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BlackRock Long-Term Municipal Advantage Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust's investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax). The Trust invests primarily in long-term municipal bonds with a maturity of more than 10 years at the time of investment. The Trust's municipal bond portfolio will have a dollar-weighted average maturity of more than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC is the investment manager of the Trust.

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IPG Photonics Announces First Quarter 2020 Financial Results

8:00 am ET May 5, 2020 (Globe Newswire) Print

Earnings Per Diluted Share of $0.68 Increased by $0.28 Due to Foreign Exchange Gains

Company Increases Share Repurchase Program by $200 Million

IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the first quarter ended March 31, 2020.

                                                      Three Months Ended March 31,
(In millions, except per share data and percentages)  2020             2019             Change
Revenue                                               $    249.2       $    315.0       (21)%
Gross margin                                          41.3       %     47.3       %
Operating income                                      $    44.8        $    68.3        (34)%
Operating margin                                      18.0       %     21.7       %
Net income attributable to IPG Photonics Corporation  $    36.4        $    55.2        (34)%
Earnings per diluted share                            $    0.68        $    1.02        (33)%

Management Comments

"We delivered first quarter revenue at the high end of our guidance range on a rebound in China-based demand during March and strength in new products," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "Our strategy in dealing with the effects of the COVID-19 pandemic is to ensure the well-being of our employees, to serve our customers from our global facilities and to focus on the long-term opportunities enabled by our laser technology and the financial strength of the Company."

Financial Highlights

First quarter revenue of $249 million decreased 21% year over year. Currency depreciation relative to the exchange rates assumed in our first quarter guidance reduced revenue by $2 million. Materials processing sales decreased 28% year over year due to lower sales in cutting, welding and marking applications, while sales into other applications increased 123% year over year on strength in advanced applications and devices used in medical procedures. Materials processing sales accounted for 87% of total revenue.

Sales of high power continuous wave ("CW") lasers, representing 48% of total revenue, decreased 33% year over year due to the effects of COVID-19 on the global demand environment and lower average selling prices. Sales of fiber lasers at 6 kilowatts of power or greater were approximately 50% of all high power CW laser sales. By region, sales decreased 40% in China, 15% in Europe, 12% in Japan and increased 4% in North America on a year over year basis.

Earnings per diluted share ("EPS") of $0.68 decreased 33% year over year. Foreign exchange gains increased EPS by $0.28. The effective tax rate in the quarter was 23%, which benefited from certain discrete tax items. During the first quarter, IPG generated $57 million in cash from operations. Capital expenditures were $18 million and stock repurchases totaled $13 million.

Authorization of New Stock Buyback Program

Today IPG also announced that its Board of Directors has authorized the purchase of up to $200 million of IPG common stock. This new authorization is additive to the Company's existing stock repurchase program authorized in February 2019, under which approximately $60 million remains available for repurchase, increasing the total repurchase program to $260 million. Share repurchases may be made periodically in open-market transactions, and are subject to market conditions, legal requirements and other factors. The share repurchase program authorization does not obligate the Company to repurchase any dollar amount or number of its shares, and repurchases may be commenced or suspended from time to time without prior notice.

Business Outlook and Financial Guidance

"First quarter book to bill was meaningfully greater than 1.0, and above normal seasonality reflecting solid bookings growth and the weaker revenue quarter in China. In a more normal environment this would have translated into stronger guidance for the second quarter, but the global demand environment remains very uncertain given the effects of COVID-19 on manufacturing facilities and customer confidence around the world. While we have seen a rebound in China-based order volumes in the latter half of March and April, this has coincided with declining bookings in other regions, including Western Europe, North America and other countries in Asia. As such, visibility into a recovery in global demand remains uncertain at this time. Despite the uncertain near-term demand environment, we continue to target significant longer-term growth opportunities in laser welding, electric vehicle battery processing and our portfolio of new products. Our strong balance sheet will help us through the crisis and emerge with the ability to capitalize on the many opportunities we have ahead," said Dr. Gapontsev.

For the second quarter of 2020, IPG expects revenue of $260 million to $290 million. The Company expects the second quarter tax rate to be approximately 26%. IPG anticipates delivering earnings per diluted share in the range of $0.40 to $0.70, with 53.1 million basic common shares outstanding and 53.7 million diluted common shares outstanding. Financial guidance provided this quarter is subject to greater risk and uncertainty given the COVID-19 pandemic and its associated impacts to the global business environment, public health requirements and government mandates.

