Kaman prices USD 175m convertible senior notes due 2024

Kaman Corporation (NYSE: KAMN) has priced its offering of USD 175m aggregate principal amount of 3.25% convertible senior notes due 2024 in a private offering to qualified institutional buyers, the company said.

In connection with the offering, the company granted the initial purchasers an option to purchase, within the 13-day period beginning on, and including, the date the company first issues the notes, up to an additional USD 25m aggregate principal amount of such notes, solely to cover over-allotments, if any.

When issued, the notes will be senior unsecured obligations of the company, and will pay interest at a rate of 3.25% per year payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2017.

The company intends to use approximately USD 17.9m of the net proceeds from this offering to pay the cost of the capped call transactions.

The company intends to use the remainder of the net proceeds from the offering, along with cash received from existing option counterparties in connection with the partial unwind of the existing call spread transactions referred to below, to repay existing indebtedness.

Bloomfield, Connecticut-based Kaman Corporation conducts business in the aerospace and industrial distribution markets. The company produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the US and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX manned and unmanned medium-to-heavy lift helicopters; and engineering design, analysis and certification services.

SkyWest reports 5.1% YoY decrease in block hours for April 2017

SkyWest, Inc., (NASDAQ: SKYW) has reported 152,128 block hours in April 2017, compared to 160,322 block hours in April 2016, a decrease of 8,194 or 5.1%, the company said.

The net decrease was consistent with SkyWest´s fleet transition plan to improve the mix of aircraft in its fleet by adding new E175 aircraft, while reducing its 50-seat jets.

The year-over-year net change was primarily driven by approximately 12,600 additional block hours from its E175 aircraft and a decrease of approximately 20,800 block hours from its other aircraft types.

In April 2017, SkyWest´s dual class aircraft represented approximately 50% of SkyWest´s total block hour production for the month compared to approximately 42% for the month of April 2016.

SkyWest reported 604,810 block hours for year-to-date April 2017, compared to 647,194 block hours year-to-date April 2016, a decrease of 42,384, or 6.5%. This net change was primarily driven by approximately 49,400 additional block hours from its E175 aircraft and a decrease of approximately 91,800 block hours from its other aircraft types.

SkyWest had 90,600 departures in April 2017 compared to 96,297 in April 2016, a decrease of 5,697, or 5.9%. SkyWest generated 2.72 billion available seat miles (ASMs) for April 2017, compared to 2.84 billion ASMs for April 2016, or a 4.0% decrease.

St. George, Utah-based SkyWest, Inc. is the holding company for two scheduled passenger airline operations and an aircraft leasing company. The company´s airline companies, SkyWest Airlines and ExpressJet Airlines, provide commercial air service in cities throughout North America with more than 2,800 scheduled daily flights carrying nearly 54 million passengers annually.

The Hackett Group acquires Jibe Consulting

The Hackett Group, Inc. (NASDAQ: HCKT) has completed its acquisition of Jibe Consulting, Inc. a management and technology consulting firm focused on implementing Oracle Enterprise Resource Planning (ERP) and Human Capital Management (HCM) solutions, the company said.

The combined enterprise is expected to enhance The Hackett Group´s ability to fully support clients´ Oracle Cloud Business Application implementation efforts in finance, procurement, manufacturing, supply chain and human capital.

Formed in 2004, Jibe has grown into a comprehensive team of consultants that provide unique insights around practices for streamlining business operations. Jibe Consulting has more than 90 consultants and is an Oracle Platinum Partner.

The acquisition builds on the best practices implementation IP of The Hackett Group, including its ERP, Enterprise Performance Management and Analytics (EEA) practice. The Hackett Group´s intellectual property and extensive research in business processes, combined with its experience in implementing Oracle enterprise applications in the cloud highly differentiates its offerings.

The Hackett Group is an intellectual property-based strategic consultancy and enterprise benchmarking and best practices implementation firm to global companies, offering digital transformation and enterprise application approaches including robotic process automation and cloud computing. Services include business transformation, enterprise performance management, working capital management, and global business services. The Hackett Group also provides dedicated expertise in business strategy, operations, finance, human capital management, strategic sourcing, procurement, and information technology, including its award-winning Oracle EPM and SAP practices.

Jibe Consulting is a management and technology consulting firm headquartered in Bellevue, Washington that implements and supports Oracle solutions.

FLY Leasing reports 1Q 2017 net income of USD 5.1m

FLY Leasing Limited (NYSE: FLY) has reported net income for the first quarter of 2017 of USD 5.1m, or USD 0.16 per diluted share. This compares to net income of USD 7.1m, or USD 0.21 per diluted share, for the same period in 2016, the company said.

