Helix Energy Solutions Group, Inc. (NYSE: HLX) reported net income of
$57.8 million, or $0.55 per diluted share, for the second quarter of
2014 compared to net income of $27.2 million, or $0.26 per diluted
share, for the same period in 2013 and net income of $53.7 million, or
$0.51 per diluted share, in the first quarter of 2014. Net income for
the six months ended June 30, 2014 was $111.5 million, or $1.05 per
diluted share, compared with net income of $28.8 million, or $0.27 per
diluted share, for the six months ended June 30, 2013.
The first quarter 2014 results included a $10.5 million gain on the sale
of our former spoolbase facility located in Ingleside, Texas, and a $7.2
million insurance claim settlement related to our former oil and gas
business. These items contributed $0.11 of after-tax earnings per
diluted share in the first quarter of 2014.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “We
believe that the market environment remains positive for well
intervention services, and our well intervention assets have continued
to perform at a high level. Robotics delivered increased results in the
second quarter reflecting both stronger demand for trenching services
and normal seasonal activity uplift.”
|
Summary of Results
(in thousands, except per share amounts and percentages,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Six Months Ended
|
|
|
6/30/2014
|
|
6/30/2013
|
|
3/31/2014
|
|
6/30/2014
|
|
6/30/2013
|
Revenues
|
|
$
|
305,587
|
|
|
$
|
232,178
|
|
|
$
|
253,572
|
|
|
$
|
559,159
|
|
|
$
|
429,607
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
$
|
109,138
|
|
|
$
|
67,497
|
|
|
$
|
75,846
|
|
|
$
|
184,984
|
|
|
$
|
120,064
|
|
|
|
|
36
|
%
|
|
|
29
|
%
|
|
|
30
|
%
|
|
|
33
|
%
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Applicable to
Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from continuing operations
|
|
$
|
57,782
|
|
|
$
|
27,240
|
|
|
$
|
53,719
|
|
|
$
|
111,501
|
|
|
$
|
27,797
|
|
Income (Loss) from discontinued operations
|
|
|
-
|
|
|
|
(29
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
1,029
|
|
Total
|
|
$
|
57,782
|
|
|
$
|
27,211
|
|
|
$
|
53,719
|
|
|
$
|
111,501
|
|
|
$
|
28,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
0.51
|
|
|
$
|
1.05
|
|
|
$
|
0.26
|
|
Income from discontinued operations
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.01
|
|
Total
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
0.51
|
|
|
$
|
1.05
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from continuing operations
|
|
$
|
109,050
|
|
|
$
|
74,533
|
|
|
$
|
92,501
|
|
|
$
|
201,551
|
|
|
$
|
116,564
|
|
|
Segment Information, Operational and
Financial Highlights
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
6/30/2014
|
|
6/30/2013
|
|
3/31/2014
|
Revenues:
|
|
|
|
|
|
|
Well Intervention
|
|
$
|
181,218
|
|
|
$
|
99,323
|
|
|
$
|
159,700
|
|
Robotics
|
|
|
119,704
|
|
|
|
88,374
|
|
|
|
87,890
|
|
Subsea Construction
|
|
|
-
|
|
|
|
37,659
|
|
|
|
358
|
|
Production Facilities
|
|
|
24,049
|
|
|
|
24,174
|
|
|
|
23,140
|
|
Intercompany Eliminations
|
|
|
(19,384
|
)
|
|
|
(17,352
|
)
|
|
|
(17,516
|
)
|
Total
|
|
$
|
305,587
|
|
|
$
|
232,178
|
|
|
$
|
253,572
|
|
|
|
|
|
|
|
|
Income from Operations:
|
|
|
|
|
|
|
Well Intervention
|
|
$
|
64,775
|
|
|
$
|
23,912
|
|
|
$
|
48,733
|
|
Robotics
|
|
|
21,877
|
|
|
|
13,296
|
|
|
|
10,180
|
|
Subsea Construction
|
|
|
145
|
|
|
|
11,477
|
|
|
|
228
|
|
Production Facilities
|
|
|
10,459
|
|
|
|
14,643
|
|
|
|
11,384
|
|
Gain (Loss) on Disposition of Assets
|
|
|
(1,078
|
)
|
|
|
(1,085
|
)
|
|
|
11,496
|
|
Corporate / Other
|
|
|
(17,467
|
)
|
|
|
(14,207
|
)
|
|
|
(13,875
|
)
|
Intercompany Eliminations
|
|
|
45
|
|
|
|
(839
|
)
|
|
|
(1,198
|
)
|
Total
|
|
$
|
78,756
|
|
|
$
|
47,197
|
|
|
$
|
66,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Results
-
Well Intervention revenues increased 13% in the second quarter of 2014
from revenues in the first quarter of 2014, due to having a full
