Best Buy Profit Tops Estimates as New Phones Help U.S. Sales

Best Buy Profit Tops Estimates as New Phones Help U.S. Sales


Best Buy Co. posted first-quarter profit that topped analysts’ estimates after large-screen televisionsand the new iPhone helped boost U.S. sales. The stock rose the most in five months.

Profit in the three months through May 2 was 37 cents a share, excluding some items, Richfield, Minnesota-based Best Buy said in a statement Thursday. Analysts estimated 29 cents.

Chief Executive Officer Hubert Joly is in the third year of a turnaround that’s been uneven. He has pleased investors by cutting costs and divesting foreign units but also disappointed them withlackluster sales growth. While first-quarter revenue fell 0.9 percent to $8.56 billion, it topped analysts’ $8.46 billion average projection. The company also upgraded its view on the U.S. market, where it generates more 90 percent of its sales, saying business is “strengthening.”

“Best Buy is one of the leaders when it comes to transitioning from brick-and-mortar to multi-channel, and its first-quarter performance continues to validate this thesis,” said Charlie O’Shea, an analyst at Moody’s Investors Service in New York. “Best Buy is continuing to grow share in its core segments.”

More from Hewlett-Packard Q2 Profit Exceeded Analysts’ Estimates

The retailer’s stock advanced 3.9 percent to $35.11 in New York, the biggest gain since Dec. 17. The shares had dropped 13 percent this year through Wednesday, compared with a 3.3 percent gain for the Standard & Poor’s 500 Index.

 U.S. Rising

Sales in Best Buy’s U.S. division rose 1.4 percent to $7.89 billion, aided by new models of Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy S6. The gain came as the total U.S. consumer-electronics category shrank 5.3 percent during the quarter, according to researcher NPD. The segment makes up 65 percent of Best Buy’s sales.

More from Intuit Shrugs Off Tough Tax Season With More Subscribers

“We gained share significantly in a tough environment,” Joly said in an interview.

The company’s outlook for revenue also was higher than analysts projected.

Total revenue may decline by a low single-digit percentage, weighed down by store closings overseas, Chief Financial Officer Sharon McCollam said. That would still beat analysts’ estimates for a drop of 6.9 percent. First-quarter revenue from the international unit slid 22 percent to $668 million as Joly sheds operations abroad.

Store Sales

Best Buy’s comparable-store sales — a closely watched benchmark — rose 0.6 percent last quarter. Analysts predicted a drop of 0.4 percent, according to Consensus Metrix. The figure doesn’t include any international revenue because Best Buy is closing 66 stores in Canada and converting others to the Best Buy brand from the Future Shop nameplate.

More from Canada Housing Agency Won’t Be Privatized Soon, Oliver Says

Those moves continue Joly’s strategy of shrinking the company’s international operations. The retailer had previously sold its China division and a 50 percent stake in British chain Carphone Warehouse. At its peak, Best Buy had more than 4,000 locations globally and now has about 1,600.

The chain’s growth strategy centers on expanding relationships with the top brands in electronics. Last year it partnered with Sony Corp. and Samsung to open in-store showrooms to tout ultra high-definition TVs. The plan came after similar deals with Microsoft Corp. and Apple’s Beats headphones brand.

The investment in television brands paid off last quarter as falling prices for models with ultra-high definition, or what’s often called 4K, increased interest in the segment, Joly said.

“The better customer experience is driving the material market-share gain for us,” Joly said. “We are the destination for this.”

IGEN Networks Subsidiary Nimbo LLC Signs Major Account Agreement With Verizon Wireless

IGEN Networks Subsidiary Nimbo LLC Signs Major Account Agreement With Verizon Wireless
IGEN Networks

MURRIETA, CALIFORNIA–(Marketwired – May 21, 2015) - IGEN Networks Corp (the “Company” or “IGEN”) (IGEN)(CSE:IGN), announces that its wholly owned subsidiary, Nimbo LLC (“Nimbo”), signed a Major Account Agreement (“Agreement” or “Partnership Program”) with Verizon Wireless. This agreement establishes Nimbo LLC within Verizon’s partner program for the marketing of Nimbo’s products and services over Verizon’s national wireless services. The Partnership Program includes the sharing of sales leads through the Verizon Wireless sales and support organization that covers the major automotive dealer markets across the United States.

Neil Chan, Chief Executive Officer of IGEN Networks, stated, “This Partnership Program with Verizon Wireless is significant for us. It enables our sales team to partner with Verizon, the largest wireless operator in the U.S., to sell into automotive dealer channels and reach large new potential customers. We expect this partnership to not only help us grow our subscriber base but to also allow our customers to benefit from the services offered through Verizon’s national support organization.”

