U.S. Markets close in 24 mins.

Energold Drilling Announces Second Quarter 2013 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2013) - Energold Drilling Corp. (TSX VENTURE:EGD) ("Energold" or "the Company") reported the following financial results for the second quarter of 2013. Company-wide revenue during the second quarter of 2013 was $23.3 million, compared to $32.7 million in the second quarter of 2012. The decline in revenue was principally related to the year-over-year decrease in mineral exploration activity in the industry. Gross profit margin fell to 14% in the second quarter of 2013 from 20% in the comparable period of 2012. The Company had a net loss in the second quarter of ($0.03) per share, compared to a net loss of ($0.04) per share in the same period of 2012.

A conference call is planned for today, August 29, 2013 at 4:30 pm Eastern Standard Time. Dial-in numbers are 647-426-1845 or 1-866-782-8903. Please call in 15 minutes before to ensure participation.

The Company has an excellent financial position with a strong balance sheet including cash and cash equivalents of $30.7 million. Management remains committed to using its financial resources to grow its revenue base and profitability of the Company, both on an organic basis and via acquisition.

Quarter-to-date and year-to-date June 30, 2013 results comparison

($CAD ,000s except per-share amounts and meters drilled) For Three Months Ended June 30 For the Six Months Ended June 30
  2013 2012 2013 2012
Revenue        
  Mineral 16,180 22,273 34,509 48,218
  Energy 2,402 4,438 33,837 29,891
  Manufacturing 4,691 5,939 8,791 7,811
Total Revenue 23,273 32,650 77,137 85,920
Earnings (Loss)        
  Mineral 916 919 3,397 3,474
  Energy (1,784) (3,486) 51 (4,615)
  Manufacturing (458) 528 (1,286) (6)
Total Earnings (1,326) (2,039) 2,162 (1,147)
Earnings Per Share Basic $(0.03) $(0.04) $0.05 $(0.02)
  Diluted $(0.03) $(0.04) $0.05 $(0.02)
         
EBITDA* $731 $2,014 $9,439 $7,371
Adjusted Earnings** $(3,404) $(1,536) $3,906 $8,268
Adjusted Earnings Per Share Basic $(0.07) $(0.03) $0.08 $0.19
  Diluted $(0.07) $(0.03) $0.08 $0.18
  As of June 30, 2013 As of June 30, 2012
Cash $30,738 $36,465
Working Capital $85,601 $93,429
  * EBITDA - Earnings before interest, taxes, depreciation and amortization (see non-GAAP (generally accepted accounting principles) financial measures).
  ** Adjusted Earnings - Excludes earnout payment and non-cash items, which include accretion expense on debenture, finance cost related to sales-leaseback finance lease, share-based payments, foreign exchange, dilution and equity gain/loss on IMPACT, impairment/write-down of assets, gain on acquisition.

MINERAL DRILLING DIVISION

During the second quarter of 2013, Energold's mineral division drilled 92,100 meters compared to 114,900 meters in the same period of 2012, a decrease of 20%. Revenues for the second quarter of 2013 were $16.2 million compared to $22.3 million for the same period in 2012. Average revenue per meter for the second quarter of 2013 decreased to $176 from $194 in the second quarter of 2012 due to the depressed market. Revenue in the second quarter of 2013 compared to the second quarter of 2012 was negatively impacted due to reduced exploration spending from the junior mining segment, as challenging capital market conditions continued to weigh on their ability to raise money for exploration. The majority of the decline in junior mineral exploration activity has likely already occurred and while intermediate and senior players continue to focus their reserve replacement through exploration, those companies remain cautious and prudent about the size of their programs. As indicated in the previous quarter, there are no significant indications that the junior market will return to previous levels of activity anytime soon. Meanwhile, the Company enjoys a customer book of well-funded intermediate and senior miners whose programs are ongoing at various paces.

