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The National Highway Traffic Safety Administration (NHTSA) on Friday issued a proposal to update Corporate Average Fuel Economy (CAFE) standards for passenger cars and light-duty trucks, calling for a fleet average of 58 mpg, according to its methodology, by 2032—which will equate to a real-world fleet efficiency average of about 43.5 mpg.
The proposed rules, on which the NHTSA is now taking public comment, call for a 2% annual improvement in fuel efficiency for passenger cars, and a 4% improvement for light trucks, between model years 2027 and 2032. As is always the case with CAFE standards though, the 58-mpg figure in the framework itself represents an array of adjustments built into the rules, as well as the existence of emissions credits automakers can purchase to offset excess emissions.
The proposal also includes a 10% annual improvement in fuel efficiency for commercial pickup trucks and work vans with a gross vehicle weight rating (GVWR) or more than 8,500 pounds and less than 14,001 pounds, beginning with the 2030 model year and continuing through the 2035 model year.
If enacted, these fuel-efficiency increases would eliminate the use of 88 billion gallons of gasoline through 2050 and prevent more than 900 million tons of CO2 emissions during that time, according to an NHTSA press release. The emissions reduction would be the equivalent of taking more than 233 million vehicles off the road from 2022 to 2050, according to the agency.
The proposed rules throttle back efficiency increases somewhat. As Reuters points out, NHTSA rules finalized in 2022 for model years 2024-2026 require a fleet average of 49 mpg by 2026, which calls for efficiency increases of 8% in 2024 and 2025 and 10% in 2026.
EPA rules might result in 67% EV sales by 2032. The current rules, EPA suggests, can be met with about 17% EV sales by 2026. The NHTSA and EPA share authority over emissions standards because they overlap in the EPA’s mandate to reduce pollution and the NHTSA’s mandate to administer rules governing new cars sold in the U.S.
How challenging the NHTSA proposal is to automakers, and how it stands versus proposed EPA rules announced earlier this year, depends on the outcome of a controversial factor that digs deep in rulemaking jargon but is especially important this time around. The NHTSA doesn’t directly consider the true efficiency of EVs, incorporating electricity generation, in its rule making, and the federal government is in the process of updating the Petroleum Equivalency Factor (PEF) that governs how EVs are taken into account.
The level of difficulty in meeting future emissions standards will depend to some level on the revised PEF and whether it becomes more representative of reality, which General Motors is opposing.
GM has also already taken issue with the EPA proposal for the next rule period and what the automaker views as an unrealistic acceleration of the EV market by the end of the decade. GM previously declared an “aspiration” to make all of its light-duty vehicles electric by 2035.
The Natural Resources Defense Council lauded the new standards and called them important to low-income drivers. But several other environmental groups, including the Union of Concerned Scientists and the Center for Biological Diversity spoke up on Friday to suggest that the NHTSA rules could be stronger to support the EPA rules recently released. Consumer Reports suggested that the new rules could go farther, and it pointed to a nationally representative survey it conducted in 2022 suggesting that fuel economy is “very important” or “extremely important” to 70% of American drivers. It also noted that strong CAFE rules will help assure that automakers make their EVs as efficient as possible.
After some negotiation, the NHTSA and EPA are usually in alignment on proposed emissions rules. In practice, if there’s more of a difference between them this time around, it might allow any remaining internal-combustion vehicles to be lower in their fuel efficiency than the EPA rules would permit—especially if EV volumes prove to be higher than assumed by rulemaking. But much is yet to be determined in the details and how this NHTSA proposal carries into a final rule.
with additional reporting by Bengt Halvorson
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- Senate blocks Biden clean-truck rules, without Feinstein vote
- Study: EV policy around gasoline superusers could help the most
- EPA tailpipe emissions rules for 2027-2032: EVs not mandated
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| 2023-07-31T20:38:54
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ENGLEWOOD, Colo., July 31, 2023 /PRNewswire/ -- WOW! Internet, TV & Phone (NYSE: WOW), a leading broadband provider in the United States, announced today it will host a webcast and conference call on Tuesday, August 8, 2023, at 8:00 a.m. ET to discuss financial and operating results for the second quarter 2023. WOW! will issue a news release reporting its results earlier that morning.
The conference call will be broadcast live on the company's investor relations website at ir.wowway.com. Those parties interested in participating via telephone should dial (888) 330-3556 with the conference ID number 4844814. International callers should dial (646) 960-0826 and use the same conference ID number.
A replay of the call will be available August 8, 2023, at 11:00 a.m. ET, on the investor relations website or by telephone. To access the telephone replay, which will be available until August 22, 2023, at 11:59 p.m. ET, please dial (800) 770-2030 or (647) 362-9199 and use conference ID 4844814.
About WOW! Internet, TV & Phone
WOW! is one of the nation's leading broadband providers, with an efficient and high-performing network that passes nearly 2 million residential, business and wholesale consumers. WOW! provides services in 15 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida, including the new all-fiber network in Central Florida. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, home phone, mobile phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized 10 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning the award for the last six consecutive years and making the 2022 Top 101 National Winners list. Visit wowway.com for more information.
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| 2023-07-31T20:38:55
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THOUSAND OAKS, Calif., July 31, 2023 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced that it will report its second quarter financial results on Thursday, August 3, 2023, after the close of the U.S. financial markets. The announcement will be followed by a conference call with the investment community at 1:30 p.m. PT. Participating in the call from Amgen will be Robert A. Bradway, chairman and chief executive officer, and other members of Amgen's senior management team.
Live audio of the conference call will be simultaneously broadcast over the internet and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2022, Amgen was named one of the "World's Best Employers" by Forbes and one of "America's 100 Most Sustainable Companies" by Barron's.
For more information, visit Amgen.com and follow us on Twitter, LinkedIn, Instagram, TikTok and YouTube.
CONTACT: Amgen, Thousand Oaks
Jessica Akopyan, 805-440-5721 (media)
Elissa Snook, 609-251-1407 (media)
Arvind Sood, 805-447-1060 (investors)
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Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 33 minutes ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2022, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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| 2023-07-31T20:38:59
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Red Bull Racing scored a one-two finish during the past week’s Formula 1 Belgian Grand Prix, which served as round 13 of the 2023 season and the final race before the summer break.
Fresh from his win at Saturday’s standalone Sprint race, Max Verstappen took home another win on Sunday at the main event after recovering from starting in the fifth position due to a grid penalty related to a gearbox change. Once again the rest of the field, including Verstappen teammate Sergio Perez, provided little in the way of competition.
Perez, who started the race second on the grid, finished 22 seconds after Verstappen to secure second place, while Ferrari’s Charles Leclerc, the polesitter, finished 32 seconds behind the winner to secure the final podium spot.
There was plenty of action at the start, with Perez moving ahead of Leclerc on the first lap and Ferrari’s Carlos Sainz and McLaren’s Oscar Piastri making contact. The damage eventually led to both drivers retiring, with Piastri out at the start and Sainz around the midway point of the race.
Verstappen was able to take advantage of the clash and move up to fourth early on, behind Hamilton, who was in third behind Perez and Leclerc. Verstappen made a successful move on Hamilton on lap six and passed Leclerc to claim second just three laps later.
He overtook race leader Perez on lap 16. With a gap of just half a second between them, Verstappen used the DRS on the Kemmel straight to shoot past his teammate. From there, the reigning world champion cruised to the end of the race.
Hamilton finished in fourth place, and managed to set the fastest lap of the race fresh after changing to Medium tires on the penultimate lap. Aston Martin’s Fernando Alonso finished in fifth place ahead of Mercedes’ George Russell, who worked a one-stop strategy to take sixth.
Following the weekend’s action, Verstappen leads the 2023 Drivers’ Championship with 314 points. Perez is a distant second with 189 points and Alonso is third with 149 points. In the Constructors’ Championship, Red Bull leads with 503 points, versus the 247 points of second-placed Mercedes and 196 points of third-placed Aston Martin. Teams now enjoy a three-week summer break before returning for the Dutch Grand Prix.
Below are the full results from the 2023 Formula 1 Belgian Grand Prix:
1) Max Verstappen, Red Bull Racing
2) Sergio Perez, Red Bull Racing +22.305 seconds
3) Charles Leclerc, Ferrari +32.259 seconds
4) Lewis Hamilton, Mercedes-Benz AMG +49.671 seconds
5) Fernando Alonso, Aston Martin +56.184 seconds
6) George Russell, Mercedes-Benz AMG +63.101 seconds
7) Lando Norris, McLaren +73.719 seconds
8) Esteban Ocon, Alpine +74.719 seconds
9) Lance Stroll, Aston Martin +79.340 seconds
10) Yuki Tsunoda, AlphaTauri +80.221 seconds
11) Pierre Gasly, AlphaTauri +83.084 seconds
12) Valtteri Bottas, Alfa Romeo +85.191 seconds
13) Zhou Guanyu, Alfa Romeo +95.441 seconds
14) Alexander Albon, Williams +96.184 seconds
15) Kevin Magnussen, Haas +101.754 seconds
16) Daniel Ricciardo, AlphaTauri +103.071 seconds
17) Logan Sargeant, Williams +104.476 seconds
18) Nico Hulkenberg, Haas +110.450 seconds
NC) Carlos Sainz, Ferrari – DNF
NC) Oscar Piastri, McLaren – DNF
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- 2023 F1 Belgian Grand Prix preview
- Ford Mustang Dark Horse R ready to race in one-make series
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| 2023-07-31T20:39:00
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President Biden overturned a decision from the Trump administration to relocate the temporary headquarters of Space Command to Alabama, deciding instead to keep the base in Colorado.
The decision was made because Biden believes keeping the HQ in Colorado Springs, rather than relocating it to Huntsville, would maintain stability and not impact readiness, according to a senior U.S. official.
The senior administration official said Biden consulted with Defense Secretary Lloyd Austin and other military leaders before deciding to keep the base in Colorado permanently.
Gen. James Dickinson, the head of Space Command, also helped to convince Biden to not relocate the base, according to the Associated Press.
U.S. Space Command headquarters is set to achieve “full operational capability” at Colorado Springs later this month, according to the senior administration official.
The official said moving the headquarters to Alabama would force a transition process that does not allow the new base to open until the mid-2030’s.
“The President found that risk unacceptable, especially given the challenges we may face in the space domain during this critical time period,” the official said. “Locating Headquarters U.S. Space Command in Colorado Springs ensures peak readiness in the space domain for our nation during a critical period.”
Biden’s reversal is likely to spark the fury of Alabama Republicans who have for months feared the administration would scrap the relocation plan.
Alabama Rep. Mike Rogers (R), the chairman of the House Armed Services Committee, has been investigating the delay behind the relocation plan, which was first put in motion when Space Command was resurrected in 2019.
Former President Trump’s decision to temporarily establish a headquarters in Colorado and relocate Space Command to Alabama was criticized as a political choice based upon a more favorable constituency in the Yellowhammer state.
Since coming into office, the Biden administration ordered reviews of the decision, none of which found anything improper in Trump’s decision, though they found the former president could have followed better practices in the process.
The delayed relocation reached new heights over the spring when NBC News reported the Biden administration was considering scrapping the relocation plan because of restrictive abortion laws in Alabama.
Rogers and other Alabama Republicans objected to any such plan, saying Huntsville, also known as Rocket City, was selected based on its merits and in a fair process, while pointing to the reviews that found nothing improper.
The House version of the annual defense bill that passed earlier this month includes provisions that slash funding for the Air Force Secretary until the administration makes a final decision. It’s unclear whether Rogers will be satisfied with a reversal.
Other Alabama politicians, including Gov. Kay Ivey (R), are likely to also object to the decision.
Updated at 4:29 pm ET.
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| 2023-07-31T20:39:03
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Climate change has been an important issue for President Joe Biden since the beginning of his administration. And while a majority of Americans agree that we need to work to reduce global warming, the partisan divide surrounding climate change is growing.
"I don't think anybody can deny the impact of climate change anymore," Biden said during a press conference on extreme heat.
Amid a sizzling hot summer, Biden announced new actions to combat extreme heat and drought. It comes as Americans across the country are feeling first-hand evidence of the changing climate.
"All of these kinds of events are really starting to literally hit home. And many Americans are starting to go, 'Oh my God, this isn't distant in time and space. This is happening right now. And we need to act,'" said Anthony Leiserowitz, the director of the Yale Program on Climate Change Communication.
SEE MORE: Extreme heat expected to be costly, especially in Texas
According to polling from the Pew Research Center,a majority of Americans, 54%, think climate change is a major threat, but there's also a stark partisan divide. Over last 15 years, the percent of Democrats who say climate change is a major threat has gone up, while that answer went down among Republicans.
That partisan impact means politicians aren't the best messengers for climate change. But experts say new voices are stepping up to raise alarm about the warming planet in an impactful way.
"We're now seeing doctors and nurses talking about how climate change is showing up in their emergency room and in the waiting room. We're hearing from faith leaders saying our religion, Christianity, Judaism, Buddhism, Islam, all of these major leaders have said climate change is a fundamental moral issue that we must address as religious people," said Leiserowitz.
Local meteorologists can be some of the most effective messengers for climate change, and the White House appears to recognize that. The vice president's office has reached out to local weather forecasters to start a discussion on best practices for talking about climate change and its impact.
Trending stories at Scrippsnews.com
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RYE BROOK, N.Y., July 31, 2023 /PRNewswire/ -- Belle Haven Investments is proud to be Certified™ by Great Place To Work® for the second year in a row. The prestigious award is based entirely on what current employees say about their experience working at Belle Haven Investments. This year, 93% of employees said it's a great place To Work – 36 points higher than the average U.S. company.
Great Place To Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.
"Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. "By successfully earning this recognition, it is evident that Belle Haven Investments stands out as one of the top companies to work for, providing a great workplace environment for its employees."
Matt Dalton, CEO & CIO, expressed his excitement emphasizing "We owe the Firm's continued success to our dedicated and awesome employees. We celebrate and thank them for all they do to earn this incredible recognition."
About Belle Haven Investments
Belle Haven Investments is an independent, employee-owned asset manager that focuses exclusively on fixed income. They prioritize service, reliability, and customization, nurturing long-term partnerships with their clients. Their core values - trust and communication - permeate both external client relationships and internal team dynamics. The autonomy given to employees fosters trust, driving them to deliver their best work daily. To learn more, visit: https://www.bellehaven.com/
About Great Place to Work Certification™
Great Place To Work® Certification™ is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified.
Contact:
Nicole Robbins
robbinsn@bellehaven.com
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| 2023-07-31T20:39:04
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In 1998, Mercedes-Benz built the CLK LM to take on the FIA GT Championship in the premier GT1 class, as well as the 24 Hours of Le Mans.
It dominated the series, though it failed to finish at Le Mans due to reliability issues.
Just four examples are thought to have been built in total, and now one of them is up for sale.
According to its listing on Piston Heads, the striking race car is available via London-based dealership JM Performance and was used purely as a test vehicle during its motorsports career. After that career ended, the car was sold into private hands, initially to a customer in Japan. It’s been with its current owner in the U.K. since 2017, who went through the process of making it road legal.
The CLK LM is the successor to the much more widely known Mercedes-Benz CLK GTR built a year prior. While that car required 25 road-going homologation specials to be built, the CLK LM needed just one.
That sole CLK LM homologation is currently in private hands and may eventually turn up for sale one day. Until that happens, anyone with a desire for a road-legal CLK LM can purchase this car from JM Performance. No price is mentioned in the listing.
For the CLK LM, Mercedes swapped out the CLK GTR’s V-12 engine in favor of a V-8 deemed to be better able to last when racing around the clock at Le Mans. The mid-mounted engine is a 5.0-liter unit rated at close to 600 hp. It’s paired with a 6-speed sequential transmission and spins the rear wheels only.
With the next season of the GT Championship adopting a prototype class for its premier class, Mercedes ended the CLK LM program, replacing it with the CLR prototype. That car had a disastrous outing at the 1999 24 Hours of Le Mans, with aerodynamic issues causing multiple high-speed flips.
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
View original content:
SOURCE Heidrick & Struggles International, Inc.
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Florida Gov. Ron DeSantis (R) rolled out his economic policy plan at a campaign stop in New Hampshire on Monday, dubbing the plan “a declaration of economic independence.”
“We will declare our economic independence from the failed elites that have orchestrated American decline, from the reckless federal spending that has inflated prices and plunged this nation to the brink of bankruptcy,” DeSantis told a crowd in Rochester, N.H., at Prep Partners Group, which handles logistics, including warehousing and distribution for companies.
The plan particularly takes aim at China by putting an end to the country’s preferential trade status and banning import goods made by stolen intellectual property.
The 10-part economic plan includes getting to 3 percent growth, making America energy independent, reining in the Federal Reserve, pushing back on “wasteful federal spending” and reforming the education system for working-class Americans.
The Democratic National Committee was quick to attack DeSantis over the plan, dubbing it “extreme.”
“It remains a mystery why DeSantis would try to reboot his dumpster fire of a campaign by promising to bring his failures as governor nationwide, but by all means, we welcome Republicans to continue reminding the American people how catastrophic the MAGA agenda is for the economy,” said Ammar Moussa, a spokesperson for the DNC.
Last week DeSantis’s campaign declared a “reset” in a memo to donors, noting that the themes of its “Great American Comeback” message will be the economy, border, China and culture.
However, polling still shows DeSantis in second place behind former President Trump, with a new New York Times/Siena College survey showing the former president leading the Florida governor by 37 points.
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As school starts to get underway across the U.S. in the coming weeks, many students and teachers will undergo mass shooting drills.
These types of drills have become more popular in recent years due to a number of notable mass shooting incidents at schools throughout the U.S.
While many experts say it's important to be prepared for such incidents, there are concerns that some drills can also cause psychological harm.
SEE MORE: Back-to-school spending higher as sales of electronics rise
Do drills work?
A study published in 2022 in the Journal of School Violencesaid schools that successfully implemented lockdowns had 60% fewer total casualties, with 79% reductions in victims pronounced dead at the scene, even after controlling for other variables during shooting incidents.
Other studies have shown similar results, reaffirming that successful lockdowns reduce casualties.
"There has never been a case where an armed assailant has, you know, breached a locked classroom door. When they've gotten in, it was either unlocked or they were able to like, shoot through glass, like a glass window and get in," said Franci Crepeau-Hobson, training director with the Colorado School Psychology Internship Consortium. "So knowing that kind of informed this idea in part that standard lockdown procedures are effective."
But experts expressed concerns that higher-intensity drills might lead to more harm than good.
One popular program is ALICE Training, which involves training that reportedly goes beyond lockdown-only drills.
"In the chaos of a violent critical incident, every second counts, and ALICE strategies equip civilians with life-saving options that go beyond the traditional and inadequate lockdown-only response," ALICE Training said in a press release.
Representatives for ALICE Training could not be reached for comment. The company's website said it uses "age-appropriate" training for students. Part of that training includes teaching kids how to distract assailants during incidents.
The training has been used at 5,500 schools across the U.S., Alice Training says.
SEE MORE: Secrets to save on back-to-school clothes and other items
Psychological impacts
It is when drills go beyond preparing for lockouts that concerns some experts. Of particular concern are when drills are done without any advanced warning.
"I guess you can kind of imagine that would be traumatic for a child to go through," said Crepeau-Hobson. "I mean, people thought they were gonna die and there was actual trauma. It was that it was that kind of harm that we were really concerned about and also, you know, engaging in, practices that there's no evidence that says these are actually helpful in terms of increasing school safety."
Dr. David J. Schonfeld, who directs the National Center for School Crisis and Bereavement, echoes Crepeau-Hobson's concerns. He said oftentimes trainings are done from the perspective of first responders who may not fully understand child development when developing their training.
"Children and sometimes the staff are not informed or aware that it's actually an exercise and feel that it is a real event," Schonfeld said. "This is a kind of extreme way to, to bring realism to the drill and it obviously can have significant emotional distress because the individual feels they're actually under attack."
Schonfeld said some of these drills can become way too realistic for young kids to handle.
"There really are simulations that are meant to mimic the actual advance, but they don't, they don't require deception, but they try and recreate the experience of being in an active shooter drill to varying degrees," he said. "So that might mean that they use actual weapons, they might use the sound of gunshots, hopefully blanks, as opposed to live ammunition. They will have individuals that maybe have makeup, to kind of mimic wounds or to mimic blood, they would have predatory and aggressive acting.
"So they might have someone not just go and check to see if the door knobs are locked in the various classrooms, but act as if they're trying to get into the door in a way that, you know, simulates someone who's actually trying to break in. And so we feel that those kind of exercises and drills are not necessary."
Tips for parents, teachers
With many students going through lockdown and active shooter trainings in the coming weeks, Crepeau-Hobson said there are a few things parents and teachers should be looking for.
For instance, there are questions parents can ask of administrators.
"I would ask, you know, is there a specific program you're using? Have the adults been trained? Is there evidence that this works? Have the kids been informed? Have the staff been informed? I'm assuming they would if the parents know what have you told the kids about it? Have you explained what's going to happen? Have you explained why you do this?" Crepeau-Hobson said.
"Because we know when we have those conversations with kids and explain this is why we do these drills, that actually helps to increase perceptions of safety and security."
Teachers may also have to deal with questions about drills immediately after such trainings.
"We can typically identify kids who might have a harder time, maybe kids who already have special needs or they have some kind of mental health challenge or something going on," Crepeau-Hobson said said. "And so we might be particularly careful with them, but if we do it right and we talk about it ahead of time, then we have a chance to talk about it afterwards, telling teachers it's OK to process it with your kids."
Schonfeld also suggests that educators understand children may not always be forthright with showing their feelings after such drills.
"I do think teachers if they're empathic and supportive can convey a culture or climate in a classroom where kids know they can come forward and talk to them and or talk to others in the school if they have distress from things that have happened or are happening in their lives, but we can't assume that they're going to disclose 100% of those experiences or feelings," he said.
Trending stories at Scrippsnews.com
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- VOXZOGO® Growth Continued in the Second Quarter Driven by Global Demand Resulting in Increased Full Year 2023 Guidance
- Pivotal Program with VOXZOGO in New, Potential Second Indication, Hypochondroplasia, to Begin in the Fourth Quarter of 2023
- U.S. Approval of ROCTAVIAN™ Received in the Second Quarter and Commercial Launch Underway; Commercial Launch in Europe Making Progress
SAN RAFAEL, Calif., July 31, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the six months and second quarter ended June 30, 2023.
