SelectHealth Names New Vice President and Chief Financial Officer

MURRAY, UT–(Marketwired – May 12, 2017) – Thomas Risse has been named Vice President and Chief Financial Officer of SelectHealth. Thomas has over 25 years of experience in healthcare finance, with experience in health plans, hospital systems, medical groups, and integrated delivery systems. Since 2009, he has been serving as the Chief Financial Officer for the Hawaii region of Kaiser Permanente, recognized as one of Americas leading providers and not-for-profit health plans. He played a significant role in contributing to the growth and financial improvement of the region during his tenure.

From 2003 to 2009, Thomas worked for Providence Health amp; Services in Olympia, Washington, where he served as Chief Financial Officer of the Southwest Washington region. Prior to that, he held finance roles with several organizations in California, including Childrens Hospital of Orange County, Health Net, and Daniel Freeman Hospitals. Thomass background in healthcare services from multiple markets will bring a fresh perspective to SelectHealth, said Pat Richards, SelectHealth President and CEO. His unique blend of strategic and tactical skills will be an asset as we focus our efforts to help people live the healthiest lives possible.

Thomas is originally from Huntington Beach, California and holds a bachelors degree in business administration and an MBA from the University of Southern California. He is a Certified Healthcare Financial Planner and a Fellow of the Healthcare Financial Management Association. In addition, he completed the Kaiser Permanente Executive Leadership Program at Harvard Business School. He is also active in the community, having served on the board of directors for the YMCA of Honolulu and Boy Scouts of America – Aloha Council.

About SelectHealth

SelectHealth is a not-for-profit health insurance organization serving more than 850,000 members in Utah and southern Idaho. As a subsidiary of Intermountain Healthcare, SelectHealth is committed to helping people live the healthiest lives possible. In addition to medical plans, SelectHealth offers dental, vision, pharmacy benefit management, and life and disability coverage to its members. SelectHealth plans are available for Medicare and Medicaid enrollees. SelectHealth is also a carrier for the states Childrens Health Insurance Program. For details, visit selecthealth.org.

United Students Against Sweatshops pressures administration on Nike sponsorship

The WRC released an update April 10 citing that, while some positive changes have been implemented, progress overall “has fallen well short of what we had hoped to see and what university codes require.” In the case of uncompensated overtime, sometimes hundreds of hours per worker, Nike reportedly remedied the situation by paying workers roughly 40 cents.

The current proposal was authored by ACTL co-chairs professor Michael McCann and graduate student Rod Palmquist. The demands come in light of the expiration of the university’s contract with Nike on June 30.

Students from USAS expressed concern over upcoming negotiations with Nike during last Thursday’s Board of Regents meeting following their rally. Sophomore Alissa James made firm her organization’s demands during public comment.

“It is essential to USAS that if the contract with Nike be renewed, the WRC be included,” James said.

Before Thursday’s meeting, Cauce sent out a preliminary response to the ACTL outlining the guiding principles for upcoming negotiations. USAS members were disappointed with a clause which required Nike “grant access to an independent investigator or auditor of the University’s choosing” but not make mandatory WRC inspections. For USAS, it’s the WRC or nothing.

“We hope that President Cauce gets the message that the USAS push for the WRC is non-negotiable,” USAS member Becky Fuller-Phillips said. Georgetown, Rutgers, UC Berkeley, and UCLA have already cut ties with Nike over their refusal to allow WRC inspections at Hansae. McCann suspects that if the university were to drop Nike, Under Armour would be one of the more promising replacements.

“President Cauce would like to know what other vendors are out there and so far Under Armour seems like the best, but matters are still under investigation” McCann said. He cited Under Armour as a potential financial improvement to Nike, as well as a company more compliant with WRC inspections.

Also set to expire on June 30 is the university’s contract with the Collegiate Licensing Company (CLC), which helps more than 200 colleges nationwide manage licensing agreements and production of school-branded materials.

A company requesting permission to use a university’s trademark must sign onto a two-part contract that the CLC administers on behalf of the university. The same template contract is used across all agreements. A company wishing to produce material with university trademarks must sign onto the CLC’s standard licensing agreement, a special agreement outlining the labor code of conduct, and, in some cases, additional riders to the code of conduct, an example of which would be ACTL’s proposal for WRC inspection.

