TIDMBILL
RNS Number : 1726B
Billing Services Group Limited
20 September 2018
For Immediate Release
Billing Services Group Limited
("BSG" or the "Company")
Unaudited interim results for the six months ended June 30,
2018
(September 20, 2018) San Antonio, Texas, USA - BSG, a leading
provider of telecommunications clearing and financial settlement
products, Wi-Fi data solutions and verification services, today
announces its unaudited interim results for the six months ended
June 30, 2018.
Financial Highlights
(All amounts in US$)
Six Months Ended June 30
2018 2017
Revenue $ 8.4 million $ 11.0 million
Gross margin 58.3% 58.2%
Cash operating expenses $ 4.5 million $ 5.6 million
EBITDA (1) $ 0.3 million $ 0.8 million
Net (loss) income $ (0.6) million $ 4.4 million
Net (loss) income per
basic and diluted share $ (0.00) per share $ 0.02 per share
Cash balance at end of period $ 9.0 million $ 16.0 million
(1) EBITDA is computed as earnings before interest, income
taxes, depreciation, amortization and other non-cash and
nonrecurring income or expense items. EBITDA is not a recognized
measure under generally accepted accounting principles (GAAP).
-- Generated $0.3 million of EBITDA (2017: $0.8 million)
-- Realized a 58.3% gross margin (2017: 58.2%)
-- Reduced cash operating expenses by $1.1 million ($4.5 million
in 2018 compared with $5.6 million in 2017)
BSG Wireless and Third-Party Verification ("TPV") Operational
Highlights
-- Renewed our hub and WLDS contract with AT&T with new
terms that increase monthly revenue potential
-- Renegotiated our hub contract with Comcast to increase revenue opportunity
-- Signed a new hub contract with Spectrum
-- Reduced expenses at BSG Wireless by $1.6 million on an annualized basis
-- Renewed our contract with a national cable company, including
additional TPV volume in new markets
-- Launched new TPV markets with Constellation Energy
-- Increased both TPV volumes and revenue with Direct Energy
Current Trading
-- In 2016, the Company initiated a strategic review to assist
the Board in determining the future composition of the group,
including its capital structure and business lines. There have been
three material actions taken as a result of the review:
o Completed a $5.0 million cash tender offer in December
2017
o Engaged two investment banks and initiated discussions to sell
the Wi-Fi data solutions business (the engagements and discussions
have now been terminated)
o Completed a $1.25 million ($0.00758639 per share) cash
dividend in July 2018
-- Trading for the six months ended June 30, 2018 was in line
with the Board's expectations and consistent with the recent
trading conditions experienced by the Company.
-- The Company expects that revenues in the second half of 2018
will compare unfavorably with the second half of 2017 due to
Verizon's previously announced discontinuation of third-party
billing in December 2017, together with the secular decline in
billable long distance and operator service calls initiated on
wireline phones.
-- The Company expects that EBITDA in the second half of 2018
will compare favorably with EBITDA in the first half of 2018,
largely as the result of a full realization of expense reductions
taken over the course of the first half of 2018.
Commenting on the results, Norman M. Phipps, Chief Executive
Officer, said:
"Results in the first half of 2018 demonstrate the resiliency of
our business model and our discipline in adjusting expenses to
appropriate levels. Our focus will remain on executing strategic
actions to provide a further return to shareholders."
INQUIRIES:
Billing Services Group Limited +1 210 949 7000
Norman M. Phipps
finnCap Limited +44 (0) 20 7220 0500
Stuart Andrews/Scott Mathieson
About BSG:
BSG is located in San Antonio, Texas, USA. The Company's shares
are traded on the London Stock Exchange (AIM: BILL). For more
information on BSG, visit (www.bsgclearing.com).
Chief Executive's Statement
Results in the first half of 2018 demonstrate the resiliency of
our business model and our discipline in adjusting expenses to
appropriate levels. As expected, revenue decreased 24% compared to
the first half of 2017, due in large part to Verizon's
discontinuation of third-party billing at the end of 2017.
Nonetheless, the Company generated $0.3 million of EBITDA.