Gross margin percentage remains heavily impacted by the type of drilling the Company performs, the region and country the Company operates in and the type of the client. Junior miners typically explore more frontier style environments that allow for higher margins and there is now increased presence of senior miners exploring the frontier regions. Gross margin percentage from mineral drilling for the second quarter of 2013 was 23%, compared to 21% in the second quarter of 2012. As expected, signs of stabilization have taken hold but at lower rates and utilization levels. Notwithstanding, the Company maintains a strong infrastructure network in all regions that it operates which allows for a relatively lean operation. The Company continues to draw down on its inventory and its working capital remains strong. As the majority of its costs are variable, the Company can adapt quickly and respond accordingly to changing market conditions.

Quarter-to-date and year-to-date June 30, 2013 meters drilled

  Q2 2013 Q2 2012 YTD 2013 YTD 2012
Meters Drilled 92,100 114,900 198,500 249,400

As at June 30, 2013, the Company had 134 rigs in its mineral drilling fleet. The Company is currently adding two new S-1 rigs which will be deployed to the Asian market, as well as adding three deeper capability S-3.5 rigs manufactured by Dando Drilling International Ltd. These rigs are intended for the African and Middle Eastern markets where the Company sees considerable growth targets. In July 2013, the Company took delivery of a heavier diamond drilling rig (Atlas Copco CS1000) for the Middle East.

ENERGY DRILLING DIVISION - BERTRAM DRILLING CORP. ("Bertram")

The majority of revenues and activity are typically generated in the first quarter, primarily due to weather factors. Bertram was very active during the first quarter of 2013 primarily on the oil sands projects in Northern Alberta. Revenues for the first half and second quarter of 2013 were $33.8 million and $2.4 million, respectively, compared to $29.9 million and $4.4 million in the first half and second quarter of 2012. For the six months ended June 30, 2013, 96% of revenues were generated in Canada with the remainder contributed from the U.S. Meters were drilled in the following areas:

  For Three Months Ended June 30 For the Six Months Ended June 30
  2013 2012 2013 2012
Oil sands 300 600 54,400 36,200
Seismic (Track and Heli-portable) - 17,400 146,100 335,500
Geothermal and Geotechnical 12,900 68,200 23,300 157,800
  13,200 86,200 223,800 529,500

The gross margin for first half of the year and the second quarter of 2013 was 24% and (54)%, respectively, compared to 31% and 5% in the first half and second quarter of 2012. The negative gross margin during the period relates to lower work levels associated with spring breakup while costs associated with moving equipment and personnel still continued as equipment is returned to their summer locations. In the first half of 2013, Bertram drilled approximately 202,800 meters in Canada and approximately 21,000 in the U.S. This compares to the first half of 2012 where Bertram drilled approximately 347,600 meters in Canada and approximately 181,900 in the U.S.

Oil sands operations accounted for over $1.5 million of second quarter revenues and $30.6 million of year-to-date revenues in 2013 compared to $0.8 million and $16.9 million of second quarter and year-to-date revenues, respectively in 2012. Revenue was generated from programs conducted on behalf of major operators. Geothermal and geotechnical drilling activity accounted for $0.9 million of second quarter revenues and $1.8 of year-to-date revenues in 2013 compared to $1.9 million in the second quarter and $6.0 million of year-to-date revenue in 2012. Track seismic represents the remainder of the revenues.

Going forward, the Company anticipates continued strong activity levels in the Canadian oil sands. The bulk of growth in the energy division will be dependent on weather in the latter part of the year as an early freeze would positively impact work levels and financial performance. At the moment most of Bertram's oil sands rigs are fully committed for the 2013/2014 season including two newly acquired rigs capable of reaching greater depths that could translate into a dramatic effect on utilization going forward. Management also forecasts an increasing pipeline of seismic opportunities in North America and Latin America as evidenced by the Company's new Columbian joint venture, EESI. Finally, the geothermal and geotechnical markets are showing signs of increased activity and tender opportunities in the coming year.