SunPower Corporation Lays Out Growth Plans After Tough Quarter

Working against all of this potential improvement is a long-term contract SunPower signed to buy polysilicon. $100 million in losses are expected to be recognized in 2017, and the contract to buy polysilicon at above-market prices runs through fiscal 2020. For nearly four years, polysilicon bought at above market prices will undermine all of the financial improvement P-Series or X-Series growth could bring.

Perceptron Announces Third Quarter Fiscal 2017 Results

David Watza, President and CEO, commented, “We are pleased to announce the results for the third quarter of our 2017 fiscal year, which reflect our continued performance improvement, sustained strength in our end markets and persistent cost savings efforts. With bookings of $23.2 million, we have surpassed the $20 million bookings threshold for the fourth consecutive quarter, which is the longest sustained such period in company history. We recognized revenue of $16.3 million in the third quarter of fiscal 2017, which was consistent with the guidance we provided three months ago. Year to date, we reported a recurring operating profit of $1.5 million, which is an $8.1 million turnaround from last year’s nine-month figure, and clearly illustrates the progress we have made as a team. Furthermore, we ended the quarter with a robust backlog of $48.6 million. As we continue to see increasing strength in these customer demand metrics, we remain confident in the future prospects of our Company.”

“We are making substantial progress in the transformation of our Company through the growth of our top line, as reflected in our year-to-date bookings and revenue in comparison to last year,” continued Watza. “Our financial results continue to benefit from cost savings initiatives, starting with our March 2016 Financial Improvement Plan and reflecting additional ongoing activities. As a team, we have been able to further reduce fixed costs, which has significantly lowered our break-even point.”

“We remain confident in our current guidance of high single-digit to low double-digit revenue growth for fiscal 2017, as our bookings have been strong for multiple quarters,” stated Watza. “We believe that our third quarter results show strong customer activity and demand for Perceptron’s products and services. As a result, we expect our fourth quarter fiscal 2017 revenue will be in the range of $18.5 million to $21.5 million.”

“We have an extremely talented and committed work force that is engaged in providing superior value to our customers. In my first five months as CEO, I’ve spent time with various countries, functions and disciplines within our Company. As a team, we have identified a number of our organizational strengths and weaknesses, and an equivalent number of opportunities. With the best efforts of our people, continuous improvement in our company is an achievable goal. The strength of our team taken together with our recent financial results, validates we are making progress on our turnaround as we execute our strategic plan. I remain very excited about our future,” Watza concluded.

Pay Programs: Retailers need to be informed and be proactive

If a retailer is engaged in financial improvement activities, pay programs should support these efforts. Retailers tend to pay bonuses deep into the organization, sometimes without necessarily differentiating rewards between roles, or among the best talent. As retailers reframe what growth and profitability are, the need for efficiency is key. Identifying important contributors, critical functional jobs related to merchandising and store planning and allocation and in some retail models jobs related to the digital platform may be imperative to the retailers changing channel strategies.

BioScrip Reports First Quarter 2017 Financial Results

DENVER, May 04, 2017 (GLOBE NEWSWIRE) — BioScrip, Inc. (BIOS) (“BioScrip” or the “Company”) today announced its first quarter 2017 financial results. For the first quarter, the Company reported revenue from continuing operations of $217.8 million, net loss from continuing operations of $19.0 million, and adjusted EBITDA of $5.2 million, in line with the Company’s plan. For the full-year 2017, the Company continues to expect to achieve adjusted EBITDA in the range of $45.0 million to $55.0 million.