EBITDA in 2018 benefitted from additional transaction volume in
our third-party verification and wireless services, combined with
aggressive reductions in operating expenses. Largely as a result of
non-cash expenses and nonrecurring restructuring expenses,
partially offset by other income items, the Company incurred a $0.6
million net loss in the first half of 2018, which is less than
$0.004 per share.
Near-Term Outlook
Revenue in our core billing and clearing business will
foreseeably continue to decline as wireless displaces wireline
communications. We are successfully increasing revenues from
third-party verification and wireless services, but the incremental
gains have been insufficient to offset fully the declining
transaction volumes in the core billing and clearing business.
We aggressively reduced cash operating expenses during the first
half of 2018. A significant portion of the $1.1 million of expense
reductions occurred within the BSG Wireless business, bringing its
staff size to a level more appropriate with current revenue. During
the second half of 2018, the Company will benefit from a full
six-month effect of first half cost reductions, which we expect
will result in a favorable EBITDA comparison against first half
EBITDA.
Strategic Review
In 2016, the Board initiated a strategic review to determine the
future composition of the group, including capital structure and
business lines. The objective of the review was to maximize
shareholder value in light of the factors which are adversely
affecting our core business. Two significant actions have been
taken with respect to capital structure. The first was a $5.0
million cash tender offer completed in December 2017; the second
was a $1.25 million cash dividend ($0.00758639 per share) paid in
July 2018.
We previously reported that we had conducted a comprehensive
sale process with respect to BSG Wireless, the Company's Wi-Fi data
solutions business. The offers received did not represent fair
value to shareholders, and the sale process has now been
terminated. As a result, our primary focus currently centers on
creating a liquidity event that will enable shareholders to realize
a further return on their investment.
Liquidity
BSG has a strong balance sheet, which included $9.0 million of
cash at June 30, 2018. Additionally, the Company's financial
position at June 30, 2018 included:
-- $6.3 million of working capital
-- $5.6 million excess of current assets over total liabilities
-- $9.7 million of tangible net worth
Earlier this month, the Company paid the final $0.5 million
instalment of its settlement obligation to the Federal Trade
Commission.
Our healthy liquidity profile gives us flexibility in addressing
strategic issues, particularly capital management.
Sincerely,
Norman M. Phipps
Chief Executive Officer
FINANCIAL REVIEW
Financial Review of the Six Months Ended June 30, 2018
The Company's unaudited results for the six months ended June
30, 2018 are compared to the corresponding period of 2017 in the
accompanying financial statements. BSG's consolidated financial
statements are prepared in conformity with United States GAAP for
interim financial information.
Certain Terms
Revenues. Revenues are derived primarily from fees charged to
wireline and wireless service providers for data clearing,
financial settlement, information management, payment and financial
risk management, third-party verification and customer service
functions. During 2016, the Company introduced a direct billing
service under which end-user consumers are invoiced directly by the
Company, rather than through local exchange carriers (LECs) as
third-party billers. Revenue recognized under third-party billing
includes the Company's service fees plus amounts necessary to
compensate the LECs for their third-party billing services. Revenue
for direct billing does not include any components other than the
Company's service fees.
Cost of Services and Gross Profit. Cost of services arises
primarily in the Company's wireline billing and clearing business.
Cost of services in the clearinghouse business includes billing and
collection fees charged by LECs and other service providers for
payment processing. Such fees are assessed for each record
submitted and for each bill rendered to end-user consumers. BSG
charges its customers a negotiated fee for billing and collection
services. Accordingly, gross profit is generally dependent upon
transaction volume, processing fees charged per transaction and any
differential between the fees charged to customers by BSG and the
related fees charged to BSG by LECs and other service
providers.
Operating Expenses. Operating expenses include all selling,
marketing, customer service, facilities and administrative costs
(including payroll and related expenses) incurred in support of
operations, substantially all of which are settled through the
payment of cash.
Depreciation and Amortization. Depreciation expense applies to
software, furniture and fixtures, telecommunications and computer
equipment. Amortization expense relates to definite-lived
intangible assets that are amortized in accordance with Accounting
Standards Codification ("ASC") 350, Intangibles - Goodwill and
Other. These assets consist of contracts with customers and LECs.
Assets are depreciated or amortized, as applicable, over their
respective useful lives.
