Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
2. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2009
WESTWOOD HOLDINGS GROUP, INC.
(Exact name of registrant as specified in charter)
Delaware 001-31234 75-2969997
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 Crescent Court, Suite 1200
Dallas, Texas 75201
(Address of principal executive offices)
(214) 756-6900
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions ( see General Instruction A.2. below) :
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
3. ITEM 2.02: RESULTS OF OPERATIONS AND FINANCIAL CONDITION
In accordance with Securities and Exchange Commission Release No. 34-47583, the following information, which is being furnished pursuant
to the requirements of Item 2.02, “Results of Operations and Financial Condition,” is being reported under Item 7.01, “Regulation FD
Disclosure.”
On April 21, 2009, Westwood Holdings Group, Inc. issued a press release entitled “Westwood Holdings Group, Inc. Reports First Quarter
2009 Results and Declares Quarterly Dividend; First Quarter Asset Inflows Offset Market Decline; Assets Under Management Remain at
Year-end 2008 Level of $7.2 Billion”, a copy of which is furnished with this Current Report on Form 8-K as Exhibit 99.1. The information in
this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing of the Company
under the Securities Act of 1933, as amended.
ITEM 7.01: REGULATION FD DISCLOSURE
Westwood also announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.30 per common share
payable on July 1, 2009 to stockholders of record on June 15, 2009.
ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits: The following exhibit is furnished with this report:
Exhibit Number Description
99.1 Press Release dated April 21, 2009, entitled “Westwood Holdings Group, Inc. Reports First Quarter 2009 Results and
Declares Quarterly Dividend; First Quarter Asset Inflows Offset Market Decline; Assets Under Management Remain at
Year-end 2008 Level of $7.2 Billion”.
4. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: April 21, 2009
WESTWOOD HOLDINGS GROUP, INC.
By: /s/ William R. Hardcastle, Jr.
William R. Hardcastle, Jr.,
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
99.1 Press Release dated April 21, 2009, entitled “Westwood Holdings Group, Inc. Reports First Quarter 2009 Results and
Declares Quarterly Dividend; First Quarter Asset Inflows Offset Market Decline; Assets Under Management Remain at
Year-end 2008 Level of $7.2 Billion”.
5. Exhibit 99.1
Westwood Holdings Group, Inc. Reports First Quarter 2009 Results and Declares Quarterly Dividend
First Quarter Asset Inflows Offset Market Decline; Assets Under Management Remain at Year-end 2008 Level
of $7.2 Billion
DALLAS--(BUSINESS WIRE)--April 21, 2009--Westwood Holdings Group, Inc. (NYSE: WHG) today reported 2009 first quarter revenues
of $8.2 million, net income of $1.2 million and earnings per diluted share of $0.19. This compares to revenues of $9.1 million, net income of
$2.0 million and earnings per diluted share of $0.31 in the first quarter of 2008. Cash earnings for the first quarter of 2009 were $2.7 million
compared to $3.2 million for the first quarter of 2008. Cash earnings per share (“Cash EPS”) for the first quarter of 2009 were $0.41 per diluted
share compared to $0.50 per diluted share for the first quarter of 2008. (Cash earnings and Cash EPS are non-GAAP financial measures that are
explained and reconciled with the most comparable GAAP financial measures in the attached tables.)
Brian Casey, Westwood’s President & CEO commented, “Despite the very tough market conditions encountered in the first quarter, we were
able to maintain year-end asset levels primarily due to strong inflows. Our business model, with its transparent, employee/shareholder
partnership, allows for continued stability during a period of extreme volatility. While many firms have had to cut their dividend and reduce
headcount, our Board today declared a dividend that maintains an annual rate of $1.20 per share. In addition, over the past twelve months, we
have added eight employees, which we believe enhance our team’s capabilities and capacity to support the long-term success of the firm.
Investments over the past three years to build our own family of mutual funds, the WHG Funds, have proven to be very rewarding. Our relative
performance has been excellent and we have experienced steady inflows. In a decidedly negative quarter for equity markets, assets under
management in the WHG Funds increased 13% during the first quarter compared to year-end 2008 assets. We believe that the current market
upheaval creates many opportunities for firms like Westwood that are client-focused, financially secure, ethically strong and with a
demonstrated track record over many market cycles. We are committed to delivering superior investment results, serving our clients attentively
and seeking opportunities to grow our business successfully.”
Assets under management were $7.2 billion as of March 31, 2009, a 4% decrease versus assets under management of $7.5 billion at March 31,
2008. Average assets under management for the first quarter were $7.2 billion, a decrease of 6% compared with $7.7 billion for the first quarter
of 2008. The year-over-year decrease in period ending assets under management was primarily due to market depreciation. Primarily as a result
of lower average assets under management, revenues declined by 10% versus the first quarter of 2008.