First Quarter 2017 Results

  • Net revenue was $217.8 million, reflecting a core revenue mix increase to 72%, up from 60% in the first quarter of 2016, and 70% in the fourth quarter of 2016;
  • Gross profit margin increased to 30.1%, up from 26.9% in the first quarter of 2016, reflecting the positive impacts from increased core product mix, Home Solutions synergies, and other cost reductions;
  • The Company remains on track to achieve the previously announced $17.0 million in Home Solutions synergies and other incremental annualized cost reductions of $23.0 to $25.0 million, by the end of 2017;
  • Consolidated loss from continuing operations, net of income taxes, was $19.0 million, an increased loss of $9.2 million from the first quarter of 2016. The increased loss was primarily driven by the negative impact of the Cures Act, plus additional depreciation, amortization and interest expense, offset partially by higher gross margins resulting from increased core product mix, Home Solutions synergies, and other cost reductions;
  • Consolidated Adjusted EBITDA was $5.2 million, as compared to $7.4 million in the first quarter of 2016. This expected decrease was primarily driven by the negative impact of the Cures Act, offset partially by higher gross margins resulting from increased core product mix, Home Solutions synergies, and other cost reductions;
  • As of March 31, 2017, the Company had $16.0 million of cash and it was in full compliance with its bank covenants.

“I am pleased with our Company’s first quarter performance, which was in line with our plan. Our sales team met our revenue target for the quarter and continued to increase our core revenue mix. In addition, our gross profit margin improved 320 basis points year over year and adjusted EBITDA met our expectations, driven by improved core revenue mix, supply chain efficiencies and cost-structure improvements,” said Daniel E. Greenleaf, President and Chief Executive Officer. “We also successfully completed the integration of the Home Solutions business and we remain on track to realize the full $17.0 million of cost synergies and incremental $23.0 million to $25.0 million in cost savings.”

2017 Guidance

The Company is reiterating its prior guidance of adjusted EBITDA in the range of $45.0 million to $55.0 million for full-year 2017. This guidance incorporates the estimated negative impact of the Cures Act legislation and the Company’s estimates regarding its contract with UnitedHealthcare. The Company continues to evaluate the impact of the UnitedHealthcare contract on its 2017 revenue and will provide updated 2017 revenue guidance at the appropriate time.

Conference Call and Presentation

BioScrip will host a conference call and live webcast, May 4, 2017, at 9:00 am Eastern Time, to discuss its first quarter 2017 financial results. Interested parties may participate by dialing 888-372-9592 (US) or by accessing a link on the Companys website at www.bioscrip.com.

A replay of the conference call will be available for two weeks after the calls completion by dialing 855-859-2056 (US) and entering conference call ID number 8579499. An audio webcast and archive will also be available for 30 days under the Investor Relations section of the Companys website.

About BioScrip, Inc.

BioScrip, Inc. is the largest independent national provider of infusion and home care management solutions, with approximately 2,500 teammates and nearly 80 service locations across the US BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves.

Forward-Looking Statements – Safe Harbor

This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements regarding 2017 guidance, projections of certain measures of the Companys results of operations, projections of future levels of certain charges and expenses, expectations of Home Solutions cost synergies and incremental cost structure improvements and other statements regarding the Companys financial improvement plan and strategy and anticipated effects of the Cures Act and the UnitedHealthcare contract. You can identify these statements by the fact that they do not relate strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as may, should, could, anticipate, estimate, expect, project, outlook, aim, intend, plan, believe, predict, potential, continue or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause actual results to differ materially from those in the forward-looking statement include but are not limited to risks associated with: the Company’s ability to successfully integrate the Home Solutions business into its existing businesses; the Company’s ability to grow its core Infusion revenues; the Companys ability to continue to execute its financial improvement plan to reduce operating costs and focus its business on its Infusion Services segment; the Company’s ability to evaluate opportunities for improvement and implement solutions as part of its strategic review process; the Company’s ability to comply with the covenants in its debt agreements or obtain amendments to such covenants; the UnitedHealthcare contract termination, including potential accounting charges and impacts on other contract provisions and their associated revenue; the success of the Company’s initiatives to mitigate the impact of the Cures Act on its business; reductions in federal, state and commercial reimbursement for the Companys products and services; increased government regulation related to the health care and insurance industries; as well as the risks described in the Companys periodic filings with the Securities and Exchange Commission. The Company does not undertake any duty to update these forward-looking statements after the date hereof, even though the Companys situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.

District of Columbia GO bonds outlook to positive from stable on strengthening reserves

Samp;P Global Ratings revised its outlook on the District of Columbias (DC) general obligation (GO) bonds to positive from stable and affirmed its AA rating on the bonds. At the same time, Samp;P Global Ratings assigned its AA rating and positive outlook to the districts series 2017A GO refunding bonds.

The revised outlook reflects our view of the Districts sustained financial strength, with improved available reserves resulting from six consecutive years of general fund operating surpluses, said Samp;P Global Ratings credit analyst Timothy Barrett. In addition, this financial improvement is a good step toward mitigating our concerns regarding the uncertainty the District faces with regard to potential changes in levels of federal employment or a possible federal government shutdown, Mr. Barrett added.

Tamil Nadu power sector to get Rs 1 lakh crore investment

From June 2016, scheme for providing 100 units of free power for all domestic consumers has been implemented and TN is now a power surplus state providing round-the- clock power to all categories of consumers.

In order to meet the ever increasing demand of power in the state of Tamil Nadu it has been proposed to augment the own generation capacity to the extent of 13000 MW by next 5 to 8 years. Tangedco has also planned to establish solar plants of 500 MW at Kadaladi to exploit the natural resources available instead of conventional sources.

Similarly, it has been programmed to establish 550 substations, strengthening and improvement of sub-transmission and distribution network for evacuation and supply of uninterrupted power to all categories of consumer, the minister said.

Tangedco had also initiated various efficiency measures such as containing high cost power, replacement of static meters for accurate assessment, removing of all restriction and control measures to both high tension and tow tension consumers.

As a result, Tangedco has started showing a substantial financial improvement in the financial year 2016-17 and has brought down the losses to the level of Rs 3,783 crores from Rs 13,985 crores in financial year 2013-14. However, Tangedco will be able to break even in current financial year 2017-18, Thangamani added.

The CEO of South Africa’s power utility is back. Why the move can’t be justified

To be sure, Molefe still had to ensure that Eskom continued to get the basics right. Theres little evidence that he did more than that. Instead, it seems that his predecessor, Tshediso Matona, was excessively negative in his outlook. This set up Molefe to appear as though he had pulled-off a dramatic success.

Molefes bailouts

What of the improvements in Eskoms financial situation?

The view that Molefe was behind Eskoms short-term financial turnaround was used to award him a R2.5 million performance bonus for the year ended 31 March 2016. (Molefe appears to have secured a R30 million retirement package when he tendered his resignation. Under the terms of his return to the job this will now no longer be paid.)

But a closer look suggests that Eskoms financial improvement cant be attributed to Molefe. In many respects it was the result of extraordinary support afforded to the power utility by the government in 2015.

This support, facilitated by two special appropriation bills passed by Parliament, had two main components. The first was an equity injection through which the National Treasury under which Eskom received R23 billion in exchange for shares. Since government is the sole Eskom shareholder, this translated into a straight cash gift.

The second component was even more significant. This involved government writing-off a R60 billion loan which had been approved in 2008 and disbursed in multiple tranches between 2008 and 2010.

If we treat Eskom as a genuinely independent entity, the full cost to national government and therefore the taxpayer of writing off the loan had two parts:

the remaining principle amount (around R30 billion), and

an additional R86 billion, the estimated cost of the state foregoing interest payments on the loan. According to the loan conditions, Eskom would have been required to pay this interest in the event that its financial situation improved.

Whether this financial support was desirable depends on your view of Eskoms recent history. Many analysts agree that additional government support was overdue. But in relation to Molefe it raises a simpler question: if many of the improvements in Eskoms financial ratios were due to massive transfers of cash and assets from taxpayers, did it make sense to pay its CEO a bonus that effectively also came from taxpayers?

Either way, closer analysis of Molefes supposed successes reveal that they are not what they have been made out to be. Combined with the failures of corporate governance with which he has been associated, the case for reappointing him as Eskom CEO appears to be paper thin.

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DOD on track to start audits, but must grapple with resource constraints

The Pentagon is on track to start its full financial statement audits next fiscal year, but that milestone comes with challenges, such as resource constraints, that the Defense Department will have to grapple with, according to the most recent biannual financial improvement report released this week. The May 2017 Financial Improvement and Audit Readiness Plan Status Report states that although DOD components and the inspector generals office have programmed substantial resources to support audit readiness and conduct audits, the Pentagon…