August 22, 2018 - 6:00 AM EDT
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Mechel Reports the 1H 2018 Financial Results

Consolidated revenue 157.0 bln rubles (+5% compared to 1H 2017) 
EBITDA* 41.4 bln rubles (+3% compared to 1H 2017) 
Profit attributable to equity shareholders of Mechel PAO – 4.7 bln rubles

MOSCOW, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Mechel PAO (MOEX: MTLR, NYSE: MTL), a leading Russian mining and steel group, announces financial results for the 1H 2018.

Mechel PAO’s Chief Executive Officer Oleg Korzhov commented:

“In the second quarter, the Group improved its financial results quarter-on-quarter. The first half of the year’s results have also improved year-on-year. This was due to the implementation of our strategy of increasing the share of high-margin products in our production and sales structure, as well as a favorable market environment for most of our products.

“In the second quarter, our company managed to stabilize mining volumes. The measures undertaken since mid-last year and aimed at renewing and replenishing our mining fleet, yielded positive results. The only decline in mining we registered was at Yakutugol, which had accumulated sufficient stockpiles for processing and shipping. Yakutugol focused on stripping works, which is preparation for future coal mining. Other mining facilities, including Korshunov Mining Plant, demonstrated increase in mining volumes. We continue to work on restoring our production volumes.

“A minor decrease in our steel division’s pig iron and steel production was due to planned repairs at Chelyabinsk Metallurgical Plant. We also continue to push forward with our investment projects that will enable us to substitute imports and further improve our competitive advantages and profit margin. Practically all our facilities take advantage of favorable market conditions to master production of new product types and expand into new markets.

“Among other positive news I would like to note that the Group has received Gazprombank’s confirmation of adherence to the debt repayment schedule agreed for our credit facilities, which led to the write-off of fines and penalties totaling 7.3 billion rubles.”

Consolidated Results For The 1H2018

Mln rubles1H’ 18 1H’ 17 % 2Q’ 18 1Q’ 18 % 
Revenue
from external customers
157,038 149,384 5%82,186 74,852 10%
Operating profit32,641 30,677 6%19,258 13,383 44%
EBITDA 41,440 40,227 3%23,004 18,436 25%
EBITDA, margin26%27% 28%25% 
Profit
attributable to equity shareholders of Mechel PAO
4,693 4,994 -6%1,400 3,293 -57%

___________________________

*  EBITDA - Adjusted EBITDA. Please find the calculation of the Adjusted EBITDA and other non-IFRS measures used here and hereafter in Attachment A.

Mining Segment

Mechel Mining Management OOO’s Chief Executive Officer Pavel Shtark noted:

“In 2Q2018, the division demonstrated an improvement in financial results. Revenue from sales of our products to third parties went up by 13% quarter-on-quarter, EBITDA increased by 37%, and EBITDA margin reached 41%. The increase of sales of key products became the main factor that had a positive impact on the dynamics of the division’s results.

“The situation in the global coal market has worsened in 2Q2018 quarter-on-quarter as contract prices for premium hard coking coal slumped from $237 to $197 per tonne and average spot prices went down from $228 to $190 per tonne. Russia’s coal market was more stable, which enabled us to avoid the decrease in ruble prices on FCA basis quarter-on-quarter.

“The situation in China and Australia will traditionally have an impact on coal prices’ further dynamics. In August, Chinese authorities announced that investment into railway infrastructure in 2018 will most likely exceed 800 billion yuan instead of 732 billion planned earlier. China’s growing demand for steel products, combined with limitations on steel production in that country, which likely contribute to an inflated demand for high-quality imported raw materials. It is also possible that China will continue to amalgamate and consolidate coal producers while limiting mining volumes, which should also support prices.

“As for Australia, I should note that the leading producer of Australian coking coal reached record mining volumes, but export of Australian coal is unlikely to beat any records as insufficient funding will force rail freight operator Aurizon to reduce coal shipments by 20 million tonnes in 2018, including 16 million tonnes of coking coal.