"Outstanding execution across our business led to record revenues in the first half of 2023. We reached more children with VOXZOGO around the world, as physicians and families sought treatment with the only approved medicine targeting the genetic cause of achondroplasia," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. "We were also very pleased to have received the highly anticipated U.S. approval of ROCTAVIAN, the only gene therapy treatment for severe hemophilia A. U.S. commercial launch activities are well underway following the June 29 approval, in parallel with launch progress across a number of European countries."
Mr. Bienaimé added, "for the remainder of 2023, we plan to build on the foundation of growth and profitability achieved in the first half of the year, expand VOXZOGO globally and treat the first ROCTAVIAN patients in the U.S. and Europe."
Financial Highlights:
- Total Revenues for the second quarter of 2023 were $595.3 million, an increase of 12% compared to the same period in 2022. The increase in Total Revenues was primarily attributed to the following:
- GAAP and Non-GAAP Net Income increased by $28.3 million and $28.4 million, respectively, for the second quarter of 2023 compared to the same period in 2022. The increased net income was primarily due to higher gross profit and interest income, partially offset by higher spend in research and development programs to support both early-stage research and clinical activities, as well as higher selling, general and administrative expenses due to higher foreign currency losses and to support the commercial launches of VOXZOGO and ROCTAVIAN.
Recent Product Approvals and Launches (ROCTAVIAN and VOXZOGO)
- On June 29, 2023 the FDA approved ROCTAVIAN gene therapy for the treatment of adults with severe hemophilia A (congenital factor VIII (FVIII) deficiency with FVIII activity < 1 IU/dL) without antibodies to adeno-associated virus serotype 5 (AAV5) detected by an FDA-approved test. The FDA approval is based on data from the global Phase 3 GENEr8-1 study, the largest Phase 3 trial of any gene therapy in hemophilia. The one-time, single-dose infusion is the first approved gene therapy for severe hemophilia A in the U.S. ROCTAVIAN was first conditionally approved by the European Commission in August 2022.
Following FDA approval, the Company activated its U.S.-based salesforce and communicated that ROCTAVIAN is expected to be available for commercial use in August. BioMarin estimates that there are approximately 2,500 people living with severe hemophilia A in the United States who are eligible for treatment and receiving care at approximately 140 hemophilia treatment centers. - In Europe, BioMarin continues to make progress on the pricing and reimbursement process for ROCTAVIAN in Germany, France and Italy to facilitate access. BioMarin is working directly with the German National Association of Statuary Health Insurance Funds (GKV) to finalize access to ROCTAVIAN. At present, people in Germany with severe hemophilia A, who are eligible for treatment with ROCTAVIAN, can access treatment through either Named Patient authorizations or previously secured Outcomes Based Agreements. In France and Italy, BioMarin is working directly with the single public insurance funds in each country to secure reimbursement and access to ROCTAVIAN, expected later in 2023.
- As of the end of June 2023, more than 2,000 children with achondroplasia were being treated with VOXZOGO across 36 active markets. In the second quarter, patient growth remained strong worldwide. Based on these trends, today BioMarin updated full-year 2023 VOXZOGO guidance to between $400 million and $440 million. VOXZOGO is currently approved for the treatment of children 2 years old and older in Europe, for children 5 years old and older in the U.S., and approved for all ages from birth in Japan.
VOXZOGO and ROCTAVIAN Market Expansion Opportunities
- Today, BioMarin announced its plan to begin enrollment in the pivotal program with VOXZOGO for the treatment of children with hypochondroplasia, a condition characterized by impaired bone growth. Hypochondroplasia is a genetic statural condition caused by a mutation (gene change) in the fibroblast growth factor receptor-3 (FGFR3) gene.
Leveraging years of safety data from the VOXZOGO development program in achondroplasia, emerging data from an investigator-led Phase 2 study and following receipt of feedback from FDA, BioMarin plans to begin the 6-month observation arm of the study later this year, followed by the 52-week randomized, double-blind, placebo-controlled phase of the 80-participant clinical trial. If successful, BioMarin believes this study will be able to support regulatory approval in this large indication. - In the coming months in the U.S. and Europe, the Company expects to learn the outcome of its request to expand VOXZOGO access to younger age groups, based on favorable results from a Phase 2 study in infants and young children and the importance of starting treatment as early as feasible. Age expansions would provide access to treatment with VOXZOGO to more than 1,000 additional children in the U.S. and Europe.
- Additional product expansion opportunities with ROCTAVIAN continue, including a clinical study investigating ROCTAVIAN treatment in those with active or prior inhibitors and continued exploration of methods of administering ROCTAVIAN in people with pre-existing antibodies against AAV5.
Earlier-stage Development Portfolio (BMN 255, BMN 331, BMN 351, BMN 349, BMN 293)
- BioMarin plans to showcase its Research and Development capabilities and earlier-stage product candidate updates at its R&D Day on September 12, 2023. Details on accessing the live event will be available on BioMarin's website in early September.
- BMN 255 for hyperoxaluria in chronic liver disease: The Company has concluded the multi-ascending dose study with BMN 255 in healthy human volunteers. Based on early data demonstrating a rapid and potent increase in plasma glycolate following treatment with BMN 255, BioMarin plans to open enrollment in an expanded study in patients with chronic liver disease and hyperoxaluria in the second half of 2023. The Company believes the availability of a potent, orally bioavailable, small molecule like BMN 255 may be able to significantly reduce disease and treatment burden in a patient population with significant unmet need.
- BMN 331 gene therapy product candidate for Hereditary Angioedema (HAE): Dosing continues in the Phase 1/2 HAERMONY study to evaluate BMN 331, an investigational AAV5-mediated gene therapy for people living with HAE. In January 2023, BioMarin shared that the first participant treated with the 6e13vg/kg dose demonstrated C1-Inhibitor levels that were approaching the therapeutically relevant range. In March 2023, the second sentinel participant was safely dosed at 6e13vg/kg and this individual has had a similar initial response. BioMarin will continue to monitor the trajectory of expression in these two individuals before deciding on next steps in this program.
- BMN 351 for Duchenne Muscular Dystrophy (DMD): Investigational New Drug application (IND)-enabling activities continue with BMN 351, an antisense oligonucleotide therapy for individuals with exon 51-skip-amenable DMD. BMN 351 was developed using familiar chemistry and superior biology, by targeting a novel, splice enhancer site demonstrating improved binding affinity and tolerability in preclinical models. Preclinical data suggest that restored expression of near-full-length dystrophin protein at levels of up to 40% will convert phenotypes from rapid loss to durable preservation of strength and ambulation.
- BMN 349 for alpha-1 antitrypsin deficiency: Preclinical studies have demonstrated that BMN 349 is an orally bioavailable, small molecule that preferentially sequesters mutant protein, preventing polymerization in liver cells that drive the progressive liver disease form of the illness. In preclinical studies BMN 349 is titratable to effect, with rapid onset and high potency. Preclinical results have strong implications for potential improvement of current management, particularly for severe liver disease requiring rapid action. IND enabling studies are concluding and BioMarin plans to submit the IND in the second half of 2023.
- BMN 293 for MYBPC3 hypertrophic cardiomyopathy (HCM): Mutations in the MYBPC3 gene are the most common cause of inherited HCM. Early investigations suggest that gene therapy-mediated gene transfer can lead to widespread expression of the gene product, cardiac myosin-binding protein C (MyBP-C), in cardiac tissue, which can normalize cardiac hypertrophy, improve relaxation kinetics and potentially alleviate functional deficits in individuals suffering from cardiomyopathy. IND enabling studies are underway and have incorporated pre-IND feedback from the FDA. BioMarin's goal is to submit an IND for BMN 293 in the second half of 2023.
2023 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
BioMarin will host a conference call and webcast to discuss second quarter 2023 financial results today, Monday, July 31, 2023, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the expectations of Total Revenues, Net Product Revenues, Enzyme Product Revenues, Gross Profit, Research and Development Expense (R&D), Selling, General and Administrative Expense (SG&A), GAAP Net Income, Non-GAAP Income, GAAP Diluted EPS and Non-GAAP Diluted EPS for the full-year 2023; cash flows from operating activities; the timing of orders for commercial products; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, (ii) the results from clinical studies regarding product expansion opportunities for ROCTAVIAN, (iii) BioMarin's plans to initiate and enroll an expanded study of BMN 255 in the second half of 2023, (iv) BioMarin's plan to submit an IND for BMN 349 in the second half of 2023, and (v) BioMarin's goal to submit an IND for BMN 293 in the second half of 2023; the potential approval and commercialization of BioMarin's product candidates, including commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S. following FDA approval in June 2023, and the timing of such approval decisions and product launches, including (i) the anticipated start and growth of commercial sales of VOXZOGO in additional countries, and (ii) BioMarin's expectation that U.S. and EU health authorities take action on its supplemental marketing applications for VOXZOGO in the coming months and the number of additional children that will be eligible for VOXZOGO if such age expansions are accepted; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including that BioMarin expects accelerated growth of VOXZOGO revenues as the product launch continues in future quarters and that BioMarin expects growth of ROCTAVIAN revenues as the product's access is expanded in Europe and following commercial launch in the U.S.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products, impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the FDA, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; the introduction of generic versions of BioMarin's commercial products, in particular generic versions of KUVAN; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIANTM is a trademark of BioMarin Pharmaceutical Inc. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the Company as GAAP Net Income excluding amortization expense, stock-based compensation expense, contingent consideration expense, and, in certain periods, certain other specified items, as detailed below when applicable. The Company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Diluted EPS is defined by the Company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP Diluted EPS and Non-GAAP Diluted Shares are important internal measurements for BioMarin, the Company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the Company's results from period to period and to its forward-looking guidance, and to identify operating trends in the Company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.
Non-GAAP Income and its components are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
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DUBAI, United Arab Emirates (AP) — An escalating dispute over a gas field in the Persian Gulf poses an early challenge to a Chinese-brokered agreement to reconcile regional rivals Saudi Arabia and Iran.
Saudi Arabia and neighboring Kuwait jointly claim the offshore Al-Durra gas field. Iran says it has rights to the field, which it refers to as Arash. The two sides held talks in Iran in March but were unable to agree on a border demarcation.
A spokesman for Iran’s Foreign Ministry, Nasser Kanaani, said the country would not tolerate any infringement on its rights, echoing remarks by the country’s oil minister the previous day.
“We have expressed our readiness to engage in dialogue with the Kuwaiti side,” Kanaani told reporters Monday. “But if there is no interest in mutual utilization of this joint field, the Islamic Republic of Iran has naturally put the exploration and utilization of the resources on its agenda.”
Kuwait’s oil minister told Sky News Arabia last week that his country would commence drilling and production without waiting for a deal.
Saudi Arabia has sided with Kuwait, saying the two countries have exclusive ownership of the field, and has called on Iran to return to negotiations.
Saudi Arabia and Iran, which have backed opposite sides in conflicts across the Middle East and accused each other of destabilizing the region, formally restored diplomatic relations in April following a seven-year freeze. They have since reopened embassies and welcomed senior officials on visits.
But they continue to back opposite sides in Yemen’s civil war, which is ongoing despite a 15-month cease-fire. Saudi Arabia is also in negotiations with the United States over potentially normalizing relations with Israel, which Iran’s leaders have said should be wiped off the map.
“Any step in the direction toward normalization of ties with this aggressive regime will only serve to give it more leeway to commit more atrocities against the Palestinian nation,” Kanaani, the Iranian Foreign Ministry spokesman, said.
It’s unclear whether the dispute over the gas field, which goes back to the 1960s, will escalate beyond rhetoric. But tensions are already high in the Persian Gulf, where the U.S. is building up military forces in response to what it says is Iran’s unlawful seizure of oil tankers and harassment of commercial vessels.
Saudi Arabia and Kuwait agreed last year to jointly develop the gas field. Kuwait said at the time that they aimed to produce 1 billion cubic feet of natural gas and 84,000 barrels of liquefied gas per day. Iran denounced the agreement as illegal and said it should be included in any such plans.
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https://fox59.com/business/ap-business/ap-dispute-over-persian-gulf-gas-field-poses-early-challenge-to-saudi-iranian-rapprochement/
| 2023-07-31T20:39:12
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Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 24 minutes ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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CHESTERFIELD COUNTY, Va. (WRIC) — A suspect is now in custody after a reported robbery in the Winterpock area of Chesterfield County on Monday afternoon.
On Monday, July 31, Chesterfield Police officers responded to a robbery in the 1400 block of Hancock Village Street, just off Hull Street Road.
Once on scene, officers were able to find and arrest the suspect, who is now in custody, according to police.
The robbery remains under investigation.
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https://www.wric.com/news/local-news/chesterfield-county/suspect-in-custody-after-robbery-in-chesterfield-off-hull-street-road/
| 2023-07-31T20:39:15
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If you’re paying more at the pump, extreme heat is partially to blame.
Multiple days of temperatures exceeding 100 degrees in the Southern states are affecting oil refineries in Texas and Louisiana, diminishing gas supplies and increasing prices.
Nationally, gas prices are up 13 cents compared with a week ago, according to the price-tracking website GasBuddy.
“Refineries are outdoors and exposed to the elements,” GasBuddy head of petroleum analysis Patrick De Haan told Spectrum News. “A lot of the equipment at refineries is designed for normal temperatures, not extremes.”
Four of the nation’s largest refineries are in Texas, including Port Arthur, Galveston, Baytown and Beaumont along the Gulf Coast.
Temperatures in that area have been hovering around 100 for more than a week with no end in sight.
Another three are in Louisiana, including Garyville, Baton Rouge and Lake Charles. The extreme heat wave in that area is among the worst on record.
About half of the nation’s refining capacity is in Louisiana and Texas, supplying gas to every part of the country except California and Colorado. Six of the refineries in those states are experiencing heat-related outages, De Haan said.
The problems are likely to persist for a couple more weeks, keeping gas prices high.
“There are some unplanned outages affecting U.S. and global refineries at the moment,” a spokesperson for the American Fuel and Petrochemical Manufacturers told Spectrum News.
Heat-related power outages, storms and lightning strikes are among several causes that have led to refinery outages this summer.
“Our U.S. facilities, collectively, have been operating full-out this summer to keep our market well supplied with gasoline, diesel and jet fuel for the heavy travel season,” the spokesperson said. “After more than a year of sustained high utilization, equipment sometimes needs to be idled on short notice for repairs.”
De Haan warned that further outages are likely later this summer as exceptionally warm water off the coast of Florida is setting the stage for hurricanes.
“Hurricanes disrupt refining because of wind and rain, and that could exacerbate what we’re already experiencing,” he said.
Hurricane season began June 1 and runs through Nov. 30, but it peaks mid-August to mid-September.
Oil prices are also adding pressure to gas prices. They are now at their highest level since April.
In June, the U.S. Energy Information Administration predicted lower-than-previously expected global oil production because of OPEC announcing it will continue to cut crude oil production through 2024.
In July, Saudi Arabia announced an additional oil production cut of one million barrels per day.
“With OPEC muddying the waters by cutting production, prices may remain elevated going into the fall,” De Haan said. “We may see a little break once we get beyond the prime of hurricane season. We should see prices declining in October or November.”
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https://www.kxxv.com/hometown/texas/extreme-heat-is-affecting-oil-refineries-in-texas-pushing-up-gas-prices
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Imagine stepping on stage with your favorite artist in VR from your browser. Discover secret rooms, join live Q&As with other fans, shop for merch, and more. Connect with your audience like never before.
NEW YORK, July 31, 2023 /PRNewswire/ -- BR Marketing Group, a leading luxury brand marketing agency in NYC, is excited to offer its new Web Virtual Reality (WebVR) service to clients worldwide. With this service, clients can create memorable marketing experiences in WebVR. WebVR is a technology that allows users to enjoy virtual reality from their browsers, without any extra hardware or software.
BR Marketing Group has a team of creative experts who design and promote WebVR experiences that capture the unique essence of each brand. Whether it's a concert, a store, a gallery, or more BR Marketing Group can bring it to life in WebVR.
"Our service stands out because we embrace the future. We know how innovative technologies like WebVR can transform the customer experience," said Andrea Canas, CEO of BR Marketing Group.
- Drake, global superstar, has recently taken his concerts and online store to the next level by adding immersive technology for an interactive virtual experience. He is not alone. Luxury brands and artists are following suit.
- Revenue in the VR Advertising market is projected to reach US$161.70m in 2023, revenue is expected to show an annual growth rate (CAGR 2023-2027) of 2.33%, resulting in a projected market volume of US$177.30m by 2027, according to a recent study.
WebVR is still a new and fast-growing tech, able to give immersive, interactive, awe-inspiring experiences. WebVR also connects with IRL events, enabling users to explore real-world objects, locations, and people through VR.
To get more info on WebVR or work with BR Marketing Group for your next virtual or IRL event, visit us at brmarketgroup.com or call 332-600-4466.
About BR Marketing Group
As one of the first creative agencies to offer WebVR immersive services, BR Marketing Group combines its web development, design, and marketing skills to create amazing VR events that connect the virtual and physical worlds.
BR Marketing Group is a leading luxury brand marketing agency in NYC, led by Andrea Cañas, a visionary Latina leader. She and her team of creative experts' craft captivating and unforgettable marketing experiences that bring out the unique essence of each brand they work with.
View original content to download multimedia:
SOURCE BR Marketing Group
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https://www.kalb.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
| 2023-07-31T20:39:18
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FRANKFURT, Germany (AP) — Europe’s economy has grown modestly after months of stagnation, but higher interest rates designed to fight inflation are casting a shadow as they make it more expensive for households and businesses to borrow, invest and spend.
The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, compared with the first three months of the year, the EU statistics agency Eurostat reported Monday.
That’s an improvement over zero growth in the first quarter and a slight decline in fourth quarter of last year — but not by much. Plus, one-time factors and an outsized bump from Ireland made things look better than they really were.
The eurozone got a boost by 0.5% growth in France and 0.4% in Spain, where lower inflation has helped lift consumer spending power.
Yet the French figure was increased by the delivery of one very large manufactured item — a cruise ship. That statistical quirk flattered French growth but does little to disguise weak demand for goods in the eurozone’s second-largest economy.
Ireland’s growth of 3.3%, largest in the eurozone, also distorted the overall picture. Its growth figures often show large swings due to major international companies housing their headquarters there, including tech giants like Meta, Google and Apple.
Without Ireland, euro-area growth would have been only 0.1%, said Franziska Palmas, senior Europe economist at Capital Economics.
The overall figure “was driven by a few country idiosyncrasies and masks an underlying momentum that is likely much closer to stagnation,” said Marc de Muizon, senior European analyst at Deutsche Bank Research.
Europe’s largest economy, Germany, struggled in the second quarter, recording zero growth after two straight quarters of falling output as it grappled with high energy costs tied to Russia’s war in Ukraine. Italy, the No. 3 economy, shrank by 0.3%.
The eurozone growth figures for the first quarter were revised from a decline of 0.1%, statistically erasing what had been two straight quarters of contraction — one definition of recession.
Inflation in the eurozone, meanwhile, continued its gradual decline, falling to 5.3% in July from 5.5% in June.
Europe is still struggling with the aftershocks of Russia’s invasion of Ukraine, including Moscow cutting off most of its natural gas to the continent that sharply raised prices for the fuel and the electricity it generates.
In Germany, Europe’s manufacturing powerhouse, Vice Chancellor and Economy Minister Robert Habeck has proposed capping energy prices for industry with government help.
The worst of the price spike is over, but costs are still higher than before the war began. Energy has faded as a main driver of inflation, but price rises are hitting Europeans when they shop for groceries, clothes and more, and the rebound for services companies — such as hotels and restaurants that suffered during the COVID-19 pandemic — has mostly run its course.
Food prices rose 10.8% in July from a year earlier, an improvement from June and previous months but still a pain point for households. Energy, meanwhile, kept dropping, falling 6.1%. Stripping out volatile food and energy prices, core inflation held steady at 5.5% — a key indicator that has not fallen as much as central bankers want.
In a bright spot for Europe, rebounding travel, especially in the Mediterranean countries that heavily rely on tourism, is expected to support growth in the upcoming third quarter as people flock to the beach for their summer holidays in Greece, Spain and Italy, despite recent heat waves and wildfires.
Other than that, prospects for the rest of the year are muted. Another drag on the economy is the rapid series of interest rate increases that the European Central Bank has unleashed to knock down inflation.
The ECB made its ninth straight hike Thursday, bringing its key deposit rate from minus 0.5% to 3.75% in just one year, a record pace since the creation of the euro in 1999. The result has been higher mortgage rates and canceled construction plans due to expensive or unavailable credit.
The central bank’s lending survey shows the lowest level of business loans and credit lines since the statistics started in 2003.
Bank President Christine Lagarde left open whether the bank will keep hiking rates at its next meeting on Sept. 14, saying the decision will depend on incoming inflation data.
Since the rate hikes began, inflation has steadily fallen from a peak of 10.6% in October, but July’s figure of 5.3% is still well above the ECB’s 2% target.
Bank officials say tough action now will spare even more painful restriction of credit later if inflation gets completely out of control.
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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UPDATE: Police were initially seeking help in identifying one subject, who has been apprehended, and now are asking for help identifying a second suspect.
COLONIAL HEIGHTS, Va. (WRIC) — Police are asking for the public’s help in relation to an alleged vandalism of vehicles belonging to the City that occurred last week.
The Colonial Heights Police Department responded to the 2600 block of Woodlawn Avenue near Lakeview Elementary School for a report of a vandalism on Tuesday, July 25. Police said the vandalism took place between 5 p.m. on Monday, July 24 and 7 a.m. the next day.
The suspect is described as wearing a red sweatshirt that reads “FRYE & Co,” as well as plaid pajama pants and Crocs. The suspect allegedly vandalized several vehicles that belong to Colonial Heights Public Schools, causing about $4,500 in damages.
Anyone with information about the suspect or this crime is urged to contact the Colonial Heights Police Department at 804-520-9311.
