Virginia’s No. 1 national ranking can be debated. This cannot: The Cavaliers are the ACC’s best, especially on the road.

Ignited by Kyle Guy and DeAndre Hunter, Virginia improved its conference road record to 7-0 late Tuesday night with a 59-50 victory at Miami.

No other team has more than four... Reported by dailypress.com 1 hour ago.

The Institutes CPCU Society has named four new Leadership Council members Rachel Bannister, CPCU, AIS, ACSR, Tony Cabot, CPCU, Christopher Hampshire, CPCU, CIC, and William Thomas, CPCU.

MALVERN, Pa. (PRWEB) February 14, 2018

The Institutes CPCU Society has named four new Leadership Council members:· Rachel Bannister, CPCU, AIS, ACSR—Assistant Vice President, Marketing, Patrons Oxford Insurance
· Tony Cabot, CPCU—Country Leader, M&Z Italia
· Christopher Hampshire, CPCU, CIC—Assistant Vice President, Carrier Practice, Gallagher Bassett Services
· William Thomas, CPCU—Underwriting Director, United Services Auto Association/USAA

"These new members will bring a wealth of knowledge and experience to the Leadership Council, and we are eager to listen to and learn from them," said Valerie J. Cammiso, CAE, executive director of The CPCU Society.

Bannister most recently served as a member of the Maine CPCU Society Chapter. She has also served as regional governor of upper New England for The Institutes CPCU Society and as a committee member for the Leadership & Managerial Excellence Interest Group.

In addition to serving as a member of the CPCU Society’s International Insurance Interest Group (3iG), Cabot was a founding member of the CPCU Society’s Europe Chapter. He was active with the Italian Academic Risk Management Association and was part of the team that launched the Principles for Sustainable Insurance in conjunction with the United Nations Insurance Working Group.

Hampshire most recently served as president of the Philadelphia CPCU Society Chapter. He served on that chapter’s board and was a member of the National CPCU Society New Designee Committee and the Claims Interest Group Committee. Hampshire completed The Institutes’ Executive Education program at the University of Virginia in 2017.

Thomas most recently served as a CPCU Society chapter governor for the western region and as a managing chapter governor. He has also served in several leadership roles for the Arizona CPCU Society Chapter, including president, treasurer, secretary, candidate development co-director and I-Day committee member.

The CPCU Society Leadership Council is comprised of elected officers, elected or appointed council members and ex-officio members, and has responsibility for defining CPCU Society policies and monitoring administrations of the CPCU Society.

For a complete list of 2018 Leadership Council members, visit CPCUSociety.org/About-Us/Leadership/Leadership-Council.

About The Institutes CPCU Society

The Institutes CPCU Society is a community of credentialed insurance professionals who promote excellence through ethical behavior and continuing education. The CPCU Society’s members, who number nearly 20,000, hold the CPCU designation, which requires passing rigorous undergraduate- and graduate-level examinations, meeting experience requirements and agreeing to be bound by a strict code of professional ethics. More information about The Institutes CPCU Society is available at CPCUSociety.org. Reported by PRWeb 59 minutes ago.

Events to showcase speakers from ADLINK, Ameriprise Financial, Inc., Bank of Montreal, CISQ, City of Edmonton, Department of Defense, EY, FedEx, General Dynamics, Humana, IDC, KDM Analytics, Kongsberg, NIST, Nordea, NSA, OCI, PNC Bank, RTI, The Boeing Company, The MITRE Corporation, TSG, Inc., TSRI, Twin Oaks Computing, Underwriters Laboratories, U.S. Department of Commerce, U.S. Department of Health and Human Services, U.S. Navy and Wells Fargo Home Mortgage

Needham, Massachusetts (PRWEB) February 14, 2018

The Object Management Group® (OMG®), an international, open membership, not-for-profit technology standards consortium, today announced its Special Events program will be held during OMG Technical Committee (TC) meeting from March 19-23, 2018 at the Hyatt Regency Reston Hotel in Reston, Virginia, USA. Registration for the Special Events program is open to the public. Media can register for a complimentary press pass using the code TCVAP18. The program is supported by OMG annual sponsors, No Magic, RTI, and Sparx Systems.

The Special Events program will feature OMG standards in real-world applications such as business architecture, cybersecurity, government, and healthcare. The special events for the week include:·     Cybersecurity and Internet of Things: Speakers from the U.S. Navy, U.S. Department of Commerce, and MITRE, among others, will discuss key perspectives on IoT security: architectural frameworks, standards requirements, interoperability, systems assurance, cybersecurity, and data governance.

·     OMG Meet & Greet: DDS Security™ Demo: The OMG Data-Distribution Service™ (DDS™) Special Interest Group (SIG) co-chairs will present the latest developments in DDS and its relevance in today's connected world. There will also be a multi-vendor live demonstration of interoperability highlighting the OMG DDS Security™ standard.

·     Sixth Annual Business Architecture Innovation Summit: This two-day event will feature business practitioners and experts who will share experiences from a cross-section of industries such as aerospace, banking, financial services, group health insurance, software, and federal and local government. The Business Architecture Government Reference Model Workshop is a post-Summit event, focusing on establishing a baseline business architecture reference model for government.

·     CISQ™ Cyber Resilience Summit: Cybersecurity leaders from the White House, Department of Defense, and Congress are invited to discuss action plans outlined in Executive Order 13800 for Cybersecurity, the American Technology Council’s IT Modernization Report, and the Modernizing Government Technology (MGT) Act. The program covers policy and practice, briefing Federal and State IT leaders on standards for managing cyber risk.

·     Data Residency: Status, Challenges and Standards Tutorial and Roundtable: This event explores the definition and scope of data residency, data types that present risks to their owners and custodians, laws and regulations around the world impacting data residency, and standards that might be evolved (or created) to help manage this issue.

·     Business Process Modeling in Health Workshop: This event explores the specific and unique needs of the clinical health landscape using the OMG BPMN™ standard. Workshop attendees are also invited to join the OMG Healthcare Committee Meeting for an in-depth discussion about OMG healthcare standards.

·     DDS in the Real-World: Focus on Security Tutorial: Speakers from Real-Time Innovations and Twin Oaks Computing will cover DDS fundamentals and discuss deployed application examples in energy, autonomous vehicles, medical systems, and others that illustrate how DDS capabilities and QoS meet real-world application needs.

·     Modernization Summit: Features industry experts who will explain how to leverage the OMG Architecture-Driven Modernization™ standard and best practices to help modernize and transform legacy systems in commercial, federal and DoD enterprises.

·     Fourth UAF® & MBSE Summit: Explores how to leverage MBSE with architecture modeling to modernize complex systems. A companion tutorial will focus on lifecycle work along with ways to make use of the OMG Unified Architecture Framework® (UAF) standard to accelerate systems development.

·     Empowering Government Meetup: This initiative will bring together government, industry, and academia to leverage standards, technologies, and best practices to bear on the important problems and opportunities facing governments at all levels.

OMG members registered for the full OMG Technical Committee Meeting week may attend any special event as part of their registration fee. Non-members may attend any of the special events, although advance registration is required for all events.

OMG Social Media Channels
Follow the Twitter hashtag #OMGTCReston to join the conversation. To learn about becoming an OMG member, click on http://www.omg.org or visit us on Facebook, follow us on Twitter or connect with us on LinkedIn.

About OMG
The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry and academia. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even wider range of industries. OMG's modeling standards enable powerful visual design, execution and maintenance of software and other processes. Visit http://www.omg.org for more information.
                                                                                            ###

Note to editors: Object Management Group and OMG are registered trademarks of the Object Management Group. For a listing of all OMG trademarks, visit http://www.omg.org/legal/tm_list.htm. All other trademarks are the property of their respective owners. Reported by PRWeb 59 minutes ago.