“In the second quarter, the division increased coal sales volumes, as mining at Southern Kuzbass Coal Company and Elgaugol went up by 2% and 12% respectively. Mining at Yakutugol decreased quarter-on-quarter by 20%, which was due to an added focus on stripping works that exceeded the previous quarter’s results by 40%. In addition, in 1Q2018 a certain amount of coal has not been shipped, but remained in storage to be sold in the second quarter, which ensured a quarter-on-quarter increase in coal shipments. Due to large volumes of stripping works done at Yakutugol, production costs of products sold went up, but growth of mining volumes at Southern Kuzbass and Yakutugol led to a decrease in product unit costs and, ultimately, to an improved EBITDA and margin.”

Mln rubles1H’ 18 1H’ 17 % 2Q’ 18 1Q’ 18 % 
Revenue
from external customers
48,400 51,519 -6%25,676 22,724 13%
Revenue
inter-segment
19,045 23,268 -18%9,633 9,412 2%
EBITDA 24,891 34,563 -28%14,408 10,483 37%
EBITDA, margin37%46% 41%33% 

Steel Segment

Mechel-Steel Management Company OOO’s Chief Executive Officer Andrey Ponomarev noted:

“In this reporting period, the division continued to improve its operational and financial results. There was an improvement of financial results both in 2Q2018 quarter-on-quarter and in 1H2018 year-on-year. Revenue from sales to third parties went up by 13% quarter-on-quarter, EBITDA went up by 33%, and margin reached 16%.

“Though early in 2Q2018 market growth was restrained by high competition and our consumers’ persistently low business activity, by mid-period demand has begun to pick up. Even though in June The 2018 FIFA World Cup put a damper on construction activity and overall demand, the price level for our products was higher quarter-on-quarter, which supported our financial results. Early in 3Q2018 prices in the market for long rolls began to grow, even though the excitement characteristic for the construction season is lacking.

“In this reporting period we increased sales of long products, hardware and stampings. Pig iron and steel production slumped by 4% and 6% accordingly quarter-on-quarter, which was due to planned repairs of Chelyabinsk Metallurgical Plant’s key facilities. In addition, we decreased shipments of rails both quarter-on-quarter and half a year on half a year, for the duration of negotiations on a new annual contract terms with Russian Railways. During this pause, the universal rolling mill was additionally loaded with beam production.”

Mln rubles1H’ 18 1H’ 17 % 2Q’ 18 1Q’ 18 % 
Revenue
from external customers
94,382 84,955 11%50,144 44,238 13%
Revenue
inter-segment
2,955 3,740 -21%1,365 1,590 -14%
EBITDA 14,484 6,074 138%8,280 6,204 33%
EBITDA, margin15%7% 16%14% 

Power Segment        

Mechel-Energo OOO’s Chief Executive Officer Petr Pashnin noted:

“In 2Q2018 the power division demonstrated an expected decline in financial and operational results quarter-on-quarter as the heating season came to a close and the repair campaign aimed at preparing our key heat and electrical equipment for the new season began. At the same time, in 1H2018 the power division demonstrated an improvement in both financial and operational results year-on-year, which was due to a higher load of our facilities in the cold winter season.”

Mln rubles1H’ 18 1H’ 17 % 2Q’ 18 1Q’ 18 % 
Revenue
from external customers
14,256 12,910 10%6,365 7,891 -19%
Revenue
inter-segment
7,621 8,473 -10%3,584 4,037 -11%
EBITDA 1,200 966 24%463 737 -37%
EBITDA, margin5%5% 5%6% 

The management of Mechel will host a conference call today at 6:00 p.m. Moscow time (4:00 p.m. London time, 11:00 a.m. New York time) to review Mechel’s financial results and comment on current operations. The call may be accessed via the Internet at http://www.mechel.com, under the Investor Relations section.

