March 31, 2020
The ratings agency dropped Amer two levels from B1 to B3, the lowest speculative grade possible, citing an expected steep decline in revenue as a result of the coronavirus outbreak and the likelihood that its already high leverage will increase and require Anta and the other members of the consortium that controls it to inject fresh equity.
Net income at the Taiwanese bike maker jumped 18% to NT$3,374.6 million ($110.0 mm) in 2019 from NT$2,863.9 million on 5% higher revenues of NT$63,449.5 million ($2,068.4 mm) up from NT$60,239.4 million as it continues to ride the e-bike boom.
Net income slipped 7% in 2019 to HKD 62,843,000 ($8.0 mm) from HKD 67,346,000 on revenues that gained 29% to HKD 1,146,834,000 ($146.5 mm) from HKD 885,933,000.
Net loss for the full year 2019 widened to $21,970,000 against a loss of $15,266,000 as the Chinese footwear maker’s revenue plummeted 88% to $4,595,000 from $38,965,000 and gross margin could not even cover fixed manufacturing costs.
While affirming the Ba1 corporate rating and Ba2 senior notes rating, the speculative grade liquidity rating was downgraded to SGL-2 from SGL-1 and the ratings outlook was changed to negative from stable.
Sincerbeaux will join the sporting goods and game maker as president and chief executive officer, effective Apr. 27, succeeding the retiring Dave Fetherman.
The new Metaracer is Asics entry into the carbon plate midsole class of long-distance racing shoe, competing with Nike’s dominant Alphafly and Vaporfly Next% shoes that have gobbled up market share in the category.
The shareholder derivative suit was filed two years ago in Baltimore federal court, accusing then CEO Kevin Plank of improperly profiting from the Port Covington development that was to be the site of UA’s new headquarters.
Adidas has terminated its share buyback program for the rest of the year to preserve liquidity during the coronavirus crisis.