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| 2023-07-31T20:39:21
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Lawyers for suspended Attorney General Ken Paxton requested Monday that all but one of 20 articles of impeachment be dismissed, arguing his removal would “override the will of the people” who elected him with knowledge of his alleged misconduct.
In a separate court filing, Paxton’s team also requested that his impeachment trial before the Texas Senate exclude any evidence of “any alleged conduct” that occurred prior to January 2023, when his third term in office began.
The second filing — which comes as all parties are under a strict gag order barring public comment on the proceedings and evidence — also blasted the House impeachment managers as “aggressive, reckless and misleading” with “little to no evidence whatsoever” to support the allegations against Paxton.
In their motion to dismiss, Paxton’s lawyers argued that almost all of the allegations outlined by House investigators were known to voters at the time of his most recent election, and that his impeachment would thus negate the will of Texas voters.
They also argued that Paxton’s impeachment would run afoul of the “prior-term doctrine,” which they said bars statewide officials from being impeached for conduct that predates their most recent election.
“With only a single exception, the articles (of impeachment) allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s team wrote. “The alleged acts underlying 19 of the Articles took place before the Attorney General’s most recent election and were highly publicized.”
If approved, the remaining article against Paxton would be related to the $3.3 million lawsuit settlement he reached with whistleblowers who were fired from his office after reporting Paxton to law enforcement for bribery and other alleged wrongdoing. The House’s investigation into Paxton began earlier this year, after he asked the Legislature to pay for the lawsuit settlement.
Paxton’s impeachment trial before Texas senators is set to begin Sept. 5.
Under rules previously adopted by the Senate, rulings on pretrial motions are expected to be made on the opening day of trial before opening statements. Approval of two-thirds of senators is required to dismiss an article of impeachment.
This is a developing story. Check back for updates.
More than 200 speakers are now confirmed for the 2023 Texas Tribune Festival in downtown Austin from Sept. 21-23. Each year, the Festival engages, challenges and surprises attendees with unexpected talent mashups, must-see interviews and more, curated by the award-winning journalists at The Texas Tribune. See the lineup and get tickets today.
This article originally appeared in The Texas Tribune at https://www.texastribune.org/2023/07/31/ken-paxton-dismiss-articles-impeachment/.
The Texas Tribune is a member-supported, nonpartisan newsroom informing and engaging Texans on state politics and policy. Learn more at texastribune.org.
"Ken Paxton’s lawyers seek to dismiss 19 of 20 articles of impeachment" was first published by The Texas Tribune, a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.
Sign up for The Brief, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news.
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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SOURCE CNO Financial Group, Inc.
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NICOSIA, Cyprus (AP) — Greece’s prime minister said Monday that his government wants to take full advantage of a developing positive political climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes.
But Greek Prime Minister Kyriakos Mitsotakis said that doesn’t mean Turkey has “substantially changed” its stance on key differences between the two countries and needs to “decisively abandon its aggressive and unlawful conduct” against Greece’s sovereignty and territorial integrity.
Turkey and Greece remain at odds over maritime boundaries in the eastern Mediterranean, a dispute that affects irregular migration into the European Union, mineral rights and the projection of military power.
Mitsotakis said that he agreed with Turkish President Recep Tayyip Erdogan during a NATO summit in Vilnius, Lithuania, on July 11-12 to initiate new “lines of communication” and to maintain “a period of calm.”
High-level talks between the the two countries are expected to take place in the Greek city of Thessaloniki later this year.
However, the Greek prime minister said that Erdogan’s outreach to the EU can’t come at the expense of efforts to heal Cyprus’ nearly half-century ethnic division.
Speaking after talks with Cypriot President Nikos Christodoulides, Mitsotakis said that he told Erdogan that improved European-Turkish ties can’t exclude a Cyprus peace accord and that the issue can’t be “left by the wayside.”
Turkey and the breakaway Turkish Cypriots have insisted on a two-state solution since July 2017 when the most recent round of U.N.-facilitated peace talks collapsed.
That position overturned a long-standing agreement sanctioned by the U.N. Security Council in numerous resolutions that any peace deal would aim for a reunified Cyprus as a federation made up of Greek and Turkish speaking zones.
Cyprus was split in 1974 when Turkey invaded following a coup by supporters of union with Greece. Only Turkey recognizes a Turkish Cypriot declaration of independence in the island’s northern third, where more than 35,000 Turkish troops are stationed.
On Friday, Turkish Cypriot leader Ersin Tatar repeated that peace talks could resume only if Greek Cypriots recognize the Turkish Cypriots’ “sovereign equality.”
Christodoulides said Monday that any improvement in European-Turkish relations should be based on reciprocal action by Turkey, adding that the EU prioritizes a Cyprus peace deal in line with U.N. resolutions.
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| 2023-07-31T20:39:26
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(WKBN) — August begins with a full moon – and what’s more, it’s a supermoon.
The next full moon will occur at 2:32 p.m. ET Tuesday, Aug. 1. The moon will be below the horizon at that time, so you will have to wait until later in the day to catch the full moon.
Tuesday’s moon is the second of this year’s four “supermoons,” which appear bigger and brighter in the sky due to the distance of the moon from the Earth.
It is also the second of three full moons that will occur during the summer season.
What is the August full moon called?
According to NASA, the August full moon is called the “sturgeon moon,” a name that was published in the 1930s in the Maine Farmer’s Almanac.
According to the publication, the Native American tribe Algonquin gave the August full moon that name because it was easier for them to catch the prehistoric-looking sturgeon fish in larger bodies of water during this time of year.
NASA says another name for the August full moon is the “green corn” moon.
When can you see the Sturgeon Supermoon?
The sturgeon moon will be nearly full when it rises Monday evening, July 31, but it will reach full illumination Tuesday afternoon, hitting its peak at 2:32 p.m. ET. However, it will be below the horizon at the time that 100% illumination is achieved.
You can catch a glimpse of the moon rising on Tuesday evening by looking toward the southeast after sunset.
The moon phase Monday evening through Tuesday morning is called the Waxing Gibbous, when the illuminated part of the moon goes from 50.1% to 99.9%.
The moon will still appear nearly full when rising Wednesday, Aug. 2.
What is a supermoon?
NASA defines a supermoon as any full moon occurring around the same time as the moon’s perigee, or closest point of orbit with the Earth. In contrast, an apogee is the point where the moon is farthest from the Earth.
The moon takes about 27 days to orbit the Earth, with its perigee occurring during each 27-day cycle.
NASA says there are roughly three to four supermoons each year, and they usually occur back to back. When the full moon occurs during its perigee, it will appear about 17% bigger and about 30% brighter than when it is at its apogee. To be considered a supermoon, the full moon has to occur when the moon is within at least 90% of its perigee.
According to the Farmer’s Almanac, the moon’s perigee can vary slightly from “month to month and year to year,” meaning the distance from Earth may not be the same each time.
Incidentally, the Farmer’s Almanac stated, this year’s new moon (the opposite of a full moon) on Jan. 21 was at its closest distance to Earth “in nearly 1,000 years (992 to be exact).”
A blue supermoon, one of 2023’s rare celestial occurrences, is coming later this month on Aug. 30. A blue moon occurs when there are two full moons in one month.
The last time two full supermoons graced the sky in the same month was in 2018. It is not expected to happen again until 2037.
This year’s first supermoon was in July. The fourth and last will be in September. The two in August will be closer than either of those.
The Associated Press contributed to this report.
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| 2023-07-31T20:39:27
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IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) achieves highest impact factor among Computer Society journals
LOS ALAMITOS, Calif., July 31, 2023 /PRNewswire/ -- The IEEE Computer Society (CS), the leading global computer science and engineering member community, announced today that its journal IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) earned the highest 2022 Journal Impact Factor™ (JIF™) of all IEEE CS publications, securing the top spot among artificial intelligence journals.
"Computer science and engineering represent some of the most prominent, promising areas of research today," said Nita Patel, president, IEEE CS. "As the number of papers in our field continues to climb, paper acceptance gets increasingly competitive, and our editors work tirelessly to ensure that only the top papers make their way into our journals. We're thrilled to, once again, hold top impact factor rankings, and we thank all of our volunteers for their commitment to excellence."
Impact factor measures the frequency with which the average article in a publication has been cited in a particular year. The calculation is based on a two-year period and involves dividing the number of times articles were cited by the number of articles that are citable. It offers a key metric to assess the overall strength and industry influence of a particular publication.
Overall, 11 IEEE CS journals now hold the coveted top impact factor ranking in their specialty field. The following four publications join TPAMI to round out the top five highest-ranked IEEE CS journals:
- IEEE Transactions on Affective Computing (TAC)
- IEEE Transactions on Knowledge and Data Engineering (TKDE), a new entrant to IEEE CS' top five journals
- IEEE Transactions on Services Computing (TSC)
- IEEE Transactions on Mobile Computing (TMC), a new entrant to IEEE CS' top five journals
In addition, IEEE CS' fully open access publication, IEEE Open Journal of the Computer Society, received its first impact factor in Clarivate's Emerging Sources Citation Index™ (ESCI), which features newly launched, niche, and open access journals publishing high-quality research on a range of topics. This is the first year Clarivate included the multidisciplinary ESCI in its JIF review.
"We're thrilled that IEEE Open Journal of the Computer Society had the opportunity to be recognized this year," said Greg Byrd, IEEE CS VP of Publications. "With the innovative research it brings to the field, it is certain to have a long-standing impact on the computer science and engineering community."
Impact factor applies not only to scientific and engineering journals but to technical magazines as well. Those IEEE CS publications with the highest impact factor rankings include:
"One of the most important things about impact factor rankings is that they point to the most highly researched topics in the field," said Patel. "This year, there's a heavy focus on artificial intelligence, data science, and mobile computing. It will be interesting to watch the evolution of these topics and the advances that arise from papers presented in Computer Society publications."
JIF rankings are released annually in Clarivate's Journal Citation Reports™ (JCR™). These reports evaluate more than 21,500 high-quality academic journals from across more than 250 scientific and research disciplines.
To learn more about IEEE Computer Society journals and the research they offer, visit https://www.computer.org/publications.
About the IEEE Computer Society
Engaging computer engineers, scientists, academia, and industry professionals from all areas of computing, the IEEE Computer Society (CS) sets the standard for the education and engagement that fuels continued global technological advancement. Through conferences, publications, and programs, and by bringing together computer science and engineering leaders at every phase of their career for dialogue, debate, and collaboration, IEEE CS empowers, shapes, and guides the future of not only its members, but the greater industry, enabling new opportunities to better serve our world. Visit computer.org for more information.
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Lori Vallow Daybell was sentenced to life in prison without the possibility of parole Monday for the murders of her two youngest children and conspiring to kill her husband's first wife, bringing a close to the so-called "Doomsday Cult Mom" case.
This is the maximum sentence possible for Vallow Daybell, who had pleaded not guilty to the charges against her in her five-week trial. It ended in May, when a jury unanimously found the Idaho mom guilty of two counts of first-degree murder and conspiracy to commit first-degree murder.
The case centered on bizarre claims Vallow Daybell made about her two kids, 16-year-old Tylee Ryan and 7-year-old Joshua "JJ" Vallow. She and her husband, who justified the murders using religious beliefs, claimed the two kids were "dark" and they were "light" and that she was God's vessel to rid the world of their kind.
Before the sentence was handed down, Vallow Daybell again used religion in her defense. She quoted Bible verses about how people shouldn't judge others while suggesting her dead kids and Tammy Daybell weren't murdered at all.
"Jesus Christ knows that no one was murdered in this case," she said. "Accidental deaths happen. Suicides happen. Fatal side effects from medication happen."
Others who spoke Monday focused on the grief and trauma they feel at the hands of Vallow Daybell, including her estranged oldest son Colby Ryan and Tammy Daybell's sister.
SEE MORE: Lori Vallow Daybell sentencing: Here's what to expect
"Tylee will never have the opportunity to become a mother, wife or have the career she was destined to have. JJ will never be able to grow and spread his light with the world the way he did," the statement said. "I've lost the opportunity to share life with the people I love the most. I have lost my sister, father, brother and my mother. "I pray for healing for everyone involved, including those who took the lives of everyone we loved."
"Why? Why plan something so heinous?" Samantha Gwilliam said. "You are not exalted beings, and your behavior makes you ineligible to be one. Because of the choices you made, my family lost a beloved mother, sister and daughter.”
The two kids were last seen in September 2019, and Tammy Daybell died in October, just weeks before Vallow Daybell married her fifth husband Chad Daybell.
Tammy Daybell's autopsy showed she had been asphyxiated, and her body was bruised. When The children's bodies were found buried in Chad Daybell's yard in the summer of 2020, JJ had also been asphyxiated, and Tylee had been stabbed.
Vallow Daybell now faces two other cases in Arizona, both with a charge of conspiracy to commit murder.
One case centers on conspiring with her brother, Alex Cox, who shot and killed Vallow Daybell's fourth husband, Charles Vallow, in 2019. Cox said he acted in self-defense, and he died of natural causes before being charged.
The other case Vallow Daybell faces involves her niece's ex-husband, who survived a murder attempt the same year.
Vallow Daybell's husband, Chad Daybell, is awaiting trial on the same charges. His trial is expected to begin April 1, 2024.
Trending stories at Scrippsnews.com
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| 2023-07-31T20:39:27
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(The Hill) – President Biden is opening up about the crummiest advice he’s ever gotten, saying holding grudges “gets you nowhere.”
“I guess the worst advice I’ve ever received was holding a grudge — because lots of times when people do something that is really not good, it’s because they were fearful when they did it. Not fearful of you, but their circumstance,” Biden said in an interview on Jay Shetty’s “On Purpose” podcast released Monday.
“It gets you nowhere, which means people will doubt that I’m really Irish,” Biden quipped.
“But all kidding aside,” the 80-year-old president continued, “Remembering is important, but holding a grudge is not helpful.”
The best advice Biden said he’d been given was to “show up.”
“My mother used to say, ‘Joey, get up. Never bow, never bend. Just get up.’ But showing up, that’s a big part,” he said.
In the wide-ranging chat focused on grief and mental health, Biden also revealed he’s definitely not serving as the country’s TV viewer in chief.
Asked which TV show set in the world of politics and Washington is the most accurate and which is the least, he cracked, “’Mission Impossible.’”
“Look, one of the problems I have is I don’t — and I should — I don’t watch much television,” Biden said.
“And it’s not because I’m above it or anything like that,” he told Shetty during the pair’s conversation at the White House. Biden blamed decades of commuting between D.C. and Delaware as a senator for cutting into potential TV time.
“And so when I get home, there wasn’t much to watch,” Biden said, noting he’d focus his energy on spending time with his then-young children.
“So I’ve been back and forth so much I just haven’t watched many programs,” the 46th president said after describing his usual Amtrak train commute while in the Senate.
“There’s a lot of good stuff, I’m sure. I mean, every once in awhile I turn it on,” Biden said of current television fare.
Living at the executive mansion, which is equipped with a movie theater, has helped his viewing habits, according to Biden.
“I get this list what movies are in and we have the new one,” Biden said of “Oppenheimer,” adding that he’s yet to see the summer box office hit starring Cillian Murphy as the famed real-life Manhattan Project physicist.
“They’re the movies I see these days,” Biden said of the films screened at the White House. “I get to see them at night every once in awhile.”
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NEW YORK, July 31, 2023 /PRNewswire/ -- Debevoise & Plimpton LLP announced today the release of its 2023 Private Equity Midyear Outlook, a helpful summary of the various forces shaping the industry and the strategies market participants are using during this dynamic time.
At the beginning of the year, we noted in our Private Equity Report: 2023 Outlook the considerable macroeconomic and geopolitical challenges facing private equity. As we pass the year's midpoint, those challenges continue to hang over the private equity industry like a stalled weather system, refusing to dissipate, as existing obstacles have solidified and new hurdles have emerged. While the crisis around the collapse of Silicon Valley Bank, First Republic Bank and Signature Bank was not protracted, it nonetheless compounded an already difficult liquidity environment. Fundraising remains highly competitive. The polarization around ESG in the United States has intensified, resulting in a patchwork of wildly different state legislation. The SEC continues to take aim at private fund practices, while in the EU, new regulations stand to complicate both fundraising and the M&A landscape. In this environment, caution rules the day for both sponsors and investors.
And yet, with creativity and persistence, deals are getting done. Lenders are adjusting their balance sheet exposures. Direct lending and co-investments, as well as innovative deal structures, help to fill the financing gaps caused by the pull-back in syndicated debt financings. Brand-name funds are weathering fundraising headwinds by offering incentives and flexibility with terms, while first-time managers are building track records by raising capital deal-by-deal. And through it all, bright spots have begun to appear. The U.S. IPO market is showing early signs of thawing. In Latin America, proactive monetary policy, the move toward nearshoring and a spate of welcomed governmental reforms give reason for optimism. And while investors continue their caution regarding China, other Asian markets such as Japan, Australia and India are showing healthy levels of activity.
The full report is available here.
About the Debevoise Private Equity Group
Debevoise is a trusted partner and legal advisor to a majority of the world's largest private equity firms, and has been a market leader in the Private Equity industry for over 40 years. The firm's Private Equity Group brings together the diverse skills and capabilities of more than 400 lawyers around the world from a multitude of practice areas, working together to advise our clients across the entire private equity life cycle. The Group's strong track record, leading-edge insights, deep bench and commitment to unified, agile teams are why, year after year, clients quoted in Chambers Global, Chambers USA, The Legal 500 and PEI cite Debevoise for our close-knit partnership, breadth of resources and relentless focus on results.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients' most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.
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SOURCE Debevoise & Plimpton LLP
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A woman from New Hampshire who works for a nonprofit organization in Haiti and her young daughter have been reported as kidnapped as the U.S. State Department issued a "do not travel advisory" in the country and ordered nonemergency personnel to leave there amid growing security concerns.
Alix Dorsainvil, a nurse for El Roi Haiti, and her daughter were kidnapped on Thursday, the organization said in a statement Saturday. El Roi, which runs a school and ministry in Port au Prince, said the two were taken from campus. Dorsainvil is the wife of the program's director, Sandro Dorsainvil.
"Alix is a deeply compassionate and loving person who considers Haiti her home and the Haitian people her friends and family," El Roi president and co-founder Jason Brown said in the statement. "Alix has worked tirelessly as our school and community nurse to bring relief to those who are suffering as she loves and serves the people of Haiti in the name of Jesus."
A State Department spokesperson said in a statement Saturday it is "aware of reports of the kidnapping of two U.S. citizens in Haiti," adding, "We are in regular contact with Haitian authorities and will continue to work with them and our U.S. government interagency partners."
In its advisory Thursday, the department said that "kidnapping is widespread, and victims regularly include U.S. citizens."
It said kidnappings often involve ransom negotiations and U.S. citizen victims have been physically harmed.
Earlier this month, the National Human Rights Defense Network issued a report warning about an upsurge in killings and kidnappings and the U.N. Security Council met to discuss Haiti's worsening situation.
WMUR-TV reported that Dorsainvil is from Middleton, New Hampshire, and went to Regis College in Weston, Massachusetts, which has a program to support nursing education in Haiti.
"It doesn't surprise me that Alex chose to get involved in this type of service work," Regis College president Toni Hays told the station. "She was amazing. She was passionate, she was compassionate."
Trending stories at Scrippsnews.com
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
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WASHINGTON (AP) — For more than a year, the U.S. economy has defied predictions of a forthcoming recession. It has withstood 10 interest rate hikes in 16 months from an inflation-fighting Federal Reserve. In June, America’s employers added a healthy 209,000 jobs.
Will the economy remain resilient? Can the Fed achieve a notoriously difficult “soft landing” — slowing growth just enough to tame inflation without causing a recession?
The Associated Press spoke recently with Gus Faucher, chief economist at PNC Financial Services Group. The conversation has been edited for length and clarity.
Q: The job market is cooling but remains strong. Does that suggest a soft landing?
A: What we have seen in the job market so far in 2023 is consistent with a soft landing. Over the past three months, we’ve added 244,000 jobs per month. That’s still too high from the Fed’s perspective but much better than what we had at the end of last year. Although it’s consistent with a soft landing, it’s also consistent with a story where job growth continues to slow, the economy continues to weaken and we get a recession at the end of 2023. We don’t know what the outcome will be. It’s more likely than not that we get a recession.
Q: When would a downturn begin?
A: A few months ago, we were seeing it starting in the second half of 2023. Now we’re seeing late 2023 or early 2024. The labor market is still holding up. Consumers are still in decent shape. But I do think we will continue to feel the impact of the Fed’s monetary tightening. By the end of this year or sometime early next year, those higher rates will be a significant drag on economic activity and lead to recession. But the economy has held up somewhat better than we were expecting.
The economy just can’t continue to add this many jobs per month. We just don’t have the labor force out there.
Q: Where is inflation headed?
A: We will see slowing inflation. If you go back to 2021, 2022, a lot of that inflation was coming on the goods side. Now, the inflation is coming on the services side. Services inflation tends to be stickier, and it tends to be more driven by what’s going on in the labor market. So the tight labor market is contributing to high services inflation. That will contribute to inflation remaining higher than the Fed would like in the near term. By the end of this year, early next year, we will see a significant softening in the labor market that will help bring inflation down to the Fed’s 2% target.
Q: Will the job market continue to favor workers over the longer term?
A: We have seen structural changes. The pandemic pushed forward a lot of retirements. You had people who were close to retirement in 2020 and planning on working a few more years. But when the pandemic came along, they decided to retire. The remaining workers have more bargaining power. Businesses are going to need to rethink a lot of things about pay, about benefits, about workplace flexibility.
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| 2023-07-31T20:39:33
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(KTLA) – The Los Angeles County Sheriff’s Department is investigating the discovery of a body inside a 55-gallon drum in Malibu Lagoon on Monday.
A park worker first saw the drum floating by the Pacific Coast Highway bridge Sunday night but didn’t think much of it at the time, a spokesperson for the L.A. County Fire Department told Nexstar’s KTLA.
When lifeguards arrived at work Monday morning, they saw the drum in the lagoon and tried to pull it out at which point they discovered the body inside, officials said.
No information about the victim was immediately known.
