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Onconova Therapeutics Quarterly Earnings. Should You Buy?

CWEB

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March 11, 2021

Onconova Therapeutics Quarterly Earnings. Should You Buy?

Onconova Therapeutics (NASDAQ: ONTX) a clinical-stage biopharmaceutical company focused on discovering and developing novel therapies for patients with cancer, announces financial results for the twelve months ended December 31, 2020 and provides a business update.

Highlights of the fourth quarter of 2020 and recent weeks include:

ON 123300, Onconova’s proprietary multi-kinase inhibitor, received clearance from the U.S. Food and Drug Administration (FDA) to begin Phase 1 studies
ON 123300 also received Institutional Review Board (IRB) approval at one U.S. clinical trial site
The Phase 1 solid tumor study with ON 123300 in China is ongoing and continues to enroll patients
Raised net proceeds of $35.2 million from two equity offerings; cash and cash equivalents as of February 28, 2021 were approximately $49.5 million
An independent investigator-initiated study with oral rigosertib in combination with a PD-1 inhibitor in advanced KRAS mutated non-small cell lung cancer is ongoing
A Special Meeting of Stockholders to consider changes to the capital structure of the Company will reconvene on April 1, 2021

Management Commentary
“The fourth quarter and recent weeks have been active and productive at Onconova as we continue to advance our lead product ON 123300 into the clinic,” said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova. “We submitted an Investigational New Drug application to the FDA for a Phase 1 study in advanced cancers including HR+/HER 2- metastatic breast cancer patients resistant to approved second-generation CDK 4/6 inhibitors. In December 2020, we received clearance from the FDA to begin the study, and have since received IRB approval at our first site. We expect the first patient to be enrolled in the second quarter of this year. Two further sites are in the study set-up process.

“This Phase 1 study will assess the safety, tolerability and pharmacokinetics of ON 123300 administered orally at increasing doses starting at 40 mg daily continuously.

“Our partner in China, HanX Pharmaceuticals, continues enrolling a similar patient population in a Phase 1 dose-escalation study with ON 123300 at two sites. The initial dose cohort has been completed and the second dose cohort is enrolling. We are pleased that ON 123300 appears to be well tolerated so far as no dose-limiting toxicities have been seen to date. The HanX study is dosing patients on a 21-day cycle. Collectively, the U.S. and China Phase 1 studies are expected to provide data regarding the safety profile of ON 123300 and potentially provide preliminary efficacy signals in patients with advanced cancer.”

Commenting on ongoing investigator-sponsored studies with oral rigosertib, the company’s RAS pathway inhibitor, Dr. Fruchtman added, “We are currently supporting investigator-initiated studies that are exploring the use of oral rigosertib for cancers driven by mutation of the RAS gene including a Phase 1 study in combination with a PD-1 inhibitor for patients with progressive K-RAS mutated non-small cell lung cancer. This study is open and continues to enroll patients, with the objectives to identify the recommended Phase 2 dose and to characterize the safety profile of the combination treatment. Results are expected in 2021.

“In addition, an investigator-initiated Phase 1b/2 study with oral rigosertib monotherapy in advanced squamous cell carcinoma associated with recessive dystrophic epidermolysis bullosa is open. A preclinical study is also evaluating oral rigosertib in clear cell renal carcinoma. We anticipate additional investigator-initiated studies in RAS-driven cancers in combination with PD-1 inhibitors, including in metastatic melanoma. Other than the cost of supplying oral rigosertib to the investigators, Onconova does not expect to incur significant expense for these studies,” Dr. Fruchtman stated.

Full Year Financial Results
Cash and cash equivalents as of December 31, 2020 were $19.0 million, compared with $22.7 million as of December 31, 2019. Subsequent to the end of the quarter, the Company raised net proceeds of $35.2 million from two equity offerings with institutional investors. The Company expects that its cash and cash equivalents as of February 28, 2021 will be sufficient to fund ongoing clinical trials and business operations for more than eighteen months.