quarter of the Helix 534 at full utilization, as well as all
three North Sea vessels being 100% utilized in the second quarter. The
spare rental intervention riser system (IRS no. 2) continues to
positively contribute to revenues; the unit was on-hire for 86 days
during the second quarter of 2014 versus 42 days in the first quarter
of 2014. Vessel utilization for the Q4000 in the Gulf of Mexico
was slightly down – 90% utilization in the second quarter of 2014
versus 100% in the first quarter of 2014, due to a planned regulatory
inspection and thruster repairs.
-
For Robotics, chartered vessel fleet utilization increased to 89% for
the quarter from 80% in the first quarter of 2014. Overall stronger
asset utilization and an increase in vessel days worked were the
primary drivers resulting in a 36% growth in revenues in the second
quarter of 2014 over the first quarter of 2014. Spot vessels
contributed 161 days of vessel utilization during the second quarter
of 2014. ROV, trencher and ROVDrill utilization in the second quarter
of 2014 increased by 7% over the first quarter of 2014.
-
During the second quarter of 2014, the Marco Polo platform was shut in
following a compressor fire on May 8, 2014. The platform remained shut
in for the remainder of the quarter, thus marginally affecting
Production Facilities earnings in the second quarter. Production
resumed at the platform in early July 2014.
Other Expenses
-
Selling, general and administrative expenses were 9.6% of revenue in
the second quarter of 2014, 8.0% of revenue in the first quarter of
2014 and 8.3% in the second quarter of 2013. Our second quarter 2014
expense includes $5.2 million of charges associated with the provision
for uncertain collection of a portion of our existing trade
receivables related to our Robotics segment.
-
Net interest expense and other decreased to $4.5 million in the second
quarter of 2014 from $5.3 million in the first quarter of 2014. Net
interest expense remained flat at $4.5 million in both the second and
first quarter of 2014. Other expense was minimal in the second quarter
of 2014 compared to $0.8 million in the first quarter of 2014, which
reflects foreign exchange fluctuations in our non-U.S. dollar
functional currencies.
Financial Condition and Liquidity
-
Our total liquidity at June 30, 2014 was approximately $1.1 billion,
consisting of $501 million in cash and cash equivalents and $583
million in unused capacity under our revolver. Consolidated net debt
at June 30, 2014 was $57 million. Net debt to book capitalization at
June 30, 2014 was 3%. (Net debt to book capitalization is a non-GAAP
measure. See reconciliation below.)
-
We incurred capital expenditures (including capitalized interest)
totaling $105 million in the second quarter of 2014, compared to $70
million in the first quarter of 2014 and $59 million in the second
quarter of 2013.
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly
conference call to review its second quarter 2014 results (see the
“Investor Relations” page of Helix’s website, www.HelixESG.com).
The call, scheduled for 9:00 a.m. Central Daylight Time on Tuesday, July
22, 2014, will be audio webcast live from the “Investor Relations” page
of Helix’s website. Investors and other interested parties wishing to
listen to the conference via telephone may join the call by dialing
888-550-1479 for persons in the United States and 1-954-357-2908 for
international participants. The passcode is "Tripodo". A replay of the
conference will be available under "Investor Relations" by selecting the
"Audio Archives" link from the same page beginning approximately two
hours after the completion of the conference call.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is
an international offshore energy company that provides specialty
services to the offshore energy industry, with a focus on well
intervention and robotics operations. For more information about Helix,
please visit our website at www.HelixESG.com.
Reconciliation of Non-GAAP Financial Measures
Management evaluates Company performance and financial condition using
certain non-GAAP metrics, primarily Adjusted EBITDA from continuing
operations, net debt and net debt to book capitalization. We calculate
Adjusted EBITDA from continuing operations as earnings before net
interest expense and other, taxes, depreciation and amortization. Net
debt is calculated as the sum of financial debt less cash and cash
equivalents on hand. Net debt to book capitalization is calculated by
dividing net debt by the sum of net debt, convertible preferred stock
and shareholders’ equity. These non-GAAP measures are useful to
investors and other internal and external users of our financial
statements in evaluating our operating performance because they are
widely used by investors in our industry to measure a company’s
operating performance without regard to items which can vary
substantially from company to company, and help investors meaningfully
compare our results from period to period. Adjusted EBITDA should not be
considered in isolation or as a substitute for, but instead is
supplemental to, income from operations, net income or other income data
prepared in accordance with GAAP. Non-GAAP financial measures should be
viewed in addition to, and not as an alternative to, our reported
results prepared in accordance with GAAP. Users of this financial
information should consider the types of events and transactions which
are excluded.
Forward-Looking Statements
This press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of
historical fact, are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including, without
limitation, any statements regarding our strategy; any statements
regarding future utilization; any projections of financial items; future
operations expenditures; any statements regarding the plans, strategies
and objectives of management for future operations; any statement
concerning developments; any statements regarding future economic
conditions or performance; any statements of expectation or belief; and
any statements of assumptions underlying any of the foregoing. The
forward-looking statements are subject to a number of known and unknown
risks, uncertainties and other factors including but not limited to the
performance of contracts by suppliers, customers and partners; actions
by governmental and regulatory authorities; operating hazards and
delays; our ultimate ability to realize current backlog; employee
management issues; complexities of global political and economic
developments; geologic risks; volatility of oil and gas prices and other
risks described from time to time in our reports filed with the
Securities and Exchange Commission ("SEC"), including the Company's most
recently filed Annual Report on Form 10-K and in the Company’s other
filings with the SEC, which are available free of charge on the SEC’s
website at www.sec.gov.
We assume no obligation and do not intend to update these
forward-looking statements except as required by the securities laws.
Social Media
From time to time we provide information about Helix on Twitter (@Helix_ESG)
and LinkedIn (www.linkedin.com).
|
HELIX ENERGY SOLUTIONS GROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Jun. 30,
|
|
Six Months Ended Jun. 30,
|
|
(in thousands, except per share data)
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
|
|
|
|
$
|
305,587
|
|
|
$
|
232,178
|
|
|
$
|
559,159
|
|
|
$
|
429,607
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
196,449
|
|
|
|
164,681
|
|
|
|
374,175
|
|
|
|
309,543
|
|
|
Gross profit
|
|
|
|
|
|
|
|
109,138
|
|
|
|
67,497
|
|
|
|
184,984
|
|
|
|
120,064
|
|
|
Loss on commodity derivative contracts
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(14,113