Where should I put my money now if I believe the stock market is going to crash??Jerry, Virginia Reported by CNNMoney 8 minutes ago.

CHARLESTON, W.Va. (AP) — Teachers from at least four West Virginia counties are planning a one-day work stoppage to highlight their concerns over pay and health insurance. Media outlets report public school employees in Cabell, Lincoln and Wayne counties voted Tuesday to stay out of classes Friday. And Mason County schools announced Wednesday its employees […] Reported by Seattle Times 27 minutes ago.

CHARLESTON, W.Va. (AP) — West Virginia’s Senate has voted to make it a crime to impersonate a blind or disabled person to obtain any special rights or privileges. Labeled the “white cane law,” the bill approved unanimously would make it a misdemeanor punishable by fines up to $200 and 10 days in jail. It also […] Reported by Seattle Times 7 hours ago.

RICHMOND, Va. (AP) — A company that makes equipment for coal mining and other industries is planning a new facility in Giles County. Gov. Ralph Northam announced that Cogar Manufacturing plans to spend $2.5 million and create 60 new jobs. The company will relocate a manufacturing operation from West Virginia to the former Caterpillar facility […] Reported by Seattle Times 6 hours ago.

RICHMOND, Va. (AP) — Nine projects across Virginia intended to boost economic development will collectively receive just over $2.6 million in state grants. Gov. Ralph Northam’s office on Wednesday announced the grants that will be given out through the GO Virginia program. Among the recipients is a proposed drone facility in York County, a project […] Reported by Seattle Times 6 hours ago.

CHARLESTON, W.Va. (AP) — West Virginia first lady Cathy Justice has introduced a limited-edition glass pitcher available for purchase. Justice’s office says the signature piece unveiled Wednesday is a collaborative effort between the first lady, Blenko Glass in Milton and the state Division of Culture and History. Justice chose a crystal cracked pitcher featuring an […] Reported by Seattle Times 6 hours ago.

New South Bethlehem location accommodates growing enrollment for the school's popular arts programs

LANCASTER, Pa. (PRWEB) February 15, 2018

When the Lehigh Valley Charter High School for the Arts in Bethlehem, PA was looking for a location to build their new school, they knew the southern end of the city – which is the heart of Bethlehem’s art, cultural and entertainment district – would be the ideal spot. And once the school’s site location and design were confirmed, it was determined that precast concrete would be ideal material to use for construction.

PROJECT OVERVIEW
The Lehigh Valley Charter High School for the Arts is a public charter school that is fully accredited by the Pennsylvania Department of Education and The Middle States Association of Colleges and Schools. It first opened in 2003 and currently enrolls 600 students in grades 9-12. The school enables students from a broad geographic area to maximize their special talents while also gaining a quality high school education. Seven areas of curriculum are offered including Dance, Literary Arts, Visual Art, Figure Skating, Theatre, Instrumental Music and Vocal Music.

With growing enrollment, the school needed a much larger space that would accommodate more students and deliver an enriching arts education experience. They found the perfect site in South Bethlehem, and precast concrete was determined to be the perfect construction material based on site location, project schedule, and desired aesthetic look for the building. The project owner, Charter Arts Foundation, selected Nitterhouse Concrete Products as the precaster. Nitterhouse is a producer member of PCI Mid-Atlantic, a chapter of the Precast/Prestressed Concrete Institute.

PRECAST SOLUTION
There were three key challenges for the project – a tight construction space in a downtown location; a production timeline that took place over harsh winter months; and an aggressive schedule that required work to be done by the first day of school in August. Using total precast construction material not only addressed all three challenges, but also allowed for increased space versatility and a unique aesthetic look that fit well with surrounding city buildings.

The new school building offers traditional classrooms as well as spaces designed for the school’s strong art programs. These spaces include a 370-seat theatre and green rooms, rehearsal studios for dance and music, a digital laboratory, rooftop lounge/rehearsal/performance area, and art galleries. The unique total precast construction allows the students’ artwork to be more prominent at the forefront of their galleries.

The building also offers an outdoor learning space where students can have a class or study in a safe, unique urban environment. The second-floor precast outdoor area includes 225 square feet of planted raised beds that qualifies as green space for LEED.

Since its doors opened, the 83,000 square foot three-story school has been hugely successful in achieving its mission of providing a unique, integrative educational experience that fosters the development of talent in the arts.

For a project photo gallery, visit the Lehigh Valley Charter High School for the Arts Project Profile on the PCI Mid-Atlantic website.

PROJECT AT-A-GLANCE
Location: Bethlehem, PA
Owner: Charter Arts Foundation
Precaster: Nitterhouse Concrete Products, Inc. (Chambersburg, PA)
Architect: Christine Ussler, Artefact, Inc. (Bethlehem, PA)
Engineer of Record: Bryan Ritter, JENA Engineering Corp. (Allentown, PA)
Contractor: Bucks Development & Contracting (Bethlehem, PA)
Square Footage: 83,000 SF / 3 stories
Structural Precast Elements: 49 beams (997 LF); 18 columns (365 LF); 12 slabs (1,454 SF); 426 panels (61,278 SF); 26 Double-T’s (11,825 SF); 40 8” hollowcore slabs (2,977 SF); 546 10” hollowcore slabs (56,745 SF); 60 16” hollowcore slabs (9,840 SF); sandblast finish

ABOUT PCI MID-ATLANTIC
PCI Mid-Atlantic, a chapter of the Precast/Prestressed Concrete Institute (PCI), is a professional marketing organization committed to the growth and greater profitability of the Precast Industry in the Mid-Atlantic region. It is comprised of prestressed/precast producer member firms located throughout the Mid-Atlantic States, including New York, New Jersey, Pennsylvania, Delaware, Maryland and Virginia. PCI Mid-Atlantic also has over 50 associate member companies that produce a variety of concrete industry related products. For more information, visit http://www.pci-ma.org. Reported by PRWeb 6 hours ago.

BrightBytes®, with American Institutes for Research® (AIR® ), expands their predictive analytics solution for dropout prevention to now provide insight into postsecondary readiness

SAN FRANCISCO (PRWEB) February 15, 2018

BrightBytes®, the leading end-to-end data management solution for education organizations, today, announced the rollout of the Student Success module, an expanded offering of their award-winning Early Warning module.

The BrightBytes predictive analytics solution (formerly known as the Early Warning module), which uses historical data and predictive analytics to individualize graduation risk analysis for students as early as first grade, will now provide insight into students’ readiness along the entire K-20 continuum in a new offering, the Student Success module. Developed in partnership with American Institutes for Research, one of the nation's largest behavioral and social science research and evaluation organizations, this robust solution will utilize two predictive models: one which identifies students at risk of not graduating from high school, and one that predicts students at risk of being unprepared for the challenges of postsecondary education.

The BrightBytes Early Warning module has already helped educators across the country improve graduation rates. After a 2014 statewide adoption, West Virginia reached a national high of 90% graduation rates. This improvement of nearly 5% is largely due to BrightBytes’ research-based predictive analytics module.

Traci Burgess, CEO of BrightBytes, explains, “Each student’s education journey begins before Kindergarten, and continues beyond graduation. The Student Success module not only identifies at-risk students as early as first grade in their academic career, but it also provides educators with the necessary tools to impact student trajectories in their postsecondary career as well. By preparing students to achieve after graduation, educators are developing a generation of individuals able to participate in a global economy and achieve greater equity in attainment gaps between socio-economic groups.”

