020, the Board announced a quarterly cash dividend of $0.01 per share of common stock, which was paid on 10 August 2020 to shareholders of record on 27 July 2020.  Dutch withholding tax was deducted from the dividend at a rate of 15%.

On 15 October 2020, the Board announced a quarterly cash dividend of $0.01 per share of common stock, payable on 17 November 2020 to shareholders of record on 26 October 2020.  Dutch withholding tax will be deducted from the dividend at a rate of 15%.

Reservoir Description

Reservoir Description revenue in the third quarter of 2020 was $80,100,000, down 9% sequentially. Operating income for the third quarter of 2020 on a GAAP basis was $11,000,000, while operating income, ex-items, was $11,700,000, yielding operating margins, ex-items, of 15%, down slightly more than 200 BPS sequentially. Revenue, operating income, and margins were all affected by both continued COVID-19 project disruptions and weather events in the Gulf of Mexico during the third quarter of 2020.  Implemented cost controls in the segment helped mitigate the impact to operating margins.

Core’s clients continue to be heavily focused on digital transformation technologies to pursue operational excellence.  Core Lab has been at the forefront of this movement for more than two decades.  Core’s extensive, proprietary databases and analog technologies, coupled with artificial intelligence (“AI”) and machine learning, help the Company’s clients improve efficiencies and lower operating costs throughout the upstream value chain. In the third quarter of 2020, Core Lab’s Digital Innovation Group worked collaboratively with multiple international and national oil companies on projects that utilize several of Core’s proprietary digital technologies and services.  Core’s proprietary Advanced Rock Typing technology combines Core’s vast, comprehensive database of physical measurements, and Rock CatalogsTM with its proprietary image acquisition technology and the latest in AI image recognition.  These technologies provide clients with analog data sets in situations where acquisition of new conventional core may not be possible.  High-resolution images of wellbore cuttings and sidewall cores are quickly and efficiently matched with analogs from Core’s proprietary database of samples from around the world.  Physically measured data sets from the matching analogs are delivered to Core’s clients in time to make appraisal and development decisions.

During the third quarter of 2020, Core Laboratories, under the direction of The CarbonNet Project (“CarbonNet”) engaged in laboratory analysis of 300 feet of conventional core from the Gular-1 appraisal well in the offshore Gippsland Basin, in the Bass Strait, off the southeast coast of Australia.  CarbonNet is funded by the Victorian and Commonwealth governments of Australia.  In a recent press release the CarbonNet team mentioned, “The CarbonNet Project is advancing the science and viability for establishing a commercial-scale carbon capture and storage (“CCS”) network. The network would bring together multiple carbon dioxide (“CO2“) capture projects in Victoria’s Latrobe Valley, transporting CO2 via a shared pipeline and injecting it into deep, underground, offshore storage sites in the Bass Strait.  CCS is being investigated as part of a suite of solutions with the potential to mitigate greenhouse gas emissions.” The cores are progressing through physical laboratory measurements, in an iterative analytical program.  The data generated by Core Lab will provide insight into seal capacity, storage capacity, geomechanical properties and the pore system properties of the rock.  Core Laboratories is pleased to be playing a role in evaluating this important CCS project, which is among the most promising CO2 storage opportunities in the region. 

Production Enhancement

Production Enhancement operations, which are focused on complex completions in unconventional, tight-oil reservoirs in the U.S., as well as conventional offshore projects across the globe, posted third quarter 2020 revenue of $25,300,000, declining 7% sequentially.  The revenue decline was primarily associated with decreased international product shipments due to COVID-19 disruptions and weather events in the Gulf of Mexico.  More positively, U.S. land revenue increased 23% sequentially, partially mitigating the sequential decline in international sales, and correlating favorably with the improved U.S. land well completion activity during the quarter.  Operating loss on a GAAP basis was $300,000, and approximately break-even, ex-items.   Although revenue sequentially declined in the third quarter as compared to the second quarter of 2020, the operating loss was minimized, and improved significantly, as a result of cost-control measures completed during the second and third quarters of 2020. 

During the third quarter of 2020, Core Lab introduced its next generation, best-in-class, HERO®PerFRAC energetic technology, which is now available in combination with the new, patent pending Oriented GoGun™. This new technology provides Core’s clients with a technological solution for achieving: 1) extreme limited entry perforating capability, 2) precisely aligned perforations, and 3) minimized connections and completion string length.  Casing erosion around perforations can occur when stimulating unconventional reservoirs.  Larger perforating holes preferentially increase in size and take more frac fluid, robbing stimulation from smaller perforating holes, which results in inconsistent breakdown of the formation. The consistent-sized holes generated by the latest HERO®PerFRAC charges reduce this problem.  Core Lab partnered with major U.S. operators to design custom, consistent-hole-size charges that can be aligned in a specific orientation in order to achieve uniform breakdown across each stage.  Core Lab’s Production Enhancement development team designed a patent pending method to orient the GoGun, with both very high accuracy and wellsite efficiency. By eliminating the need for reusable orientation subassemblies, the Oriented GoGun minimizes the number of connections and saves time at the wellsite by not having to recapture and redress the orienting subs. 