Research and development expenses were $16.9 million for 2020, compared with $15.5 million for 2019. The increase was primarily related to higher regulatory consulting fees and manufacturing costs related to clinical supply for ON 123300, partially offset by lower expenses for the oral rigosertib combination program and the Phase 3 INSPIRE study in the 2020 period.

General and administrative expenses were $8.3 million for 2020, consistent with 2019. Lower personnel and stock compensation expenses in 2020 due to personnel reductions in the 2019 period were offset by higher pre-commercialization, insurance, and corporate legal and stockholder meeting expenses in the 2020 period.

Net loss for 2020 was $25.2 million, or $0.14 per share on 174.0 million weighted average shares outstanding, compared with a loss of $21.5 million, or $1.49 per share for 2019 on 14.4 million weighted average shares outstanding.

Michael B Jordan debuts as director with Creed III: MGM says release on Thanksgiving 2022

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March 11, 2021

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Michael B Jordan debuts as director with Creed III: MGM says release on Thanksgiving 2022

Michael B. Jordan is set to become a debut director with Creed III. As he once again takes on the role of Adonis Creed in front of the camera, he will also see some behind the camera action as the director.

The Hollywood Reporter said that the deal has been closed. MGM studio has also set November 23, 2022, which is also Thanksgiving, as its release date. Some details have been shared. There is no mention of the story as yet but stars Tessa Thompson and Phylicia Rashad who acted in Creed and Creed II will also be a part of Creed III’s cast.

Jordan will direct a script by Keenan Coogler and Zach Baylin. The Creed III script is based on an outline provided by Ryan Coogler, who is the director of Creed and Keenan’s brother.

Jordan released a statement where he said that he had aspired to be a director from a while but he was waiting for the correct time and that time had come with Creed III. He called it a great responsibility to be both its director and the lead actor.

Jordan will once again play the role of an embattled boxer, who first appeared in Creed as Adonis Creed, the son of Rocky Balboa’s late friend Apollo Creed. Carl Weathers had reprised the role of Apollo Creed.

There had been rumors that Jordon would don the mantle of a director from months. His co-star Thompson had mentioned it in an interview but MGM had no comment when asked about the matter.

Irwin Winkler, a longtime producer of both the Creed and Rocky films said that they were looking forward to Jordan in both the roles as they believed that he would bring the same level of commitment as an actor and as a director.

Creed and Creed II were huge critical and commercial hits. Most of the iconic cast and crew is the same and with Micheal B Jordan at the helm of Creek III all odds are in favor of the film being another super hit from MGM and the Creed franchise.

Nano Dimension Quarterly Earnings. Is it a Buy?

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March 11, 2021

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Nano Dimension Quarterly Earnings. Is it a Buy?

Nano Dimension (Nasdaq: NNDM), an industry leading Additively Manufactured Electronics (AME) / PE (Printed Electronics) provider, today announced financial results for the fourth quarter and full year 2020.

Nano Dimension reported revenues of $1,971,000 for the fourth quarter of 2020, and $3,399,000 for the full year 2020. The company ended the fourth quarter of 2020 with $670,934,000 in cash and bank deposits, while total loss for the fourth quarter was $17,439,000.

“We ended 2020 with a strong balance sheet and $671 million in cash and bank deposits, thanks to the equity offerings we concluded during the year, and we have strengthened it even more to a balance of nearly $1.5 billion as of the end of February 2021,” said Yael Sandler, Chief Financial Officer of Nano Dimension. “We recognized revenues of $3.4 million, which is lower than last year due to the effect of the COVID-19 pandemic, but better than what we originally expected. We are focusing our efforts on fulfilling our growth plan, both internal through product development and R&D efforts, as well as through external M&A activities.”

Corporate Updates

During 2020, Nano Dimension raised a total gross proceeds of $710 million in public equity offerings.
The revenues for the year ended December 31, 2020 were affected by the repercussions of the COVID-19 pandemic. As a result of the COVID-19 pandemic’s global effects, many entities held off on capital expenses; thus, the Company witnessed a significant decrease in its revenues during 2020.