MANUFACTURING DIVISION - DANDO DRILLING INTERNATIONAL LTD ("Dando")

Year-to-date revenues for 2013 were $8.8 million with an operating margin of 14% compared to revenues of $7.8 million with an operating margin of 24% in the first half of 2012. Revenues in the second quarter of 2013 were $4.7 million with an operating margin of 16% compared to revenues of $5.9 million with an operating margin of 28% in the second quarter of 2012. In the second quarter of 2013, the Company delivered ten rigs which comprised of three Watertec 40 heavy water well drills, one Mintec 12.8, one Watertec 6000, three Terrier mini rigs, one 3000 cable percussion rig and one Multitec 9000.

Demand for rigs and equipment remains high. Currently Dando has a confirmed order book in excess of $8.0 million and continues to have strong enquiries for its products. As part of its plans to service future growth, Dando is continuing to build additional small rigs for stock and a new prototype, a remote controlled self-loading tracked vehicle capable of carrying in excess of five tonnes. The Company continues to be on target to achieve a substantial increase in revenues and profit.

Markets continue to provide mixed signals with the hard rock mineral market showing some signs of recovery with good enquiries from mining companies. The water-well market remains buoyant with sizeable orders from Africa and very promising enquiries from Indonesia, Africa and Eastern Europe.

GROWTH PLAN

Energold remains committed to expanding its business across all drilling platforms depending on market conditions. While the Company was founded on the basis of mineral drilling, management continues to evaluate new ways to expand its global drilling solutions platform. The entrance into the energy drilling and manufacturing markets in recent years has started to provide value to shareholders. New markets including water, a geographical expansion of the seismic business into Latin America, as well as new opportunities for technical and diversified commodity drilling are considered on an ongoing basis as the Company seeks the most efficient use of its strong balance sheet and low debt levels.

Energold Drilling Corp. is a leading global specialty drilling solutions company that services the mining, energy, water and manufacturing sectors in 24 countries. Specializing in a socially and environmentally sensitive approach to drilling, Energold provides a comprehensive range of drilling services from early stage exploration to onsite operations for the metals, energy and water sectors, including an established drill rig manufacturer, Dando Drilling International Ltd. Energold also holds 6.98 million shares of IMPACT Silver Corp., a profitable silver producer in Mexico.

On behalf of the Directors of Energold Drilling Corp.,

Frederick W. Davidson, President, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Non-IFRS measures:

The Company uses both IFRS and non-IFRS measures to assess performance and believes the non-IFRS measures provide useful information to investors to help in evaluating the Company's performance. The Company's method of calculating these non-IFRS measures may differ from other entities and, accordingly, may not be comparable to measures used by other entities. Investors are cautioned, however, that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indicator of the Company's performance.

Cautionary Note Regarding Forward-Looking Statements:

Except for historical information, this earnings release may contain forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievement expressed or implied by these forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "estimates", "plans", "intends", "anticipates", or the negative of those words or other similar or comparable words. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments.

The factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions; changes in financial markets; the impact of exchange rates; political conditions and developments in countries in which the Company operates; changes in regulatory requirements impacting the Company's operations; the ability to properly and efficiently staff the Company's operations; the sufficiency of current working capital; and demand for the Company's drill rigs.

The estimates and assumptions of the Company contained or incorporated by reference in this earnings release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein and in the earnings release, or as otherwise expressly incorporated herein by reference as well as (1) there being no significant disruptions or adverse conditions; (2) fluctuations in the price and demand for commodities; (3) fluctuations in the level of mineral and oil and gas exploration and development activities; (4) fluctuations in the demand for contract drilling; (5) the exchange rate between the Canadian dollar, U.S. Dollar, Mexican Peso and various currencies the Company operations in being approximately consistent with current levels; (6) capital market liquidity available to fund customer drilling programs; (7) prices for and availability of equipment, labour, fuel, oil, electricity and other key supplies remaining consistent with current levels; (8) labour and materials costs increasing on a basis consistent with the Company's current expectations; (9) other unforeseen conditions which could impact the use of services supplied by the Company.