As discussed in more detail in the "Safe Harbor" passage of this news release, actual results may differ from this guidance due to various factors including, but not limited to, government and company measures implemented to address the COVID-19 pandemic, product demand, order cancellations and delays, competition, tariffs, trade policy changes and general economic conditions. This guidance is based upon current market conditions and expectations, and is subject to the risks outlined in the Company's reports with the SEC, and assumes exchange rates relative to the U.S. Dollar of Euro 0.91, Russian Ruble 78, Japanese Yen 108 and Chinese Yuan 7.09, respectively.

Supplemental Financial Information

Additional supplemental financial information is provided in the unaudited First Quarter 2020 Financial Data Workbook available on the investor relations section of the Company's website at

Conference Call Reminder

The Company will hold a conference call today, May 5, 2020 at 10:00 am ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company's website at


James Hillier

Vice President of Investor Relations

IPG Photonics Corporation


About IPG Photonics Corporation

IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The Company's mission is to make its fiber laser technology the tool of choice in mass production. IPG accomplishes this mission by delivering superior performance, reliability and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end users to increase productivity and decrease costs. A member of the S&P 500(R) Index, IPG is headquartered in Oxford, Massachusetts and has more than 25 facilities worldwide. For more information, visit

Safe Harbor Statement

Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, the new stock buyback program, the global demand environment, customer confidence, a rebound in China-based order volumes, declining bookings in other major areas, impacts of the COVID-19 pandemic on our business, the global economy and financial markets, including any restrictions on our operations, the operations of our customers and suppliers resulting from public health measures and government mandates, targeting significant growth opportunities, that our strong balance sheet will help us through the crisis and emerge with the ability to capitalize on opportunities ahead, revenue, tax rate and earnings guidance for Q2 2020 and the impact of restructuring charges and goodwill impairment on EPS. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of the business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; inability to manage risks associated with international customers and operations; changes in trade controls and trade policies; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 24, 2020), Current Report on Form 8-K (filed with the SEC on May 5, 2020) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



                                                                   Three Months Ended March 31,
                                                                   2020            2019
                                                                   (In thousands, except per share data)
Net sales                                                          $     249,242   $     315,047
Cost of sales                                                      146,366         166,136
Gross profit                                                       102,876         148,911
Operating expenses:
Sales and marketing                                                18,683          19,275
Research and development                                           31,838          32,496
General and administrative                                         27,124          27,212
(Gain) loss on foreign exchange                                    (19,565       ) 1,613
Total operating expenses                                           58,080          80,596
Operating income                                                   44,796          68,315
Other income (expense), net:
Interest income, net                                               3,073           3,952
Other income (expense), net                                        191             (9            )
Total other income                                                 3,264           3,943
Income before provision of income taxes                            48,060          72,258
Provision for income taxes                                         11,294          17,342
Net income                                                         36,766          54,916
Less: net income (loss) attributable to non-controlling interests  363             (243          )
Net income attributable to IPG Photonics Corporation               $     36,403    $     55,159
Net income attributable to IPG Photonics Corporation per share:
Basic                                                              $     0.69      $     1.04
Diluted                                                            $     0.68      $     1.02
Weighted average shares outstanding:
Basic                                                              53,075          53,001
Diluted                                                            53,676          53,874



                                                                                                                                                                                                                                      March 31,            December 31,
                                                                                                                                                                                                                                      2020                 2019
                                                                                                                                                                                                                                      (In thousands, except share and
                                                                                                                                                                                                                                      per share data)
Current assets:
Cash and cash equivalents                                                                                                                                                                                                                               $    570,058         $    680,070
Short-term investments                                                                                                                                                                                                                                  625,085              502,546
Accounts receivable, net                                                                                                                                                                                                                                200,646              238,479
Inventories                                                                                                                                                                                                                                      363,383              380,790
Prepaid income taxes                                                                                                                                                                                                                                    50,840               38,873
Prepaid expenses and other current assets                                                                                                                                                                                                               64,514               55,876
Total current assets                                                                                                                                                                                                                                    1,874,526            1,896,634
Deferred income taxes, net                                                                                                                                                                                                                              32,801               31,395
Goodwill                                                                                                                                                                                                                                      81,627               82,092
Intangible assets, net                                                                                                                                                                                                                                  70,832               74,271
Property, plant and equipment, net                                                                                                                                                                                                                      580,980              600,852
Other assets                                                                                                                                                                                                                                      39,368               45,192
Total assets                                                                                                                                                                                                                                      $    2,680,134       $    2,730,436
Current liabilities:
Current portion of long-term debt                                                                                                                                                                                                                       $    3,757           $    3,740
Accounts payable                                                                                                                                                                                                                                      39,648               27,329
Accrued expenses and other liabilities                                                                                                                                                                                                                  148,671              149,782
Income taxes payable                                                                                                                                                                                                                                    3,356                11,053
Total current liabilities                                                                                                                                                                                                                               195,432              191,904
Deferred income taxes and other long-term liabilities                                                                                                                                                                                                   91,750               98,121
Long-term debt, net of current portion                                                                                                                                                                                                                  37,022               37,968
Total liabilities                                                                                                                                                                                                                                      324,204              327,993
Commitments and contingencies
IPG Photonics Corporation equity:
Common stock, $0.0001 par value, 175,000,000 shares authorized; 54,968,352 and 53,127,181 shares issued and outstanding, respectively, at March 31, 2020; 54,743,227 and 53,010,875 shares issued and outstanding, respectively, at December 31, 2019.  6                    5
Treasury stock, at cost, 1,841,171 and 1,732,352 shares held at March 31, 2020 and December 31, 2019, respectively.                                                                                                                                     (278,446       )     (265,730       )
Additional paid-in capital                                                                                                                                                                                                                              788,568              785,636
Retained earnings                                                                                                                                                                                                                                      2,065,022            2,028,734
Accumulated other comprehensive loss                                                                                                                                                                                                                    (220,081       )     (146,919       )
Total IPG Photonics Corporation equity                                                                                                                                                                                                                  2,355,069            2,401,726
Non-controlling interests                                                                                                                                                                                                                               861                  717
Total equity                                                                                                                                                                                                                                      2,355,930            2,402,443
Total liabilities and equity                                                                                                                                                                                                                            $    2,680,134       $    2,730,436