AIR conducts and applies the best behavioral and social science research and evaluation towards improving people's lives, with a special emphasis on the disadvantaged. As the Student Success module was built, AIR provided valuable technical guidance in indicator definitions for the module’s expanded framework, and the team has worked closely to review the predictive models developed by analysts and researchers at BrightBytes. This partnership is instrumental to support BrightBytes’ mission to use research-based analysis to turn big data into big benefits for students.

“In order to help all students be college and career ready, educators and administrators need accurate, timely information that they can use to guide their decision making and instruction," said Susan Therriault, Managing Researcher at AIR. "We are excited about this partnership, which will allow us to scale the work we have done to help educators across the country prepare students for postsecondary success.”

About BrightBytes: BrightBytes, the leading end-to-end data management solution for education organizations, provides educators with the power to turn big data into big benefits for students. With the data integration platform, DataSense™, BrightBytes enables educators to cleanse, integrate, and bi-directionally manage complex data from multiple systems. The decision support platform, Clarity®, then analyzes and organizes meaningful data across research-based frameworks to deliver visualized, actionable information that drives student learning.

About AIR: Established in 1946, American Institutes for Research (AIR) is an independent, nonpartisan, not-for-profit organization that conducts behavioral and social science research on important social issues and delivers technical assistance, both domestically and internationally, in the areas of education, health, and workforce productivity.

Media Contact:
Ken Goldstein 303-548-2136 ken(at)brightbytes(dot)net Reported by PRWeb 5 hours ago.

Six Native American tribes in the US state of Virginia have been granted full federal recognition after a nearly twenty-year-long legal battle. Reported by Al Jazeera 4 hours ago.

MEMPHIS, Tenn., Feb. 15, 2018 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN), which has been honored as one of the nation’s best employers, is increasing the minimum pay level of employees to $15 an hour. The pay increase reflects the company’s continued investment of tax savings in its people.Late in 2017, First Horizon announced $1,000 one-time cash bonuses to 70 percent of employees and a $16.5 million contribution to the First Tennessee Foundation.

“First Horizon’s continued strong results are driven by the individual and collective efforts of all our employees,” said Bryan Jordan, First Horizon’s chairman and CEO. “As a result of the recent tax reform, First Tennessee invested a portion of the tax savings back into our people and our communities to strengthen our business.”

The investment in people and communities follows First Horizon’s merger with Capital Bank, which closed on Nov. 30, 2017. The merger created the fourth largest regional bank in the Southeast with approximately $41 billion in assets, $31 billion in deposits, $28 billion in loans and nearly 350 branches in Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia.

*About First Horizon*
First Horizon National Corp. (NYSE:FHN) provides financial services through its First Tennessee, Capital Bank, FTB Advisors, and FTN Financial businesses. First Horizon operates 350 bank locations across the southern U.S. and 28 FTN Financial offices across the U.S. Our banking subsidiary was founded in 1864 and has the 14th oldest national bank charter in the country. Our First Tennessee and Capital Bank brands have the largest deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. Our FTB Advisors wealth management group has more than 300 financial advisors and about $30 billion in assets under administration. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. We have been recognized as one of the nation’s best employers by Working Mother and American Banker magazines and the National Association for Female Executives. More information is available at www.FirstHorizon.com.

FHN-G

*CONTACT: First Horizon*
Investor Relations, Aarti Bowman, (901) 523-4017
Media Relations, James Dowd, (901) 523-4305 Reported by GlobeNewswire 4 hours ago.

PORTSMOUTH, Va. (AP) — A Virginia woman has been sentenced to four years in prison for an identity fraud scheme that included publishing a fake death notice. The Daily Press reports 50-year-old Alexandra Hatcher also has to pay almost $203,000 in restitution to victims for the plot in which she tried to land $600,000 in […] Reported by Seattle Times 4 hours ago.

CHARLESTON, W.Va. (AP) — An ambulance company and a dispatch company have been court-ordered to pay a fine for their slow response that resulted in a West Virginia teenager’s death. The Charleston Gazette-Mail reports Kanawha County Ambulance Authority and Kanawha Metro 911 were ordered Monday to pay a total of $1.4 million to 15-year-old Leland […] Reported by Seattle Times 4 hours ago.

VIRGINIA CITY, Nev., Feb. 15, 2018 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American:LODE)*, *a Nevada-based, gold and silver mining company, announced today the election of Leo M. Drozdoff, 52, to its Board of Directors and the retirement of Robert A. Reseigh, after 9 years of service, from its Board of Directors. Mr. Reseigh will remain involved with the Company as a member of a newly established Mining Advisory Committee, to assist in all aspects of technical mining and mine development, along with Mr. Drozdoff and Mr. Dan Kappes.Corrado De Gasperis, Executive Chairman of the Board said, “Bob was instrumental in almost every aspect of building the Company, its asset base and management team.  He is one of the most genuine, direct, transparent, hardest working and caring directors that I have ever worked with and I was truly saddened when he indicated he was ready for retirement.  I was equally thrilled when he agreed to stay on in an advisory role, working with us on technical matters, as we grow our assets and resources into a bigger, more meaningful company.”

The Company also welcomes Mr. Drozdoff to the Board with an extensive resume in Nevada’s mining industry, including but not limited to engineering, legislation, environmental regulation, economic development and historical preservation. He most recently served as the Director of the Nevada Department of Conservation and Natural Resources from 2010 to 2016, and was a Cabinet member reporting to two Nevada Governors, including our current Governor, the Hon. Brian Sandoval, where Mr. Drozdoff oversaw 900 state employees responsible for Mining, Environmental Protection, Water Resources, Forestry, State Parks, State Lands and the State of Nevada’s Historic Preservation Office. Mr. Drozdoff also served as lead Administrator of Nevada’s Division of Environmental Protection for over six years, and prior to that appointment, as Bureau Chief over both Mining and Water Control, two of the most critical Nevada mining regulatory bureaus.  He also chaired the Nevada Public Employee Benefits Program Board, overseeing the benefits of over 30,000 public employees, retirees and their families.

Mr. De Gasperis added, “We are honored to welcome Leo Drozdoff to the Comstock team.  His knowledge of Nevada mining from almost every perspective, engineering, environmental, historical preservation, legislative and permitting is second to none, and will be especially valuable to us as we embark on developing and commercializing new technologies into the industry.”

*About Comstock Mining Inc.
*Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

*Forward-Looking Statements
*This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy the Debenture or any other securities of the Company.

 
Contact information for Comstock Mining Inc.:

  PO Box 1118
Virginia City, NV  89440  
  http://www.comstockmining.com  
     
Corrado De Gasperis   Zach Spencer
President & CEO   Director of External Relations
Tel (775) 847-4755   Tel (775) 847-5272 ext. 151
degasperis@comstockmining.com   questions@comstockmining.com Reported by GlobeNewswire 4 hours ago.

SOUTH JORDAN, Utah, Feb. 15, 2018 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ:MMSI), a leading manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, announced today that it has closed the purchase of divestment assets from BD (Becton, Dickinson and Company) in connection with BD’s recently completed acquisition of C.R. Bard, Inc. (Bard).  The assets acquired are soft tissue core needle biopsy products sold under the trade names of Achieve™ Programmable Automatic Biopsy System, Temno™ Biopsy System, Tru-Cut™ Biopsy Needles as well as Aspira® Pleural Effusion Drainage Kits, and the Aspira® Peritoneal Drainage System. These products will be sold by Merit’s global direct sales force and distribution partners.

The purchase price for the product lines and related assets was $100 million, subject to adjustment for fluctuations in the value of transferred inventory. Merit financed the acquisition through borrowings under its revolving credit facility.