This list is not exhaustive and these and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

  • The Internet Is Loving That George W. Bush Made Barack Obama Laugh During Bill Clinton's Speech
    Politics
    Time

    The Internet Is Loving That George W. Bush Made Barack Obama Laugh During Bill Clinton's Speech

    The Internet is all about the moment George W. Bush cracked Barack Obama up during Bill Clinton’s speech at a hurricane relief concert attended by all five living former U.S. presidents. While Clinton spoke at Saturday night’s “Deep From the Heart:

  • Read Chimamanda Ngozi Adichie’s short story on Instagram about Melania Trump
    Celebrity
    Quartz

    Read Chimamanda Ngozi Adichie’s short story on Instagram about Melania Trump

    In Chimamanda Ngozi Adichie’s world, Melania Trump is listless, and a bit racist. In a new short story by the author of the 2013 novel Americanah, Adichie imagines an exchange between “Mrs. T” and her black Pilates instructor, Janelle. The story extends the world she created (paywall) last June, in a story told from the perspective of the first lady. The Nigerian-born writer published “Janelle Asked to the Bedroom” on T Magazine’s site (paywall) and in a series on Instagram Friday. In the story, told from Janelle’s perspective, the pilates instructor meets a despondent Mrs. T in her apartment bedroom. The two have a brief, uncomfortable exchange in which Mrs. T reveals, among other things, that

  • Police May Have Found the Body of a 3-Year-Old Who Disappeared After Being Sent Outside as Punishment
    News
    Time

    Police May Have Found the Body of a 3-Year-Old Who Disappeared After Being Sent Outside as Punishment

    Texas police say they have found the body of a young child during the search for Sherin Mathews, a 3-year-old girl who went missing from a Dallas suburb two weeks ago after being sent out of her home in the middle of the night as punishment. A child’s body was found on Oct. 22 in a culvert beneath a road in the suburb of Richardson, Texas. Sherin, who was adopted by Wesley Mathews and his wife Sini from an orphanage in India, was reported missing on Oct. 7 after her father made her stand outside their home at 3 a.m. as punishment for not drinking her milk, the Washington Post reports.

  • Amazon says it received 238 proposals for 2nd headquarters
    Finance
    Associated Press

    Amazon says it received 238 proposals for 2nd headquarters

    Amazon said Monday that it received 238 proposals from cities and regions in the United States, Canada and Mexico hoping to be the home of the company's second headquarters. Proposals were due last week, and Amazon made clear that tax breaks and grants would be a big deciding factor on where it chooses to land. Amazon.com Inc. did not list which cities or metro areas applied, but said the proposals came from 43 U.S. states, as well as Washington, D.C. and Puerto Rico, three Mexican states and six Canadian provinces.

  • 4 Tax Breaks That Are Slated to Disappear (So Grab Them Now!)
    Business
    Motley Fool

    4 Tax Breaks That Are Slated to Disappear (So Grab Them Now!)

    With Republicans' tax reform plan finally starting to take shape, it's a good idea to look into how your favorite tax breaks could change. While there are likely to be substantial changes to the tax reform plan before it potentially becomes law, it seems clear that many of today's itemized deductions will no longer exist. Unfortunately, it's not on the (very short) list of itemized deductions that the GOP plans to retain in tax reform.

  • Why Atlanta Is the Early Favorite to Land Amazon’s Second Headquarters
    Business
    Fortune

    Why Atlanta Is the Early Favorite to Land Amazon’s Second Headquarters

    More than 100 cities submitted bids to become Amazon’s second corporate home--a prize that could bring 50,000 new high-paying jobs and a big boost of civic prestige. The bidding ended last week and, though is not expected to announce the winner until 2018, one city has emerged as the early favorite according to popular betting website Paddy Power. As you can see from the screenshot below, Atlanta is the frontrunner at two-to-one odds with Austin and Boston as the initial runners-up.Also notable in the Paddy Power odds is that a Canadian city, Toronto, is currently number four to win the Amazon prize.