KTLA helicopter footage showed the black plastic drum standing upright in shallow water and the beach appeared to be closed for the investigation.
Late last spring, a body was found in a barrel in Nevada’s Lake Mead. Authorities said the body may have been there for four decades but have not yet identified the victim, despite identifying other bodies that appeared due to receding water levels.
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25 WEATHER — An Excessive Heat Warning is in effect through at least midweek, but it likely could be extended through the end of the week. Highs will range from 103-106° each afternoon through Friday. There is a very slight chance of an isolated storm or to Tuesday, but rain chances are 10%.
The weekend doesn't offer much in relief with highs still over 100° both Saturday and Sunday. We could see these triple digits last into next week as well.
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Published: Jul. 31, 2023 at 3:05 PM CDT|Updated: 34 minutes ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2022, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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https://www.wkyt.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
| 2023-07-31T20:39:39
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PRISTINA, Kosovo (AP) — Kosovo’s journalists on Monday protested against the government’s decision to suspend a private television station’s operations.
Authorities made the move last week because they said there were irregularities concerning the registration of Klan Kosova’s business license that violated the country’s constitution.
Scores of journalists and members of civil society organizations gathered in downtown Pristina in front of the main government building to protest the suspension of the broadcaster’s operations.
The demonstrators said it was a “politically motivated” action taken by the government of Prime Minister Albin Kurti. It was the first closure of a media outlet since the end of Kosovo’s 1998-1999 war, they said, holding a banner that read “Democracy dies in darkness.”
Last week, Kosovo’s Ministry of Industry and Trade suspended Klan Kosova’s license, after the documentation of its business registration in neighboring North Macedonia showed that its owners had named Kosovo’s municipalities as if belonging to Serbia, “which is a violation of our constitution,” according to a statement released Monday.
The journalist accused the government’s decision as “an open and unprecedented war … against the media,” urging owners of Klan Kosova to continue its legal fight at the court.
Klan Kosova’s editor-in-chief, Gazmend, Syla called the suspension “unfair.”
“We consider this a kind of pressure to stop us doing of what we are doing,” he told The Associated Press, adding they would challenge the government’s decision in court.
Last month, Kosovo’s Agency of Business Registration found the alleged fault and decided to suspend the operations of the television station, a move supported last week by the ministry.
The station has said it had already fixed the problems as requested.
Klan Kosova was launched in 2009 to become the country’s biggest private television station.
The embassies of France, Germany, Italy, the United Kingdom and the United States, and the European Union in Kosovo, expressed “their deep concern” about the suspension of Klan Kosova’s business license considering it “a disproportionate decision that will have repercussions on media plurality in Kosovo.”
Kosovo is a former province in Serbia, which doesn’t recognize Pristina’s 2008 declaration of independence. Kosovo’s sovereignty is backed by the U.S. and most EU nations, but not by Russia and China.
Serbia pulled out of Kosovo in 1999 after NATO bombed the country to stop the onslaught against ethnic Albanian separatists. At least 10,000 civilians, most of them ethnic Albanians, were killed in the conflict.
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Llazar Semini reported from Tirana, Albania.
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https://fox59.com/business/ap-business/ap-kosovo-journalists-protest-governments-suspension-of-private-television-station/
| 2023-07-31T20:39:39
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PORT ANGELES, Washington (WJW) – An 8-year-old child was attacked by a cougar at Olympic National Park’s Lake Angeles on Saturday evening.
The child was with their family at Lake Angeles, south of Port Angeles, when the attack happened Saturday night, the National Park Service said Monday.
“The cougar casually abandoned its attack after being yelled and screamed at by the child’s mother,” NPS wrote in a news release. The child suffered only minor injuries and was taken to a local hospital for evaluation.
Park officials then evacuated the remaining campers in the Lake Angeles area, closing the space and Heather Park to the public. Olympic National Park wildlife biologist Tom Kay said in a statement that the decision to close the Lake Angeles Trail, Heather Park Trail, Switchback Trail, and the entire Klahhane Ridge Trail was made “out of an abundance of caution.”
Early Sunday morning, park law enforcement and wildlife personnel who specialize in cougar tracking were dispatched to the last known location of the cougar at Lake Angeles, the park service reported. If located, the cougar will be euthanized and removed from the park for a necropsy.
“This may provide clues as to why the animal attacked since cougars are rarely seen and attacks on humans are extraordinarily rare,” park officials said. “Olympic National Park has extensive protocols in place for wildlife observations, interactions, and attacks and the lethal removal of this cougar is in line with these protocols.”
Because Olympic National Park is considered “cougar territory,” NPS recommends visitors be prepared for the encounter. They should not hike or jog alone, and children should remain near adults. Pets should also be left at home.
Should you encounter a cougar, you should remain calm and avoid running, according to wildlife experts. Do your best to appear as large as possible, continue watching the animal, and be loud. NPS also recommends throwing items like rocks or sticks at the cougar.
There have been no recent deaths caused by cougars in Olympic National Park, according to NPS data.
It’s not the first wildlife attack in the national parks this year, though.
Last week, a woman was found dead after an “apparent bear encounter” near Yellowstone National Park. Earlier this month, a woman in the park suffered “significant injuries” after being gored by a bison.
The park warns that between mid-July and mid-August, bison are in mating season and “can become agitated more quickly.”
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https://www.wric.com/news/u-s-world/child-8-attacked-by-cougar-in-olympic-national-park-saved-by-mother/
| 2023-07-31T20:39:45
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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| 2023-07-31T20:39:46
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.
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DETROIT (AP) — Major changes in Michigan’s car insurance system don’t apply to people who were catastrophically injured before a 2019 law kicked in, the state Supreme Court said Monday in a decision that delivers critical relief to thousands of people counting on long-term benefits.
But the 5-2 opinion didn’t come soon enough for Brian Woodward, who was paralyzed in the 1980s and had frequently talked about the law’s drastic impact on his care. He died Monday at age 64, his family said.
For decades, crash survivors were entitled to lifetime payment for “all reasonable charges” related to care and rehabilitation. But a new state law set a fee schedule and a cap on reimbursements. Suddenly, 18,000 people already receiving benefits were forced to scramble as some health providers dropped out.
The Supreme Court, however, said a “vested contractual right” to ongoing benefits “cannot be stripped away or diminished,” especially when lawmakers failed to declare an intent to do so when they changed the law.
The decision was written by Justice Elizabeth Welch, a Democrat, and joined by other Democratic justices and by Chief Justice Elizabeth Clement, a Republican.
In an effort to lower Michigan’s insurance rates, which were among the highest in the U.S., the Republican-controlled Legislature and Democratic Gov. Gretchen Whitmer agreed to sweeping changes in 2019. Drivers can save money by choosing certain injury-coverage options. But payments for certain care were also slashed.
The catastrophically injured include hockey star Vladimir Konstantinov, a former member of the Detroit Red Wings, who requires 24/7 care. He suffered severe brain damage in 1997 when a drunken limousine driver crashed the car he was traveling in, following the team’s NHL championship.
Woodward suffered devastating spinal injuries in a crash but was able to get in-home care and even hold a job through insurance. When the law changed, and care rates were reduced, he said he lost caregivers and was shuttled from facility to facility.
“I’m dying,” Woodward told The Detroit News last week. “My body is breaking down because I’m not getting enough exercise.”
Tim Hoste, president of CPAN, a coalition of medical organizations and consumer groups, said the law led to the “spiritual, emotional and physical decline of many people, including Brian.”
An industry trade group, the Insurance Alliance of Michigan, said the Supreme Court decision will open the door to overcharging for medical care. The lower reimbursement schedule, however, remains intact for injuries since the law was overhauled.
In a dissent, Justice David Viviano said the Supreme Court majority crafted an opinion based on “vague and disputed concepts” to provide cover for those who simply believe it would be unfair to reduce future benefits for the long-term injured.
“As a result, the efforts of the Legislature and the governor to reduce costs and make insurance more affordable for all the residents of our state will not come to fruition for many decades,” said Viviano, who was joined by fellow Republican Justice Brian Zahra.
“If courts cannot be trusted to faithfully interpret and apply the laws, especially those involving such significant and contested topics, then the democratic process is in peril,” Viviano said.
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Follow Ed White at http://twitter.com/edwritez
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(The Hill) – Country singer Jason Aldean defended his controversial song “Try That in a Small Town” in Massachusetts over the weekend, saying the message of the track was demonstrated by the city of Boston after the devastating marathon bombing 10 years ago.
Speaking to fans at the Xfinity Center in Mansfield, about 40 miles from where the terrorist attack occurred, killing three and injuring hundreds, Aldean told fans the message of his song has been “overshadowed by all the bulls—.”
“I was lying in bed last night and I was thinking to myself, you guys would get this better than anybody, right,” Aldean said, according to NBC News. “Because I remember a time, I think it was April 2013, when the Boston Marathon bombings happened, you guys remember this right?” he asked the audience.
“The last time that happened was a whole, not a small town, a big-ass town came together, no matter your color, no matter anything,” he continued. “No matter if you’re anything. The whole country and especially Boston came together to find” the culprits.
Aldean has faced growing backlash for his song and the music video for what some consider racially charged lyrics and images. The song, which was released in May, tells protesters who “cuss out a cop, spit in his face, stomp on the flag and light it up” they could see retribution from small town residents.
Others expressed outrage over the location where the video was shot: outside a courthouse in Columbia, Tenn., where a Black man was lynched in the 1920s and which almost became the lynching spot of Thurgood Marshall, the Supreme Court’s first African American justice.
After some accused the song of glorifying sundown towns, or all-white neighborhoods where Black people were discouraged from being after dark through white violence, the music video pulled from CMT.
Republicans, however, have stood behind the song, with former President Trump, whom Aldean supported in 2020, defending the singer and calling him a “fantastic guy.”
Aldean has vehemently denied accusations that “Try That in a Small Town” carries racist undertones, and on Saturday he told concert-goers the song has nothing to do with race but about punishing those who threaten America, just as Bostonians would have if they had caught the 2013 bombers, brothers Dzhokhar and Tamerlan Tsarnaev.
“And anybody, any of you guys that would’ve found those guys before the cops did, I know you guys from Boston, and you guys would’ve beat the s— outta them, either one of ‘em,” Aldean said. “And I’ve been trying to say, this is not about race, it’s about people getting their s— together and acting right, acting like you’ve got some common sense.”
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2025 Cruises and Cruisetours from Alaska's Leading Cruise Line
on Sale August 3
Family Favorite Caribbean Princess to Sail Alaska for First Time
SANTA CLARITA, Calif., July 31, 2023 /PRNewswire/ -- Princess Cruises has unveiled its 2025 Alaska cruise and cruisetours season, featuring three captivating roundtrip itineraries and an exclusive new National Parks Cruisetour. These remarkable offerings are available for booking starting August 3.
New Adventures and Extended Journeys Await, including a Departure from LA:
New for 2025 from the cruise line that brings the most guests to Alaska every year is a 22-day roundtrip voyage sailing from San Francisco on Ruby Princess that coincides with the Summer Solstice, and a 17-day roundtrip cruise from Seattle on Grand Princess featuring three days of scenic glacier viewing. For guests seeking to sail from Southern California, a new 16-day roundtrip Inside Passage voyage from Los Angeles on Grand Princess offers a convenient and affordable option.
National Parks Cruisetour
Following its debut in 2024, the National Parks Cruisetour returns in 2025 with a 15-night adventure to five of Alaska's most breathtaking parks. Guests will have the opportunity to explore Glacier Bay, Denali, Wrangell-St. Elias, Kenai Fjords National Parks, and Klondike Gold Rush National Historical Park in Skagway. Unique to Princess, this experience combines a seven-day Voyage of the Glaciers cruise, scenic rail travel, and multiple days on land, including stays at four Princess-owned wilderness lodges.
"As the market leader in Alaska, we're excited to offer guests even more exciting ways to see the natural beauty of Alaska with itineraries in 2025 that serve up new adventures and extended journeys that first-time guests and repeat visitors are going to find intriguing," said John Padgett, Princess Cruises president. "We're also making it easier for guests to access an Alaska cruise by bringing back a roundtrip option out of Los Angeles, which also make it more affordable for millions within that drive market."
Caribbean Princess to Debut in Alaska in 2025
In 2025, seven Princess ships will sail to Alaska, including Caribbean Princess for the first time. In addition, the number of Princess homeports offering Alaska voyages expands to five with the addition of Los Angeles, with the season featuring 21 cruise destinations and four glacier-viewing experiences, highlighted by 88 visits to Glacier Bay National Park, taking more guests to this spectacular national park than any other cruise line.
With 155 total departures on 18 unique itineraries ranging in length from 4 to 22 days, cruise and cruisetour choices include:
Cruises – Seven Ships, Five Homeports
- NEW! Ultimate Alaska Solstice with Glacier Bay National Park: 22-day roundtrip from San Francisco on Ruby Princess – departs June 6, 2025
- NEW! Ultimate Alaska with Glacier Bay National Park: 17-day roundtrip from Seattle on Grand Princess – departs May 6, 2025
- Inside Passage with Glacier Bay National Park: 16-day roundtrip from Los Angeles on Grand Princess visiting Juneau, Skagway, Glacier Bay National Park, Sitka, Icy Strait Point, Ketchikan and Victoria, B.C. – departs August 30, 2025
- Voyage of the Glaciers: This top-rated seven-day itinerary features Juneau, Skagway, Ketchikan, and two glacier-viewing experiences at Glacier Bay National Park and Hubbard Glacier or College Fjord. Caribbean Princess, Coral Princess, and Sapphire Princess offer weekly northbound and southbound cruises from Vancouver, B.C. to Anchorage (Whittier) and vice versa. Guests can combine select seven-day voyages for an amazing 14-day Voyage of the Glaciers Grand Adventure – operates May 10 to September 13, 2025.
- Inside Passage: Princess' signature seven-day roundtrip sailings from Seattle and Vancouver, B.C., as well as 11-day roundtrip departures from San Francisco and Vancouver that include four ports of call and a day of glacier viewing. Many Inside Passage cruises include Glacier Bay National Park. Discovery Princess and Royal Princess sail from Seattle weekly, May 4 – September 21, 2025. Grand Princess offers weekly cruises from Vancouver, B.C., May 27 – August 19, 2025. Ruby Princess sails 11-day cruises roundtrip from San Francisco May 4 – September 13, 2025.
- Alaska Samplers: Three itineraries of four to five days offer shorter voyages for guests looking for a quick getaway. Discovery Princess, Royal Princess and Grand Princess operate four-day, roundtrip voyages between Vancouver, B.C. to Seattle with a stop in Ketchikan – departing April 30, May 13 and May 23, 2025. Caribbean Princess sails a four-day, roundtrip cruise from Vancouver, B.C., with a visit to Ketchikan departing September 13, 2025, and a five-day roundtrip cruise from Vancouver, B.C., with stops in Sitka and Ketchikan sailing May 5, 2025.
Cruisetours
- More than 26 cruisetour options give guests variety of choice with four styles of travel including Denali Explorer tours, On Your Own options, Connoisseur Deluxe Escorted and Off the Beaten Path.
- The exclusive Direct-to-the-Wilderness rail service ensures a seamless transition between the ship in Whittier and the Denali area on the same day.
Award-Winning North to Alaska Program
Princess' award-winning North to Alaska program enriches the onboard and onshore experience with local lumberjacks, Iditarod champions, and storytellers sharing their Alaska experiences and insights. Other offerings include Wild for Alaska seafood menus, a variety of shore excursions, Puppies in the Piazza to meet sled-dog puppies, Junior Ranger program for youth, and authentic commentary by Glacier Bay Park Rangers and Naturalists.
Visit www.princess.com/alaska for more details on the 2025 Alaska cruises and cruisetours season from Princess Cruises.
Additional information about Princess Cruises is available through a professional travel advisor, by calling 1-800-Princess (1-800-774-6237) or by visiting www.princess.com.
About Princess Cruises
Princess Cruises is The Love Boat, the world's most iconic cruise brand that delivers dream vacations to millions of guests every year in the most sought-after destinations on the largest ships that offer elite service personalization and simplicity customary of small, yacht-class ships. Well-appointed staterooms, world class dining, grand performances, award-winning casinos and entertainment, luxurious spas, imaginative experiences and boundless activities blend with exclusive Princess MedallionClass service to create meaningful connections and unforgettable moments in the most incredible settings in the world - the Caribbean, Alaska, Panama Canal, Mexican Riviera, Europe, South America, Australia/New Zealand, the South Pacific, Hawaii, Asia, Canada/New England, Antarctica, and World Cruises. The company is part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK).
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Published: Jul. 31, 2023 at 3:15 PM CDT|Updated: 24 minutes ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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NEW YORK (AP) — Wall Street closed out its latest winning month with another tick higher on Monday.
The S&P 500 added 6.73 points, or 0.1%, to 4,588.96 to cap its fifth straight month of gains. That’s its longest winning streak in nearly two years, and the index is at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession.
The Dow Jones Industrial Average climbed 100.24, or 0.3%, to 35,559.53, and the Nasdaq composite rose 29.37, or 0.2%, to 13,346.02.
To be sure, critics have been saying Wall Street’s seemingly growing consensus for a soft landing for the economy has come too quickly. Several reports this upcoming week could poke holes in the theory that inflation will keep coming down enough for the Federal Reserve to not only stop hiking interest rates but to begin cutting them by early next year.
Big names in the market, such as Rob Arnott at Research Affiliates, are warning not to be “overly hasty in popping the champagne corks.” Arnott sees the possibility of inflation rebounding again later this year, even though it’s cooled considerably recently.
Fed Chair Jerome Powell himself has pointed to Friday’s upcoming report on the overall U.S. job market as an important datapoint. Growth needs to be strong enough to keep a lid on worries about a possible recession. But a reading that’s too hot could also mean upward pressure on inflation, which could push the Fed to get more aggressive about rates.
High rates undercut inflation by slowing the overall economy and dragging on prices for stocks and other investments. The Fed has already hiked its main rate to its highest level in more than two decades, a jolting shock after the rate began last year at virtually zero.
Two of Wall Street’s most influential stocks are also set to report their earnings for the spring. Amazon and Apple are both scheduled to release their latest quarterly results on Thursday. Because they’re two of the most massive stocks on Wall Street, their stock movements pack much more punch for the S&P 500 and other indexes than other stocks.
Both stocks have soared this year, in part on expectations for strong continued growth, and they’ll need to deliver to justify the big moves. Both Apple and Amazon are up more than 50% so far this year.
Roughly halfway through the earnings reporting season, more companies than usual have topped analysts’ profit expectations, according to FactSet. Companies also seem to be more optimistic about their upcoming results, giving better-than-expected forecasts more often than usual, according to strategists at Bank of America.
“While economic uncertainty remains, we believe the profit cycle is inflecting higher,” the strategists wrote in a BofA Global Research report.
ON Semiconductor rose 2.5% for one of the larger gains in the S&P 500 after reporting stronger profit for the latest quarter than expected. The company, known as onsemi, also gave a forecast for profit in the current quarter that topped analysts’ expectations.
On the losing end was Tempur Sealy International. The mattress company said it discovered a cybersecurity event last week, which pushed it to shut down some of its technology systems. It has resumed operations after what it called a temporary interruption and is working to determine the incident’s full impact. Its stock fell 3%.
In stock markets abroad, indexes in Europe were mixed after data showed Europe’s economy has grown modestly after months of stagnation.
In Asia, stocks rose in Hong Kong and Shanghai amid hopes Beijing will deliver more stimulus for the sluggish Chinese economy.
In the bond market, U.S. Treasury yields slipped after a report suggested manufacturing in the Chicago region is weakening a bit more than economists expected. Manufacturing has been one of the hardest-hit areas in the economy by high interest rates, which work with a notoriously long lag effect.
The yield on the 10-year Treasury edged down to 3.95% from 3.96% late Friday.
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AP Business Writers Matt Ott, Elaine Kurtenbach and Joe McDonald contributed.
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BOISE, Idaho (KTVX) – Lori Vallow Daybell, convicted of murdering her children, among other crimes, was sentenced to five life sentences in prison Monday with no possibility of parole. This sentencing brings closure to nearly four years of investigation and a trial.
Daybell, 49, was found guilty of murder, and conspiracy to commit murder of her children Joshua “JJ” Vallow, 7, and Tylee Ryan, 16. She was also convicted of conspiracy to commit murder in the death of Tammy Daybell, the former wife of her husband, Chad Daybell. Additionally, Lori was found guilty of grand theft.
Lori was sentenced to five life sentences without the possibility of parole, three of which will run consecutively, for her involvement in their murders and the conspiracy to commit murder. While many called for the death penalty, it was ruled out by a judge in March 2023 prior to her murder trial.
The case began in 2018 when Lori and Chad met at a religious conference in St. George. They became close friends, and even lovers, though both were married to other people. In July 2019, Lori’s husband Charles Vallow was killed by her brother, and it was declared self-defense, but later identified as a homicide.
Then in late-2019, Lori’s two children went missing — a case that captivated the United States. And while investigators were frantically searching for the kids, Lori and Chad were in Hawaii getting married.
Chad’s wife Tammy died a few weeks before Lori and Chad ran to Hawaii, but after the children went missing. Her death was originally ruled natural causes but later declared asphyxiation at the hands of another after her body was exhumed.
In February 2020, Lori was arrested on charges of desertion and nonsupport of dependent children. In April, Lori and Chad were both under investigation for conspiracy, attempted murder, and murder. They both pleaded not guilty.
During the final stages of the investigation leading up to their scheduled trials in January 2023, Tylee and JJ’s remains were found buried on Chad’s property.
Because of the large amount of evidence discovered, and the fact that Chad waived his right to a speedy trial, he will face his charges in April 2024. However, Lori did not waive her right to a speedy trial and appeared in court on April 2023, where she was found guilty on all charges.
Now, in July 2023, nearly four years after Lori’s children were murdered, she was sentenced to life in prison on all counts.
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| 2023-07-31T20:39:57
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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SOURCE North Dakota Tourism Division
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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SOURCE IBM
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NEW YORK (AP) — Trucking company Yellow Corp. has shut down operations and is headed for a bankruptcy filing, according to the Teamsters Union and multiple media reports.
