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The Home Depot Announces Fourth Quarter & Fiscal 2014 Results; Announces $18 Billion Share Repurchase Authorization; Increases Quarterly Dividend By 26 Percent And Provides Fiscal 2015 Guidance

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The Home Depot Announces Fourth Quarter & Fiscal 2014 Results; Announces $18 Billion Share Repurchase Authorization; Increases Quarterly Dividend By 26 Percent And Provides Fiscal 2015 Guidance


ATLANTA, Feb. 24, 2015 /PRNewswire/ — The Home Depot®, the world’s largest home improvement retailer, today reported sales of $19.2 billion for the fourth quarter of fiscal 2014, an 8.3 percent increase from the fourth quarter of fiscal 2013. Comparable store sales for the fourth quarter of fiscal 2014 were positive 7.9 percent, and comp sales for U.S. stores were positive 8.9 percent.

Logo – http://photos.prnewswire.com/prnh/20030502/HOMEDEPOTLOGO

Net earnings for the fourth quarter of fiscal 2014 were $1.4 billion, or $1.05 per diluted share, compared with net earnings of $1.0 billion, or $0.73 per diluted share, in the same period of fiscal 2013. For the fourth quarter of fiscal 2014, diluted earnings per share increased 43.8 percent from the same period in the prior year.

Fourth quarter of fiscal 2014 results reflect a pretax gain on sale of $111 million, or $0.05 per diluted share, related to the sale of a portion of the Company’s equity ownership in HD Supply Holdings, Inc. Adjusting for the gain on sale, diluted earnings per share were $1.00 for the fourth quarter of fiscal 2014, up 37.0 percent from the same period in the prior year.

Fiscal 2014

Sales for fiscal year 2014 were $83.2 billion, an increase of 5.5 percent from fiscal year 2013. Total company comparable store sales for fiscal year 2014 increased 5.3 percent, and comp sales for U.S. stores were positive 6.1 percent for the year.

Earnings per diluted share in fiscal year 2014 were $4.71, compared to $3.76 per diluted share in fiscal year 2013, an increase of 25.3 percent.

Fiscal 2014 results reflect a pretax gain on sale of $323 million, or $0.15 per diluted share, related to the sale of a portion of the Company’s equity ownership in HD Supply Holdings, Inc. Fiscal 2014 results also reflect a pretax net expense of $33 million, or $0.02 per diluted share, related to the Company’s 2014 data breach, of which $5 million was recognized in the fourth quarter.

“We had a strong finish to the year, as strength across the store, the recovering U.S. housing market and solid execution aided our business in 2014,” said Craig Menear, chairman, CEO and president. “I’d like to thank our associates for their hard work and commitment to our customers.”

Capital Allocation Strategy

The Company today announced that its board of directors declared a 26 percent increase in its quarterly dividend to $0.59 cents per share. “The board increased the dividend for the sixth time in as many years, representing our commitment to create value for our shareholders,” said Menear. The dividend is payable on March 26, 2015, to shareholders of record on the close of business on March 12, 2015. This is the 112th consecutive quarter the Company has paid a cash dividend.

The board of directors also authorized an $18.0 billion share repurchase program, replacing its previous authorization. Since 2002 and through February 1, 2015, the Company has returned more than $53 billion of cash to shareholders through repurchases, repurchasing approximately 1.2 billion shares.

Combined with today’s announcements, the Company reiterated its capital allocation principles:

  • Dividend Principle: Targeting a dividend payout ratio of approximately 50 percent.
  • Share Repurchase Principle: After meeting the needs of the business, will use excess cash to repurchase shares, with the intent of completing $18.0 billion of share repurchases by the end of fiscal 2017.
  • Return on Invested Capital Principle: Maintain a high return on invested capital, with a goal of reaching 27 percent by the end of fiscal 2015.

Fiscal 2015 Guidance

Given the significant strengthening of the U.S. dollar, the Company provided a range of sales, comp sales and diluted earnings-per-share growth to reflect the difference between 2014 average exchange rates and current exchange rates. If currency exchange rates remain where they are today, this would cause a negative impact to fiscal 2015 net sales growth of approximately $1 billion, as well as a negative impact on diluted earnings per share of approximately $0.06 per share. The low-end of the Company’s sales and diluted earnings-per-share growth guidance reflects this currency impact.

