PR Newswire

BENTON HARBOR, Mich., Sept. 15, 2014

BENTON HARBOR, Mich., Sept. 15, 2014 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) received today written approval from the China Securities Regulatory Commission (CSRC) to acquire a 51 percent stake in Hefei Rongshida Sanyo Electric Co., Ltd. (SHA: 600983). This is the final key regulatory approval required in the acquisition process.

"We are pleased to receive the CSRC's written approval to proceed with the Hefei Sanyo acquisition," said Jeff Fettig, chairman and CEO of Whirlpool Corporation. "This is a significant milestone in bringing our companies together, and we look forward to delivering increased value for the Chinese consumer and leveraging our global enterprise for greater efficiencies."

The transaction is now expected to close at the end of the third quarter or early in the fourth quarter of 2014, pending final administrative processes and approvals.

The investment includes Whirlpool's commitment of capital and technical resources to enhance Hefei Sanyo's research and development and product innovation capabilities. This acquisition is in line with Whirlpool's long-term strategy to grow its position in the emerging Chinese market. It will also give Chinese consumers a broader range of innovative, high-quality products through a complementary, trusted portfolio of brands.

Whirlpool anticipates that the closure of the acquisition will not have a material impact on its earnings and cash flow outlook for 2014. Whirlpool continues to expect the transaction to be accretive in the first full year of integration.

About Whirlpool Corporation

Whirlpool Corporation is the world's leading global manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion in 2013, 69,000 employees and 59 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names. Additional information about the company can be found at http://www.whirlpoolcorp.com.

About Hefei Sanyo

Whirlpool Additional Information

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this current report relating to the acquisition of shares of Hefei Sanyo, the anticipated benefits of the transaction, and Whirlpool's 2014 outlook constitute "forward-looking statements" within the meaning of the federal securities laws. These statements reflect management's current expectations regarding future events and speak only as of the date of this current report. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. Actual performance may differ materially from that expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, the risk that the remaining closing conditions in the Share Purchase Agreement and Share Subscription Agreement will not be met, the risk that the transaction will not close at the end of the third quarter or early fourth quarter of 2014, the risk that the transaction will not achieve its anticipated benefits, and the risk that Whirlpool will not achieve its outlook for the full year 2014 or that the acquisition will not be accretive beginning in 2015. In addition to these risks, reference should also be made to the factors discussed under "Risk Factors" in Whirlpool Corporation's periodic filings with the Securities and Exchange Commission. Although the forward-looking statements contained in this current report are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this current report and, except as expressly required by applicable law, Whirlpool Corporation assumes no obligation to update or revise them to reflect new events or circumstances.

Logo - http://photos.prnewswire.com/prnh/20040202/DETU004LOGO

SOURCE Whirlpool Corporation

PR Newswire

BEACHWOOD, Ohio, Sept. 11, 2014

BEACHWOOD, Ohio, Sept. 11, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) announced today that Chief Executive Officer Daniel B. Hurwitz and the Board of Directors have agreed not to renew his employment agreement, which expires December 31, 2015. It is anticipated that Mr. Hurwitz will remain CEO through 2015 to facilitate a smooth leadership transition as the Company continues to execute its strategic plan.

"For more than 15 years, Dan has played key roles in DDR's strategy of building a high quality operating platform, prime portfolio and strong balance sheet," said Terrance R. Ahern, Chairman of the Board. "We thank him for his many contributions."

Mr. Hurwitz became CEO on January 1, 2010. He had served as President & Chief Operating Officer of the Company from May 2007 through December 2009, as Senior Executive Vice President and Chief Investment Officer from May 2005 to May 2007, Executive Vice President of Leasing & Development from April 2002 to May 2005, and as Executive Vice President of Leasing from June 1999 through April 2002. He joined the Company's Board of Directors in June 2009.

"I couldn't be prouder of what our team accomplished at DDR over the past several years," said Mr. Hurwitz. "Together, we have made great strides toward becoming an industry leader. DDR's next CEO will inherit a high-quality portfolio of assets operated by even higher-quality people. I am confident that DDR's best days are yet to come."

Mr. Ahern said a committee of the Board will engage an executive search firm and consider internal and external candidates to succeed Mr. Hurwitz.

About DDR Corp.DDR is an owner and manager of 390 value-oriented shopping centers representing 108 million square feet in 39 states and Puerto Rico. The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com, as well as on Twitter, LinkedIn and Facebook.