Mr. Chan added, “Our product and services allow every day car owners to have access to timely information on the status of their vehicles and peace-of-mind that family members are safe and secure.”

According to First Research, an estimated 50,000 automotive dealers generated over $700 billion in annual revenues that accounted for 15.6 million new vehicles and 40.5 million used vehicles sold through dealer channels in the US in 2013. These dealer channels are expected to double in revenues over the next five years through to 2018. It is also noted that there are more than 800,000 vehicles stolen in the U.S. each year. The roadside assistance industry generates more than $6B in annual revenues.

About Verizon Wireless

Verizon Wireless is an innovative wireless communications company that connects people and businesses with the most advanced wireless technology and service available.

Our company launched the nation’s first 3G wireless broadband network. We were also the first tier-one wireless provider in the nation to build and operate a 4G LTE network. With 4G LTE, our customers can access the Internet and stream media faster than ever-and experience their mobile world in real-time.

As the nation’s largest wireless company, we serve 109 million retail connections and operate more than 1,700 retail locations in the United States. Globally, we offer voice and data services in more than 200 destinations. Verizon Wireless is wholly owned by Verizon Communications Inc. and is headquartered in Basking Ridge, N.J.

About Verizon Communications

Verizon Communications Inc. is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers.

About IGEN Networks Corporation:

IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets.

IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit

Forward-Looking Statements

This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases “goal”, “commitment”, “guidance”, “expects”, “would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”, “intend”, and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN’s expectations regarding its business, customer base, strategy and prospects, and IGEN’s confidence in the cash flow generation of its business. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN’s reliance on key personnel; IGEN’s ability to maintain and enhance its brand; and difficulties in forecasting IGEN’s financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at or These factors should be considered carefully, and readers should not place undue reliance on IGEN’s forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

IGEN Networks Corporation
Attn: Richard Freeman
Green Chip Investor Relations:
Attn: Matt Chipman

Powerdyne International Announces Installation of Its First PDI Power Solution

Powerdyne International Announces Installation of Its First PDI Power Solution
Powerdyne International, Inc.

WARWICK, RI–(Marketwired – May 21, 2015) – Powerdyne International, Inc. (OTC PINK: PWDY) today announced following final negations in March, the Company has successfully completed its installation of the first PDI Power Solution. Powerdyne’s new client, Farmacia Brisas del Mar, will now complete the final transition with the local utility company to become independent from the grid and create its own “micro-grid” which will allow it to provide a more cost effective and reliable power source.

Jim O’Rourke, CEO of Powerdyne stated, “This was a critical installation for Powerdyne because it will act as an operational model for the Caribbean market. Additionally, this will keep us in step with our plans to open up the California market in the 1st Quarter of 2016.”

This is the final step in transitioning the Company from a development stage to a fully operational business. Management anticipates that with this first installation along with the pipeline of probable clients that it will not only be able to show the added value of the PDI Solution but it also demonstrates the aptitude of the team of professionals that are providing these turnkey solutions for installation. Logistics, service, maintenance, and remote monitoring are all provided in one comprehensive solution for more affordable and efficient power generation.

Powerdyne has expressed that the PDI Power Solution has gained significant interest since establishing a sales representative in the region. The Company’s list of potential clients continues to grow at a rapid and consistent pace while management anticipates additional agreements for Powerdyne’s novel power generation system in the near future. You will be able to view images of our installations and future projects on the company’s website and via Twitter.

About Powerdyne International, Inc.:

Powerdyne International, Inc. ( provides power solutions that are designed to be installed in virtually any location worldwide. The company’s target customer will typically use its PDI Power Solution to produce its own primary or supplemental power which is useful in any situation where reliable and cost effective power is needed.

Powerdyne is founded on the ability to produce primary and supplemental power using custom-built gas generators which produces electricity cheaper than existing means. The company expects that the difference between its costs of generating electricity versus its customer’s current cost will result in a substantial savings.

For more information on Powerdyne International go to:

This release may contain “forward-looking statements” that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Form 10-K and subsequent filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

Powerdyne International, Inc.

Golden Age Resources Inc. (GDAR) Creates Key Land Purchasing Agreement with Mexican Land Owner

Golden Age Resources Inc. (GDAR) Creates Key Land Purchasing Agreement with Mexican Land Owner

PALM BEACH GARDENS, Fla., May 20, 2015 /PRNewswire/ — GOLDEN AGE RESOURCES, INC., (OTC PINK: GDAR) a leading energy provider for large-scale “Green” power plants in Latin America and the Caribbean, today announced a new, signed Letter of Intent with a Mexican land owner for a 20 Year Land Lease Contract for The Company’s first Mexican cogeneration power plant.