6. Total expenses for the first quarter were $6.3 million compared with $6.1 million for the first quarter of 2008. Cash expenses for the first
quarter were $4.8 million compared with $4.9 million for the first quarter of 2008. (An explanation and reconciliation of cash expenses to total
expenses is included in the attached tables.) The primary drivers of the increase in total expenses were: an increase of $274,000 in non-cash
restricted stock expense due to additional restricted stock grants made in February 2009 and 2008 as well as the higher price at which these
shares were granted compared to prior grants; an increase of $187,000 in salary expense due to increased headcount; and an increase in WHG
mutual funds expense of $143,000 due primarily to expenses related to future opportunities for additional mutual fund assets that we believe
will be realized later in 2009. These increases were offset by a decrease in incentive compensation expense of $435,000 due to lower pretax
income and a $112,000 decrease in financial advisory expense at Westwood Trust due to lower subadvised assets under management.
Westwood Trust contributed revenue of $2.4 million and net income of $319,000 in the first quarter of 2009, compared to revenue of $2.8
million and net income of $427,000 in the first quarter of 2008. Westwood Trust’s assets under management as of March 31, 2009 were $1.5
billion, a decrease of 14% versus $1.7 billion as of March 31, 2008. The decrease in assets under management was primarily due to market
depreciation, partially offset by net inflows from new and existing clients.
The WHG Funds, consisting of WHG LargeCap Value, WHG SMidCap, WHG SmallCap Value, WHG Income Opportunity and WHG
Balanced, held $285 million in assets under management as of March 31, 2009, an increase of approximately 15% versus March 31, 2008.
WHG SMidCap and WHG Income Opportunity are currently rated by Morningstar, Inc. as 5-stars and 4-stars, respectively. The WHG
LargeCap Value and WHG Balanced funds will be rated by Morningstar when they complete their three year track record later this year.
Westwood also announced today that its Board of Directors declared a quarterly cash dividend of $0.30 per common share payable on July 1,
2009 to stockholders of record on June 15, 2009.
Westwood will host a conference call to discuss the 2009 first quarter results and other business updates at 4:30 p.m. Eastern time today. To
listen to the conference call, dial 866-411-4706 (domestic) or 904-596-2360 (international). The conference call will also be available via
webcast and can be accessed at Westwood’s website, www.westwoodgroup.com under the Investor Relations tab. The conference call will be
available for replay through April 28 by dialing 888-284-7564 (domestic) or 904-596-3174 (international) and entering passcode 244122.
About Westwood
Westwood Holdings Group, Inc. manages investment assets and provides services for its clients through two subsidiaries, Westwood
Management Corp. and Westwood Trust. Westwood Management Corp. is a registered investment advisor and provides investment advisory
services to corporate and public retirement plans, endowments, foundations, the WHG Funds, other mutual funds and clients of Westwood
Trust. Westwood Trust provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high net
worth individuals. Westwood Holdings Group, Inc. trades on the New York Stock Exchange under the symbol “WHG.”
For more information on Westwood, please visit Westwood’s website at www.westwoodgroup.com .
For more information on the WHG Funds, please visit the Funds’ website at www.whgfunds.com .
7. Note on Forward-looking Statements
Statements in this press release that are not purely historical facts, including statements about our expected future financial position, results of
operations or cash flows, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,”
“should,” “could,” “goal,” “target,” “designed,” “on track,” “comfortable with,” “optimistic” and other similar expressions, constitute forward-
looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Actual results and the timing of some events could differ materially from those projected in or contemplated by the
forward-looking statements due to a number of factors, including, without limitation: our ability to identify and successfully market services
that appeal to our customers; the significant concentration of our revenues in four of our customers; our relationships with investment
consulting firms; our relationships with current and potential customers; our ability to retain qualified personnel; our ability to successfully
develop and market new asset classes; our ability to maintain our fee structure in light of competitive fee pressures; our ability to realize
potential performance-based advisory fees; competition in the marketplace; downturns in the financial markets; the passage of legislation
adversely affecting the financial services industries; interest rates; changes in our effective tax rate; our ability to maintain an effective system
of internal controls; and the other risks detailed from time to time in Westwood’s SEC filings, including but not limited to, its annual report on
Form 10-K for the year ended December 31, 2008 and its quarterly report on Form 10-Q for the three month period ended March 31, 2009.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Except as required by law, Westwood is not obligated to release publicly any revisions to these forward-looking statements to reflect the events
or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
8. WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three months ended
March 31,
2009 2008