Safe Harbor

DDR Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract, including the ability of the joint venture between DDR and Blackstone to successfully complete the acquisition of the portfolio from American Realty Capital Properties, Inc.; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the success of our capital recycling strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Form 10-K for the year ended December 31, 2013, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

SOURCE DDR Corp.

VERO BEACH, Fla., July 31, 2014 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR, ARR PrA, and ARR PrB) ("ARMOUR" or the "Company") today announced financial results for the quarter ended June 30, 2014.

Q2 2014 Highlights and Financial Information

Q2 2014 Results

Core Income and Estimated Taxable REIT Income

Core Income for the quarter ended June 30, 2014, was approximately $50.9 million. "Core Income" represents a non-GAAP measure and is defined as net income excluding impairment losses, gains or losses on sales of securities and early termination of derivatives, unrealized gains or losses on derivatives and U.S. Treasury Securities and certain non-recurring expenses. Core Income may differ from GAAP net income, which includes the unrealized gains or losses of the Company's derivative instruments and the gains or losses on Agency Securities and U.S. Treasury Securities.

Estimated taxable REIT income for the quarter ended June 30, 2014, was approximately $50.9 million. The Company distributes dividends based on its estimate of taxable earnings, not based on net income calculated in accordance with GAAP. Taxable REIT income and GAAP net income will generally differ primarily because of the non-taxable unrealized changes in the value of the Company's derivatives, which the Company uses as economic hedges, and other than temporary impairment of Agency Securities to be sold in later periods. These gains/losses on derivatives are included in GAAP net income, whereas valuation changes are not included in taxable income. Additionally, capital losses realized for tax purposes will be carried forward to offset future capital gains. However, interest expense on U.S. Treasury Securities sold short, which was $4.3 million in Q2 2014, does reduce taxable income.

GAAP Net (Loss)

For the purposes of computing GAAP net income (loss), the change in fair value of the Company's derivatives is reflected in current period net income, while the change in fair value of its Agency Securities is reflected in its statement of comprehensive income. GAAP net loss for Q2 2014 was approximately $(70.2) million, including losses on security sales of approximately $(4.6) million.

Dividends

The Company paid dividends of $0.05 per Common share of record for each month of Q2 2014, resulting in payments to common stockholders of approximately $53.8 million. The Company also paid monthly dividends in Q2 2014 of $0.171875 per outstanding share of 8.250% Series A Cumulative Redeemable Preferred Stock and $0.1640625 per outstanding share of 7.875% Series B Cumulative Redeemable Preferred Stock, resulting in payments to preferred stockholders of an aggregate of approximately $3.9 million. The Company's taxable REIT income and dividend requirements to maintain REIT status are determined on an annual basis. Dividends in excess of taxable REIT income for the year will generally not be taxable to common stockholders. Our REIT dividend requirements are based on the amount of our ordinary taxable income. Realized capital losses do not affect the amount of the Company's ordinary taxable income, but will generally be available to offset capital gains realized primarily through 2018.

Per Share Amounts

Per Common share amounts are net of applicable Preferred Stock dividends and liquidation preferences. The denominators used to calculate per Common share amounts for the quarter ended June 30, 2014, reflect, to the extent dilutive, the effects of 1.3 million unvested stock awards.

Portfolio

During Q2 2014, the Company sold approximately $1.2 billion of Agency Securities, resulting in GAAP gains of approximately $11.2 million and realized capital losses of approximately $(314.9) million for tax purposes. These sales completed the previously announced repositioning to move the portfolio from 30-year fixed rate Agency Securities and 25-year fixed rate Agency Securities to 15-year fixed rate Agency Securities and 20-year fixed rate Agency Securities. As of June 30, 2014, the Company's portfolio consisted of Fannie Mae, Freddie Mac and Ginnie Mae mortgage securities, substantially all of which are fixed rate securities, and was valued at $17.0 billion. During Q2 2014, the annualized yield on average assets was 2.86%, and the annualized cost of funds on average liabilities (including realized cost of hedges) was 1.40%, resulting in a net interest spread of 1.46% for Q2 2014.

Portfolio Financing, Leverage and Interest Rate Hedges

As of June 30, 2014, the Company financed its portfolio with approximately $14.4 billion of net borrowings under repurchase agreements and $1.0 billion of obligations to return securities received as collateral (U.S. Treasury Securities sold short). The Company's leverage ratio as of June 30, 2014, was 7.90 to 1. As of June 30, 2014, the Company's liquidity totaled approximately $1.1 billion, consisting of approximately $433.1 million of cash and equivalents, plus approximately $639.8 million of unpledged Agency Securities (including Agency Securities received as collateral).