Adjusted net income was USD 11.1m for the first quarter of 2017 compared to USD 16.2m in the same period in the previous year. On a per share basis, adjusted net income was USD 0.34 in the first quarter of 2017 compared to USD 0.47 for the same period in the previous year.

During the first quarter of 2017, 99,524 shares were repurchased at an average cost of USD 12.95 per share. At March 31, 2017, approximately USD 65.4m remained available under the share repurchase program.

Subsequent to quarter end, another 560,858 shares were repurchased at an average cost of USD 12.83. These share prices are well below FLY´s book value per share of USD 18.62 at March 31, 2017. As of May 10, 2017, approximately USD 58m remained available under the share repurchase program.

At March 31, 2017, FLY´s total assets were USD 3.4bn, including an investment in flight equipment totaling USD 2.8bn. Total cash at March 31, 2017 was USD 606.1m, of which USD 536.9m was unrestricted.

At March 31, 2017, FLY´s 76 aircraft, as shown in the table below, were on lease to 42 airlines in 28 countries. The table does not show the two B767 aircraft owned by a joint venture in which FLY has a 57% ownership.

FLY is a global aircraft leasing company that acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, an aircraft lease management and financing company.

Insurity partners with One on payment processing

Insurity, Inc., a provider of core insurance processing, data integration and analytics solutions and One, Inc., the provider of cloud-based payment processing software to the insurance industry, have partnered to offer the One Inc. payment processing suite of products as a fully integrated option with Insurity´s solution portfolio, the companies said.

One Inc.´s ProcessOne is a cloud-based payment processing and reconciliation solution that dramatically reduces credit card costs while simplifying the payment process for an insurer´s customers and staff.

The solution will also come with ContactOne One, Inc.´s digital engagement platform. ProcessOne and ContactOne will be integrated into Insurity´s Insurance Decision Suite and to provide a seamless payment processing experience for Insurity customers and will include IVR, texting, SocialPay, ePay, and a host of other digital engagement solutions.

Insurity, Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity´s core processing applications and data integration and analysis solutions are backed by rich insurance expertise and are in production with over 100 insurers, processingbns of dollars of premium each month. Insurity´s solutions address the needs of all carriers — from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs.

One, Inc. provides an integrated cloud-based platform designed to transform the way insurance companies interact with their customers. One, Inc.´s technology platform combines core insurance software functions including policy administration, rating and billing with data analytics, CRM, payment processing, agency management, and full digital engagement –all in one solution–to enable insurance companies to modernize their operations and offer superior solutions and service to their customers.

Alaska Airlines launches new service from Seattle to Indianapolis

Alaska Airlines has begun nonstop daily service between Seattle, Washington and Indianapolis, Indiana, the only nonstop service offered from Seattle-Tacoma International Airport, the airline said..

“We´re pleased to add Indianapolis to our growing list of nonstop destinations from our hometown of Seattle, now at 89 nonstop destinations served — more than twice as many as any other airline,” said John Kirby, vice president of capacity planning at Alaska Airlines.

With these new routes, Alaska and Virgin America operate more than 30 daily flights to 10 Midwest cities including: Chicago; Detroit; Indianapolis; Kansas City, Missouri; Milwaukee; Minneapolis; Oklahoma City; Omaha, Nebraska; St. Louis and Wichita, Kansas. New Virgin America service between San Francisco and Indianapolis will begin on Sept. 26.

Alaska Airlines, together with Virgin America and its regional partners, flies 40 million customers a year to 118 destinations with an average of 1,200 daily flights across the United States and to Mexico, Canada, Costa Rica and Cuba. With Alaska and Alaska Global Partners, customers can earn and redeem miles on flights to more than 900 destinations worldwide. Alaska Airlines, Virgin America and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).

Jharkhand, Oracle sign MOU to drive digital transformation

The government of Jharkhand and Oracle have signed a Memorandum of Understanding (MoU) intended to improve citizen services and make Jharkhand an attractive destination for start-ups, the company said.

The MoU was signed by Shri Sunil Kr Barnwal, Secretary, IT & e-Governance, of Jharkhand and Shri Shailender Kumar, Regional Managing Director of Oracle India, in the presence of the Honourable Chief Minister of Jharkhand, Shri Raghubar Das and Oracle CEO Safra Catz at Oracle OpenWorld in New Delhi.

Oracle will offer its support to the state through its vast portfolio of technology solutions, including Oracle Cloud — which are already powering a large number of governments globally. These solutions cater to the growing requirements and expectations of citizens, businesses and government departments for smarter, transparent and efficient governance within the state of Jharkhand.

As part of the MoU, the Government of Jharkhand and Oracle will jointly explore and identify areas in which Oracle´s latest cloud-based technologies can be used to deliver improved citizen services and to address the state´s citizen and business requirements.