After years of financial struggles, reports of Yellow preparing for bankruptcy emerged last week — as the Nashville, Tennessee-based trucker saw customers leave in large numbers. Yellow shut down operations on Sunday, according to the Wall Street Journal, following the layoffs of hundreds of nonunion employees on Friday.
In an announcement early Monday, the Teamsters said that the union received legal notice confirming Yellow was ceasing operations and filing for bankruptcy.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government,” Teamsters general president Sean O’Brien said in a statement. “This is a sad day for workers and the American freight industry.”
The Associated Press reached out to Yellow for comment on Monday. No bankruptcy filings had gone live as of the early morning.
The bankruptcy reports have renewed attention around Yellow’s ongoing negotiations with unionized workers, a $700 million pandemic-era loan from the government and other bills the trucker has racked up over time. Yellow, formerly known as YRC Worldwide Inc., is one of the nation’s largest less-than-truckload carriers. The company’s reported closure puts 30,000 jobs at risk.
Here’s what you need to know.
According to Satish Jindel, president of transportation and logistics firm SJ Consulting, Yellow handled an average of 49,000 shipments per day in 2022. Last week, he estimated that number was down to between 10,000 and 15,000 daily shipments.
With customers leaving — as well reports of Yellow stopping freight pickups last week — bankruptcy would “be the end of Yellow,” Jindel told The Associated Press, noting increased risk for liquidation.
“The likelihood of them surviving and remaining solvent diminishes really by the day,” added Bruce Chan, a research director at investment banking firm Stifel.
Yellow declined to comment when contacted by The Associated Press on Friday. In a Wednesday statement to The Journal, the company said it was continuing “to prepare for a range of contingencies.” On Thursday, Yellow said it was in talks with multiple parties about selling its third-party logistics organization.
Even if Yellow was able to sell its logistics firm, it would “not generate a sufficient amount of cash to keep them operational on any sort of permanent basis,” Chan said. “Without a major equity injection, it would be very difficult for them to survive.”
As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government.
In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.”
The government loan is due in September 2024. As of March, Yellow had made $54.8 million in interest payments and repaid just $230 million of the principal owed, according to government documents.
Yellow’s current finances and prospect of bankruptcy “is probably two decades in the making,” Chan said, pointing to poor management and strategic decisions dating back to the early 2000s. “At this point, after each party has bailed them out so many times, there is a limited appetite to do that anymore.”
In May, Yellow reported a loss of $54.6 million, a decline of $1.06 per share, for its first quarter of 2023. Operating revenue was about $1.16 billion in the period.
A Wednesday investors note from financial service firm Stephens estimated that Yellow could be burning between $9 million and $10 million each day. Using a liquidity disclosure from earlier this month, Yellow had roughly $100 million in cash at the end of June, the note added — estimating that the company has been burning through increasing amounts of money through July.
“It is reasonable to believe that the Company could breach its $35 mil. liquidity requirement at any moment,” Stephens analyst Jack Atkins and associate Grant Smith wrote.
Last week’s reports of bankruptcy preparations arrived just days after a strike from the Teamsters, which represents Yellow’s 22,000 unionized workers, was averted.
A series of heated exchanges have built up between the Teamsters and Yellow, who sued the union in June after alleging it was “unjustifiably blocking” restructuring plans needed for the company’s survival. The Teamsters called the litigation “baseless” — with O’Brien pointing to Yellow’s “decades of gross mismanagement,” which included exhausting the $700 million federal loan.
On July 23, a pension fund agreed to extend health benefits for workers at two Yellow Corp. operating companies, averting a strike — and giving Yellow “30 days to pay its bills,” notably $50 million that Yellow failed to pay the Central States Health and Welfare Fund on July 15, the union said. While the strike didn’t occur, talks of a walkout may have caused some Yellow customers to pull back, Chan said.
“The financial struggles of Yellow are not related to the union and the contracts,” Jindel said, pointing to management’s responsibility around its services and prices. He added the union wages from Yellow are “lower than any competitor.”
As Yellow customers take their shipments to other carriers, like FedEx or ABF Freight, prices will go up.
Yellow’s prices have historically been the cheapest compared to other carriers, Jindel said. “That’s why they obviously were not making money,” he added. “And while there is capacity with the other LTL carriers to handle the diversions from Yellow, it will come at a high price for (current shippers and customers) of Yellow.”
Chan adds that we’re in an interesting time for the LTL marketplace — noting that, if Yellow liquidates, “the freight would find a home” with other carriers, which may not have been true in recent years.
“It may take time, but there’s room for it to be absorbed,” he said.
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AUSTIN (KXAN) — A KXAN viewer said she saw baby foxes, also known as kits, playing on a trampoline in her garden Sunday in the north Austin, Texas, area.
That was only a couple of weeks after another viewer said she saw a family of foxes playing on the St. Edward’s University campus in Austin.
According to the Humane Society of the United States, it’s not unusual to see foxes in cities and towns, where food sources are easily found, including in your garbage.
While foxes live around the world in many different types of habitats, according to the Texas Wildlife Association, including the Arctic, the desert and even in trees, some foxes have also adapted to life in such urban environments as neighborhoods.
“Next time you are outside in a park, remember to look up, because if you are lucky, you might see a fox up in the trees,” TWA said.
TWA said three types of foxes live in Texas, including the swift fox, the red fox and the gray fox.
The swift, or kit fox, lives in the northwestern part of the state, the red fox inhabits the eastern and central parts, and the gray fox, the most common variety, can be found statewide, the TWA said.
The Humane Society said foxes are scared of people and are not typically dangerous except when they are rabid, which the society says is rare.
“Even then, a fox’s natural tendency is to flee rather than fight,” the Human Society stated.
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| 2023-07-31T20:40:03
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CULPEPER COUNTY, VA. (WRIC) — Virginia State Police (VSP) is investigating a two-vehicle crash that occurred Saturday that killed one man and injured four people.
The crash occurred at 8 p.m. Saturday, July 29 along James Madison Highway — Route 15 — just north of Madison Rd. — Route 299, police said.
45-year-old David McDaniel, Jr. was driving a 1993 Ford Ranger north on James Madison Highway, when he ran off the road while attempting to turn on a curve, crossing the double solid yellow center line, according to VSP.
Police said McDaniel’s vehicle collided head-on with a 20-year-old woman of Culpeper driving a 2016 Chevrolet Malibu heading south. The impact caused the Ford to catch fire.
McDaniel died at the scene of the crash due to his injuries and it is not yet known if he was wearing a seatbelt at the time of the crash, police said.
A 38-year-old woman in McDaniel’s Ford was taken to UVA Medical Center for treatment of serious, but non-life-threatening injuries. Police said it is undetermined if she was wearing a seatbelt.
The 20-year-old woman driving the Chevrolet was left with life-threatening injuries and was taken to UVA Medical Center for treatment, and was wearing a seatbelt. One of two passengers in the vehicle, a 22-year-old man of Bealeton had serious, but non-life-threatening injuries and was taken to UVA medical Center. He was not wearing a seatbelt, according to police.
The other passenger in the Chevrolet, a 10-month old girl had minor injuries in the crash and was taken to UVA Medical Center. Police said she was in a car seat.
The crash remains under investigation at this time.
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Animal Shelters, Rescue Groups, and Happy Adopters, Nationally and Internationally, Encouraged to Celebrate the Role Adopted Dogs Play in Our Lives
PORT WASHINGTON, N.Y., July 31, 2023 /PRNewswire/ -- Tuesday, August 1st is DOGust 1ST ®– the official birthday for all rescue dogs – and North Shore Animal League America is encouraging animal lovers around the country and globe to join them in celebrating the incredible meaning our adopted animals add to our lives.
Since the actual dates of birth for most rescued dogs are unknown, Animal League America created DOGust 1st to celebrate rescue dogs (those adopted and those awaiting loving homes.) Since 2008, these "Mutt-i-grees" have had this day designated to honor the incredible impact they make on our lives.
"This is a wonderful opportunity to celebrate rescue dogs and the invaluable role they play in our lives, while raising awareness about the importance of rescue and adoption," said Joanne Yohannan, Senior Vice President, Operations, North Shore Animal League America.
In honor of DOGust 1st, North Shore Animal League America, and many of their shelter partners across the country, will be participating in DOGust 1st festivities throughout the week (August 1 – 7.) By encouraging adoption specials, birthday themed activities, and local media opportunities, even more rescue dogs are expected to find loving, responsible homes.
To find an adoptable pet at a shelter or rescue group in your area go to www.animalleague.org.
To find a participating DOGust 1st group near you visit www.animalleague.org/dogust1st.
For video highlights of DOGust 1st, visit: DOGUST 1ST ASSETS
Photo & Video Credit: North Shore Animal League America
MEDIA CONTACT:
KATHLEEN LYNN
Senior Director of Communications
Cell: (516) 528-7878
Email: KathleenL@animalleague.org
#DOGust1st #GetYourRescueOn
About NORTH SHORE ANIMAL LEAGUE AMERICA
Animal League America has saved more than 1.1 million lives. As the world's largest no-kill rescue and adoption organization, we understand that a rescue isn't complete until each animal is placed into a loving home. Our innovative programs provide education to reduce animal cruelty and advance standards in animal welfare. We reach across the country to rescue animals from overcrowded shelters, unwanted litters, commercial breeding facilities, natural disasters and other emergencies and find them permanent, loving homes. www.animalleague.org
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SOURCE North Shore Animal League America
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https://www.wkyt.com/prnewswire/2023/07/31/north-shore-animal-league-america-leads-worldwide-celebration-dogust-1st-official-birthday-all-rescue-dogs/
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Florida Gov. Ron DeSantis (R) rolled out his economic policy plan at a campaign stop in New Hampshire on Monday, dubbing the plan “a declaration of economic independence.”
“We will declare our economic independence from the failed elites that have orchestrated American decline, from the reckless federal spending that has inflated prices and plunged this nation to the brink of bankruptcy,” DeSantis told a crowd in Rochester, N.H., at Prep Partners Group, which handles logistics, including warehousing and distribution for companies.
The plan particularly takes aim at China by putting an end to the country’s preferential trade status and banning import goods made by stolen intellectual property.
The 10-part economic plan includes getting to 3 percent growth, making America energy independent, reining in the Federal Reserve, pushing back on “wasteful federal spending” and reforming the education system for working-class Americans.
The Democratic National Committee was quick to attack DeSantis over the plan, dubbing it “extreme.”
“It remains a mystery why DeSantis would try to reboot his dumpster fire of a campaign by promising to bring his failures as governor nationwide, but by all means, we welcome Republicans to continue reminding the American people how catastrophic the MAGA agenda is for the economy,” said Ammar Moussa, a spokesperson for the DNC.
Last week DeSantis’s campaign declared a “reset” in a memo to donors, noting that the themes of its “Great American Comeback” message will be the economy, border, China and culture.
However, polling still shows DeSantis in second place behind former President Trump, with a new New York Times/Siena College survey showing the former president leading the Florida governor by 37 points.
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https://fox59.com/hill-politics/desantis-rolls-out-economic-plan-in-new-hampshire/
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IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) achieves highest impact factor among Computer Society journals
LOS ALAMITOS, Calif., July 31, 2023 /PRNewswire/ -- The IEEE Computer Society (CS), the leading global computer science and engineering member community, announced today that its journal IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) earned the highest 2022 Journal Impact Factor™ (JIF™) of all IEEE CS publications, securing the top spot among artificial intelligence journals.
"Computer science and engineering represent some of the most prominent, promising areas of research today," said Nita Patel, president, IEEE CS. "As the number of papers in our field continues to climb, paper acceptance gets increasingly competitive, and our editors work tirelessly to ensure that only the top papers make their way into our journals. We're thrilled to, once again, hold top impact factor rankings, and we thank all of our volunteers for their commitment to excellence."
Impact factor measures the frequency with which the average article in a publication has been cited in a particular year. The calculation is based on a two-year period and involves dividing the number of times articles were cited by the number of articles that are citable. It offers a key metric to assess the overall strength and industry influence of a particular publication.
Overall, 11 IEEE CS journals now hold the coveted top impact factor ranking in their specialty field. The following four publications join TPAMI to round out the top five highest-ranked IEEE CS journals:
- IEEE Transactions on Affective Computing (TAC)
- IEEE Transactions on Knowledge and Data Engineering (TKDE), a new entrant to IEEE CS' top five journals
- IEEE Transactions on Services Computing (TSC)
- IEEE Transactions on Mobile Computing (TMC), a new entrant to IEEE CS' top five journals
In addition, IEEE CS' fully open access publication, IEEE Open Journal of the Computer Society, received its first impact factor in Clarivate's Emerging Sources Citation Index™ (ESCI), which features newly launched, niche, and open access journals publishing high-quality research on a range of topics. This is the first year Clarivate included the multidisciplinary ESCI in its JIF review.
"We're thrilled that IEEE Open Journal of the Computer Society had the opportunity to be recognized this year," said Greg Byrd, IEEE CS VP of Publications. "With the innovative research it brings to the field, it is certain to have a long-standing impact on the computer science and engineering community."
Impact factor applies not only to scientific and engineering journals but to technical magazines as well. Those IEEE CS publications with the highest impact factor rankings include:
"One of the most important things about impact factor rankings is that they point to the most highly researched topics in the field," said Patel. "This year, there's a heavy focus on artificial intelligence, data science, and mobile computing. It will be interesting to watch the evolution of these topics and the advances that arise from papers presented in Computer Society publications."
JIF rankings are released annually in Clarivate's Journal Citation Reports™ (JCR™). These reports evaluate more than 21,500 high-quality academic journals from across more than 250 scientific and research disciplines.
To learn more about IEEE Computer Society journals and the research they offer, visit https://www.computer.org/publications.
About the IEEE Computer Society
Engaging computer engineers, scientists, academia, and industry professionals from all areas of computing, the IEEE Computer Society (CS) sets the standard for the education and engagement that fuels continued global technological advancement. Through conferences, publications, and programs, and by bringing together computer science and engineering leaders at every phase of their career for dialogue, debate, and collaboration, IEEE CS empowers, shapes, and guides the future of not only its members, but the greater industry, enabling new opportunities to better serve our world. Visit computer.org for more information.
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SOURCE IEEE Computer Society
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FREDERICKSBURG, Va. (WRIC) — Drivers may experience delays during the day on White Oak Road/Caledon Road — Route 218 — between Stafford County and King George County in August for a safety improvement project.
According to the Virginia Department of Transportation (VDOT), about 100 signs will be replaced and installed, as well as pavement safety messages over a span of about 21 miles along Route 218. Signs will include curve warning signs and curve chevron signs in hopes to reduce the risk of crashes and improve safety.
The project, which cost about $300,000, is being federally funded by the Highway Safety Improvement Program (HSIP), and will improve the safety of Route 218 for the 4,000 vehicles that use it each day, according to VDOT.
Rumble strips were replaced earlier in July across lanes on White Oak Road near where flashing beacon signs will be installed between Vertical Ridge Road and Ford Lane, said VDOT. These signs will warn drivers of an upcoming curve, as well as a “slow” symbol that was applied on the pavement.
Crews will work on the shoulder, but may be flagging in some areas. Temporary rumble strips will be used to warn drivers as they approach a mobile work zone, said VDOT.
Construction will occur from 6 a.m. to 2 p.m. Monday through Friday and the safety improvements are expected to be completed by late November this year.
Message boards will be posted in advance to notify drivers about the project.
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https://www.wric.com/traffic/road-projects-and-closures/drivers-to-experience-daytime-delays-on-white-oak-road-in-fredericksburg-for-safety-improvements/
| 2023-07-31T20:40:09
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
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. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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SOURCE PALANTIR TECHNOLOGIES INC.
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HENDERSON, Ky (WEHT) – The Vanderburgh County Sheriff’s Office arrested two Evansville parents on Monday after authorities say their five-month-old child suffered “catastrophic” injuries while in their home.
According to a release from VCSO, Cheyenne Elmore-Sitz, 23, and Javontae Goldsby, 31, called 911 on Wednesday night to report their child was not breathing. Emergency crews arrived at the scene and took over life-saving measures before the infant was transported to a hospital and placed on a ventilator. The sheriff’s office says the infant remains on life support in Petyon Manning Children’s Hospital in Indianapolis.
The release says a medical examination revealed the infant had sustained a skull fracture, subdural hematomas, retinal hemorrhages and subarachnoid bleeding. Authorities described the injuries as consistent with abusive head trauma and violent shaking or impact. The infant was diagnosed with traumatic brain injury, and officials say he is not likely to survive.
Authorities say Elmore-Sitz and Goldsby told investigators the infant had not been in the care of anyone else during the time period when the injuries occurred. Both reportedly denied inflicting the injuries, however law enforcement says they gave conflicting statements regarding which parent put the infant to bed prior to the discovery that the infant was not breathing.
Elmore-Sitz and Goldsby were arrested on Monday and charged with neglect of a dependent resulting in catastrophic injury and aggravated battery. Both are being held without bond in the Vanderburgh County Confinement Center.
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https://fox59.com/indiana-news/evansville-parents-arrested-after-infant-suffers-life-threatening-injuries/
| 2023-07-31T20:40:12
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
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SOURCE Principal Real Estate Income Fund
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Arkansas Education Secretary Jacob Oliva will be among the speakers Tuesday during a dedication ceremony and open house for the new Arkansas Virtual Academy headquarters and education hub.
Others scheduled to speak include Amy Johnson, Head of School, Arkansas Virtual Academy; James Rhyu, Stride, Inc. CEO; state Rep. Brian Evans, R-Cabot.; Arkansas Attorney General Tim Griffin; and Arkansas Virtual Academy students, parents and teachers.
The new facility at 717 W. 7th St. in Little Rock provides space for in-person student activities, testing and training. The building — which will serve as the school’s statewide headquarters — will also host tailored education sessions and provide onsite career preparation and readiness programs.
Arkansas Virtual Academy is a public charter school that has been open since 2003. The school has more than 4,000 students statewide.
The 24,450-square-foot building was renovated from a furniture warehouse and showroom. Following the building dedication, Arkansas Virtual Academy will host an open house until 6 p.m.
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INDIANAPOLIS — A cyclist is in critical condition at a local Indianapolis hospital after being hit by a police car responding to a domestic violence call on the city’s near east side.
According to Maj. Mike Leepper with the Indianapolis Metropolitan Police Department, the situation began when officers with IMPD East District were called shortly after 2 p.m. to a domestic violence call on the city’s east side.
Maj. Leepper said that local 911 dispatch had received reports from a woman that a man was violently attempting to make entry into her house, causing IMPD officers to be dispatched to the area.
While driving to the residence, Maj. Leepper said an IMPD squad car driving eastbound on E. 10th Street collided with a cyclist. The cyclist, Leepper said, was taken to a local level 1 trauma center and is listed in critical condition as of 4:10 p.m.
A preliminary investigation into the crash, Maj. Leepper said, shows that the IMPD squad car had its lights and sirens on when the crash occurred.
The car, Leepper said, was driving eastbound in the 3400 block of E. 10th Street when a car failed to yield into the right lane. The officer driving the squad car attempted to evade the car and avoid a crash.
At the same time, IMPD said a cyclist was headed westbound on 10th Street. Both the cyclist and the officer driving the squad car, Leepper said, attempted to avoid a collision but were unsuccessful.
The squad car, Leepper said, then made contact with the cyclist, critically injuring them. No information regarding the cyclist’s age or gender were immediately provided.
Police said traffic will be closed in multiple areas as detectives investigate.
“Drivers and pedestrians are asked to avoid 10th Street between La Salle & Olney,” IMPD said. “A portion of 10th will be closed off as the investigation continues.”
Maj. Leepper said that the officer involved in the crash was uninjured. Leepper added that when speaking with the officer, they were shaken up and visibly upset about the collision.
No identifying information regarding the officer has been released. This article will be updated with more information as it becomes available.
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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LAFAYETTE, Ind. — A central Indiana middle school teacher has been arrested after accusations that he poked multiple students near their breasts, smacked a student’s buttocks, called female students “baby” and tickled them.
Peter Anders, a physical education teacher previously employed by the Tippecanoe School Corporation to work in middle schools, was arrested and charged last week with five counts of battery on a person less than 14 years old and two counts of battery.
An investigation into Anders began in late 2022 after multiple female students he taught at Southwestern Middle School accused the 45-year-old West Lafayette man of battery and inappropriate behavior, according to an affidavit for his arrest filed on July 24.
Court documents filed in Tippecanoe County Court state that seven victims, all students at Southwestern, came forward between November 2021 and December 2022 alleging that Anders had either touched their butts or chests, called them “baby,” or tickled them.
Specific allegations against Anders include him poking 5+ students in their ribs near their breasts, hitting or kicking students in the backside, calling female students “baby” and other pet names and lifting up a female student’s shirt while tickling her.
One such incident, court docs filed against Anders show, was allegedly captured on video by a student. Tippecanoe County prosecutors claim that in the video, which was filmed in November 2021, Anders is seen kicking a female student’s butt with his foot.
Investigators said they gained access to surveillance footage that also showed Anders hitting the student’s butt, according to the affidavit.
Police also interviewed victims who said that Anders made them feel “extremely uncomfortable” and that he began showing noticeable favoritism to female students shortly after he began teaching at the middle school.
“Victim 4 said Anders changed his behavior for a short period of time after they reported it, but then began to touch her more frequently than before,” court docs read.
Further evidence referenced in court docs includes Anders admitting to touching students in the chest when confronted by school officials in late 2021 and one educator’s testimony that the principal had “received reports of Anders inappropriately touching students” before Nov. 2021.
When asked for a statement on the investigation into Anders, the Tippecanoe School Corporation offered the following statement:
“Peter Anders is no longer an employee of the TSC. He was a health and physical education teacher at Southwestern Middle School from August 2021-February 2023.
After receiving the student complaint, the TSC immediately contacted law enforcement and the Department of Child Services. The TSC also began its own internal investigation, placed Anders on administrative leave and he later resigned during the investigation.“
Tippecanoe School Corporation
Online jail records show that Anders was arrested by police on Wednesday, July 26, and subsequently booked into Tippecanoe County Jail. Records show that he is still being held at the jail on a $2,000 bond.