REVENUES:
Advisory fees - asset based $ 6,130 $ 6,390
Trust fees 2,421 2,748
Other revenues, net (334) (11)
Total revenues 8,217 9,127
EXPENSES:
Employee compensation and benefits 4,694 4,662
Sales and marketing 130 137
WHG mutual funds 177 35
Information technology 310 261
Professional services 395 448
General and administrative 582 571
Total expenses 6,288 6,114
Income before income taxes 1,929 3,013
Provision for income taxes 699 1,058
Net income $ 1,230 $ 1,955
Earnings per share:
Basic $ 0.20 $ 0.32
Diluted $ 0.19 $ 0.31
9. WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of March 31, 2009 and December 31, 2008
(in thousands, except par value and share amounts)
March 31,
2009 December 31,
(unaudited) 2008
ASSETS
Current Assets:
Cash and cash equivalents $ 2,539 $ 3,498
Accounts receivable 3,903 12,638
Investments, at market value 31,604 28,152
Deferred income taxes 2,392 1,781
Other current assets 789 700
Total current assets 41,227 46,769
Goodwill 2,302 2,302
Deferred income taxes 492 934
Property and equipment, net of accumulated depreciation of $1,294 and $1,234 773 842
Total assets $ 44,794 $ 50,847
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 717 $ 1,105
Dividends payable 2,150 2,087
Compensation and benefits payable 1,923 7,052
Income taxes payable 541 1,359
Other current liabilities 10 9
Total current liabilities 5,341 11,612
Deferred rent 402 441
Total liabilities 5,743 12,053
Stockholders’ Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 7,284,727 and outstanding 7,166,938 shares at March 31, 2009; issued
7,052,727 and outstanding 6,958,238 shares at December 31, 2008 73 71
Additional paid-in capital 39,502 37,458
Treasury stock, at cost – 117,789 shares at March 31, 2009; 94,489 shares at December 31, 2008 (4,369) (3,500)
Retained earnings 3,845 4,765
Total stockholders’ equity 39,051 38,794
Total liabilities and stockholders’ equity $ 44,794 $ 50,847
10. WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the three months
ended March 31,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,230 $ 1,955
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 59 57
Unrealized (gains) and losses on investments 379 193
Restricted stock amortization 1,483 1,209
Deferred income taxes (169) -
Excess tax benefits from stock-based compensation (471) (430)
Net purchases of investments – trading securities (3,756) (37)
Change in operating assets and liabilities:
Accounts receivable 8,735 2,917
Other assets (178) (37)
Accounts payable and accrued liabilities (388) (66)
Compensation and benefits payable (5,129) (3,050)
Income taxes payable (255) (495)
Other liabilities 70 74
Net cash provided by operating activities 1,610 2,290
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of money market funds – available for sale (16,640) (1,353)
Sales of money market funds – available for sale 16,565 651
Purchase of property and equipment (9) (32)
Net cash used in investing activities (84) (734)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (869) (802)
Excess tax benefits from stock-based compensation 471 430
Cash dividends (2,087) (1,702)
Net cash used in financing activities (2,485) (2,074)
NET DECREASE IN CASH (959) (518)
Cash and cash equivalents, beginning of period 3,498 4,560
Cash and cash equivalents, end of period $ 2,539 $ 4,042
Supplemental cash flow information:
Cash paid during the period for income taxes $ 1,124 $ 1,554
Issuance of restricted stock 7,120 6,552
Tax benefit allocated directly to equity 563 526
11. Reconciliation of Net Income to Cash Earnings and Total Expenses to Cash Expenses
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
March 31, %
2009 2008 Change
Net Income $ 1,230 $ 1,955 (37)%
Add: Restricted stock expense 1,483 1,209 23
Cash earnings $ 2,713 $ 3,164 (14)
Diluted weighted average shares 6,558,722 6,359,193 3
Cash earnings per share $ 0.41 $ 0.50 (18)
Total expenses $ 6,288 $ 6,114 3
Less: Restricted stock expense (1,483 ) (1,209 ) 23
Cash expenses $ 4,805 $ 4,905 (2)%
As supplemental information, we are providing non-GAAP performance measures that we refer to as cash earnings, cash earnings per share (or
Cash EPS), and cash expenses. We provide these measures in addition to, but not as a substitute for, net income, earnings per share and total
expenses, which are reported on a GAAP basis. Management and our Board of Directors review cash earnings, Cash EPS and cash expenses to
evaluate Westwood’s ongoing performance, allocate resources and review dividend policy. We believe that these non-GAAP performance
measures, while not substitutes for GAAP net income, earnings per share and total expenses, are useful for both management and investors to
evaluate Westwood’s underlying operating and financial performance and its available resources. We do not advocate that investors consider
these non-GAAP measures without considering financial information prepared in accordance with GAAP.
We define cash earnings as net income plus the non-cash expense associated with equity-based compensation awards of restricted stock and
stock options. We define cash expenses as total expenses less non-cash equity-based compensation expense. Although depreciation on fixed
assets is a non-cash expense, we do not add it back when calculating cash earnings or deduct it when calculating cash expenses because
depreciation charges represent a decline in the value of the related assets that will ultimately require replacement. In addition, we do not adjust
cash earnings for tax deductions related to restricted stock expense. Cash EPS represents cash earnings divided by diluted weighted average
shares outstanding.
(WHG-G)
CONTACT:
Westwood Holdings Group, Inc.
Bill Hardcastle, 214-756-6900