Also during the third quarter of 2020, Core Lab’s Production Enhancement engineers developed and introduced a new application for its proprietary SpectraChem® chemical frac water tracer to determine whether horizontal wells are unobstructed and flowing through the entire length of the lateral.  Leveraged by operators in the Permian, Eagle Ford, and Haynesville, this technology can identify wellbore obstructions, often caused by inter-well communication or dissolvable plug remnants.  By applying this technology, Core’s clients can identify and remediate well obstructions that can negatively impact well performance, reserve calculations and reserve-based lending.

Return On Invested Capital

Core’s Board of Supervisory Directors (“Board”) and the Company’s Executive Management continue to focus on strategies that maximize return on invested capital (“ROIC”) and FCF, a non-GAAP financial measure defined as cash from operations less capital expenditures, factors that have high correlation to total shareholder return.  Core’s commitment to an asset-light business model and disciplined capital stewardship promote capital efficiency and are designed to produce more predictable and superior long-term ROIC.

Events associated with the COVID-19 pandemic have caused significant disruptions in global markets and economies, with adverse effects throughout the energy sector. These adverse effects have triggered significant asset impairments for goodwill, intangible assets, inventory and other fixed assets, which further distort underlying financial performance and performance metrics, such as ROIC.

The Board has established an internal performance metric of demonstrating superior ROIC performance relative to the oilfield service companies listed as Core’s Comp Group by Bloomberg.  In the first half of 2020, Core Lab recorded $133 million in non-cash charges associated with the impairments and inventory write-down.  Excluding these non-cash asset impairments and write-down, Bloomberg’s calculation of Core’s ROIC was 4.3%.  Under the current circumstances, and considering the magnitude of the asset and goodwill impairment charges incurred across the energy industry, it is difficult to appropriately determine the underlying relative performance across the Bloomberg Comp Group as compared with Core Lab.

Industry and Core Lab Outlook

Conversations with Core’s clients broadly reaffirm the Company’s expectation that international projects already underway will continue; however, the pace and breadth of recovery from COVID-19 restrictions remains uncertain, making it difficult to forecast both the level and timing of such activity.  Core Lab projects international activity in the fourth quarter of 2020 may slightly to modestly improve sequentially for both operating segments, if COVID-19 travel restrictions and supply chain disruptions begin to ease. 

Within Reservoir Description, Core expects reservoir fluid analysis, which accounts for more than 65% of the segment’s revenue, to be more resilient as this work is diversified across the life of reservoir and less reliant on drilling and completion of new wells.

U.S. land activity improved from the lows experienced during the middle of the second quarter as the third quarter of 2020 unfolded.  This trend of gradual improvement in U.S. land activity is expected to continue into the fourth quarter of 2020.  As a result, Core Lab projects overall fourth quarter 2020 U.S. land activity to modestly improve sequentially, and expects Production Enhancement to continue to track or outperform activity levels in U.S. land completions.

Collectively, these trends point toward slightly to modestly improved sequential operational performance for Core Lab, barring any COVID-19-related retrenchments in client activity.  Additionally, Core expects to generate positive FCF in the fourth quarter of 2020 as Core’s aggressive adjustments to its cost structure further align with client activity, with continued focus on free cash generation and strategic debt reduction.   

Earnings Call Scheduled

The Company has scheduled a conference call to discuss Core’s third quarter 2020 earnings announcement. The call will begin at 7:30 a.m. CDT / 2:30 p.m. CEST on Thursday, 22 October 2020. To listen to the call, please go to Core’s website at www.corelab.com.

Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize petroleum reservoir performance.  The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release, as well as other statements we make, includes forward-looking statements regarding the future revenue, profitability, business strategies and developments of the Company made in reliance upon the safe harbor provisions of Federal securities law.  The Company’s outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business conditions, international markets, international political climates, public health crises, such as the COVID-19 pandemic, and any related actions taken by businesses and governments, and other factors as more fully described in the Company’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission.  These important factors could cause the Company’s actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company’s performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company’s future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Visit the Company’s website at www.corelab.com. Connect with Core Lab on Facebook, LinkedIn and YouTube.

CORE LABORATORIES N.V. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

(Unaudited)




Three Months Ended



% Variance





September 30,
2020



June 30,
2020



September 30,
2019



vs. Q2-20



vs. Q3-19



REVENUE


$

105,382



$

115,736



$

173,200



(8.9)%



(39.2)%

























OPERATING EXPENSES:






















Costs of services and sales



81,038




90,680




125,996



(10.6)%



(35.7)%



General and administrative expense



8,937




9,221




11,012



(3.1)%



(18.8)%



Depreciation and amortization



5,164




5,425




5,697



(4.8)%



(9.4)%



Inventory write-down






9,932






NM



NM



Other (income) expense, net



(1,088)




3,045




(712)



NM



NM



Total operating expenses



94,051




118,303




141,993



(20.5)%



(33.8)%

























OPERATING INCOME (LOSS)



11,331




(2,567)




31,207



NM



(63.7)%



Interest expense



4,672




3,369




3,662



38.7%



27.6%



Income (loss) from continuing operations

   before income tax expense



6,659




(5,936)




27,545



NM



(75.8)%



Income tax expense (benefit)



3,663




(261)




3,335



NM



9.8%



Income (loss) from continuing operations



2,996




(5,675)




24,210



NM



(87.6)%



Income (loss) from discontinued

   operations, net of income taxes









(397)



NM



NM



Net income (loss)



2,996




(5,675)




23,813



NM



(87.4)%



Net income (loss) attributable to non-

   controlling interest



33




41




84



(19.5)%



(60.7)%



Net income (loss) attributable to Core

   Laboratories N.V.