As of June 30, 2014, the following information was available related to the Company's interest rate risk and hedging activities: The Company's repurchase agreements had a weighted-average maturity of approximately 58 days. The Company had a notional amount of approximately $10.0 billion of various maturities of interest rate swap contracts with a weighted average swap rate of 1.50%. The Company had a notional amount of approximately $5.3 billion of various maturities of swaptions with a weighted average swap rate of 2.94%. The Company had a notional amount of approximately $25.0 million of various maturities of Eurodollar futures contracts sold at a weighted average swap equivalent rate of 2.13%.

Clearing regulations adopted under the Dodd-Frank Act have increased the initial margin requirements for most types of interest rate swap contracts. The portfolio repositioning will allow the Company to manage the interest rate risk created by the differing maturity profiles of our assets and the liabilities with shorter tenor interest rate swap contracts and futures contracts that have smaller initial margin requirements.

Management Fee

The Company pays a management fee of 1.5% (per annum) of gross equity raised up to $1.0 billion and 0.75% (per annum) of gross equity raised above $1.0 billion. As of June 30, 2014, the effective management fee was 1.03% based on gross equity raised, net of stock buybacks and dividends in excess of annual taxable REIT income.

Regulation G Reconciliation

Taxable REIT income is calculated according to the requirements of the Internal Revenue Code ("the Code") rather than GAAP. The Company plans to timely distribute at least 90% of its taxable REIT income in order to maintain its tax qualification as a REIT under the Code. The Company believes that taxable REIT income is useful to investors because taxable REIT income is directly related to the amount of dividends the Company is required to distribute in order to maintain its REIT tax qualification status. Core Income also excludes gains and losses on security sales. However, because taxable REIT income and Core Income are incomplete measures of the Company's financial performance and involve differences from net income computed in accordance with GAAP, taxable REIT income and Core income should be considered as supplementary to, and not as a substitute for, the Company's net income computed in accordance with GAAP as a measure of the Company's financial performance.

The following table reconciles the Company's results from operations to Core Income and estimated taxable REIT income for the quarter ended June 30, 2014

Common Stock

The Company issued 17,191 shares of common stock during Q2 2014 under its dividend reinvestment plan at a weighted average price of $4.24 per share. As of June 30, 2014, there were 357,189,085 Common shares outstanding.

Preferred Stock

As of June 30, 2014, there were 2,180,572 shares of 8.250% Series A Cumulative Redeemable Preferred Stock and 5,650,000 shares of 7.875% Series B Cumulative Redeemable Preferred Stock outstanding.

ARMOUR Residential REIT, Inc.

ARMOUR is a Maryland corporation that invests primarily in fixed rate, hybrid adjustable rate and adjustable rate residential mortgage backed securities. These securities are issued or guaranteed by U.S. Government-sponsored entities and Ginnie Mae. ARMOUR is externally managed and advised by ARMOUR Residential Management LLC, an investment advisor registered with the Securities and Exchange Commission ("SEC"). ARMOUR Residential REIT, Inc. intends to qualify and has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes.

Safe Harbor

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning the Company are expressly qualified in their entirety by the cautionary statements above. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Additional Information and Where to Find It

Investors, security holders and other interested persons may find additional information regarding the Company at the SEC's Internet site at http://www.sec.gov/, or the Company website www.armourreit.com or by directing requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite 201, Vero Beach, Florida 32963, Attention: Investor Relations.

At the start of a civil trial in New York federal court against Nelson Obus, SEC lawyer Paul Kisslinger said the Wynnefield Capital Inc fund manager made the illegal profits trading off a tip ahead of the takeover of industrial products supplier SunSource Inc.

The tip originated with Thomas Strickland, a former employee at General Electric Co's GE Capital working on the deal, Kisslinger said. Strickland told his friend Peter Black, an analyst at Wynnefield, who then told Obus, he said.

"So as you consider this case, remember four things: Tip, tip, trade, jackpot," Kisslinger told jurors.

But Joel Cohen, a lawyer for Obus, said for his client to be liable, he would have to be the "most unskilled and lamest insider trader in history."