This transaction is expected to be accretive to both GAAP and non-GAAP earnings in 2018, including the anticipated impact of incremental interest expense associated with financing the transaction. Merit’s management expects the acquisition to provide incremental revenues on an annualized basis in the range of $42-48 million. The transaction is also expected to expand Merit’s operating margins and increase its cash flow. Merit’s management expects the acquisition to provide $0.10–$0.19 in adjusted annualized non-GAAP earnings per share accretion ($0.01 to $0.08 in annualized GAAP earnings per share accretion). 

“This transaction has been instructional and informative as we have navigated the process to closure,” said Merit’s Chairman and Chief Executive Officer Fred P. Lampropoulos. “We continue to be positive about the products and opportunities as we look forward. Transition and execution are now the keys. Our global sales force and distribution partners are in the process of training. Combined with our Corvocet™ Full Core Biopsy System and our Laurane bone biopsy products, we now offer a portfolio of products to meet our customers’ needs.  We will discuss the anticipated effects of the transaction on our 2018 operating and financial results during our upcoming conference call on February 28^th.”

*ADVISORS*
Piper Jaffray acted as lead financial advisor to Merit in connection with the negotiation of the purchase agreement. Baker & McKenzie provided legal counsel. Financing for the transaction was provided through the lenders under its existing long-term credit facility: Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, National Association and U.S. Bank National Association.

*ABOUT MERIT*
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 290 individuals. Merit employs approximately 5,000 people worldwide with facilities in South Jordan, Utah; Pearland, Texas; Richmond, Virginia; Malvern, Pennsylvania; Rockland, Massachusetts; San Jose, California; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil; Markham, Ontario, Canada; Melbourne, Australia; Tokyo, Japan; and Yishun, Singapore.

*FORWARD-LOOKING STATEMENTS*
Statements contained in this release which are not purely historical, including, without limitation, statements regarding Merit's forecasted plans, revenues, gross margin, operating margin, cash flow, net income, financial results or sales efficiencies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties such as those described in Merit's Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent filings with the Securities and Exchange Commission.  Such risks and uncertainties include the following: Merit's potential inability to successfully manage and integrate the completed acquisition and achieve anticipated financial results, facilities utilization and other benefits; uncertainties as to whether Merit will achieve sales, gross margin, cash flow and profitability results from the acquired assets which are comparable to the experience of BD and Bard; unknown costs and risks associated with the acquired assets; governmental scrutiny and regulation of the medical device industry, including governmental inquiries, investigations and proceedings involving Merit or the acquired assets; how the occurrence of any unanticipated event or cost in connection with the completed transaction may affect Merit’s projected ability to comply with debt covenants; infringement of acquired technology or the assertion that acquired technology infringes the rights of other parties; the potential of fines, penalties or other adverse consequences if Merit's employees or agents violate the U.S. Foreign Corrupt Practices Act or other laws or regulations; laws and regulations targeting fraud and abuse in the healthcare industry; potential for significant adverse changes in governing regulations; changes in tax laws and regulations in the United States or other countries; increases in the prices of commodity components; negative changes in economic and industry conditions in the United States or other countries; termination or interruption of relationships with Merit's suppliers, or failure of such suppliers to perform, in each case including acquired supplier relationships; the effects of fluctuations in exchange rates on projected financial results; development of new products and technology that could render Merit's existing or acquired products obsolete; changes in healthcare policies or markets related to healthcare reform initiatives; failure to comply with applicable environmental laws; changes in key personnel; work stoppage or transportation risks; price and product competition; availability of labor and materials; fluctuations in and obsolescence of inventory; and other factors referred to in Merit's Annual Report on Form 10-K for the year ended December 31, 2016 and other materials filed with the Securities and Exchange Commission. All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results will likely differ, and may differ materially, from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results, and Merit assumes no obligation to update or disclose revisions to those estimates.   
*Contact:     * Anne-Marie Wright, Vice President, Corporate Communications
*Phone:* (801) 208-4167  e-mail: awright@merit.com  Fax: (801) 253-1688

  Reported by GlobeNewswire 4 hours ago.

Dr. Naderi Nominated by Patients for Outstanding Injections: I Wouldn't Trust Anyone Else!

HERNDON, Va. (PRWEB) February 15, 2018

Shervin Naderi MD, FACS of The Naderi Center in Herndon, VA, has been awarded in RealSelf's Top 25 Most Loved Injectors. RealSelf is the largest and most trusted web destination for information on elective cosmetic treatments and an invaluable resource for finding the right provider in your area. The Naderi Center is pleased to learn that Dr. Shervin Naderi MD, FACS was awarded by real patient votes on RealSelf as one of the top 25 aesthetic injectors!

Dr. Naderi was nominated by actual patients. The RealSelf awards highlight the top 25 aesthetic injectors, which are determined by real patient nominations. A three-week voting period was established by RealSelf, during which more than 20,000 nominations were received for more than 2,000 aesthetic providers. RealSelf publicized this patient endorsement for Dr. Naderi, "His technique, placement, and honesty make Dr. Naderi the best at what he does. He has a trained eye and gives a thorough consultation. I wouldn't trust anyone else!"

The 2017 winners of the RealSelf Most Loved Injector Awards include only the most reliable and experienced injectors. Kelcy Heringer, VP of Marketing at RealSelf, shared, "We were blown away by the outstanding response we received from consumers across the country who were eager to nominate and share love for their favorite injectors. These awards represent the voice of the people, and we are thrilled to recognize and celebrate the individuals they chose as their most loved aesthetic injectors."

Top Injection Specialist Dr. Shervin Naderi

Dr. Naderi is one of the absolute most specialized cosmetic surgeons in the United States and the world. Dr. Naderi only performs one surgery - Rhinoplasty surgery. Dr. Naderi is an internationally known instructor for advanced techniques in Botox, Dysport and filler injections at the Naderi Center for Rhinoplasty and Cosmetic Surgery with two convenient locations in Herndon, Virginia, and Chevy Chase, Maryland. Dr. Naderi is highly recognized for his many years of successful rhinoplasty surgery and his cosmetic, nonsurgical injections. Doctors from all over the United States and the rest of the world routinely use Dr. Naderi’s instructional videos to improve their own techniques. Dr. Naderi has patients who fly to him from long distances not just for Rhinoplasty but also fly into the Washington DC area several times a year for the best injections. Dr. Shervin Naderi exclusively performs one surgery, rhinoplasty, nose reshaping surgery. No other surgeon in the United States can claim this level of dedication to Rhinoplasty and Revision Rhinoplasty surgery. Dr. Naderi is recognized as an expert in the plastic surgical field and is a Board Examiner for the American Board of Facial Plastic & Reconstructive Surgery.

As an experienced, fellowship-trained, double Board Certified Facial Plastic Surgeon, Dr. Naderi uses advanced Botox and Dermal Filler injection techniques. Dr. Naderi is also a clinical instructor for Allergan and Galderma and teaches other doctors how to strategically inject Dysport, Botox, and Dermal Fillers to achieve the most outstanding results possible. His instructional videos are used for training purposes by doctors around the world.

Dr. Naderi Offers Filler to Solve Problems: Nonsurgical Facelifts

The latest and most exciting cosmetic surgery advancement is accessed using a variety of injectable fillers. Fillers are used by Dr. Naderi to address many different cosmetic problems. Fillers offer a non-surgical facelift, which smooths wrinkles, plumps cheeks, erases pitted scars, plumps the lips, fills hollowed eyes and more to create a more rested attractive look. Dr. Naderi is also known for non-surgical or 5-minute liquid rhinoplasty using Restylane to reshape the nose without surgery. How well the filler solves problems depends on the experience and knowledge of your plastic surgeon. Dr. Naderi offers his patients expertise and helps them select from a variety of the very best injectable fillers. Dr. Naderi is respected for his experience and talent, which is rejuvenating the faces of men and women in the Northern Virginia, Maryland and greater Washington, D.C. area. More importantly Dr. Naderi is known for his compassion and honesty and he is famous for talking many patient out of surgery or injections. To Request a Consulation with Dr. Naderi, call Chevy Chase, MD at 301-222-2020 or Herndon, VA at 703-481-0002. Reported by PRWeb 4 hours ago.