  • Sales growth of approximately 3.5 to 4.7 percent
  • Comparable store sales growth of approximately 3.3 to 4.5 percent
  • Six new stores
  • Flat gross margin
  • Operating margin expansion of approximately 60 basis points
  • Tax rate of approximately 37 percent
  • Share repurchases of approximately $4.5 billion
  • Diluted earnings-per-share growth after anticipated share repurchases of approximately 8.5 percent to 10 percent, or $5.11 to $5.17
  • Capital spending of approximately $1.6 billion
  • Depreciation and amortization of approximately $1.8 billion
  • Cash flow from the business of approximately $9.0 billion

The Company’s fiscal 2015 diluted earnings-per-share guidance does not include an accrual for other reasonably possible losses related to the data breach. Other than the breach-related costs contained in the Company’s fiscal 2014 earnings, at this time the Company is not able to estimate the costs, or a range of costs, related to the breach. Costs related to the breach may include liabilities to payment card networks for reimbursements of credit card fraud and card reissuance costs; liabilities related to the Company’s private label credit card fraud and card reissuance; liabilities from current and future civil litigation, governmental investigations and enforcement proceedings; future expenses for legal, investigative and consulting fees; and incremental expenses and capital investments for remediation activities. Those costs may have a material adverse effect on the Company’s financial results in fiscal 2015 and/or future periods.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at earnings.homedepot.com.

At the end of the fourth quarter, the Company operated a total of 2,269 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 300,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable store sales; effects of competition; state of the economy; state of the residential construction, housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and in-stock positions; implementation of store, interconnected retail and supply chain initiatives; management of relationships with our suppliers and vendors; the impact and expected outcome of investigations, inquiries, claims and litigation related to our recent data breach; issues related to the types of payment methods we accept; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the effect of accounting charges; the effect of adopting certain accounting standards; store openings and closures; guidance for fiscal 2015 and beyond; and financial outlook. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Part II, Item 1A, “Risk Factors,” and elsewhere in our Quarterly Report on Form 10-Q for the fiscal quarter ended November 2, 2014.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.

 

 

THE HOME DEPOT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS AND FISCAL YEARS ENDED FEBRUARY 1, 2015 AND FEBRUARY 2, 2014

(Unaudited)

(Amounts in Millions Except Per Share Data and as Otherwise Noted)

 

Three Months Ended

% Increase

(Decrease)

Fiscal Year Ended

% Increase

(Decrease)

February 1, 2015

February 2, 2014

February 1, 2015

February 2, 2014

NET SALES

$

19,162

$

17,696

8.3

%

$

83,176

$

78,812

5.5

%

Cost of Sales

12,439

11,504

8.1

54,222

51,422

5.4

GROSS PROFIT

6,723

6,192

8.6

28,954

27,390

5.7

Operating Expenses:

Selling, General and Administrative

4,125

4,024

2.5

16,834

16,597

1.4

Depreciation and Amortization

407

407

—

1,651

1,627

1.5

Total Operating Expenses

4,532

4,431

2.3

18,485

18,224

1.4

OPERATING INCOME

2,191

1,761

24.4

10,469

9,166

14.2

Interest and Other (Income) Expense:

Interest and Investment Income

(115)

(4)

N/M

(337)

(12)

N/M

Interest Expense

213

182

17.0

830

711

16.7

Interest and Other, net

98

178

(44.9)

493

699

(29.5)

EARNINGS BEFORE PROVISION FOR INCOME TAXES

2,093

1,583

32.2

9,976

8,467

17.8

Provision for Income Taxes

714

570

25.3

3,631

3,082

17.8

NET EARNINGS

$

1,379

$

1,013

36.1

%

$

6,345

$

5,385

17.8

%

Weighted Average Common Shares

1,306

1,382

(5.5)

%

1,338

1,425

(6.1)

%

BASIC EARNINGS PER SHARE

$

1.06

$

0.73

45.2

$

4.74

$

3.78

25.4

Diluted Weighted Average Common Shares

1,314

1,391

(5.5)

%

1,346

1,434

(6.1)