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA"). Earnings before interest, income taxes, depreciation
and amortization, a non-GAAP metric, is a measurement of
profitability often used by investors and lenders. The computation
of EBITDA excludes other non-cash and nonrecurring items as
additions or deductions to earnings.
Third-Party Payables. Third-party payables include amounts owed
to customers in the ordinary course of clearinghouse activities and
additional amounts maintained as reserves for retrospective charges
from LECs and other parties. In its clearinghouse business, the
Company aggregates call records received from its customers. It
then submits the call records either to (i) LECs for billing to
end-user consumers; or (ii) end-user consumers. The Company
collects funds from LECs and directly billed end-user consumers
each day.
Under normal circumstances, funds collected from LECs are
distributed to the Company's customers approximately ten days after
receipt, under weekly settlement protocols. The Company withholds a
portion of the funds received from LECs to pay (i) the Company's
processing fees, (ii) billing and collection fees of LECs, (iii)
sales and other taxes paid by the Company and (iv) an amount deemed
necessary to serve as a reserve against retrospective charges from
LECs.
Funds collected from directly billed end-user consumers are
credited to the Company's customers when received. The Company
withholds a portion of the funds received from end-user consumers
to pay (i) the Company's processing fees, (ii) sales and other
taxes paid by the Company and (iii) an amount deemed necessary to
serve as a reserve against retrospective charges from payment
processors or other parties.
When LECs, payment processors and other parties make payments to
the Company, they withhold funds to cover a variety of expenses and
potential retrospective charges. As noted above, the Company
similarly withhold funds from its customers to cover expenses and
retrospective charges. The third-party payables balance is computed
as the excess of (i) funds owed to the Company's customers,
inclusive of reserves for retrospective charges, over the sum of
(ii) amounts owed from the Company's customers and (iii) reserves
withheld for retrospective charges by LECs, payment processors and
other parties.
Comparison of Results for the Six Months Ended June 30, 2018 to
the Six Months ended June 30, 2017
Total Revenues. Total revenues of $8.4 million during the first
half of 2018 were $2.6 million, or 24%, lower than the $11.0
million of revenues recorded during the first half of 2017. The
$2.6 million decrease, primarily due to Verizon's exit of
third-party billing in December 2017, reflects lower transaction
volumes across all third-party billing, clearing, settlement and
customer service activities provided for wireline service,
partially offset by higher managed fees from third-party
verification and BSG Wireless' service offerings.
Cost of Services and Gross Profit. Cost of services in the first
half of 2018 was $3.5 million, compared to $4.6 million during the
first half of 2017. The $1.1 million, or 24%, decrease in cost of
services largely reflects lower fees for billing and collection
services related to the lower level of transaction volumes in
third-party billing services. The Company generated $4.9 million of
gross profit in the first half of 2018 compared to $6.4 million in
the same period of 2017. The gross margin of 58.3% in the first
half of 2018 was 0.1 percentage points higher than the 58.2% margin
achieved in the first half of 2017. The improved gross margin in
2018 resulted from a larger percentage of revenues arising from the
higher-margin services of the Company's wireless offerings.
Operating Expenses. Operating expenses were $4.5 million in the
first half of 2018, compared to $5.6 million in the first half of
2017. The $1.1 million, or 20%, decrease is largely attributable to
decreases in compensation expense arising from headcount reductions
both in the US and UK, and a decrease in the size of the board of
directors.
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA). The Company generated $0.3 million of EBITDA during the
first half of 2018, compared to $0.8 million during the first half
of 2017. A reconciliation of net income and EBITDA in each period
is shown below:
Six Months Ended
June 30
$ millions 2018 2017
------------------------------ -------------- --------------
Net (loss) income $ (0.6) $ 4.4
Depreciation expense 0.6 0.7
Amortization of intangibles 0.3 0.3
Foreign currency transactions - 0.1
Nonrecurring restructuring 0.4 -
expense
Income tax expense 0.2 1.9
Other income, net (0.6) (6.6)
-------------- --------------
EBITDA $ 0.3 $ 0.8
Depreciation and Amortization Expense. Depreciation and
amortization expenses during the first half of 2018 totalled $0.9
million, compared to $1.0 million in 2017. The $0.1 million decline
largely reflects cessation of depreciation charges on components of
capitalized software development costs for which accumulated
depreciation reached the assets' respective gross carrying
values.
Nonrecurring Restructuring Expense. In the first half of 2018,
the Company recognized $0.4 million of nonrecurring restructuring
expense associated with severance and similar payment obligations
related to headcount reduction and other changes in the BSG
Wireless business. Nonrecurring restructuring expense were not
included as an expense for purposes of computing EBITDA.
Other Income, Net. The Company realized $0.6 million of other
income, net during the first half of 2018 compared to $6.6 million
during the first half of 2017. Other income, net in the first half
of 2018 arose largely from adjustments to reserves related to class
action litigation and recoveries from customers. Other income, net
in the first half of 2017 was largely attributable to $6.1 million
of adjustments to indemnification reserves related to class action
litigation.
Other income and expense arises from miscellaneous items
typically of a non-recurring nature. Accordingly, other income and
expense items were not included as earnings or expense for purposes
of computing EBITDA.
Change in Cash. BSG's cash balance at June 30, 2018 was $9.0
million, compared to $11.5 million at December 31, 2017. The $2.5
million decrease during the first six months of 2018 is
attributable to $2.6 million of cash used in operating activities
and $0.2 million of exchange rate differences, partially offset by
$0.4 million of transfers from restricted cash to pay
indemnification obligations.
Change in Restricted Cash. In the ordinary course of business,
LECs withhold funds from their payments to the Company in order to
create a reserve securing potential future obligations of the
Company to the LEC. Through December 31, 2016, pursuant to a 2012
agreement with one LEC, the LEC released a net $14.3 million of
cash reserves. The cash was transferred into a restricted Company
bank account to be used for funding the Company's indemnification
obligation under pending class action litigation against the LEC.
Through December 31, 2017, a net amount of $13.5 million was
transferred from the restricted cash account to satisfy
indemnification obligations, reducing restricted cash at December
31, 2017 to $0.8 million. During the first six months of 2018, $0.4
million was released from the restricted cash account to satisfy
indemnification obligations, reducing restricted cash to $0.4
million at June 30, 2018.
Change in Third-Party Payables. Third-party payables at June 30,
2018, inclusive of long-term liabilities, were $5.3 million,
compared to $6.7 million at December 31, 2017. The $1.4 million
decrease in third-party payables resulted largely from ordinary
course settlement activities, which in turn were affected by the
reduction of transaction volume in third-party billing.
Change in Accrued Liabilities. Accrued liabilities at June 30,
2018 were $1.2 million compared to $2.8 million at December 31,
2017. The $1.6 million decrease in accrued liabilities resulted
primarily from $1.0 million of settlement payments to the Federal
Trade Commission, a $0.4 million reduction in accrued legal fees
and an additional $0.2 million of net reductions arising from
ordinary course additions, payments and adjustments.
Capital Expenditures. During the first half of 2018, the Company
invested $0.3 million in capital expenditures, primarily for
capitalized software development costs and computer equipment.
During the first half of 2017, capital expenditures were $0.6
million.
Cash Flows for the Six Months Ended June 30, 2018
Cash flow from operating activities. Net cash used in operating
activities was $2.6 million during the first half of 2018. Net cash
used was principally attributable to a $1.6 million reduction in
accrued liabilities, a $1.4 million reduction in third-party
payables and a $0.6 million net loss, partially offset by $0.9
million of depreciation and amortization expense.
Cash flow from investing activities. Net cash used in investing
activities was $0.1 million, primarily reflecting $0.3 million of
capital expenditures, partially offset by $0.2 million of net
receipts on purchased receivables.
Cash flow from financing activities. Net cash provided from
financing activities was $0.4 million, largely attributable to
transfers from restricted cash.