$

2,963



$

(5,716)



$

23,729



NM



(87.5)%

























Diluted EPS (loss per share) from continuing operations


$

0.07



$

(0.13)



$

0.54



NM



(87.0)%

























Diluted EPS (loss per share) attributable to Core

   Laboratories N.V.


$

0.07



$

(0.13)



$

0.53



NM



(86.8)%

























Weighted average diluted common

   shares outstanding



44,899




44,470




44,716



1.0%



0.4%

























Effective tax rate



55

%



4

%



12

%


NM



NM

























SEGMENT INFORMATION:












































Revenue:






















Reservoir Description


$

80,060



$

88,442



$

109,339



(9.5)%



(26.8)%



Production Enhancement



25,322




27,294




63,861



(7.2)%



(60.3)%



Total


$

105,382



$

115,736



$

173,200



(8.9)%



(39.2)%

























Operating income (loss):






















Reservoir Description


$

11,022



$

13,534



$

18,835



(18.6)%



(41.5)%



Production Enhancement



(321)




(16,324)




11,456



NM



NM



Corporate and Other



630




223




916



NM



NM



Total


$

11,331



$

(2,567)



$

31,207



NM



(63.7)%

























“NM” means not meaningful






















CORE LABORATORIES N.V. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

(Unaudited)




Nine Months Ended



% Variance





September 30,
2020



September 30,
2019







REVENUE


$

373,518



$

511,432



(27.0)%

















OPERATING EXPENSES:














Costs of services and sales



286,849




377,830



(24.1)%



General and administrative expense



37,725




38,250



(1.4)%



Depreciation and amortization



16,030




17,070



(6.1)%



Inventory write-down and impairments



132,136






NM



Other (income) expense, net



987




2,653



(62.8)%



Total operating expenses



473,727




435,803



8.7%

















OPERATING INCOME (LOSS)



(100,209)




75,629



NM



Interest expense



11,452




11,102



3.2%



Income (loss) from continuing operations before income tax expense



(111,661)




64,527



NM



Income tax expense (benefit)



(644)




(19,467)



NM



Income (loss) from continuing operations



(111,017)




83,994



NM



Income (loss) from discontinued operations, net of income taxes






7,833



NM



Net income (loss)



(111,017)




91,827



NM



Net income (loss) attributable to non-controlling interest



157




174



(9.8)%



Net income (loss) attributable to Core Laboratories N.V.


$

(111,174)



$

91,653



NM

















Diluted EPS (loss per share) from continuing operations


$

(2.50)



$

1.87



NM

















Diluted EPS (loss per share) attributable to Core Laboratories N.V.


$

(2.50)



$

2.04



NM

















Weighted average diluted common shares outstanding



44,470




44,854



(0.9)%

















Effective tax rate



1

%



(30)

%


NM

















SEGMENT INFORMATION:




























Revenue:














Reservoir Description


$

271,203



$

318,280



(14.8)%



Production Enhancement



102,315




193,152



(47.0)%



Total


$

373,518



$

511,432



(27.0)%

















Operating income (loss):














Reservoir Description


$

35,618



$

40,892



(12.9)%



Production Enhancement



(137,944)




31,792



NM



Corporate and Other



2,117




2,945



NM



Total


$

(100,209)



$

75,629



NM

















“NM” means not meaningful














CORE LABORATORIES N.V. & SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(amounts in thousands)

(Unaudited) 
















% Variance



ASSETS:


September 30,
2020



June 30,
2020



December 31,
2019



vs. Q2-20



vs. Q4-19

























Cash and cash equivalents


$

15,146



$

20,958



$

11,092



(27.7)%



36.5%



Accounts receivable, net



85,366




101,464




131,579



(15.9)%



(35.1)%



Inventory



42,908




41,528




50,163



3.3%



(14.5)%



Other current assets



26,469




27,443




28,403



(3.5)%



(6.8)%



Total Current Assets



169,889




191,393




221,237



(11.2)%



(23.2)%

























Property, plant and equipment, net



117,123




119,866




123,506



(2.3)%



(5.2)%



Right-of-use assets



69,228




70,147




75,697



(1.3)%



(8.5)%



Intangibles, goodwill and other long-term assets, net



234,574




233,035




354,233



0.7%



(33.8)%



Total assets


$

590,814



$

614,441



$

774,673



(3.8)%



(23.7)%

























LIABILITIES AND EQUITY:












































Accounts payable


$

22,806



$

23,693



$

35,611



(3.7)%



(36.0)%



Short-term operating lease obligations



11,807




12,028




11,841



(1.8)%



(0.3)%



Current maturities of long-term debt



75,000









NM



NM



Other current liabilities



62,523




63,563




64,142



(1.6)%



(2.5)%



Total current liabilities



172,136




99,284




111,594



73.4%



54.3%

























Long-term debt, net



189,566




286,610




305,283



(33.9)%



(37.9)%



Long-term operating lease obligations



56,649




57,449




64,660



(1.4)%



(12.4)%



Other long-term liabilities



100,754




104,951




110,996



(4.0)%



(9.2)%

























Total equity



71,709




66,147




182,140



8.4%



(60.6)%



Total liabilities and equity


$

590,814



$

614,441



$

774,673



(3.8)%



(23.7)%




“NM” means not meaningful

CORE LABORATORIES N.V. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)