Please dial the number below approximately 10 minutes prior to the scheduled time of the call.

Conference Call Phone Numbers:

International: +44 (0) 330 336 9125 
US: +1 323-994-2082
Russia: +7 495 213 1767

Conference ID: 1122595

Alexey Lukashov
Director of Investor Relations
Mechel PAO
Phone: 7-495-221-88-88
Fax: 7-495-221-88-00
[email protected]

Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

Attachments to the 1H 2018 Earnings Press Release

Attachment A

Non-IFRS financial measures. This press release includes financial information prepared in accordance with International Financial Reporting Standards, or IFRS, as well as other financial measures referred to as non-IFRS. The non-IFRS financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with IFRS.

Adjusted EBITDA (EBITDA) represents profit (loss) attributable to equity shareholders of Mechel PAO before Depreciation, depletion and amortization, Foreign exchange loss (gain), net, Finance costs including fines and penalties on overdue loans and borrowings and finance lease payments, Finance income, Net result on the disposal of non-current assets, Impairment of goodwill and other non-current assets, Write-off of accounts receivable, Write-off of inventories to net realisable value, Allowance for expected credit losses on financial assets, Allowance for doubtful accounts,  Net result on the disposal of subsidiaries, Profit (loss) attributable to non-controlling interests, Income tax expense (benefit), Pension service cost and actuarial loss, other related expenses, Other fines and penalties, Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term and Other one-off items. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of our Revenue. Our adjusted EBITDA may not be similar to EBITDA measures of other companies. Adjusted EBITDA is not a measurement under IFRS and should be considered in addition to, but not as a substitute for the information contained in our interim condensed consolidated statement of profit (loss) and other comprehensive income. We believe that our adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, depletion, amortisation and impairment of goodwill and other non-current assets are considered operating expenses under IFRS, these expenses primarily represent the non-cash current period allocation of costs associated with non-current assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the metals and mining industry.

Our calculations of Net debt, excluding fines and penalties on overdue amounts** and trade working capital are presented below:

Mln rubles30.06.2018 31.12.2017 
Loans and borrowings, excluding interest payable, fines and penalties on overdue  amounts390,520 380,541 
Interest payable18,889 20,420 
Non-current loans and borrowings15,991 17,360 
Other non-current financial liabilities42,516 40,916 
Other current financial liabilities  534 734 
less Cash and cash equivalents(2,936)(2,452)
Net debt, excluding finance lease liabilities, fines and penalties on overdue amounts 465,514 457,519 
   
Current finance lease liabilities6,572 7,476 
Non-current finance lease liabilities2,327 1,878 
Net debt, excluding fines and penalties on overdue amounts474,413 466,873 
   
   
Mln rubles30.06.2018 31.12.2017 
Trade and other receivables19,839 18,762 
Inventories41,090 37,990 
Other current assets7,831 7,589 
Income tax receivables168 107 
Trade current assets68,928 64,448 
   
Trade and other payables33,640 33,469 
Advances received5,430 4,385 
Provisions and other current liabilities2,642 3,428 
Taxes and similar charges payable other than income tax7,162 6,696 
Income tax payable5,325 4,578 
Trade current liabilities54,199 52,556 
   
Trade working capital14,729 11,892 

_____________________________

** Calculations of Net debt could be differ from indicators calculated in accordance with loan agreements upon dependence on definitions in such agreements.