Fourth Quarter 2020 Financial Results

Total revenues for the fourth quarter of 2020 were $1,971,000, compared to $1,977,000 in the fourth quarter of 2019, and $438,000 in the third quarter of 2020. The changes are attributed to changes in sales of DragonFly LDM systems.
Research and development (R&D) expenses for the fourth quarter of 2020 were $3,725,000, compared to $1,525,000 in the fourth quarter of 2019, and $2,556,000 in the third quarter of 2020. The increase compared to the both the fourth quarter of 2019 and the third quarter of 2020 resulted primarily from an increase in payroll and related expenses, including share-based payment expenses, as well as an increase in materials expenses due to increased R&D efforts. The R&D expenses for the fourth quarter of 2020 are presented net of government grants in the amount of $6,000.
Sales and marketing expenses for the fourth quarter of 2020 were $2,373,000, compared to $1,381,000 in the fourth quarter of 2019, and $2,475,000 in the third quarter of 2020. The increase compared to the fourth quarter of 2019 was mainly attributed to an increase in payroll and related expenses.
General and administrative (G&A) expenses for the fourth quarter of 2020 were $3,539,000, compared to $881,000 in the fourth quarter of 2019, and $14,805,000 in the third quarter of 2020. The increase compared to the fourth quarter of 2019 is attributed to an increase in share-based payment expenses. The decrease compared to the third quarter of 2020 is attributed to a decrease in share-based payment expenses.
Finance expense, net, for the fourth quarter of 2020 was $8,908,000 compared to finance income, net, of $1,751,000 in the fourth quarter of 2019, and finance expense, net, of $824,000 in the third quarter of 2020. The increase in finance expense compared to both the fourth quarter of 2019 and the third quarter of 2020 is mainly as a result of finance expense of $9,035,000 that was recognized in the fourth quarter of 2020 due to changes in the fair value of financial liabilities in respect of warrants.
Net loss for the fourth quarter of 2020 was $17,439,000, or $0.20 per share, compared to $1,381,000, or $0.35 per share, in the fourth quarter of 2019 and $20,716,000, or $0.45 per share, in the third quarter of 2020.

Full Year 2020 Financial Results

Total revenues for the full year 2020 were $3,399,000, compared to $7,070,000 in 2019. The decrease is due to a decrease in sales due to the COVID-19 pandemic.
R&D expenses for 2020 were $9,878,000, compared to $8,082,000 in 2019. The increase resulted primarily from an increase in share-based payment expenses. The R&D expenses for 2020 are presented net of government grants in the amount of $21,000.
Sales and marketing expenses for 2020 were $6,597,000, compared to $5,469,000 in 2019. The increase resulted primarily from an increase in payroll and related expenses.
Finance expense, net for 2020 was $12,797,000, compared to finance income, net of $6,482,000 in 2019. The increase in finance expense is mainly as a result of finance expense of $12,825,000 that was recognized in 2020 due to changes in the fair value of financial liabilities in respect of warrants.
Net loss for the full year 2020 was $48,494,000, or $1.13 per share, compared to $8,353,000, or $2.38 per share, in 2019.

Balance Sheet Highlights

Cash and bank deposits totaled $670,934,000 as of December 31, 2020, compared to $3,894,000 on December 31, 2019. The increase compared to December 31, 2019, mainly reflects proceeds received from the sale of American Depositary Shares representing the Company’s ordinary shares during 2020, less cash used in operations during the year ended December 31, 2020. In January and February 2021, Nano Dimension announced the closing of two public offerings of American Depositary Shares, with total gross proceeds of $833 million.
Shareholders’ equity totaled $667,116,000 as of December 31, 2020, compared to $11,602,000 as of December 31, 2019.

Trump accountant faces pressure to turn on him in criminal probe

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March 11, 2021

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Trump accountant faces pressure to turn on him in criminal probe

In 2007, when Trump had put a defamation suit against a journalist he had been asked by lawyers to identify the person who estimated values on his renowned properties he had said that it probable was his long-term account Allen Weisselberg. Now, this accountant is facing the heat more than a decade later. Weisselberg is being investigated by the Manhattan District Attorney Cy Vance Jr. ‘s Department. The office is looking into the possibility of financial crimes committed by former president Trump and the Trump Organization.