  • The US oil phenomenon that could help spark the 'tale of two markets'
    Business
    CNBC.com

    The US oil phenomenon that could help spark the 'tale of two markets'

    Get ready for a 'tale of two markets,' says oil expect Tom Kloza    5:57 PM ET Thu, 19 Oct 2017 | 01:31 The United States has started doing something unprecedented when it comes to oil, and the impact is expected to grow into next year. Tom Kloza of the Oil Price Information Service is alluding to the U.S. ramping up exports. It follows the 40-year ban that was lifted two years ago. "The highlight you need to watch for the next few months is going to be more record breaking exports of crude oil. Our view is that it's going to soften the price for Brent," the firm's global head of energy analysis said recently on CNBC's "Futures Now." According to Kloza, it's possible the U.S. will export 15 million

  • Here's How Much the Average 50-Something American Has Saved for Retirement
    Lifestyle
    Motley Fool

    Here's How Much the Average 50-Something American Has Saved for Retirement

    Your 50s are a pivotal time not just in your career, but on the road to retirement. By the time your 50s roll around, you'll have conceivably been working for a good 30 years, which means your earnings will likely have peaked.

  • John McCain Takes a Veiled Swipe at Donald Trump's Medical Exemption From the Vietnam War
    Politics
    Time

    John McCain Takes a Veiled Swipe at Donald Trump's Medical Exemption From the Vietnam War

    Senator John McCain (R-AZ) appeared to take aim at President Donald Trump’s draft deferrals during the Vietnam War this week, following a series of public rebukes of the Trump administration. In an interview about the Vietnam War on C-SPAN3, American History TV, on Oct. 22, McCain criticized “high income” draftees who avoided military service while apparently alluding to the president’s own draft exemption — but he did not mention Trump by name. “One aspect of the [Vietnam] conflict by the way that I will never, ever countenance is that we drafted the lowest income level of America and the highest income level found a doctor that would say that they had a bone spur,” he said, naming the ailment under which Trump received medical deferrals.

  • Prince Alwaleed Bin Talal: President Trump has his own w...
    Politics
    CNBC Videos

    Prince Alwaleed Bin Talal: President Trump has his own w...

    Prince Alwaleed Bin Talal, Kingdom Holding Company chairman, talks about comments President Trump's comments on Islam, and Saudi Arabia's relationship with the United States.

  • TXN, AMD and AKAM Q3 Earnings: Here Are the Key Predictions
    Business
    Zacks

    TXN, AMD and AKAM Q3 Earnings: Here Are the Key Predictions

    Per the latest Earnings Trends (as of Oct 20), total earnings for these companies are up 9.4% from the prior-year quarter on 7.3% higher revenues, with 71.3% positive earnings surprises and 70.1% beating revenue estimates.Revenues for this cohort were up 4.4% sequentially. Texas Instruments TXN or TI  is likely to beat third-quarter 2017 expectations as it has a favorable combination of a Zacks Rank #2 (Buy) and an Earnings ESP of 0.07%.

  • Apple: Relax, it’s Now a ‘Super-Long’ iPhone Cycle, Says RBC
    Business
    barrons.com

    Apple: Relax, it’s Now a ‘Super-Long’ iPhone Cycle, Says RBC

    Shares of Apple (AAPL) are down 31 cents at $155.94, despite an upbeat note this morning from RBC Capital’s Amit Daryanani, who writes that higher prices for the iPhone will offset lower sales volume for the device the next couple years. What had been thought to be a “super cycle” for the iPhone, writes Daryanani, is now a “super-long cycle” as sales stretch out into coming quarters. Daryanani has an Outperform rating on Apple shares, and an $180 price target, takes his cue from recent rumors of further delays in the forthcoming iPhone X — analysts at Mizuho wrote last week that delays in production could dent the outlook for this quarter when Apple reports earnings on November 2nd. A report