%

DILUTED EARNINGS PER SHARE

$

1.05

$

0.73

43.8

$

4.71

$

3.76

25.3

Three Months Ended

Fiscal Year Ended

SELECTED HIGHLIGHTS

February 1, 2015

February 2, 2014

% Increase

(Decrease)

February 1, 2015

February 2, 2014

% Increase

(Decrease)

Number of Customer Transactions

332.1

316.0

5.1

%

1,441.6

1,390.6

3.7

%

Average Ticket (actual)

$

57.79

$

56.08

3.0

$

57.87

$

56.78

1.9

Sales per Square Foot (actual)

$

324.58

$

300.29

8.1

$

352.22

$

334.35

5.3

 

N/M – Not Meaningful

 

 

THE HOME DEPOT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF FEBRUARY 1, 2015 AND FEBRUARY 2, 2014

(Unaudited)

(Amounts in Millions)

 

February 1,
 2015

February 2,
 2014

ASSETS

Cash and Cash Equivalents

$

1,723

$

1,929

Receivables, net

1,484

1,398

Merchandise Inventories

11,079

11,057

Other Current Assets

1,016

895

Total Current Assets

15,302

15,279

Property and Equipment, net

22,720

23,348

Goodwill

1,353

1,289

Other Assets

571

602

TOTAL ASSETS

$

39,946

$

40,518

LIABILITIES AND STOCKHOLDERS’ EQUITY

Short-Term Debt

$

290

$

—

Accounts Payable

5,807

5,797

Accrued Salaries and Related Expenses

1,391

1,428

Current Installments of Long-Term Debt

38

33

Other Current Liabilities

3,743

3,491

Total Current Liabilities

11,269

10,749

Long-Term Debt, excluding current installments

16,869

14,691

Other Long-Term Liabilities

2,486

2,556

Total Liabilities

30,624

27,996

Total Stockholders’ Equity

9,322

12,522

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

39,946

$

40,518

 

 

THE HOME DEPOT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR FISCAL YEARS ENDED FEBRUARY 1, 2015 AND FEBRUARY 2, 2014

(Unaudited)

(Amounts in Millions)

 

Fiscal Year Ended

February 1,
 2015

February 2,
 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Earnings

$

6,345

$

5,385

Reconciliation of Net Earnings to Net Cash Provided by Operating Activities:

Depreciation and Amortization

1,786

1,757

Stock-Based Compensation Expense

225

228

Gain on Sales of Investments

(323)

—

Changes in Working Capital and Other

209

258

Net Cash Provided by Operating Activities

8,242

7,628

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital Expenditures

(1,442)

(1,389)

Proceeds from Sales of Investments

323

—

Payments for Businesses Acquired, net

(200)

(206)

Proceeds from Sales of Property and Equipment

48

88

Net Cash Used in Investing Activities

(1,271)

(1,507)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from Short-Term Borrowings, net

290

—

Proceeds from Long-Term Borrowings, net of discount

1,981

5,222

Repayments of Long-Term Debt

(39)

(1,289)

Repurchases of Common Stock

(7,000)

(8,546)

Proceeds from Sales of Common Stock

252

241

Cash Dividends Paid to Stockholders

(2,530)

(2,243)

Other Financing Activities

(25)

(37)

Net Cash Used in Financing Activities

(7,071)

(6,652)

Change in Cash and Cash Equivalents

(100)

(531)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(106)

(34)

Cash and Cash Equivalents at Beginning of Period

1,929

2,494

Cash and Cash Equivalents at End of Period

$

1,723

$

1,929


New Mexico Becomes the 14th State to Approve ETS’s HiSET® Program for High School Equivalency

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New Mexico Becomes the 14th State to Approve ETS’s HiSET® Program for High School Equivalency

Joins growing number of states offering the affordable, accessible alternative to the GED® test


PRINCETON, N.J., Feb. 24, 2015 /PRNewswire-HISPANIC PR WIRE/ –To expand access to high school equivalency testing, the New Mexico Public Education Department has approved the HiSET® program by Educational Testing Service as an affordable alternative to the GED® test.

New Mexico is the 14th state to choose the HiSET program, which offers computer- and paper-delivered testing options in English and Spanish to serve the greatest number of candidates. The announcement follows adoption of the HiSET exam by California, Iowa, Louisiana, Maine, Massachusetts, Missouri, Montana, Nevada, New Hampshire, New Jersey, North Carolina, Tennessee and Wyoming, along with U.S. territories Guam, Northern Marianas, American Samoa and Palau.

The number of states, educators, policymakers and employers looking for an alternative high school proficiency exam is expected to grow. High school proficiency exams include elements that are critical to providing out-of-school youth and adults with proof of their readiness for higher education or the workplace.

Developed by ETS and Iowa Testing Programs (ITP), the HiSET exam covers the same content areas as the GED® test and is accepted by institutions and commercial and government employers in the same way. However, the HiSET program’s advantages include:

  • Affordable test fee to keep this valuable credential accessible for candidates
  • English and Spanish versions of the test
  • Computer-delivered and paper-delivered testing options
  • Flexibility with the use of existing test centers, test prep and curricula
  • Test design and validation by experts in assessment development for fair and reliable results

“ETS looks forward to working with educators in New Mexico to provide adult learners with an affordable, accessible high school equivalency exam,” said John Oswald, Vice President and General Manager, K–12 Student Assessment Programs, ETS. “Keeping test takers in mind, the HiSET exam is designed to be administered with existing resources, and the program allows candidates to complete HiSET test sections in groups or individually.”

For more information about the ETS HiSET program, please visit http://hiset.ets.org/.

About ETS
At ETS, we advance quality and equity in education for people worldwide by creating assessments based on rigorous research. ETS serves individuals, educational institutions and government agencies by providing customized solutions for teacher certification, English language learning, and elementary, secondary and postsecondary education, and by conducting education research, analysis and policy studies. Founded as a nonprofit in 1947, ETS develops, administers and scores more than 50 million tests annually — including the TOEFL® and TOEIC® tests, the GRE® tests and The Praxis Series® assessments — in more than 180 countries, at over 9,000 locations worldwide. www.ets.org

 


Hoffa Invites El Salvador AG Martinez To Washington To Discuss Re-Opening Of Soto Assassination Investigation

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Hoffa Invites El Salvador AG Martinez To Washington To Discuss Re-Opening Of Soto Assassination Investigation

Hoffa Hopes New Investigation Will Bring Soto Murderers to Justice


WASHINGTON, Feb. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Today, the International Brotherhood of Teamsters announced that General President James P. Hoffa sent a letter to El Salvador Attorney General Luis Antonio Martinez inviting him to the union’s headquarters in Washington D.C., to discuss re-opening the investigation into the assassination of Teamster official Gilberto Soto.

Logo – http://photos.prnewswire.com/prnh/20100127/IBTLOGO

Hoffa sent Martinez the correspondence after not receiving a response from him to a letter regarding the Soto murder he co-signed with 14 internationally-recognized human rights advocates nearly three months ago. The open letter was published in La Prensa Grafica on Nov. 5, 2014, the tenth anniversary of Soto’s assassination.

In the new letter, Hoffa reiterates that the human rights advocates were requesting that the attorney general “…work cooperatively with the PDDH and independent human rights organizations to identify those who ordered these crimes and those who covered them up.”  His letter specifically refers to reports “…that the cover-up included the sexual torture of gang members, while in police custody, in order to extract false and misleading confessions” in the Soto case.

Hoffa is optimistic that he will receive a positive response from the attorney general due to reports from U.S. Rep. James McGovern that Martinez expressed interest in meeting with the Teamster leader. McGovern met with the attorney general shortly after the open letter was published.

“Ten years have passed since Gilberto Soto was murdered in El Salvador and the case still remains unsolved,” Hoffa said. “His family deserves closure, and it is my hope that Attorney General Martinez will agree to re-open the investigation and bring Gilberto’s murderers to justice.”

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.

Contact:
Galen Munroe (202) 624-6911
[email protected]

 


Brident Dental & Orthodontics to Open Third Office in Austin, Texas

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Brident Dental & Orthodontics to Open Third Office in Austin, Texas

Residents Offered Free Dental Screenings and Giveaways at February 23rd Grand Opening Event


AUSTIN, Texas, Feb. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Brident Dental & Orthodontics announced the opening of its newest affiliated office in Austin, Texas at 2400 East Oltorf St. which will offer a full-range of dental and orthodontic services.  To celebrate, a grand opening event offering free dental screenings and giveaways will take place on February 23, 2015 from 12:00 p.m. – 5:00 p.m. 

“On behalf of the entire Brident Dental team, we are thrilled to expand our services in Austin and look forward to making high quality, affordable care more accessible to residents of Austin and the surrounding communities,” said Dr. Sam Arava, managing dentist of the new location.

A ribbon cutting ceremony with the Austin Chamber of Commerce will kick off the grand opening festivities at 12:30 p.m. on February 23, 2015.  In addition to the free dental screenings, residents can stop in for a tour of the office; as well as refreshments, giveaways and a chance to win one of several raffle prizes.

All of Brident Dental’s services are backed by a unique quality assurance system, which electronically monitors all patient visits, treatments, dental staff and clinical performance to enable high-quality dental care. In addition, Brident Dental accepts most private insurance plans and Medicaid and offers no-interest payment plans.

The new office is open Monday through Friday from 9:00 a.m. to 6:00 p.m. and Saturday 8:00 a.m. to 4:30 p.m. and closed on Tuesday.  To learn more, or to schedule an appointment, visit www.brident.com or call 1-888-871-8476.

ABOUT BRIDENT DENTAL:
Brident Dental & Orthodontics is an experienced dental service organization, which provides comprehensive business support services to affiliated dental offices owned by licensed dentists, with convenient locations throughout Texas.  In addition, we are affiliated with Western Dental, a dental and oral health maintenance organization that provides dental services in over 190 office locations with over 4,000 team members.  Being affiliated with this network of dental offices allows us to benefit from the company’s long-standing emphasis on high standards of quality of care, first class training and professional development.  The Brident Dental offices are led by Dr. Soumava Sen, who brings over 20 years of experience in practicing dentistry, managing dental offices and leading dental professionals in delivering great quality dental care.  For more information, visit www.brident.com.   

Logo – http://photos.prnewswire.com/prnh/20140818/137079


(Español) Ismael Cala anuncia su gira “EsCALA a otro nivel”

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Kennedy Funding Financial Suspends Lending in the U.S. Virgin Islands

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ENGLEWOOD CLIFFS, N.J., Feb. 23, 2015 /PRNewswire-HISPANIC PR WIRE/ — Kennedy Funding Financial, LLC, one of the world’s largest private lenders, has suspended all lending in the U.S. Virgin Islands, encompassing St. Croix and St. Thomas, citing bureaucratic problems in the territory’s foreclosure process.

“Due to the incredible delays in the foreclosure process, we have decided to join many other U.S.-based lenders in this action,” said Kevin Wolfer, the firm’s CEO, citing the territory’s governmental process and courts. “These delays are preventing lenders from recouping their investment dollars in the islands.

“While the principals of our firm enjoy vacationing in St. Thomas and the other islands, and have found the local people incredibly hospitable, the exorbitant delays in completing a foreclosure process and the inability to even protect and preserve a property when it is being pillaged, we and other lenders have unfortunately been forced to make this difficult decision,” said Wolfer. “Because of the ongoing negative impact on the islands’ financial and real estate markets, it is incumbent upon local officials to correct these problems.”

Kennedy Funding will continue to lend throughout the U.S. and internationally, however. “We will continue to fund loans throughout the Caribbean region—we have recently closed loans in the Bahamas and the Dominican Republic, in fact,” said Wolfer. “We are actively pursuing opportunities and hope to one day resume lending in the U.S. Virgin Islands.”

Kennedy Funding Financial, LLC, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial, LLC continues to actively seek new funding opportunities throughout the world.

www.kennedyfundingfinancial.com


Religious Leaders Call for Action, Prayer Feb. 22 for 21 Coptic Christians Beheaded by ISIS

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Religious Leaders Call for Action, Prayer Feb. 22 for 21 Coptic Christians Beheaded by ISIS

Rev. Samuel Rodriguez, Dr. Russell Moore, Gabe Lyons, Mark Burnett & Roma Downey Lead Multi-confessional Effort


SACRAMENTO, California, Feb. 20, 2015 /PRNewswire-HISPANIC PR WIRE/ — Religious leaders from around the nation are calling upon all Christians to allocate a minute of silence on Sunday, February 22, followed by a prayer reflecting upon the memory and for the grieving families of the 21 Egyptian Coptic Christians murdered by the hands of ISIS terrorists.

Logo – http://photos.prnewswire.com/prnh/20120912/CL72800LOGO

A variety of denominational and cultural faith leaders have joined in the efforts, including:

  • Rev. Samuel Rodriguez, President of The National Hispanic Christian Leadership Conference (NHCLC)/Conela;
  • Dr. Russell Moore, President of The Ethics & Religious Liberty Commission (ERLC); 
  • Mark Burnett and Roma Downey, Award-Winning Television Producers;
  • Gabe Lyons, Founder of Q Ideas; 
  • James Robison, Founder of LIFE Outreach International; 
  • Johnnie Moore, Speaker, Commentator and Author of “Defying ISIS;”
  • Mathew D. Staver, Esq., Founder and Chairman of Liberty Counsel; Dr. Mark Williams, General Overseer of The Church of God;
  • Dr. Doug Beacham, General Superintendent of The International Pentecostal Holiness Church; 
  • Dr. Glenn Burris, President of The Foursquare Church; and others.

“The Christian faith is the place where conviction marries compassion and truth joins hands with love,” said NHCLC/Conela President Rev. Samuel Rodriguez, who serves as a representative voice for the more than 100 million Hispanic Evangelicals throughout the world.

“We stand convicted and convinced that terror and intolerance cannot, and will not, extinguish the light of God’s grace, truth and love,” Rodriguez continued. “We hope leaders around the world will join us in honoring those who have lost their lives, praying for those suffering, and repudiating all acts of terror.”

A short video available to be played in worship services and gatherings prior to Sunday’s minute of silence is available for download in both English and Spanish at http://21martyrs.com/.

“Persecution of Christians wakes a slumbering Church,” said Q Ideas President Gabe Lyons. “This call to remembrance and prayer reminds us that the blood of the martyrs has always been the seed for a revived Church. May we remain sober-minded and fall to our knees in prayer for God to stir our hearts to obedience.”

Additionally, these leaders are urging President Barack Obama and the United States Congress to do more to specifically address the persecution of Christians by ISIS, Islamic totalitarianism and regimes in the Middle East; and call upon the United Nations to convene a summit on Christian persecution around the world.

“In a time when the world is on fire with the threat of Islamic jihadist extremism and religious persecution, the church must be the people who know how to engage our neighbors with the gospel that reconcile,” said ERLC President Dr. Russell Moore. “At the same time, our government must do its duty, and Christians are right to pray for swift action against this terror. We stand in solidarity with our persecuted brothers and sisters, as the people of the cross.”

For more information, visit http://21martyrs.com/.


FIBRA Prologis Declares Quarterly Distribution

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FIBRA Prologis Declares Quarterly Distribution


MEXICO CITY, Feb. 20, 2015 /PRNewswire-HISPANIC PR WIRE/ — FIBRA Prologis (BMV: FIBRAPL 14), the leading owner and operator of Class-A industrial real estate in Mexico, declared yesterday, February 19, 2015, a cash distribution of Ps. 154.9 million (approximately US$ 10.4 million), Ps. 0.2441 per Certificado Bursátil Fiduciario Inmobiliario (“CBFI”) (approximately US$ 0.0164 per CBFI) related to the results of the quarter ending December 31, 2014.

The distribution is payable on March 2, 2015 to CBFI holders with an ex-dividend date of February 25, 2015 and a record date of February 27, 2015.

FIBRA Prologis declared distributions, as return of capital, of Ps. 385.0 million (approximately US$27.5 million), Ps. 0.6088 per Certificado Bursátil Fiduciario Inmobiliario (“CBFI”) (approximately US$ 0.0435 per CBFI), related to the results of the period ending December 31, 2014.

ABOUT FIBRA PROLOGIS

FIBRA Prologis is the leading owner and operator of Class-A industrial real estate in Mexico.  As of December 31, 2014, FIBRA Prologis was comprised of 184 strategically-located logistics and manufacturing facilities in six industrial markets in Mexico totaling 31.4 million square feet (2.9 million square meters) of gross leasable area.

The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management’s beliefs and assumptions made by management.  Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.  All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, and (ix) those additional factors discussed in reports filed with the “Comisión Nacional Bancaria y de Valores” and  the Mexican Stock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.

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