The 73-year old accountant has been a trusted figure in the Trump family business and has worked with them for almost half a century. In 1973, he worked in the Brooklyn office under Trump’s father Fred. He paid bills and tracked rental payments from their assets.

Legal experts and a personal familiar with the investigation say that the prosecutors are trying to get him to turn on Trump. When asked for comments all the three parties in question: a spokesman for Vance and lawyers for Trump and his accountant declined requests for comments.

The same source also said that the prosecutors are also looking into his sons, who also had connections with Trump. One son, Jack Weisselberg is a director at Ladder Capital. This real estate firm has been a creditor for four properties of Trump. The other son Barry Weisselberg was the manager of skating rinks pertaining to Trump’s contacts with New York City.

Jack and Barry Weisselberg as well as Ladder Capital decline to comment when requested.

Four former Trump officials said that Weisselberg was in charge of Trump’s personal finances. He also handled the most sensitive information about the company.

When Michael Cohen, Trump’s lawyer and fixer, arranged the hush money used to pay porn actress Stormy Daniels, Cohen testified that Weisselberg was involved in handling the monetary details. The accountant had received limited immunity to give information in the Cohen investigation.

Legal experts say that Vance can seek a court order to get access to the accountant’s testimony in the Cohen case.

In a 2019 committee hearing, when Democratic Rep. Alexandria Ocasio-Cortez had asked Cohen if Trump had reported lower values on inherited real estate in a bid to reduce taxes, Cohen had said that he could not confirm the undervaluation reported in The New York Times. When she had asked him who would know the answers to those questions, he had replied, “Allen Weisselberg.”

Forecasters Predict California’s Recovery From The Pandemic Will Be Faster Than Rest Of The U.S. Thanks to Gavin Newsom

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March 11, 2021

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Forecasters Predict California’s Recovery From The Pandemic Will Be Faster Than Rest Of The U.S. Thanks to Gavin Newsom

Californians are in for some good news from Governor Gavin Newsom as a recent forecast says that the economy is on the road to recovery. There will be near-growth in the Golden State and it will be higher than the rest of the U.S. Widespread COVID-19 vaccinations as well huge relief for struggling businesses as well as workers are the factors that are responsible for the recovery and growth according to the UCLA forecaster’s predictions.

On Wednesday, the quarterly economic outlook was released and it stated that a waning pandemic combined with fiscal relief meant that 2021 would be a strong year of growth, one of the strongest years in the last 60 years and it would be followed by “sustained higher growth rates in 2022 and 2023.”

The forecast also reports that California will recover faster than the rest of the nation as it has been boosted by high-earning technology as well as from the fact that professional sectors shifted to at-home work as the pandemic swept across the nation. However, the leisure and hospitality businesses will fall behind as they depend on tourists.

Leo Feler, senior economist of the forecasting group called it very good news. The economist based at UCLA’s Anderson School of Management said, “We have finally turned the corner.”

The forecast also said that growth is much faster that what was seen at the 2009 recession. Some less optimistic news was that payrolls would not see a total recovery in the near future as the downturn had been severe and many workers had left the labor force.

California has a higher unemployment rate when compared with the rest of the U.S. because it put in place stricter restrictions to control the pandemic. However, the technology and logistics sectors, which are proportionately larger than other states, will accelerate recovery.

Bank of West economist Scott Andersen is less optimistic when compared with the UCLA economists. He said that the pandemic has increased the long standing inequality in California. Tech and other workers saw stability or increase in earnings while the undocumented or lower earners have borne the brunt of the sliding economy.

Feler says that accumulated savings will be spent and the hospitality and leisure industry will also see growth.

California is recovering but the extent of its recovery whether it will be as UCLA economists’ predictions or Bloomberg or Bank of West’s economists’ predictions remains to be seen.

Source LA Times

Five years after Republicans foiled Merrick Garland’s Supreme Court Nomination, Senate votes him in as Attorney General

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March 11, 2021

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Five years after Republicans foiled Merrick Garland’s Supreme Court Nomination, Senate votes him in as Attorney General

Five years after Merrick Garland’s nomination to the Supreme Court by then President Barack Obama was blocked by Republicans, the distinguished judge has been nominated as the Attorney General.