******************************'
A copy of this statement is available on the Company's website
(www.bsgclearing.com) and copies are available from BSG's Nominated
Advisor at the address below:
Billing Services Group Limited
c/o finnCap Limited
60 New Broad Street
London EC2M 1JJ
United Kingdom
Forward Looking Statements
This report contains certain "forward--looking" statements and
information relating to the plans, objectives, expectations and
intentions of the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information
currently available to the Company's management. When used in this
report, the words "anticipate," "believe," "estimate," "expect,"
"intend," "projects," "could," "should," "will" and words or
phrases of similar meaning are intended to identify
forward--looking statements. Forward-looking statements reflect the
Company's current views with respect to future events and financial
performance. Such statements, including certain information set
forth herein under "Financial Review" that is not historical fact
or statement of current condition, reflect management's assessment
of the current risks, uncertainties and assumptions related to
certain factors including, without limitation, the competitive
environment, general economic conditions, customer relations,
relationships with local exchange carriers and other vendors,
availability of credit, borrowing terms, interest rates, foreign
exchange rates, litigation, governmental regulation and
supervision, capital expenditures, product development, product
acceptance, technological change and disruption, changes in
industry practices, one-time events and other factors described
herein. Based upon changing conditions or circumstances arising
from any one or more of these risks or uncertainties, or should any
underlying assumptions prove incorrect, actual results may vary
materially from historical or anticipated results as described
herein.
Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend to update
or revise these forward--looking statements, whether as a result of
new information, future events or otherwise.
Billing Services Group Limited
Consolidated Balance Sheets
(In thousands, except shares)
June 30, December 31, June 30,
2018 2017 2017
----------- ------------------ -----------
(Derived from
Audited Financial
(Unaudited) Statements) (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 9,022 $ 11,528 $ 16,003
Restricted cash 442 831 937
Accounts receivable 3,521 3,616 4,155
Purchased receivables 233 460 736
Prepaid expenses and other current
assets 436 383 627
Total current assets 13,654 16,818 22,458
Property, equipment and software 49,979 50,008 49,255
Less accumulated depreciation and amortization 46,204 45,925 45,218
----------- ------------------ -----------
Net property, equipment and software 3,775 4,083 4,037
Intangible assets, net of accumulated
amortization of $76,201, $75,915 and
$75,540 at June 30, 2018, December
31, 2017 and June 30, 2017, respectively 5,614 5,962 6,206
Deferred taxes 247 391 -
Goodwill 9,964 9,964 25,275
Other assets 65 65 65
----------- ------------------ -----------
Total assets $ 33,319 $ 37,283 $ 58,041
=========== ================== ===========
Continued on following page
Billing Services Group Limited
Consolidated Balance Sheets (continued)
(In thousands, except shares)
June 30,
December 31, June 30,
2018 2017 2017
---------------- ------------------ --------------
(Derived from
Audited Financial
(Unaudited) Statements) (Unaudited)
Liabilities and shareholders' equity
Current liabilities:
Trade accounts payable $ 1,358 $ 1,423 $ 1,726
Third-party payables 4,724 6,546 5,744
Accrued liabilities 1,183 2,848 4,577
Income tax payable - - 731
Term loan note payable 118 105 150
Total current liabilities 7,383 10,922 12,928
Term note payable - noncurrent 118 147 -
Deferred taxes - - 3,223
Other liabilities 577 194 93
Total liabilities 8,078 11,263 16,244
Commitments and contingencies
Shareholders' equity:
Common stock, $0.59446 par value; 350,000,000
shares authorized; 164,768,689 shares
issued and outstanding at June 30, 2018
and December 31, 2017; 282,415,748 shares
issued and outstanding at June 30, 2017 97,948 97,948 167,885
Additional paid-in capital (deficit) (110,600) (110,611) (175,561)
Retained earnings 38,518 39,104 50,134
Accumulated other comprehensive loss (625) (421) (661)
Total shareholders' equity 25,241 26,020 41,797
Total liabilities and shareholders' equity $ 33,319 $ 37,283 $ 58,041
================ ================== ==============
See accompanying notes.
Billing Services Group Limited
Consolidated Statements of Operations
(In thousands, except per share amounts)
Six Months Ended June 30,
2018 2017
------------------- ----------------------
(Unaudited) (Unaudited)
Operating revenues $ 8,360 $ 10,987
Cost of services 3,490 4,597
------------------- ----------------------
Gross profit 4,870 6,390
Selling, general, and administrative
expenses 4,535 5,554
EBITDA 335 836
Depreciation and amortization expense 958 973
Nonrecurring restructuring expense 428 -
Stock-based compensation expense 11 15
Operating loss (1,062) (152)
Other income (expense):
Interest income, net 4 16
Foreign currency transactions 15 (89)
Other income, net 615 6,440
------------------- ----------------------
Total other income, net 634 6,367
------------------- ----------------------
(Loss) income from operations before
income taxes (428) 6,215
Income tax expense (158) (1,860)
------------------- ----------------------
Net (loss) income (586) 4,355
Other comprehensive (loss) income (204) 312
------------------- ----------------------
Comprehensive (loss) income $ (790) $ 4,667
=================== ======================
Net (loss) income per basic and diluted
share:
Basic net (loss) income per share $ (0.00) $ 0.02
=================== ======================
Diluted net (loss) income per share $ (0.00) $ 0.02
=================== ======================
Weighted average shares outstanding 164,769 282,416
=================== ======================
See accompanying notes.