· Revenues were $2.0 billion in the quarter; $7.4 billion in 2017
· Operating margin was 11.4% in the quarter; 11.6% in 2017
· Diluted earnings per share was $1.41 in the quarter; $10.46 in 2017
· Adjusted diluted earnings per share^1 was $3.11 in the quarter; $12.14 for 2017
· Cash from operations was $814 million and free cash flow^1 was $453 million in 2017

NEWPORT NEWS, Va., Feb. 15, 2018 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) reported fourth quarter 2017 revenues of $2.0 billion, up 3.9 percent from the fourth quarter of 2016. Operating income in the quarter was $227 million and operating margin was 11.4 percent, compared to $268 million and 13.9 percent, respectively, in the fourth quarter of 2016. Diluted earnings per share in the quarter was $1.41, compared to $4.20 in the same period of 2016. Diluted earnings per share in fourth quarter 2017 included a one-time expense related to the early extinguishment of debt, the tax expense for the revaluation of net deferred tax assets resulting from the enactment of the Tax Act and the tax expense associated with a $214 million acceleration of discretionary pension contributions in 2018. Excluding these items, adjusted diluted earnings per share^1 in the quarter was $3.11.

For the full year, revenues of $7.4 billion increased 5.3 percent over 2016. Operating income in 2017 was $865 million and operating margin was 11.6 percent, compared to $858 million and 12.1 percent, respectively, in 2016. Diluted earnings per share for the full year was $10.46, compared to $12.14 in 2016. Excluding the one time items described in the preceding paragraph, adjusted diluted earnings per share^1 for 2017 was $12.14.

Cash from operations in 2017 was $814 million and free cash flow^1 was $453 million, compared to $822 million and $537 million, respectively, in 2016.

New contract awards for 2017 were approximately $8.1 billion, bringing total backlog to $21.4 billion as of Dec. 31, 2017. Major contract awards in 2017 included Bougainville (LHA 8) construction, the refueling and complex overhaul (RCOH) of the aircraft carrier USS George Washington (CVN 73), a contract to begin integrated product and process development for the U.S. Navy’s new Columbia-class submarines, USS Boise (SSN 764) overhaul, LPD 29 (unnamed) advanced procurement, special selected restricted availability on USS Chosin (CG 65), and Jack H. Lucas (DDG 125) Flight III upgrades.

“Our 2017 results reflect Huntington Ingalls Industries’ continued focus on operational performance,” said Mike Petters, HII’s president and CEO. “Delivering six ships this year, while growing backlog and integrating our Technical Solutions business, demonstrates the commitment of our nearly 38,000 employees.”

               
*Results of Operations*
               
  *Three Months
Ended*       *Year
Ended*    
  *December 31*       *December 31*    
(in millions, except per share amounts) *2017* *2016* *$
Change* *%
Change*   *2017* *2016* *$
Change* *%
Change*
Sales and service revenues *$* *1,996*   $ 1,922   $ 74   3.9 %   *$* *7,441*   $ 7,068   $ 373   5.3 %
Operating income (loss) *227*   268   (41 ) (15.3 )%   *865*   858   7   0.8 %
  Operating margin % *11.4* *%* 13.9 %   (257) bps   *11.6* *%* 12.1 %   (51) bps
Segment operating income (loss)^1 *189*   225   (36 ) (16.0 )%   *688*   715   (27 ) (3.8 )%
  Segment operating margin %^1 *9.5* *%* 11.7 %   (224) bps   *9.2* *%* 10.1 %   (87) bps
Net earnings (loss) *64*   197   (133 ) (67.5 )%   *479*   573   (94 ) (16.4 )%
Diluted earnings (loss) per share *$* *1.41*   $ 4.20   $ (2.79 ) (66.4 )%   *$* *10.46*   $ 12.14   $ (1.68 ) (13.8 )%
                   
Weighted-average diluted shares outstanding *45.4*   46.9         *45.8*   47.2      
                   
Adjusted Net Earnings (Loss)^2 *$* *141*   $ 197   $ (56 ) (28.4 )%   *$* *556*   $ 573   $ (17 ) (3.0 )%
                   
Adjusted Diluted EPS^2 *$* *3.11*   $ 4.20   $ (1.09 ) (26.0 )%   *$* *12.14*   $ 12.14   $ —   — %
^1 Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations.
^2 Non-GAAP measures.  See Exhibit B for definitions and reconciliations.
 

               
*Segment Operating Results*

Ingalls Shipbuilding
               
  *Three Months Ended*       *Year Ended*    
  *December 31*       *December 31*    
($ in millions) *2017* *2016* *$
Change* *%
Change*   *2017* *2016* *$
Change* *%
Change*
Revenues *$* *638*   $ 641   $ (3 ) (0.5 )%   *$* *2,420*   $ 2,389   $ 31   1.3 %
Segment operating income (loss)^1 *75*   85   (10 ) (11.8 )%   *313*   321   (8 ) (2.5 )%
Segment operating margin %^1 *11.8* *%* 13.3 %   (151) bps   *12.9* *%* 13.4 %   (50) bps
^1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.
 

Ingalls Shipbuilding revenues for the fourth quarter were $638 million, a decrease of $3 million, or 0.5 percent, from the same period in 2016, due to lower revenues in the Legend-class National Security Cutter (NSC) program and surface combatants, partially offset by higher revenues in amphibious assault ships. Lower NSC program revenues were primarily due to decreased volumes on the delivered USCGC Munro (NSC 6) and Kimball (NSC 7), partially offset by increased volumes on Stone (NSC 9) and Midgett (NSC 8) in the quarter. Lower surface combatant revenues were primarily due to decreased volumes on the delivered Ralph Johnson (DDG 114), the delivered USS John Finn (DDG 113) and Lenah H. Sutcliffe Higbee (DDG 123), partially offset by increased volume on Jack H. Lucas (DDG 125). Higher amphibious assault ship revenues were due to increased volumes on Bougainville (LHA 8), Fort Lauderdale (LPD 28) and LPD 29 (unnamed), partially offset by decreased volume on the delivered USS Portland (LPD 27).

Ingalls Shipbuilding segment operating income for the fourth quarter was $75 million, a decrease of $10 million from the same period last year. Segment operating margin in the quarter was 11.8 percent, compared to 13.3 percent in the same period last year. These decreases were primarily due to lower risk retirement on the NSC and DDG programs, partially offset by higher risk retirement on the LPD program.

For the full year, Ingalls Shipbuilding revenues were $2.4 billion, an increase of $31 million, or 1.3 percent, from the same period in 2016, due to higher revenues in amphibious assault ships, partially offset by lower revenues in surface combatants and the Legend-class NSC program. Higher amphibious assault ship revenues were primarily due to increased volumes on Bougainville and Fort Lauderdale, partially offset by decreased volumes on the delivered USS John P. Murtha (LPD 26) and USS Portland. Lower surface combatant revenues were primarily due to decreased volumes on the delivered USS John Finn, Ralph Johnson, Frank E. Peterson Jr. (DDG 121), Paul Ignatius (DDG 117) and Delbert D. Black (DDG 119), partially offset by higher volumes on Jack H. Lucas and Lenah H. Sutcliffe Higbee and the extended selected restricted availability contract for USS Ramage (DDG 61). Revenues on the Legend-class NSC program decreased due to lower volume on the delivered USCGC Munro, partially offset by higher volumes on Stone and Midgett.