He won by a comfortable majority in a 70-30 vote, cutting across party lines. The widely respected judge was nominated by President Biden to restore the independence of the judiciary.

Garland’s grandparents had reached the United States of America several decades ago; to escape anti-Semitism. He tearfully recounted this experience at his confirmation and said that he felt obliged to serve the country and to pay back for all the protection he and his family have received. He said, “This is the highest, best use of my own set of skills to pay back.”

Garland is a moderate judge who has several years of experience as a prosecutor. He has helped high profile trials reach fruition through his meticulous efforts and cool head in tense situations. Some of his greater successes include his help in gathering important details that assisted in convicting Timothy McVeigh and co-conspirator Terry Nichols in the Oklahoma bombing. A federal building was bombed and 168 people were killed.

He also helped in the standoff with Montana Freemen, an armed, anti-government extremist group, who believed that they did not need to follow the laws of the nation. His past experience will be of utmost importance in his present duties of dealing with the swathes of extremism that have gripped the nation, once again, in the recent past. Many Republicans also believe that he is the right choice as his temperament in dealing with sensitive matters is the need of the hour.

Garland has said that his highest priority is to bring to book the rioters who overran the Capitol on January 6, bringing mayhem, violence and death in the aftermath of their protests. He also said that that he would follow the money trial to find the people who allegedly would have funded and organized the riots, while lawmakers were meeting to certify the 2020 presidential elections.

The 86^th Attorney General of the nation, Merrick Garland has pledged his efforts to bring the Justice Department to normal order. In the last four years, under former president Donald Trump’s administration there were unnecessary personal attacks on FBI agents and prosecutors. There were also allegations that the Justice Department had become partisan and some members used their power to hurt Trump’s enemies and to help his allies.

(SKLZ) Reports Q4 Earnings. Is it a Buy?

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March 11, 2021

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(SKLZ) Reports Q4 Earnings. Is it a Buy?

Skillz Inc. (NYSE: SKLZ), the leading mobile games platform bringing fair competition to players worldwide, today announced financial results for the fourth quarter and full year ended December 31, 2020 and initiated full year 2021 revenue guidance.

“Our first quarter as a publicly traded company was our twentieth consecutive quarter of revenue growth,” said Andrew Paradise, CEO and founder. “We look forward to many more such quarters ahead.”

Fourth Quarter Financial Highlights

Revenue grew to $68 million during the fourth quarter of 2020, 8% higher than expectations, and up 95% compared with $35 million during the comparable quarter in 2019.
Gross profit grew 95% to $64 million during the fourth quarter of 2020, compared with $33 million during the comparable quarter in 2019.
Gross margin was 95% during the fourth quarter of 2020, consistent with the comparable quarter in 2019.
Net loss was $44 million during the fourth quarter of 2020, compared with a net loss of $9 million during the comparable quarter in 2019.
Gross Marketplace Volume¹ (“GMV”) grew 78% to $463 million during the fourth quarter of 2020, compared with $259 million during the comparable quarter in 2019.

Full Year Financial Highlights

Revenue grew 92% to $230 million in 2020, compared with $120 million during 2019.
Gross profit grew 91% to $218 million during 2020, compared with $114 million in 2019.
Gross margin was 95% during 2020, the same as the year prior.
Net loss was $122 million during 2020, compared with a net loss of $24 million during 2019.
GMV grew 80% to $1.6 billion during 2020, compared with $886 million during 2019.
As of December 31, 2020, the Company had $263 million of cash and no debt.

Recent Business Highlights

Went public on the NYSE, providing greater access to capital and increasing the visibility and transparency of the platform for developers, users, and brands.
Signed multi-year agreement with the NFL subsequent to the end of the quarter, underscoring the trusted relationship Skillz is building with leading brands.
Blackout Bingo became Skillz’s #1 game based on GMV, highlighting the ability of the platform to enable innovative developers to build successful businesses.
Bolstered Skillz Board of Directors with the addition of film and television producer, Jerry Bruckheimer, and Chris Gaffney, co-founder of Great Hill Partners.