Cohen asked jurors to question SEC claims that Obus told top executives of SunSource and acquirer Allied Capital Corp about the alleged tip, noting an insider trader normally would keep something like that secret.

"The problem is, confessing is the opposite of concealing," Cohen said.

The trial of Obus, Black and Strickland marks the latest test for the securities regulator amid a push by SEC Chair Mary Jo White to strengthen enforcement and take more cases to trial.

On May 12, a federal jury sided with the SEC, finding Texas businessman Samuel Wyly and the estate of his brother, Charles, liable for fraud in connection with undisclosed stock trading in offshore trusts.

Filed in 2006, the lawsuit in the Obus case centers on the 2001 $72 million buyout of SunSource by private equity firm Allied Capital. GE Capital was a lender to SunSource during the deal.

Kisslinger told jurors Monday that after Strickland began working on the deal, he called Black, a friend from college, and told him about it.

After the May 24, 2001, call, Black told Obus, Kisslinger said. Obus then called SunSource's chief executive, Maurice Andrien, telling him a "little birdie" at GE said SunSource was going to be sold.

Obus subsequently on June 8 directed Wynnefield to buy a large block of SunSource stock, he said, 11 days before the deal was announced.

"He knew what horse would win the race before he placed his bet," Kisslinger said.

But Cohen said Strickland only called Black to ask him about SunSource's management since Wynnefield was a shareholder.

And while Obus called Andrien, it was to tell him his concerns the company would engage in a different type of transaction that would affect shareholders. The idea Obus would tell Andrien he got a tip about the merger "just makes no sense," Cohen said.

The trial, which is expected to run two weeks, will continue Tuesday with further opening statements.

The case is Securities and Exchange Commission v. Obus et al, U.S. District Court, Southern District of New York, No. 03150.

(Reporting by Nate Raymond in New York; Editing by Noeleen Walder and Eric Walsh)

DEERFIELD BEACH, Fla., July 21, 2014 (GLOBE NEWSWIRE) -- Capstone Companies, Inc. (OTCQB:CAPC), a leader in the design and manufacture of specialty power failure lighting solutions and innovator of consumer safety and security products for the Hospitality, Retail and Institutional channels, announced today that it has received orders for distribution to the Japanese locations of a major national warehouse club.

Stewart Wallach, Chief Executive Officer of Capstone, stated, "The growing strength of the Capstone brand and strong demand from end users has led to a high level of confidence from our existing national warehouse club customer. The relationships that have been cultivated through our domestic sales and distribution initiatives are creating new opportunities for us in international markets, and I am excited to test the appetite for our products in the Japanese market along with the recently announced Australian market. We will continue to pursue strategic expansion into additional international markets that we identify as providing the greatest opportunities."

With this order Capstone is now doing business in four international markets – Mexico, Taiwan, Australia and Japan. Shipments are expected to commence in August 2014 with Capstone's products available for purchase by consumers in the third quarter of 2014.

More information on Capstone Companies, Inc. can be found at www.capstonecompaniesinc.com and additional product details are available at www.capstoneindustries.com.

About Capstone Companies, Inc.

Capstone Companies, Inc. is a public holding company that engages, through its wholly-owned subsidiaries, Capstone Industries, Inc., Capstone Lighting Technologies, LLC, and Capstone International HK, Ltd., in the development, manufacturing, logistics, and distribution of consumer and institutional products to accounts throughout North America and in international markets. See www.capstonecompaniesinc.com for more information about the Company and www.capstoneindustries.com for information on our current product offerings.

FORWARD-LOOKING STATEMENTS:

This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended. Such statements consist of words like "anticipate," "expect," "project," "continue" and similar words. These statements are based on the Company's and its subsidiaries' current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include consumer acceptance of the Company's products, its ability to deliver new products, the success of its strategy to broaden market channels and the relationships it has with retailers and distributors. Prior success in operations does not necessarily mean success in future operations. The ability of the Company to adequately and affordably fund operations and any growth will be critical to achieving and sustaining any expansion of markets and revenue. The introduction of new products or the expanded availability of products does not mean that the Company will enjoy better financial or business performance. The risks associated with any investment in Capstone Companies, Inc., which is a small business concern and a "penny-stock Company" and, as such, a highly risky investment suitable for only those who can afford to lose such investment, should be evaluated together with the risks and uncertainties more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission. Capstone Companies, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Contents of referenced URL's are not incorporated into this press release.