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The Fitness Superstore to Exclusively Carry the REP Line
DENVER, July 31, 2023 /PRNewswire/ -- Home and commercial gyms in the United Kingdom and Ireland are about to level up.
One of the USA's top gym equipment brands has joined forces with the UK's largest speciality fitness retailer. Starting this summer, Bodypower Sports Ltd. (trading as Fitness Superstore) will carry a large range of REP Fitness equipment. This expansion was in response to a growing demand overseas, after REP took the US by storm. It kicks off the launch of REP products throughout all of Europe, so more people can have access to REP's versatile, quality, innovative equipment.
REP, founded a decade ago in Colorado by two gym-loving brothers, has risen to become America's most popular brand in the home gym market. It offers a full line of gym gear, all designed by in-house, weightlifting engineers for both commercial and home gyms.
REP's award-winning power racks, benches, functional training gyms, and more will soon be available for UK customers to try out and order in Fitness Superstore showrooms across the UK (11 stores). Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Fitness Superstore will also carry REP on its website, to be delivered throughout the UK and Ireland.
"Fitness Superstore is proud to exclusively represent this fantastic and innovative brand in the UK," says Paul Walker, Fitness Superstore managing director and owner.
Ryan McGrotty, co-founder or REP, echoes that. He says Fitness Superstore and REP make a great partnership because both are staffed by real-life fitness enthusiasts and professionals; they both offer a full range of equipment, and they both value creating community and making fitness accessible to all.
"We're excited to be working with such a strong partner in the UK with Fitness Superstore. We know they will offer a great shopping experience for all our fans in the UK who have been eagerly awaiting the availability of our products," says McGrotty. "Their broad store footprint will make it convenient for everyone to easily see and test our products before taking them home.
ABOUT REP
REP Fitness designs and sells world-class, innovative strength equipment that is sold around the world. REP was founded in Colorado in 2012 by two brothers with a shared passion for fitness and has grown into more than 300,000 square feet of office and distribution space and a team of more than 150 dedicated fitness enthusiasts. That shared passion for fitness is what drives REP's innovative spirit, where creating class-leading fitness equipment, with an emphasis on incredible home gyms, is paramount.
REP has been listed twice on the Inc. 5,000 fastest-growing companies — in 2018 and in 2021. REP products are frequently listed as top choices in many fitness publications, such as Men's Health.
For more information, visit repfitness.com. Connect with REP on Instagram, YouTube, Facebook, TikTok, and LinkedIn.
ABOUT FITNESS SUPERSTORE
Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Learn more at fitness-superstore.co.uk. You can also connect with Fitness Superstore on Facebook, Instagram, YouTube, and TikTok.
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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INDIANAPOLIS — Indianapolis residents, as well as visitors to the city, will have more chances to see Christopher Nolan’s latest blockbuster in 70mm.
According to an announcement from the IMAX theater at the Indiana State Museum, more than 20 additional showings of “Oppenheimer” in 70mm have been added to the schedule from Aug. 10-17. Many of the screenings at the theater have been sold out since it was released on July 21.
According to previous reports, seeing the film in 70mm is the way Nolan intended the film to be seen. The IMAX theater in Indianapolis is one of only 19 theaters in the country, and 30 in the world, with the capability to screen all 262,000 of the frames inside the 70mm reel of “Oppenheimer.”
“Oppenheimer,” starring Cillian Murphy, Robert Downey Jr., Florence Pugh and Emily Blunt, follows the story of J. Robert Oppenheimer and how the atomic bomb was developed. The movie, which is rated “R,” is Nolan’s latest since 2020’s “Tenet.”
According to its website, the showings are scheduled at 11:30 a.m., 3:15 p.m. and 7 p.m. on Aug. 10-16. The last screening, as of this story’s publication, is scheduled for 11:30 a.m. on Aug. 17 at the theater, located at 650 W. Washington St. in downtown Indianapolis. According to previous reports, 357 people can watch the movie at a time.
For more information, and to purchase tickets, visit the museum’s website.
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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| 2023-07-31T20:40:31
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2025 Cruises and Cruisetours from Alaska's Leading Cruise Line
on Sale August 3
Family Favorite Caribbean Princess to Sail Alaska for First Time
SANTA CLARITA, Calif., July 31, 2023 /PRNewswire/ -- Princess Cruises has unveiled its 2025 Alaska cruise and cruisetours season, featuring three captivating roundtrip itineraries and an exclusive new National Parks Cruisetour. These remarkable offerings are available for booking starting August 3.
New Adventures and Extended Journeys Await, including a Departure from LA:
New for 2025 from the cruise line that brings the most guests to Alaska every year is a 22-day roundtrip voyage sailing from San Francisco on Ruby Princess that coincides with the Summer Solstice, and a 17-day roundtrip cruise from Seattle on Grand Princess featuring three days of scenic glacier viewing. For guests seeking to sail from Southern California, a new 16-day roundtrip Inside Passage voyage from Los Angeles on Grand Princess offers a convenient and affordable option.
National Parks Cruisetour
Following its debut in 2024, the National Parks Cruisetour returns in 2025 with a 15-night adventure to five of Alaska's most breathtaking parks. Guests will have the opportunity to explore Glacier Bay, Denali, Wrangell-St. Elias, Kenai Fjords National Parks, and Klondike Gold Rush National Historical Park in Skagway. Unique to Princess, this experience combines a seven-day Voyage of the Glaciers cruise, scenic rail travel, and multiple days on land, including stays at four Princess-owned wilderness lodges.
"As the market leader in Alaska, we're excited to offer guests even more exciting ways to see the natural beauty of Alaska with itineraries in 2025 that serve up new adventures and extended journeys that first-time guests and repeat visitors are going to find intriguing," said John Padgett, Princess Cruises president. "We're also making it easier for guests to access an Alaska cruise by bringing back a roundtrip option out of Los Angeles, which also make it more affordable for millions within that drive market."
Caribbean Princess to Debut in Alaska in 2025
In 2025, seven Princess ships will sail to Alaska, including Caribbean Princess for the first time. In addition, the number of Princess homeports offering Alaska voyages expands to five with the addition of Los Angeles, with the season featuring 21 cruise destinations and four glacier-viewing experiences, highlighted by 88 visits to Glacier Bay National Park, taking more guests to this spectacular national park than any other cruise line.
With 155 total departures on 18 unique itineraries ranging in length from 4 to 22 days, cruise and cruisetour choices include:
Cruises – Seven Ships, Five Homeports
- NEW! Ultimate Alaska Solstice with Glacier Bay National Park: 22-day roundtrip from San Francisco on Ruby Princess – departs June 6, 2025
- NEW! Ultimate Alaska with Glacier Bay National Park: 17-day roundtrip from Seattle on Grand Princess – departs May 6, 2025
- Inside Passage with Glacier Bay National Park: 16-day roundtrip from Los Angeles on Grand Princess visiting Juneau, Skagway, Glacier Bay National Park, Sitka, Icy Strait Point, Ketchikan and Victoria, B.C. – departs August 30, 2025
- Voyage of the Glaciers: This top-rated seven-day itinerary features Juneau, Skagway, Ketchikan, and two glacier-viewing experiences at Glacier Bay National Park and Hubbard Glacier or College Fjord. Caribbean Princess, Coral Princess, and Sapphire Princess offer weekly northbound and southbound cruises from Vancouver, B.C. to Anchorage (Whittier) and vice versa. Guests can combine select seven-day voyages for an amazing 14-day Voyage of the Glaciers Grand Adventure – operates May 10 to September 13, 2025.
- Inside Passage: Princess' signature seven-day roundtrip sailings from Seattle and Vancouver, B.C., as well as 11-day roundtrip departures from San Francisco and Vancouver that include four ports of call and a day of glacier viewing. Many Inside Passage cruises include Glacier Bay National Park. Discovery Princess and Royal Princess sail from Seattle weekly, May 4 – September 21, 2025. Grand Princess offers weekly cruises from Vancouver, B.C., May 27 – August 19, 2025. Ruby Princess sails 11-day cruises roundtrip from San Francisco May 4 – September 13, 2025.
- Alaska Samplers: Three itineraries of four to five days offer shorter voyages for guests looking for a quick getaway. Discovery Princess, Royal Princess and Grand Princess operate four-day, roundtrip voyages between Vancouver, B.C. to Seattle with a stop in Ketchikan – departing April 30, May 13 and May 23, 2025. Caribbean Princess sails a four-day, roundtrip cruise from Vancouver, B.C., with a visit to Ketchikan departing September 13, 2025, and a five-day roundtrip cruise from Vancouver, B.C., with stops in Sitka and Ketchikan sailing May 5, 2025.
Cruisetours
- More than 26 cruisetour options give guests variety of choice with four styles of travel including Denali Explorer tours, On Your Own options, Connoisseur Deluxe Escorted and Off the Beaten Path.
- The exclusive Direct-to-the-Wilderness rail service ensures a seamless transition between the ship in Whittier and the Denali area on the same day.
Award-Winning North to Alaska Program
Princess' award-winning North to Alaska program enriches the onboard and onshore experience with local lumberjacks, Iditarod champions, and storytellers sharing their Alaska experiences and insights. Other offerings include Wild for Alaska seafood menus, a variety of shore excursions, Puppies in the Piazza to meet sled-dog puppies, Junior Ranger program for youth, and authentic commentary by Glacier Bay Park Rangers and Naturalists.
Visit www.princess.com/alaska for more details on the 2025 Alaska cruises and cruisetours season from Princess Cruises.
Additional information about Princess Cruises is available through a professional travel advisor, by calling 1-800-Princess (1-800-774-6237) or by visiting www.princess.com.
About Princess Cruises
Princess Cruises is The Love Boat, the world's most iconic cruise brand that delivers dream vacations to millions of guests every year in the most sought-after destinations on the largest ships that offer elite service personalization and simplicity customary of small, yacht-class ships. Well-appointed staterooms, world class dining, grand performances, award-winning casinos and entertainment, luxurious spas, imaginative experiences and boundless activities blend with exclusive Princess MedallionClass service to create meaningful connections and unforgettable moments in the most incredible settings in the world - the Caribbean, Alaska, Panama Canal, Mexican Riviera, Europe, South America, Australia/New Zealand, the South Pacific, Hawaii, Asia, Canada/New England, Antarctica, and World Cruises. The company is part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK).
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https://www.kalb.com/prnewswire/2023/07/31/national-parks-cruisetour-longer-adventures-new-itineraries-highlight-princess-cruises-2025-alaska-season/
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Philander Smith College plans to go through a name change Tuesday.
The college will rename itself Philander Smith University.
Officials of the private, historically Black higher education institution in Little Rock had announced its name-change intentions in January, when it unveiled its first graduate program, a master of business administration degree, under the administration of then-President Roderick L. Smothers Sr.
On Tuesday, administrators will announce "its official transition from College to University" at 10 a.m. at Kendall Atrium on the Philander Smith College campus, which is at 900 W. Daisy L. Gatson Bates Drive in Little Rock.
The announcement comes at a time of change for the Philander Smith campus, which is looking for a new, permanent leader to replace Smothers. The campus is also going through a major building project — a four-story, 66,508 square foot dormitory for up to 292 residents designed by the Cromwell firm in Little Rock.
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https://www.arkansasonline.com/news/2023/jul/31/philander-smith-college-name-change-from-college-to-university/
| 2023-07-31T20:40:35
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https://www.arkansasonline.com/news/2023/jul/31/philander-smith-college-name-change-from-college-to-university/
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FOUNTAINTOWN Ind. — A motorcyclist has been transported to the hospital after a crash that included a semi overturning.
According to the Shelby County Sheriff’s Department, deputies responded to the area of N. State Road 9 and County Road 1100 North — just south of Fountaintown — on Monday afternoon on report of a crash involving a semi and a motorcycle.
The Indiana Department of Transportation reported that all lanes of State Road 9 between U.S. 52 and 1000 North were closed due to the semi overturning.
The sheriff’s department said the motorcyclist has been transported to an area hospital. The severity of the motorcyclist’s injuries are not known at this time.
Drivers are asked to avoid the area as the investigation continues.
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https://fox59.com/indiana-news/motorcyclist-injured-after-semi-overturns-in-shelby-county/
| 2023-07-31T20:40:36
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https://fox59.com/indiana-news/motorcyclist-injured-after-semi-overturns-in-shelby-county/
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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| 2023-07-31T20:40:38
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SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended July 1, 2023 and outlook for its fiscal fourth quarter ending September 30, 2023.
"Our third quarter results were in line with our outlook. We continue to execute well and deliver consistent operating margins and solid cash generation," stated Jure Sola, Chairman and Chief Executive Officer. "Our strong performance in the first nine months and achievement of our outlook for the fourth quarter would result in fiscal 2023 revenue growth of approximately 14 percent and non-GAAP EPS growth of approximately 35 percent. The team remains focused on excellence in quality, delivery and consistently meeting the needs of our customers. We have a strong foundation and promising future," Sola concluded.
Fourth Quarter Fiscal 2023 Outlook
The following outlook is for the fiscal fourth quarter ending September 30, 2023. These statements are forward-looking and actual results may differ materially.
- Revenue between $2.1 billion to $2.2 billion
- GAAP diluted earnings per share between $1.24 to $1.34
- Non-GAAP diluted earnings per share between $1.47 to $1.57
Safe Harbor Statement
The statements above concerning our financial outlook for the fourth quarter fiscal 2023 and our expectations for growth in revenue and non-GAAP earnings per share in fiscal 2023 should such outlook be achieved, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, most notably ongoing supply chain constraints and geopolitical uncertainty, including from the conflict in Ukraine. Other factors that could cause our results to differ from our forward-looking statements include adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2023 on Monday, July 31, 2023 at 5:30 p.m. ET (2:30 p.m. PT). The access numbers are: domestic 833-816-1390 and international 412-317-0483. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3 Webcast Link. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 877-344-7529 and international 412-317-0088, access code is 1520057.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income, diluted earnings per share and pre-tax return on invested capital (ROIC). Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.
Restructuring, Acquisition and Integration Expenses, which consist of severance, lease termination costs, exit costs, environmental investigation, remediation and related costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, gains and losses on sales of assets, deferred tax adjustments and discrete tax items, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
Logo - https://mma.prnewswire.com/media/10544/SANMINA_CORPORATION_LOGO.jpg
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LAKE COUNTY, Ind. — The Indiana State Police are investigating after a deadly crash on I-65 southbound in Lake County claimed the life of a Wheatfield woman.
ISP said troopers responded to a two-vehicle crash on I-65 on Sunday just after 10 a.m. This was on the southbound exit ramp to 61st Avenue.
Preliminary information from the investigation shows that a Honda was traveling south at a high rate of speed in the far-left lane. The driver made a “sudden’ change to exit the interstate onto 61st Avenue. That’s when the car hit the back of a semi that was stopped in the “gore area” or the paved portion of the shoulder between the ramp and interstate.
The impact caused major damage to the driver’s side of the Honda. The woman driving was pronounced dead on scene by the Lake County Coroner’s Office.
A passenger was able to exit the car and was taken to a local hospital with non-life-threatening injuries. The semi-driver pulled over to secure a portion of his load that came loose. He was not injured in the crash.
A level 2 inspection was completed on the truck by the ISP Commercial Motor Vehicle Division. This is common in deadly crashes.
The victim was identified as 37-year-old Jennifer R. Benton. Toxicology results are pending an autopsy by the coroner.
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https://fox59.com/indiana-news/wheatfield-woman-killed-after-striking-back-of-semi-truck-in-deadly-crash-on-i-65-south/
| 2023-07-31T20:40:42
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https://fox59.com/indiana-news/wheatfield-woman-killed-after-striking-back-of-semi-truck-in-deadly-crash-on-i-65-south/
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Animal Shelters, Rescue Groups, and Happy Adopters, Nationally and Internationally, Encouraged to Celebrate the Role Adopted Dogs Play in Our Lives
PORT WASHINGTON, N.Y., July 31, 2023 /PRNewswire/ -- Tuesday, August 1st is DOGust 1ST ®– the official birthday for all rescue dogs – and North Shore Animal League America is encouraging animal lovers around the country and globe to join them in celebrating the incredible meaning our adopted animals add to our lives.
Since the actual dates of birth for most rescued dogs are unknown, Animal League America created DOGust 1st to celebrate rescue dogs (those adopted and those awaiting loving homes.) Since 2008, these "Mutt-i-grees" have had this day designated to honor the incredible impact they make on our lives.
"This is a wonderful opportunity to celebrate rescue dogs and the invaluable role they play in our lives, while raising awareness about the importance of rescue and adoption," said Joanne Yohannan, Senior Vice President, Operations, North Shore Animal League America.
In honor of DOGust 1st, North Shore Animal League America, and many of their shelter partners across the country, will be participating in DOGust 1st festivities throughout the week (August 1 – 7.) By encouraging adoption specials, birthday themed activities, and local media opportunities, even more rescue dogs are expected to find loving, responsible homes.
To find an adoptable pet at a shelter or rescue group in your area go to www.animalleague.org.
To find a participating DOGust 1st group near you visit www.animalleague.org/dogust1st.
For video highlights of DOGust 1st, visit: DOGUST 1ST ASSETS
Photo & Video Credit: North Shore Animal League America
MEDIA CONTACT:
KATHLEEN LYNN
Senior Director of Communications
Cell: (516) 528-7878
Email: KathleenL@animalleague.org
#DOGust1st #GetYourRescueOn
About NORTH SHORE ANIMAL LEAGUE AMERICA
Animal League America has saved more than 1.1 million lives. As the world's largest no-kill rescue and adoption organization, we understand that a rescue isn't complete until each animal is placed into a loving home. Our innovative programs provide education to reduce animal cruelty and advance standards in animal welfare. We reach across the country to rescue animals from overcrowded shelters, unwanted litters, commercial breeding facilities, natural disasters and other emergencies and find them permanent, loving homes. www.animalleague.org
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SOURCE North Shore Animal League America
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https://www.kalb.com/prnewswire/2023/07/31/north-shore-animal-league-america-leads-worldwide-celebration-dogust-1st-official-birthday-all-rescue-dogs/
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SEATTLE, July 31, 2023 /PRNewswire/ -- Seabourn, the leader in ultra-luxury voyages and expedition travel, took delivery of its second expedition ship, Seabourn Pursuit, today during an official handover maritime ceremony at the T. Mariotti shipyard in Genoa, Italy. Seabourn Pursuit is the company's second purpose-built, ultra-luxury expedition ship and the newest expedition ship in the industry.
"I am honored to share this incredible moment with the entire Seabourn family as we welcome Seabourn Pursuit, our highly anticipated second ultra-luxury expedition ship, into our fleet," expressed Natalya Leahy, Seabourn President. "With remarkable craftsmanship by the Mariotti team, an abundance of space, and the breathtaking style of Tihany Design, Seabourn Pursuit raises the bar for ultra-luxury expedition travel. We are grateful to Mariotti and Tihany Design for their expertise in shaping and making our dream come true for our guests."
Leahy added that the state-of-the-art Seabourn Pursuit will provide the perfect combination of luxury and expedition. "Seabourn Pursuit offers the best of both worlds: our well-known signature luxury and elegance with the world of exploration and adventure. The ship is masterfully designed for our guests, who are extraordinary people looking for out of the ordinary experiences. Our guests will indulge in Seabourn's ultra-luxury style and enjoy our intuitive, personalized service, while the ship takes them to awe-inspiring destinations around the world that only few will ever visit in a lifetime."
"Today, one year after the delivery of Seabourn Venture, we are very happy to have completed and delivered her sister ship, Seabourn Pursuit," said Marco Ghiglione, Managing Director of T. Mariotti. "We are truly proud to have built the most outstanding ultra-luxury expedition ship for Seabourn, one of the leading cruise lines in the luxury market. This is another important masterpiece for Italian shipbuilding coming out of T. Mariotti shipyard, demonstrating again that our leadership in this sector is well consolidated. Thanks to Seabourn, all people involved in this journey, Lloyd's Register and the pencil of Adam Tihany, here is the new expedition jewel."
Seabourn Pursuit offers the same luxurious "yacht like" small ship experience that travelers have come to expect from Seabourn, enhanced by world-class equipment that allows the line to offer its widest range of expedition activities led by an expert 24-person expedition team of scientists, scholars, naturalists, and more. Seabourn Pursuit is designed and built for remote, diverse environments to PC6 Polar Class standards and will include a plethora of modern hardware and technology that will extend the ship's global deployment and capabilities. Seabourn Pursuit has close to 30,000 square feet of deck space and special touches at every turn. Those include indoor and outdoor guest areas with nearly 270-degree views, and a 4K GSS Cineflex Camera mounted on the mast of the Constellation Lounge capable of broadcasting imagery from miles ahead on monitors located throughout the ship and in guest suites.
In addition, Seabourn Pursuit, like the rest of the ships in the Seabourn fleet, offers an abundance of space and elegance, eight dining facilities serving gourmet cuisine, and luxurious all-suite accommodations, including a pair of two-level Wintergarden suites.
Seabourn Pursuit is scheduled to enter service August 12, 2023, and will sail five voyages in the Mediterranean before embarking on two voyages across the Atlantic and through the Caribbean. On October 10, 2023, the ship will arrive in Barbados to begin its expedition journeys, taking guests to remote corners of the globe. Seabourn Pursuit will head south for expeditions exploring coastal South America, the Amazon, and Antarctica into late March 2024.
Following its inaugural Antarctic season, the ship will head across the islands of the South Pacific and eventually to Australia, which will be the start of the line's first exploration of the Kimberley region in the Northern Territory and Western Australia between June and August 2024. The iconic Kimberley, with its red sandstone gorges, rivers, waterfalls, wildlife, and Aboriginal life and history, is the ideal setting for a truly, world-class expedition experience. In addition to the Kimberley, Seabourn Pursuit will visit Papua New Guinea, West Papua, Indonesia, and sail across the South Pacific between Chile and Melanesia between March and October 2024.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
About Seabourn:
Seabourn represents the pinnacle of ultra-luxury ocean and expedition travel and operates a suite of six modern ships with one under construction. The all-inclusive, boutique ships offer all-suite accommodations with oceanfront views; award-winning dining; complimentary premium spirits and fine wines available at all times; renowned service provided by an industry-leading crew; a relaxed, sociable atmosphere that makes guests feel at home; a pedigree in expedition travel through the Ventures by Seabourn program and two new ultra-luxury purpose-built expedition ships, including Seabourn Venture that launched in 2022 and Seabourn Pursuit scheduled to enter service in 2023. Seabourn takes travelers to every continent on the globe, visiting more than 400 ports including marquee cities and lesser-known ports and hideaways. Guests of Seabourn experience extraordinary offerings and programs, including partnerships with leading entertainers, dining, personal health and wellbeing, and engaging speakers.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
Seabourn is a brand of Carnival Corporation and plc (NYSE/LSE: CCL and NYSE: CUK).