  • Retailer Meijer Pulls Packaged Vegetables in Six U.S. States Amid Listeria Scare
    Health
    Fortune

    Retailer Meijer Pulls Packaged Vegetables in Six U.S. States Amid Listeria Scare

    Retailer Meijer said it was recalling packaged vegetables in six U.S. states because of possible contamination from Listeria monocytogenes bacteria, which can cause fatal food poisoning in young children, pregnant women and elderly or frail people. Meijer, based in Grand Rapids, Michigan, said there were no illnesses reported as of Sunday. The recall affects 35 products and includes vegetables such as broccoli, cauliflower and asparagus as well as party trays sold in Meijer-branded plastic or foam packaging in Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin between Sept. 27 and Oct. 20, the company said on Saturday.

  • This is what nobody knows about Tony Robbins, according t...
    U.S.
    CNBC Videos

    This is what nobody knows about Tony Robbins, according t...

    Business and life strategist Tony Robbins reveals one thing about him that nobody knows.

  • Prince Alwaleed says bitcoin will implode: 'Enron in the making'
    Business
    CNBC

    Prince Alwaleed says bitcoin will implode: 'Enron in the making'

    Saudi billionaire investor Prince Alwaleed bin Talal said Monday that bitcoin will "implode" one day. The billionaire investor was referring to the massive accounting fraud that took Enron, a U.S. energy-trading and utilities giant, into bankruptcy in late 2001. The company is based in Riyadh, Saudi Arabia.

  • Halliburton warns of slower growth as U.S. rig count drops
    Finance
    Reuters

    Halliburton warns of slower growth as U.S. rig count drops

    The outlook suggests Halliburton's current-quarter might not be as strong as its latest quarter, echoing warnings on Friday from its two bigger rivals, Schlumberger NV and Baker Hughes . Halliburton's shares fell about 1.5 percent. Schlumberger was down 1.5 percent, while Baker Hughes fell 4 percent.

  • Gretchen Carlson: It’s ‘Horrifying’ Fox News Renewed Bill O’Reilly’s Contract Amid Sexual Harassment Claims
    Finance
    Fortune

    Gretchen Carlson: It’s ‘Horrifying’ Fox News Renewed Bill O’Reilly’s Contract Amid Sexual Harassment Claims

    Gretchen Carlson has come out swinging against her former network after a report that Fox News offered its former anchor Bill O’Reilly a contract renewal despite knowledge of sexual harassment allegations against him. “It’s horrifying to think that any company would dismiss an employee following multiple allegations of sexual harassment and then allow him back on the air a few months later,” Carlson said in a statement Saturday. The New York Times reported Saturday that in January, O’Reilly had reached a $32 million settlement with a network analyst who had alleged sexual harassment claims against the host, which reportedly included claims of a non-consensual sexual relationship.

  • GOP Tax Plan Will Have Fourth Bracket for Top Earners, Could Lower Retirement Deductions
    Politics
    Fortune

    GOP Tax Plan Will Have Fourth Bracket for Top Earners, Could Lower Retirement Deductions

    Two significant insights into Republicans’ evolving tax-reform plan emerged Friday. First, House Speaker Paul Ryan said that an additional top income tax bracket would be proposed to make it easier to maintain high tax rates on the very highest-income Americans. Previous versions of the Republican plan had only three tax brackets, down from the current seven, though the additional fourth bracket was mentioned as a possibility.

  • Airbus turmoil overshadows bid to rescue CSeries
    Business
    Reuters

    Airbus turmoil overshadows bid to rescue CSeries

    Airbus's coup in buying a $6 billion Canadian jetliner project for a dollar stunned investors and took the spotlight off a growing ethics row last week, but internal disarray has raised questions over how smoothly it can implement the deal. The European planemaker secured the deal for Bombardier's CSeries programme by pledging to throw its marketing might behind the loss-making jets, just as the Airbus sales machine reels from falling sales and internal and external corruption investigations. Chief Executive Tom Enders has urged staff to keep calm in the face of French reports describing payments to intermediaries and growing concern over fallout from the investigations.