|
)
|
|
Gain (loss) on disposition of assets, net
|
|
|
|
(1,078
|
)
|
|
|
(1,085
|
)
|
|
|
10,418
|
|
|
|
(1,085
|
)
|
|
Selling, general and administrative expenses
|
|
|
|
(29,304
|
)
|
|
|
(19,215
|
)
|
|
|
(49,698
|
)
|
|
|
(42,431
|
)
|
|
Income from operations
|
|
|
|
|
|
|
78,756
|
|
|
|
47,197
|
|
|
|
145,704
|
|
|
|
62,435
|
|
|
Equity in earnings (losses) of investments
|
|
|
|
(507
|
)
|
|
|
683
|
|
|
|
201
|
|
|
|
1,293
|
|
|
Other income - oil and gas
|
|
|
|
|
|
1,596
|
|
|
|
1,282
|
|
|
|
13,872
|
|
|
|
4,100
|
|
|
Net interest expense and other
|
|
|
|
|
|
(4,534
|
)
|
|
|
(12,556
|
)
|
|
|
(9,827
|
)
|
|
|
(29,445
|
)
|
|
Income before income taxes
|
|
|
|
|
|
75,311
|
|
|
|
36,606
|
|
|
|
149,950
|
|
|
|
38,383
|
|
|
Income tax provision
|
|
|
|
|
|
|
17,529
|
|
|
|
8,577
|
|
|
|
37,946
|
|
|
|
9,020
|
|
|
Net income from continuing operations
|
|
|
|
57,782
|
|
|
|
28,029
|
|
|
|
112,004
|
|
|
|
29,363
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
|
-
|
|
|
|
(29
|
)
|
|
|
-
|
|
|
|
1,029
|
|
|
Net income, including noncontrolling interests
|
|
|
|
57,782
|
|
|
|
28,000
|
|
|
|
112,004
|
|
|
|
30,392
|
|
|
Less net income applicable to noncontrolling interests
|
|
|
|
-
|
|
|
|
(789
|
)
|
|
|
(503
|
)
|
|
|
(1,566
|
)
|
|
Net income applicable to Helix
|
|
|
|
|
$
|
57,782
|
|
|
$
|
27,211
|
|
|
$
|
111,501
|
|
|
$
|
28,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Avg. Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
104,992
|
|
|
|
105,046
|
|
|
|
105,059
|
|
|
|
105,039
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
105,295
|
|
|
|
105,133
|
|
|
|
105,359
|
|
|
|
105,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.06
|
|
|
$
|
0.26
|
|
|
Discontinued operations
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
Net income per share of common stock
|
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.06
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.05
|
|
|
$
|
0.26
|
|
|
Discontinued operations
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
Net income per share of common stock
|
|
|
$
|
0.55
|
|
|
$
|
0.26
|
|
|
$
|
1.05
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|
|
|
|
(in thousands)
|
|
Jun. 30, 2014
|
|
Dec. 31, 2013
|
|
|
(in thousands)
|
|
|
|
Jun. 30, 2014
|
|
Dec. 31, 2013
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
Current Assets:
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Cash and equivalents (1)
|
|
$
|
501,457
|
|
$
|
478,200
|
|
|
Accounts payable
|
|
|
|
$
|
157,553
|
|
$
|
72,602
|
Accounts receivable, net
|
|
|
226,750
|
|
|
184,165
|
|
|
Accrued liabilities
|
|
|
|
|
79,130
|
|
|
96,482
|
Income tax receivable, net
|
|
|
23,771
|
|
|
-
|
|
|
Income tax payable
|
|
|
|
|
-
|
|
|
760
|
Current deferred tax assets
|
|
|
24,370
|
|
|
51,573
|
|
|
Current maturities of L-T debt (1)
|
|
|
|
|
20,508
|
|
|
20,376
|
Other current assets
|
|
|
41,917
|
|
|
29,709
|
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
818,265
|
|
|
743,647
|
|
|
Total Current Liabilities
|
|
|
|
|
257,191
|
|
|
190,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property & equipment, net
|
|
|
1,604,188
|
|
|
1,532,217
|
|
|
Long-term debt (1)
|
|
|
|
|
538,254
|
|
|
545,776
|
Equity investments
|
|
|
152,877
|
|
|
157,919
|
|
|
Deferred tax liabilities
|
|
|
|
|
272,448
|
|
|
265,879
|
Goodwill
|
|
|
63,829
|
|
|
63,230
|
|
|
Other non-current liabilities
|
|
|
|
|
11,297
|
|
|
18,295
|
Other assets, net
|
|
|
61,951
|
|
|
47,267
|
|
|
Shareholders' equity (1)
|
|
|
|
|
1,621,920
|
|
|
1,524,110
|
Total Assets
|
|
$
|
2,701,110
|
|
$
|
2,544,280
|
|
|
Total Liabilities & Equity
|
|
|
|
$
|
2,701,110
|
|
$
|
2,544,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net debt to book capitalization - 3% at June 30, 2014.