Three Months Ended





September 30,
2020



June 30,
2020



September 30,
2019



CASH FLOWS FROM OPERATING ACTIVITIES














Income (loss) from continuing operations


$

2,996



$

(5,675)



$

24,210



Income (loss) from discontinued operations









(397)



Net Income (loss)


$

2,996



$

(5,675)



$

23,813



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














Stock-based compensation



2,859




2,865




3,311



Depreciation and amortization



5,164




5,425




5,697



Deferred income tax



(5,460)




(180)




(3,353)



Inventory write-down






9,932






Adjustment to gain on sale of discontinued operations









397



Accounts receivable



16,157




24,288




(2,603)



Inventory



(1,582)




987




(4,287)



Accounts payable



(1,051)




(12,343)




815



Other adjustments to net income (loss)



1,610




1,697




2,199



Net cash provided by operating activities


$

20,693



$

26,996



$

25,989

















CASH FLOWS FROM INVESTING ACTIVITIES














Capital expenditures


$

(2,172)



$

(3,066)



$

(5,307)



Proceeds from sale of discontinued operations









(1,853)



Other investing activities



(202)




(206)




(437)



Net cash used in investing activities


$

(2,374)



$

(3,272)



$

(7,597)

















CASH FLOWS FROM FINANCING ACTIVITIES














Repayment of debt borrowings


$

(25,000)



$

(26,000)



$

(28,000)



Proceeds from debt borrowings



3,000




10,000




35,000



Dividends paid



(445)




(445)




(24,399)



Repurchase of treasury shares



(157)




(198)




(411)



Other financing activities



(1,529)




(13)






Net cash used in financing activities


$

(24,131)



$

(16,656)



$

(17,810)

















NET CHANGE IN CASH AND CASH EQUIVALENTS



(5,812)




7,068




582



CASH AND CASH EQUIVALENTS, beginning of period



20,958




13,890




12,546



CASH AND CASH EQUIVALENTS, end of period


$

15,146



$

20,958



$

13,128



CORE LABORATORIES N.V. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)




Nine Months Ended





September 30,
2020



September 30,
2019



CASH FLOWS FROM OPERATING ACTIVITIES










Income (loss) from continuing operations


$

(111,017)



$

83,994



Income (loss) from discontinued operations






7,833



Net Income (loss)


$

(111,017)



$

91,827



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










Stock-based compensation



16,254




17,652



Depreciation and amortization



16,030




17,070



Deferred income tax



(13,014)




(38,469)



Inventory write-down and impairments



132,136






Gain on sale of business






(1,154)



Gain on sale of discontinued operations






(8,411)



Accounts receivable



45,229




(8,924)



Inventory



(2,880)




(7,202)



Accounts payable



(13,262)




1,762



Other adjustments to net income (loss)



238




4,074



Net cash provided by operating activities


$

69,714



$

68,225













CASH FLOWS FROM INVESTING ACTIVITIES










Capital expenditures


$

(8,578)



$

(17,537)



Proceeds from sale of business






2,980



Proceeds from sale of discontinued operations






14,789



Other investing activities



(952)




(775)



Net cash used in investing activities


$

(9,530)



$

(543)













CASH FLOWS FROM FINANCING ACTIVITIES










Repayment of debt borrowings


$

(71,000)



$

(96,000)



Proceeds from debt borrowings



30,000




103,000



Dividends paid



(12,001)




(73,168)



Repurchase of treasury shares



(1,593)




(1,502)



Other financing activities



(1,536)






Net cash used in financing activities


$

(56,130)



$

(67,670)













NET CHANGE IN CASH AND CASH EQUIVALENTS



4,054




12



CASH AND CASH EQUIVALENTS, beginning of period



11,092




13,116



CASH AND CASH EQUIVALENTS, end of period


$

15,146



$

13,128



Non-GAAP Information

Management believes that the exclusion of certain income and expenses enables it to evaluate more effectively the Company’s operations period-over-period and to identify operating trends that could otherwise be masked by the excluded Items.  For this reason, we use certain non-GAAP measures that exclude these Items; and we feel that this presentation provides a clearer comparison with the results reported in prior periods. The non-GAAP financial measures should be considered in addition to, and not as a substitute for, the financial results prepared in accordance with GAAP, as more fully discussed in the Company’s financial statement and filings with the Securities and Exchange Commission.

Reconciliation of Operating Income, Income from Continuing Operations and Earnings Per
Diluted Share from Continuing Operations

(amounts in thousands, except per share data)

(Unaudited)




Operating Income (loss) from Continuing Operations




Three Months Ended




September 30,
2020



June 30,

2020



September 30,
2019


GAAP reported


$

11,331



$

(2,567)



$

31,207


Inventory write-down 1






9,932





Cost reduction and other charges






3,415





Foreign exchange losses (gains)



982




(98)




569


Excluding specific items


$

12,313



$

10,682



$

31,776






Income (loss) from Continuing Operations




Three Months Ended




September 30,
2020



June 30,

2020



September 30,
2019


GAAP reported


$

2,996



$

(5,675)



$

24,210


Inventory write-down 1






9,495





Cost reduction and other charges






3,265





Debt issuance cost write-off






328





Debt restructuring



1,223








Impact of higher (lower) tax rate 2



2,773




(1,208)




(2,172)


Foreign exchange losses (gains)



344




(79)




455


Excluding specific items


$

7,336



$

6,126



$

22,493






Earnings (Loss) Per Diluted Share from Continuing Operations




Three Months Ended




September 30,
2020



June 30,

2020



September 30,
2019


GAAP reported


$

0.07



$

(0.13)



$

0.54


Inventory write-down 1






0.21





Cost reduction and other charges






0.07





Debt issuance cost write-off






0.01





Debt restructuring



0.03








Impact of higher (lower) tax rate 2



0.06




(0.02)




(0.05)


Foreign exchange losses









0.01


Excluding specific items


$

0.16



$

0.14



$

0.50















(1) Three months ended June 30, 2020 includes inventory write-down charge of $9.9 million, pretax.