For the full year, Ingalls Shipbuilding segment operating income was $313 million, compared to $321 million in 2016. Segment operating margin was 12.9 percent for 2017, compared to 13.4 percent in 2016. These decreases were primarily due to lower risk retirement on the delivered USS John P. Murtha and surface combatants, partially offset by higher risk retirement on Tripoli (LHA 7) and the delivered USS Portland.

Key Ingalls Shipbuilding milestones for the quarter:

· Authenticated keel for amphibious transport dock Fort Lauderdale (LPD 28)
· Christened guided missile destroyer Delbert D. Black (DDG 119)
· Authenticated keel for guided missile destroyer Lenah H. Sutcliffe Higbee (DDG 123)
· Delivered guided missile destroyer Ralph Johnson (DDG 114) to the U.S. Navy
· Launched and christened National Security Cutter Midgett (NSC 8)
· Completed union contract extension via union member ratification

               
Newport News Shipbuilding
               
  *Three Months Ended*       *Year Ended*    
  *December 31*       *December 31*    
($ in millions) *2017* *2016* *$
Change* *%
Change*   *2017* *2016* *$
Change* *%
Change*
Revenues *$* *1,139*   $ 1,119   $ 20   1.8 %   *$* *4,164*   $ 4,089   $ 75   1.8 %
Segment operating income (loss)^1 *106*   139   (33 ) (23.7 )%   *354*   386   (32 ) (8.3 )%
Segment operating margin %^1 *9.3* *%* 12.4 %   (312) bps   *8.5* *%* 9.4 %   (94) bps
^1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.
 

Newport News Shipbuilding revenues for the fourth quarter were $1.1 billion, an increase of $20 million, or 1.8 percent, from the same period in 2016, due to higher revenues in naval nuclear support services and aircraft carriers, partially offset by lower revenues in submarines. Higher naval nuclear support services revenues were primarily due to increased volumes in submarine support services, partially offset by lower volume in aircraft carrier support services. Higher aircraft carrier revenues were primarily due to increased volumes on the advance planning and execution contract for the RCOH of USS George Washington (CVN 73), the advance planning contract for Enterprise (CVN 80) and the construction contract for John F. Kennedy (CVN 79), partially offset by decreased volumes on the execution contract for the RCOH of USS Abraham Lincoln (CVN 72), the construction contract for the delivered USS Gerald R. Ford (CVN 78) and the inactivation of the decommissioned Enterprise (CVN 65). Lower submarines revenues related to the Virginia-class (SSN 774) submarine (VCS) program were due to decreased volumes on Block III boats.

Newport News Shipbuilding segment operating income for the fourth quarter was $106 million, a decrease of $33 million from the same period last year. Segment operating margin was 9.3 percent for the quarter, compared to 12.4 percent in the same period last year. These decreases were primarily due to favorable changes in overhead costs in fourth quarter 2016 and the receipt of a $15 million local government incentive grant in fourth quarter 2016, partially offset by higher risk retirement on the aircraft carrier RCOH program in fourth quarter 2017.

For the full year, Newport News Shipbuilding revenues were $4.2 billion, an increase of $75 million, or 1.8 percent, from 2016, due to higher revenues in aircraft carriers and naval nuclear support services, partially offset by lower revenues in submarines. Higher aircraft carrier revenues were primarily due to increased volumes on the advance planning and execution contract for the RCOH of USS George Washington, the construction contract for John F. Kennedy and the advance planning contract for Enterprise (CVN 80), partially offset by decreased volumes on the execution contract for the RCOH of USS Abraham Lincoln, the construction contract for the delivered Gerald R. Ford and the inactivation of the decommissioned Enterprise (CVN 65). Higher naval nuclear support services revenues were primarily due to increased volume in submarine support services and facility maintenance services, partially offset by decreased volume in aircraft carrier support services. Lower submarines revenues related to the VCS program were due to decreased volumes on Block III boats, partially offset by increased volumes on Block IV boats.

For the full year, Newport News Shipbuilding segment operating income was $354 million, a decrease of $32 million from 2016. The decrease was primarily due to favorable changes in overhead costs in fourth quarter 2016, the receipt of a $15 million local government incentive grant in fourth quarter 2016, and lower volume and risk retirement in the VCS program. These decreases were partially offset by the resolution of outstanding contract changes on the inactivation of the decommissioned Enterprise and the RCOH of USS Abraham Lincoln. Segment operating margin for 2017 was 8.5 percent, compared to 9.4 percent in 2016.

Key Newport News Shipbuilding milestones for the quarter:

· Awarded a $60 million contract to overhaul USS Boise (SSN 764), which includes options that, if exercised, would bring the total value of the contract to $385 million
· Awarded a contract from General Dynamics Electric Boat worth up to $468 million to begin integrated product and process development for the U.S. Navy’s new Columbia-class submarines

               
Technical Solutions
               
  *Three Months Ended*       *Year Ended*    
  *December 31*       *December 31*    
($ in millions) *2017* *2016* *$
Change* *%
Change*   *2017* *2016* *%
Change* *%
Change*
Revenues *$* *242*   $ 186   $ 56   30.1 %   *$* *952*   $ 691   261   37.8 %
Segment operating income (loss)^1 *8*   1   $ 7   700.0 %   *21*   8   13   162.5 %
Segment operating margin %^1 *3.3* *%* 0.5 %   277 bps   *2.2* *%* 1.2 %   105 bps
^1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.
 

Technical Solutions revenues for the fourth quarter were $242 million, an increase of $56 million, or 30.1 percent, from the same period in 2016, primarily due to higher revenues in integrated missions solutions services and fleet support. Higher revenues in integrated missions solutions services were due to the acquisition of Camber in December 2016.

Technical Solutions segment operating income for the fourth quarter was $8 million, compared to $1 million in fourth quarter 2016, driven primarily by improved performance in nuclear and environmental services and increased volume in integrated missions solutions services, due to the acquisition of Camber in December 2016.

For the full year, Technical Solutions revenues were $952 million, an increase of $261 million, or 37.8 percent, from 2016, primarily due to higher volumes in integrated missions solutions services following the December 2016 acquisition of Camber, and higher volumes in fleet support and oil and gas services, partially offset by lower volumes in nuclear and environmental services due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract.

For the full year, Technical Solutions segment operating income was $21 million, compared to $8 million in 2016. This increase was primarily due to improved performance in oil and gas services and higher volume in integrated missions solutions services following the December 2016 acquisition of Camber, partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract.

Key Technical Solutions milestones for the quarter:

· Awarded a U.S. Department of Energy contract for the Los Alamos Legacy Cleanup, as part of Newport News Nuclear BWXT Los Alamos, LLC (N3B), a joint venture led by Stoller Newport News Nuclear (SN3), with partner BWX Technologies, Inc.

*About Huntington Ingalls Industries*

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear and Environmental, and Oil and Gas operations. Headquartered in Newport News, Virginia, HII employs nearly 38,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.

*Conference Call Information*

Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. ET today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.huntingtoningalls.com. A telephone replay of the conference call will be available from 12 noon today through Thursday, Feb. 22 by calling toll-free (855) 859-2056 or (404) 537-3406 and using conference ID 1284447.