Calculated as total debt less cash and equivalents ($57,305)
divided by sum of total net debt and shareholders' equity
($1,679,225).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Helix Energy Solutions Group, Inc. Reconciliation of
Non GAAP Measures Three and Six Months Ended June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Release:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation From Net Income from
Continuing Operations to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
2Q14
|
|
2Q13
|
|
1Q14
|
|
2014
|
|
2013
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
57,782
|
|
$
|
28,029
|
|
|
$
|
54,222
|
|
|
$
|
112,004
|
|
|
$
|
29,363
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
17,529
|
|
|
8,577
|
|
|
|
20,417
|
|
|
|
37,946
|
|
|
|
9,020
|
|
Net interest expense and other
|
|
|
4,534
|
|
|
12,556
|
|
|
|
5,293
|
|
|
|
9,827
|
|
|
|
29,445
|
|
Depreciation and amortization
|
|
|
28,127
|
|
|
25,312
|
|
|
|
24,726
|
|
|
|
52,853
|
|
|
|
49,692
|
|
EBITDA from continuing operations
|
|
|
107,972
|
|
|
74,474
|
|
|
|
104,658
|
|
|
|
212,630
|
|
|
|
117,520
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
-
|
|
|
(1,026
|
)
|
|
|
(661
|
)
|
|
|
(661
|
)
|
|
|
(2,041
|
)
|
(Gain) loss on disposition of assets, net
|
|
|
1,078
|
|
|
1,085
|
|
|
|
(11,496
|
)
|
|
|
(10,418
|
)
|
|
|
1,085
|
|
Adjusted EBITDA from continuing operations
|
|
$
|
109,050
|
|
$
|
74,533
|
|
|
$
|
92,501
|
|
|
$
|
201,551
|
|
|
$
|
116,564
|
|
|
|
|
|
|
|
|
|
|
|
|
We calculate adjusted EBITDA from continuing operations as
earnings before net interest expense and other, taxes and
depreciation and amortization. This non-GAAP measure is useful to
investors and other internal and external users of our financial
statements in evaluating our operating performance because it is
widely used by investors in our industry to measure a company's
operating performance without regard to items which can vary
substantially from company to company and help investors
meaningfully compare our results from period to period. Adjusted
EBITDA should not be considered in isolation or as a substitute
for, but instead is supplemental to, income from operations, net
income or other income data prepared in accordance with GAAP.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative to our reported results prepared in
accordance with GAAP. Users of this financial information should
consider the types of events and transactions which are excluded.
|
|
Helix Energy Solutions Group, Inc. Reconciliation
of Non GAAP Measures Three and Six Months Ended June
30, 2014
|
|
|
|
|
|
|
Earnings Release:
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of significant items:
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q14
|
|
1Q14
|
|
|
|
|
|
|
Significant items:
|
|
|
|
|
|
Gain on sale of Ingleside spoolbase
|
|
|
$
|
-
|
|
|
$
|
10,457
|
|
Insurance reimbursement settlement
|
|
|
|
-
|
|
|
|
7,217
|
|
Provision for uncertain collection of receivables
|
|
|
|
5,196
|
|
|
|
-
|
|
Tax provision of the above
|
|
|
|
(1,819
|
)
|
|
|
(6,186
|
)
|
Significant items, net:
|
|
|
$
|
3,377
|
|
|
$
|
11,488
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
105,295
|
|
|
|
105,375
|
|
Net after income tax effect per share
|
|
|
$
|
0.03
|
|
|
$
|
0.11
|
|
Copyright Business Wire 2014