(2) Includes adjustments to reflect tax expense at a normalized rate of 20%.


Segment Information

(amounts in thousands)

(Unaudited)




Operating Income (Loss) from Continuing Operations




Three Months Ended September 30, 2020




Reservoir
Description



Production
Enhancement



Corporate and
Other


GAAP reported


$

11,022



$

(321)



$

630


Foreign exchange losses



696




275




11


Excluding specific items


$

11,718



$

(46)



$

641


Return on Invested Capital

Return on Invested Capital (“ROIC”) is based on Bloomberg’s calculation on the trailing four quarters from the most recently reported quarter and the balance sheet of the most recent reported quarter, and is presented based on our belief that this non-GAAP measure is useful information to investors and management when comparing our profitability and the efficiency with which we have employed capital over time relative to other companies. ROIC is not a measure of financial performance under GAAP and should not be considered as an alternative to net income.

ROIC is defined by Bloomberg as Net Operating Profit (Loss) (“NOP”) less Cash Operating Tax (“COT”) divided by Total Invested Capital (“TIC”), where NOP is defined as GAAP net income before minority interest plus the sum of income tax expense, interest expense, and pension expense less pension service cost and COT is defined as income tax expense plus the sum of the change in net deferred taxes, and the tax effect on interest expense and TIC is defined as GAAP stockholder’s equity plus the sum of net long-term debt, allowance for doubtful accounts, net balance of deferred taxes, income tax payable, and other charges.

Reconciliation of ROIC

(amounts in millions, except for ROIC and WACC data)

(Unaudited)




Bloomberg



Effect of non-cash
charges



Excluding non-cash
charges


Net operating profit


$

(59.5)



$

132.6



$

73.1


Cash operating taxes



42.6




8.8




51.4


Total invested capital



381.3




126.7




508.0















Return on invested capital



(26.8)

%


NM




4.3

%

Weighted average cost of capital



7.7

%









Free Cash Flow

Core uses the non-GAAP measure of free cash flow to evaluate its cash flows and results of operations. Free cash flow is an important measurement because it represents the cash from operations, in excess of capital expenditures, available to operate the business and fund non-discretionary obligations. Free cash flow is not a measure of operating performance under GAAP, and should not be considered in isolation nor construed as an alternative consideration to operating income, net income, earnings per share, or cash flows from operating, investing, or financing activities, each as determined in accordance with GAAP. Free cash flow should not be considered a measure of liquidity. Moreover, since free cash flow is not a measure determined in accordance with GAAP and thus is susceptible to varying interpretations and calculations, free cash flow as presented may not be comparable to similarly titled measures presented by other companies.

Computation of Free Cash Flow

(amounts in thousands)

(Unaudited)




Three Months Ended



Nine Months Ended





September 30, 2020



September 30, 2020



Net cash provided by operating activities


$

20,693



$

69,714



Capital expenditures



(2,172)




(8,578)



Free cash flow


$

18,521



$

61,136



SOURCE Core Laboratories N.V.

Related Links

http://www.corelab.com

Source: https://www.prnewswire.com:443/news-releases/core-lab-reports-third-quarter-2020-results-from-continuing-operations-301157405.html

Energy

Zoomlion begeistert auf der bauma China 2020 mit intelligenten Baumaschinen der nächsten Generation und sichert sich Aufträge im Wert von über 3 Milliarden USD

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Zoomlion stellt auf der bauma China 2020 über 50 Sätze an Baumaschinen aus neun Produktreihen aus. Durch die Einführung neuer Produkte und Livestreaming-Veranstaltungen im Internet zur Interaktion mit globalen Kunden hat sich Zoomlion bis zum 26. November bei der bauma China Bestellungen in Höhe von insgesamt 20 Mrd. CNY (3,04 Mrd. USD) gesichert.

„Die Ausstellung präsentiert die High-End-Produkte der Generation 4.0 von Zoomlion und innovative Errungenschaften, die hinsichtlich der Intelligenz einen großen Schritt nach vorn darstellen”, so Guo Xuehong, Vice President von Zoomlion.

Mit hochwertigen, innovativen intelligenten Produkten an die Branchenspitze

Die Ausstellung von Zoomlion auf der bauma China 2020 bot einen Einblick in die Zukunft der Baumaschinen. So wurde beispielsweise eine intelligente Hebemaschine ohne Bedienungskabine, aber mit einem 5G-Fernbedienungszentrum präsentiert, das der Maschine „intelligentes” Berühren, Fühlen und Sehen ermöglicht.