Find Seabourn on Twitter, Facebook, Instagram, YouTube and Pinterest.
Notes to Editors:
Seabourn is consistently ranked among the world's top travel choices by professional critics and the discerning readers of prestigious travel publications such as Departures, Travel + Leisure and Condé Nast Traveler. Its stylish, distinctive cruising vacations are renowned for:
- Purpose-built expedition ships, PC6 ice-strengthened hull, with advanced maneuvering technology for superior stability, safety, and comfort
- World-class Expedition Team, delivering immersive experiences
- All veranda, all ocean-front suites luxuriously appointed
- Handcrafted itineraries developed for the expedition traveler to the most coveted and familiar remote destinations in the world
- Intimate ships with a private club atmosphere
- Intuitive, personalized service provided by staff passionate about exceeding guests' expectations
- Inclusive expedition experiences with Zodiacs, scuba diving and snorkeling
- Optional expedition experiences with kayaks and custom-built, 6-guest submarines giving the option to extend your expedition further for greater ocean exploration**
- Welcome toast and complimentary in-suite bar stocked with your preferences
- Hosted bridge policy* with Expedition team members providing firsthand access to the ship's command center and officers navigating your journey
- World-class dining venues are all complimentary, dine where, when and with whom you wish
- Tipping is neither required, nor expected
- Complimentary premium spirits and fine wines available on board at all times
- Meticulous and purposeful adventurers' resort at sea designed for the luxury traveler with unique attributes and spaces to enhance your experience
- Spa & Wellness with Dr. Andrew Weil, featuring an exclusive mindful living program**
- Committed to environmental stewardship and sustainability
*At the Captain's discretion
** Optional programs, for additional charge
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SOURCE Seabourn
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SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
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Companies combine expertise to deliver innovative technology solutions for arenas, stadiums, convention and exhibition centers, and performing arts venues
TUCSON, Ariz., July 31, 2023 /PRNewswire/ -- Simpleview and ASM Global are pleased to announce a partnership created to provide a unified network of websites and technology solutions for the ASM Global portfolio of venues. The partnership was strategically designed to develop cohesive branding powered by a best-in-class technology stack and ticketing integrations that promote visitors and drive web conversions for arenas, stadiums, convention and exhibition centers, and performing arts venues.
Simpleview, a leading provider of CRM, CMS, and marketing solutions for destinations worldwide, and ASM Global, the world's leading venue management and services company, will serve the meetings and events ecosystem; by leveraging Simpleview's advanced technology and ASM Global's extensive global network, this partnership will enable clients to create captivating digital experiences that drive engagement and ticket sales and enhance venue marketing efforts.
Highlights of the partnership include:
- Enhanced Website Capabilities: a new generation of website solutions with state-of-the-art features and functionalities equipped with user-friendly content management systems, robust event and ticketing integrations, interactive mapping tools, and seamless integration with social media platforms
- Personalized Experiences: clients can deliver tailored content and offers to individual users, ensuring a highly personalized and engaging journey for every visitor
- Mobile-Optimized Design: prioritization of mobile optimization, ensuring that websites are fully accessible across all screen sizes and platforms
- Data-Driven Insights: comprehensive analytics and reporting gain insights into visitor behavior, marketing performance, and conversion rates so venues can make informed decisions and optimize marketing strategies effectively
"ASM Global is thrilled to work in partnership with Simpleview to create a cohesive, best-in-class website solution for our diverse global portfolio of stadiums, arenas, theaters, and convention centers," said Alex Merchán, chief marketing officer at ASM Global. "From the start of this relationship, Simpleview has impressed us with its tech stack, service offering, data-driven approach, and talented team. We look forward to building and scaling this partnership in the years ahead."
About Simpleview
Simpleview is a worldwide leading provider of CRM, CMS, website design, digital marketing services, and data insights for convention bureaus, venues, tourism boards, destination marketing organizations (DMOs), and attractions. The company employs staff across the globe, serving clients of all sizes, including small towns, world capitals, top meeting destinations, and countries across multiple continents.
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
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. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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SPRINGFIELD, Ill. (AP) — At least eight dogs died of heat -related injuries after being transported in the back of an uncooled cargo van through northern Indiana Thursday night, authorities said.
The dogs that died were among 18 shepherds traveling from O’Hare International Airport in Chicago to a training facility in Michigan City, Indiana, police said.
The driver, whom police did not name, said he was unaware that the air conditioning in the cargo area failed until he heard dogs barking. Then, he pulled off Interstate 94 at a convenience store and gas station in Lake Station, Indiana. When he opened the back, the driver found several dogs dead and others suffering. Numerous store employees and passersby stepped in to aid the dogs.
Jennifer Webber, executive director of the Humane Society of Hobart, responded to the call at 7:40 p.m. and said the dogs displayed signs of heatstroke: Salivating heavily, wobbling, vomiting and convulsing.
“There were already several dogs dead on the scene, and multiple failing fast,” Webber said. “Their crates inside the truck were completely trashed on the inside and the little water bowls were the size you’d give a parrot. And they were empty and torn up as if the dogs were exasperated.”
In a statement posted online, the Lake Station Police Department described the incident as a “freak event.” Telephone and email messages seeking further comment were left with the police station Saturday.
“This was not an act of animal cruelty or neglect but a mechanical failure of the AC unit that was being used in the cargo area,” the statement said.
But Webber said she encountered resistance when attempting to gather facts for the investigation she is authorized to conduct. The police officer in charge of the scene told her she could leave because the deaths were an accident that “the owner will take care of.”
The owner, who was driving the car, used abusive language, cursed at her and refused to produce health certificates, Webber said. Such paperwork is typically signed by veterinarians in each state involved and required to move dogs across borders for commerce. Webber said she doubted a veterinarian would have approved travel on Thursday, when heat indices exceeded 100 degrees Fahrenheit (37.8 Celsius).
The extreme heat is a worldwide problem, and scientists calculate that July will be the hottest month on record.
“He shouldn’t have been traveling at all. So No. 1: That is neglectful,” Webber said. Then, the police let the owner drive away — this time with the door to the cargo area open — with several dead dogs and others who should have been hospitalized in crates that were not secured in the cargo area, she continued.
The truck, crates and dogs are evidence she wanted to inspect.
Even more, five of the dogs were transported to veterinary hospitals — in ambulances used for people, not in the specialized humane society vans offered on site. Webber filed a notice of seizure of the dogs when they’re released. According to Lake Station ordinance, the humane society may confine any dog who is “ill, injured, or otherwise in need of care” or “reasonably believed to have been abused or neglected.”
But Webber claimed that Lake Station police blocked the order, directing the hospitals treating the animals to release them to the owner when they are well again. She said that in her five years working with Lake Station, that has never happened.
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BALTIMORE, July 31, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.22 per share payable September 28, 2023, to stockholders of record as of the close of business on September 15, 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.40 trillion in assets under management as of June 30, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.
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CLEVELAND (AP) — The Cleveland Guardians traded starting pitcher Aaron Civale to the Tampa Bay Rays for first base prospect Kyle Manzardo on Monday.
The Guardians announced the trade on social media one day before the trade deadline.
Civale's name has been thrown around in trade speculation for weeks, which has coincided with the right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts.
On Sunday, Civale pitched six scoreless innings in a win over the Chicago White Sox to improve to 5-2.
The move is a bit surprising from Cleveland's standpoint since the Guardians are just one-half game out of first place in the AL Central and they have several pitchers, including ace Shane Bieber out with injuries.
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AP MLB: https://apnews.com/hub/mlb
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
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LOUISVILLE, Ky. (AP) — Churchill Downs will implement safety measures for its September meet including new track surface maintenance equipment and additional monitoring and equine care following 12 horse deaths before and after the Kentucky Derby that spurred suspension of its spring meet.
Racing is scheduled to resume Sept. 14 and run through Oct. 1 at the historic track, which paused racing operations on June 7 to conduct an internal safety review following the spate of horse deaths from racing or training injuries. Seven died in the days leading up to the 149th Derby on May 6, including two in races preceding the premier event.
The Horseracing Integrity and Safety Authority recommended suspending the remainder of the meet, which moved to Ellis Park in western Kentucky. Training continued at Churchill Downs during the investigation, and a release on Monday stated that while industry experts found no issues with the racing surfaces, the track invested in new maintenance equipment. It will also double the frequency of surface testing among infrastructure upgrades.
Churchill Downs Inc. CEO Bill Carstanjen said the track’s commitment to safety “remains paramount” in the release and added, “our participants, fans and the public can be assured that we will continue to investigate, evaluate and improve upon every policy and protocol.”
The announcement comes days after Carstanjen said racing would resume this fall with no changes and called the deaths “a series of unfortunate circumstances” in an earnings call with CDI investors.
Churchill Downs veterinarians will receive additional resources for specialized horse care and to assist in pre-race inspections and entry screening, the release added. The track will work with HISA and industry experts to predict at-risk horses through advanced analytic techniques.
A safety management committee including horsemen, track employees and veterinarians will also be created.
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AP sports: https://apnews.com/hub/sports and https://twitter.com/AP_Sports
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More students are taking on paid internships, but new numbers show there’s still a gender gap when it comes to interns who are in roles that are unpaid.
Now, the National Association of Colleges and Employers is calling for federal action to ensure all interns are compensated for their time.
Here & Now‘s Deepa Fernandes learns more with Mary Gatta, NACE’s director of research and public policy.
This article was originally published on WBUR.org.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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CHARLOTTE, N.C., July 31, 2023 /PRNewswire/ -- Ten Oaks Group, a recognized family office and standout in the corporate carve out sector, proudly announces the addition of four exceptional professionals to its esteemed team of Operating Partners. The recent hiring of James Deng, Greg Warren, David Izquierdo, and Lauren Celano underscores Ten Oaks Group's commitment to bringing accomplished talent with diverse capabilities and amplifying its capacity for turnaround, legal, and international investment exceptionalism.
James Deng assumes the position of Operating Partner at Ten Oaks Group. Prior to joining, he was a Vice President at Audax Private Equity supporting value creation initiatives. James has also served as Director of Revenue Growth Management at Keurig Dr Pepper and a management consultant at Ernst & Young focused on Corporate and Growth Strategy.
Greg Warren brings a wealth of legal and restructuring knowledge as he joins as Assistant General Counsel and Operating Partner. Greg previously was a member of White & Case LLP's financial restructuring and insolvency practice, representing debtors and creditors both in and out of bankruptcy. Greg has experience in operational, corporate, and financial matters, as well as litigation and acquisitions.
David Izquierdo joins as an Operating Partner focused on Ten Oaks Group's European portfolio companies. Prior to Ten Oaks, David focused on designing and implementing strategic and transformation programs across a wide variety of industries in roles in corporate development at Selenis and management consulting at Monitor Deloitte and PwC.
Lastly, Lauren Celano joins the team as Associate Operating Partner, leveraging her vast experience from the healthcare and pharmaceutical industries, where she also led business development efforts. Additionally, she has experience at Alvarez & Marsal and other private equity and venture capital firms.
"At Ten Oaks Group, we believe that attracting top-notch talent is essential for leading value creation efforts for our portfolio," said Kendall Thurlow, head of value creation at Ten Oaks Group. "Lauren, James, David, and Greg embody the caliber of professionals we seek to bring on board, and we are excited to welcome them as valuable members of our team of Operating Partners."
Ten Oaks Group is committed to cultivating a dynamic and growth-oriented environment for its practitioners. With a commitment to fostering private equity careers, the company offers comprehensive opportunities for professional development and advancement.
To learn more about the background and expertise of the newly hired Operating Partners and explore potential career opportunities with Ten Oaks Group, visit www.tenoaksgroup.com.
About Ten Oaks Group:
Ten Oaks Group is a family office focused exclusively on investing in corporate divestitures. It brings speed, flexibility and certainty to divestitures of non-core businesses that no longer fit their parent company's corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of Operating Partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business.
Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC. Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 25 carve-out transactions across 10 countries since inception.
To learn more about Ten Oaks Group's unique approach to corporate divestitures, please visit www.tenoaksgroup.com.
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18-year-old from ‘Brainy Bunch’ family graduates with master’s degree
MONTGOMERY, Ala. (WSFA/Gray News) – At age 18, most people are just heading into their freshman year of undergraduate studies. But one 18-year-old from Alabama is graduating with her master’s degree.
Marianna Harding is graduating from Auburn University with a master’s degree in agriculture at the age of 18.
She also graduated from high school at age 11.
Harding comes from a Montgomery family known as “The Brainy Bunch” – she is one of 10 children, most of whom started college by the age of 12. One of the boys even graduated law school at 19.
All the children grew up homeschooled. Harding is the eighth child in the family.
She said there was always healthy competition between siblings.
“We all had different interest levels, and most of us different colleges,” she said.
In 2022, Harding earned her bachelor’s degree virtually from a university in Nebraska. Shortly after, she was off to Auburn’s campus to get her master’s degree.
“Although my focus was very much on studies, there was no lack of fun times,” she said.
While on campus, Harding was part of multiple clubs, a campus employee, and kept active in her church. She hopes that her story will encourage others to go after their goals no matter their age.
Now that she has graduated, Harding will begin working for the Lee County Extension where she’ll teach others about agriculture.
Parents Kip and Mona Lisa Harding made an appearance on NBC’s “Today Show” in 2014 to discuss their book, “The Brainy Bunch: The Harding Family’s Method to College Ready by Age Twelve.” They also have a YouTube channel.
“My kids are not any smarter than anybody else’s, they’re really motivated and they’re very hard working, but really feel like anyone can get these kinds of results,” Mona Lisa Harding said during a 2021 interview.
Copyright 2023 WSFA via Gray Media Group, Inc. All rights reserved.
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NEW YORK (AP) — Wall Street closed out its latest winning month with another tick higher on Monday.
The S&P 500 added 6.73 points, or 0.1%, to 4,588.96 to cap its fifth straight month of gains. That's its longest winning streak in nearly two years, and the index is at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession.
The Dow Jones Industrial Average climbed 100.24, or 0.3%, to 35,559.53, and the Nasdaq composite rose 29.37, or 0.2%, to 13,346.02.
To be sure, critics have been saying Wall Street’s seemingly growing consensus for a soft landing for the economy has come too quickly. Several reports this upcoming week could poke holes in the theory that inflation will keep coming down enough for the Federal Reserve to not only stop hiking interest rates but to begin cutting them by early next year.
Big names in the market, such as Rob Arnott at Research Affiliates, are warning not to be “overly hasty in popping the champagne corks.” Arnott sees the possibility of inflation rebounding again later this year, even though it's cooled considerably recently.
Fed Chair Jerome Powell himself has pointed to Friday’s upcoming report on the overall U.S. job market as an important datapoint. Growth needs to be strong enough to keep a lid on worries about a possible recession. But a reading that’s too hot could also mean upward pressure on inflation, which could push the Fed to get more aggressive about rates.
High rates undercut inflation by slowing the overall economy and dragging on prices for stocks and other investments. The Fed has already hiked its main rate to its highest level in more than two decades, a jolting shock after the rate began last year at virtually zero.
Two of Wall Street’s most influential stocks are also set to report their earnings for the spring. Amazon and Apple are both scheduled to release their latest quarterly results on Thursday. Because they’re two of the most massive stocks on Wall Street, their stock movements pack much more punch for the S&P 500 and other indexes than other stocks.
Both stocks have soared this year, in part on expectations for strong continued growth, and they’ll need to deliver to justify the big moves. Both Apple and Amazon are up more than 50% so far this year.
Roughly halfway through the earnings reporting season, more companies than usual have topped analysts’ profit expectations, according to FactSet. Companies also seem to be more optimistic about their upcoming results, giving better-than-expected forecasts more often than usual, according to strategists at Bank of America.
“While economic uncertainty remains, we believe the profit cycle is inflecting higher,” the strategists wrote in a BofA Global Research report.
ON Semiconductor rose 2.5% for one of the larger gains in the S&P 500 after reporting stronger profit for the latest quarter than expected. The company, known as onsemi, also gave a forecast for profit in the current quarter that topped analysts’ expectations.
On the losing end was Tempur Sealy International. The mattress company said it discovered a cybersecurity event last week, which pushed it to shut down some of its technology systems. It has resumed operations after what it called a temporary interruption and is working to determine the incident's full impact. Its stock fell 3%.
In stock markets abroad, indexes in Europe were mixed after data showed Europe's economy has grown modestly after months of stagnation.
In Asia, stocks rose in Hong Kong and Shanghai amid hopes Beijing will deliver more stimulus for the sluggish Chinese economy.
In the bond market, U.S. Treasury yields slipped after a report suggested manufacturing in the Chicago region is weakening a bit more than economists expected. Manufacturing has been one of the hardest-hit areas in the economy by high interest rates, which work with a notoriously long lag effect.
The yield on the 10-year Treasury edged down to 3.95% from 3.96% late Friday.
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AP Business Writers Matt Ott, Elaine Kurtenbach and Joe McDonald contributed.
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The Fitness Superstore to Exclusively Carry the REP Line
DENVER, July 31, 2023 /PRNewswire/ -- Home and commercial gyms in the United Kingdom and Ireland are about to level up.
One of the USA's top gym equipment brands has joined forces with the UK's largest speciality fitness retailer. Starting this summer, Bodypower Sports Ltd. (trading as Fitness Superstore) will carry a large range of REP Fitness equipment. This expansion was in response to a growing demand overseas, after REP took the US by storm. It kicks off the launch of REP products throughout all of Europe, so more people can have access to REP's versatile, quality, innovative equipment.
REP, founded a decade ago in Colorado by two gym-loving brothers, has risen to become America's most popular brand in the home gym market. It offers a full line of gym gear, all designed by in-house, weightlifting engineers for both commercial and home gyms.
REP's award-winning power racks, benches, functional training gyms, and more will soon be available for UK customers to try out and order in Fitness Superstore showrooms across the UK (11 stores). Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Fitness Superstore will also carry REP on its website, to be delivered throughout the UK and Ireland.
"Fitness Superstore is proud to exclusively represent this fantastic and innovative brand in the UK," says Paul Walker, Fitness Superstore managing director and owner.
Ryan McGrotty, co-founder or REP, echoes that. He says Fitness Superstore and REP make a great partnership because both are staffed by real-life fitness enthusiasts and professionals; they both offer a full range of equipment, and they both value creating community and making fitness accessible to all.
"We're excited to be working with such a strong partner in the UK with Fitness Superstore. We know they will offer a great shopping experience for all our fans in the UK who have been eagerly awaiting the availability of our products," says McGrotty. "Their broad store footprint will make it convenient for everyone to easily see and test our products before taking them home.
ABOUT REP
REP Fitness designs and sells world-class, innovative strength equipment that is sold around the world. REP was founded in Colorado in 2012 by two brothers with a shared passion for fitness and has grown into more than 300,000 square feet of office and distribution space and a team of more than 150 dedicated fitness enthusiasts. That shared passion for fitness is what drives REP's innovative spirit, where creating class-leading fitness equipment, with an emphasis on incredible home gyms, is paramount.
REP has been listed twice on the Inc. 5,000 fastest-growing companies — in 2018 and in 2021. REP products are frequently listed as top choices in many fitness publications, such as Men's Health.
For more information, visit repfitness.com. Connect with REP on Instagram, YouTube, Facebook, TikTok, and LinkedIn.
ABOUT FITNESS SUPERSTORE
Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Learn more at fitness-superstore.co.uk. You can also connect with Fitness Superstore on Facebook, Instagram, YouTube, and TikTok.
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SoftwareReviews' latest Data Quadrant report highlights the top-rated CRM software solutions in the current market that are successfully harnessing the technological trends.
TORONTO, July 31, 2023 /PRNewswire/ - SoftwareReviews, a leading source for insights on the software provider landscape, has revealed its new 2023 Customer Relationship Management (CRM) Data Quadrant Report, which highlights the top ten CRM solutions in the enterprise, midmarket, and small business spaces for the year.
In an era defined by digital transformation, organizations are strategically adapting to fortify their customer relationships, as corroborated by the recent 2023 Data Quadrant report from SoftwareReviews. The report and its list of Customer Relationship Management (CRM) software points to the substantial expansion of the CRM industry as organizations strive to consolidate their customer experiences across various sectors, such as sales, marketing, and customer service.
"As digital technology and transformation further embed themselves into our personal and professional lives, our expectations for quality customer experience increase," says Robert Fayle, research advisory lead at Info-Tech Research Group. "With the advent of generative AI and other AI and machine learning technologies, customers now demand a personalized experience. To meet these demands, organizations need to procure CRM platforms that enable personal interactions and that are also heavily investing in the adoption of these new technologies."
Although CRM adoption has its challenges, including the need for organizational cultural shifts, extensive employee training, and stringent data privacy measures, the potential benefits are substantial. From improved customer service to streamlined marketing efforts and increased sales, well-executed CRM systems can be transformative.
The integration of artificial intelligence (AI) is introducing a new dimension to CRM systems, automating routine tasks, predicting customer behaviors, and identifying potential sales leads. As the CRM industry continues to evolve rapidly, driven by technological advancements and the rising relevance of mobile and social CRM platforms, it underscores the importance of overcoming implementation challenges to fully harness the power of CRM in the digital economy.
The 2023 Enterprise Customer Relationship Management Software Gold Medalists are as follows:
- Zoho CRM, 8.6 CS, ranked high for ease of customization.
- Oracle PeopleSoft CRM, 8.4 CS, ranked high for business value creation.