Billing Services Group Limited
Consolidated Statements of Cash Flows
(In thousands)
Six Months Ended June 30,
2018 2017
------------------------- -------------------------
(Unaudited) (Unaudited)
Operating activities
Net (loss) income $ (586) $ 4,355
Adjustments to reconcile net (loss) income
to net cash provided by (used in) operating
activities:
Depreciation 650 662
Amortization of intangibles 308 311
Stock-based compensation expense 11 15
Loss on asset disposal 3 -
Deferred taxes 144 1,300
Changes in operating assets and liabilities:
Decrease in accounts receivable 95 168
Increase in other current assets and other
assets (53) (272)
Decrease in trade accounts payable (65) (480)
Decrease in third-party payables (1,439) (4,536)
Decrease in accrued and other liabilities (1,665) (1,693)
Increase in income tax payable - 708
Net cash (used in) provided by operating
activities (2,597) 538
Investing activities
Purchases of property, equipment and software (345) (568)
Net receipts on purchased receivables 227 8
------------------------- -------------------------
Net cash used in investing activities (118) (560)
Financing activities
Borrowings of long-term debt 37 -
Payments on long-term debt (53) (28)
Restricted cash 389 719
Net cash provided by financing activities 373 691
Effect of exchange rate changes on cash (164) 223
------------------------- -------------------------
Net (decrease) increase in cash and cash
equivalents (2,506) 892
Cash and cash equivalents at beginning of
period 11,528 15,111
------------------------- -------------------------
Cash and cash equivalents at June 30 $ 9,022 $ 16,003
========================= =========================
See accompanying notes.
BILLING SERVICES GROUP LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial
statements of Billing Services Group Limited ("BSG" or the
"Company") have been prepared in accordance with accounting
principles generally accepted in the United States for interim
financial information. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. Management uses
estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those
estimates and assumptions affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities,
and the reported amounts of revenues and expenses. Actual results
could vary from the estimates that were used.
NOTE 2 NET INCOME OR LOSS PER COMMON SHARE
Basic and diluted net income or loss per share are computed by
dividing net income or loss by the weighted average number of
shares of common stock outstanding during the relevant periods.
Diluted net income or loss per share includes the effect of all
dilutive options exercisable into common stock, unless the effect
of such inclusion would be anti-dilutive.
NOTE 3 COMMITMENTS AND CONTINGENCIES
The Company is involved in various claims, legal actions and
regulatory proceedings arising in the ordinary course of business.
The Company believes it is unlikely that the outcome of any of the
claims or proceedings to which the Company is a party will have a
material adverse effect on the Company's financial position. Due to
the inherent uncertainty of litigation and regulatory proceedings,
however, there can be no assurance that the resolution of any
particular claim or proceeding would not have a material adverse
effect on the Company's results of operations for the fiscal period
in which such resolution occurred.
The Company's subsidiary's federal tax returns for 2015 through
2017 remain subject to examination by the federal tax authority.
Most state tax returns for the 2015 through 2017 tax years remain
open for examination by the relevant tax authorities.
NOTE 4 SUBSEQUENT EVENTS
In July 2018, the Company paid a $1.25 million ($0.00758639 per
share) cash dividend.
In May 2016, the Company announced it had reached a mutually
agreeable resolution with the Federal Trade Commission ("FTC") of
litigation pending. Under the terms of the agreement, among other
commitments, BSG would pay the FTC a total of $5.2 million for
consumer redress in ten equal quarterly installments. On September
4, 2018 the Company made its final payment of $520,000 to the
FTC.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR QKLFFVKFLBBV
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