Der ZTC-250NEV ist der weltweit erste elektrische LKW-Kran mit integrierter Bildverarbeitung, künstlicher Intelligenz und 5G-Kommunikation. Der kabinenlose Kran mit „Augen und Gehirn” erledigt intelligent gesteuerte Hebearbeiten per Knopfdruck.

Der Raupenkran ZCC18000 verfügt über die höchste Tonnage auf der gesamten Messe und hat eine hohe Hubleistung, die ihn zum perfekten Modell für das Heben von Windkraftanlagen an Land und an Offshore-Anlagen macht. Es ist mit der firmeneigenen No-Landing-Gegengewichtstechnologie von Zoomlion ausgestattet, die die Einsatzfläche um 60 % reduziert und eine branchenführende Hebeleistung bietet.

Zoomlion hat außerdem den ZT68J auf den Markt gebracht, eine selbstfahrende Arbeitsplattform mit geradem Arm, die mit ihrer Höhe von 67,5 Metern einen Weltrekord aufstellt und gleichzeitig eine bessere Leistung im Offroad-Betrieb und eine intelligente Steuerung garantiert.

Die Trockenmischanlagen des Unternehmens sind mit dem patentierten hochpräzisen automatischen Pulverdosiersystem Powerdos ausgestattet. Die intelligenten Funktionen wie Hohlausleger-Technologie, Kohlefaser-Betonrohr und Mensch-Maschine-Sprachinteraktion sowie ein intelligentes ETI-Steuerungssystem für Turmdrehkrane stießen bei den Besuchern der Messe ebenso wie dem weltweiten Online-Publikum auf große Begeisterung.

Während sich der globale Markt von den Auswirkungen der COVID-19-Krise erholt, setzt Zoomlion auf innovative Forschung und Entwicklung und freut sich auf die Zusammenarbeit mit allen Partnern. Der Aussteller veranstaltete einen 24-Stunden-Livestream in chinesischer und englischer Sprache, der es Kunden in aller Welt ermöglichte, an der bauma China 2020 teilzunehmen.

„Zoomlion hat seine Vision, die Errungenschaften der Branche zu teilen und die Branche mitzugestalten, nie geändert. Wir sind darauf vorbereitet, eine intelligente und perfekte Zukunft in Bezug auf umfassende Beratung, gemeinsame Beiträge und gemeinsamen Nutzen mitzugestalten”, erklärte Guo.

Informationen zu Zoomlion

Das 1992 gegründete Unternehmen Zoomlion Heavy Industry Science & Technology Co. (01157.HK) ist ein Unternehmen, das hochwertige Geräte herstellt und Maschinen, landwirtschaftliche Maschinen und Finanzdienstleistungen integriert. Das Unternehmen vertreibt heute mehr als 600 Spitzenprodukte aus 56 Produktlinien, die zehn wichtige Kategorien abdecken.

Foto – https://mma.prnewswire.com/media/1343696/image.jpg

Related Links

www.zoomlion.com

SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-begeistert-auf-der-bauma-china-2020-mit-intelligenten-baumaschinen-der-nachsten-generation-und-sichert-sich-auftrage-im-wert-von-uber-3-milliarden-usd-819136293.html

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Energy

Zoomlion impressiona na Exposição bauma China 2020 com o lançamento de maquinários de construção inteligentes de última geração garantindo mais de US$ 3 bilhões em pedidos

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A Zoomlion está exibindo mais de 50 conjuntos de produtos de equipamentos de construção de nove linhas de produtos na bauma China 2020. Com novos lançamentos de produtos e eventos de transmissão ao vivo on-line para interagir com clientes globais, a Zoomlion fechou pedidos totalizando CNY 20 bilhões ( US$ 3,04 bilhões) na bauma China no dia 26 de novembro.

“A exposição destaca os produtos de ponta da geração 4.0 da Zoomlion e conquistas inovadoras que representam um salto qualitativo de inteligência,” disse o Sr. Guo Xuehong, vice-presidente da Zoomlion.

Assumindo a liderança no setor com produtos inteligentes inovadores e de última geração 

A exposição da Zoomlion na bauma China 2020 ofereceu um vislumbre do futuro dos maquinários de construção com uma demonstração de içamento inteligente sem a cabine de operação, mas com um centro de experiência de controle remoto 5G, a parte “inteligência” do equipamento tem a capacidade de tocar, sentir e ver.

O ZTC-250NEV é o primeiro caminhão guindaste elétrico do mundo que tem visão de máquina integrada, inteligência artificial e comunicação 5G. É um guindaste sem cabine, mas com “olhos e cérebro” para realizar tarefas de içamento inteligentes com o apertar de um botão.

O guindaste sobre esteiras ZCC18000 tem a tonelagem mais alta da feira, apresentando grande capacidade de içamento, o que o torna um modelo perfeito para içamento de energia eólica em terra e no mar. É equipado com a tecnologia de contrapeso de sobrecarga sem aterrissagem desenvolvida automaticamente pela Zoomlion, que reduz a área de operação em 60% e oferece o melhor desempenho de elevação do setor.

A Zoomlion também lançou a ZT68J, uma plataforma aérea automotora de braço reto que bate o recorde mundial de 67,5 metros de altura, garantindo melhor desempenho na operação fora da estrada e controle inteligente.