Tattooed Chef Reports Fourth Quarter

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March 11, 2021

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Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, today announced financial results for the three and twelve months ended December 31, 2020.

“We are pleased with our solid financial results for the fourth quarter and full year 2020 driven by record sales of our Tattooed Chef branded products,” said Sam Galletti, President and CEO of Tattooed Chef. “We are successfully executing on our growth strategy and have kept the momentum going with a strong start to 2021. Based on current retailer commitments, we will increase store count by 41% and points of distribution of Tattooed Chef branded products by 35% by the end of the first quarter. We have a long runway for growth, particularly in conventional food retailers and are thrilled with our early success.”

Sarah Galletti, Chief Creative Officer and “The Tattooed Chef”, added, “The success of our brand is attributable to our ability to connect with consumers through our food. We are revolutionizing the way people think about plant-based food and disrupting the frozen aisle with a differentiated offering. We ended 2020 with 38 branded SKUs and have a pipeline of 150 more plant-based ideas we can’t wait to share with the world.”

Financial Highlights for the Fourth Quarter of 2020 Compared to the Fourth Quarter of 2019

Revenue was $39.6 million, a 48% increase compared to $26.8 million in the prior year period; Tattooed Chef branded product revenue was a record $23.9 million, an increase of 172% compared to $8.8 million in the prior year period.
Net income was $41.5 million compared to net income of $2.2 million in the prior year period. The current period net income included a one-time tax benefit resulting from the Company’s change from an S-corporation to a C-corporation at the time of the reverse merger in October 2020. The restructuring in anticipation of the merger caused a step-up in the tax basis of intangible assets creating a deferred tax asset and a tax benefit of $39.3 million.
Adjusted EBITDA was $3.7 million, or 9% of revenue, compared to $2.2 million, or 8% of revenue, in the prior year period. Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Measures.” Please see “Adjusted EBITDA Reconciliation” at the end of this press release.

Financial Highlights for Full Year 2020 Compared to Full Year 2019

Revenue was $148.5 million, a 75% increase compared to $84.9 million in the prior year; Tattooed Chef branded product revenue was a record $84.6 million, a 363% increase compared to $18.3 million in the prior year.
Net income was $45.4 million compared to $5.6 million in the prior year. The tax benefit noted for the fourth quarter had the same impact on the full year net income.
Adjusted EBITDA was $9.6 million, or 6% of revenue, compared to $6.9 million, or 8% of revenue, in the prior year.

Fourth Quarter 2020 Results

Revenue increased by $12.8 million, or 48%, to $39.6 million in the three months ended December 31, 2020 compared to $26.8 million in the three months ended December 31, 2019. The revenue increase was primarily driven by a $15.1 million increase in “Tattooed Chef” branded products, offset by a $2.3 million decrease in private label products and legacy products for select private label retailers. The increase in Tattooed Chef branded products resulted from expansion in the number of U.S. distribution points, as well as increased volume at existing retail customers with our current portfolio of products and new product introductions including smoothie bowls, vegetable blends, buffalo cauliflower, and other value-added riced cauliflower meals.

Gross profit was $6.9 million in the three months ended December 31, 2020 compared to $3.9 million in the three months ended December 31, 2019. Gross margin in the three months ended December 31, 2020 was 17.4% compared to 14.4% in the three months ended December 31, 2019. Gross profit and gross margin in the three months ended December 31, 2020 improved compared to the prior year period primarily due to production efficiencies and to cost of goods sold being spread over greater revenue.

Operating expenses increased $6.0 million to $7.9 million in the three months ended December 31, 2019 compared to $1.9 million in the three months ended December 31, 2019. The increase in operating expenses was primarily due to $3.4 million of stock compensation expense resulting from equity grants made subsequent to the merger with Forum Merger II Corporation (FMCI) in October of 2020; increases in spending to support the growth of the Tattooed Chef branded products; and to support the costs of being a public company since October 15, 2020.