*Forward-Looking Statements*

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

*Exhibit A: Financial Statements*

     
*HUNTINGTON INGALLS INDUSTRIES, INC.*
*CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)*
     
    *Year Ended December 31*
(in millions, except per share amounts)   *2017*   *2016*   *2015*
Sales and service revenues            
Product sales   *$* *5,573*     $ 5,631     $ 5,665  
Service revenues   *1,868*     1,437     1,355  
Sales and service revenues   *7,441*     7,068     7,020  
Cost of sales and service revenues            
Cost of product sales   *4,444*     4,380     4,319  
Cost of service revenues   *1,574*     1,228     1,198  
Income (loss) from operating investments, net   *12*     6     10  
Other income and gains   *—*     15     —  
General and administrative expenses   *570*     623     669  
Goodwill impairment   *—*     —     75  
Operating income (loss)   *865*     858     769  
Other income (expense)            
Interest expense   *(94* *)*   (74 )   (137 )
Other, net   *1*     —     —  
Earnings (loss) before income taxes   *772*     784     632  
Federal and foreign income taxes   *293*     211     228  
Net earnings (loss)   *$* *479*     $ 573     $ 404  
             
Basic earnings (loss) per share   *$* *10.48*     $ 12.24     $ 8.43  
Weighted-average common shares outstanding   *45.7*     46.8     47.9  
             
Diluted earnings (loss) per share   *$* *10.46*     $ 12.14     $ 8.36  
Weighted-average diluted shares outstanding   *45.8*     47.2     48.3  
             
Net earnings (loss) from above   *$* *479*     $ 573     $ 404  
Other comprehensive income (loss)            
Change in unamortized benefit plan costs   *59*     (172 )   34  
Other   *14*     (1 )   (5 )
Tax benefit (expense) for items of other comprehensive income   *(22* *)*   67     (12 )
Other comprehensive income (loss), net of tax   *51*     (106 )   17  
Comprehensive income (loss)   *$* *530*     $ 467     $ 421  
                         

     
*HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
*    
    *December 31*
($ in millions)   *2017*   *2016*
*Assets*        
*Current Assets*        
Cash and cash equivalents   *$* *701*     $ 720  
Accounts receivable, net of allowance for doubtful accounts of $15 million as of 2017 and $4 million as of 2016   *1,188*     1,164  
Inventoried costs, net   *183*     210  
Prepaid expenses and other current assets   *123*     48  
Total current assets   *2,195*     2,142  
Property, plant, and equipment, net of accumulated depreciation of $1,770 million as of 2017 and $1,627 million as of 2016   *2,215*     1,986  
*Other Assets*        
Goodwill   *1,217*     1,234  
Other intangible assets, net of accumulated amortization of $528 million as of 2017 and $488 million as of 2016   *508*     548  
Long-term deferred tax assets   *114*     314  
Miscellaneous other assets   *125*     128  
Total other assets   *1,964*     2,224  
*Total assets*   *$* *6,374*     $ 6,352  
*Liabilities and Stockholders' Equity*        
*Current Liabilities*        
Trade accounts payable   *$* *375*     $ 316  
Accrued employees’ compensation   *245*     241  
Current portion of postretirement plan liabilities   *139*     147  
Current portion of workers’ compensation liabilities   *250*     217  
Advance payments and billings in excess of revenues   *146*     166  
Other current liabilities   *236*     256  
Total current liabilities   *1,391*     1,343  
Long-term debt   *1,279*     1,278  
Pension plan liabilities   *922*     1,116  
Other postretirement plan liabilities   *414*     431  
Workers’ compensation liabilities   *509*     441  
Other long-term liabilities   *101*     90  
Total liabilities   *4,616*     4,699  
*Commitments and Contingencies*        
*Stockholders’ Equity*        
Common stock, $0.01 par value; 150 million shares authorized; 53.0 million shares issued and 45.1 million shares outstanding as of December 31, 2017, and 52.6 million shares issued and 46.2 million shares outstanding as of December 31, 2016   *1*     1  
Additional paid-in capital   *1,942*     1,964  
Retained earnings (deficit)   *1,687*     1,323  
Treasury stock   *(972* *)*   (684 )
Accumulated other comprehensive income (loss)   *(900* *)*   (951 )
Total stockholders’ equity   *1,758*     1,653  
*Total liabilities and stockholders’ equity*   *$* *6,374*     $ 6,352  
                 

     
*HUNTINGTON INGALLS INDUSTRIES, INC.*
*CONSOLIDATED STATEMENTS OF CASH FLOWS**
*
    *Year Ended December 31*
($ in millions)   *2017*   *2016*   *2015*
*Operating Activities*            
Net earnings (loss)   *$* *479*     $ 573     $ 404  
Adjustments to reconcile to net cash provided by (used in) operating activities            
Depreciation   *165*     163     154  
Amortization of purchased intangibles   *40*     23     26  
Amortization of debt issuance costs   *6*     5     8  
Provision for doubtful accounts   *10*     —     —  
Stock-based compensation   *34*     36     43  
Deferred income taxes   *184*     85     (15 )
Proceeds from insurance settlement related to investing activities   *—*     —     (21 )
Impairment of goodwill and intangible assets   *—*     —     102  
Loss on early extinguishment of debt   *22*     —     44  
Change in            
Accounts receivable   *(35* *)*   (22 )   (41 )
Inventoried costs   *18*     75     54  
Prepaid expenses and other assets   *(52* *)*   (17 )   (31 )
Accounts payable and accruals   *102*     (41 )   97  
Retiree benefits   *(163* *)*   (44 )   32  
Other non-cash transactions, net   *4*     (14 )   5  
Net cash provided by (used in) operating activities   *814*     822     861  
*Investing Activities*            
Capital Expenditures
           
Capital expenditure additions
  *(382* *)*   (285 )   (188 )
Grant proceeds for capital expenditures
  *21*     —     —  
Proceeds from disposition of assets   *9*     4     32  
Acquisitions of businesses, net of cash received   *3*     (372 )   (6 )
Proceeds from insurance settlement related to investing activities   *—*     —     21  
Net cash provided by (used in) investing activities   *(349* *)*   (653 )   (141 )
*Financing Activities*            
Proceeds from issuance of long-term debt   *600*     —     600  
Repayment of long-term debt   *(600* *)*   —     (995 )
Debt issuance costs   *(12* *)*   —     (21 )
Premiums and fees related to early extinguishment of debt   *(15* *)*   —     (33 )
Dividends paid   *(115* *)*   (98 )   (81 )
Repurchases of common stock   *(286* *)*   (194 )   (232 )
Employee taxes on certain share-based payment arrangements   *(56* *)*   (51 )   (54 )
Net cash provided by (used in) financing activities   *(484* *)*   (343 )   (816 )
Change in cash and cash equivalents   *(19* *)*   (174 )   (96 )
Cash and cash equivalents, beginning of period   *720*     894     990  
Cash and cash equivalents, end of period   *$* *701*     $ 720     $ 894  
*Supplemental Cash Flow Disclosure*            
Cash paid for income taxes   *$* *223*     $ 229     $ 242  
Cash paid for interest   *$* *72*     $ 71     $ 96  
*Non-Cash Investing and Financing Activities*            
Capital expenditures accrued in accounts payable   *$* *33*     $ 24     $ 17  
Capital assets received from government grants   *$* *—*     $ 30     $ —  
                         

*Exhibit B: Non-GAAP Measures Definitions & Reconciliations*

We make reference to “segment operating income (loss),” “segment operating margin,” “adjusted net earnings (loss),” “adjusted diluted earnings per share,” and “free cash flow.”

We internally manage our operations by reference to “segment operating income (loss)” and “segment operating margin,” which are not recognized measures under GAAP. When analyzing our operating performance, investors should use segment operating income (loss) and segment operating margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. They are measures that we use to evaluate our core operating performance. We believe that segment operating income (loss) and segment operating margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of segment operating income (loss) and segment operating margin may not be comparable to similarly titled measures of other companies.