O equipamento de argamassa de mistura seca da empresa adota o sistema patenteado de dosagem automática de granulados com ultra-alta precisão patenteada Powerdos. As funções inteligentes, como tecnologia de lança oca, tubo de concreto de fibra de carbono e interação de voz homem-máquina e um sistema de controle inteligente ETI de guindaste de torre foram amplamente aclamados pelos visitantes da feira e pelo público mundial na transmissão ao vivo.

À medida que o mercado global se recupera dos impactos da COVID-19, a Zoomlion persiste com pesquisa e desenvolvimento inovadores e espera criar e compartilhar com todos os parceiros. O expositor apresentou uma transmissão ao vivo de 24 horas em chinês e inglês, permitindo que clientes em todo o mundo participassem da bauma China 2020.

“A Zoomlion nunca mudou sua visão de compartilhar as conquistas da indústria e co-construir a ecosfera do setor. Esperamos moldar um futuro inteligente e definitivo com base nos princípios de ampla consulta, contribuição conjunta e benefícios compartilhados,” disse o Sr. Guo.

Sobre a Zoomlion 

Fundada em 1992, a Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) é uma empresa fabricante de equipamentos de última geração que integra maquinário de engenharia, maquinário agrícola e serviços financeiros. Atualmente, a empresa vende mais de 600 produtos de ponta de 56 linhas de produtos, cobrindo dez categorias importantes.

Foto – https://mma.prnewswire.com/media/1343794/image.jpg

FONTE Zoomlion

Related Links

www.zoomlion.com

SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-impressiona-na-exposicao-bauma-china-2020-com-o-lancamento-de-maquinarios-de-construcao-inteligentes-de-ultima-geracao-garantindo-mais-de-us-3-bilhoes-em-pedidos-872461738.html

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Energy

Zoomlion cautiva en la exposición bauma China 2020 con el lanzamiento de maquinaria de construcción inteligente de próxima generación que asegura más de 3 mil millones de dólares en pedidos

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Zoomlion exhibirá más de 50 productos de equipos de construcción de nueve líneas de productos en bauma China 2020. A través de lanzamientos de nuevos productos y eventos de transmisión en vivo en línea interactuando con clientes globales, Zoomlion ha firmado pedidos por un total de 20 mil millones de yuanes chinos (3,04 mil millones de dólares) en bauma China a partir del 26 de noviembre.

“La exposición destaca los productos de alta gama de la generación 4.0 de Zoomlion y los logros innovadores que representan un salto cualitativo de inteligencia”, dijo el Sr. Guo Xuehong, vicepresidente de Zoomlion.

A la vanguardia en la industria con productos inteligentes innovadores de alta gama 

La exposición de Zoomlion en bauma China 2020 ofreció un vistazo al futuro de las maquinarias de construcción con una demostración de maquinaria de elevación inteligente sin cabina de operación, pero con un centro de experiencia de control remoto de 5G que le da a la parte “inteligente” del equipo la capacidad de tocar, sentir y ver.

El ZTC-250NEV es el primer camión grúa eléctrico del mundo que tiene visión artificial integrada, inteligencia artificial y comunicación de 5G, es una grúa sin cabina pero con “ojos y cerebro” para completar tareas de elevación inteligentes con solo presionar un botón.

La grúa sobre orugas ZCC18000 tiene el tonelaje más alto de la feria, con una gran capacidad de elevación que la convierte en el modelo perfecto para la elevación de energía eólica en tierra y mar. Está equipado con la tecnología de contrapeso de sobrecarga sin descanso desarrollada por Zoomlion que reduce el área de operación en un 60 % y ofrece un rendimiento de elevación líder en la industria.

Zoomlion también lanzó la ZT68J, una plataforma de trabajo aéreo autopropulsada de brazo recto que establece un récord mundial de 67,5 metros de altura, al tiempo que garantiza un mejor rendimiento en operaciones todoterreno y un control inteligente.

El equipo de mezcla de mortero seco de la compañía ha adoptado el sistema patentado de dosificación automática de polvo de ultra alta precisión Powerdos. Las funciones inteligentes, como la tecnología de brazo hueco, el tubo de hormigón de fibra de carbono y la interacción de voz hombre-máquina y un sistema de control inteligente de grúa torre ETI fueron ampliamente aclamados por los visitantes a la feria así como por la audiencia global de la transmisión en vivo.

A medida que el mercado global se recupera de los impactos de la COVID-19, Zoomlion persiste con la investigación y desarrollo innovadores que espera crear y compartir con todos los socios. El expositor organizó una transmisión en vivo de 24 horas en chino e inglés que permitió a los clientes globales participar en bauma China 2020.

“Zoomlion nunca ha cambiado su visión de compartir los logros de la industria y coconstruir la ecosfera de la industria. Esperamos dar forma a un futuro inteligente y definitivo en los principios de amplia consulta, contribución conjunta y beneficios compartidos”, dijo el Sr. Guo.

Acerca de Zoomlion 

Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK), fundada en 1992, es una empresa de fabricación de equipos de alta gama que integra maquinaria para ingeniería, maquinaria agrícola y servicios financieros. En la actualidad, la empresa comercializa más de 600 productos de última tecnología, organizados en 56 líneas que abarcan diez importantes categorías.