EBITDA can be reconciled to our interim condensed consolidated statement of profit (loss) and other comprehensive income as follows:

  Consolidated
Results
 Mining
Segment
***
 Steel
Segment
***
 Power
Segment
***
 Mln rubles 6m 2018   6m 2017    6m 2018   6m 2017    6m 2018   6m 2017    6m 2018   6m 2017  
 Profit (loss) attributable to equity shareholders of Mechel PAO4,693 4,994  1,284 10,698  1,673 (4,312) 643 (13)
 Add:           
 Depreciation, depletion and amortisation6,991 7,228  3,916 4,077  2,825 2,919  250 232 
 Foreign exchange loss (gain), net11,580 (1,804) 7,792 (1,496) 3,771 (308) 17 - 
 Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments21,445 24,096  15,867 17,725  6,036 6,975  281 447 
 Finance income(7,863)(442) (6,170)(1,042) (1,661)(421) (771)(32)
 Net result on the disposal of non-current assets, impairment of goodwill and other non-current assets, write-off of accounts receivable and write-off of inventories to net realisable value, allowance for expected credit losses on financial assets and allowance for doubtful accounts1,536 1,253  475 495  511 508  553 249 
 Net result on the disposal of subsidiaries(310)4  (3)4  (307)-  - - 
 Profit (loss) attributable to non-controlling interests587 688  85 593  393 111  110 (16)
 Income tax expense2,465 3,627  1,772 3,123  824 473  92 31 
 Pension service cost and actuarial loss, other related expenses71 64  59 51  11 11  1 2 
 Other fines and penalties309 599  (163)372  447 159  26 68 
 Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term(64)(80) (23)(37) (39)(41) (2)(2)
 EBITDA41,440 40,227  24,891 34,563  14,484 6,074  1,200 966 
 EBITDA, margin26%27% 37%46% 15%7% 5%5%
             
 Mln rubles2q 2018 1q 2018  2q 2018 1q 2018  2q 2018 1q 2018  2q 2018 1q 2018 
 Profit (loss) attributable to equity shareholders of Mechel PAO1,400 3,293  1,013 271  (370)2,043  676 (33)
 Add:           
 Depreciation, depletion and amortisation3,514 3,477  1,946 1,970  1,452 1,373  116 134 
 Foreign exchange loss (gain), net12,088 (508) 8,289 (497) 3,783 (12) 16 1 
 Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments10,982 10,463  8,167 7,700  3,057 2,979  123 158 
 Finance income(7,770)(93) (5,822)(348) (1,553)(108) (760)(11)
 Net result on the disposal of non-current assets, impairment of goodwill and other non-current assets, write-off of accounts receivable and write-off of inventories to net realisable value, allowance for expected credit losses on financial assets and allowance for doubtful accounts295 1,241  111 364  74 437  113 440 
 Net result on the disposal of subsidiaries(310)-  (3)-  (307)-  - - 
 Profit attributable to non-controlling interests349 238  56 29  221 172  73 37 
 Income tax expense (benefit)2,455 10  893 879  1,686 (862) 99 (7)
 Pension service cost and actuarial loss, other related expenses35 36  30 29  5 6  - 1 
 Other fines and penalties(1)310  (255)92  248 199  7 19 
 Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term(33)(31) (17)(6) (16)(23) - (2)
 EBITDA23,004 18,436  14,408 10,483  8,280 6,204  463 737 
 EBITDA, margin28%25% 41%33% 16%14% 5%6%
 *** including inter-segment operations 


Attachment B

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT (LOSS) AND
OTHER COMPREHENSIVE INCOME
for the six months ended June 30, 2018
(All amounts are in millions of Russian rubles, unless stated otherwise) Six months ended
June 30,
2018
 Six months ended
June 30,
2017
  (unaudited) (unaudited)
     
Revenue 157,038  149,384 
Cost of sales (85,384) (80,608)
Gross profit 71,654  68,776 
     
Selling and distribution expenses (28,851) (27,723)
Loss on write-off of non-current assets (200) (148)
Allowance for expected credit losses on financial assets (528) (443)
Taxes other than income taxes (2,396) (2,556)
Administrative and other operating expenses (7,685) (7,718)
Other operating income 647  489 
Total selling, distribution and operating income and (expenses), net (39,013) (38,099)
Operating profit 32,641  30,677 
     
Finance income 7,863  442 
Finance costs including fines and penalties on overdue loans and borrowings and finance leases payments of RUB 734 million and RUB 699 million for the six months ended June 30, 2018 and 2017, respectively (21,445) (24,096)
Foreign exchange (loss) gain, net (11,580) 1,804 
Share of profit of associates, net 36  11 
Other income 401  541 
Other expenses (171) (70)
Total other income and (expense), net (24,896) (21,368)
Profit before tax 7,745  9,309 
     
Income tax expense (2,465) (3,627)
Profit for the period 5,280  5,682 
     
Attributable to:    
Equity shareholders of Mechel PAO 4,693  4,994 
Non-controlling interests 587  688 
     
Other comprehensive income    
Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods, net of income tax: (321) 28 
Exchange differences on translation of foreign operations (321) 28 
Other comprehensive income not to be reclassified to profit or loss in subsequent periods, net of income tax: 6  - 
Re-measurement of defined benefit plans 6  - 
Other comprehensive (loss) income for the period, net of tax (315) 28 
     
Total comprehensive income for the period, net of tax 4,965  5,710 
     
Attributable to:    
Equity shareholders of Mechel PAO 4,378  5,022 
Non-controlling interests 587  688 
     
Earnings per share    
Weighted average number of common shares 416,270,745  416,270,745 
Basic and diluted profit for the period attributable to common equity shareholders of Mechel PAO (Russian rubles per share) 11,27  12,00 


INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as of June 30, 2018
(All amounts are in millions of Russian rubles)
   June 30, 2018   December 31, 2017
   (unaudited)   
     
Assets    
Non-current assets    
Property, plant and equipment 195,635  197,875 
Mineral licenses 32,626  33,240 
Goodwill and other intangible assets 19,234  19,211 
Investments in associates 291  283 
Deferred tax assets 148  96 
Other non-current assets 733  758 
Non-current financial assets 199  202 
Total non-current assets 248,866  251,665 
     
Current assets    
Inventories 41,090  37,990 
Income tax receivables 168  107 
Trade and other receivables 19,839  18,762 
Other current assets 7,831  7,589 
Other current financial assets 546  562 
Cash and cash equivalents 2,936  2,452 
Total current assets 72,410  67,462 
     
Total assets 321,276  319,127 
     
Equity and liabilities    
Equity    
Common shares 4,163  4,163 
Preferred shares 833  833 
Additional paid-in capital 24,378  24,378 
Accumulated other comprehensive income 988  1,303 
Accumulated deficit (282,121) (283,743)
Equity attributable to equity shareholders of Mechel PAO (251,759) (253,066)
Non-controlling interests 9,515  8,933 
Total equity (242,244) (244,133)
     
Non-current liabilities    
Loans and borrowings 15,991  17,360 
Finance lease liabilities 2,327  1,878 
Other non-current financial liabilities 42,516  40,916 
Other non-current liabilities 128  138 
Pension obligations 3,530  3,512 
Provisions 3,847  3,814 
Deferred tax liabilities 10,025  11,494 
Total non-current liabilities 78,364  79,112 
     
Current liabilities    
Loans and borrowings, including interest payable, fines and penalties on overdue amounts of RUB 32,451 million and RUB 41,992 million as of June 30, 2018 and December 31, 2017, respectively 422,971  422,533 
Trade and other payables 33,640  33,469 
Finance lease liabilities 6,572  7,476 
Income tax payable 5,325  4,578 
Taxes and similar charges payable other than income tax 7,162  6,696 
Advances received 5,430  4,385 
Other current financial liabilities 534  734 
Other current liabilities 75  69 
Pension obligations 880  849 
Provisions 2,567  3,359 
Total current liabilities 485,156  484,148 
     
Total liabilities 563,520  563,260 
Total equity and liabilities 321,276  319,127 


INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended June 30, 2018
(All amounts are in millions of Russian rubles unless stated otherwise)
  Six months ended
June 30,
2018
 Six months ended
June 30,
2017
  (unaudited) (unaudited)
Cash flows from operating activities    
Profit for the period 5,280  5,682 
Adjustments to reconcile profit to net cash provided by operating activities    
Depreciation of property, plant and equipment 6,250  6,334 
Depletion of mineral licenses and amortisation of intangible assets 741  894 
Foreign exchange loss (gain), net 11,580  (1,804)
Deferred tax (benefit) expense (678) 646 
Allowance for expected credit losses on financial assets 528  443 
Write-off of accounts receivable 67  18 
Write-off of inventories to net realisable value 710  631 
Loss on write-off of non-current assets 200  148 
Loss on disposal of non-current assets 52  134 
Gain on restructuring and forgiveness of accounts payable and write-off of accounts payable with expired legal term (64) (80)
Pension service cost and actuarial loss, other related expenses 71  64 
Finance income (7,863) (442)
Finance costs including fines and penalties on overdue loans and borrowings and finance lease payments of RUB 734 million and RUB 699 million for the six months ended June 30, 2018 and 2017, respectively 21,445  24,096 
Income associated with disposal of Bluestone (3) (462)
Provisions for legal claims, on taxes other than income tax and other provisions (606) (3)
Other (45) 40 
     
Changes in working capital items    
Trade and other receivables (1,023) (334)
Inventories (4,221) (2,474)
Trade and other payables 736  (2,247)
Advances received 932  597 
Taxes payable and other liabilities 3,355  2,528 
Other current assets (139) (424)
     
Income tax paid (2,501) (2,360)
     
Net cash provided by operating activities 34,804  31,625 
     
Cash flows from investing activities    
Loans issued and other investments -  (5)
Interest received 37  123 
Proceeds from royalty and other proceeds associated with disposal of Bluestone 3  462 
Proceeds from disposal of subsidiaries, net of cash disposed -  82 
Proceeds from loans issued and other investments 5  142 
Proceeds from disposals of property, plant and equipment 64  58 
Purchases of property, plant and equipment (2,155) (3,102)
Purchases of intangible assets (150) - 
Interest paid, capitalised (267) (188)
Net cash used in investing activities (2,463) (2,428)
     
Cash flows from financing activities    
Proceeds from loans and borrowings, including proceeds from factoring arrangement of RUB 3,193 million and nil for the six months ended June 30, 2018 and 2017, respectively 4,054  6,179 
Repayment of loans and borrowings, including payments from factoring arrangement of nil and RUB 2,670 million for the six months ended June 30, 2018 and 2017, respectively (15,256) (15,984)
Dividends paid to non-controlling interests (5) - 
Interest paid, including fines and penalties (16,818) (15,869)
Repayment of obligations under finance lease (1,474) (1,983)
Deferred payments for acquisition of assets (406) (108)
Deferred consideration paid for the acquisition of subsidiaries in prior periods (2,393) (1,545)
Net cash used in financing activities (32,298) (29,310)
     
Effect of exchange rate changes on cash and cash equivalents 37  (268)
Allowance for expected credit losses on cash and cash equivalents (32) - 
Net increase (decrease) in cash and cash equivalents 48  (381)
     
Cash and cash equivalents at beginning of period 2,452  1,689 
Cash and cash equivalents, net of overdrafts at beginning of period 1,223  1,453 
Cash and cash equivalents at end of period 2,936  2,951 
Cash and cash equivalents, net of overdrafts at end of period 1,271  1,072 

These interim condensed consolidated financial statements were prepared by Mechel PAO in accordance with IFRS and have not been audited by the independent auditor. If these interim condensed consolidated financial statements are audited in the future, the audit could reveal differences in our consolidated financial results and we cannot assure that any such differences would not be material.
There were certain reclassifications to conform with the current period presentation.

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Source: GlobeNewswire (August 22, 2018 - 6:00 AM EDT)

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