Adjusted net earnings (loss) and adjusted diluted earnings per share are not measures recognized under GAAP. They should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. We believe these measures are useful to investors because they exclude items that do not reflect our core operating performance. They may not be comparable to similarly titled measures of other companies.

Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies.

*Segment operating income (loss) *is defined as operating income (loss) for the relevant segment(s) before the FAS/CAS Adjustment and non-current state income taxes.

*Segment operating margin *is defined as segment operating income (loss) as a percentage of sales and service revenues.

*Adjusted net earnings (loss) *is defined as net earnings (loss) adjusted for the after-tax impact of the loss on early extinguishment of debt in fourth quarter 2017 and for tax reform.

*Adjusted diluted earnings per share *is defined as adjusted net earnings (loss) divided by the weighted-average diluted common shares outstanding.

*Free cash flow* is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

*FAS/CAS Adjustment *is defined as the difference between our pension and postretirement plan expense under GAAP Financial Accounting Standards and the same expense under U.S. Cost Accounting Standards (CAS). Our pension and postretirement plan expense is charged to our contracts under CAS and included in segment operating income.

*Non-current state income taxes* are defined as deferred state income taxes, which reflect the change in deferred state tax assets and liabilities and the tax expense or benefit associated with changes in state uncertain tax positions in the relevant period. These amounts are recorded within operating income. Current period state income tax expense is charged to contract costs and included in cost of sales and service revenues in segment operating income.

We present financial measures adjusted for the FAS/CAS Adjustment and non-current state income taxes to reflect the company’s performance based upon the pension costs and state tax expense charged to our contracts under CAS. We use these adjusted measures as internal measures of operating performance and for performance-based compensation decisions.

         
*Reconciliation of Segment Operating Income (Loss) and Segment Operating Margin*
         
    *Three Months Ended*   *Year Ended*
    *December 31*   *December 31*
($ in millions)   *2017*   *2016*   *2017*   *2016*
Ingalls revenues   *$* *638*     $ 641     *$* *2,420*     $ 2,389  
Newport News revenues   *1,139*     1,119     *4,164*     4,089  
Technical Solutions revenues   *242*     186     *952*     691  
Intersegment eliminations   *(23* *)*   (24 )   *(95* *)*   (101 )
*Sales and Service Revenues*   *1,996*     1,922     *7,441*     7,068  
*Segment Operating Income (Loss)*                
Ingalls   *75*     85     *313*     321  
  As a percentage of Ingalls revenues   11.8 %   13.3 %   12.9 %   13.4 %
Newport News   *106*     139     *354*     386  
  As a percentage of Newport News revenues   9.3 %   12.4 %   8.5 %   9.4 %
Technical Solutions   *8*     1     *21*     8  
  As a percentage of Technical Solutions revenues   3.3 %   0.5 %   2.2 %   1.2 %
*Segment Operating Income (Loss)*   *189*     225     *688*     715  
  As a percentage of Sales and Service revenues   9.5 %   11.7 %   9.2 %   10.1 %
Non-segment factors affecting operating income (loss):                
FAS/CAS Adjustment   *45*     38     *189*     145  
Non-current state income taxes   *(7* *)*   5     *(12* *)*   (2 )
*Operating Income*   *227*     268     *865*     858  
Interest expense   *(41* *)*   (18 )   *(94* *)*   (74 )
Other, net   *1*     1     *1*     —  
Federal and foreign income taxes   *(123* *)*   (54 )   *(293* *)*   (211 )
*Net Earnings*   *$* *64*     $ 197     *$* *479*     $ 573  
                                 

         
*Reconciliation of Adjusted Net Earnings*
         
    *Three Months Ended*   *Year Ended*
    *December 31*   *December 31*
(in millions)   *2017*   *2016*   *2017*   *2016*
*Adjusted Net Earnings (Loss)*                
Net earnings (loss)   *$* *64*     $ 197     *$* *479*     $ 573  
After-tax adjustment for loss on early extinguishment of debt^1   *14*     —     *14*     —  
Tax reform adjustments:                
Tax expense related to 2017 Tax Act^2   *56*     —     *56*     —  
Tax expense related to discretionary pension contributions^3   *7*   —     *7*   —  
Adjusted Net Earnings (Loss)   *$* *141*     $ 197     *$* *556*     $ 573  
                                 

         
*Reconciliation of Adjusted Diluted Earnings per Share*
         
    *Three Months Ended*   *Year Ended*
    *December 31*   *December 31*
    *2017*   *2016*   *2017*   *2016*
*Adjusted Diluted EPS*                
Diluted earnings (loss) per share   *$* *1.41*     $ 4.20     *$* *10.46*     $ 12.14  
After-tax adjustment for loss on early extinguishment of debt per share^1   *0.31*     —     *0.31*     —  
Tax reform adjustments:                
Tax expense related to 2017 Tax Act per share^2   *1.23*     —     *1.22*     —  
Tax expense related to discretionary pension contributions per share^3   *0.16*     —     *0.15*     —  
Adjusted Diluted EPS   *$* *3.11*     $ 4.20     *$* *12.14*     $ 12.14  
                                 

           
*Footnotes to the Reconciliation of Adjusted Net Earnings and Adjusted Diluted Earnings per Share*
           
    *Three Months Ended*   *Year Ended*  
    *December 31*   *December 31*  
    *2017*   *2016*   *2017*   *2016*  
*(1) Loss on early extinguishment of debt*   *$* *22*     $ —     *$* *22*     $ —    
Tax effect at 35% statutory rate*   *8*     —     *8*     —    
After-tax effect   *14*     —     *14*     —    
Weighted-Average Diluted Shares Outstanding   *45.4*     46.9     *45.8*     47.2    
Per share impact**   *$* *0.31*     $ —     *$* *0.31*     $ —    
                   
*(2) Tax expense related to 2017 Tax Act ^a*   *$* *56*     $ —     *$* *56*     $ —    
Weighted-Average Diluted Shares Outstanding   *45.4*     46.9     *45.8*     47.2    
Per share impact**   *$* *1.23*     $ —     *$* *1.22*     $ —    
                   
*(3) Tax expense related to discretionary pension contributions ^b*   *$* *7*     $ —     *$* *7*     $ —    
Weighted-Average Diluted Shares Outstanding   *45.4*     46.9     *45.8*     47.2    
Per share impact**   *$* *0.16*     $ —     *$* *0.15*     $ —    
*The income tax impact is calculated using the tax rate in effect for the relevant non-GAAP adjustment.  
**Amounts may not recalculate exactly due to rounding.  
^a Reflects the impact of the net deferred tax assets write down  
^b Reflects the additional income tax expense from the lower manufacturing deductions available as a result of our planned $214 million increased pre-tax discretionary pension contribution in 2018  
   

         
*Reconciliation of Free Cash Flow*
         
    *Three Months Ended*   *Year Ended*
    *December 31*   *December 31*
($ in millions)   *2017*   *2016*   *2017*   *2016*
Net cash provided by (used in) operating activities   *434*     345     *814*     822  
Less capital expenditures:                
Capital expenditure additions
  *(154* *)*   (140 )   *(382* *)*   (285 )
Grant proceeds for capital expenditures
  *21*     —     *21*     —  
*Free cash flow*   *301*     205     *453*     537  
                         

Contacts:

Jerri Fuller Dickseski (Media)
jerri.dickseski@hii-co.com
757-380-2341

Dwayne Blake (Investors)
dwayne.blake@hii-co.com
757-380-2104 Reported by GlobeNewswire 3 hours ago.

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