The 2023 Midmarket Customer Relationship Management Software Gold Medalists are as follows:
- NetSuite CRM, 8.9 CS, ranked high for lead management.
- ActiveCampaign, 8.8 CS, ranked high for quality of features.
- Salesforce Sales Cloud Professional, 8.6 CS, ranked high for its breadth of features.
- Agile CRM, 8.6 CS, ranked high for ease of implementation.
- Sage CRM, 8.6 CS, ranked high for sales management.
The 2023 Small Business Customer Relationship Management Software Gold Medalists are as follows:
- ConvergeHub, 9.0 CS, ranked high for lead management.
- Less Annoying CRM, 8.9 CS, ranked high for usability and intuitiveness.
- Pipeliner CRM, 8.8, ranked high for ease of data integration.
Cloud-based CRM systems now offer the flexibility of remote access and management, while advanced analytics tools empower organizations to derive actionable insights from the overwhelming influx of customer data. Concurrently, mobile and social CRM platforms are gaining prominence as essential tools for successful customer engagement. As the digital landscape evolves, these innovative platforms will continue to redefine customer interaction and shape the future of customer relationship management.
The full report is now accessible on the firm's website, which is updated in real time to reflect new reviews and ratings.
User assessments of software categories on SoftwareReviews provide an accurate and detailed view of the constantly changing market. SoftwareReviews' reports are informed by data from users and IT professionals who have intimate experience with the software throughout the procurement, implementation, and maintenance processes.
For more information about SoftwareReviews, the Emotional Footprint, or the Data Quadrant, or to access resources to support the software selection process, visit softwarereviews.com
SoftwareReviews empowers organizations with the best data, insights, and advice to improve the software buying and selling experience.
For buyers, SoftwareReviews' proven software selection methodologies, customer insights, and technology advisors help maximize success with technology decisions. For providers, the firm helps build more effective marketing, product, and sales processes with expert analysts, how-to research, customer-centric marketing content, and comprehensive analysis of the buyer landscape.
SoftwareReviews is a division of Info-Tech Research Group, a world-class information technology research and advisory firm.
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Here & Now‘s Robin Young speaks with New York Times reporter Corey Kilgannon about Gilgo Beach, New York, and the suspect in a spree of killings there.
This article was originally published on WBUR.org.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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2 teenagers shot in Fairfield Monday afternoon
Published: Jul. 31, 2023 at 2:40 PM CDT|Updated: 1 hour ago
FAIRFIELD, Ala. (WBRC) - Fairfield Police and the Jefferson County Sheriff’s Office are investigating after two teens were shot Monday afternoon.
The shooting happened near 40th Place in Fairfield. One of the victims, an 18-year-old, was taken to UAB Hospital. The other teen was taken to Children’s of Alabama.
Authorities do not believe there is a threat to the community.
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Copyright 2023 WBRC. All rights reserved.
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BOISE, Idaho (AP) — Idaho mother Lori Vallow Daybell has been sentenced to life in prison without parole Monday in the murders of her two youngest children and a romantic rival in a case that included bizarre claims that her son and daughter were zombies and that she was a goddess sent to usher in the Biblical apocalypse.
Vallow Daybell was found guilty in May of killing her two youngest children, 7-year-old Joshua “JJ” Vallow and 16-year-old Tylee Ryan, as well as conspiring to kill Tammy Daybell, her fifth husband’s previous wife. Vallow Daybell will serve three life sentences one after the other, the judge said.
The husband, Chad Daybell, is awaiting trial on the same murder charges. Vallow Daybell also faces two other cases in Arizona — one on a charge of conspiring with her brother to kill her fourth husband, Charles Vallow, and one of conspiring to kill her niece’s ex-husband. Charles Vallow was shot and killed in 2019, but her niece’s ex survived an attempt later that year.
At the Fremont County Courthouse in St. Anthony, Idaho, Judge Steven W. Boyce said the search for the missing children, the discovery of their bodies and the evidence photos shown in court left law enforcement and jurors traumatized, and he would never be able to get images of the slain children out of his head.
A parent killing their own children “is the most shocking thing really that I can imagine,” Boyce said.
Vallow Daybell justified the murders by “going down a bizarre religious rabbit hole, and clearly you are still down there,” the judge said.
“I don’t think to this day you have any remorse for the effort and heartache you caused,” he said.
Boyce heard testimony from several representatives of the victims, including Vallow Daybell’s only surviving son, Colby Ryan.
“Tylee will never have the opportunity to become a mother, wife or have the career she was destined to have. JJ will never be able to grow and spread his light with the world the way he did,” Ryan wrote in a statement read by prosecuting attorney Rob Wood. “My siblings and father deserve so much more than this. I want them to be remembered for who they were, not just a spectacle.”
Ryan also wrote about his own grief.
“I’ve lost the opportunity to share life with the people I love the most. I have lost my sister, father, brother and my mother,” he wrote. “I pray for healing for everyone involved, including those who took the lives of everyone we loved.”
The murder scheme and Tammy Daybell’s death left a deep rift in her family, Tammy’s sister Samantha Gwilliam told the court.
“Why? Why plan something so heinous? You are not exalted beings, and your behavior makes you ineligible to be one,” Gwilliam said, referring to the unusual religious claims. “Because of the choices you made, my family lost a beloved mother, sister and daughter.”
Tammy Daybell’s mother was fighting cancer, and spent the last months of her life watching the murder trial, Gwilliam said. The family has also been hounded by media and others drawn by “all of the salacious scandal you stirred up,” Gwilliam told Vallow Daybell, who looked down as she sat between her defense attorneys.
“I miss my sister every day. I will grieve her, and the loss of my mother, every single day of my life,” Gwilliam said. “As for you, I choose to forget you and as I leave the courtroom here today, I choose to never think of you again.”
Boyce also heard from Vallow Daybell before handing down the sentence. She quoted Bible verses about how people should not judge each other. She said she too mourned the deaths of her children and Tammy Daybell but knew they would be together in the afterlife.
She claimed she is regularly visited by the spirits of her dead children, as well as the spirit of her “eternal friend,” Tammy Daybell, and suggested that the three weren’t murdered at all.
“Jesus Christ knows that no one was murdered in this case,” she said. “Accidental deaths happen. Suicides happen. Fatal side effects from medication happen.”
Wood pointed to the two Arizona cases as well as the three murders in six weeks in Idaho.
“A defendant who is willing to murder her own children is willing to murder anyone,” Wood said. “Society can only be protected from this defendant by a sentence of life in prison without parole.”
Vallow Daybell was committed multiple times for treatment to make her mentally competent for the court proceedings. But Wood said there is no evidence that her crimes were impacted by her “alleged mental illness” — which includes delusional disorder with grandiose features, according to reports referenced in court.
“The evidence is overwhelming that she did know right from wrong,” Wood said, noting testimony from several people who said she lied to them about the deaths.
In July 2019, Vallow Daybell’s brother, Alex Cox, shot and killed her estranged husband, Charles Vallow, in a suburban Phoenix home. Cox told police he acted in self-defense. He was never charged and later died of what authorities determined were natural causes.
Vallow Daybell was already in a relationship with Chad Daybell, a self-published writer of doomsday-focused fiction loosely based on Mormon teachings. She moved to Idaho with her kids and brother to be closer to him.
The children were last seen alive in September 2019. Police discovered they were missing a month later after an extended family member became worried. Their bodies were found buried in Chad Daybell’s yard the following summer.
During the trial, experts said Tylee appeared to have been stabbed and her body burned before it was buried in a pet cemetery, Wood said.
JJ’s head was wrapped in tape and plastic, asphyxiating him, Wood said, speculating that his last thoughts must have “been filled with fear and betrayal.”
Tammy Daybell’s body was bruised, suggesting she fought back as she was asphyxiated in her bed, Wood said.
Chad Daybell and Lori Vallow married in November 2019, about two weeks after Daybell’s previous wife, Tammy, was killed. Tammy Daybell initially was described as having died of natural causes, but an autopsy later showed she had been asphyxiated, authorities said.
Defense attorney Jim Archibald argued during the trial that there was no evidence tying Vallow Daybell to the killings, but plenty showing she was a loving, protective mother whose life took a sharp turn when she met Chad Daybell and fell for his “weird” apocalyptic religious claims. He suggested that Daybell and Vallow Daybell’s brother, Alex Cox, were responsible for the deaths.
Daybell told her they had been married in several previous lives and she was a “sexual goddess” who was supposed to help him save the world by gathering 144,000 followers so Jesus could return, Archibald said.
Vallow Daybell’s former friend Melanie Gibb testified during the trial that Vallow Daybell believed people in her life had been taken over by evil spirits and turned into “zombies,” including JJ and Tylee.
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CHARLESTON, W.Va. (AP) — The West Virginia University Board of Governors gave President E. Gordon Gee a one-year contract extension Monday amid a budget shortfall, falling enrollment and plans to cut some academic offerings.
Gee, 79, was given an extension through June 2025 during the board's special meeting in Morgantown. His contract was set to expire next year.
Gee thanked the board after the vote was announced, acknowledged the ongoing challenges and said the intent is to have “a process that is clear, that is visible to everyone” about improving the university.
The move comes as the university is evaluating nearly half of its academic programs and addresses an estimated $45 million budget deficit.
In June, the Board of Governors approved an estimated $1.2 billion budget for fiscal year 2024 that includes $7 million in staff cuts, or around 132 positions, including 38 faculty members. The board moved forward with slashing 12 graduate and doctorate programs and approved a tuition increase of just under 3%.
Gee and other top university officials have said the budget shortfall is largely a result of enrollment declines. The student population has decreased 10% since 2015. Gee also has cited the factors of inflation stress and increases to premiums the school is required to pay for the state’s government employees’ health insurance program.
In 2019, Gee was given a three-year contract extension through 2024 at a salary of $800,000 per year. At the time, board Chairman William Wilmoth said Gee was “one of, if not the top, university leader in the country.”
When the COVID-19 pandemic started a year later, the university issued $40 million in debt to deal with it. WVU also took on an additional $10 million in debt to pay for the increased employee insurance costs.
Gee is in his second stint at West Virginia that began in 2014. He also was the school’s president from 1981 to 1985. Gee also served two stints as president at Ohio State and had similar roles at Vanderbilt University, Brown University and the University of Colorado.
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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MESA, Ariz., July 31, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it will report financial results for the second quarter ended June 30, 2023, after market close on August 9, 2023.
Verra Mobility's Chief Executive Officer, David Roberts, and Chief Financial Officer, Craig Conti, will host a conference call and live webcast to discuss financial results for investors and analysts at 5:00 p.m. ET on August 9, 2023.
To access the conference call, dial 1-888-886-7786 (U.S. toll-free) or 1-416-764-8658 (International) with conference ID 11014275 or click on the following link and request a return call: callme.viavid.com. A live webcast will be available on the Company's Investor Relations website at ir.verramobility.com.
An audio replay of the call will also be available until 11:59 p.m. ET on August 23, 2023, by dialing 1-844-512-2921 (U.S. toll-free), or 1-412-317-6671 (International) and entering passcode 11014275.
In addition, an archived webcast will be available in the "News & Events" section of Verra Mobility's Investor Relations website at ir.verramobility.com.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility's reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com. We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
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Updated July 31, 2023 at 4:09 PM ET
Pee-wee Herman, the comic creation of actor/writer Paul Reubens, would often toss taunts of the schoolyard into his casual conversation. It was one of the character's go-to bits.
"Why don't you take a picture? It'll last longer!"
"That's my name! Don't wear it out!"
And, most iconically,
"I know you are, but what am I?"
Of course, when it came to Pee-wee himself, with his tight gray suit, red bow tie, crew cut, rouged cheekbones and ruby-red lips, "What am I?" was the real question – it was the one he posed merely by existing.
Reubens died Sunday of cancer at the age of 70. He was an actor – but for a long time, he tried to convince the public that Pee-wee was a real person, not a character.
Folks didn't know what to make of Reubens' petulant man-child at first. Created in 1977, while Reubens was a member of the Los Angeles sketch troupe The Groundlings, Pee-wee was part prop comic, part brat and part trickster spirit. There was something fearless in Pee-wee, something unapologetic and brash that took you a second to process. The character was very obviously and intentionally what folks used to call a sissy – but how could a sissy own the stage like he did? Bask in the spotlight like he did? How could a sissy so confidently and explicitly dictate the terms for his audience on how to experience him?
The Pee-wee Herman Show at The Groundlings Theatre soon had LA hipsters lining up around the block for a midnight show that mixed puppets and parody with archival educational films – the precise fuel mixture that powered Reubens' later CBS Saturday morning show, Pee-wee's Playhouse.
It was never Peter Pan, what he was doing. Yes, Pee-wee was a boy who never grew up, but he was more than that — he was one singular adult's remembrance of what it was like being a kid. Specifically, of those parts of childhood we pretend not to see in our own children — the narcissism, the selfishness, the utter lack of basic human empathy. The monstrous bits.
In Pee-wee's Big Adventure, it manifested in his hilariously obsessive drive to recover his stolen bike — a quest which would cause him to trample on the feelings of friends like Amazing Larry (Lou Cutell) and Dottie (E.G. Daily). On Pee-wee's Playhouse, it took the form of gleeful admonitions to his viewers to "scream real loud" whenever anyone said the week's secret word. (Spare a thought for the long-suffering parents who'd hoped that sitting their kids in front of the TV would allow them a moment's peace to finish their coffee.) On 1988's magnificent holiday staple Pee-wee's Playhouse Christmas Special, Reubens zeroed in kids' ravenous greed for presents, turning Pee-wee into a monster who only reluctantly sees the light once guilted into it. (Like Scrooge, he's a lot more fun to hang around with before his last-minute epiphany.)
To watch Pee-wee was to re-experience childhood the way we'd forgotten it actually was – pure, concentrated, distilled to its essence, when riding your bike and playing with your toys and screaming real loud was all it took to fill a day. Pee-wee was a creature of impulse, anarchy and id – which is probably why Reubens' frequent appearances on Late Night with David Letterman helped launch him to stardom.
Reubens' silliness worked on a different frequency than Letterman's – Pee-wee was wilder and far less inhibited than Letterman could ever hope to be, and Letterman knew to play up his own tetchy, aggrieved discomfort at Pee-wee's hijinks for comedic effect. The two men vibrated at opposite ends of the comedic spectrum, but they worked together brilliantly. In those interview segments, which quickly devolved into Pee-wee's signature giggles, you laughed at Reubens' ability to take complete control of the experience, and at Letterman's entirely uncharacteristic willingness to give over the reins.
In the coming days, our social media feeds will fill up with a lot of Pee-wee's greatest hits – Large Marge; "Tequila!"; Jambi the Genie; Chairy; Reubens' extended and entirely improvised death scene in the Buffy the Vampire Slayer movie; "I'm a loner, Dot. A rebel."; and, of course, "Come on, Simone. Let's talk about your big 'but.'"
Me, though, I'll be putting on the aforementioned Pee-wee's Playhouse Christmas Special, because it will remind me of one of Reubens' most overlooked talents – his ability to sneak an artisanal blend of fey subversiveness into the mainstream. That special injected a defiantly, yet matter-of-fact, queer sensibility into the CBS primetime airwaves of Reagan's America: The Del Rubio Triplets! Zsa Zsa Gabor! Little Richard! Annette Funicello and Frankie Avalon! KD Lang! Charo! The LA Men's Chorus dressed up as a Marine choir! And, most indelibly, Grace Jones as green Gumby, drag singing a club mix of "The Little Drummer Boy."
Keep your "I meant to do that." Keep your dancing on the biker bar to "Tequila." The image of Reubens that I'll be holding closest to my heart over the next few days is of him rocking out in the background as Jones sings in the glare of the spotlight.
Because I swear you can see, in just the way he holds his body, the mischievous delight he's taking in what he's unleashing on an unsuspecting public: Grace Jones, ladies and gentlemen, delivered unto your living rooms, pulling up to the bumper of your cozy family holiday special, an entirely singular brand of weirdness served up to you hot and fresh, with a high, unselfconscious giggle.
Jennifer Vanasco contributed to earlier versions of this story.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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Alabama health care providers sue over threat of prosecution for abortion help
Health care providers in Alabama have filed a lawsuit against Alabama Attorney General Steve Marshall over threats to prosecute people who help women arrange abortions outside the state.
MONTGOMERY, Ala. (AP) — Health care providers in Alabama filed a lawsuit on Monday against the state’s attorney general that seeks to clarify whether they could be charged for helping women get abortions outside the state.
Since abortion became almost entirely illegal in Alabama, the phone rings at least once a day at a former clinic in Tuscaloosa as women — sometimes crying and often desperate — try to find where they can go in other states to end an unwanted pregnancy, the clinic director said.
“We get a lot of the anger — and we know that it’s not us that they are angry at,” said Robin Marty, operations director for the West Alabama Women’s Center. “It’s the situation, but it is very, very hard for my staff. They want to be able to help them.”
Staff members who want to provide assistance are afraid to give much information beyond a website that lists abortion clinic locations, after the state’s Republican Attorney General Steve Marshall suggested people could face criminal charges for helping Alabama women obtain abortions elsewhere.
The three health care providers filed the lawsuit to get a court declaration and injunction clarifying that the state's criminal statutes can't be used to prosecute people who help women leave the state for an abortion. The suit was filed by the Women’s Center, the Alabama Women’s Center in Huntsville, and Dr. Yashica Robinson, an obstetrician.
“What the attorney general has tried to do via these threats is to effectively extend Alabama’s abortion ban outside of its borders for Alabama residents,” Meagan Burrows, a lawyer with the American Civil Liberties Union, which is representing the providers in the lawsuit.
Burrows said the threat of prosecution is harming both the health care providers and the women who want to obtain abortions.
In a statement Monday, the attorney general's office said it “will continue to vigorously enforce Alabama laws protecting unborn life which include the Human Life Protection Act. That includes abortion providers conspiring to violate the Act.”
The lawsuit cites Marshall's comments on a conservative radio talk show last year, in which he said that state law can't be used to prosecute a woman for getting an abortion out of state.
However, Marshall said, “if an individual held themselves out as an entity or a group that is using funds that they are able to raise to be able to facilitate those visits, then that’s something that we’re going to look at closely.”
After the U.S. Supreme Court overturned Roe v. Wade and handed authority on abortion law to the states, the Deep South quickly became an area of limited abortion access.
Alabama bans abortion at any stage of pregnancy with no exceptions for rape and incest. The only exemption is if it's needed because pregnancy threatens the health of the woman.
The landscape outside the state has also evolved rapidly and continues to change quickly as trigger laws and new bans are allowed to take effect. Clinics that remain open are extremely busy.
Marty, the clinic director, said most people who reach out to the clinic know “there is no abortion in Alabama. What they aren’t aware of is how far that extends.”
Copyright 2023 The Associated Press, Inc. All rights reserved.
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JERUSALEM (AP) — Israel’s Supreme Court said Monday that a full panel of 15 justices would hear petitions in September against a contentious law that was passed last week by Prime Minister Benjamin Netanyahu’s government and which has spurred mass protests.
The law was one of a series of proposed changes to Israel’s judiciary put forward by Netanyahu’s government earlier this year that seek to curb the power of the Supreme Court. The judicial overhaul plan has been met with months of sustained mass protest against the legislation and drawn criticism from the White House.
Critics of the overhaul say that the package of laws would concentrate power in the hands of the ruling coalition and erode the system of checks and balances between branches of government. Proponents say the measures are necessary to limit the power of unelected judges who they say are overly activist.
Netanyahu and his allies passed a law last week that removes the high court’s ability to annul government decisions considered “unreasonable.” The “reasonableness standard” was implemented by the Supreme Court earlier this year to thwart the appointment of a Netanyahu ally as interior minister after he had recently pleaded guilty to tax offenses.
The court said the hearing concerning the law striking down the “reasonableness standard” would take place on Sept. 12 with a full bench of 15 justices. The Supreme Court typically hears cases with smaller panels of justices, but appears to have opted for a full complement of judges because of the highly delicate nature of the matter.
The Netanyahu administration’s push to overhaul the judiciary has deeply divided an already highly polarized country and sparked the longest sustained protests in the country’s history.
Netanyahu and his allies took office in December after the country’s fifth election in under four years, most of them referendums on the longtime leader’s fitness to serve while on trial for corruption.
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VIDEO: Aaron Scott Jr. of Springfield discusses why he chose Ohio State football
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SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended July 1, 2023 and outlook for its fiscal fourth quarter ending September 30, 2023.
"Our third quarter results were in line with our outlook. We continue to execute well and deliver consistent operating margins and solid cash generation," stated Jure Sola, Chairman and Chief Executive Officer. "Our strong performance in the first nine months and achievement of our outlook for the fourth quarter would result in fiscal 2023 revenue growth of approximately 14 percent and non-GAAP EPS growth of approximately 35 percent. The team remains focused on excellence in quality, delivery and consistently meeting the needs of our customers. We have a strong foundation and promising future," Sola concluded.
Fourth Quarter Fiscal 2023 Outlook
The following outlook is for the fiscal fourth quarter ending September 30, 2023. These statements are forward-looking and actual results may differ materially.
- Revenue between $2.1 billion to $2.2 billion
- GAAP diluted earnings per share between $1.24 to $1.34
- Non-GAAP diluted earnings per share between $1.47 to $1.57
Safe Harbor Statement
The statements above concerning our financial outlook for the fourth quarter fiscal 2023 and our expectations for growth in revenue and non-GAAP earnings per share in fiscal 2023 should such outlook be achieved, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, most notably ongoing supply chain constraints and geopolitical uncertainty, including from the conflict in Ukraine. Other factors that could cause our results to differ from our forward-looking statements include adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2023 on Monday, July 31, 2023 at 5:30 p.m. ET (2:30 p.m. PT). The access numbers are: domestic 833-816-1390 and international 412-317-0483. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3 Webcast Link. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 877-344-7529 and international 412-317-0088, access code is 1520057.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income, diluted earnings per share and pre-tax return on invested capital (ROIC). Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.
Restructuring, Acquisition and Integration Expenses, which consist of severance, lease termination costs, exit costs, environmental investigation, remediation and related costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, gains and losses on sales of assets, deferred tax adjustments and discrete tax items, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
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