Foto – https://mma.prnewswire.com/media/1343795/image.jpg

FUENTE Zoomlion

Related Links

www.zoomlion.com

SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-cautiva-en-la-exposicion-bauma-china-2020-con-el-lanzamiento-de-maquinaria-de-construccion-inteligente-de-proxima-generacion-que-asegura-mas-de-3-mil-millones-de-dolares-en-pedidos-800653658.html

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Energy

Insights on the Fatty Alcohol Global Market to 2026 – Featuring BASF, Ecogreen Oleochemicals & Godrej Industries Among Others

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DUBLIN, Nov. 27, 2020 /PRNewswire/ — The “Fatty Alcohol Market 2020-2026” report has been added to ResearchAndMarkets.com’s offering.

The global fatty alcohol market is anticipated to grow at a CAGR of 5.7% during the forecast period. Fatty alcohol is aliphatic alcohol with high-molecular-weight. Fatty alcohol is derived from natural fats and oils originating in plants and animals. Growth in the end product industry of fatty alcohol is the chief factor for the growth of the global market. However, the volatile price of petrochemical-derived products, COVID-19 pandemic, and unfavorable trade relations among major user countries are some of the restraining factors for the market.

The global fatty alcohol market is segmented based on the product, source, and application. Based on the product, the market is sub-segmented into C6-C10 fatty alcohols, C11-C14 fatty alcohols, and C15-C22 fatty alcohols. Based on the source, the market is sub-segmented into tropical oils, animal fats, soft oils, and others. Further, based on the application the market is sub-segmented into industrial & domestic cleaning, personal care, food & nutrition, pharmaceuticals, and others. Industrial & domestic cleaning is expected to hold the major market share during the forecast period. The global fatty alcohol market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share with a lucrative growth rate during the forecast period. It is due to the considerable demand from the high population base countries including China and India.

The key players of the global fatty alcohol market include BASF SE, Ecogreen Oleochemicals Inc., Godrej Industries Limited (GIL), Kao Corp., KLK OLEO Group of Companies, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations with government, and expansion to stay competitive in the market.

The Report Covers

  • Comprehensive research methodology of the global fatty alcohol market.
  • This report also includes a detailed and extensive market overview with key analyst insights.
  • An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
  • Analysis of regional regulations and other government policies impacting the global fatty alcohol market.
  • Insights about market determinants which are stimulating the global fatty alcohol market.
  • Detailed and extensive market segments with regional distribution of forecasted revenues.
  • Extensive profiles and recent developments of market players.

Key Topics Covered:

1. Report Summary
1.1. Research Business Functions and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography

2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Rules & Regulations

3. Competitive Landscape
3.1. Company Share Analysis
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.3.1. BASF SE
3.3.1.1. Overview
3.3.1.2. Financial Analysis
3.3.1.3. SWOT Analysis
3.3.1.4. Recent Developments
3.3.2. Ecogreen Oleochemicals Inc.
3.3.2.1. Overview
3.3.2.2. Financial Analysis
3.3.2.3. SWOT Analysis
3.3.2.4. Recent Developments
3.3.3. Godrej Industries Limited (GIL)
3.3.3.1. Overview
3.3.3.2. Financial Analysis
3.3.3.3. SWOT Analysis
3.3.3.4. Recent Developments
3.3.4. Kao Corp.
3.3.4.1. Overview
3.3.4.2. Financial Analysis
3.3.4.3. SWOT Analysis
3.3.4.4. Recent Developments
3.3.5. KLK OLEO Group of Companies
3.3.5.1. Overview
3.3.5.2. Financial Analysis
3.3.5.3. SWOT Analysis
3.3.5.4. Recent Developments

4. Market Determinants
4.1 Motivators
4.2 Restraints
4.1. Opportunities

5. Market Segmentation
5.1. Global Fatty Alcohols Market by Product
5.1.1. C6-C10 Fatty Alcohols
5.1.2. C11-C14 Fatty Alcohols
5.1.3. C15-C22 Fatty Alcohols
5.2. Global Fatty Alcohols Market by Source
5.2.1. Tropical Oils
5.2.2. Animal Fats
5.2.3. Soft Oils
5.2.4. Others
5.3. Global Fatty Alcohols Market by Application
5.3.1. Industrial & Domestic Cleaning
5.3.2. Personal Care
5.3.3. Food & Nutrition
5.3.4. Pharmaceuticals
5.3.5. Others (Textile & Leather Processing)

6. Regional Analysis
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World

7. Company Profiles
7.1. Arkema SA
7.2. BASF SE
7.3. CREMER OLEO GmbH & Co. KG
7.4. Croda International plc
7.5. Ecogreen Oleochemicals Inc.
7.6. Emery Oleochemicals Sdn Bhd
7.7. Evonik Industries AG
7.8. Godrej Industries Ltd.
7.9. Jarchem Industries Inc.
7.10. Kao Corp.
7.11. KLK OLEO ( Kuala Lumpur Kepong Bhd Co.)
7.12. Musim Mas Holdings Pte. Ltd.
7.13. OLEON NV
7.14. Oxiteno USA LLC
7.15. P&G Chemicals
7.16. SABIC
7.17. Sasol Ltd.
7.18. Teck Guan (China) Ltd
7.19. VVFLtd.
7.20. Wilmar International Ltd.
7.21. Zhejiang Jiahua Energy Chemical Industry Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/kiwcpc

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.


Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

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SOURCE Research and Markets

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Source: https://www.prnewswire.com:443/news-releases/insights-on-the-fatty-alcohol-global-market-to-2026—featuring-basf-ecogreen-oleochemicals–godrej-industries-among-others-301181169.html

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