Net income was $41.5 million in the three months ended December 31, 2020 compared to $2.2 million in the prior year period. The Company recorded a tax benefit of $41.9 million in the fourth quarter compared to a benefit of $0.2 million in the prior year period. In October 2020, the restructuring in anticipation of the merger with FMCI caused a step-up in the tax basis of intangibles assets of approximately $140.5 million, and the tax status of the Company to change from an S-corporation to a C-corporation. The tax effect of these changes created a deferred tax asset and income tax benefit of $39.3 million.

Adjusted EBITDA was $3.7 million, or 9% of net revenue, in the three months ended December 31, 2020, an increase of $1.5 million compared to $2.2 million, or 8% of net revenue, in the three months ended December 31, 2019. The increase in Adjusted EBITDA was primarily due to the higher revenue and gross profit amounts resulting from the increase in Tattooed Chef branded products.

Is AMC Entertainment Q4 Earnings a Buy?

CWEB

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March 10, 2021

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AMC Entertainment Holdings Inc. (AMC) on Wednesday reported a loss of $945.8 million in its fourth quarter.

On a per-share basis, the Leawood, Kansas-based company said it had a loss of $6.21. Losses, adjusted for asset impairment costs, were $3.15 per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of $2.80 per share.

The movie theater operator posted revenue of $162.5 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $144.3 million.

For the year, the company reported that its loss widened to $4.59 billion, or $39.15 per share. Revenue was reported as $1.24 billion.

On January 25 AMC “announced today that since December 14, 2020, it has successfully raised or signed commitment letters to receive $917 million of new equity and debt capital. This increased liquidity should allow the company to make it through this dark coronavirus-impacted winter”. Adam Aron, AMC CEO and President, said, “Today, the sun is shining on AMC.

House Approves President Biden’s $1.9 trillion COVID- 19 Relief Plan

CWEB Staff

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March 10, 2021

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House Approves President Biden’s $1.9 trillion COVID- 19 Relief Plan

Much needed money will arrive to Americans after President Biden signs the $1.9 trillion stimulus bill this Friday at the White House. With Congress in full democratic control this is the new administrations first major legislative achievement. Only one democrat did not sign the bill Rep. (D) Jared Golden of Maine. Not one Republican voted in favor of the bill.

This will be the third round of stimulus payments for Americans since COVID-19 pandemic again back in March.

Eligibility to receive funds will be based on Americans most recent tax returns. if you have filed a tax return in 2020 within the threshold became in his sense The IRS calculate your eligibility on your 2020 adjusted gross income. If you haven’t filed the 2020 tax return yet The IRS has a portal on its website for people who usually don’t file tax returns. If you didn’t get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit.

if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit. Your credit amount will be reduced if your adjusted gross income (AGI) is more than:

$150,000 if married and filing a joint return or filing as a qualifying widow or widower
$112,500 if filing as head of household or
$75,000 for eligible individuals filing as a single or as married filing separately.
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.

Here is what the IRS says about the Recovery Rebate Credit

Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments. All Economic Impact Payments have now been issued. If the IRS issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments.

If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.

Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.

You will need to know the amount of any Economic Impact Payments issued to you to claim the Recovery Rebate Credit. If you’re eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments we issued to you. Always be complete and accurate when you file a return. You can find information here to file. IRS.gov

Image Credit Joe Biden Facebook

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CWEB NEWS

Onconova Therapeutics Quarterly Earnings. Should You Buy?

Michael B Jordan debuts as director with Creed III: MGM says release on Thanksgiving 2022

Nano Dimension Quarterly Earnings. Is it a Buy?

Trump accountant faces pressure to turn on him in criminal probe

Forecasters Predict California’s Recovery From The Pandemic Will Be Faster Than Rest Of The U.S. Thanks to Gavin Newsom

Five years after Republicans foiled Merrick Garland’s Supreme Court Nomination, Senate votes him in as Attorney General

(SKLZ) Reports Q4 Earnings. Is it a Buy?

Tattooed Chef Reports Fourth Quarter

Is AMC Entertainment Q4 Earnings a Buy?

House Approves President Biden’s $1.9 trillion COVID- 19 Relief Plan

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