Jharkhand´s administration intends to use Oracle´s cloud-based solutions to build a platform to encourage innovation and entrepreneurship among its youth, helping establish Jharkhand as a preferred start-up destination in India.

The Oracle Cloud delivers hundreds of SaaS applications and enterprise-class PaaS and IaaS services to customers in more than 195 countries while processing 55bn transactions a day.

Delta, Airbus SE agree to expand aircraft orders, defer deliveries

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) has agreed with Airbus SE to place an expanded A321-200 order for 30 firm additional aircraft and to defer 10 of the airline´s 25 A350-900 aircraft deliveries set for 2019-2020 by two to three years with additional delivery flexibility, the company said.

Delta´s delivery schedule for its first A350-900 aircraft remains in place and the airline plans to operate its first A350 revenue flight in the fourth quarter.

Delta expects to take delivery of five A350s in 2017.

Delta currently operates 19 A321s and this expansion will bring the total firm delivery aircraft from 82 to 112 by 2021.

The A321 aircraft will primarily be deployed on US domestic routes as older domestic-gauge aircraft retire during the next several years.

Delta Air Lines serves nearly 180 million customers each year. Delta and the Delta Connection carriers offer service to 323 destinations in 57 countries on six continents. The company employs more than 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft.

The airline is a founding member of the SkyTeam global alliance and participates in the industry´s leading transatlantic joint venture with Air France-KLM and Alitalia as well as a joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 daily flights.

Delta has invested billions of dollars in airport facilities, global products and services, and technology to enhance the customer experience in the air and on the ground.

GTT Communications gets 3 Stevies

GTT Communications, Inc. (NYSE: GTT), a leading global cloud networking provider to multinational clients, has been recognized with three Gold Stevie Awards in the 15th Annual American Business Awards, the company said.

More than 3,600 nominations from organizations of diverse sizes and industries were submitted this year for consideration in a wide range of categories, including company, management, new products and IT services.

GTT was nominated for Telecommunications Company of the Year; Fastest-Growing Company of the Year — Up to 2,500 Employees; and Executive of the Year, Telecommunications.

GTT provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide area networking, internet, managed services and voice services.

The company´s Tier 1 IP network, ranked in the top five worldwide, connects clients to any location in the world and any application in the cloud. GTT delivers an outstanding client experience by living its core values of simplicity, speed and agility.

Stevie Awards are conferred in seven programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, The American Business Awards, The International Business Awards, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service.

Stevie Awards competitions receive more than 10,000 entries each year from organizations in more than 60 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide.

Calix, Radisys to deliver first deployment ready residential CORD platform

Radisys Corporation (NASDAQ: RSYS), the services acceleration company, and Calix, Inc. (NYSE: CALX), a world leader in Subscriber Driven Intelligent Access, have delivered an end-to-end cloud edge solution using commercially available systems and software compliant with the Residential Central Office Re-architected as a Datacenter (Residential CORD or R-CORD) architecture, advancing SDN, NFV, and the cloud model into the service provider access network, the companies said.

This integrated turnkey access solution for R-CORD combines the CORD open software and hardware building blocks with Radisys´ OCP-based DCEngine platform and the carrier-grade Calix AXOS E9-2 Intelligent Edge System, featuring the recently announced AXOS OFx Connector with the open source vOLT-HA integration software as well as 10G PON converged fiber access (NG-PON2 and XGS-PON).

By deploying the converged cloud edge solution in their last mile network, service providers can accelerate new service introduction while maintaining the highest quality of experience for their subscribers.

Trials of the R-CORD solution running on Radisys´ OCP-based DCEngine hyperscale platform integrated with the Calix AXOS E9-2 Intelligent Edge System are currently underway with multiple tier-one service providers.

As part of the field trials, Calix is providing the physical optical termination system, while the Radisys DCEngine 16U Integrated Rack, based on the OCP-ACCEPTED CG-OpenRack-19 specification, provides a multi-rack level network functions virtualization (NFVi) and container-based infrastructure necessary for hosting thousands of virtualized network functions (VNFs) and applications under open software-defined networking control.

Radisys helps communications and content providers, and their strategic partners, create new revenue streams and drive cost out of their services delivery infrastructure. Radisys´ hyperscale software-defined infrastructure, service aware traffic distribution platforms, real-time media processing engines and wireless access technologies enable its customers to maximize, virtualize and monetize their networks.

Calix pioneered Software Defined Access and cloud products focused on access networks and the subscriber. Its portfolio of access systems and software combines AXOS, the revolutionary platform for access, with Calix Cloud, innovative cloud products for network data analytics and subscriber experience assurance. Together, they enable communications service providers to transform their businesses and be the winning service providers of tomorrow.