  • Finance
    Investopedia

    Celgene Shocker Could End Biotech Rally

    Celgene Corporation ( CELG) sent shock waves through the biotech sector on Friday after announcing that it would abandon Phase III research on GED-0301, a key drug application for the treatment of Crohn's Disease. The iShares Nasdaq Biotechnology Index Fund ( IBB), which holds a 7.87% Celgene weighting, fell to a three-week low and into a test at the 50-day exponential moving average (EMA). Celgene shares broke out above the August 2008 high at $38.69 in January 2013 and took off in a powerful trend advance, posting a long series of new highs into the July 2015 top at $140.72.

  • Boeing, Mitsubishi Heavy in deal to cut costs of 787 wing production
    Business
    Reuters

    Boeing, Mitsubishi Heavy in deal to cut costs of 787 wing production

    Under the new agreement announced in a joint statement on Monday, MHI will pursue increased efficiency in its production system and supply-chain through lean production methods, automation and other activities. MHI said last year Boeing was seeking a new round of lower prices and changes in payment terms as the U.S. manufacturer stepped up efforts to conserve cash. Delays in the 787 development and delivery, due in part to difficulties of managing a global supply chain, prompted Boeing to produce more of the upcoming 777X widebody, including the wings, at home despite MHI's attempts to keep the work in Japan.

  • Western Digital Corp Is Pulling the Right Strings
    Business
    InvestorPlace

    Western Digital Corp Is Pulling the Right Strings

    It’s been a rough road for old-school hard disk drive (HDD) manufacturers ever since solid state drives (SSDs) emerged as a credible replacement for their clunkier and slower predecessors. If you love a good comeback story, WDC stock, now the leading HDD maker, fits the bill to a tee. When WDC purchased flash memory maker, SanDisk, in a $19 billion deal in 2016, not everybody was sure it was a very smart move.

  • Bank of America Is Back on Offense
    Business
    Motley Fool

    Bank of America Is Back on Offense

    After spending years retreating and retrenching in the wake of the financial crisis, it seems clear that Bank of America (NYSE: BAC) is changing gears. On the bank's latest earnings call, Chairman and CEO Brian Moynihan rattled off a list of things the bank is doing to go on offense. Through the first nine months of 2017, Bank of America has spent $2.25 billion in technology-related investments.

  • GE's Got a New CEO
    Business
    The Street

    GE's Got a New CEO

    General Electric Co. (GE) shares posted a swing back into the green Friday, Oct. 20, after tumbling as much as 6% in early trading following disappointing third-quarter results. But if history is any indicator, shares could continue to decline in price under the tenure of a new CEO. Friday's report was the first under new chairman and CEO, John Flannery. He took over for Jeff Immelt, who had been head of the company since 2001. Following Immelt's first quarterly report Oct. 11, 2001, GE stock rose 2.7% on the day earnings were released, according to Bloomberg data. But after that 2.7% increase that day, GE stock tumbled as much as 45% during the next 16 months, according to the data. From his

  • 'It's Been a Rollercoaster.' Shawn Johnson East Reveals Miscarriage in Emotional Video
    Celebrity
    Time

    'It's Been a Rollercoaster.' Shawn Johnson East Reveals Miscarriage in Emotional Video

    Shawn Johnson East and her husband Andrew East announced in an emotional YouTube video posted on Saturday that Johnson East had a miscarriage just two days after the couple found out they were pregnant. “Today’s video is a little bit sensitive,” Johnson East, 25, said at the beginning of the video. The video — titled “pregnancy + heartbreak” — documented the couple’s whirlwind 48-hours pregnancy experience: from the moment when Johnson East showed herself crying joyful tears after taking two pregnancy tests which came back positive, to the moment the couple learned they had a miscarriage.