                                                                                                                                                                Three Months Ended March 31,
                                                                                                                                                                2020               2019
                                                                                                                                                                (In thousands)
Cash flows from operating activities:
Net income                                                                                                                                                      $    36,766        $    54,916
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                                                                                                   24,099             22,802
Provisions for inventory, warranty & bad debt                                                                                                                   13,486             9,912
Other                                                                                                                                                           (11,079      )     17,727
Changes in assets and liabilities that used cash:
Accounts receivable and accounts payable                                                                                                                        40,546             24,808
Inventories                                                                                                                                                     (10,429      )     (19,719      )
Other                                                                                                                                                           (36,608      )     (66,791      )
Net cash provided by operating activities                                                                                                                       56,781             43,655
Cash flows from investing activities:
Purchases of property, plant and equipment                                                                                                                      (17,801      )     (32,988      )
Proceeds from sales of property, plant and equipment                                                                                                            139                181
Purchases of investments                                                                                                                                        (308,195     )     (178,101     )
Proceeds from sales of investments                                                                                                                              186,024            202,856
Acquisitions of businesses, net of cash acquired                                                                                                                --                 (15,115      )
Other                                                                                                                                                           79                 15
Net cash used in investing activities                                                                                                                           (139,754     )     (23,152      )
Cash flows from financing activities:
Principal payments on long-term borrowings                                                                                                                      (928         )     (911         )
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards  (5,498       )     (6,149       )
Purchase of treasury stock, at cost                                                                                                                             (12,716      )     --
Payment of purchase price holdback from business combination                                                                                                    (1,650       )     --
Net cash used in financing activities                                                                                                                           (20,792      )     (7,060       )
Effect of changes in exchange rates on cash and cash equivalents                                                                                                (6,878       )     (5,997       )
Net (decrease) increase in cash, cash equivalents and restricted cash                                                                                           (110,643     )     7,446
Cash, cash equivalents and restricted cash -- Beginning of period                                                                                               682,984            544,358
Cash, cash equivalents and restricted cash -- End of period                                                                                                     $    572,341       $    551,804
Supplemental disclosures of cash flow information:
Cash paid for interest                                                                                                                                          $    447           $    749
Cash paid for income taxes                                                                                                                                      $    29,865        $    51,438



                                                   Three Months Ended March 31,
                                                   2020         2019
                                                   (In thousands)
Amortization of intangible assets:
Cost of sales                                      $    1,222   $    1,346
Sales and marketing                                1,778        1,810
Research and development                           133          160
Total acquisition related costs and other charges  $    3,133   $    3,316



                                        Three Months Ended March 31,
                                        2020             2019
                                        (In thousands)
Cost of sales                           $    2,532       $    2,039
Sales and marketing                     961              787
Research and development                2,071            1,857
General and administrative              2,874            3,455
Total stock-based compensation          8,438            8,138
Tax effect of stock-based compensation  (1,936     )     (1,916     )
Net stock-based compensation            $    6,502       $    6,222
                                                                        Three Months Ended March 31,
                                                                        2020         2019
                                                                        (In thousands)
Excess tax benefit on exercise of stock options included in net income  $     2,918  $     2,910

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