The Company announced today that they have signed a Letter of Intent for the first 20,000 m2 on a 20 year lease land contract to build a complete, privately owned, cogeneration power plant with a 100kw biomass to energy facility built as a scalable WTE (Waste to Energy) plant with a 2 mW/hr output by using organic municipal and/or sisal waste. Construction for the plant is scheduled to begin in Q4 of 2015.

Mr. Terence Byrne, CEO of The Company said, “This is the beginning of GDAR’s ability to provide green energy power plants to the Mexican people. We are committed to establishing a model of easily duplicable power plant systems into Mexico to help relieve their current power shortages and brownouts.”

The Company’s Subsidiary in Mexico is creating a complete “green” energy power solution that can be replicated across Mexico, Central America and the Caribbean.

An agreement was also signed as first rights to an additional 780,000 m2 of land adjacent to the initial land agreement to expand the “green” energy facilities as a part of The Company’s Multiple Plant Expansion Process.

In Mococha, Yucatan, an Additional Land Agreement was signed, that will grant The Company access to 20,000 m2 of land. This added land agreement is currently being planned to build a 500kw/h WTE Energy Plant by using sisal waste.

Mr. Thomas Wolff, Vice President of Golden Age Resources Mexico S de R.L. stated: “These long term land agreements are an exciting step for the ongoing efforts to bring clean energy to Mexico. By signing these land agreements we are able to work with the Mexican people to provide energy solutions to the land owners and to produce energy for the state-owned energy industry.”

Golden Age Resources, Inc. continues to develop both commercial and residential “Green” energy power solutions in the process of becoming a key partner with the Mexican renewable energy business.

For more information about Golden Age Resources, Inc., visit the Company’s corporate website:

About Golden Age Resources, Inc.:

GDAR, organized as a Nevada Company, has re-directed its core business to technology and Latin American and International solar energy markets providing project development, medium and long-term finance solutions and investments into solar energy related projects. This re-direction promises enhanced corporate and shareholder values.

Forward Looking Statements: This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward looking statements. You should consider these factors in evaluating the statements herein and not rely on such statements. The forward looking statements in this release are made as of the date hereof and Golden Age Resources, Inc. undertakes no obligation to update such statements.

Hydrocarb Energy Realizes Comparative Production of 219% Oil and 668% Gas for April 2015 over April 2014

Hydrocarb Energy Realizes Comparative Production of 219% Oil and 668% Gas for April 2015 over April 2014

HOUSTON, May 20, 2015 /PRNewswire/ — Hydrocarb Energy Corporation (HECC) announced that April 2015 production was approximately 9,200 barrels of oil together with 30,700 MCF gas compared to April 2014 production of approximately 4,200 barrels of oil and 4,600 MCF of gas. This represents a year over year comparison of approximately 219% for oil and 668% in gas.

The company expects its production to continue to rise significantly over the next few months as currently shut-in production continues to come online. At the end of 2014, due to salt water disposal and gas compression capacity limitations, about 40% of the company’s production was shut in. The company has been diligently solving those problems and is expecting an estimated 50% increase in oil and 300% increase in gas production from now through July.

The company is now focusing on the 2015 Development Program, a strategy targeted to fully develop its petroleum reserves and production. In recent months, as oil prices were declining rapidly, the company recognized the opportunity, coupled with its broad technical expertise, to fully develop the rest of its potential in its producing assets located in Galveston Bay, Texas. Due to the conventional nature of its production and development drilling, management believes that successful development would provide the opportunity to greatly enhance cash flow and realize notable profits, even at current oil prices. To support its development program, the company is actively seeking a development capital facility and seeking other financings which if culminated will replace the August 2014 senior bridge financing together with all recently initiated short term strategic convertible debt. This would provide Hydrocarb with the necessary capital to fully develop its Galveston Bay assets and help to focus on its 5.2 million acre concession in Namibia, Africa.

When asked to comment, Kent Watts, Hydrocarb’s Chief Executive Officer said, “While we are working to finance our development upside, opportunities are being presented to us whereby we can use our production infrastructure to earn participation in new drilling opportunities. We hope to show this as another way we can quickly enhance shareholder value in the coming months.”

He went on to say, “As we continue to develop our known reserves, we believe that we also have potential in deeper yet to be drilled zones within our 18,000+ Galveston Bay acres but additionally in surrounding acreage that belong to potential partners.”

About Hydrocarb: Hydrocarb Energy Corporation is a publicly-traded Domestic and International Energy Exploration and Production Company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa and domestic production in Galveston Bay, we maintain offices in Houston, Texas, and Windhoek, Namibia.

Forward-looking Statements

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Forward-looking statements are subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause the company to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in the company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC’s website at Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the company. The company’s SEC filings are available at

Stay ahead of the curve with the latest tips on the hottest stocks every week...
Subscribe to Publicwire's Weekly Stock Newsletter: