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PORTLAND, Ore. (AP) — Heat wave duration records could be broken in the Pacific Northwest this week and authorities are expanding capacity at some cooling centers as temperatures near triple digits are forecast to extend into the weekend.
“For the next several days through Saturday we’re going to be within a few degrees of 100 every day,” said Colby Neuman, a meteorologist for the National Weather Service in Portland, Oregon.
Temperatures in Oregon’s largest city are forecast to soar to 101 degrees Fahrenheit (38.3 Celsius) again on Friday. On Tuesday, Portland set daily record 102 F (38.9 C).
Seattle on Tuesday also reported a new record daily high of 94 F (34.4 C). The heat spell was forecast to last into Saturday in western Washington as well.
The National Weather Service has extended the excessive heat warnings from Thursday through Saturday evening.
The duration of the heat wave puts Portland “in the running” for tying its longest streak of six consecutive days of 95 F (35 C) or higher, Neuman said.
Climate change is fueling longer heat waves in the Pacific Northwest, a region where weeklong heat spells were historically rare, according to climate experts.
On Wednesday, the Oregon State Medical Examiner’s Office said at least two people have died from suspected hyperthermia during the heat wave, KGW reported. One death occurred in Portland on Monday, the Multnomah County Medical Examiner’s Office said. The state medical examiner’s office said the heat-related death designation is preliminary and could change after further investigation.
Heat-related 911 calls in Portland have tripled in recent days, from an estimated eight calls on Sunday to 28 calls on Tuesday, said Dan Douthit, a spokesperson for the city’s Bureau of Emergency Management. Most calls involved a medical response, Douthit added.
Multnomah County said more people have been visiting emergency departments for heat-related symptoms.
Emergency department visits “have remained elevated since Sunday,” the county said in a statement. “In the past three days, hospitals have treated 13 people for heat illness, when they would normally expect to see two or three.”
People working or exercising outside, along with older people, were among those taken to emergency departments, the statement added.
People in Portland’s iconic food cart industry are among those who work outside. Many food trucks have shut down as sidewalks sizzle.
Rico Loverde, the chef and owner of the food cart Monster Smash Burgers, said the temperature inside his cart is generally 20 degrees hotter than the outdoor temperature, making it 120 F (48.9 C) inside his tiny business this week.
Loverde said he closes down if it reaches above 95 F (35 C) because his refrigerators overheat and shut down. Last week, even with slightly cooler temperatures in the mid-90s, Loverde got heat stroke from working in his cart for hours, he said.
“It hurts; it definitely hurts. I still pay my employees when we’re closed like this because they have to pay the bills too, but for a small business it’s not good,” he said Tuesday.
Multnomah County said its four emergency overnight cooling shelters were at half capacity on Tuesday with 130 people spending the night. But anticipating more demand, officials decided to expand capacity at the four sites to accommodate nearly 300 people.
William Nonluecha, who lives in a tent in Portland, sought out shade with some friends as the temperature soared Wednesday afternoon. Nonluecha was less than a minute’s walk from a cooling shelter set up by local authorities but wasn’t aware it was open. He said the heat in his tent was almost unbearable.
His friend Mel Taylor, who was homeless last year but now has transitional housing, said during a record-breaking heat wave last summer a man in a tent near his died from heat exhaustion and no one realized it. He’s afraid the same thing might happen this summer.
“He was in his tent for like a week and the smell, that’s how they figured out that he was dead,” Taylor said. “It’s sad.”
Residents and officials in the Northwest have been trying to adjust to the likely reality of longer, hotter heat waves following last summer’s deadly “heat dome” weather phenomenon that prompted record temperatures and deaths.
About 800 people died in Oregon, Washington and British Columbia during that heat wave, which hit in late June and early July. The temperature at the time soared to an all-time high of 116 F (46.7 C) in Portland and smashed heat records in cities and towns across the region. Many of those who died were older and lived alone.
Other regions of the U.S. often experience temperatures of 100 degrees. But in regions like the Pacific Northwest, people are not as acclimated to the heat and are more susceptible to it, said Craig Crandall, a professor of internal medicine at the University of Texas Southwestern Medical Center.
“There’s a much greater risk for individuals in areas such as the Northwest to have higher instances of heat-related injuries and death,” Crandall said.
Officials in Seattle and Portland on Tuesday issued air quality advisories expected to last through Saturday, warning that smog may reach levels that could be unhealthy for sensitive groups.
Farther south, the National Weather Service issued a heat advisory on Wednesday for western Nevada and northeast California that is set to last from the late Thursday morning until Saturday night. Across the region, near record daytime high temperatures will range from 99 to 104 degrees F (37.22 to 40 C).
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AP reporter Gabe Stern contributed from Carson City, Nevada.
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Claire Rush is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Follow her on Twitter. | https://www.wric.com/news/u-s-world/temperatures-could-hit-triple-digits-again-in-northwest/ | 2022-07-28T11:37:55Z | https://www.wric.com/news/u-s-world/temperatures-could-hit-triple-digits-again-in-northwest/ | true |
NEW YORK (AP) _ ExlService Holdings Inc. (EXLS) on Thursday reported second-quarter profit of $35.8 million.
On a per-share basis, the New York-based company said it had profit of $1.06. Earnings, adjusted for stock option expense and amortization costs, came to $1.50 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The provider of outsourcing services posted revenue of $346.8 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $329.6 million.
ExlService Holdings expects full-year earnings in the range of $5.60 to $5.80 per share, with revenue in the range of $1.35 billion to $1.37 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EXLS at https://www.zacks.com/ap/EXLS | https://www.seattlepi.com/business/article/ExlService-Holdings-Q2-Earnings-Snapshot-17334430.php | 2022-07-28T11:38:42Z | https://www.seattlepi.com/business/article/ExlService-Holdings-Q2-Earnings-Snapshot-17334430.php | false |
PHILADELPHIA, July 28, 2022 /PRNewswire/ -- R7 Energy Drink launches today throughout select U.S. retail locations as well as online and direct to consumers at www.DrinkR7.com. Founded by a group of veterans, serial entrepreneurs, and experts within the professional athlete management space, R7 was developed to be a high-performing, clean energy beverage with a unique blend of key ingredients for professional athletes and everyday go-getters. Men and women can feel healthy and positive about ingesting the energy drink into their bodies daily.
"Having represented and managed numerous pro-athletes for over a decade, our team knew it was vital to bring to the market a high-performing, clean energy beverage that high-performing individuals could drink daily without the fear of taking in harsh chemicals, dyes, and other potentially harmful ingredients during their peak and off seasons," said the R7 executive team.
Comprised of unique key ingredients, R7 delivers its special formula through its combination of green coffee bean + L-theanine, adaptogens, L-carnitine, select B vitamins, and pure electrolytes, delivering a premium, high-efficiency product positioned to be marketed as a better-for-you option in the $30bn energy drink category.
R7 is formulated in three robust flavors: Lightening Lemon Lime, Orbit Orange, and Midnight Rush (grape) and is sold in its sleek and slim 12-ounce cans crafted for portable and easy consumption. All three flavors are on sale now via www.DrinkR7.com.
ABOUT R7 ENERGY
R7 is the healthy energy drink brand developed and created by veteran entrepreneurs and professional athlete management executives to deliver a more sustained, healthier energy for both pro-athletes and everyday high-achieving individuals.
The unique R7 formula is crafted differently and delivers not just energy for the moment but also sustainable, clean energy powered by L-theanine and adaptogens that improve cognitive function. Beyond the moment, the drink is also created to repair, replenish, and restore the body so that consumers are ready for their next exertion. Follow R7 online at www.DrinkR7.com.
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Russia steps up strikes on Ukraine amid counterattacks
KYIV, Ukraine (AP) - Russian forces on Thursday launched massive missile strikes on Ukraine’s Kyiv and Chernihiv regions, areas that haven’t been targeted in weeks, while Ukrainian officials announced an operation to liberate an occupied region in the country’s south.
Kyiv regional governor Oleksiy Kuleba said on Telegram that a settlement in the Vyshgorod district of the region was targeted early on Thursday morning; an “infrastructure object” was hit. It wasn’t immediately clear if there were any casualties.
Vyshhgorod is located 20 kilometers (about 12 miles) north of downtown Kyiv. Kuleba linked the strikes with the Day of Statehood, which Ukraine was marking for the first time on Thursday.
“Russia, with the help of missiles, is mounting revenge for the widespread popular resistance, which the Ukrainians were able to organize precisely because of their statehood,” Kuleba told Ukrainian television. “Ukraine has already broken Russia’s plans and will continue to defend itself.”
Chernihiv governor Vyacheslav Chaus reported that multiple missiles were fired from the territory of Belarus at the village of Honcharivska.
Russian troops withdrew from the Kyiv and Chernihiv regions months ago after failing to capture either. The renewed strikes on the areas come a day after the leader of pro-Kremlin separatists in the east, Denis Pushilin, publicly called on the Russian forces to “liberate Russian cities founded by the Russian people — Kyiv, Chernihiv, Poltava, Odesa, Dnipropetrovsk, Kharkiv, Zaporizhzhia, Lutsk.”
Kharkiv, Ukraine’s second largest city, also came under a barrage of shelling overnight, its mayor Ihor Terekhov said. The southern city of Mykolaiv was fired at as well, with one person sustaining injuries.
Meanwhile, the Ukrainian military continued to counterattack in the occupied southern region of Kherson, striking a key bridge over the Dnieper River on Wednesday.
Ukrainian media on Thursday quoted Ukraine’s presidential adviser, Oleksiy Arestovich, as saying that the operation to liberate Kherson “has already begun.” Arestovich said Kyiv’s forces were planning to isolate Russian troops there and leave them with three options — to “retreat, if possible, surrender or be destroyed.”
Oleksiy Danilov, the secretary of Ukraine’s National Security and Defense Council, in televised remarks on Wednesday said he was “cautious” in assessing the timeline of the possible counteroffensive. “I would really like it to be much faster,” he said, adding that “the enemy is now concentrating the maximum number (of forces) precisely in the Kherson direction.”
“A very large-scale movement of their troops has begun, they are gathering additional forces,” Danilov warned.
The British military estimated Thursday that Ukraine’s counteroffensive in Kherson is “gathering momentum”.
“Their forces have highly likely established a bridgehead south of the Ingulets River, which forms the northern boundary of Russian-occupied Kherson,” the British Defense Ministry said on Thursday.
It added that Ukraine has used its new long-range artillery to damage at least three of the bridges across the Dnieper River, “which Russia relies upon to supply the areas under its control.” The 1,000-meter-long Antonivsky bridge, which Ukrainian forces struck on Wednesday, is likely to be “unusable,” the British Defense Ministry concluded.
Ukraine’s presidential office said Thursday morning that Russian shelling of cities and villages over the past 24 hours killed at least five civilians, all of them in the eastern Donetsk region, and wounded nine more.
Fighting in recent weeks has focused on the Donetsk region. It has intensified in recent days as Russian forces appeared to emerge from a reported “operational pause” after capturing the neighboring Luhansk region.
A missile struck a residential building in Toretsk early Thursday morning, destroying two floors. “Missile terror again. We will not give up... We will not be intimidated,” Donetsk regional governor Pavlo Kyrylenko said on Telegram.
Analysts with the Institute for the Study of War believe that Russian forces are focusing their efforts on capturing the cities of Bakhmut and Siversk in Donetsk province.
“Russian forces have committed enough resources to conduct near-daily ground assaults and to seize territory on these two axes but have been unable to sustain a similar offensive operational tempo or to make similar territorial gains elsewhere in Ukraine,” the Institute said.
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Follow the AP’s coverage of the Russia-Ukraine war at https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.wbrc.com/2022/07/28/russia-steps-up-strikes-ukraine-amid-counterattacks/ | 2022-07-28T11:40:35Z | https://www.wbrc.com/2022/07/28/russia-steps-up-strikes-ukraine-amid-counterattacks/ | true |
MIDVALE, Utah (AP) _ Overstock.com Inc. (OSTK) on Thursday reported second-quarter earnings of $7.1 million.
The Midvale, Utah-based company said it had profit of 12 cents per share. Earnings, adjusted for non-recurring costs, came to 19 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The online discount retailer posted revenue of $528.1 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $636.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OSTK at https://www.zacks.com/ap/OSTK | https://www.seattlepi.com/business/article/Overstock-Q2-Earnings-Snapshot-17334441.php | 2022-07-28T11:41:08Z | https://www.seattlepi.com/business/article/Overstock-Q2-Earnings-Snapshot-17334441.php | false |
NEW YORK (AP) _ Sirius XM Holdings Inc. (SIRI) on Thursday reported second-quarter earnings of $292 million.
On a per-share basis, the New York-based company said it had net income of 7 cents.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The satellite radio company posted revenue of $2.25 billion in the period, which matched Street forecasts.
Sirius XM expects full-year revenue of $9 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIRI at https://www.zacks.com/ap/SIRI | https://www.seattlepi.com/business/article/Sirius-XM-Q2-Earnings-Snapshot-17334544.php | 2022-07-28T11:41:45Z | https://www.seattlepi.com/business/article/Sirius-XM-Q2-Earnings-Snapshot-17334544.php | true |
ATLANTA (AP) _ Southern Co. (SO) on Thursday reported second-quarter earnings of $1.11 billion.
The Atlanta-based company said it had net income of $1.03 per share. Earnings, adjusted for non-recurring costs, came to $1.07 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The power company posted revenue of $7.21 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $5.62 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SO at https://www.zacks.com/ap/SO | https://www.seattlepi.com/business/article/Southern-Co-Q2-Earnings-Snapshot-17334511.php | 2022-07-28T11:41:57Z | https://www.seattlepi.com/business/article/Southern-Co-Q2-Earnings-Snapshot-17334511.php | true |
The latest set of product innovations makes it even easier to build custom first and third-party experiences on top of the Yext Answers Platform.
NEW YORK, July 28, 2022 /PRNewswire/ -- Yext, Inc. (NYSE: YEXT), the Answers company, today announced the availability of its Summer '22 Release for early access.
New features highlight the company's commitment to creating a powerful, composable platform that can be flexibly deployed to address a wide variety of business needs. The release also introduces a transition from "Answers" to "Search," a name change for the product that adds robust natural language search to websites, apps, and workspaces.
"Businesses today have to contend with an increasingly complex digital landscape. Instead of managing dozens of single-purpose applications, organizations should be empowered to consolidate essential functionality into one platform that can power both first and third-party experiences," said Maxwell Shaw, SVP of Product Management at Yext. "The features included in our Summer Release help businesses do just that. With Yext, organizations have a centralized platform that can be leveraged to create seamless multi- or omnichannel digital experiences that are more efficient, cost effective, and gratifying for the end-user."
The Summer '22 Release includes the following features:
- Listings Updates: Newly available analytics from Google will provide further visibility into engagement metrics, as well as the specific keywords that surface listings in search results. Improved status detail messages will give companies an easier way to manage and troubleshoot Listings across the industry's largest network of 250+ direct integration partners.
- Custom Pages Development: An improved, open technical architecture allows external developers to more easily create SEO-optimized landing pages at scale. Developers can build locally, connect GitHub repositories, and take advantage of modern development tools to quickly deploy pages with content stored in the Yext Knowledge Graph.
- AI Data Cleaning*: An addition to the Connectors framework takes user-provided examples of input/output transformations to create and apply a machine learning model for cleaning data. This added flexibility is extremely helpful for users who would otherwise write complex functions or format data manually.
- Fully Custom Search UI: Developers have access to a new React component library, which is a great resource for those looking to build a bespoke frontend experience with Yext search components. The first major version of the library includes a wide range of customizable features that allow for increased flexibility when designing a user interface, such as FilterSearch, Facets, and more.
- Solstice Algorithm Update: With the Solstice algorithm update, administrators can optimize their search experiences even further with Custom Phrases. The update also introduces Multi-Hop Relationships, which support complex user questions that require information from various sources at the same time. With Multi-Hop Search, end-users can query data that is stored on related entities, several "hops" away in the Yext Knowledge Graph.
Discover more new features in Yext's Summer '22 Release Notes.
*AI Data Cleaning is being released as a Preview feature, which allows for an extended early access period.
Yext (NYSE: YEXT) is the Answers company and is on a mission to empower every company in the world to provide authoritative answers to every question about their organization. Yext leverages AI to collect and organize a company's information and deliver it — in the form of answers — to customers, employees, and partners. Yext's Answers Platform works by pulling in information, organizing it into a Knowledge Graph and then delivering it via a set of platform services, including Listings, Search, Pages & Reviews. Brands like Verizon, Subway, and Marriott — as well as organizations like the U.S. State Department — trust Yext to radically improve their business and deliver perfect answers everywhere.
CONTACT: Gordon Knapp, pr@yext.com
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NEW YORK, July 28, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Waste Management, Inc. ("Waste Management" or the "Company") (NYSE: WM) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Waste Management investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all purchasers of certain Waste Management redeemable senior notes between February 13, 2020 and June 23, 2020. Follow the link below to get more information and be contacted by a member of our team:
WM investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) the U.S. Department of Justice had indicated to Waste Management that it would require Waste Management to divest significantly more assets than the $200 million indicated in the merger agreement between the Company and Advanced Disposal Services; (ii) as a result, the merger would not be completed by July 14, 2020, the end date under the merger agreement; and (iii) the Waste Management redeemable senior notes would be subject to mandatory redemption at 101% of par.
WHAT'S NEXT? If you suffered a loss in Waste Management during the relevant time frame, you have until August 8, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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MINNEAPOLIS (AP) _ Xcel Energy Inc. (XEL) on Thursday reported second-quarter net income of $328 million.
The Minneapolis-based company said it had net income of 60 cents per share.
The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 60 cents per share.
The utility posted revenue of $3.42 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $3.18 billion.
Xcel expects full-year earnings to be $3.10 to $3.20 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XEL at https://www.zacks.com/ap/XEL | https://www.seattlepi.com/business/article/Xcel-Q2-Earnings-Snapshot-17334421.php | 2022-07-28T11:43:42Z | https://www.seattlepi.com/business/article/Xcel-Q2-Earnings-Snapshot-17334421.php | true |
JetBlue buys Spirit for $3.8 billion
(AP) - JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation’s fifth-largest airline if approved by U.S. regulators.
The agreement Thursday comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.
“This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth,” JetBlue CEO Robin Hayes said in a statement.
The combined airline, which will be based in New York and led by Hayes, would have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes.
JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There’s also a ticking fee of 10 cents per month starting in January 2023 through closing.
If the transaction is completed before December 2023, the deal will be for $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction closes at the outside date in July 2024.
If the deal doesn’t close due to antitrust reasons, JetBlue will pay Spirit a reverse break-up fee of $70 million and stockholders of Spirit a reverse break-up fee of $400 million less any amounts paid to stockholders of Spirit prior to termination.
JetBlue anticipates $600-700 million in annual savings once the transaction is complete. Annual revenue for the combined company is anticipated to be about $11.9 billion, based on 2019 revenues.
The deal still needs the required regulatory approvals and approval from Spirit’s stockholders. The companies expect to conclude the regulatory process and close the transaction no later than the first half of 2024.
Copyright 2022 The Associated Press. All rights reserved. | https://www.mysuncoast.com/2022/07/28/jetblue-buys-spirit-38-billion/ | 2022-07-28T11:44:31Z | https://www.mysuncoast.com/2022/07/28/jetblue-buys-spirit-38-billion/ | false |
Net Sales Growth Accelerates, with all Business Segments posting Strong Results
Company Reaffirms Adjusted EPS Guidance for the Year
BURLINGTON, Mass. and FRISCO, Texas, July 28, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong results for the second quarter ended June 30, 2022 and raised its full-year net sales guidance to low-double-digit growth, from the previous high-single-digit range. The Company also reaffirmed its guidance for full year Adjusted EPS growth in the mid-single-digit range.
Commenting on the announcement, Chairman and CEO Bob Gamgort stated, "Our strong results reflect the flexibility and resilience of our business and the capability of our team to execute with excellence. We successfully recovered from supply chain disruptions in coffee and non-carbonated beverages, implemented additional pricing to offset inflation and continued to accelerate growth across our broad portfolio, leading to another quarter of strong market share performance. We remain confident that our "all-weather" business model will enable us to deliver in the ongoing volatile macro environment."
Incoming CEO Ozan Dokmecioglu added, "I am pleased with the continued strength of our business and remain confident in our ability to deliver our plans for the second half of this year. I look forward to assuming the role of CEO and partnering with our talented team to drive value creation through the successful execution of our strategic plan."
Second Quarter Consolidated Results
Net sales for the second quarter of 2022 increased 13.2% to $3.55 billion, compared to $3.14 billion in the year-ago period and, on a constant currency basis, net sales increased 13.5%. This strong performance reflected balanced growth in all segments, with both pricing and volumes up in the quarter. Driving the consolidated net sales growth was favorable net price realization of 10.4% and higher volume/mix of 3.1%, reflecting modest volume elasticity impacts in the quarter.
KDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained exceptionally strong in the quarter, with retail dollar consumption2 advancing 9.9% and market share growing or holding across 92% of the Company's cold beverage portfolio, largely reflecting strength in CSDs3, premium unflavored water, coconut water, seltzers, teas, apple juice, vegetable juice and fruit drinks. This performance was driven by Dr Pepper, Sunkist, Canada Dry, A&W and Squirt CSDs, CORE Hydration, Vita Coco, Polar seltzers, Snapple, Hawaiian Punch and Mott's.
In coffee, retail dollar consumption of single-serve pods manufactured by KDP increased 3.8% in IRi tracked channels, led by higher pricing in both partner and KDP owned and licensed brands, with stronger growth registered in untracked channels. Coffee Systems net sales in the quarter advanced approximately 9%, reflecting the early completion of the Company's coffee recovery program, which enabled KDP to begin to restore inventory levels to partners and customers. KDP manufactured share in the quarter remained strong at 81.8%.
GAAP operating income in the second quarter of 2022 decreased 22.1% to $572 million, compared to $734 million in the year-ago period, primarily reflecting higher gross profit, driven by the strong and balanced net sales growth and productivity, more than offset by the unfavorable year-over-year impact of items affecting comparability and broad-based inflationary pressures and supply chain disruption.
Adjusted operating income declined slightly in the quarter to $832 million, or 23.4% as a percent of net sales, reflecting Adjusted gross profit growth of 10%, offset by inflationary pressures in transportation, warehousing and retail labor, each of which increased on a rate basis in the quarter.
GAAP net income in the second quarter of 2022 decreased 51.3% to $218 million, or $0.15 per diluted share, compared to $448 million, or $0.31 per diluted share, in the year-ago period. This performance reflected the decline in GAAP operating income and the unfavorable year-over-year impact of items affecting comparability, which more than offset the benefits of a lower effective tax rate and reduced interest expense.
Adjusted net income in the quarter advanced 3.3% to $554 million, driven by the benefits of the lower effective tax rate and reduced interest expense, partially offset by the slight decline in Adjusted operating income. Adjusted diluted EPS in the quarter increased 2.6% to $0.39, compared to $0.38 in the year-ago period.
Operating cash flow in the second quarter of 2022 totaled $676 million and free cash flow totaled $599 million, primarily reflecting the increase in operating cash flow and slightly lower capital expenditures.
During the quarter, the Company repurchased approximately 2.5 million KDP shares for a total cost of $87.6 million, at an average price per share of $34.51. The company has $3.9 billion remaining under its share repurchase authorization expiring on December 31, 2025.
Second Quarter Segment Results
Coffee Systems
Net sales for the second quarter of 2022 increased 8.5% to $1.20 billion, compared to $1.10 billion in the year-ago period and, on a constant currency basis, net sales increased 9.1%. The constant currency net sales growth was driven by a 5.8% increase in net price realization and a 3.3% increase in volume/mix, reflecting the benefits of modest elasticities and the early completion of the Company's coffee recovery program, which enabled KDP to begin to rebuild retailer and partner inventories and restore customer service levels.
The higher net price realization of 5.8% in the quarter was driven by pod and brewer pricing actions taken late in 2021 and during the second quarter of 2022. The volume/mix increase of 3.3% reflected pod volume growth of 4.7%, partially offset by a brewer volume decline of 4.2%, reflecting comparison to the strong 29% brewer growth in the year-ago period.
GAAP operating income in the second quarter of 2022 decreased 11.3% to $315 million, compared to $355 million in the year-ago period, largely reflecting the lag in timing between higher net price realization and broad-based inflation, continued elevated costs associated with the coffee recovery program, a slight increase in marketing investment and the unfavorable year-over-year impact of items affecting comparability. Partially offsetting these factors was the benefit of productivity. Adjusted operating income decreased 8.4% to $369 million and, on a percent of net sales basis, totaled 30.9%.
Packaged Beverages
Net sales for the second quarter of 2022 increased 12.8% to $1.69 billion, compared to $1.50 billion in the year-ago period and, on a constant currency basis, net sales increased 12.9%. This strong and balanced net sales performance was driven by higher net price realization of 11.0% and increased volume/mix of 1.9%, reflecting modest volume elasticities and continued strong in-market execution.
The strong net sales performance reflected broad-based strength across the portfolio, led by CSDs, CORE Hydration, Snapple, Polar seltzers, Vita Coco, Mott's and Hawaiian Punch.
GAAP operating income in the second quarter of 2022 decreased 11.1% to $232 million, compared to $261 million in the year-ago period, primarily reflecting the lag in timing between higher net price realization and broad-based inflation and higher marketing investment, partially offset by productivity and the favorable year-over-year impact of items affecting comparability. Adjusted operating income decreased 14.5% to $247 million and, on a percent of net sales basis, totaled 14.6%.
Beverage Concentrates
Net sales for the second quarter of 2022 increased 22.7% to $460 million, compared to $375 million in the year-ago period and, on a constant currency basis, increased 22.9%. This strong and balanced performance was driven by higher net price realization of 19.2%, including favorable timing related to trade accruals versus year-ago, and favorable volume/mix of 3.7%, reflecting modest volume elasticities.
Total shipment volume versus year-ago increased 3.5% in the quarter, led by increases in Canada Dry and Dr Pepper. Bottler case sales volume in the quarter were essentially even with the year-ago period.
GAAP operating income in the second quarter of 2022 increased 27.1% to $324 million, compared to $255 million in the year-ago period, primarily reflecting the strong net sales performance and lower marketing, partially offset by broad-based inflation and the slightly unfavorable year-over-year impact of items affecting comparability. Adjusted operating income increased 27.6% to $327 million and, on a percent of net sales basis, totaled 71.1%.
Latin America Beverages
Net sales for the second quarter of 2022 increased 26.5% to $210 million, on both a reported and constant currency basis, compared to net sales of $166 million in the year-ago period. This strong and balanced performance was driven by higher net price realization of 14.5% and increased volume/mix of 12.0%, reflecting modest volume elasticities and strong in-market execution. Leading the net sales growth were Peñafiel, Clamato, Squirt and Mott's.
GAAP operating income in the second quarter of 2022 increased 38.9% to $50 million, compared to $36 million in the year-ago period, reflecting the strong growth in net sales, productivity and a slightly favorable year-over-year impact of items affecting comparability which, taken together, more than offset broad-based inflationary pressures, particularly elevated logistics costs, and increased marketing investment. Adjusted operating income increased 35.1% to $50 million and, on a percent of net sales basis, totaled 23.8%.
KDP Acquisition
During the quarter, KDP announced an agreement to acquire the global rights to Atypique, a highly unique non-alcohol, ready-to-drink cocktail brand in the emerging and fast-growing non-alcohol cocktail segment in Canada. This new platform complements KDP's strong and successful ready-to-drink alcohol portfolio in Canada and provides the Company with new growth opportunities in an exciting, new category.
KDP 2022 Guidance
KDP raised its guidance for 2022 constant currency net sales growth to the low-double-digit range and reaffirmed its guidance for Adjusted EPS growth in the mid-single-digit range. The Company continues to expect Adjusted EPS growth in the second half of the year to reach the high-single-digit range, driven largely by the fourth quarter.
Investor Contacts:
Steve Alexander
T: 972-673-6769 / steve.alexander@kdrp.com
Chethan Mallela
chethan.mallela@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in North America, with annual revenue approaching $13 billion and approximately 27,000 employees. KDP holds leadership positions in soft drinks, specialty coffee and tea, water, juice and juice drinks and mixers, and markets the #1 single serve coffee brewing system in the U.S. and Canada. The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott's®, CORE® and The Original Donut Shop®. Through its powerful sales and distribution network, KDP can deliver its portfolio of hot and cold beverages to nearly every point of purchase for consumers. The Company is committed to sourcing, producing and distributing its beverages responsibly through its Drink Well. Do Good. corporate responsibility platform, including efforts around circular packaging, efficient natural resource use and supply chain sustainability. For more information, visit www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements can generally be identified by the use of words such as "outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially.
Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
This release includes certain non-GAAP financial measures including Adjusted operating income, Adjusted net income, Adjusted diluted EPS, free cash flow and financial measures presented on a constant currency basis, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to, the GAAP measures and may not be comparable to similarly named measures used by other companies. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. Management believes this information is helpful to investors because it increases transparency and assists investors in understanding the underlying performance of the Company and in the analysis of ongoing operating trends. Additionally, management believes that non-GAAP financial measures are frequently used by analysts and investors in their evaluation of companies, and their continued inclusion provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial measures are set forth in the appendix to this release and included in the Company's filings with the SEC.
To the extent that the Company provides guidance, it does so only on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others.
KEURIG DR PEPPER INC.
RECONCILIATION OF CERTAIN NON-GAAP INFORMATION
(UNAUDITED)
The company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures that reflect the way management evaluates the business may provide investors with additional information regarding the company's results, trends and ongoing performance on a comparable basis.
Specifically, investors should consider the following with respect to our financial results:
Adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability.
Items affecting comparability: Defined as certain items that are excluded for comparison to prior year periods, adjusted for the tax impact as applicable. Tax impact is determined based upon an approximate rate for each item. For each period, management adjusts for (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results, as well as the unrealized mark-to-market impact of our Vita Coco investment; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the DPS Merger; (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS Merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) non-cash changes in deferred tax liabilities related to goodwill and other intangible assets as a result of tax rate or apportionment changes; and (vii) other certain items that are excluded for comparison purposes to prior year periods.
For the second quarter of 2022, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; (vi) the gain on the sale of our investment in BodyArmor; (vii) the gain on the settlement of our prior litigation with BodyArmor, excluding recoveries of previously incurred litigation expenses which were included in our adjusted results; (viii) losses recognized with respect to our equity method investment in Bedford as a result of funding our share of their wind-down costs and (ix) foundational projects, which are transformative and non-recurring in nature.
For the second quarter of 2021, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; and (vi) gains from insurance recoveries related to the February 2019 organized malware attack on our business operation networks in the Coffee Systems segment.
Costs related to significant non-routine legal matters relate to the antitrust litigation. Incremental costs to our operations related to risks associated with the COVID-19 pandemic include incremental expenses incurred to either maintain the health and safety of our front-line employees or temporarily increase compensation to such employees to ensure essential operations continue during the pandemic.
We believe removing these costs reflects how management views our business results on a consistent basis.
Constant currency adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability, calculated on a constant currency basis by converting our current period local currency financial results using the prior period foreign currency exchange rates.
For the second quarter and first six months of 2022 and 2021, the supplemental financial data set forth below includes reconciliations of adjusted and constant currency adjusted financial measures to the applicable financial measure presented in the unaudited condensed consolidated financial statements for the same period.
KEURIG DR PEPPER INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(UNAUDITED)
Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant and equipment, and certain items excluded for comparison to prior year periods. For the first six months of 2022 and 2021, there were no certain items excluded for comparison to prior year periods.
KEURIG DR PEPPER INC.
RECONCILIATION OF SIGNIFICANT COVID-19 RELATED EXPENSES
(UNAUDITED)
The following table sets forth our reconciliation of significant COVID-19-related expenses. However, employee compensation expense and employee protection costs, which impact our SG&A expenses and cost of sales, are included as the COVID-19 item affecting comparability and are excluded in our Adjusted financial measures. In addition, reported amounts under U.S. GAAP also include additional costs, not included as the COVID-19 item affecting comparability, as presented in tables below.
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SOURCE Keurig Dr Pepper Inc. | https://www.wbrc.com/prnewswire/2022/07/28/keurig-dr-pepper-reports-strong-q2-2022-results-raises-full-year-net-sales-guidance/ | 2022-07-28T11:44:47Z | https://www.wbrc.com/prnewswire/2022/07/28/keurig-dr-pepper-reports-strong-q2-2022-results-raises-full-year-net-sales-guidance/ | true |
BANGKOK (AP) — Shares slipped in Europe on Thursday after gains in most Asian markets following an interest rate hike by the Federal Reserve.
U.S. futures fell, while oil prices jumped more than $1 a barrel.
The Fed’s latest hike, by three-quarters of a percentage point, lifts the benchmark short-term rate to its highest level since 2018. The aim is to bring surging inflation under control.
An update on the economy will come later Thursday with second quarter U.S. GDP data.
Analysts said that after going backward from January through March, the U.S. economy probably didn’t do much better in the spring.
Investors also are awaiting a call between U.S. President Joe Biden and Chinese leader Xi Jinping.
Germany’s DAX slipped 0.4% to 13,119.96 and the CAC 40 in Paris was down 2 points at 6,255.76. Britain’s FTSE 100 edged 0.2% lower to 7,333.16.
The future for the S&P 500 was 0.4% lower while that for the Dow industrials edged down 0.2%.
In Asian trading, Hong Kong’s benchmark Hang Seng index slipped 0.2% to 20,622.68 after the territory’s Monetary Authority matched the Fed’s 0.75 percentage point rate hike with one of its own. The HKMA aligns its policies with U.S. monetary moves to keep the Hong Kong dollar at a stable rate against the U.S. dollar.
Elsewhere in Asia shares advanced, tracking gains on Wall Street after the Fed did exactly as expected and its chair, Jerome Powell, suggested the Fed’s rate hikes have already had some success in slowing the economy and possibly easing inflationary pressures.
“While a concrete decision on tariff relief is not expected from the meeting, any indications of willingness in working toward that is an added positive for markets,” Jun Rong Yeap of IG said in a commentary.
Tokyo’s Nikkei 225 picked up 0.4% to 27,815.48, while the Shanghai Composite index added 0.2% to 3,282.58. In Seoul, the Kospi advanced 0.8% to 2,435.27.
South Korea’s Samsung Electronics Co., the world’s top producer of smartphones and memory chips, reported Thursday that its operating profit rose 12% in the April-June quarter thanks to strong demand for server chips.
Its shares edged 0.2% higher on Thursday.
Australia’s S&P/ASX 200 jumped 1% to 6,889.70 after the government reported that retail sales rose in June for the sixth consecutive month. Also, Treasurer Jim Chalmers told Parliament that the government forecasts that inflation will remain unacceptably high for some time to come and the economy will slow but not fall into recession.
Markets in Thailand were closed for a holiday.
On Wall Street, investors welcomed the Fed’s widely expected move with a broad rally on Wednesday.
Powell’s comments were taken by some as a signal the Fed may not have to raise rates so aggressively in coming months, triggering a rally in the final hour of regular trading.
The S&P 500 climbed 2.6% and the tech-heavy Nasdaq surged 4.1%, its biggest gain in over two years. The Dow Jones Industrial Average rose 1.4%. The Russell 2000 of small caps closed 2.4% higher.
The indexes are now all on pace for a weekly gain, extending Wall Street’s strong July rally. The S&P 500 is up 6.3% so far this month.
Rate increases like Wednesday’s, the fourth so far this year, make borrowing more expensive and slow the economy. The hope is that the Fed and other central banks can deftly find the middle ground where the economy slows enough to whip inflation but not enough to cause a recession.
In other trading Thursday, U.S. benchmark crude oil added $1.66 to $98.92 per barrel in electronic trading on the New York Mercantile Exchange. It gained $2.28 to $97.26 on Wednesday.
Brent crude, the international standard for pricing, gained $1.69 cents to $103.36 per barrel.
The U.S. dollar cost 135.35 Japanese yen, down from 136.55 yen. The euro rose to $1.0204 from $1.0197. | https://www.fox16.com/news/business/asian-shares-oil-prices-mostly-higher-after-fed-rate-hike/ | 2022-07-28T11:45:52Z | https://www.fox16.com/news/business/asian-shares-oil-prices-mostly-higher-after-fed-rate-hike/ | true |
CAESAREA, Israel, July 28, 2022 /PRNewswire/ -- Max Stock Limited (TASE: MAXO) (the "Company") today announced it will host a conference call (link) on August 16, 2022 at 8:30 a.m. Eastern Time / 3:30 p.m. IL to discuss its second quarter and first half fiscal 2022 results.
Ori Max, Founder & CEO, Talia Sessler, Chief Corporate Development and IR Officer and Nir Dagan, CFO, will host the call followed by Q&A.
The conference call will also be accessible at https://ir.maxstock.co.il/en/event-en/.
There will be a slide presentation that accompanies the call. The slides will be accessible at https://ir.maxstock.co.il/en/presentation-en/. Investors and analysts interested in participating in the call can also dial (929) 205 6099 and enter webinar ID 880 8309 0971 followed by the passcode 722665.
An archived webcast of the conference call will be available at https://ir.maxstock.co.il/en/presentation-en/.
About Max Stock
Max Stock is Israel's leading extreme value retailer, currently present in 55 locations throughout Israel. We offer a broad assortment of quality products for customers' everyday needs at affordable prices, helping customers "Dream Big, Pay Small". For more information, please visit https://ir.maxstock.co.il
Company Contacts:
Talia Sessler
Chief Corporate Development and IR Officer
talia@maxstock.co.il
Ifat Nir Katz,
General Counsel and Corporate Secretary
ifat@maxstock.co.il
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SOURCE Max Stock Limited | https://www.kalb.com/prnewswire/2022/07/28/max-stock-ltd-host-second-quarter-2022-earnings-conference-call-august-16-2022/ | 2022-07-28T11:46:06Z | https://www.kalb.com/prnewswire/2022/07/28/max-stock-ltd-host-second-quarter-2022-earnings-conference-call-august-16-2022/ | true |
WA Pendleton OR Zone Forecast for Wednesday, July 27, 2022
_____
912 FPUS56 KPDT 281059
ZFPPDT
Zone Forecast Product for Northeast Oregon and South Central Washington
National Weather Service Pendleton OR
358 AM PDT Thu Jul 28 2022
WAZ026-282300-
Kittitas Valley-
Including the cities of Ellensburg and Thorp
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 104 to 109. Northwest wind 5 to
15 mph.
.TONIGHT...Mostly clear. Lows in the upper 60s to mid 70s.
Breezy. Northwest wind 10 to 20 mph. Gusts up to 30 mph in the
evening.
.FRIDAY...Very hot. Sunny. Highs 104 to 109. West wind 5 to
10 mph.
.FRIDAY NIGHT...Clear. Lows in the mid 60s to lower 70s.
Northwest wind 5 to 15 mph with gusts to around 25 mph.
.SATURDAY...Very hot. Sunny. Highs 102 to 107. Northwest wind
5 to 10 mph with gusts to around 20 mph.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Mostly clear. Lows in the
mid 60s to lower 70s. Highs 98 to 106.
.MONDAY AND MONDAY NIGHT...Breezy. Mostly clear. Highs in the
upper 80s to lower 90s. Lows in the lower 60s to lower 70s.
.TUESDAY THROUGH WEDNESDAY...Breezy. Mostly clear. Highs in the
80s. Lows in the mid 50s to mid 60s.
$$
WAZ027-282300-
Yakima Valley-
Including the cities of Naches, Sunnyside, Toppenish, and Yakima
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 107 to 110. Northwest wind 5 to
10 mph. Gusts up to 20 mph in the afternoon.
.TONIGHT...Mostly clear. Lows in the upper 60s to lower 70s.
Northwest wind 5 to 10 mph with gusts to around 20 mph.
.FRIDAY...Very hot. Sunny. Highs 106 to 109. Northwest wind 5 to
10 mph shifting to the southeast in the afternoon.
.FRIDAY NIGHT...Clear. Lows in the upper 60s to lower 70s.
Northwest wind 5 to 10 mph with gusts to around 20 mph.
.SATURDAY...Very hot. Sunny. Highs 105 to 108. West wind 5 to
10 mph with gusts to around 20 mph.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Mostly clear. Lows in the
mid 60s to lower 70s. Highs 102 to 108.
.MONDAY AND MONDAY NIGHT...Mostly clear. Highs in the lower to
mid 90s. Lows in the lower 60s to lower 70s.
.TUESDAY THROUGH WEDNESDAY...Mostly clear. Highs in the mid to
upper 80s. Lows in the mid 50s to mid 60s.
$$
WAZ028-282300-
Lower Columbia Basin of Washington-
Including the cities of Connell, Prosser, and Tri-Cities
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 107 to 110. West wind 5 to
10 mph.
.TONIGHT...Mostly clear. Lows in the upper 60s to lower 70s. West
wind 5 to 10 mph.
.FRIDAY...Very hot. Sunny. Highs 107 to 109. Southwest wind 5 to
10 mph.
.FRIDAY NIGHT...Clear. Lows in the mid 60s to lower 70s. West
wind 5 to 10 mph.
.SATURDAY...Very hot. Sunny. Highs 106 to 109. Southwest wind
5 to 10 mph with gusts to around 20 mph.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Mostly clear. Lows in the
upper 60s to lower 70s. Highs 103 to 109.
.MONDAY AND MONDAY NIGHT...Mostly clear. Highs in the mid to
upper 90s. Lows in the lower 60s to lower 70s.
.TUESDAY THROUGH WEDNESDAY...Mostly clear. Highs in the mid 80s
to lower 90s. Lows in the upper 50s to mid 60s.
$$
WAZ029-282300-
Foothills of the Blue Mountains of Washington-
Including the cities of Dayton, Waitsburg, and Walla Walla
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 104 to 107. Southwest wind 5 to
10 mph.
.TONIGHT...Mostly clear. Lows in the upper 60s to lower 70s.
South wind 5 to 10 mph.
.FRIDAY...Very hot. Sunny. Highs 105 to 108. Southwest wind 5 to
10 mph.
.FRIDAY NIGHT...Clear. Lows in the upper 60s to lower 70s. South
wind 5 to 10 mph.
.SATURDAY...Very hot. Sunny. Highs 104 to 108. Southwest wind
5 to 15 mph.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Mostly clear. Lows in the
upper 60s to lower 70s. Highs 102 to 108.
.MONDAY AND MONDAY NIGHT...Mostly clear. Highs in the lower to
mid 90s. Lows in the lower 60s to lower 70s.
.TUESDAY THROUGH WEDNESDAY...Breezy. Mostly clear. Highs in the
80s. Lows in the upper 50s to mid 60s.
$$
WAZ030-282300-
Northwest Blue Mountains-
Including the city of Ski Bluewood Resort
358 AM PDT Thu Jul 28 2022
...HEAT ADVISORY IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Hot, sunny. Highs in the mid to upper 80s, except in the
90s valleys.
.TONIGHT...Mostly clear. Lows in the 60s.
.FRIDAY...Hot, sunny. Highs in the upper 80s to upper 90s.
.FRIDAY NIGHT...Clear. Lows in the 60s.
.SATURDAY...Hot, sunny. Highs in the 90s.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Partly cloudy. Lows in the
mid 60s to lower 70s. Highs in the upper 80s to mid 90s.
.MONDAY AND MONDAY NIGHT...Partly cloudy. Highs in the mid 70s to
lower 80s, except in the 80s valleys. Lows in the upper 50s to
upper 60s.
.TUESDAY...Sunny. Highs in the 70s.
.TUESDAY NIGHT...Partly cloudy with a 20 percent chance of
showers and thunderstorms. Lows in the 50s.
.WEDNESDAY...Sunny with a 20 percent chance of thunderstorms.
Highs in the upper 60s to upper 70s.
$$
WAZ520-282300-
East Slopes of the Washington Cascades-
Including the cities of Appleton, Cle Elum, and Cliffdell
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 90 to 100, except 99 to
104 valleys. Gusts up to 20 mph in the afternoon.
.TONIGHT...Mostly clear. Lows in the 60s. Northwest wind 5 to
15 mph in the evening, becoming light.
.FRIDAY...Very hot. Sunny. Highs 90 to 100, except 99 to
104 valleys.
.FRIDAY NIGHT...Clear. Lows in the upper 50s to mid 60s.
.SATURDAY...Very hot. Sunny. Highs 90 to 100, except 99 to
104 valleys.
.SATURDAY NIGHT THROUGH SUNDAY NIGHT...Mostly clear. Lows in the
upper 50s to upper 60s. Highs in the mid 80s to mid 90s.
.MONDAY AND MONDAY NIGHT...Partly cloudy. Highs in the lower 70s
to lower 80s, except in the upper 70s to upper 80s valleys. Lows
in the mid 50s to mid 60s.
.TUESDAY THROUGH WEDNESDAY...Mostly clear. Highs in the mid 60s
to mid 70s, except in the lower 70s to lower 80s valleys. Lows in
the upper 40s to upper 50s.
$$
WAZ521-282300-
Simcoe Highlands-
Including the cities of Goldendale and Bickleton
358 AM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING IN EFFECT UNTIL 11 PM PDT SATURDAY...
...Record High Temperatures from today through Saturday night...
.TODAY...Very hot. Sunny. Highs 101 to 107.
.TONIGHT...Mostly clear. Lows in the mid 60s to lower 70s. Gusts
up to 20 mph in the evening.
.FRIDAY...Very hot. Sunny. Highs 101 to 106. Gusts up to 20 mph
in the afternoon.
.FRIDAY NIGHT...Clear. Lows in the mid 60s to lower 70s. West
wind 5 to 15 mph with gusts to around 25 mph.
.SATURDAY...Very hot. Sunny. Highs 101 to 106.
.SATURDAY NIGHT AND SUNDAY...Mostly clear. Lows in the mid 60s to
lower 70s. Highs 96 to 106.
.SUNDAY NIGHT AND MONDAY...Mostly clear. Lows in the 60s. Highs
in the upper 80s to upper 90s.
.MONDAY NIGHT AND TUESDAY...Mostly clear. Lows in the mid 50s to
lower 60s. Highs in the upper 70s to upper 80s.
.TUESDAY NIGHT AND WEDNESDAY...Mostly clear. Lows in the upper
40s to upper 50s. Highs in the mid 70s to mid 80s.
$$
_____
Copyright 2022 AccuWeather | https://www.seattlepi.com/weather/article/WA-Pendleton-OR-Zone-Forecast-17334503.php | 2022-07-28T11:46:33Z | https://www.seattlepi.com/weather/article/WA-Pendleton-OR-Zone-Forecast-17334503.php | true |
EXPERIENCED FRANCHISING INVESTOR PARTNERS WITH SEASONED FITNESS PROFESSIONALS TO SCALE FRANCHISEE PLATFORM
NEW YORK, July 28, 2022 /PRNewswire/ -- Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, today announced its acquisition of Bandon Holdings, the largest franchisee in the Anytime Fitness family. Terms of the deal were not disclosed.
Based in Austin, Texas, Bandon operates 213 Anytime Fitness clubs and has more than 140,000 members. Bandon's strategy has traditionally focused on owning and operating clubs in small suburban and rural markets with limited fitness club options. Bandon's clubs are well maintained and feature high-quality equipment and personal training services, offering a friendly, convenient fitness solution to local communities in 24 states.
Anytime Fitness, founded in 2002 and headquartered in Woodbury, Minnesota, is the largest fitness company in the United States and the fastest growing gym franchise in the world, with more than 5,200 clubs in nearly 40 countries and territories. Anytime offers affordable fitness options that emphasize a complete gym product offering and unparalleled convenience for members, including 24-hour access. For franchisees, Anytime's small-box format with low buildout costs promotes attractive unit economics and return on investment.
"We look forward to the opportunity to partner with the Bandon team as they continue to expand through new development and a proven acquisition strategy," said Marc Buan, principal at Sentinel. "Bandon's talented management has developed an impressive growth model over the past decade and its robust acquisition pipeline is highly actionable."
"We are excited to partner with Sentinel as Bandon continues to expand our footprint in the Anytime system," said Jeff Kiecke, co-founder and co-CEO of Bandon. "We believe Sentinel's expertise in helping companies in the franchising industry accelerate growth will enable us to execute on the many available growth opportunities and realize our long-term strategic business goals."
Sentinel is one of the most experienced private equity investors in the U.S. franchising space, capable of investing in both franchisees and franchisors. In its 27 years, Sentinel has invested in 14 franchisors and 3 franchisees across a wide range of industries, including restaurants, healthcare, and consumer retail. Recent franchising investments include American West Restaurant Group, a franchisee of Pizza Huts; Vital Care, a franchisor of infusion therapy clinics; and The Recreational Group, the franchisor of Purchase Green artificial grass and lawn retail stores.
About Sentinel Capital Partners
Sentinel specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $80 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions. For more information about Sentinel, visit www.sentinelpartners.com.
About Bandon Holdings
Bandon Holdings is the largest franchisee in the Anytime Fitness system. Headquartered in Austin, Texas, Bandon operates 213 Anytime Fitness clubs across 24 states. To learn more, please visit www.anytimefitness.com.
About Anytime Fitness
Anytime Fitness ® is the fastest-growing gym franchise in the world, serving more than 4.2 million members at more than 5,000 gyms in nearly 40 countries on all seven continents. Open 24 hours a day, 365 days a year, Anytime Fitness offers a "Real AF" experience for members – personalized fitness and nutrition coaching available anywhere they need it. All franchised gyms are individually owned and operated and features the "Anywhere Access" policy which allows members access to any Anytime Fitness gym worldwide. For more information on franchise opportunities, visit www.anytimefitness.com/franchise/.
Contact: Roland Tomforde
Broadgate Consultants
212-232-2222
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SOURCE Sentinel Capital Partners | https://www.cleveland19.com/prnewswire/2022/07/28/sentinel-capital-partners-acquires-bandon-holdings/ | 2022-07-28T11:47:03Z | https://www.cleveland19.com/prnewswire/2022/07/28/sentinel-capital-partners-acquires-bandon-holdings/ | false |
JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation’s fifth largest airline if approved by U.S. regulators.
The agreement Thursday comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.
“This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth.” JetBlue CEO Robin Hayes said in a statement.
The combined airline, which will be based in New York and led by Hayes, would have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes.
JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There’s also a ticking fee of 10 cents per month starting in January 2023 through closing.
If the transaction is completed before December 2023, the deal will be for $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction closes at the outside date in July 2024.
If the deal doesn’t close due to antitrust reasons, JetBlue will pay Spirit a reverse break-up fee of $70 million and stockholders of Spirit a reverse break-up fee of $400 million less any amounts paid to stockholders of Spirit prior to termination.
JetBlue anticipates $600-700 million in annual savings once the transaction is complete. Annual revenue for the combined company is anticipated to be about $11.9 billion, based on 2019 revenues.
The deal still needs the required regulatory approvals and approval from Spirit’s stockholders. The companies expect to conclude the regulatory process and close the transaction no later than the first half of 2024.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://www.mynews13.com/fl/orlando/ap-top-news/2022/07/28/jetblue-buys-spirit-for-38-billion | 2022-07-28T11:47:19Z | https://www.mynews13.com/fl/orlando/ap-top-news/2022/07/28/jetblue-buys-spirit-for-38-billion | false |
JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation’s fifth largest airline if approved by U.S. regulators.
The agreement Thursday comes a day after Spirit’s attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.
“This combination is an exciting opportunity to diversify and expand our network, add jobs and new possibilities for crewmembers, and expand our platform for profitable growth.” JetBlue CEO Robin Hayes said in a statement.
The combined airline, which will be based in New York and led by Hayes, would have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes.
JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There’s also a ticking fee of 10 cents per month starting in January 2023 through closing.
If the transaction is completed before December 2023, the deal will be for $33.50 per share, increasing over time to up to $34.15 per share, in the event the transaction closes at the outside date in July 2024.
If the deal doesn’t close due to antitrust reasons, JetBlue will pay Spirit a reverse break-up fee of $70 million and stockholders of Spirit a reverse break-up fee of $400 million less any amounts paid to stockholders of Spirit prior to termination.
JetBlue anticipates $600-700 million in annual savings once the transaction is complete. Annual revenue for the combined company is anticipated to be about $11.9 billion, based on 2019 revenues.
The deal still needs the required regulatory approvals and approval from Spirit’s stockholders. The companies expect to conclude the regulatory process and close the transaction no later than the first half of 2024. | https://www.wfla.com/news/national/jetblue-to-buy-spirit-in-3-8-billion-deal/ | 2022-07-28T11:47:23Z | https://www.wfla.com/news/national/jetblue-to-buy-spirit-in-3-8-billion-deal/ | false |
LONDON (AP) — Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia's war in Ukraine.
London-based Shell said it's second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.
The latest earnings smash its record set in the previous quarter, when the company recorded $9.1 billion in adjusted earnings.
Shell also said it would buy back another $6 billion in shares, underlining its healthy cash position.
Russia's invasion of Ukraine has sent oil and natural gas prices soaring as nations spurned Russian energy and supply reductions wreaked havoc in markets. The price increases are driving global inflation, while boosting profits at energy companies.
“It was a turbulent quarter for the world and the global economy,” CEO Ben van Beurden said in a statement. “The war in Ukraine continued, destroying lives and disrupting supplies of food and energy, and aggravating the lives of so many more through high energy prices and the cost-of-living crisis.”
The British government in May announced plans for a temporary 25% tax on the windfall profits of oil and gas companies to help fund payments for people facing soaring energy bills. But its future is unclear after Prime Minister Boris Johnson resigned this month and a fight emerged over who will succeed him.
Natural gas prices in Europe jumped this week and were more than five times higher than a year ago as Russia further cut gas flows to Germany and European Union governments moved to reduce natural gas consumption this winter.
The average price for Brent crude oil, the global benchmark, hit $114 a barrel in the second quarter, up from $102.23 in the previous quarter.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://www.mynews13.com/fl/orlando/ap-top-news/2022/07/28/shell-posts-record-earnings-again-as-energy-prices-soar | 2022-07-28T11:47:25Z | https://www.mynews13.com/fl/orlando/ap-top-news/2022/07/28/shell-posts-record-earnings-again-as-energy-prices-soar | true |
Sometime in the next decade, Donald Trump will almost certainly cease to be a major force in public life. There are many ways that could happen, some better and some worse.
Now an exercise: What’s the best outcome? Trump seeking the nomination, or staying quietly in exile at Mar-a-Lago? If he runs, is it better for him to win the nomination, or lose it?
I think this is an easy question: Trump was a uniquely terrible president, and the further he stays from power, the better off we will be.
Unfortunately, that view is far from universal. Many Republicans, of course, want him to win because they think he is the best candidate. But even some who profess to loathe Trump want him to be the Republican nominee. Some Democrats opine that DeSantis might be even worse than Trump; if the governor continues to gain traction, expect to read that take again, many times over. Even among some Never Trumpers on the right, it is an open question whether to root for DeSantis or Trump in the coming showdown.
I think all three groups are gravely mistaken. The nominal argument for Democrats to prefer Trump is that politicians such as DeSantis are just as destructive, but more competent, and therefore more dangerous. More competent, I grant you (even though I don’t much like that flavor of politics). But plausible non-Trump contenders are still basically normal politicians who are unlikely to ape Trump’s most dangerous, antidemocratic stunts — if only because they’re not reckless or stupid enough to risk indictment.
So I suspect a bit of motivated reasoning here. Democrats think Trump, and Trumpy types, are easier to beat — they’re currently spending millions to boost the Trumpiest candidates in Republican primaries, willing to risk empowering Trump to lengthen the overall odds that Democrats win. But even if you’re morally okay with risking the country that way, it’s a bad bet; both prediction markets and polls currently give Trump excellent odds of winning the next election.
Never Trump conservatives who think DeSantis might be worse are making a related bet: that should Trump lose, Republicans might finally wake up to the mistake they made in supporting him. As a dyed-in-the-wool Never Trumper myself, I certainly understand the temptations of that hope. But I also think it’s folly to long for some movie moment where Trump’s supporters finally repudiate him.
That would require a majority of Republicans to decide they were wrong to ever vote for the guy, and that’s just never going to happen. The fight has been too bitter and too personal. Trump voters will not provide the satisfaction of an about-face to the folks who spent six years calling them revanchist bigots.
If you want to keep Trump as far from power as possible — and you should — then you must appeal to Republican primary voters who still think they pulled the lever for the right guy in 2016. You can’t sway them by explaining, once again, that Trump’s an incompetent narcissist who lied to his followers rather than admit he lost the 2020 election. Neither can you entice them by openly rooting for their nominee to lose so you can rub it in their face.
No, if you want their help keeping Trump out of politics, you need to point out a better way they might win.
So, Republicans: As I noted above, I think you’re mistaken about Trump. But I don’t need you to agree that I was right and you were wrong about him six years ago. I’m not demanding that you capitulate to my idea of what the Republican Party should be. I just want to convince you that right now, DeSantis — or virtually anyone else — will give you more of what you want.
Polls suggest DeSantis has a good shot at winning a general election. Experience suggests that in office, he is more likely to govern competently and to focus on meaningful legislation and structural reform, rather than obsessively relitigating the 2020 election. He will be more strategic about helping to elect lots of other Republicans who can help him pass that legislation. He will be less prone to the scandals and the verbal incontinence that alienated middle-of-the-road voters. Plus, while Trump is constitutionally limited to only one more term, DeSantis could serve a full two — and at 43, he will be less likely to die in office, leaving his work unfinished.
All this is, of course, why there some sincerely hoping you’ll nominate Trump instead. So do us all a favor, and disappoint them. | https://www.washingtonpost.com/opinions/2022/07/28/trump-nomination-is-in-no-ones-interest-democrats-included/ | 2022-07-28T11:49:03Z | https://www.washingtonpost.com/opinions/2022/07/28/trump-nomination-is-in-no-ones-interest-democrats-included/ | false |
CHICAGO, July 28, 2022 /PRNewswire/ -- Modern learning can be transformed through the value of microlearning. Brevity is the key feature with microlearning, allowing learners to engage and retain information in a more positive way. Research has shown most learners prefer education when content is delivered in short bursts, with repetition to aid retention. Microlearning has also proven to increase focus and encourage long-term retention by 80%.
58% of learners say they would spend more time learning if the content were presented in shorter, bite sized chunks.
Microlearning presentation at ACCSES conference in Washington, D.C., July 19, 2022
65% of learners are overwhelmed by the amount of information presented in a traditional training course.
Additionally, with close to 80% of learners with IDD being underserved, microlearning can fill those gaps when support staff, family, and instructors are unavailable. Given individuals desire and demand to lead more independent lives, microlearning can simply be that "coach in your pocket" when support is needed.
Amy Fox, Co-Founder and CEO of LearningQ, spoke on the topic of Microlearning at the ACCSES conference in Washington, D.C., July 19, 2022, specific to the audience for Intellectually and Developmentally Disabled (IDD) learners.
Fox adds, "It's time for all of us delivering education to stretch more creatively in our thinking. We have so much expertise to translate in a variety of new ways, and so many individuals desiring to learn more."
Microlearning has historically and successfully been used in the corporate setting for upskilling and onboarding employees.
Fox believes it has other unique options for new audiences. "If we reflect on what Covid has unveiled for many individuals, it is a better understanding of the need to deliver learning in new and creative ways. Microlearning addresses that pain point with its brevity and anytime, anyplace ability."
About LearningQ:
LearningQ is based in Chicago, IL and launched in January of 2022. They help people build and retain life skills by making training more engaging, accessible, and relevant. LearningQ is an online learning platform for a variety of audiences within workforce readiness, health and wellness, and independent living.
Contact: Charlie Egan, me@learningq.org, 847-264-4654
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SOURCE LearningQ | https://www.kalb.com/prnewswire/2022/07/28/understanding-power-microlearning-its-appeal-learners/ | 2022-07-28T11:49:17Z | https://www.kalb.com/prnewswire/2022/07/28/understanding-power-microlearning-its-appeal-learners/ | false |
TORONTO, July 28, 2022 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF), will release its financial results for the three- and six-month periods ended June 30, 2022, on Thursday, August 11, 2022. Bret Kidd, President and CEO, and John Karnes, CFO, will host a conference call and audio webcast at 10:00 a.m. ET the same day.
The live audio webcast will be available at:
https://app.webinar.net/38vZ7ERG16j
- To access the call from Canada and U.S., dial 1.888.220.8474 (Toll Free)
- To access the call from other locations, dial 1.647.484.0475 (International)
Webcast replay will be available for 365 days at:
https://app.webinar.net/38vZ7ERG16j
Telephone replay will be available from 1:00 p.m. ET on August 11, 2022, until 11:59 p.m. ET on August 18, 2022, at: 1.888.203.1112 (Toll Free North America) or 1.647.436.0148.
Conference ID: 7443681 and Replay Passcode: 7443681
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics, Inc. (IRD) platforms, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, visit www.quarterhill.com
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SOURCE Quarterhill Inc. | https://www.wymt.com/prnewswire/2022/07/28/quarterhill-announce-q2-fiscal-2022-financial-results/ | 2022-07-28T11:51:13Z | https://www.wymt.com/prnewswire/2022/07/28/quarterhill-announce-q2-fiscal-2022-financial-results/ | false |
A new Black & Veatch Bankability Report enhances the competitiveness of the patented Mechatron Solar M18KD dual-axis tracker for commercial and utility-scale projects. This report follows Mechatron's June certification to the UL 3703 Tracker standard.
STOCKTON, Calif., July 28, 2022 /PRNewswire/ -- Mechatron Solar has just completed a Bankability Report by Black & Veatch, providing risk analysis of the patented 90-panel M18KD dual-axis solar tracker, the largest and most powerful in the industry. The report also covers the company's expanded manufacturing facility in Stockton, which has an annual production capacity of 200 MW.
"Black & Veatch is of the opinion that the gearless design of the M18KD Tracker is unique compared to other tracker systems in the industry," the analysts state. The unusually high-yield M18KD tracker – generating 40% more energy than ground-mount frameworks and 20% more than single-axis trackers -- has the highest energy density of all solar designs. With a single mast, the tracker also has the smallest ground footprint in the solar market, ideal for carports and other constrained sites.
"The M18KD Tracker features a centralized hydraulic drive system which allows the Tracker to be installed on sites with uneven terrain," the analysts noted. "Black & Veatch believes that the height of the foundation makes the tracker the ideal solution for agricultural and carport applications," they said.
For greater energy boost, "The tall foundation may also enhance the power output of Trackers using bifacial modules," the analysts noted. In terms of safety design, "Black & Veatch observed that the gearless braking mechanism provides automatic protection capabilities and is patented by Mechatron," the analysts said.
Mechatron's next-generation gearless ball-bearing tracker design has demonstrated unparalleled operational stability and resilience, operating continuously across widely varied site conditions. The warrantied 99.6% uptime demonstrated by the M18KD is the highest availability of any system in the solar tracking industry. The tracker also presents the lowest maintenance cost over the duration of the project lifespan. As a result, the Return on Investment term for a Mechatron tracker is typically less than four years.
Among certifications, "Mechatron has achieved UL 3703 - Standard for Solar Trackers certification for the M18KD Tracker System. Black & Veatch reviewed the UL 3703 test report issued by SolarPTL on June 20, 2022," the analysts noted.
For further information, contact:
Charles Thurston
Director of Marketing
Mechatron Solar
Stockton, CA, 95205
cthurston@mechatron-solar.com
1-707-799-9766
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SOURCE Mechatron Solar | https://www.kwch.com/prnewswire/2022/07/28/mechatron-solar-completes-bampv-bankability-report/ | 2022-07-28T11:51:39Z | https://www.kwch.com/prnewswire/2022/07/28/mechatron-solar-completes-bampv-bankability-report/ | true |
Russia steps up strikes on Ukraine amid counterattacks
KYIV, Ukraine (AP) - Russian forces on Thursday launched massive missile strikes on Ukraine’s Kyiv and Chernihiv regions, areas that haven’t been targeted in weeks, while Ukrainian officials announced an operation to liberate an occupied region in the country’s south.
Kyiv regional governor Oleksiy Kuleba said on Telegram that a settlement in the Vyshgorod district of the region was targeted early on Thursday morning; an “infrastructure object” was hit. It wasn’t immediately clear if there were any casualties.
Vyshhgorod is located 20 kilometers (about 12 miles) north of downtown Kyiv. Kuleba linked the strikes with the Day of Statehood, which Ukraine was marking for the first time on Thursday.
“Russia, with the help of missiles, is mounting revenge for the widespread popular resistance, which the Ukrainians were able to organize precisely because of their statehood,” Kuleba told Ukrainian television. “Ukraine has already broken Russia’s plans and will continue to defend itself.”
Chernihiv governor Vyacheslav Chaus reported that multiple missiles were fired from the territory of Belarus at the village of Honcharivska.
Russian troops withdrew from the Kyiv and Chernihiv regions months ago after failing to capture either. The renewed strikes on the areas come a day after the leader of pro-Kremlin separatists in the east, Denis Pushilin, publicly called on the Russian forces to “liberate Russian cities founded by the Russian people — Kyiv, Chernihiv, Poltava, Odesa, Dnipropetrovsk, Kharkiv, Zaporizhzhia, Lutsk.”
Kharkiv, Ukraine’s second largest city, also came under a barrage of shelling overnight, its mayor Ihor Terekhov said. The southern city of Mykolaiv was fired at as well, with one person sustaining injuries.
Meanwhile, the Ukrainian military continued to counterattack in the occupied southern region of Kherson, striking a key bridge over the Dnieper River on Wednesday.
Ukrainian media on Thursday quoted Ukraine’s presidential adviser, Oleksiy Arestovich, as saying that the operation to liberate Kherson “has already begun.” Arestovich said Kyiv’s forces were planning to isolate Russian troops there and leave them with three options — to “retreat, if possible, surrender or be destroyed.”
Oleksiy Danilov, the secretary of Ukraine’s National Security and Defense Council, in televised remarks on Wednesday said he was “cautious” in assessing the timeline of the possible counteroffensive. “I would really like it to be much faster,” he said, adding that “the enemy is now concentrating the maximum number (of forces) precisely in the Kherson direction.”
“A very large-scale movement of their troops has begun, they are gathering additional forces,” Danilov warned.
The British military estimated Thursday that Ukraine’s counteroffensive in Kherson is “gathering momentum”.
“Their forces have highly likely established a bridgehead south of the Ingulets River, which forms the northern boundary of Russian-occupied Kherson,” the British Defense Ministry said on Thursday.
It added that Ukraine has used its new long-range artillery to damage at least three of the bridges across the Dnieper River, “which Russia relies upon to supply the areas under its control.” The 1,000-meter-long Antonivsky bridge, which Ukrainian forces struck on Wednesday, is likely to be “unusable,” the British Defense Ministry concluded.
Ukraine’s presidential office said Thursday morning that Russian shelling of cities and villages over the past 24 hours killed at least five civilians, all of them in the eastern Donetsk region, and wounded nine more.
Fighting in recent weeks has focused on the Donetsk region. It has intensified in recent days as Russian forces appeared to emerge from a reported “operational pause” after capturing the neighboring Luhansk region.
A missile struck a residential building in Toretsk early Thursday morning, destroying two floors. “Missile terror again. We will not give up... We will not be intimidated,” Donetsk regional governor Pavlo Kyrylenko said on Telegram.
Analysts with the Institute for the Study of War believe that Russian forces are focusing their efforts on capturing the cities of Bakhmut and Siversk in Donetsk province.
“Russian forces have committed enough resources to conduct near-daily ground assaults and to seize territory on these two axes but have been unable to sustain a similar offensive operational tempo or to make similar territorial gains elsewhere in Ukraine,” the Institute said.
___
Follow the AP’s coverage of the Russia-Ukraine war at https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.1011now.com/2022/07/28/russia-steps-up-strikes-ukraine-amid-counterattacks/ | 2022-07-28T11:51:52Z | https://www.1011now.com/2022/07/28/russia-steps-up-strikes-ukraine-amid-counterattacks/ | false |
Actor Bernard Cribbins dies at 93
LONDON (AP) — Bernard Cribbins, a beloved British entertainer whose seven-decade career ranged from the bawdy “Carry On” comedies to children’s television and “Doctor Who,” has died. He was 93.
Agent Gavin Barker Associates announced Cribbins’ death on Thursday.
“Bernard’s contribution to British entertainment is without question,” it said. “He was unique, typifying the best of his generation, and will be greatly missed by all who had the pleasure of knowing and working with him.”
A warm, avuncular character actor, Cribbins was a childhood presence for several generations of Britons. He played station porter Albert Perks in the 1970 movie classic “The Railway Children” and voiced all the characters in “The Wombles,” a 1970s animated series about a family of burrowing creatures living under London’s Wimbledon Common.
Cribbins also was the voice of road-safety squirrel Tufty Fluffytail in a series of public information films, and held the record for the most appearances — more than 100 — on children’s storytelling TV series “Jackanory.”
Born into a poor family in Oldham, northwest England, in 1928, Cribbins left school in his early teens and got his start as a stage manager and bit player in regional repertory theater.
He moved on to West End productions before appearing in a dizzying range of British films, including 1960 comedy “Two-Way Stretch” alongside Peter Sellers; 1966 “Doctor Who” spinoff “Daleks’ Invasion Earth 2150 AD”; the 1967 James Bond spoof “Casino Royale”; and one of Alfred Hitchcock’s final thrillers, “Frenzy” in 1972.
He appeared in several movies in the “Carry On” series, was a memorable guest star on classic sitcom “Fawlty Towers” and had top 10 hits with comedy songs “Hole in the Ground” and “Right Said Fred.”
A younger generation knew Cribbins as Wilfred Mott, a companion to David Tennant’s titular Doctor, when “Doctor Who” was revived in the early 21st century. He appeared in another BBC children’s series, “Old Jack’s Boat,” between 2013 and 2015, and filmed scenes earlier this year for an upcoming “Doctor Who” 60th-anniversary special.
“Doctor Who” showrunner Russell T. Davies remembered Cribbins as “a wonderful actor.”
“I’m so lucky to have known him ‚” Davies said. “Thanks for everything, my old soldier. A legend has left the world.”
Cribbins’ wife of 66 years, Gill, died last year.
Copyright 2022 The Associated Press. All rights reserved. | https://www.dakotanewsnow.com/2022/07/28/actor-bernard-cribbins-dies-93/ | 2022-07-28T11:51:58Z | https://www.dakotanewsnow.com/2022/07/28/actor-bernard-cribbins-dies-93/ | true |
BATON ROUGE, La. (AP) _ H&E Equipment Services Inc. (HEES) on Thursday reported second-quarter earnings of $26.3 million.
On a per-share basis, the Baton Rouge, Louisiana-based company said it had profit of 72 cents. Earnings, adjusted to account for discontinued operations, were 76 cents per share.
The construction and industrial equipment service provider posted revenue of $294.7 million in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HEES at https://www.zacks.com/ap/HEES | https://www.expressnews.com/business/article/H-E-Equipment-Q2-Earnings-Snapshot-17334568.php | 2022-07-28T11:53:20Z | https://www.expressnews.com/business/article/H-E-Equipment-Q2-Earnings-Snapshot-17334568.php | true |
Plant Operates in Direct Support of Renewable Growth,
Provides Energy Security to Nearly 200,000 Texas Homes
HOUSTON, July 28, 2022 /PRNewswire/ -- WattBridge Energy, LLC announced that commercial operations have begun for its 288-MW Braes Bayou project, the company's third peaking-power installation in ERCOT to reach operational status in just 30 months. Located in Fort Bend County, the plant delivers energy security for the Texas grid, powers up to 200,000 homes, and operates in direct support of renewable growth.
The Braes Bayou facility delivers reliable power during peak-demand times, including severe heat waves and winter weather. Powered by six PROENERGY LM6000 gas-turbine packages, Braes Bayou is conceived as a reliable, affordable answer to grid intermittency. The platform specifically supports baseload renewable installations with fast-start, reduced-emissions power.
WattBridge—an independent power producer—now has 1,824 MW operational or under construction in the ERCOT zone with a further 2,176 MW in advanced development.
"We view the WattBridge platform as a global solution to a generational electric reliability problem," says WattBridge President, Mike Alvarado. "Our platform is repeatable in any power market in the world. It's a proven carbon-negative addition in the ERCOT power grid and a safe, fast, cost-effective pathway to progress the energy transition."
Each plant—delivered as a true turnkey peak-power solution from PROENERGY—is installed with the vision to support renewable energy and provide energy security, especially during periods of reduced operating reserves.
"PROENERGY was founded 20 years ago on the concept of doing the right thing, and we're uniquely suited to help our customers bridge the gap to a responsible, sustainable energy future," says Jeff Canon, PROENERGY CEO. "As the world reduces the greenhouse-gas footprint for power generation, we enhance grid reliability with cutting-edge design, world-class technology, and experience that's second to none."
Key parties in the Braes Bayou project are:
Facility Owner—WattBridge Energy
EPC, O&M, and Asset Management—PROENERGY
Financing—MUFG Union Bank, N.A. and CoBank ACB
Gas Transmission—Kinder Morgan Tejas Pipeline, LLC
Gas Supplier—Kinder Morgan Tejas Pipeline, LLC
Energy Manager—Tenaska Power Services Co.
Transmission Service Provider—CenterPoint Energy Houston Electric, LLC
WattBridge Energy is a Houston, Texas-based global independent power producer. Serving as a bridge between emissions-intensive power generation and a fully renewable future, WattBridge operates under the vision of enabling wind and solar-energy growth. With 1,824 MW operating or under construction in ERCOT and a further 2,176 MW in advanced development—all driven by reliable LM6000 engines—WattBridge is among the largest owners and operators of this technology in the world. For more on WattBridge, visit www.wattbridge.info.
Based in Sedalia, Missouri, PROENERGY is a global peak-power solutions provider with operational experience on every continent. The company offers vertically integrated aeroderivative power services, including engineering, construction, operations, repair, maintenance, research, and true, turnkey peak-power facilities that include the complete balance of plant. For more on PROENERGY, visit www.proenergyservices.com.
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SOURCE PROENERGY | https://www.wymt.com/prnewswire/2022/07/28/wattbridge-commissions-new-288-mw-peaking-power-facilityin-fort-bend-county-texas/ | 2022-07-28T11:53:23Z | https://www.wymt.com/prnewswire/2022/07/28/wattbridge-commissions-new-288-mw-peaking-power-facilityin-fort-bend-county-texas/ | true |
Mike Behind the Mic: Gas industry expert Patrick De Haan GasBuddy
BIRMINGHAM, Ala. (WBRC) - In this week’s episode of Mike Behind the Mic, gas industry expert Patrick De Haan of the GasBuddy app talks with Mike Dubberly about the reason for the recent decline in gas prices, how low will they go, and whether that trend continues to the end of the year or are there variables, he sees, that will actually lead to gas prices rising again before the New Year.
Hear new episodes of Mike Behind the Mic every week. Keep up with the show here.
You can also subscribe and download the show on some of your favorite podcast streaming apps.
Apple Podcasts | Stitcher Podcasts | Spotify | Google Play | TuneIn
If you have any questions or topics you’d like to hear discussed on the show, email us at mike.dubberly@wbrc.com. And, if you’re enjoying the show, be sure to rate/review the podcast on your favorite podcast streaming app.
Copyright 2022 WBRC. All rights reserved. | https://www.wbrc.com/2022/07/28/mike-behind-mic-gas-industry-expert-patrick-de-haan-gasbuddy/ | 2022-07-28T11:53:25Z | https://www.wbrc.com/2022/07/28/mike-behind-mic-gas-industry-expert-patrick-de-haan-gasbuddy/ | false |
A member of the famed undefeated 1972 Miami Dolphins and a Pro Football Hall of Fame center regarded as one of the best to have ever played the position, Jim Langer passed away on Thursday at the age of 71, the Dolphins announced.
Langer was a six-time Pro Bowler and four-time first-team All-Pro on his way to first-ballot Hall of Fame status in 1987.
"The entire Pro Football Hall of Fame mourns the passing of Jim Langer," Pro Football Hall of Fame president and CEO David Baker said in a statement. "He lived an incredible life. From a free agent to a Bronzed Bust, Jim's selfless sacrifice, perseverance and never giving up on his goal are important life lessons that can inspire us all. He was the ultimate teammate. His contributions to this game, especially how integral he was to the Miami Dolphins' sustained success throughout the 1970s, will live forever in Canton, Ohio where the Hall of Fame flag now flies at half-staff in his memory."
A two-time Super Bowl winner with Miami, Langer played 10 seasons with the Dolphins and his final two with the Vikings to conclude a decorated dozen-year career in the NFL that began in 1970 after playing his college ball at South Dakota State. The Jim Langer Award is now bestowed upon the best NCAA Division II lineman every year.
Undrafted out of college, Langer was originally signed by the Browns but was cut, an unceremonious beginning to a spectacular career that resulted in him becoming one of 17 undrafted free agents to be enshrined in Canton. At one point in his career he made 109 straight starts and played in 128 consecutive games. Langer amazingly also played every offensive down in the Dolphins' legendary 1972 campaign of perfection.
Following the win in Super Bowl VII, Langer helped the Dolphins win Super Bowl VIII, as well.
The centerpiece of a legendary Dolphins team that thrived throughout the 1970s, Langer earned a spot on the NFL 1970s All-Decade Team. He snapped to HOF quarterback Bob Griese and paved the way for bruising HOF fullback Larry Csonka along with other notable Fins rushers Mercury Morris and Jim Kiick. He was also a teammate of Hall of Fame linebacker Nick Buoniconti, who recently passed away on July 30.
Not surprisingly, Langer was enshrined in the Dolphins Honor Roll and was a charter inductee in the Dolphins Walk of Fame, according to to the team website. Among Langer's many accolades, perhaps the most impressive was that in 1975, Langer -- an offensive lineman -- was his team's most valuable player.
Langer, who lived in Ramsey, Minnesota, is survived by his wife, Linda, and four children. | https://www.nfl.com/news/hof-center-dolphins-great-jim-langer-dies-at-71-0ap3000001045790 | 2022-07-28T11:56:20Z | https://www.nfl.com/news/hof-center-dolphins-great-jim-langer-dies-at-71-0ap3000001045790 | false |
Delivers record net income for a third straight quarter
Achieves record coking coal realizations and gross coking coal margins
Announces a quarterly dividend of $118.7 million, or $6.00 per share
ST. LOUIS, July 28, 2022 /PRNewswire/ -- Arch Resources, Inc. (NYSE: ARCH) today reported net income of $407.6 million, or $19.30 per diluted share, in the second quarter of 2022, compared with net income of $27.9 million, or $1.66 per diluted share, in the prior-year period. Arch had adjusted earnings before interest, taxes, depreciation, depletion, amortization, accretion on asset retirement obligations (ARO), and non-operating expenses ("adjusted EBITDA") [1] of $460.0 million in the second quarter of 2022, which included a $1.9 million non-cash mark-to-market loss associated with its coal-hedging activities. This compares to $66.5 million of adjusted EBITDA in the second quarter of 2021, which included an $8.8 million non-cash mark-to-market loss associated with its coal-hedging activities. Revenues totaled $1,133.4 million for the three months ended June 30, 2022, versus $450.4 million in the prior-year quarter.
In the second quarter of 2022, Arch made significant progress on numerous strategic priorities and objectives:
- Delivered record net income for the third straight quarter
- Achieved record coking coal realizations and gross coking coal margins
- Reduced total indebtedness by $135.8 million, or 42.1 percent, resulting in a net positive cash position of $94.9 million
- Reached the targeted funding level of $130.0 million – inclusive of a July payment of $30 million – for its recently established thermal mine reclamation fund
- Deployed $280.7 million for dividends and convertible securities settlements under its recently relaunched capital return program, and
- Declared a third quarter cash dividend of $118.7 million, or $6.00 per share, even with a $137.8 million build in the company's receivables balance associated with a substantial increase in high-priced seaborne shipments in the quarter's second half
"During the second quarter, the Arch team delivered another strong financial performance – with record net income, record coking coal realizations and record coking coal margins – despite continuing rail service challenges and isolated geologic issues in our core metallurgical segment," said Paul A. Lang, Arch's CEO and president. "In addition, Arch deployed a total of $280.7 million under its recently relaunched capital return program; further fortified the balance sheet via the repayment of $135.8 million of indebtedness; and contributed $90 million to the thermal mine reclamation fund – inclusive of a July payment – that increased total funding to $130.0 million, or 100 percent of the target level. In short, we are delivering on our clear, consistent and actionable plan for value creation by continuing to strengthen our financial position and reward our stockholders."
"Based on the continuing strength in Arch's operating performance and in keeping with the company's recently adopted capital return formula, the board has declared a total quarterly dividend of $118.7 million, or $6.00 per share, which is equivalent to 50 percent of Arch's second quarter discretionary cash flow," Lang added. "We view this substantial dividend, in conjunction with the $8.11 per share dividend paid in the second quarter, as a clear indication of the board's ongoing confidence in the company's future outlook, and as compelling evidence of Arch's significant and expanding cash-generating capabilities."
Capital Allocation Model
In February 2022, Arch announced a new capital allocation model that includes the return to stockholders of 50 percent of the prior quarter's discretionary cash flow – defined as cash flow from operating activities minus capital expenditures and contributions to the thermal mine reclamation fund – via a variable quarterly cash dividend in conjunction with a fixed quarterly cash dividend. The company plans to retain the remaining discretionary cash flow from the prior quarter for use in share buybacks, the repurchase of potentially dilutive securities, special dividends, and/or capital preservation.
Arch generated $268.2 million in cash flow from operating activities in the second quarter, despite a $137.8 million build in the company's receivables balance associated with a substantial increase in high-priced seaborne shipments in the quarter's second half. The second quarter dividend payment of $6.00 per share – which includes a fixed component of $0.25 per share and a variable component of $5.75 per share – is payable on September 15, 2022 to stockholders of record on August 31, 2022.
While the board is still evaluating the optimal use of the discretionary cash flow remaining after the announced cash dividend payment, it views share buybacks as an effective means of returning capital to stockholders and views Arch stock as an attractive investment option.
The Arch board recently increased the company's authorization under its share repurchase program to $500.0 million.
Financial and Liquidity Update
Arch ended the second quarter with cash and cash equivalents of $281.9 million and total liquidity of $349.7 million. As indicated, Arch repaid $135.8 million of its outstanding indebtedness during the second quarter, reducing its total debt outstanding to just $187.0 million and resulting in a net positive cash position of $94.9 million at quarter-end.
"We are pleased to deliver on our commitment to returning our discretionary cash flow to stockholders, even as we take steps to further fortify our balance sheet, fully fund our thermal mine reclamation fund, and simplify our capital structure via the settlement of a significant percentage of our convertible notes," said Matthew C. Giljum, Arch's chief financial officer. "Through these carefully structured efforts, we believe we are driving significant value for our stockholders while at the same time reducing the overall risk profile of the company and ensuring we have the financial flexibility to manage through future market downturns."
Since the beginning of 2022, Arch has deployed approximately $403.2 million under its capital return program (inclusive of the just-announced third quarter dividend); reduced its total debt by an aggregate of $417.5 million, or approximately 70%; and used a total of $110.0 million to complete the cash pre-funding of its thermal mine reclamation fund.
Operational Update
"The Arch team generated strong margins in both our core metallurgical and legacy thermal segments during the second quarter despite ongoing rail service disruptions, mounting inflationary pressures, and isolated geologic issues in our coking coal portfolio," said John T. Drexler, Arch's chief operating officer. "Even with localized, tougher-than-expected cutting conditions in the second panel at Leer South, the metallurgical segment continued to build coking coal inventories during the quarter. With 1.1 million tons of high-value coking coal in our mine and port stockpiles at quarter-end and the expectation of much-improved geologic conditions at Leer South beginning in late August, we fully expect to capitalize on still-strong market conditions as rail service recovers."
Despite higher-than-anticipated unit costs related to localized geologic issues, higher sales-sensitive costs associated with a higher average selling price, and inflationary pressures on materials and supplies, the metallurgical segment generated record margins during the second quarter. Arch expects coking coal shipments to increase modestly in the third quarter when compared to second quarter levels, reflecting gradually improving but still hampered rail and logistical service levels, but has adjusted down full-year volume guidance to reflect ongoing challenges.
Despite a sequential stepdown in shipments during the second quarter, which is typically the weakest shipping period of the year in the Powder River Basin, as well as modest margin erosion, Arch's legacy thermal segment again generated robust amounts of cash.
Strategic Plan for Legacy Thermal Assets
During the second quarter, Arch continued to deliver on its dual objectives of driving forward with an accelerated reclamation plan at its legacy thermal operations, while simultaneously harvesting cash from these assets. During the quarter, the legacy thermal segment delivered $93.3 million in segment-level adjusted EBITDA while expending just $4.6 million in capital. Over the past 23 quarters, Arch's thermal operations have contributed just under $1.1 billion in segment-level adjusted EBITDA, while expending just $118.6 million in capital.
Since the beginning of 2021, Arch has reduced the asset retirement obligation at its Powder River Basin operations by more than 20 percent to $151.2 million at June 30, 2022. As previously discussed, Arch has also created a thermal mine reclamation fund that it is using to pre-fund and defease the long-term mine closure and reclamation obligations of its Powder River Basin operations. Inclusive of a $60 million contribution to this fund in the second quarter and an incremental $30 million contribution earlier this month, the company has now reached its targeted funding level of $130 million, matching the asset retirement obligation at the Black Thunder mine. Arch expects future contributions to this fund to total $3 million to $5 million per quarter – consistent with projected future accretion related to its asset retirement obligation at Black Thunder – potentially offset by creditable reclamation work completed during any given period.
"Since establishing our thermal mine reclamation fund in the fourth quarter of 2021, we have moved quickly to build the fund's balance to the targeted level of $130 million," Giljum said. "In doing so, we have set the stage for strong, continued cash generation from these assets even as we move forward with winding them down over an extended timeframe in a careful and responsible manner."
Market Update
While global metallurgical coal markets have softened considerably in recent weeks, coking coal prices remain at exceptionally strong levels in historic terms. Arch's primary product, High-Vol A coking coal, is currently being assessed at $249 per metric ton on the U.S. East Coast. The principal driver behind the recent erosion in coking coal market dynamics, Arch believes, is slowing economic growth across most of the world, which is having the predictable knock-on effect on global steel markets. For the first six months of 2022, global hot metal production is down approximately 5.5 percent.
However, Arch sees other market dynamics that are acting to support global coking coal markets at present. The first of these is still-weak coking coal production and shipping levels globally. Coking coal exports out of Australia – traditionally the source of more than 50 percent of seaborne coking coal supply – continue to undershoot already weak 2021 levels, with export volumes down approximately 5 million tons, or roughly 7 percent, year-to-date. Additionally, the war in Ukraine threatens to trim Russian coking coal export levels, particularly once the EU's ban on Russian coal imports take effect in a few weeks' time. Elsewhere, U.S. and Canadian export levels are up only modestly year-to-date, despite exceptionally strong pricing levels through the year's first half.
Another potential support mechanism for the global coking coal market is a still strong international thermal market. The price for thermal coal in Australia is currently around $415 per metric ton, and the thermal price in northern Europe stands at approximately $390 per metric ton. As a result of that nearly unprecedented negative spread between metallurgical and thermal prices, Arch recently sold a vessel of its High-Vol B coking coal to a European thermal customer for delivery in the fourth quarter, at a price significantly above the U.S. East Coast metallurgical marks, and is actively exploring other such opportunities.
In addition, Arch continues to capitalize on exceptionally strong international thermal market conditions directly through the export of thermal volumes from its West Elk and – to a lesser extent – Black Thunder mines. While rail service remains a significant barrier to moving additional volumes to energy-short international customers, Arch still anticipates shipping an incremental 600,000 tons of West Elk coal and nearly 500,000 tons of Black Thunder coal into international markets in the second half of 2022, at exceptional price levels.
Looking Ahead
"With our greatly upgraded coking coal portfolio, Arch is exceptionally well-positioned to capitalize on still-constructive coking coal market dynamics, both in the near and longer term, while continuing to harvest robust amounts of cash from our increasingly de-risked legacy thermal segment," said Lang. "Even with rail-related volume constraints, inflation-driven cost pressures, and lower-than-anticipated productivity rates, we expect to generate significant amounts of discretionary cash flow in the year's second half, and to return this cash flow to stockholders according to the clearly articulated tenets of our recently established capital return formula."
"Looking ahead, we fully expect our world-class metallurgical asset base, premium High-Vol A product slate, highly fortified financial position, top-tier marketing and logistics expertise, and industry-leading ESG performance to continue to differentiate Arch from its competitors and to drive exceptional value for our stakeholders."
Note: The company is unable to present a quantitative reconciliation of its forward-looking non-GAAP Segment cash cost per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include transportation costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts transportation costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. In addition, the impact of hedging activity related to commodity purchases that do not receive hedge accounting and idle and administrative costs that are not included in a reportable segment are additional reconciling items for Segment cash cost per ton sold. Management is unable to predict without unreasonable efforts the impact of hedging activity related to commodity purchases that do not receive hedge accounting due to fluctuations in commodity prices, which are difficult to forecast due to their inherent volatility. These amounts have historically varied and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. Idle and administrative costs that are not included in a reportable segment are expected to be between $10 million and $20 million in 2022.
Arch Resources is a premier producer of high-quality metallurgical products for the global steel industry. The company operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship. Arch Resources from time to time utilizes its website – www.archrsc.com – as a channel of distribution for material company information. To learn more about us and our premium metallurgical products, go to www.archrsc.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 - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and future plans, and often contain words such as "should," "could," "appears," "estimates," "projects," "targets," "expects," "anticipates," "intends," "may," "plans," "predicts," "believes," "seeks," "strives," "will" or variations of such words or similar words. Actual results or outcomes may vary significantly, and adversely, from those anticipated due to many factors, including: impacts of the COVID-19 pandemic; changes in coal prices, which may be caused by numerous factors beyond our control, including changes in the domestic and foreign supply of and demand for coal and the domestic and foreign demand for steel and electricity; volatile economic and market conditions; operating risks beyond our control, including risks related to mining conditions, mining, processing and plant equipment failures or maintenance problems; weather and natural disasters; the unavailability of raw materials, equipment or other critical supplies, mining accidents, and other inherent risks of coal mining that are beyond our control; loss of availability, reliability and cost-effectiveness of transportation facilities and fluctuations in transportation costs; inflationary pressures and availability and price of mining and other industrial supplies; the effects of foreign and domestic trade policies, actions or disputes on the level of trade among the countries and regions in which we operate, the competitiveness of our exports, or our ability to export; competition, both within our industry and with producers of competing energy sources, including the effects from any current or future legislation or regulations designed to support, promote or mandate renewable energy sources; alternative steel production technologies that may reduce demand for our coal; the loss of key personnel or the failure to attract additional qualified personnel and the availability of skilled employees and other workforce factors; our ability to secure new coal supply arrangements or to renew existing coal supply arrangements; the loss of, or significant reduction in, purchases by our largest customers; disruptions in the supply of coal from third parties; risks related to our international growth; our relationships with, and other conditions affecting our customers and our ability to collect payments from our customers; the availability and cost of surety bonds, including potential collateral requirements; additional demands for credit support by third parties and decisions by banks, surety bond providers, or other counterparties to reduce or eliminate their exposure to the coal industry; inaccuracies in our estimates of our coal reserves; defects in title or the loss of a leasehold interest; losses as a result of certain marketing and asset optimization strategies; cyber-attacks or other security breaches that disrupt our operations, or that result in the unauthorized release of proprietary, confidential or personally identifiable information; our ability to acquire or develop coal reserves in an economically feasible manner; our ability to comply with the restrictions imposed by our term loan debt facility and other financing arrangements; our ability to service our outstanding indebtedness and raise funds necessary to repurchase our convertible notes for cash following a fundamental change or to pay any cash amounts due upon conversion; existing and future legislation and regulations affecting both our coal mining operations and our customers' coal usage; governmental policies and taxes, including those aimed at reducing emissions of elements such as mercury, sulfur dioxides, nitrogen oxides, particulate matter or greenhouse gases; increased pressure from political and regulatory authorities, along with environmental and climate change activist groups, and lending and investment policies adopted by financial institutions and insurance companies to address concerns about the environmental impacts of coal combustion; increased attention to environmental, social or governance matters; our ability to obtain and renew various permits necessary for our mining operations; risks related to regulatory agencies ordering certain of our mines to be temporarily or permanently closed under certain circumstances; risks related to extensive environmental regulations that impose significant costs on our mining operations, and could result in litigation or material liabilities; the accuracy of our estimates of reclamation and other mine closure obligations; the existence of hazardous substances or other environmental contamination on property owned or used by us; risks related to tax legislation and our ability to use net operating losses and certain tax credits; and our ability to pay base or variable dividends in accordance with our announced capital return program. All forward-looking statements in this press release, as well as all other written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements contained in this section and elsewhere in this press release. These factors are not necessarily all of the important factors that could cause actual results or outcomes to vary significantly, and adversely, from those anticipated at the time such statements were first made. These risks and uncertainties, as well as other risks of which we are not aware or which we currently do not believe to be material, may cause our actual future results and outcomes to be materially, and adversely, different than those expressed in our forward-looking statements. For these reasons, readers should not place undue reliance on any such forward-looking statements. These forward-looking statements speak only as of the date on which such statements were made, and we do not undertake, and expressly disclaim, any duty to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the federal securities laws. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.
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CA Reno NV Zone Forecast for Wednesday, July 27, 2022
_____
608 FPUS55 KREV 281033
ZFPREV
Western Nevada-Eastern Sierra-Northeast California Zone Forecast
National Weather Service Reno NV
332 AM PDT Thu Jul 28 2022
This is an automatically generated product that provides averaged
values for large geographic areas and may not be representative
of a specific area. To get a more specific forecast for your area,
please visit www.nws.noaa.gov/wtf/udaf/area/?site=rev
CAZ072-NVZ002-290300-
Greater Lake Tahoe Area-
Including the cities of South Lake Tahoe, Tahoe City, Truckee,
Markleeville, Stateline, Glenbrook, and Incline Village
332 AM PDT Thu Jul 28 2022
.TODAY...Sunny. Highs 83 to 93. Light winds becoming north around
10 mph in the afternoon.
.TONIGHT...Clear. Lows 48 to 58. Northwest winds around 10 mph in
the evening becoming light.
.FRIDAY...Sunny. Highs 84 to 94. Light winds becoming northeast
around 10 mph in the afternoon.
.FRIDAY NIGHT...Partly cloudy. Lows 47 to 57. Northwest winds
around 10 mph in the evening becoming light.
.SATURDAY...Sunny in the morning, then partly cloudy with a
slight chance of showers in the afternoon. Highs 83 to 93. Light
winds.
.SATURDAY NIGHT...Partly cloudy. Lows 51 to 61.
.SUNDAY...Mostly cloudy. Slight chance of showers and
thunderstorms in the afternoon. Highs 80 to 90.
.SUNDAY NIGHT...Mostly cloudy. Slight chance of showers in the
evening. Lows 50 to 60.
.MONDAY...Mostly cloudy. Chance of showers and thunderstorms in
the afternoon. Highs 75 to 85.
.MONDAY NIGHT...Partly cloudy. Slight chance of showers in the
evening. Lows 48 to 58.
.TUESDAY...Partly cloudy. Slight chance of showers and
thunderstorms in the afternoon. Highs 72 to 82.
.TUESDAY NIGHT...Clear in the evening then becoming partly
cloudy. Lows 45 to 55.
.WEDNESDAY...Partly cloudy in the morning then clearing. Highs
72 to 82.
$$
CAZ070-NVZ005-290300-
Surprise Valley California-Northern Washoe County-
Including the cities of Cedarville, Eagleville, Fort Bidwell,
Empire, and Gerlach
332 AM PDT Thu Jul 28 2022
...HEAT ADVISORY IN EFFECT FROM 11 AM THIS MORNING TO 10 PM PDT
SATURDAY...
.TODAY...Sunny. Highs 95 to 105. North winds 10 to 15 mph.
.TONIGHT...Clear. Lows 63 to 73. North winds 10 to 15 mph.
.FRIDAY...Sunny. Highs 94 to 104. Northeast winds 10 to 15 mph.
.FRIDAY NIGHT...Partly cloudy. Lows 63 to 73. North winds 10 to
15 mph.
.SATURDAY...Sunny. Highs 96 to 106. Light winds becoming
southeast around 10 mph in the afternoon.
.SATURDAY NIGHT...Partly cloudy. Lows 63 to 73.
.SUNDAY...Partly cloudy. Highs 94 to 104.
.SUNDAY NIGHT...Mostly cloudy. Slight chance of showers in the
evening. Lows 62 to 72.
.MONDAY...Mostly cloudy in the morning, then partly cloudy with a
slight chance of showers in the afternoon. Highs 88 to 98.
.MONDAY NIGHT...Partly cloudy. Slight chance of showers and
thunderstorms in the evening. Lows 58 to 68.
.TUESDAY THROUGH WEDNESDAY...Breezy, clear. Highs 84 to 94. Lows
53 to 63.
$$
CAZ071-290300-
Lassen-Eastern Plumas-Eastern Sierra Counties-
Including the cities of Portola, Susanville, Westwood,
Sierraville, and Loyalton
332 AM PDT Thu Jul 28 2022
...HEAT ADVISORY IN EFFECT FROM 11 AM THIS MORNING TO 10 PM PDT
SATURDAY...
.TODAY...Sunny. Highs 93 to 103. Light winds becoming northeast
around 10 mph in the afternoon.
.TONIGHT...Clear. Lows 57 to 67. North winds 10 to 15 mph.
.FRIDAY...Sunny. Highs 92 to 102. Light winds becoming east
around 10 mph in the afternoon.
.FRIDAY NIGHT...Partly cloudy. Lows 57 to 67. North winds around
10 mph in the evening becoming light.
.SATURDAY...Sunny. Highs 93 to 103. Light winds becoming
southeast around 10 mph in the afternoon.
.SATURDAY NIGHT...Partly cloudy. Lows 56 to 66.
.SUNDAY...Partly cloudy. Highs 89 to 99.
.SUNDAY NIGHT...Partly cloudy in the evening then becoming mostly
cloudy. Lows 55 to 65.
.MONDAY...Partly cloudy. Slight chance of showers and
thunderstorms in the afternoon. Highs 86 to 96.
.MONDAY NIGHT...Partly cloudy in the evening then becoming clear.
Lows 51 to 61.
.TUESDAY THROUGH WEDNESDAY...Clear. Highs 81 to 91. Lows 47 to
57.
$$
CAZ073-290300-
Mono County-
Including the cities of Bridgeport, Coleville, Lee Vining,
and Mammoth Lakes
332 AM PDT Thu Jul 28 2022
.TODAY...Sunny in the morning then becoming partly cloudy. Highs
84 to 94. Light winds becoming northeast 10 to 15 mph in the
afternoon.
.TONIGHT...Partly cloudy in the evening then becoming clear. Lows
50 to 60. Northwest winds 10 to 15 mph.
.FRIDAY...Sunny in the morning, then partly cloudy with a slight
chance of showers and thunderstorms in the afternoon. Highs 84 to
94. Light winds becoming northeast 10 to 15 mph in the afternoon.
.FRIDAY NIGHT...Mostly cloudy with a slight chance of showers and
thunderstorms in the evening, then partly cloudy after midnight.
Lows 51 to 61. Northwest winds 10 to 15 mph.
.SATURDAY...Sunny in the morning, then mostly cloudy with a
slight chance of showers and thunderstorms in the afternoon.
Highs 84 to 94. Light winds becoming east around 10 mph in the
afternoon.
.SATURDAY NIGHT...Mostly cloudy with a slight chance of showers
and thunderstorms in the evening, then partly cloudy after
midnight. Lows 50 to 60.
.SUNDAY AND SUNDAY NIGHT...Mostly cloudy with a chance of showers
and thunderstorms. Highs 81 to 91. Lows 48 to 58.
.MONDAY AND MONDAY NIGHT...Mostly cloudy with a chance of showers
and thunderstorms. Highs 76 to 86. Lows 45 to 55.
.TUESDAY THROUGH WEDNESDAY...Partly cloudy with a chance of
showers and thunderstorms. Highs 74 to 84. Lows 43 to 53.
$$
_____
Copyright 2022 AccuWeather | https://www.expressnews.com/weather/article/CA-Reno-NV-Zone-Forecast-17334457.php | 2022-07-28T12:00:22Z | https://www.expressnews.com/weather/article/CA-Reno-NV-Zone-Forecast-17334457.php | true |
MORGANTOWN, W.Va. (WBOY) — Halie Kutscher and her family moved to Morgantown, West Virginia, from Bridgeport on May 21.
As the moving trucks were being loaded, the family’s cat, Oliver, who originally came from the Humane Society of Harrison County, accidentally got outside and started playing with the family’s dog in the front yard.
“Last time I saw Oliver, Sasha had chased him up into a tree. We were just kind of finalizing the U-Haul, getting it filled up, and then we closed it,” Kutscher said. “That was the last time I saw Oliver.”
That would be the last time the family saw Oliver for several weeks. However, the family didn’t lose hope of finding him.
“We still had ownership of the house. We listed it vacant, so until it was under contract, we would continually go back and check up every week. My husband kept food out for the first week, would constantly go out and call for him. He was always pretty good about responding to being called,” Kutscher said.
After the house was sold in July, the family let the new owners know of the situation in case Oliver had shown up, and they agreed to help them.
“We were still kind of hopeful that maybe he would turn up,” Kutscher said.
Well, Oliver did turn up on Sunday, but not in Bridgeport.
“My husband looks over the railing. In our neighbor’s yard, there’s little steps that kind of go up, and there’s an orange cat sitting on it. He said, ‘oh my god, that looks like Oliver,'” Kutscher said. “I run in the house, run to the basement, run out the back door, down into the grass. He sees me coming, and he starts running to me. We’re running to each other like a slow-motion-movie scene, and he lets me scoop him right up.”
That means Oliver made the trek from Bridgeport to Morgantown; a span of nearly 40 miles.
“It was him. He was wearing the same flea collar I put on him, and I remember cutting it at an angle, and that same angle cut was on that flea collar,” Kutscher recalled.
Kutscher plans to take the cat to the vet on Thursday to get checked out and verify the microchip to confirm that it is Oliver. Until then, the family is happy to be back together. | https://www.yourcentralvalley.com/news/u-s-world/lost-cat-makes-40-mile-journey-alone-to-new-owners-home/ | 2022-07-28T12:01:14Z | https://www.yourcentralvalley.com/news/u-s-world/lost-cat-makes-40-mile-journey-alone-to-new-owners-home/ | false |
LONDON – Bernard Cribbins, a beloved British entertainer whose seven-decade career ranged from the bawdy “Carry On” comedies to children’s television and “Doctor Who,” has died. He was 93.
Agent Gavin Barker Associates announced Cribbins’ death on Thursday.
“Bernard’s contribution to British entertainment is without question,” it said. “He was unique, typifying the best of his generation, and will be greatly missed by all who had the pleasure of knowing and working with him.”
A warm, avuncular character actor, Cribbins was a childhood presence for several generations of Britons. He played station porter Albert Perks in the 1970 movie classic “The Railway Children” and voiced all the characters in “The Wombles,” a 1970s animated series about a family of burrowing creatures living under London’s Wimbledon Common.
Cribbins also was the voice of road-safety squirrel Tufty Fluffytail in a series of public information films, and held the record for the most appearances — more than 100 — on children’s storytelling TV series “Jackanory.”
Born into a poor family in Oldham, northwest England, in 1928, Cribbins left school in his early teens and got his start as a stage manager and bit player in regional repertory theater.
He moved on to West End productions before appearing in a dizzying range of British films, including 1960 comedy “Two-Way Stretch” alongside Peter Sellers; 1966 “Doctor Who” spinoff “Daleks’ Invasion Earth 2150 AD”; the 1967 James Bond spoof “Casino Royale”; and one of Alfred Hitchcock’s final thrillers, “Frenzy” in 1972.
He appeared in several movies in the “Carry On” series, was a memorable guest star on classic sitcom “Fawlty Towers” and had top 10 hits with comedy songs “Hole in the Ground” and “Right Said Fred.”
A younger generation knew Cribbins as Wilfred Mott, a companion to David Tennant’s titular Doctor, when ”Doctor Who” was revived in the early 21st century. He appeared in another BBC children’s series, “Old Jack’s Boat,” between 2013 and 2015, and filmed scenes earlier this year for an upcoming “Doctor Who” 60th-anniversary special.
“Doctor Who” showrunner Russell T. Davies remembered Cribbins as “a wonderful actor.”
“I’m so lucky to have known him ,” Davies said. “Thanks for everything, my old soldier. A legend has left the world.”
Cribbins’ wife of 66 years, Gill, died last year. | https://www.wsls.com/entertainment/2022/07/28/bernard-cribbins-actor-who-delighted-uk-kids-dies-at-93/ | 2022-07-28T12:02:12Z | https://www.wsls.com/entertainment/2022/07/28/bernard-cribbins-actor-who-delighted-uk-kids-dies-at-93/ | false |
DES MOINES, Iowa — Now that the Mega Millions lottery jackpot has topped $1 billion — only the fourth time a lottery game has reached such heights — plenty of people who rarely play the game are considering risking $2 or joining an office pool in hopes of an immense payoff.
Buying a ticket is easy, but it’s also easy to be confused about the odds, how the prizes are set and how the winnings will eventually be paid out.
DO YOUR CHANCES OF WINNING RISE OR FALL AS THE JACKPOT GROWS?
Your chances of winning the jackpot always remain one in 302.5 million, regardless of whether the big prize is $20 million or the current $1.02 billion. You do increase your odds of winning if you buy more tickets but before laying down $100 at the Quicky Mart for 50 tries, keep in mind that in the big scheme of things, 50 chances out of 302.5 million isn’t much better than one. Also realize that the $1.02 billion amount is for the annuity option, paid annually over 29 years. The cash option would pay $602.5 million.
IS THIS A GOOD TIME TO PLAY OTHER LOTTERY GAMES?
Just like the Mega Millions odds don’t change, the odds of winning a prize in Powerball, the other big nationwide game, and other smaller state games are fixed, too. Given that, you have no better odds now than at any other time. However, with fewer people buying tickets in those games, there is less of a chance that multiple players could win the jackpot, forcing you to share your winnings.
WHAT STATES HAVE THE MOST MEGA MILLIONS JACKPOT WINNERS?
Time for a road trip to a lottery nirvana? Probably not.
Since 2016, players have won 40 Mega Millions jackpots, with the fortuitous few scattered through 22 states. And not surprisingly, there have been more winners in states with greater populations and thus more players.
California takes the prize for the most Mega Millions jackpot winners during that span, with six lucky players. That’s followed by five winners in New York, four in New Jersey and three in Illinois.
Notably, population heavyweights Texas and Florida have had few Mega Millions winners since 2016. Texas had two and Florida had one.
WHERE DO THE DRAWINGS TAKE PLACE?
The drawings happen at 11 p.m. Eastern time on Tuesday and Friday and are held at the WSB-TV studios in Atlanta.
DO RETAILERS GET ANYTHING OUT OF THIS?
Rules vary by state but retailers usually get a reward for selling a ticket that wins a jackpot. In Ohio, for example, retailers get $1,000 for every million dollars of a jackpot, with a cap of $100,000.
WHAT IF I CHOOSE AN ANNUITY BUT DIE BEFORE RECEIVING ALL THE PAYMENTS?
Most jackpot winners opt for cash but receiving your winnings through an annuity, with 30 payments over 29 years, can help people slightly reduce their tax burden. If winners die before receiving all their winnings, the future payments would go to their estate.
WHO RUNS MEGA MILLIONS AND HOW DO THEY DECIDE JACKPOT AMOUNTS?
The lottery game is overseen by 45 state lotteries as well as game officials in Washington, D.C., and the U.S. Virgin Islands. A group comprising representatives from the lotteries meets twice a week to determine the estimated jackpots. | https://www.albertleatribune.com/2022/07/confused-by-huge-mega-millions-prize-here-are-some-answers/ | 2022-07-28T12:03:41Z | https://www.albertleatribune.com/2022/07/confused-by-huge-mega-millions-prize-here-are-some-answers/ | true |
Lennox International Reports Record Revenue and Profit in Second Quarter
Published: Jul. 28, 2022 at 6:30 AM CDT|Updated: 35 minutes ago
Revenue up 10% to record $1.37 billion
GAAP EPS up 10% to record $4.96; Adjusted EPS up 9% to record $5.00
Repurchased $100 million of stock and paid $33 million in dividends
Raising low end of 2022 EPS guidance from $13.50-$14.50 to $13.80-$14.50
DALLAS, July 28, 2022 /PRNewswire/ -- Lennox International Inc. (NYSE: LII), a leader in energy-efficient climate-control solutions, today reported financial results for the second quarter of 2022. All comparisons are to the prior-year period.
Lennox International reported record revenue of $1.37 billion in the second quarter, up 10%. At constant currency, revenue was up 11%. GAAP operating income was a record $227 million, up 5%. GAAP earnings per share was a record $4.96, up 10%.
Total segment profit rose 4% to a record $230 million. Total segment margin was 16.8%, down 110 basis points. Adjusted earnings per share rose 9% to a record $5.00.
"Lennox International posted new highs for revenue, profit and EPS, led by strong growth in our Residential and Refrigeration businesses as price continued to offset material inflation," said CEO Alok Maskara. "In Commercial, we are encouraged by the sequential improvement in quarterly margins even though our ability to satisfy strong demand remained constrained by supply chain shortfall and factory inefficiencies."
In Residential, revenue and profit set new highs. Residential revenue was up 17%, led by double-digit growth in both replacement and new construction sales. Segment profit rose 14%. Segment margin was 22.1%, down 50 basis points. Refrigeration set new records for second-quarter revenue and profit. Refrigeration revenue was up 14% as reported and up 20% at constant currency, led by more than 30% growth in North America. Refrigeration profit rose 73%, and segment margin expanded 470 basis points to 13.8%. Commercial revenue was down 13%, profit was down 62%, and segment margin contracted 1,010 basis points to 7.8%.
Maskara added, "Looking ahead for the company overall, the macroeconomic environment is challenging, but customer demand remains strong. Residential and Refrigeration businesses are performing well and capitalizing on growth opportunities while Commercial segment performance is improving. We are adjusting 2022 revenue growth guidance from 7-11% to 10-15%. We are also raising the low end of EPS guidance from $13.50-$14.50 to a range of $13.80-$14.50. And we reiterate plans for $400 million of total stock repurchases for the full year."
FINANCIAL HIGHLIGHTS Revenue: Revenue was a record $1.37 billion, up 10%. Volume was flat, price was up and mix was down. Foreign exchange had a 1% negative impact on revenue.
Gross Profit: Gross profit was $397 million, up 4%. Gross margin was 29.1%, down 180 basis points, impacted by inflationary pressures, factory inefficiencies and global supply chain disruptions.
Net Income: On a GAAP basis, net income for the second quarter was $177.2 million, or $4.96 per share, compared to $170.0 million, or $4.51 per share, in the prior-year quarter.
Adjusted net income in the second quarter was $178.4 million, or $5.00 per share, compared to $172.0 million, or $4.57 per share, in the prior-year quarter. Adjusted net income for the second quarter of 2022 excludes net after-tax charges of $1.2 million.
Cash from Operations, Free Cash Flow and Total Debt: Net cash from operations in the second quarter was $97 million compared to $192 million in the prior-year quarter as inventory returns back to normal seasonality post the Covid impact in recent years. Capital expenditures were approximately $21 million in the second quarter, the same as in the prior-year quarter. Free cash flow was $76 million compared to $171 million in the second quarter a year ago. Total debt at the end of the second quarter was $1.69 billion. Total cash, cash equivalents and short-term investments were $63 million at the end of the quarter. The company paid $33 million in dividends and repurchased $100 million of stock in the second quarter.
BUSINESS SEGMENT HIGHLIGHTS Revenue in the Residential Heating & Cooling business segment was a record $978 million, up 17%. Foreign exchange was neutral to revenue. Segment profit was a record $216 million, up 14%. Segment margin was 22.1%, down 50 basis points as favorable price was partially offset by higher material costs.
Revenue in the Commercial Heating & Cooling business segment was $220 million, down 13%. Foreign exchange was neutral to revenue. Segment profit was $17 million, down 62%, and segment margin was 7.8%, down 1,010 basis points, impacted by lower volume and manufacturing inefficiencies.
Revenue in the Refrigeration business segment was a record $169 million, up 14%. Foreign exchange had a 6% negative impact to revenue growth. Segment profit rose 73% to a second-quarter record $23 million. Segment margin expanded 470 basis points to 13.8%, driven by favorable price and higher volume.
FULL-YEAR GUIDANCE
Raising 2022 guidance for revenue growth from 7-11% to 10-15%.
Raising the low end of 2022 guidance for GAAP and adjusted EPS from $13.50-$14.50 to $13.80-$14.50.
CONFERENCE CALL INFORMATION A conference call to discuss the company's second-quarter results and outlook will be held this morning at 8:30 a.m. Central time. To listen, call the conference call line at 877-226-8216 (U.S.) or 409-207-6983 (international) at least 10 minutes prior to the scheduled start time and use participant code 3408699. The conference call also will be webcast and supplemental presentation materials available on Lennox International's web site at www.lennoxinternational.com. A replay will be available from approximately 11:00 a.m. Central time on July 28 through August 11, 2022 by dialing 866-207-1041 (U.S.) or 402-970-0847 (international) and using access code 9000057. The call and supplemental presentation materials will be archived on the company's website.
ABOUT LENNOX INTERNATIONAL Lennox International Inc. is a leader in energy-efficient climate-control solutions. Dedicated to sustainability and creating comfortable and healthier environments for our residential and commercial customers while reducing their carbon footprint, we lead the field in innovation with our air conditioning, heating, indoor air quality, and refrigeration systems. Lennox International stock is listed on the New York Stock Exchange and traded under the symbol LII. Additional information on Lennox International is available at www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor Relations, at 972-497-6670.
FORWARD-LOOKING STATEMENTS The statements in this news release that are not historical statements, including statements regarding the 2022 full-year outlook and expected consolidated and segment financial results for 2022, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management's assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include risks that the North American unitary HVAC and refrigeration markets perform worse than current assumptions. Additional risks include, but are not limited to: the impact of higher raw material prices, availability and timely delivery of raw materials and other components, the impact of new or increased trade tariffs, LII's ability to implement price increases for its products and services, economic conditions in our markets, regulatory changes, the impact of unfavorable weather, a decline in new construction activity and related demand for products and services, and any resurgence of the Covid-19 pandemic and its economic impact on the company and its employees and customers. For information concerning these and other risks and uncertainties, see LII's publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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. | https://www.wlbt.com/prnewswire/2022/07/28/lennox-international-reports-record-revenue-profit-second-quarter/ | 2022-07-28T12:05:39Z | https://www.wlbt.com/prnewswire/2022/07/28/lennox-international-reports-record-revenue-profit-second-quarter/ | true |
Clearlake's latest ESG-focused investment will support management as the sustainable manufacturing pioneer enters its next phase of growth
SANTA MONICA, Calif. and DAPHNE, Ala., July 28, 2022 /PRNewswire/ -- BBB Industries LLC, ("BBB" or the "Company"), a leading sustainable manufacturer of non-discretionary automotive, industrial, energy storage, and solar parts, announced today that it has been acquired by an affiliate of Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake") from Genstar Capital (together with its affiliates, "Genstar"). Duncan Gillis, CEO of BBB, will continue to lead the Company supported by the existing management team. The terms of the transaction were not disclosed.
Founded in 1987, BBB has been a pioneer in sustainable manufacturing and the circular economy through its operations, which improve and extend the useful life of critical automotive parts. Historically, BBB specialized in the remanufacturing of non-discretionary parts for the personal and commercial vehicle aftermarket, including starters, alternators, brake calipers, steering products, and turbochargers. More recently, the Company has embraced the EV market, starting with electric power steering and continuing with upcycling and increasing the lifespan of EV batteries. Beginning in 2021, BBB further expanded its offering beyond the automotive segment into renewable energy markets via its newly established TerrePower division.
"Today marks an exciting new chapter for BBB," said Mr. Gillis. "Over the past decade we have identified and invested in opportunities to deliver sustainable manufacturing solutions to our core automotive end-markets and the broader industrial and renewable energy markets. We remain optimistic about the market potential across all these end-markets and are eager to partner with Clearlake as we enter our next phase of growth."
"Clearlake continues to see attractive opportunities arising from a targeted approach to ESG-focused investing. Our desire to partner with BBB is driven by the opportunity to combine this thematic-based approach with our experience in the automotive aftermarket," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, of Clearlake. "BBB is poised to benefit from its leadership position in its core automotive markets as well as the market tailwinds within the renewable energy ecosystems that the Company has begun addressing through TerrePower. We see an exciting runway for future growth through continued investment in these capabilities."
"We have long admired BBB as an innovative provider of sustainable manufacturing solutions," said Ben Kruger, Senior Vice President of Clearlake. "We are excited to partner with Duncan and the BBB leadership team, and we look forward to leveraging our O.P.S.® framework to help the Company expand its platform through both organic initiatives and strategic acquisitions."
BBB joins Clearlake's growing portfolio of sustainability-related investments, including Alkegen, a manufacturer of high-performance specialty materials designed to save energy and reduce pollution, Gravity, a provider of water recycling and infrastructure solutions to oil and gas companies, as well as IPG, Mold-Rite and Pretium, providers of recyclable packaging solutions for a wide breadth of end markets.
BBB Industries, LLC is an industry leader in the sustainable manufacturing of starters, alternators, hydraulic and air disc brake calipers, hydraulic and electronic power steering products, and turbochargers for the OEM, passenger, industrial, and commercial vehicle aftermarket industries. Through Industrial Metalcaucho, S.L.U., BBB also supplies the automotive aftermarket with an assortment of rubber, metal, and rubber-to-metal products across more than 64 countries. Through its newest division, TerrePower, BBB brings its sustainable manufacturing process to the electric vehicle and renewable energy sectors. Founded in 1987, BBB Industries, LLC is a private company headquartered in Daphne, Alabama. Please see www.bbbind.com for more information.
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials, technology, and consumer. Clearlake currently has over $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.
Media Contacts
BBB Industries, LLC
Denise Seale
dseale@bbbind.com
251-438-2737
Clearlake
Jennifer Hurson
jhurson@lambert.com
845-507-0571
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SOURCE Clearlake Capital; BBB Industries | https://www.wcjb.com/prnewswire/2022/07/28/clearlake-capital-completes-acquisition-bbb-industries/ | 2022-07-28T12:07:04Z | https://www.wcjb.com/prnewswire/2022/07/28/clearlake-capital-completes-acquisition-bbb-industries/ | false |
JetBlue has agreed to buy Spirit Airlines for $3.8 billion in a deal that would create the nation's fifth largest airline if approved by U.S. regulators.
The agreement Thursday comes a day after Spirit's attempt to merge with Frontier Airlines fell apart. Spirit had recommended its shareholders approve a lower offer from Frontier, saying that antitrust regulators are more likely to reject the bid from JetBlue.
JetBlue said Thursday that it would pay $33.50 per share in cash for Spirit, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction. There's also a ticking fee of 10 cents per month starting in January 2023 through closing.
The combined airline would have a fleet of 458 aircraft. The airlines will continue to operate independently until after the transaction closes. | https://www.wmar2news.com/news/national/jetblue-agrees-to-buy-spirit-for-3-8-billion | 2022-07-28T12:08:25Z | https://www.wmar2news.com/news/national/jetblue-agrees-to-buy-spirit-for-3-8-billion | false |
CHICAGO, July 28, 2022 /PRNewswire/ -- Urgent healthcare problems were addressed at the 2022 American Association for Clinical Chemistry (AACC) meeting of lab professionals and IVD vendors in Chicago. Kidney disease, drugs of abuse, hematology and liver disease were among areas of new product development and studies.
Medical market research firm Kalorama Information (www.kaloramainformation.com) notes there were 331 contract manufacturers, 42 lab IT solution companies, 326 reagent distributors, and 252 lab service companies at the AACC meeting, in addition to well-known suppliers such as Roche, Abbott, QuidelOrtho, Beckman, and Hologic. Kalorama Information analysts attended sessions and observed trends at the AACC meeting, noting that very little focus was related to the recent pandemic.
"One thing that you didn't hear much of at the meeting was COVID-19," said Bruce Carlson, Vice President of Kalorama Information, part of Science and Medicine Group. "That's not to say it wasn't present, certainly aftermaths and impacts were discussed. But you saw laboratorians discuss genomics, pediatrics and cancer in this 'comeback' in-person meeting."
Perhaps a vestige of the COVID-19 pandemic was a focus on better and faster workflows, automation and other products. Siemens Healthineers unveiled the Atellica CI 1900 Analyzer, a clinical chemistry and immunoassay testing system and lower volume version of its on-the-market Atellica clinical chemistry and immunoassay testing solution. The system, with the capacity to conduct more than 250,000 clinical chemistry tests per year is in development. Thermo Fisher Scientific displayed its new interface with the Inpeco S.A.'s FlexLab Total Laboratory Automation system (TLA), which enables primary tubes on the Inpeco LAS to be transported directly to the Thermo Scientific Cascadion SM Clinical Analyzer for automated loading, pre-treatment and analysis.
Other developments included:
- AI and the pitfalls of using it in without verification of models in lab medicine were noted at the meeting. "Understanding how implementing artificial intelligence models in laboratory medicine is not easy," said Dr. Lucila Ohno-Machado, Professor and Chair of the Department of Biomedical Informatics, at the University of California San Diego AI in Personalized Medicine. "But trusting models one does not understand is problematic."
- One area where AI can help is improving kidney stone diagnostics. A recent study found that FTIR spectroscopy makes mistakes in interpretation. Researchers led by Patrick Day of the Mayo Clinic reviewed analysis of 81,517 kidney stones, and determined that incorrect technologist interpretations before use of AI occurred at a rate nearly 8 times higher than after AI use.
- Hope for NAFLD Detections. Liver disease from excess fat cells in the liver not related to alcohol intake is a problem that impacts 25% of the global population. Until recently, only invasive methods were available. Siemens Healthineers announced the launch of a new non-invasive ELF test. ELF measurements have proven valuable for identifying patients with NASH with advanced fibrosis (F3 or F4) at risk of progressing to cirrhosis and/or LREs.
- AACC Rallies Against VALID Act. AACC's member booth made the organization's view clear on pending legislation to regulate laboratory-developed tests. AACC has long argued that VALID would burden clinical laboratories with a new, duplicative layer of onerous costs and regulation and limit patient access to laboratory developed tests (LDTs).
- Smartphone tests can predict blood clot risk: people who take warfarin need frequent testing either in clinical labs or using expensive at home tests. A team led by Kelly Michaelson, MD, at the University of Washington developed a test that quickly and inexpensively determines PT/INR using a vibration motor and smartphone camera to track movement of a copper particle in a drop of blood. The team tested 140 anonymous patients, and the tests produced results on par with standard PT/INR tests.
- Delta-9-THC Cannabinoid Testing Confirmed: A team of researchers led by Uttam Garg, PhD, of Children's Mercy, Kansas City and the University of Missouri-Kansas City School of Medicine, conducted research to see if tests that detect delta-9-THC can also detect delta-8-THC. Garg's team found that the cannabinoid immunoassay yielded positive results for all samples with delta-8-THC concentrations of 30 ng/mL and higher. The GC-MS method also identified delta-8-THC.
- Sweden-based CellaVision introduced their DIFF-Line, a result of the company's acquisition of RAL Diagnostics in 2019. The three-unit workflow incudes the company's Smear Box, which makes a blood smear from a vial. Then CellaVision's Stain box ensures smears are stained consistently and in accordance with guidelines. And finally there's the DC-1 single-slide automated smear analyzer, which has a high quality camera, microscope, and AI functionality.
- Theranos Whistleblowers speak: It's been six years since AACC played a role in debunking Theranos' fraudulent claims. At this year's session, Erika Cheung and Tyler Shultz spoke about their role in the scandal and the ethics of laboratorians. Cheung and Shultz worked with fellow whistleblowers to reveal—both to federal regulators and the press—that the Theranos laboratory actively put patients at risk of misdiagnosis and harm by offering them unreliable tests. AACC President Dr. Stephen R. Master, who himself served as an expert witness in Elizabeth Holmes' trial, moderated the discussion.
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SOURCE Kalorama Information | https://www.wcjb.com/prnewswire/2022/07/28/laboratory-industry-doesnt-forget-covid-19-shifts-focus-other-health-conditions-aacc-2022-chicago/ | 2022-07-28T12:10:45Z | https://www.wcjb.com/prnewswire/2022/07/28/laboratory-industry-doesnt-forget-covid-19-shifts-focus-other-health-conditions-aacc-2022-chicago/ | true |
Roundtable experts will strategize on how to advance space weather forecasting and research efforts, and improve preparedness for space weather events.
LOUISVILLE, Colo., July 28, 2022 /PRNewswire/ -- The U.S. National Academies of Sciences, Engineering, and Medicine selected Dr. Geoff Crowley, CEO and Founder of Louisville-based Orion Space Solutions, to co-chair its recently created Government-University-Commercial Space Weather Roundtable. Created to expand public understanding of space weather's social and economic impact, the roundtable realizes a recommendation of the Promoting Research and Observations of Space Weather to Improve the Forecasting of Tomorrow (PROSWIFT) Act, which became law in October 2020.
Roundtable members will facilitate exchange of information and understanding among government participants in the Space Weather Operations, Research, and Mitigation (SWORM) Interagency Working Group, the academic community, and the commercial space weather sector to support space weather-related decisions.
The roundtable includes 17 space weather experts and stakeholders selected from government, industry, and academia. The group will focus on issues including developing resilience to severe space weather events, communication of risk from space weather events, and identifying steps to improve research to operations and operations to research pathways.
"Space weather forecasting is in infancy as compared to weather forecasting – leveraging PROSWIFT direction, the U.S. Government hopes to expand public awareness of potentially disastrous effects of severe space weather on ground-based and space-based assets," explains Crowley. "The group includes scientists, engineers and policy experts, and environmental (Earth, space, and Sun) professionals who will help identify pathways to improve the nation's space weather understanding and actionable responses to extreme events."
In convening senior-level decision makers, scientists, and industry experts, the Space Weather Roundtable will facilitate advances in the scientific knowledge of space weather phenomena, forecasting of space weather events, and impacts of space weather on Earth.
"Since inception in 2005, Orion Space Solutions has taken a similar approach, turning scientific understanding of space into actionable information that supports our customers and the public good," Crowley says.
About Orion Space Solutions: Founded in 2005, Orion Space Solutions was born from the vision to apply fundamental space physics knowledge to tackle real-world problems, and has become a leader in the "New Space" small-satellite industry, developing a wide range of sensors and space-weather modeling tools.
Contact: Bill Adams
Phone: 949-547-8554
Email: bill.adams@orionspace.com
www.orionspace.com
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SOURCE Orion Space Solutions | https://www.wcjb.com/prnewswire/2022/07/28/orion-space-solutions-founder-ceo-co-chairs-new-national-academies-sciences-space-weather-roundtable/ | 2022-07-28T12:12:08Z | https://www.wcjb.com/prnewswire/2022/07/28/orion-space-solutions-founder-ceo-co-chairs-new-national-academies-sciences-space-weather-roundtable/ | true |
ISELIN, N.J., July 28, 2022 /PRNewswire/ -- Hexaware Technologies, a next-generation digital services provider, is one of the partners in the UNFUR Project, a campaign that raises awareness around the atrocities of the fur trade and attempts to create a sustainable alternative for fur and faux fur. The significant collaborators of Hexaware for this project are the International Anti-Fur Coalition (IAFC) and the University of Westminster.
The project creates digital fur fashion as NFTs that can be collected/purchased and the earnings will be directed to combat the fur trade. The campaign was announced at MET AMS, Europe's leading Metaverse festival and features a digital fur fashion collection that includes five pieces digitized as NFTs by Hexaware. The students from the University of Westminster's Fashion Institute created the head-turning designs for the collection. Paul van Raak, Creative Director- Mobiquity, part of Hexaware said, "The UNFUR project intentionally brings tension between buying a digital fur fashion piece (because it is considered beautiful) while you are aware that this should not be bought in the physical world. We use this duality as a trigger to drive the audience to bid on one of the UNFUR NFTs and by doing so support the fight against the fur industry."
This project unveils the opportunities that Metaverse can present for the fashion industry while eliminating limitations of the physical world. Hexaware is delighted to be a part of this initiative that enables leveraging its Metaverse competencies, taking a solid step towards exploring endless possibilities for fashion as NFTs and embracing an ethical and responsible way of protecting animals slaughtered for their precious fur. The campaign also strengthens the position of digital platforms as viable and sustainable options to bring in the next big revolution in the fashion industry.
The project has been recognized through various awards that are a testament to the impact it has created in the NFT domain. Some of the prestigious accolades received are – The FWA: Site of the Day, CSS Design Awards: Site of the Day, UI Design Award, UX Design Award, Innovation Award, Awwwards: Site of the Day, Developer Award.
Immanuel Kingsley , Metaverse Technology Officer at Hexaware Technologies said, "We are fortunate to have the chance of capitalizing on our curiosity of Metaverse to unfold a new dimension for the fashion industry while contributing to a cause that saves millions of animals from atrocities. Like innovation, exploring new possibilities in the Metaverse drives our efforts and this campaign provides the right boost for our future endeavors."
About Hexaware
Hexaware is a global IT, BPS and consulting services company empowering businesses worldwide to realize digital transformation at scale and speed.
Learn more about Hexaware at http://www.hexaware.com. Take an immersive 360° virtual tour of our campuses worldwide at https://www.hexawareimmersive.com
Logo: https://mma.prnewswire.com/media/530945/Hexaware.jpg
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SOURCE Hexaware Technologies Ltd. | https://www.wcjb.com/prnewswire/2022/07/28/unfur-digital-fur-fashion-demonstrate-capabilities-metaverse-with-responsibility/ | 2022-07-28T12:14:16Z | https://www.wcjb.com/prnewswire/2022/07/28/unfur-digital-fur-fashion-demonstrate-capabilities-metaverse-with-responsibility/ | false |
INDEPENDENCE, Ohio (AP) _ CBIZ Inc. (CBZ) on Thursday reported second-quarter earnings of $31.3 million.
On a per-share basis, the Independence, Ohio-based company said it had net income of 60 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 63 cents per share.
The provider of outsourced business services posted revenue of $362 million in the period.
CBIZ expects full-year earnings in the range of $2.08 to $2.11 per share.
CBIZ shares have risen 11% since the beginning of the year. The stock has risen 40% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBZ at https://www.zacks.com/ap/CBZ | https://www.mrt.com/business/article/CBIZ-Q2-Earnings-Snapshot-17334476.php | 2022-07-28T12:16:11Z | https://www.mrt.com/business/article/CBIZ-Q2-Earnings-Snapshot-17334476.php | true |
A huge number of us decided to welcome new puppies into our homes in the last couple of years – Kennel Club figures show dog ownership soared by nearly 8 percent when the pandemic hit and post-lockdown demand for four-legged friends remains high.
There are a whopping 221 different breeds of pedigree dog to choose from, alongside numerous crossbreeds, so there’s plenty of thinking to do before you select your family’s latest addition.
One of the trickiest prospects for new owners is ensuring that their new pet is quickly toilet trained – knowning to go outside to relieve themselves. So, here are the 10 breeds of dog that are easiest to house train.
1. Australian Shepherd
A combination of intelligence and eagerness to please means the Australian Shepherd will quickly get to grips with popping outside.
Photo: Canva/Getty Images
2. Border Collie
It's no surprise to see the Border Collie on this list. They are the world's most intelligent breed of dog and quickly pick up the most complex of commands - making toilet training simple.
Photo: Canva/Getty Images
3. Bichon Frise
Crate training is particularly effective with the cute Bichon Frise - creating a safe space for your pup that it will want to keep dry and clean.
Photo: Canva/Getty Images
4. Boston Terrier
The Boston Terrier shouldn't take must convincing to pop out for the toilet. Any lingering stubborness can be sorted out with treats.
Photo: Canva/Getty Images | https://www.edinburghnews.scotsman.com/lifestyle/family-and-parenting/toilet-training-dogs-these-are-the-10-breeds-of-adorable-dog-that-are-easy-to-house-train-including-the-loving-labrador-retriever-3509270 | 2022-07-28T12:17:42Z | https://www.edinburghnews.scotsman.com/lifestyle/family-and-parenting/toilet-training-dogs-these-are-the-10-breeds-of-adorable-dog-that-are-easy-to-house-train-including-the-loving-labrador-retriever-3509270 | false |
Net Sales Growth Accelerates, with all Business Segments posting Strong Results
Company Reaffirms Adjusted EPS Guidance for the Year
BURLINGTON, Mass. and FRISCO, Texas, July 28, 2022 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today reported strong results for the second quarter ended June 30, 2022 and raised its full-year net sales guidance to low-double-digit growth, from the previous high-single-digit range. The Company also reaffirmed its guidance for full year Adjusted EPS growth in the mid-single-digit range.
Commenting on the announcement, Chairman and CEO Bob Gamgort stated, "Our strong results reflect the flexibility and resilience of our business and the capability of our team to execute with excellence. We successfully recovered from supply chain disruptions in coffee and non-carbonated beverages, implemented additional pricing to offset inflation and continued to accelerate growth across our broad portfolio, leading to another quarter of strong market share performance. We remain confident that our "all-weather" business model will enable us to deliver in the ongoing volatile macro environment."
Incoming CEO Ozan Dokmecioglu added, "I am pleased with the continued strength of our business and remain confident in our ability to deliver our plans for the second half of this year. I look forward to assuming the role of CEO and partnering with our talented team to drive value creation through the successful execution of our strategic plan."
Second Quarter Consolidated Results
Net sales for the second quarter of 2022 increased 13.2% to $3.55 billion, compared to $3.14 billion in the year-ago period and, on a constant currency basis, net sales increased 13.5%. This strong performance reflected balanced growth in all segments, with both pricing and volumes up in the quarter. Driving the consolidated net sales growth was favorable net price realization of 10.4% and higher volume/mix of 3.1%, reflecting modest volume elasticity impacts in the quarter.
KDP in-market performance in the Liquid Refreshment Beverages (LRB) category remained exceptionally strong in the quarter, with retail dollar consumption2 advancing 9.9% and market share growing or holding across 92% of the Company's cold beverage portfolio, largely reflecting strength in CSDs3, premium unflavored water, coconut water, seltzers, teas, apple juice, vegetable juice and fruit drinks. This performance was driven by Dr Pepper, Sunkist, Canada Dry, A&W and Squirt CSDs, CORE Hydration, Vita Coco, Polar seltzers, Snapple, Hawaiian Punch and Mott's.
In coffee, retail dollar consumption of single-serve pods manufactured by KDP increased 3.8% in IRi tracked channels, led by higher pricing in both partner and KDP owned and licensed brands, with stronger growth registered in untracked channels. Coffee Systems net sales in the quarter advanced approximately 9%, reflecting the early completion of the Company's coffee recovery program, which enabled KDP to begin to restore inventory levels to partners and customers. KDP manufactured share in the quarter remained strong at 81.8%.
GAAP operating income in the second quarter of 2022 decreased 22.1% to $572 million, compared to $734 million in the year-ago period, primarily reflecting higher gross profit, driven by the strong and balanced net sales growth and productivity, more than offset by the unfavorable year-over-year impact of items affecting comparability and broad-based inflationary pressures and supply chain disruption.
Adjusted operating income declined slightly in the quarter to $832 million, or 23.4% as a percent of net sales, reflecting Adjusted gross profit growth of 10%, offset by inflationary pressures in transportation, warehousing and retail labor, each of which increased on a rate basis in the quarter.
GAAP net income in the second quarter of 2022 decreased 51.3% to $218 million, or $0.15 per diluted share, compared to $448 million, or $0.31 per diluted share, in the year-ago period. This performance reflected the decline in GAAP operating income and the unfavorable year-over-year impact of items affecting comparability, which more than offset the benefits of a lower effective tax rate and reduced interest expense.
Adjusted net income in the quarter advanced 3.3% to $554 million, driven by the benefits of the lower effective tax rate and reduced interest expense, partially offset by the slight decline in Adjusted operating income. Adjusted diluted EPS in the quarter increased 2.6% to $0.39, compared to $0.38 in the year-ago period.
Operating cash flow in the second quarter of 2022 totaled $676 million and free cash flow totaled $599 million, primarily reflecting the increase in operating cash flow and slightly lower capital expenditures.
During the quarter, the Company repurchased approximately 2.5 million KDP shares for a total cost of $87.6 million, at an average price per share of $34.51. The company has $3.9 billion remaining under its share repurchase authorization expiring on December 31, 2025.
Second Quarter Segment Results
Coffee Systems
Net sales for the second quarter of 2022 increased 8.5% to $1.20 billion, compared to $1.10 billion in the year-ago period and, on a constant currency basis, net sales increased 9.1%. The constant currency net sales growth was driven by a 5.8% increase in net price realization and a 3.3% increase in volume/mix, reflecting the benefits of modest elasticities and the early completion of the Company's coffee recovery program, which enabled KDP to begin to rebuild retailer and partner inventories and restore customer service levels.
The higher net price realization of 5.8% in the quarter was driven by pod and brewer pricing actions taken late in 2021 and during the second quarter of 2022. The volume/mix increase of 3.3% reflected pod volume growth of 4.7%, partially offset by a brewer volume decline of 4.2%, reflecting comparison to the strong 29% brewer growth in the year-ago period.
GAAP operating income in the second quarter of 2022 decreased 11.3% to $315 million, compared to $355 million in the year-ago period, largely reflecting the lag in timing between higher net price realization and broad-based inflation, continued elevated costs associated with the coffee recovery program, a slight increase in marketing investment and the unfavorable year-over-year impact of items affecting comparability. Partially offsetting these factors was the benefit of productivity. Adjusted operating income decreased 8.4% to $369 million and, on a percent of net sales basis, totaled 30.9%.
Packaged Beverages
Net sales for the second quarter of 2022 increased 12.8% to $1.69 billion, compared to $1.50 billion in the year-ago period and, on a constant currency basis, net sales increased 12.9%. This strong and balanced net sales performance was driven by higher net price realization of 11.0% and increased volume/mix of 1.9%, reflecting modest volume elasticities and continued strong in-market execution.
The strong net sales performance reflected broad-based strength across the portfolio, led by CSDs, CORE Hydration, Snapple, Polar seltzers, Vita Coco, Mott's and Hawaiian Punch.
GAAP operating income in the second quarter of 2022 decreased 11.1% to $232 million, compared to $261 million in the year-ago period, primarily reflecting the lag in timing between higher net price realization and broad-based inflation and higher marketing investment, partially offset by productivity and the favorable year-over-year impact of items affecting comparability. Adjusted operating income decreased 14.5% to $247 million and, on a percent of net sales basis, totaled 14.6%.
Beverage Concentrates
Net sales for the second quarter of 2022 increased 22.7% to $460 million, compared to $375 million in the year-ago period and, on a constant currency basis, increased 22.9%. This strong and balanced performance was driven by higher net price realization of 19.2%, including favorable timing related to trade accruals versus year-ago, and favorable volume/mix of 3.7%, reflecting modest volume elasticities.
Total shipment volume versus year-ago increased 3.5% in the quarter, led by increases in Canada Dry and Dr Pepper. Bottler case sales volume in the quarter were essentially even with the year-ago period.
GAAP operating income in the second quarter of 2022 increased 27.1% to $324 million, compared to $255 million in the year-ago period, primarily reflecting the strong net sales performance and lower marketing, partially offset by broad-based inflation and the slightly unfavorable year-over-year impact of items affecting comparability. Adjusted operating income increased 27.6% to $327 million and, on a percent of net sales basis, totaled 71.1%.
Latin America Beverages
Net sales for the second quarter of 2022 increased 26.5% to $210 million, on both a reported and constant currency basis, compared to net sales of $166 million in the year-ago period. This strong and balanced performance was driven by higher net price realization of 14.5% and increased volume/mix of 12.0%, reflecting modest volume elasticities and strong in-market execution. Leading the net sales growth were Peñafiel, Clamato, Squirt and Mott's.
GAAP operating income in the second quarter of 2022 increased 38.9% to $50 million, compared to $36 million in the year-ago period, reflecting the strong growth in net sales, productivity and a slightly favorable year-over-year impact of items affecting comparability which, taken together, more than offset broad-based inflationary pressures, particularly elevated logistics costs, and increased marketing investment. Adjusted operating income increased 35.1% to $50 million and, on a percent of net sales basis, totaled 23.8%.
KDP Acquisition
During the quarter, KDP announced an agreement to acquire the global rights to Atypique, a highly unique non-alcohol, ready-to-drink cocktail brand in the emerging and fast-growing non-alcohol cocktail segment in Canada. This new platform complements KDP's strong and successful ready-to-drink alcohol portfolio in Canada and provides the Company with new growth opportunities in an exciting, new category.
KDP 2022 Guidance
KDP raised its guidance for 2022 constant currency net sales growth to the low-double-digit range and reaffirmed its guidance for Adjusted EPS growth in the mid-single-digit range. The Company continues to expect Adjusted EPS growth in the second half of the year to reach the high-single-digit range, driven largely by the fourth quarter.
Investor Contacts:
Steve Alexander
T: 972-673-6769 / steve.alexander@kdrp.com
Chethan Mallela
chethan.mallela@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345 / katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in North America, with annual revenue approaching $13 billion and approximately 27,000 employees. KDP holds leadership positions in soft drinks, specialty coffee and tea, water, juice and juice drinks and mixers, and markets the #1 single serve coffee brewing system in the U.S. and Canada. The Company's portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott's®, CORE® and The Original Donut Shop®. Through its powerful sales and distribution network, KDP can deliver its portfolio of hot and cold beverages to nearly every point of purchase for consumers. The Company is committed to sourcing, producing and distributing its beverages responsibly through its Drink Well. Do Good. corporate responsibility platform, including efforts around circular packaging, efficient natural resource use and supply chain sustainability. For more information, visit www.keurigdrpepper.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking statements" within the meaning of applicable securities laws and regulations. These forward-looking statements can generally be identified by the use of words such as "outlook," "guidance," "anticipate," "expect," "believe," "could," "estimate," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These statements are based on the current expectations of our management, are not predictions of actual performance, and actual results may differ materially.
Forward-looking statements are subject to a number of risks and uncertainties, including the factors disclosed in our Annual Report on Form 10-K and subsequent filings with the SEC. We are under no obligation to update, modify or withdraw any forward-looking statements, except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
This release includes certain non-GAAP financial measures including Adjusted operating income, Adjusted net income, Adjusted diluted EPS, free cash flow and financial measures presented on a constant currency basis, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to, the GAAP measures and may not be comparable to similarly named measures used by other companies. Non-GAAP financial measures typically exclude certain charges, including one-time costs that are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. Management believes this information is helpful to investors because it increases transparency and assists investors in understanding the underlying performance of the Company and in the analysis of ongoing operating trends. Additionally, management believes that non-GAAP financial measures are frequently used by analysts and investors in their evaluation of companies, and their continued inclusion provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial measures are set forth in the appendix to this release and included in the Company's filings with the SEC.
To the extent that the Company provides guidance, it does so only on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inability to predict the amount and timing of impacts outside of the Company's control on certain items, such as non-cash gains or losses resulting from mark-to-market adjustments of derivative instruments, among others.
KEURIG DR PEPPER INC.
RECONCILIATION OF CERTAIN NON-GAAP INFORMATION
(UNAUDITED)
The company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures that reflect the way management evaluates the business may provide investors with additional information regarding the company's results, trends and ongoing performance on a comparable basis.
Specifically, investors should consider the following with respect to our financial results:
Adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability.
Items affecting comparability: Defined as certain items that are excluded for comparison to prior year periods, adjusted for the tax impact as applicable. Tax impact is determined based upon an approximate rate for each item. For each period, management adjusts for (i) the unrealized mark-to-market impact of derivative instruments not designated as hedges in accordance with U.S. GAAP that do not have an offsetting risk reflected within the financial results, as well as the unrealized mark-to-market impact of our Vita Coco investment; (ii) the amortization associated with definite-lived intangible assets; (iii) the amortization of the deferred financing costs associated with the DPS Merger; (iv) the amortization of the fair value adjustment of the senior unsecured notes obtained as a result of the DPS Merger; (v) stock compensation expense and the associated windfall tax benefit attributable to the matching awards made to employees who made an initial investment in KDP; (vi) non-cash changes in deferred tax liabilities related to goodwill and other intangible assets as a result of tax rate or apportionment changes; and (vii) other certain items that are excluded for comparison purposes to prior year periods.
For the second quarter of 2022, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; (vi) the gain on the sale of our investment in BodyArmor; (vii) the gain on the settlement of our prior litigation with BodyArmor, excluding recoveries of previously incurred litigation expenses which were included in our adjusted results; (viii) losses recognized with respect to our equity method investment in Bedford as a result of funding our share of their wind-down costs and (ix) foundational projects, which are transformative and non-recurring in nature.
For the second quarter of 2021, the other certain items excluded for comparison purposes include (i) restructuring and integration expenses related to significant business combinations; (ii) productivity expenses; (iii) costs related to significant non-routine legal matters; (iv) the loss on early extinguishment of debt related to the redemption of debt; (v) incremental costs to our operations related to risks associated with the COVID-19 pandemic; and (vi) gains from insurance recoveries related to the February 2019 organized malware attack on our business operation networks in the Coffee Systems segment.
Costs related to significant non-routine legal matters relate to the antitrust litigation. Incremental costs to our operations related to risks associated with the COVID-19 pandemic include incremental expenses incurred to either maintain the health and safety of our front-line employees or temporarily increase compensation to such employees to ensure essential operations continue during the pandemic.
We believe removing these costs reflects how management views our business results on a consistent basis.
Constant currency adjusted: Defined as certain financial statement captions and metrics adjusted for certain items affecting comparability, calculated on a constant currency basis by converting our current period local currency financial results using the prior period foreign currency exchange rates.
For the second quarter and first six months of 2022 and 2021, the supplemental financial data set forth below includes reconciliations of adjusted and constant currency adjusted financial measures to the applicable financial measure presented in the unaudited condensed consolidated financial statements for the same period.
KEURIG DR PEPPER INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(UNAUDITED)
Free cash flow is defined as net cash provided by operating activities adjusted for purchases of property, plant and equipment, proceeds from sales of property, plant and equipment, and certain items excluded for comparison to prior year periods. For the first six months of 2022 and 2021, there were no certain items excluded for comparison to prior year periods.
KEURIG DR PEPPER INC.
RECONCILIATION OF SIGNIFICANT COVID-19 RELATED EXPENSES
(UNAUDITED)
The following table sets forth our reconciliation of significant COVID-19-related expenses. However, employee compensation expense and employee protection costs, which impact our SG&A expenses and cost of sales, are included as the COVID-19 item affecting comparability and are excluded in our Adjusted financial measures. In addition, reported amounts under U.S. GAAP also include additional costs, not included as the COVID-19 item affecting comparability, as presented in tables below.
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Clearlake's latest ESG-focused investment will support management as the sustainable manufacturing pioneer enters its next phase of growth
SANTA MONICA, Calif. and DAPHNE, Ala., July 28, 2022 /PRNewswire/ -- BBB Industries LLC, ("BBB" or the "Company"), a leading sustainable manufacturer of non-discretionary automotive, industrial, energy storage, and solar parts, announced today that it has been acquired by an affiliate of Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake") from Genstar Capital (together with its affiliates, "Genstar"). Duncan Gillis, CEO of BBB, will continue to lead the Company supported by the existing management team. The terms of the transaction were not disclosed.
Founded in 1987, BBB has been a pioneer in sustainable manufacturing and the circular economy through its operations, which improve and extend the useful life of critical automotive parts. Historically, BBB specialized in the remanufacturing of non-discretionary parts for the personal and commercial vehicle aftermarket, including starters, alternators, brake calipers, steering products, and turbochargers. More recently, the Company has embraced the EV market, starting with electric power steering and continuing with upcycling and increasing the lifespan of EV batteries. Beginning in 2021, BBB further expanded its offering beyond the automotive segment into renewable energy markets via its newly established TerrePower division.
"Today marks an exciting new chapter for BBB," said Mr. Gillis. "Over the past decade we have identified and invested in opportunities to deliver sustainable manufacturing solutions to our core automotive end-markets and the broader industrial and renewable energy markets. We remain optimistic about the market potential across all these end-markets and are eager to partner with Clearlake as we enter our next phase of growth."
"Clearlake continues to see attractive opportunities arising from a targeted approach to ESG-focused investing. Our desire to partner with BBB is driven by the opportunity to combine this thematic-based approach with our experience in the automotive aftermarket," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, of Clearlake. "BBB is poised to benefit from its leadership position in its core automotive markets as well as the market tailwinds within the renewable energy ecosystems that the Company has begun addressing through TerrePower. We see an exciting runway for future growth through continued investment in these capabilities."
"We have long admired BBB as an innovative provider of sustainable manufacturing solutions," said Ben Kruger, Senior Vice President of Clearlake. "We are excited to partner with Duncan and the BBB leadership team, and we look forward to leveraging our O.P.S.® framework to help the Company expand its platform through both organic initiatives and strategic acquisitions."
BBB joins Clearlake's growing portfolio of sustainability-related investments, including Alkegen, a manufacturer of high-performance specialty materials designed to save energy and reduce pollution, Gravity, a provider of water recycling and infrastructure solutions to oil and gas companies, as well as IPG, Mold-Rite and Pretium, providers of recyclable packaging solutions for a wide breadth of end markets.
BBB Industries, LLC is an industry leader in the sustainable manufacturing of starters, alternators, hydraulic and air disc brake calipers, hydraulic and electronic power steering products, and turbochargers for the OEM, passenger, industrial, and commercial vehicle aftermarket industries. Through Industrial Metalcaucho, S.L.U., BBB also supplies the automotive aftermarket with an assortment of rubber, metal, and rubber-to-metal products across more than 64 countries. Through its newest division, TerrePower, BBB brings its sustainable manufacturing process to the electric vehicle and renewable energy sectors. Founded in 1987, BBB Industries, LLC is a private company headquartered in Daphne, Alabama. Please see www.bbbind.com for more information.
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials, technology, and consumer. Clearlake currently has over $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.
Media Contacts
BBB Industries, LLC
Denise Seale
dseale@bbbind.com
251-438-2737
Clearlake
Jennifer Hurson
jhurson@lambert.com
845-507-0571
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SOURCE Clearlake Capital; BBB Industries | https://www.valleynewslive.com/prnewswire/2022/07/28/clearlake-capital-completes-acquisition-bbb-industries/ | 2022-07-28T12:20:01Z | https://www.valleynewslive.com/prnewswire/2022/07/28/clearlake-capital-completes-acquisition-bbb-industries/ | true |
Kremlin poker-faced on US swap offer to free Brittney Griner, Paul Whelan
MOSCOW (AP) — The Kremlin warned Thursday that a possible prisoner swap with the United States involving American basketball star Brittney Griner needs to be negotiated quietly without fanfare.
U.S. Secretary of State Antony Blinken said Wednesday that Washington had offered Russia a deal that would bring home Griner and another jailed American, Paul Whelan. A person familiar with the matter said the U.S. government proposed trading convicted Russian arms dealer Viktor Bout for Whelan and Griner.
Asked about the U.S. offer, Kremlin spokesman Dmitry Peskov replied that prisoner swaps were typically negotiated discreetly behind the scenes.
“We know that such issues are discussed without any such release of information,” Peskov told reporters during a conference call. “Normally, the public learns about it when the agreements are already implemented.”
He emphasized that “no agreements have been finalized” and refused to provide further details.
In a separate statement, Russian Foreign Ministry spokeswoman Maria Zakharova said that Russian and U.S. officials have conducted negotiations about possible prisoner exchanges and “there has been no concrete result yet.”
“We proceed from the assumption that interests of both parties should be taken into account during the negotiations,” Zakharova said.
Blinken’s comments marked the first time the U.S. government publicly revealed any concrete action it has taken to secure Griner’s release. The two-time Olympic gold medalist and player for the WNBA’s Phoenix Mercury was arrested at a Moscow airport in mid-February when inspectors found vape cartridges containing cannabis oil in her luggage.
In a sharp reversal of previous policy, Blinken said he expects to speak with Russian Foreign Minister Sergey Lavrov to discuss the proposed prisoner deal and other matters. It would be their first phone call since before Russia sent its troops into Ukraine.
Russia has for years expressed interest in the release of Bout, a Russian arms dealer once labeled the “Merchant of Death.” He was sentenced to 25 years in prison in 2012 on charges that he schemed to illegally sell millions of dollars in weapons.
Griner’s trial on drug charges started in a court outside Moscow this month, and she testified Wednesday that she didn’t know how the cartridges ended up in her bag but that she had a doctor’s recommendation to use cannabis to treat career-related pain.
The 31-year-old has pleaded guilty but said she had no criminal intent in bringing the cartridges to Russia and packed in haste for her return to play in a Russian basketball league during the WNBA’s offseason. She faces up to 10 years in prison if convicted of transporting drugs.
On Wednesday, Griner testified that a language interpreter translated only a fraction of what was being said while she was detained at Moscow’s airport and that officials told her to sign documents, but “no one explained any of it to me.”
Griner also said that besides the poor translation, she received no explanation of her rights or access to a lawyer during the initial hours of her detention. She said she used a translation app on her phone to communicate with a customs officer.
Her arrest came at a time of heightened tensions between Moscow and Washington ahead of Russia sending troops into Ukraine on Feb. 24. Griner’s five months of detention have raised strong criticism among teammates and supporters in the United States.
The Biden administration has faced political pressure to free Griner and other Americans whom the U.S. has declared to be “wrongfully detained” — a designation sharply rejected by Russian officials.
Whelan, a corporate security executive from Michigan, was sentenced to 16 years in prison on espionage charges in 2020. He and his family have vigorously asserted his innocence. The U.S. government has denounced the charges as false.
Washington has long resisted prisoner swaps out of concern that they could encourage additional hostage-taking and promote false equivalency between a wrongfully detained American and a foreign national regarded as justly convicted.
In April, however, the government struck a deal to trade U.S. Marine veteran Trevor Reed for jailed Russian pilot Konstantin Yaroshenko.
___
Matthew Lee and Eric Tucker in Washington contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wkyt.com/2022/07/28/kremlin-poker-faced-us-swap-offer-free-brittney-griner-paul-whelan/ | 2022-07-28T12:20:18Z | https://www.wkyt.com/2022/07/28/kremlin-poker-faced-us-swap-offer-free-brittney-griner-paul-whelan/ | true |
STAMFORD, Conn., July 28, 2022 /PRNewswire/ -- Aircastle Limited ("Aircastle" or "the Company") announced today that Chief Financial Officer, Aaron Dahlke, will resign from the Company to pursue another opportunity outside of the industry. Mr. Dahlke has accepted the role of Vice President for Finance & Administration / Chief Financial Officer for Azusa Pacific University in Azusa, California. Roy Chandran will serve as interim Chief Financial Officer effective September 1, 2022.
Aaron Dahlke joined Aircastle in 2005 as Chief Accounting Officer and was appointed Chief Financial Officer in 2017. Roy Chandran was appointed Aircastle's Chief Strategy Officer in March 2020. Prior to being appointed Chief Strategy Officer, Mr. Chandran served in various strategy and capital markets roles for Aircastle since May 2008.
Mike Inglese, Aircastle's CEO, commented, "In his seventeen years of service, Aaron provided the discipline, versatility, and team-building leadership that enabled Aircastle to grow from a start-up to the global player we are in aircraft leasing today. Although we will greatly miss his contributions, we wish him all the best in his new role. We are also pleased to have Roy serve as interim CFO, which underscores our deep bench and provides continuity for our investors."
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of May 31, 2022, Aircastle owned and managed on behalf of its joint ventures 250 aircraft leased to 74 customers located in 44 countries.
Contact:
Aircastle Advisor LLC
Jim Connelly, SVP ESG & Corporate Communications
Tel: +1-203-504-1871
jconnelly@aircastle.com
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SOURCE Aircastle Limited | https://www.wkyt.com/prnewswire/2022/07/28/aaron-dahlke-resign-aircastle-chief-financial-officer/ | 2022-07-28T12:20:31Z | https://www.wkyt.com/prnewswire/2022/07/28/aaron-dahlke-resign-aircastle-chief-financial-officer/ | false |
Four pretty straight forward games in the NWFA will have four final bound teams playing those who will miss out on the post season.
The game with the most intrigue will feature third placed Motton Preston hosting Spreyton up the hill at Preston.
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The Demons can finish the season in second with a win in this game and win plus favourable result in the final round next week.
Spreyton's best is good enough to play finals but the Eagles have been inconsistent this year dropping important games at inopportune times.
Motton Preston should win this one against a tough opponent.
ALSO IN SPORT:
West Ulverstone host its annual Beyond Blue Cup match against Sheffield and while all eyes will be on the money and awareness raised from the day, there will be one side hoping for a couple of goals from its spearhead.
Sheffield key forward Aaron McNab has 98 goals for the season, 38 more than his nearest challenger for the goal kicking award in Sam Greaves from Forth, and can reach his century on Saturday.
With a bye in the final round, it is now or never for McNab to kick the two goals he needs to reach is ton and remove that distraction from his side's finals campaign.
Forth host Rosebery Toorak at the riverside edging closer and closer to an unbeaten home and away season.
The Magpies need a win over the Hawks this week and West Ulverstone next week to accomplish the feat and will start a very heavy favourite in both games.
Rosebery Toorak bring a side full of passion up the Coast and will be looking Sam Mawer, Brad Poulter and Will Claessens to lead the side on what could be a very ling afternoon.
East Ulverstone will host Turners Beach at Haywoods Reserve and will be looking to continue its season of having different players stand up most weeks.
Matthew Cooper has been mentioned in the best players seven times this year, the most of any East Ulverstone player.
NOMINATE A JUNIOR STAR OR COACH IN THE ADVOCATE/WOOLWORTHS JUNIOR SPORTS AWARDS BELOW: | https://www.theadvocate.com.au/story/7838347/sides-up-against-finalist-tests/ | 2022-07-28T12:20:43Z | https://www.theadvocate.com.au/story/7838347/sides-up-against-finalist-tests/ | false |
- Revenue in Second Quarter 2022 of $2.25 Billion; an Increase of 4% Year-Over-Year
- Second Quarter 2022 Net Income of $292 Million; Diluted EPS of $0.07
- Adjusted EBITDA of $679 Million
- Year-to-Date Capital Returns to Stockholders of $1.6 Billion
- SiriusXM Reiterates Full-Year Financial Guidance; Expects Positive Full-Year Self Pay Net Subscriber Additions
NEW YORK, July 28, 2022 /PRNewswire/ -- SiriusXM today announced second quarter 2022 operating and financial results, including revenue of $2.25 billion, an increase of 4% year over year. The company recorded net income of $292 million in the second quarter 2022 compared to $433 million in the prior year period. The prior year period benefited from $140 million of satellite insurance recoveries. Net income per diluted common share was $0.07 in the second quarter 2022 compared to $0.10 in the prior year period, or $0.08 excluding the satellite insurance recoveries recorded in the second quarter of 2021.
Adjusted EBITDA was $679 million in the second quarter of 2022, down 3% from the second quarter of 2021.
"We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SiriusXM," said Jennifer Witz, Chief Executive Officer of SiriusXM. "We remain committed to creating compelling experiences for our listeners by investing in innovative technologies to deliver best-in-class, curated, comprehensive audio entertainment. We remain equally committed to delivering consumers the best and widest choice in premium audio content. From launching pop-up channels celebrating Black Music Appreciation Month to acquiring Conan O'Brien's Team Coco to produce new content for our listeners, and most recently, expanding our relationship with the NFL to deliver the most extensive sports lineup in audio entertainment, we will continue to enhance our platform to ensure broad appeal."
"SiriusXM's churn was steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers. In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet," said Sean Sullivan, Executive Vice President, and Chief Financial Officer. "This quarter we returned over $300 million in capital to stockholders, comprising $217 million in common stock repurchases and $86 million in dividends, and ended the quarter with net debt to adjusted EBITDA of 3.6 times."
Sirius XM Holdings operates two complementary audio entertainment businesses — one of which we refer to as "SiriusXM" and the second of which we refer to as "Pandora and Off-Platform." Further information regarding these two segments will be contained in the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The financial and operating highlights below exclude the impact of share-based payment expense.
Self-Pay Subscribers Remain at 32.0 Million
During the second quarter of 2022, SiriusXM self-pay subscribers increased by 23,000 and paid promotional subscribers increased by 54,000. Total subscribers were 34.0 million on June 30, 2022. The SiriusXM trial funnel stood at approximately 7.3 million at the end of the quarter, up from 6.9 million at the end of the first quarter of 2022. Self-pay monthly churn remained at approximately 1.5%.
SiriusXM Revenue Increased 5% to $1.7 Billion
Second quarter 2022 revenue grew 5% to $1.7 billion compared to the second quarter of 2021. This growth was driven by a $1.05 increase in average revenue per user (ARPU), up 7% year over year, resulting in a total ARPU of $15.62. Second quarter 2022 revenue also benefited from a 2% increase in SiriusXM self-pay subscribers, partially offset by the effects of a lower base of paid promotional subscribers.
Gross Profit Increased 6% to $1.1 Billion and Gross Margin Remained Stable
Total cost of services at SiriusXM increased by 3% to $668 million for the quarter compared to the corresponding quarter in 2021. Gross profit at SiriusXM totaled $1.1 billion, an increase of 6% compared to the 2021 period, producing a gross margin of 61%, consistent with the prior year period.
Expanded Content Offering
During the quarter, SiriusXM continued its efforts creating special programming recognizing Black artists with the launch of two exclusive channels during Black Music Appreciation Month in June, Whitney Houston and The Notorious B.I.G., and welcomed back The 2PAC Channel and The Prince Channel. The quarter also saw a continued focus on opportunities that leverage SiriusXM's full audio ecosystem, including the acquisition of Team Coco, which included the critically-acclaimed hit podcast Conan O'Brien Needs a Friend, and the Conan O'Brien-led podcast network and digital media business. As part of the deal, Conan will collaborate with SiriusXM to create and executive produce a new fulltime, original Team Coco comedy channel for SiriusXM subscribers expected to launch this fall. SiriusXM also reached a new agreement with the NFL, making the platform the exclusive third-party audio provider of every NFL game, along with expanded rights to bring subscribers team-focused content from NFL clubs.
Product Enhancements
In the second quarter, SiriusXM made improvements to the commerce experience on its existing SXM Apps on connected devices, including Amazon Fire, Android TV, LG, and Roku, and launched the SXM App on Comcast X1, Flex, and XClass TV platforms.
BMW vehicles equipped with SiriusXM 360L received a key feature update. BMW vehicles with 360L now include Pandora Stations, an in-car feature from SiriusXM that employs Pandora's listener personalization technology and gives BMW owners the ability to customize their own ad-free music channels in the car with more of what they want to hear.
Advertising Revenue Increased 5% to $403 Million
Second quarter 2022 ad revenue in the Pandora and Off-Platform segment increased by 5% year over year to $403 million. Off-platform advertising, including the company's podcast business, climbed 50% year over year to nearly $119 million in the second quarter of 2022. Ad revenue maintained monetization of approximately $100 per thousand hours at Pandora, remaining roughly flat compared to the second quarter of 2021.
Total Advertising-Supported Listener Hours of 2.84 Billion
Monthly Active Users (MAUs) at Pandora were 50.5 million in the second quarter of 2022, down from 55.1 million in the prior year period. Total ad-supported listener hours were 2.84 billion in the second quarter of 2022, down from 3.03 billion in the 2021 period. Average monthly hours per ad-supported user climbed 3% to 21.1 in the second quarter of 2022 compared to 20.4 in the second quarter of 2021.
Self-Pay Subscribers Decreased Modestly
Self-pay subscribers to the Pandora Plus and Pandora Premium services decreased modestly in the second quarter of 2022 to end the period at 6.3 million.
Gross Profit Falls
Subscriber revenue decreased by 2%, advertising revenue increased by 5% and total cost of services increased by 14% during the second quarter of 2022 driven by investments in new podcast content. This resulted in gross profit in the Pandora and Off-platform segment of $167 million, a decrease of 13% compared to the corresponding 2021 period, and produced a gross margin for the quarter of 31%, down 6 percentage points from the prior year period.
Content Engagement
Pandora saw increases in time spent listening by active users, driven by a continued focus on improving personalization and expanding its rich content offering. The quarter saw launches of several new Pandora stations, including Country Grit, one of Pandora's most-listened genres (country music); Pan-Asian United, a new channel showcasing a range of genres from Asian-American and Pacific Islander artists; and Prom Night, the platform's largest suite of stations to date, all in celebration of the 2022 prom season. Additionally, in honor of Black Music Appreciation Month in June, Pandora's Black Music Forever Radio launched five new modes representing five decades of the evolution of dance influenced by black culture.
Podcast Growth and Expanded Ad Representation
SXM Media, the company's combined advertising sales organization, continues to be a dominant force in podcast ad sales, ranking as the #1 podcast advertising network in weekly U.S. listener reach, according to Edison Research. SXM Media currently represents four of the top 15 podcasts in the country, including "Crime Junkies," "Office Ladies," "Dateline NBC," and "Pod Save America."
As part of the previously mentioned acquisition of Team Coco, SiriusXM expanded its exclusive global ad representation beyond Team Coco's acclaimed podcasts to also include digital video, social media, and live events associated with Team Coco's properties. During the quarter, the company also signed new agreements with multi-platform internet star Lyle Forever, which includes his hit podcast Therapy Gecko and Critical Role, the D&D role-playing collective with millions of fans. These agreements secured the global advertising sales rights for SXM Media and continued to expand the company's off-platform business, and solidified SXM Media as a leader in the sales of audio advertising for podcasts.
Subscriber acquisition costs increased by 2% to $91 million in the second quarter of 2022 compared to the prior year period, driven by higher equipment installations by automakers. Sales and marketing costs increased by 20% to $272 million in 2022 compared to the prior year, boosted by increased performance marketing efforts and the continuation of a multi-media national ad campaign promoting SiriusXM, which launched late 2021. Engineering, design and development costs rose 7% to $63 million, and general and administrative expenses decreased by 1% to $113 million in 2022.
Free cash flow was $435 million, down approximately 21% from the prior year period, as cash taxes rose by $97 million year over year and the second quarter of 2021 benefited from $17 million in satellite insurance receipts.
The Company continues to anticipate positive full-year 2022 self-pay net subscriber additions and reiterates 2022 guidance for revenue, adjusted EBITDA, and free cash flow as follows:
- Total revenue of approximately $9.0 billion,
- Adjusted EBITDA of approximately $2.8 billion, and
- Free cash flow of approximately $1.55 billion.
Unaudited Results
Set forth below are our results of operations for the three and six months ended June 30, 2022 compared with the three and six months ended June 30, 2021. Legal settlements and reserves and share-based payment expense have been excluded from cost of services line items and presented as their own line items in the table below, as this is consistent with how the segments are evaluated on a regular basis.
Key Financial and Operating Metrics
A full glossary defining our key financial and operating metrics can be found in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.
Subscribers and subscription related revenues and expenses associated with our connected vehicle services and Sirius XM Canada are not included in Sirius XM's subscriber count or subscriber-based operating metrics.
Set forth below are our subscriber balances as of June 30, 2022 compared to June 30, 2021:
The following table contains our Non-GAAP financial and operating performance measures which are based on our adjusted results of operations for the three and six months ended June 30, 2022 and 2021:
Reconciliation from GAAP Net income to Non-GAAP Adjusted EBITDA:
Reconciliation of Free Cash Flow:
Reconciliation of SAC, per installation:
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in North America, and the premier programmer and platform for subscription and digital advertising-supported audio products. SiriusXM's platforms collectively reach approximately 150 million listeners, the largest digital audio audience across paid and free tiers in North America, and deliver music, talk, news, comedy, entertainment and podcasts. SiriusXM offers the most extensive lineup of professional and college sports in audio. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM's subsidiaries Stitcher, Simplecast and AdsWizz make it a leader in podcast hosting, production, distribution, analytics and monetization. The Company's advertising sales arm, SXM Media, leverages its scale, cross-platform sales organization, and ad tech capabilities to deliver results for audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com.
This communication 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 future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: we have been, and may continue to be, adversely affected by supply chain issues as a result of the global semiconductor supply shortage; we face substantial competition and that competition is likely to increase over time; if our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our business will be adversely affected; we engage in extensive marketing efforts and the continued effectiveness of those efforts is an important part of our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; we may not realize the benefits of acquisitions and other strategic investments and initiatives; the ongoing COVID-19 pandemic has introduced significant uncertainty to our business; a substantial number of our Sirius XM service subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our business depends in part on the auto industry; failure of our satellites would significantly damage our business; our Sirius XM service may experience harmful interference from wireless operations; our Pandora ad-supported business has suffered a substantial and consistent loss of monthly active users, which may adversely affect our Pandora business; our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising products our results of operations will be adversely affected; changes in mobile operating systems and browsers may hinder our ability to sell advertising and market our services; if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners; privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities; consumer protection laws and our failure to comply with them could damage our business; failure to comply with FCC requirements could damage our business; if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business; the market for music rights is changing and is subject to significant uncertainties; our Pandora services depend upon maintaining complex licenses with copyright owners, and these licenses contain onerous terms; the rates we must pay for "mechanical rights" to use musical works on our Pandora service have increased substantially and these new rates may adversely affect our business; failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; some of our services and technologies may use "open source" software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses; rapid technological and industry changes and new entrants could adversely impact our services; we have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations; we are a "controlled company" within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time; our principal stockholder has significant influence, including over actions requiring stockholder approval, and its interests may differ from the interests of other holders of our common stock; if we are unable to attract and retain qualified personnel, our business could be harmed; our facilities could be damaged by natural catastrophes or terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition; we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; and our business and prospects depend on the strength of our brands. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
Source: SiriusXM
Contact for SiriusXM:
Investor contact:
Hooper Stevens
212.901.6718
Hooper.Stevens@siriusxm.com
Natalie Diana Candela
212.901.6672
Natalie.Candela@siriusxm.com
Media contact:
Jessica Casano-Antonellis
212.901.6767
Jessica.Casano@siriusxm.com
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SOURCE Sirius XM Holdings Inc. | https://www.kold.com/prnewswire/2022/07/28/siriusxm-reports-second-quarter-2022-results/ | 2022-07-28T12:21:39Z | https://www.kold.com/prnewswire/2022/07/28/siriusxm-reports-second-quarter-2022-results/ | true |
Rapidly deployable infrastructure supports multiple missions in both garrison and tactical operations
ROLLING MEADOWS, Ill., July 28, 2022 /PRNewswire/ -- Cambium Networks (NASDAQ: CMBM), a leading global provider of wireless networking solutions, today announced that its fixed wireless infrastructure solutions continue to evolve and support defense and national security fixed wireless broadband applications for border security, first responders, garrison operations and theater communications. Cambium Networks has demonstrated technical leadership, performance, and survivability in harsh conditions in defense and security applications around the world for over fifteen years.
"Defense communications are mission critical, whether it is in conflict situations or supporting operations in ports and bases," said Atul Bhatnagar, president and CEO of Cambium Networks. "Cambium Networks' fixed wireless solutions provide the performance and ruggedness that can be counted on to enhance mission critical communications in harsh environments."
In the first half of 2022, Cambium Networks' solutions have been selected for multiple defense and security programs, including:
- Naval base communications around the globe, both pier side as well as ship-to-shore
- Tactical defense programs
- Border Security projects
- Multiple international programs, including US supported foreign military sales and direct to Europe, Middle East and Africa projects
"Cambium Networks has recently achieved notable accreditations on two purpose built fixed wireless broadband network solutions," said Ryan Peterson, Global Defense and Security Sales Director, Cambium Networks. "Defense and national security network operators can now include cnMatrix™ Routing and Switching systems and Microwave Line-of-site (MLoS) Turn-Key Connectivity Kits in their plans."
Also, the PTP 78700, a MLoS radio operating in the 7 and 8 GHz band, received JF-12 (Joint Frequency Allocation-to-Equipment Process) spectrum certification by the US Government. This certification allows defense and security customers additional licensed spectrum to deploy MLoS programs as an alternative to the already congested NATO Band 4 and unlicensed 5 GHz bands.
In addition, the PTP 700's FIPS 140-2 acreditation was re-verified by the National Institute of Standards and Technology (NIST) under certificate #4243. The PTP 700 operates in NATO Band 4, 4.4 – 4.9 GHz, but also bridges from 4.9 GHz to 5.875 GHz, providing a high level of frequency agility. The PTP 700's embedded dynamic spectrum optimization (DSO) was also recently updated to further enhance its ability to address electronic counter measures like adversary jamming and interception capabilities.
Cambium Networks' federal and defense solutions are proven wireless communications for military battlefield, border, garrison and infrastructure applications with the following acreditations:
- NIST FIPS 140-2 validation
- NTIA SPS (Spectrum Planning Subcommittee) certification
- JF-12 (Joint Frequency Allocation-to-Equipment Process) spectrum certification
- MIL-STD-810
- Multiple layers of FIPS-validated security including physical, certificate, and over-the-air-rekey security
- TAA compliant hardware and ancillary items
Cambium Networks provides a comprehensive suite of hardware, software and managed solutions that support multi-gigabit connectivity for federal defense, public safety and national law enforcement in addition to municipal, enterprise and service provider applications. The comprehensive wireless fabric portfolio of Wi-Fi access points, switches and fixed wireless technologies—all unified by the cnMaestro™ cloud management system—enables networks to run efficiently and easily scale to meet increasing demand.
About Cambium Networks
Cambium Networks delivers wireless communications that work for businesses, communities, and cities worldwide. Millions of our radios are deployed to connect people, places, and things with a unified wireless fabric that spans multiple standards and frequencies of fixed wireless and Wi-Fi, all managed centrally via the cloud. Our multi-gigabit wireless fabric offers a compelling value proposition over traditional fiber and alternative wireless solutions. We work with our Cambium certified ConnectedPartners to deliver purpose-built networks for service provider, enterprise, industrial, and government connectivity solutions in urban, suburban, and rural environments, with wireless that just works.
Media Contact
Dave Reddy - Big Valley Marketing for Cambium
+1 (650) 868-4659
dreddy@bigvalley.co
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SOURCE Cambium Networks | https://www.wkyt.com/prnewswire/2022/07/28/cambium-networks-fixed-wireless-broadband-technology-selected-national-defense-communications/ | 2022-07-28T12:21:46Z | https://www.wkyt.com/prnewswire/2022/07/28/cambium-networks-fixed-wireless-broadband-technology-selected-national-defense-communications/ | false |
AMSTERDAM (AP) — Automaker Stellantis on Thursday reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% increase in global sales of battery electric vehicles.
Stellantis, which was formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot, said net revenue reached 88 billion euros ($89.86 billion), a 17% increase from the first half of last year. Net profit hit 8 billion euros, up 34%.
The world’s fourth-largest automaker said sales of low-emission and battery electric vehicles have been increasing, with the latter up by nearly 50% from last year to 136,000 units.
Car shipments slipped 18% in Europe amid problems acquiring computer chips during a global shortage, with net revenue down 2% compared to the first half of 2021. But shipments rose 10% in North America, with net revenue up 31%.
Stellantis has plans to sell 5 million electric vehicles by 2030, with 50% of its North American passenger car and light truck sales going fully electric by 2030. It plans to sell only electric passenger cars in Europe by 2030.
“In a demanding global context,” CEO Carlos Tavares said, Stellantis is “delivering an outstanding performance and executing our bold electrification strategy.”
The automaker has stepped up investment in electric vehicles, with projects announced earlier this year in North America.
A joint venture between Stellantis and Samsung plans to spend more than $2.5 billion to build an EV battery factory in Indiana for a range of vehicles produced at Stellantis’ North American assembly plants.
The carmaker also said it would invest billions in upgrading two Canadian assembly plants and a research center as well as building a large EV battery factory in Ontario in a joint venture with South Korea’s LG Energy Solution.
U.S. regulators have opened three investigations into safety issues with about 1.65 million vehicles made by Stellantis, but none has been recalled so far or linked to crashes or injuries.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/ap-news/2022/07/28/stellantis-earnings-rise-as-electric-vehicle-sales-expand-2/ | 2022-07-28T12:21:49Z | https://wtmj.com/ap-news/2022/07/28/stellantis-earnings-rise-as-electric-vehicle-sales-expand-2/ | false |
ISELIN, N.J., July 28, 2022 /PRNewswire/ -- Hexaware Technologies, a next-generation digital services provider, is one of the partners in the UNFUR Project, a campaign that raises awareness around the atrocities of the fur trade and attempts to create a sustainable alternative for fur and faux fur. The significant collaborators of Hexaware for this project are the International Anti-Fur Coalition (IAFC) and the University of Westminster.
The project creates digital fur fashion as NFTs that can be collected/purchased and the earnings will be directed to combat the fur trade. The campaign was announced at MET AMS, Europe's leading Metaverse festival and features a digital fur fashion collection that includes five pieces digitized as NFTs by Hexaware. The students from the University of Westminster's Fashion Institute created the head-turning designs for the collection. Paul van Raak, Creative Director- Mobiquity, part of Hexaware said, "The UNFUR project intentionally brings tension between buying a digital fur fashion piece (because it is considered beautiful) while you are aware that this should not be bought in the physical world. We use this duality as a trigger to drive the audience to bid on one of the UNFUR NFTs and by doing so support the fight against the fur industry."
This project unveils the opportunities that Metaverse can present for the fashion industry while eliminating limitations of the physical world. Hexaware is delighted to be a part of this initiative that enables leveraging its Metaverse competencies, taking a solid step towards exploring endless possibilities for fashion as NFTs and embracing an ethical and responsible way of protecting animals slaughtered for their precious fur. The campaign also strengthens the position of digital platforms as viable and sustainable options to bring in the next big revolution in the fashion industry.
The project has been recognized through various awards that are a testament to the impact it has created in the NFT domain. Some of the prestigious accolades received are – The FWA: Site of the Day, CSS Design Awards: Site of the Day, UI Design Award, UX Design Award, Innovation Award, Awwwards: Site of the Day, Developer Award.
Immanuel Kingsley , Metaverse Technology Officer at Hexaware Technologies said, "We are fortunate to have the chance of capitalizing on our curiosity of Metaverse to unfold a new dimension for the fashion industry while contributing to a cause that saves millions of animals from atrocities. Like innovation, exploring new possibilities in the Metaverse drives our efforts and this campaign provides the right boost for our future endeavors."
About Hexaware
Hexaware is a global IT, BPS and consulting services company empowering businesses worldwide to realize digital transformation at scale and speed.
Learn more about Hexaware at http://www.hexaware.com. Take an immersive 360° virtual tour of our campuses worldwide at https://www.hexawareimmersive.com
Logo: https://mma.prnewswire.com/media/530945/Hexaware.jpg
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SOURCE Hexaware Technologies Ltd. | https://www.kold.com/prnewswire/2022/07/28/unfur-digital-fur-fashion-demonstrate-capabilities-metaverse-with-responsibility/ | 2022-07-28T12:22:27Z | https://www.kold.com/prnewswire/2022/07/28/unfur-digital-fur-fashion-demonstrate-capabilities-metaverse-with-responsibility/ | false |
This addition to Biomica's scientific expertise will support the company's upcoming steps in its immuno-oncology clinical development program
REHOVOT, Israel, July 28, 2022 /PRNewswire/ -- Biomica Ltd., a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics, and a subsidiary of Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), today announced that Professor Gal Markel, Director of the Davidoff Cancer Center & Deputy Director General of the Rabin Medical Center at Clalit Health Services in Israel, is joining Biomica's Scientific Advisory Board.
Professor Markel is an internationally recognized expert in translational tumor immunology and clinical immuno-oncology. He brings a wealth of knowledge, as an expert in clinical and investigational Immuno-Oncology with broad experience in integrative platforms. He is Professor of Tumor Immunology in the Faculty of Medicine at Tel-Aviv University. He is the author of more than 130 peer-reviewed papers and the inventor of more than 20 patents. Prof. Markel co-founded BTC (acquired by DSPG in 2011), was the scientific founder and Chief Scientific Officer of cCAM Biotherapeutics (acquired by Merck & Co in 2015) and 4C Biomed. He holds a PhD and MD from the Hebrew University, an MBA from the IDC and medical oncology training at Sheba Medical Center.
In addition, Professor Markel was the principal investigator of a groundbreaking investigator-initiated study, which demonstrated for the first time, that melanoma immunotherapy can be successfully boosted by changing the gut microbiome (via Fecal Microbiota Transplantation). In this trial, it was shown that some patients with metastatic melanoma refractory to immunotherapy, had an objective tumor regression if immunotherapy was paired with a microbiome therapy from a metastatic melanoma donor who had achieved a complete response on immunotherapy. Professor Markel was the senior and corresponding author of the article published in Science on December 2021, depicting the results of this trial.
Professor Gal Markel said: "I am very excited to join Biomica's superb team and contribute to the development of its unique microbiome-based therapeutics for cancer patients. I am looking forward to embarking on this fantastic joint journey."
Professor Yehuda Ringel, CSO and Chairman of the Scientific Advisory Board, commented: "I am very pleased that Professor Markel has chosen to join our advisory board. As an internationally renowned expert in the immune-oncology field, I am convinced he will be an invaluable asset and strong contributor to Biomica and its future success. I wholeheartedly welcome Gal to Biomica and look forward to working closely with him."
About Biomica
Biomica is a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics utilizing a dedicated Computational Predictive Biology platform (CPB), licensed from Evogene Ltd. Biomica aims to identify and characterize disease-related microbiome entities and to develop novel therapeutics based on these understandings. The company is focused on the development of therapies for antibiotic resistant bacteria, immuno-oncology, and microbiome-related gastrointestinal (GI) disorders. Biomica is a subsidiary of Evogene Ltd. (NASDAQ: EVGN, TASE: EVGN). For more information, please visit www.biomicamed.com.
Contacts:
Lital Mamon
Head of Marketing and PR
E: IR@evogene.com
T: +972-8-931-2097
Kenny Green
US Investor Relations
E: IR@evogene.com
T: +1 212 378 8040
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SOURCE Biomica Ltd. | https://www.wafb.com/prnewswire/2022/07/28/biomica-appoints-professor-gal-markel-companys-scientific-advisory-board/ | 2022-07-28T12:24:21Z | https://www.wafb.com/prnewswire/2022/07/28/biomica-appoints-professor-gal-markel-companys-scientific-advisory-board/ | false |
KYIV, Ukraine — Russian forces on Thursday launched massive missile strikes on Ukraine's Kyiv and Chernihiv regions, areas that haven't been targeted in weeks, while Ukrainian officials announced an operation to liberate an occupied region in the country's south.
Kyiv regional governor Oleksiy Kuleba said on Telegram that a settlement in the Vyshgorod district of the region was targeted early on Thursday morning; an "infrastructure object" was hit. It wasn't immediately clear if there were any casualties.
Vyshhgorod is located about 12 miles north of downtown Kyiv. Kuleba linked the strikes with the Day of Statehood, which Ukraine was marking for the first time on Thursday.
"Russia, with the help of missiles, is mounting revenge for the widespread popular resistance, which the Ukrainians were able to organize precisely because of their statehood," Kuleba told Ukrainian television. "Ukraine has already broken Russia's plans and will continue to defend itself."
Chernihiv governor Vyacheslav Chaus reported that multiple missiles were fired from the territory of Belarus at the village of Honcharivska.
Russian troops withdrew from the Kyiv and Chernihiv regions months ago after failing to capture either. The renewed strikes on the areas come a day after the leader of pro-Kremlin separatists in the east, Denis Pushilin, publicly called on the Russian forces to "liberate Russian cities founded by the Russian people — Kyiv, Chernihiv, Poltava, Odesa, Dnipropetrovsk, Kharkiv, Zaporizhzhia, Lutsk."
Kharkiv, Ukraine's second largest city, also came under a barrage of shelling overnight, its mayor Ihor Terekhov said. The southern city of Mykolaiv was fired at as well, with one person sustaining injuries.
Meanwhile, the Ukrainian military continued to counterattack in the occupied southern region of Kherson, striking a key bridge over the Dnieper River on Wednesday.
Ukrainian media on Thursday quoted Ukraine's presidential adviser, Oleksiy Arestovich, as saying that the operation to liberate Kherson "has already begun." Arestovich said Kyiv's forces were planning to isolate Russian troops there and leave them with three options — to "retreat, if possible, surrender or be destroyed."
Oleksiy Danilov, the secretary of Ukraine's National Security and Defense Council, in televised remarks on Wednesday said he was "cautious" in assessing the timeline of the possible counteroffensive. "I would really like it to be much faster," he said, adding that "the enemy is now concentrating the maximum number (of forces) precisely in the Kherson direction."
"A very large-scale movement of their troops has begun, they are gathering additional forces," Danilov warned.
The British military estimated Thursday that Ukraine's counteroffensive in Kherson is "gathering momentum".
"Their forces have highly likely established a bridgehead south of the Ingulets River, which forms the northern boundary of Russian-occupied Kherson," the British Defense Ministry said on Thursday.
It added that Ukraine has used its new long-range artillery to damage at least three of the bridges across the Dnieper River, "which Russia relies upon to supply the areas under its control." The 1,000-meter-long Antonivsky bridge, which Ukrainian forces struck on Wednesday, is likely to be "unusable," the British Defense Ministry concluded.
Ukraine's presidential office said Thursday morning that Russian shelling of cities and villages over the past 24 hours killed at least five civilians, all of them in the eastern Donetsk region, and wounded nine more.
Fighting in recent weeks has focused on the Donetsk region. It has intensified in recent days as Russian forces appeared to emerge from a reported "operational pause" after capturing the neighboring Luhansk region.
A missile struck a residential building in Toretsk early Thursday morning, destroying two floors. "Missile terror again. We will not give up... We will not be intimidated," Donetsk regional governor Pavlo Kyrylenko said on Telegram.
Analysts with the Institute for the Study of War believe that Russian forces are focusing their efforts on capturing the cities of Bakhmut and Siversk in Donetsk province.
"Russian forces have committed enough resources to conduct near-daily ground assaults and to seize territory on these two axes but have been unable to sustain a similar offensive operational tempo or to make similar territorial gains elsewhere in Ukraine," the Institute said.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.mainepublic.org/npr-news/npr-news/2022-07-28/russia-strikes-areas-in-northern-ukraine-while-ukraine-counterattacks-in-the-south | 2022-07-28T12:27:15Z | https://www.mainepublic.org/npr-news/npr-news/2022-07-28/russia-strikes-areas-in-northern-ukraine-while-ukraine-counterattacks-in-the-south | true |
CUMBERLAND — Cumberland Optical is celebrating its 25th anniversary as the West Side business continues to grow since it relocated a few blocks from downtown Cumberland to its current location at 50 Greene St.
“That was a crucial decision that we made when we bought this property in 2000,” said Bruce Alderton, president of the company where he works daily cutting and fitting lenses for eyeglass frames.
“Our business has increased 300 percent over the last 10 years and it continues to grow,” said Alderton, who operates the business along with his wife Debbie and optometrist Dr. Shawn Ricker.
It was in the late 1940s when Al Tosh, a Pittsburgh salesman, and a business partner opened Cumberland Opticians in a small shop on Washington Street adjacent to the Algonquin Hotel.
At that location, a help wanted sign caught the eye of Cumberland resident James W. Alderton, a Fort Hill High School graduate and Army Korean War veteran.
Alderton and his wife Mary lived on Greene Street when he worked at Potomac Valley Television Company.
Alderton was hired, learned the eyeglasses trade and purchased the business when Tosh retired in 1978. Located on South Liberty Street, the company later relocated to 12 S. Mechanic St. where it remained until 2001.
“I worked with my dad until he died of colon cancer in 1985 and then I purchased the business,” Bruce Alderton said.
Mary Alderton, Bruce’s mom, worked at the company for 34 years after retiring as an Allegany County public school teacher and until her death in 2020.
“Everything was booming in Cumberland in the 80s. It was good times with all the manufacturers thriving back then — Kelly-Springfield, the Celanese, PPG, B&O, the paper mill,” Alderton said.
The business began to grow upon moving to its Mechanic Street location just off Baltimore Street.
“Mechanic Street was a more prominent location. But the parking was always a problem for us there,” he said.
Soon, the idea of relocating became a point of discussion between the Alderton’s and Ricker, who joined the partnership as an optometrist in 1997. The name of the company was then changed to Cumberland Optical.
The need for a more suitable location became even more apparent when an elderly patron of the business was nearly struck by a vehicle while crossing Mechanic Street from the Times-News parking lot.
The idea of moving became a reality a few years later.
“We moved here in September 2001 after looking for another location since 1999 due to our concerns about traffic and accessibility,” Alderton said.
“Charlie Croft at First Peoples (Community Federal Credit Union) played an important part in our purchase of this building in his role as a commercial loan officer,” Alderton said.
Once purchased, the building was gutted and renovated by Knotts Construction of Ridgeley, West Virginia.
The building includes second-floor apartments where Jack Ricker, Shawn’s dad, resides.
“Jack moved into an apartment upstairs when we bought the property. He helps us as our caretaker and maintenance custodian,” Alderton said.
Cumberland Optical employs nine people keeping up with customer demand. Any weekday, Ricker performs two dozen or more eye exams.
“Nearly 90 percent of our patrons live within a 10-mile radius of here,” Alderton said. The customer base also includes the same family members of three generations.
Alderton credits Ricker for his knowledge and expertise of the past 25 years as factoring in the business growth.
“People ask me how do you run a business? I always say ‘I stay in my lane.’ I know optics and eyeglasses but that’s it. Beyond that I need to stay in my lane,” he said.
Alderton also commented about Cumberland Optical’s interaction with its competitors.
“It’s a really good relationship that we have always enjoyed with our local competitors over the years,” he said.
As evidence, Alderton spoke of a hazing-type practice that the local opticians would employ on new hires.
“They would send the new hire to another nearby optical shop to pick up a lens stretcher,” Alderton said. “They might go to Tom Hubbs who would tell them he didn’t have it and then send him to Morris Dantzic who might then send him to Dr. Firey. Eventually the new employee would come back empty-handed to his employer only to learn there is no such thing as a lens stretcher.”
The affable Alderton also commented on another factor in the success of Cumberland Optical.
“Shawn and I have a great relationship and we have never had an argument,” he said. “I attribute that to our faith as God-fearing men.” | https://www.times-news.com/news/local_news/cumberland-optical-celebrating-25th-anniversary/article_1ed4be68-09e8-11ed-90dd-cfbb4190dcd0.html | 2022-07-28T12:27:33Z | https://www.times-news.com/news/local_news/cumberland-optical-celebrating-25th-anniversary/article_1ed4be68-09e8-11ed-90dd-cfbb4190dcd0.html | false |
NORWALK, Conn. (AP) _ Emcor Group Inc. (EME) on Thursday reported second-quarter earnings of $100.7 million.
On a per-share basis, the Norwalk, Connecticut-based company said it had net income of $1.99.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The construction and maintenance company posted revenue of $2.71 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $2.62 billion.
Emcor Group expects full-year earnings to be $7.30 to $7.80 per share, with revenue expected to be $10.8 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EME at https://www.zacks.com/ap/EME | https://www.ourmidland.com/business/article/Emcor-Group-Q2-Earnings-Snapshot-17334582.php | 2022-07-28T12:28:50Z | https://www.ourmidland.com/business/article/Emcor-Group-Q2-Earnings-Snapshot-17334582.php | false |
Senate Majority Leader Chuck Schumer and Sen. Joe Manchin have revived a deal for climate measures and changes to the tax code, in addition to measures aimed at reducing health care costs.
Copyright 2022 NPR
Senate Majority Leader Chuck Schumer and Sen. Joe Manchin have revived a deal for climate measures and changes to the tax code, in addition to measures aimed at reducing health care costs.
Copyright 2022 NPR | https://www.wvpublic.org/2022-07-28/sen-manchin-has-reversed-course-and-agreed-to-a-climate-and-taxes-bill | 2022-07-28T12:28:54Z | https://www.wvpublic.org/2022-07-28/sen-manchin-has-reversed-course-and-agreed-to-a-climate-and-taxes-bill | false |
COLUMBUS, Ohio (AP) _ Bread Financial Holdings, Inc. (BFH) on Thursday reported second-quarter profit of $12 million.
On a per-share basis, the Columbus, Ohio-based company said it had net income of 25 cents.
The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $2.25 per share.
The manager of loyalty and rewards programs for retailers and others posted revenue of $988 million in the period. Its adjusted revenue was $893 million, also missing Street forecasts. Fourteen analysts surveyed by Zacks expected $900.7 million.
Bread Financial shares have dropped 36% since the beginning of the year. The stock has fallen 57% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BFH at https://www.zacks.com/ap/BFH | https://www.beaumontenterprise.com/business/article/Bread-Financial-Q2-Earnings-Snapshot-17334610.php | 2022-07-28T12:29:02Z | https://www.beaumontenterprise.com/business/article/Bread-Financial-Q2-Earnings-Snapshot-17334610.php | false |
SAN DIEGO, July 28, 2022 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, announced today that Chief Financial Officer Matt Harbaugh will participate in the Canaccord Genuity 42nd Annual Growth Conference in Boston on Thursday, August 11, 2022 at 1:30 p.m. ET.
A live webcast of the presentation will be available online from the Investor Relations page of the Company's website at www.nuvasive.com. After the live webcast, a replay of the presentation will remain available on the website for 30 days.
NuVasive, Inc. (NASDAQ: NUVA) is the leader in spine technology innovation, with a mission to transform surgery, advance care, and change lives. The Company's less-invasive, procedurally integrated surgical solutions are designed to deliver reproducible and clinically proven outcomes. The Company's comprehensive procedural portfolio includes surgical access instruments, spinal implants, fixation systems, biologics, software for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative neuromonitoring technology and service offerings. With more than $1 billion in net sales, NuVasive operates in more than 50 countries serving surgeons, hospitals, and patients. For more information, please visit www.nuvasive.com.
Forward-Looking Statements
NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with acceptance of the Company's surgical products and procedures by spine surgeons and hospitals, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive's products, the Company's ability to adequately manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties described in NuVasive's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
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SOURCE NuVasive, Inc. | https://www.wafb.com/prnewswire/2022/07/28/nuvasive-participate-canaccord-genuity-42nd-annual-growth-conference/ | 2022-07-28T12:30:19Z | https://www.wafb.com/prnewswire/2022/07/28/nuvasive-participate-canaccord-genuity-42nd-annual-growth-conference/ | false |
LOS ANGELES (AP) — The chronic shortage of homes for sale that's made fierce bidding wars common and sent prices to record highs has long frustrated homebuyers.
After a streak of annual declines going back three years, home listings finally rose on an annual basis in May and June.
But would-be buyers looking for more modestly priced homes will find scant relief in the listings surge. The increase in homes for sale nationally has been concentrated in the higher-price end of the spectrum, $250,000 or higher, while listings for properties priced below that threshold are becoming more scarce.
“In a market that has been so low on inventory, any increase in the availability of homes for sale is going to be welcome, but the biggest increase that we’ve seen so far is in the pricier side of the market,” said Danielle Hale, Realtor.com’s chief economist.
Listings for homes priced at $100,000 or less were down 21.4% in June from a year earlier, while those listed for between $100,000 and $250,000 were down 12.4%, according to Realtor.com.
In contrast, the number of homes listed for more than $250,000 increased 32.1% in June from a year earlier.
On a typical day in June, the number of active home listings totaled 619,305, a nearly 19% increase from the same month last year, according to Realtor.com.
The sorely needed increase in home listings follows a marked slowdown in the housing market.
Sales of previously occupied U.S. homes are slowing as the Federal Reserve hikes rates to combat surging inflation, lifting mortgage rates. In June sales fell to to a seasonally adjusted annual rate of 5.12 million, the slowest pace in two years according to the National Association of Realtors.
The average rate on a 30-year home loan climbed to 5.54% last week, almost double from a year ago, according to mortgage buyer Freddie Mac. Higher rates reduce buyers’ purchasing power at a time when the median U.S. home price hit a new high of $416,000 last month.
“The entry level side of the market continues to be challenging, and it’s particularly hard because those entry level buyers are often most likely to be taking on a mortgage and borrowing, so they’re also the ones that are facing higher mortgage rates,” Hale said.
Hale expects the for-sale home inventory will be up about 15% on average this year, which should help some would-be buyers. But it would take a significant housing market slowdown before the number of homes for sale at the most affordable range of the market increases, she said. | https://www.ourmidland.com/business/article/More-homes-for-sale-but-low-priced-listings-17334622.php | 2022-07-28T12:31:09Z | https://www.ourmidland.com/business/article/More-homes-for-sale-but-low-priced-listings-17334622.php | false |
DES MOINES, Iowa — No, you're still not a multi-millionaire — but now there's more than a billion dollars on the line.
Nobody won Tuesday night's $830 million Mega Millions jackpot, which has sent the estimated jackpot for Friday's drawing soaring to an estimated $1.02 billion, or a cash option of $602.5 million.
The winning numbers for Tuesday drawing were 7-29-60-63-66 with a gold Mega Ball 15. Nine tickets matched all five numbers but not the Mega Ball, for at least a $1 million prize, but nobody matched all six. One ticket bought in Ohio matched all five and had purchased the Megaplier feature, which tripled their prize to $3 million.
Heavy traffic crashed the Mega Millions website temporarily Tuesday evening as people checked to see if they had a winning ticket. The lottery described the website traffic Tuesday following the results as "more than any in the history of megamillions.com"
Tuesday's $830 million jackpot was the third largest jackpot prize in the game's history and the fourth largest for any lottery game. Only two billion-dollar jackpots have been higher for Mega Millions.
The prize money has quickly climbed in the last couple of weeks thanks to growing excitement and strong sales, but the odds of winning remain the same — a staggering one in 302.5 million. You have better odds of a smaller payoff, like winning $1 million for matching five regular numbers but missing the Mega Ball. Even that is one in 12.6 million.
That didn't stop the building excitement for this jackpot, which recently swept up Raising Cane's CEO Todd Graves. He said he bought 50,000 Mega Millions tickets in hopes of sharing the jackpot with employees of the chicken finger chain.
"Buying 50,000 lottery tickets is harder than you think!" Graves said on Twitter. At $2 a ticket, it cost at least $100,000.
In the game's 20-year history there have only ever been two other billion-dollar jackpots.
The world record for a jackpot remains $1.586 billion, which was a Powerball prize awarded in 2016.
Last year, a Mega Millions jackpot cracked the $1 billion mark for just the second time. A four-member suburban Detroit lottery club won that $1.05 billion jackpot and chose the lump sump, receiving $557 million after taxes.
The next Mega Millions drawing is on Friday, July 29 at 11 p.m. ET. The game is played on Tuesday and Friday nights in 45 states as well as Washington, D.C., and the U.S. Virgin Islands. | https://www.ktvb.com/article/news/nation-world/mega-millions-jackpot-up-again-winning-numbers-july-26-2022/507-87c75517-6740-44c4-beda-b2756730d442 | 2022-07-28T12:31:45Z | https://www.ktvb.com/article/news/nation-world/mega-millions-jackpot-up-again-winning-numbers-july-26-2022/507-87c75517-6740-44c4-beda-b2756730d442 | false |
On July 21, an ice cream truck franchise owner posted a meme to Facebook that rocked the ice cream world to its very core. The meme had a picture of a headstone with the Choco Taco logo and the words “R.I.P Choco Taco 1984-2022.”
“You heard it here first! The choco taco has been discontinued. This is a shocker! The choco taco has been around since 1984, and was one of our most popular products,” the post on the Sno Kone Joe Facebook page said. The post has been shared more than 22,000 times.
In recent weeks, Google Trends data shows a significant increase in searches for “choco taco discontinued.” The VERIFY team went to the source to find out if the rumors were true.
THE QUESTION
Has the Choco Taco been discontinued?
THE SOURCES
- Klondike, the manufacturer of the Choco Taco
- Joshua Malatino, owner of Sno Kone Joe
THE ANSWER
Yes, the Choco Taco has been discontinued.
WHAT WE FOUND
The Klondike Choco Taco has been discontinued in both 1-count and 4-count pack sizes, a Klondike representative told VERIFY. The company also posted a statement about the product being discontinued on its website.
Fans of the dessert know the Choco Taco is not a traditional ice cream sandwich – it consists of a waffle cone folded into the shape of a taco shell, filled with ice cream and topped with chocolate and peanuts.
It was first invented in Philadelphia by Alan Drazen in 1984. In a 2017 interview with food magazine Eater, Drazen said at the time he was working for an ice cream company and became inspired by the growing popularity of Mexican food in the U.S. and wanted to create a taco-like dessert.
Joshua Malatino, owner and operator of Sno Kone Joe, an ice cream truck franchise based in Fulton County, New York, posted the viral Facebook meme with news about the product being discontinued. This post was one of the earliest VERIFY could find.
Malatino told VERIFY his distributor in Albany, New York, told him there were “a lot of issues” with getting the chocolate treat.
Malatino said he then took matters into his own hands and called Klondike himself. A representative from the company told him the product was no longer available.
“I was shocked because the Choco Taco is one of the most popular items on the ice cream truck. So I really didn't know what to think, with them discontinuing it, and without any reason,” Malatino said. “They gave me no reason as to why they were discontinuing the item.”
The Klondike representative told VERIFY that over the last two years the demand for other Klondike products is greater than the demand of the Choco Taco. In order to make sure their entire product line would remain available nationwide, Klondike made the cut.
“A necessary but unfortunate part of this process is that we sometimes must discontinue products, even a beloved item like Choco Taco. We know this may be very disappointing,” the statement said.
Malatino said he’s searched for Choco Tacos to stock his truck and has found enough in the area to surprise his loyal customers.
“I have a few customers that have bought nothing but Choco Taco off of me. And they're so disappointed and upset. But I had stopped at a local convenience store today. And I saw that they had a few of them,” Malatino said. “I bought a few of them. I'm going to surprise them and I'm just going to give them a free Choco Taco, hoping it's not going to be their last. I'm hoping that you know, the power of the people will get Klondike to reassess their decision and bring the taco back.”
Do you want to taco’ bout this with Klondike? Here are four ways to contact the company. | https://www.ktvb.com/article/news/verify/food-verify/choco-taco-has-been-discontinued/536-7c3477e0-f5d5-4dc3-9f86-04bd23e61809 | 2022-07-28T12:32:09Z | https://www.ktvb.com/article/news/verify/food-verify/choco-taco-has-been-discontinued/536-7c3477e0-f5d5-4dc3-9f86-04bd23e61809 | true |
GDP report will give clues as to whether the U.S. is in a recession
The federal government is releasing its latest update on the U.S. economy. But numbers showing negative growth in the second quarter of the year will add to fears that a recession is underway. | https://www.npr.org/2022/07/28/1114183816/gdp-report-will-give-clues-as-to-whether-the-u-s-is-in-a-recession?ft=nprml&f= | 2022-07-28T12:32:24Z | https://www.npr.org/2022/07/28/1114183816/gdp-report-will-give-clues-as-to-whether-the-u-s-is-in-a-recession?ft=nprml&f= | true |
As the saying goes, it’s not about the destination, it’s about the journey. This Bay Area hike begs to differ.
Mission Peak Regional Preserve in Fremont is one of the most popular parks in the East Bay Regional Park District. Within the preserve, the Mission Peak summit sits over 2,500 feet high, offering a breathtaking 360-degree view of the Bay Area and beyond that once had crowds flocking to the park.
To get to the top, hikers embark on what Ashley Adams, a supervising naturalist with the district, describes as “by far the most infamous hike within the 73 parks” that the parkland system has to offer.
Bearing this in mind, I recruited my dad and sister to join me as we set out to reach the summit. The peak itself is accessible from a number of places. Adams recommends ascending via the 3-mile Peak Trail from Ohlone College, where there’s also an abundance of parking for $4. Another popular method is scaling the Peak Meadow Trail, which begins at the Stanford Avenue staging area but has limited parking with only 43 spots. A road less traveled, and slightly longer, is hiking on the back side from the Sunol Wilderness Regional Preserve, where a $2 yearlong permit will grant you access to not only the summit but also 30,000 acres of the Ohlone Regional Wilderness.
Already feeling foolish for trying to tackle what was made out to be a tedious hike, I took the expert’s word and started off from Ohlone College. The first stretch of the hike was telling — the trail went essentially straight up. While I knew I had to gain 2,000 feet of elevation somehow, the beginning of the hike took no prisoners.
After weaving through barren grasslands under the beaming sun for 15 minutes, shrubbery began to populate the edges of the path. An oak tree with a branch extending above provided the trail its first instance of shade thus far. One hiker I ran into was taking full advantage of it. Although she felt unwell, she assured us she just needed a rest. With a full water bottle, she said the heat of the day was simply getting to her. I was fear-stricken. If this was just the beginning, what more was to come?
Adams warned me of the heat prior to my expedition. “Unfortunately, in our parks the most common injury is heat illness,” she said. “You are walking through beautiful grasslands, but you’re climbing up this rocky peak where there are no trees. So prepare for that by bringing a nice shaded hat, plenty of sunscreen and lots and lots of water.”
I was fortunate to choose a July day that only brought temperatures in the low 70s, but it was still enough for me to work up a good sweat. Luckily, the hike brought a fun surprise to take my mind off of the heat.
Twenty-five minutes into the hike, I turned a corner to what seemed largely out of place. Cows! Adjacent to the trail, a herd of cows were lounging, uninterrupted. What were they doing there? With no signs of human intervention in any direction, I continued on my way both bewildered and amused.
After another 20 minutes of meandering through golden grasslands and walking past an occasional patch of green, I encountered another fallen soldier, who rested on a tree providing what would be the last shade of the hike. I was tempted to give my own hike an intermission, but the emergence of Mission Peak in the distance kept me motivated enough to continue onward.
Nearly an hour after departing from the trailhead, I’d reached a crossroads — literally. All three trails leading to the Mission Peak summit met at this juncture, which conveniently had a bathroom as well, the only one available in the preserve. A look back to where I had just walked revealed a panoramic view of the rolling hills and distant mountains. A turn of the head provided a clean shot of the bay with only a snippet blocked by the peak itself. The only thing left to do was make it to the top.
While talking had remained a constant between my sister, dad and me throughout the hike, this stretch of the trail was a different story. Conversation stalled as the silence grew louder, accompanied only by our gasps for air. After making it past what felt like Mount Everest’s Hillary Step, the only words anyone was able to muster came from my sister. Turning back to the steep path behind us, she muttered, “That looks a lot shorter than it felt.”
A final uphill segment exerted me to a sweat that streamed down my face, but it was enough to reach the summit. At last: Mission Peak in all its glory.
“When you look one direction, it’s all wilderness,” Adams said about the peak. “And then you turn the other way and you see all of our civilization. And what I think is really interesting about Mission Peak is when you turn to the east and you’re looking out over the wilderness and you see all of those rolling grasslands and groves of oak trees, that’s kind of what the Bay Area would have looked like before Spanish contact and the missionization.”
It felt like I was in a time machine. The juxtaposition of the uninterrupted wilderness with the place I call home felt impossible to conceive at once. But there it was, right in front of my eyes.
At the top, other groups of hikers gathered around an oddly shaped pillar taking turns posing for photos. Some climbed on it while others posed next to it. The structure in question is known as the Mission Peeker, a structure constructed in 1990 with tubes protruding from its side at every angle. Looking through the holes reveals to hikers the Bay Area's tallest peaks. Even with the sweeping view behind it, the pole seemed to be a main attraction.
“People get to the top and they want to get to the Mission Peeker,” Adams said. “It’s a really cool pole where when you look through it … you get a view of the whole Bay Area. You can see Mount Tamalpais, you can see the Santa Cruz Mountains, you can see Mount Hamilton and on a clear day you can see all the way to the Sierra Nevada.”
After basking in the views of both the Bay Area’s past and present, I set off to make my way down the mountain. This time, I decided to take the trail down to the Stanford Avenue staging area instead.
The path offered an encapsulating view of the bay and its surrounding areas. Everything from the nearby residential homes to Moffett Federal Airfield across the bay was in sight, all while falcons and hawks soared overhead. At the corner of many switchbacks, a bench offered hikers a chance to reel in the view (and take a break for people going up the strenuous hill).
Three miles later, I was back down to the trailhead, just down the road from Mission San Jose, from which the peak got its name. With an adventure spanning just under three hours under my belt, I stand by my claim that it was not about the journey, but the destination instead.
Don’t get it twisted, it’s by no means a knock on the (tiring) hike itself. But the views that Mission Peak has to offer, coupled with its time machine-like ability to reveal what the Bay Area used to look like, absolutely make this a destination worth visiting. | https://www.sfgate.com/travel/article/mission-peak-hike-reveals-past-17330809.php | 2022-07-28T12:33:32Z | https://www.sfgate.com/travel/article/mission-peak-hike-reveals-past-17330809.php | false |
It is unusual for large-scale gatherings to see up to a million people arrive at a parliamentary or governmental building at once.
Parliamentary storming depends typically on the type of legal system, current laws, legal policies, and form of governance.
A "ruckus" has occasionally occurred in the parliaments of most nations.
The latest such instances happened in Iraq and Sri Lanka, where hundreds of people stormed parliament.
Let’s have a look at the parliament attacks that took place: | https://www.wionews.com/photos/in-pics-history-of-parliament-attacks-501450 | 2022-07-28T12:33:38Z | https://www.wionews.com/photos/in-pics-history-of-parliament-attacks-501450 | true |
Where it started: cooling big spaces in tough environments
Big Ass Fans has a name that’s rather self-explanatory, at least with respect to its original product. Now its full slate of offerings has the company well-positioned to play a significant role in helping solve industry’s ongoing challenges in getting the workers it needs.
Part of the inherent difficulty in addressing those hiring challenges is that our younger generations are less willing to put up with extreme environments in their jobs. By 2030, more than two million labor jobs risk going unfilled, according to the National Association of Manufacturers. Fortunately, there are new methods out there to improve the situation when it comes to hot, cold and humid environments, and Big Ass Fans has built a whole business around those methods. As a result, the company has grown rapidly since it was founded in 1999, and it’s constantly adding new solutions to continue that growth.
And it really did all start with cows. The founder of Big Ass Fans, Carey Smith, had done work with a company that made large, slow-moving fans designed to cool cow barns, as heat reduces the amount of milk cows produce. Smith saw an opportunity to apply the concept in warehouses, and he formed HVLS Fan Co. around his own design (the name being an abbreviation for his “high-volume, low-speed” fan). He marketed his innovation to both dairy farmers and warehouse operators, but it soon became popular for broader factory applications as well. That growing popularity is what led to the eventual company name change. “People would call in and say, ‘I want one of those big-ass fans,’” explained Jim Flickinger, the company’s SVP and CCO. The company also began to see growth in commercial air-conditioned spaces as well, including schools, restaurants, retail stores and churches–growth that continues today. “Coming out of the pandemic, one of our biggest customers has been Planet Fitness,” he said.
“We as a company are out there trying to create awareness of how we can create comfort,” Flickinger continued. “We’re adamant about getting our name out there. We have a history of putting science behind things, and not creating one-size-fits-all solutions.” That culture soon spread, and is now felt by the nearly 700 global employees across four offices: the Global HQ campus in Lexington, Kentucky, and sub-offices in Canada, Australia, and Singapore. Collectively, those offices have now sold more than a million fans worldwide now serving customers in 175 countries, and customers include more than three quarters of Fortune 500 companies.
The company grew so rapidly in its first two decades, Smith was able to command a $500 million price tag when he sold it to a private equity group, Lindsay Goldberg, in 2017. “I came in early in 2018,” said Flickinger. “I led a turnaround where we added new products to our portfolio. Last July, we were bought by Madison Industries [a private operating company with a slate of brands focused on health and safety]. That was a great situation. Madison does an excellent job seeing not just today, but years into the future. They want to make a difference. They have a great mission that aligns with ours.”
A mission to make the world safer, healthier and more productive
As Flickinger implied, fans alone weren’t enough to provide all the solutions customers needed, though. “We were a seasonal business with just fans,” he said. “Now we’re year-round with heaters and evaporative coolers too. We also have a great software solution [the company’s proprietary SpecLab 3D simulation software], that helps customers map out where they need heat, cooling, or dehumidification. We also saw an opportunity with IoT, where people want integrated solutions.” Big Ass Fans now offers a complete slate of industrial and commercial work environment solutions including large and small ceiling fans, directional fans, evaporative coolers and heaters, as well as residential indoor and outdoor fans with access to a wide range of additional products within the Madison portfolio.
Being part of the larger Madison Industries organization brings other synergies as well. “In the past, we had to do our own due diligence when we looked at acquisitions,” Flickinger said. “Now we go to our parent company, and they’ll go do that for us.” With its 315 facilities in 40 countries, and over 20,000 employees, Madison Industries certainly has the heft to help Big Ass Fans grow its businesses.
Looking forward, the company’s focus will continue to be on building the industrial solutions side of its business while further expanding into other markets. “Everybody will get creating a more comfortable work environment,” said Flickinger. “Comfort creates more productive work. But there’s also the safety aspect too, which lots of people may not understand.”
Also critical to the future is maintaining what made the company great in the first place. “One thing that makes us unique is our culture,” Flickinger said. “We have a great name, and we have fun with it. But we also have products that mean a lot, and are very serious. People love to work here and have fun. Our culture is definitely unique, and it’s driven by our name.”
After its best sales year ever in 2021, the one-time startup set sales records in May and June of this year as it eyes a $375 million sales goal for the first time ever. It’s clear the market for comfort is big business. | https://www.forbes.com/sites/jimvinoski/2022/07/28/at-big-ass-fans-cooling-cows-led-to-keeping-people-comfy/ | 2022-07-28T12:36:32Z | https://www.forbes.com/sites/jimvinoski/2022/07/28/at-big-ass-fans-cooling-cows-led-to-keeping-people-comfy/ | true |
SAN JOSE, Calif., July 28, 2022 /PRNewswire/ -- Cisco today announced that it will participate in the following conference with the financial community during the month of August. The session will be webcast. Interested parties can view the event on Cisco's Investor Relations website at investor.cisco.com.
Deutsche Bank 2022 Technology Conference
August 31, 2022
9:00 a.m. PT / 12:00 p.m. ET
Greg Dorai, Vice President, Product Management, Secure Access Group
Cisco (NASDAQ: CSCO) is the worldwide leader in technology that powers the Internet. Cisco inspires new possibilities by reimagining your applications, securing your data, transforming your infrastructure, and empowering your teams for a global and inclusive future. Discover more on The Newsroom and follow us on Twitter.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
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SOURCE Cisco Systems, Inc. | https://www.mysuncoast.com/prnewswire/2022/07/28/cisco-announces-august-2022-event-with-financial-community/ | 2022-07-28T12:39:25Z | https://www.mysuncoast.com/prnewswire/2022/07/28/cisco-announces-august-2022-event-with-financial-community/ | true |
SPOKANE, Wash., July 28, 2022 /PRNewswire/ -- EDMO Distributors, a global leader in the distribution of avionics, test equipment, and install supplies, is excited to announce the arrival of Trig Avionics' Nav/Com Radio. The release of the TX56 completes the Trig avionics stack. Pilots can get a good looking, fully featured stack that includes a TMA44 audio panel, TY96A VHF, TX56A Nav/Com and TT31 transponder.
The TX56 is a slimline unit, at only 1.3in high, making it easier to install and saves valuable space in any avionics stack. Trig CEO Andy Davis said, "Trig's Nav/Com product family has landed. We know customers are excited by the TX56's space saving form factor and its compelling list of pilot friendly features."
The TX56 uses a bright high-resolution display, with the clearest presentation of Nav and Com information. The unit has a customizable frequency database which holds over 200 com and an additional 200 nav frequencies, loaded via a USB stick. The Nav/Com includes a two-place intercom, with support for stereo music. All TX56 models have a built-in digital course deviation indicator (CDI). Trig Nav/Com's benefit from having a built in VOR/LOC converter and can also support a composite output. This ensures the widest compatibility with installed indicators. The Nav supports VFR and IFR navigation, including ILS approaches. Trig's TI106, Course Deviation Indicator is available, as the ideal panel mounted companion to any TX56 model.
The full Trig stack is a compelling package, with a good-looking harmonized design. Visit edmo.com to view the full line of Trig Avionics products and complete your avionics stack today!
Over the course of 50 years, EDMO Distributors has secured a reputation as one of the most reliable sources for aircraft electronics, test equipment, installation supplies, wire and cable, tooling, and pilot supplies. EDMO's commitment to providing the best service and the largest selection possible has made it a company that customers count on and trust. With headquarters in Spokane, WA and a warehouse in Nashville, TN, EDMO maintains a stringent quality management system and is an ISO 9001:2015/AS9120B certified company. Visit edmo.com for more information.
Trig Avionics 'Better by Design' philosophy guides the business. It results in products that are simple to use, truly innovative and provides pilots with features that really matter - with a strong commitment to helping our customers meet regulatory changes. Whether it be development of new products or existing products, the processes have the end user at the forefront. Trig is committed to providing great customer service through our Trig Service Centers in Europe, North America, and Australia—offering prompt and responsive support throughout the lifetime of every Trig product. For more information, visit www.trig-avionics.com.
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SOURCE EDMO Distributors Inc. | https://www.kbtx.com/prnewswire/2022/07/28/available-edmo-trig-avionics-releases-tx56-navcom-radio/ | 2022-07-28T12:39:30Z | https://www.kbtx.com/prnewswire/2022/07/28/available-edmo-trig-avionics-releases-tx56-navcom-radio/ | true |
HOUSTON, July 28, 2022 /PRNewswire/ -- LyondellBasell today announced it has made another step forward in its journey to net zero greenhouse gas (GHG) emissions. The company signed two additional long-term renewable electricity power purchase agreements (PPA) with Buckeye Partners for a total of 165 megawatts (MW) to be sourced from Buckeye's solar farms currently under construction in north Texas. This announcement is another example of the progress LyondellBasell is making towards achieving its 2030 goal of procuring at least half, approximately five million megawatt hours (MWh) per year, of its current electricity consumption from renewable sources.
This agreement is the fourth renewable energy PPA for LyondellBasell and comes just one month after the company announced PPAs with ENGIE North America for 100 MW and Buckeye for 116 MW. The four agreements represent a total of 381 MW of renewable energy, estimated to generate approximately 1,037,000 megawatt-hours (MWh) of clean power annually. This is equivalent to the yearly electricity consumption of over 96,000 American homes.
"Infused in the work we do and products we make is our commitment to continually improve the quality of life and the environment," said Peter Vanacker, CEO of LyondellBasell. "Renewable energy is an important step to achieving our GHG emission reduction goals on our journey to net-zero by 2050. Through their use in the production of wind turbines, solar panels and electric vehicles, our products are critical to the energy transition. Expanding our investment in wind and solar energy sources helps reduce the emissions associated with producing the vital products which make renewable energy possible."
Buckeye Crown and Sol Solar Projects
Buckeye's Crown and Sol solar projects are located in Falls County, Texas on adjacent sites and are expected to commence commercial operations in the third quarter of 2023. Each PPA term with LyondellBasell is for 15 years. The projects are estimated to generate over 400,000 MWh of clean power annually for LyondellBasell, equivalent to 152,000 metric tons of carbon dioxide or the yearly electricity consumption of nearly 37,000 average American homes.
Decarbonizing electricity supply through the purchase of renewable electricity is important to meeting LyondellBasell's 2030 targets. The renewable energy source target is estimated to reduce approximately 1.5 million metric tons of greenhouse emissions from its scope 2 emissions annually.
About LyondellBasell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this presentation, the words "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2021, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.
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SOURCE LyondellBasell Industries | https://www.mysuncoast.com/prnewswire/2022/07/28/lyondellbasell-achieves-renewable-energy-milestone/ | 2022-07-28T12:43:21Z | https://www.mysuncoast.com/prnewswire/2022/07/28/lyondellbasell-achieves-renewable-energy-milestone/ | true |
WASHINGTON, July 28, 2022 /PRNewswire/ -- Today, Humanity Forward applauds Senator Joseph Manchin III (D, WV) and Senate Majority Leader Chuck Schumer (D, NY) for reaching a tentative deal to significantly cut the federal deficit, reduce prescription drug prices, and dramatically scale up domestic production of clean renewable energy. If passed and signed into law, this constellation of policies will save lives, reduce inflation and energy costs, and make the US a global leader in tackling climate change.
"Senator Manchin held out for the best deal for the American people," said Humanity Forward's Head of Policy Government Affairs, Paolo Mastrangelo. "This is responsible legislation and reflects serious, patient deliberations by Senator Manchin and his colleagues. Humanity Forward will continue to work with Democratic Senators to ensure that the Inflation Reduction Act of 2022 is signed into law."
Humanity Forward stands ready to work with members of both parties to reduce inflation, poverty, high energy prices, the effects of climate change, and other issues of concern to American families.
Humanity Forward is a 501(c)(4) nonprofit organization dedicated to building bipartisan coalitions to advance the economic interests of the American people through federal policy. Uniquely positioned as one of America's fastest growing, altruistic advocacy organizations, our mission is to advance evidence-based policies designed to strengthen families, generate economic growth, and end poverty.
For more information please contact greg@movehumanityforward.com
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SOURCE Humanity Forward | https://www.kbtx.com/prnewswire/2022/07/28/humanity-forward-applauds-senator-manchin-continued-focus-reducing-inflation/ | 2022-07-28T12:43:27Z | https://www.kbtx.com/prnewswire/2022/07/28/humanity-forward-applauds-senator-manchin-continued-focus-reducing-inflation/ | true |
The companies set out to advance Bobacino's technology and shape the future of the industry
EL SEGUNDO, Calif., July 28, 2022 /PRNewswire/ -- Today, Bobacino – a startup developing fully automated, small footprint boba shops – announced a new R&D partnership with Boba Guys – a San Francisco-based chain of Boba cafes offering delicious milk tea drinks and snacks – to accelerate the development of Bobacino's technology and explore future collaboration opportunities.
"Boba Guys believes that progress and innovation is often at the edges of technology, and we can think of no better partner to explore automation with than Bobacino," said Bin Chen, co-founder of Boba Guys. "The tools and technology that Bobacino provides will create something entirely new and open up markets and opportunities for the whole boba industry."
Through the partnership, Boba Guys will act as strategic advisors to Bobacino, with the goal of shaping the future of the boba industry, as well as how cafes will look and function for many years to come.
"We are extremely excited to partner with Boba Guys, a brand with a strong commitment to quality - not only in its product, but also in its service," said Darian Ahler, Chief Executive Officer of Bobacino. "As the boba market continues to quickly expand, we look forward to furthering the sector and making the boba experience even better than it is today."
Bobacino continues to see traction with investors in its crowdfunding campaign, which is currently underway on WAX. The platform gives more everyday investors an opportunity to capitalize on the global boba tea market – which is projected to exceed $4.3 billion by 2028. – invest now.
About Bobacino
Bobacino brings the unique boba tea experience to a growing audience of boba aficionados and new enthusiasts through advanced artificial intelligence, automation and robotics. Made with fresh ingredients and offering customizable and flavorful options, Bobacino delivers a memorable boba experience at first pour. With every trip to Bobacino's fully automated boba tea bar, customers get a beverage crafted to their liking, without exposure to contamination. Bobacino is backed by Wavemaker Partners, a global venture capital fund with $600M AUM, and Wavemaker Labs, an automation-focused venture studio, and Embark Ventures, a venture capital firm in Los Angeles with a strong focus on AI and Robotics. For more information, visit www.bobacino.co.
About Boba Guys
Boba Guys are on a mission to bridge cultures and change the way people think about boba and tea. Co-founders Andrew Chau and Bin Chen established Boba Guys in 2011 and the chain now has 24 locations in the U.S. and growing. They are a pioneer in the boba industry, having written a best-selling book The Boba Book, built a first-of-its kind boba factory, US Boba Co, and elevated what was once a popular drink in Asia to the mainstream phenomenon in the United States through brand partnerships and collaborations including Care Bears and 88rising. To learn more, visit bobaguys.com.
Bobacino Press Contact
Joey Telucci, Golin
(650) 291-0086
jtelucci@golin.com
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SOURCE Wavemaker Labs | https://www.kmvt.com/prnewswire/2022/07/28/bobacino-announces-strategic-rampd-partnership-with-boba-guys-accelerate-development-fully-automated-robotic-boba-shops/ | 2022-07-28T12:46:06Z | https://www.kmvt.com/prnewswire/2022/07/28/bobacino-announces-strategic-rampd-partnership-with-boba-guys-accelerate-development-fully-automated-robotic-boba-shops/ | false |
A new study finds a majority of online pharmacies selling the chronic myeloid leukemia therapy imatinib are uncertified and could be operating unsafely.
PLYMOUTH MEETING, Pa., July 28, 2022 /PRNewswire/ -- Patients seeking to purchase chemotherapy drugs online face a confusing array of websites, over half of which potentially operate unsafely or illegally, finds a new study in the July 2022 issue of JNCCN—Journal of the National Comprehensive Cancer Network. A survey of online pharmacies claiming to sell the oral chemotherapy drug imatinib found that only three of the 44 identified English-language sites that shipped within the United States were certified through the LegitScript online pharmacy monitoring service. A full 52% were classified as "rogue" pharmacies that might operate without a license, sell counterfeit or expired products, steal users' payment information, or reject important safety precautions like requiring a prescription for potentially hazardous medications.
Tyrosine kinase inhibitors like imatinib have made chronic myeloid leukemia (CML) a manageable condition rather than a fatal one. Yet to work optimally, the drug must be taken for the rest of a patient's life and with high compliance. While a generic version of imatinib became available in 2016, high prices (averaging more than $700/month at brick-and-mortar pharmacies) have remained a barrier for many patients, who then may turn to online pharmacies in the hope of finding discounts. The authors recommend physicians be aware of the marketplace to which their patients may turn, and advise patients to use LegitScript, www.legitscript.com, to check URLs and identify certified online pharmacies.
"We were struck by just how easy it is to buy an oral chemotherapy medication online, as imatinib is not a benign drug," said study co-author Sachiko Ozawa, PhD, MHS, Associate Professor, University of North Carolina Eshelman School of Pharmacy. "By simply searching Google, Bing, Yahoo, and DuckDuckGo, we found 44 websites that sold and shipped imatinib in the U.S.; 13 of these websites sold imatinib without a prescription, and more than three-quarters did not offer a way for patients to speak with a pharmacist. This is a significant concern for patient safety."
Taking imatinib requires monitoring and frequent dosage adjustments. Even if an online pharmacy provides the medication as ordered, "patients bypassing provider interactions are likely to face much greater risks of nonadherence, discontinuation, treatment failures, and adverse events," Dr. Ozawa said.
In addition, rogue or unclassified pharmacies may not be providing patients with the real medication at all, and could even be stealing patients' medical or payment information. These sites are difficult to regulate, as they often originate abroad. The authors note that the online marketplace for drugs like imatinib is likely larger than represented in the study, as they only analyzed the first 10 pages of search engine results. "We also found it deceiving how well some illegitimate websites mimic legitimate sites," said Dr. Ozawa.
But how to address the reason patients would be using these under-regulated online pharmacies in the first place? Patients should be encouraged to speak with their pharmacist, financial counselor, or other members of their healthcare team if they can't afford their medications, said Benyam Muluneh, PharmD, BCOP, CPP, Assistant Professor, University of North Carolina Eshelman School of Pharmacy, who was also a study co-author. "Cancer drugs are very expensive; however, there are some resources such as third party foundation grants that may be able to help. If a medication is not affordable through regular channels, patients could also discuss alternative medication options with their providers rather than look for discounts online."
"The exorbitant price of oncology drugs is a major barrier to optimal therapy of many malignancies, including CML," commented Bernard Marini, PharmD, BCOP, Clinical Pharmacist Specialist, Michigan Medicine, who treats patients with leukemias and other hematologic malignancies. Dr. Marini was not involved in the research. "As this eye-opening study found, the problem has become so bad that there is a major illegitimate online marketplace for generic oral oncology drugs. Healthcare providers need to be aware that many of these rogue and unapproved pharmacies do not even require a prescription or have access to pharmacist consultations, putting patients at high risk for adverse drug events. While patient-directed NCCN Guidelines for CML can be a great tool for reinforcing patient education, this study reminds us of the need to fully recognize the dangers of illegitimate online pharmacies and ensure our patients have appropriate financial support when prescribing high cost medications."
To read the entire study, visit JNCCN.org. Complimentary access to "Online Pharmacy Accessibility of Imatinib, An Oral Chemotherapy Medication" is available until October 10, 2022.
About JNCCN—Journal of the National Comprehensive Cancer Network
More than 25,000 oncologists and other cancer care professionals across the United States read JNCCN—Journal of the National Comprehensive Cancer Network. This peer-reviewed, indexed medical journal provides the latest information about innovation in translational medicine, and scientific studies related to oncology health services research, including quality care and value, bioethics, comparative and cost effectiveness, public policy, and interventional research on supportive care and survivorship. JNCCN features updates on the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®), review articles elaborating on guidelines recommendations, health services research, and case reports highlighting molecular insights in patient care. JNCCN is published by Harborside. Visit JNCCN.org. To inquire if you are eligible for a FREE subscription to JNCCN, visit NCCN.org/jnccn/subscribe. Follow JNCCN on Twitter @JNCCN.
About the National Comprehensive Cancer Network
The National Comprehensive Cancer Network® (NCCN®) is a not-for-profit alliance of leading cancer centers devoted to patient care, research, and education. NCCN is dedicated to improving and facilitating quality, effective, equitable, and accessible cancer care so all patients can live better lives. The NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) provide transparent, evidence-based, expert consensus recommendations for cancer treatment, prevention, and supportive services; they are the recognized standard for clinical direction and policy in cancer management and the most thorough and frequently-updated clinical practice guidelines available in any area of medicine. The NCCN Guidelines for Patients® provide expert cancer treatment information to inform and empower patients and caregivers, through support from the NCCN Foundation®. NCCN also advances continuing education, global initiatives, policy, and research collaboration and publication in oncology. Visit NCCN.org for more information and follow NCCN on Facebook @NCCNorg, Instagram @NCCNorg, and Twitter @NCCN.
Media Contact:
Rachel Darwin
267-622-6624
darwin@nccn.org
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SOURCE National Comprehensive Cancer Network | https://www.wbtv.com/prnewswire/2022/07/28/chemotherapy-drugs-rogue-online-pharmacies-could-endanger-leukemia-patients-suggests-research-jnccn/ | 2022-07-28T12:46:13Z | https://www.wbtv.com/prnewswire/2022/07/28/chemotherapy-drugs-rogue-online-pharmacies-could-endanger-leukemia-patients-suggests-research-jnccn/ | true |
CHICAGO, July 28, 2022 /PRNewswire/ -- Forward Solutions, a portfolio company of Osceola Capital, announced the acquisition of Utility Sales Associates, a leading provider of outsourced sales services for utilities and telecommunications equipment manufacturers.
Utility Sales Associates, headquartered in Chicago, IL, further expands Forward Solutions' existing coverage areas into the highly strategic utilities and telecommunications sectors, while strengthening the company's geographic footprint in the Central United States. Utility Sales Associates' product offering includes network testing equipment, cables, transformers, grips, switches, personal tools, safety products, and cable installation, repair, identification and locating equipment, among others. Utility Sales Associates will represent a new, standalone go-to-market brand within Forward Solutions' portfolio focused on the utility and telecom industry.
Joe Orednick, CEO of Forward Solutions, noted "The addition of Utility Sales Associates represents an exciting new strategy within the Forward Solutions platform. Not only does this addition to our service portfolio expand our channel expertise, it also provides Utility Sales Associates additional resources to grow and serve their manufacturing partners."
Patrick Watkins, Principal at Osceola Capital, said, "We continue to partner with the best B2B service companies in the US. We are excited about the continued organic and acquisition growth of Forward Solutions as they broaden their expertise."
About Forward Solutions
Forward Solutions provides advanced services for evolving markets. The company's portfolio includes Avision, Curate, OneSolution™, and Utility Sales Associates. Each of these divisions offer outsourced sales, marketing, and customer support services for manufacturers who want to grow their businesses more effectively. Allynt Solutions and C3Consulting™ offer consulting services for manufacturers, distributors, and commercial end-users. Forward Solutions brings focused expertise to facility maintenance, cleaning, hygiene, food service disposables, food service equipment, industrial/MRO, safety, construction, power utility, telecommunications, and packaging supply channels. For more information, please email gina.tsiropoulos@forward-solutions.com
About Osceola Capital
Headquartered in Tampa, FL, Osceola Capital is a lower-middle market private equity fund. Osceola partners with growing high-quality companies in the business services, healthcare services, tech-enabled services, and industrial services space. Osceola seeks to bring value-added expertise in M&A, operations, strategy, and finance to small companies and together help the company achieve their full potential. Target investments include control positions in entrepreneur and family-owned businesses with revenue between $5 million and $75 million or EBITDA between $2 million and $10 million. For more information, please visit www.osceola.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
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SOURCE Forward Solutions | https://www.kmvt.com/prnewswire/2022/07/28/forward-solutions-expands-into-utility-communications-industry-with-acquisition-utility-sales-associates/ | 2022-07-28T12:48:08Z | https://www.kmvt.com/prnewswire/2022/07/28/forward-solutions-expands-into-utility-communications-industry-with-acquisition-utility-sales-associates/ | false |
LONDON, July 28, 2022 /PRNewswire/ -- Available figures have shown that single-aisle aircraft and their variants have become commercially active, leading to a conclusion that these aircraft will likely become a key part and a major player in the narrow body market in the post-Covid recovery period. When we think about single-aisle aircraft, this classification typically covers narrow body aircraft such as CRJ, B737, Comac C919 and Airbus A320, A321 Neo series, and A220 variants.
Looking at many airlines today, it is apparent that more than 80% of their installed fleet constitutes single-aisle aircraft, ranging from small to middle-sized planes. From our position, the long-term outlook is that the aviation market will likely shift towards narrow-body, with single-aisle aircraft share in the global commercial aviation market increasing to over 56% in the next five years.
Since the dawning of the pandemic, we have seen a couple of these airlines shift towards larger narrow body, even though the migration appears somewhat slower than expected due to the massive backlog of undelivered aircraft. Nonetheless, the aviation industry has noted a gradual transition towards large single-aisle, with the current projections indicating that these aircraft variants have increased by over 50% compared to pre-pandemic figures.
It is rather evident that backlog issues are a major concern for many airlines as far as the shift toward single-aisle aircraft is concerned. Based on the available figures, this backlog means that the worldwide fleet of various aircraft variants that fall under the large narrow body category will remain below 40%, but the trend may change favorably in the coming years. However, industry experts still believe that the figure will surpass the 35% mark in the next five years if we follow current market trends.
In reference to a statement by Boeing's management, "the heart of the market is around 180-200 seats." Conceivably, this statement posits that Boeing's large single-aisle aircraft may become the new market shapers, given the company's current positioning with large single-aisles. Remarkably, the number of Max 9 and 10 configurations and high-density Max 8 variants have started to dominate the installed fleet for many airlines, representing a new market trend towards single-aisles.
In all likelihood, the aviation market will note an increased number of A321 Neo variants, high-density A320 Neos making an entry into the narrow body market, pushing the tide further in the post-Covid global aviation industry. However, Airbus' share in the single-aisle market seems to be growing faster than its US rival, Boeing, which believably owns more aircraft variants in the narrow body category.
The latest figures provided for the two major manufacturers to the end of June indicate that Airbus had delivered over 10,600 of the 17,000 orders made by different airlines for A320 and A220 variants. The A320 has emerged as one of the best-selling and most popular single-aisle aircraft, with its market share surpassing that of Boeing's 737 Max models.
Market experts have cited the quality of engineering and recent disasters and grounding of the single-aisle Max 737 variants as reasons why Boeing's share in the narrow body market is trailing Airbus. Recent fleet data indicates that Airbus is struggling with a huge order backlog for single-aisle aircraft in the A320 family, with the current market share clocking at 59%. These figures indicate that the old order is fast changing, with the single-aisle market becoming increasingly attractive for many airlines.
Further, the increased favorability of the A320 series for short-haul destinations has increased their attractiveness in the aviation market, presenting opportunities for airlines to maintain intensive flyer programmes during the post-Covid recovery period. Therefore, these aircraft appear more feasible for airlines seeking to achieve fast rebound rates, unlike Boeing's single-aisle aircraft that predominantly operate in the long-haul segment.
Unlike wide-body aircraft, the single-aisle segment includes aircraft that allow airlines to achieve the best "per-seat economics" and ultimately provide greater flexibility for passengers. This explains the increased attractiveness of large single-aisle aircraft in the face of current predicaments that characterize the global aviation market.
As seen from the order backlogs that aircraft manufacturers are dealing with now, the value of single-aisle variants in driving growth and helping airlines meet their capacity demands during the post-Covid recovery period is largely indispensable. Given these realities, manufacturers should look into the possibilities of creating "middle of the market" aircraft models and those that offer circular composite fuselage to complement existing single-aisle models.
About Gediminas Ziemelis:
Throughout a business development career spanning more than 24 years, Gediminas Ziemelis has established over 50 start-ups and green-field investments in various industries such as IT, media, luxury furniture, pharma, clinics, agriculture, and across other industry sectors. At present, these companies are either owned by PE 'Vertas Management', or have previously been sold and are now components of other sizeable organisations.
Gediminas Ziemelis is the founder and chairman of Avia Solutions Group - a leading global aerospace services group with almost 100 offices and production stations providing aviation services and solutions worldwide.
Spanning his career to date, G. Ziemelis has received many prestigious awards and industry recognitions. In 2016, G. Ziemelis received a prestigious European Business Award in recognition of his visionary business management and development skills. The same year, under his leadership, Avia Solutions Group was named a national public champion in the category of Entrepreneurship, earning a spot in the top 110 European businesses. Twice – in 2012 and again in 2014 – Ziemelis was acknowledged as one of the top 40 most talented young leaders in the global aerospace industry by the leading USA aerospace magazine 'Aviation Week'.
Over his career, Gediminas Ziemelis has taken part in many impressive business ventures. Between 2014 – 2017, he personally supported and consulted Chinese Banks (including ICBCL, CMBL, and Skyco Leasing) concerning financing aircraft sale-leaseback transactions where the total value was more than US$ 4 bn.
Between 2006 – 2019, Avia Solutions Group Chairman executed successful IPOs of 4 companies at OMX and WSE, oversaw many public bonds issues, along with the raising of public capital worth more than US$ 400 M.
His total net worth is US$ 1.38 bn, according to local business media.
More info: www.gediminasziemelis.com
For media inquiries:
Vilma Vaitiekunaite
+370 686 16336
vilma.vaitiekunaite@aviasg.com
Image: https://mma.prnewswire.com/media/1868115/Avia_Solutions_Group.jpg
Logo: https://mma.prnewswire.com/media/1039700/Avia_Solutions_Logo.jpg
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SOURCE Avia Solutions Group | https://www.wbay.com/prnewswire/2022/07/28/chairman-board-avia-solutions-group-gediminas-ziemelis-single-aisle-aircraft-drive-global-fleet-recovery-post-covid-era/ | 2022-07-28T12:53:12Z | https://www.wbay.com/prnewswire/2022/07/28/chairman-board-avia-solutions-group-gediminas-ziemelis-single-aisle-aircraft-drive-global-fleet-recovery-post-covid-era/ | true |
High 5 Plumbing explains the benefits of having a career in the home service industry
DENVER, July 28, 2022 /PRNewswire/ -- High 5 Plumbing, a family-owned and operated plumbing company serving residents in the greater Denver metropolitan area, is dedicated to helping the home service industry thrive. With a shortage of skilled plumbing technicians, the company is encouraging new high school graduates or anyone looking for a new career to consider choosing a life in the trades.
"Right now, we are an industry that is high in demand but limited on the number of plumbers available to work," said Levi Torres, co-owner of High 5 Plumbing. "Far too often, there is a negative stigma associated with working in the trades that isn't true. Working in the trades is fulfilling because you are helping people day in and day out. You get to make a good living without going into debt. There are countless benefits to choosing a life in the trades."
When compared to the average salary of an upstart graduate fresh out of a four-year university, trade jobs pay more. Torres explains that new trade school graduates can earn well above $50,000 yearly with those wages nearing six figures after earning certifications and additional training.
In addition, high school graduates who attend a trade school are less likely to incur high levels of debt. According to Forbes, the average cost to attend a four-year university in 2021-22 was approximately $10,740. Those attending a trade school paid as little as $5,000.
Torres said given the national landscape, taking advantage of lower school tuition and higher salaries gives those looking for a career the chance to enter a field that is starving for technicians.
"On a nationwide scale, there is a high demand for skilled laborers in the home service industry," Torres said. "Companies are looking to hire individuals that can perform the work at a high level. With the jobs available, technicians have plenty of companies to choose from. It's important for us to spread the word that the trades are a viable option for those looking for a career.
"Going to a four-year college isn't the right fit for everyone. There are some that prefer a more hands-on approach right out of high school. For me, I started in the plumbing industry at the age of 16 and never looked back. Learning a trade is an excellent opportunity to enter a career that is meaningful while also earning a great living."
For more information on High 5 Plumbing, visit https://www.high5plumbing.com/.
About High 5 Plumbing
Founded in 2012, High 5 Plumbing is a local, family-owned company serving residents in the greater Denver metropolitan area. With a professional team that has extensive experience and a commitment to service, High 5 Plumbing offers comprehensive plumbing, sewer and drain services. The company was built on the values of solving plumbing problems and serving every customer with professionalism and respect. For more information about High 5 Plumbing, visit https://www.high5plumbing.com/.
MEDIA CONTACT:
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com
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SOURCE High 5 Plumbing | https://www.wbay.com/prnewswire/2022/07/28/good-life-denver-plumber-discusses-working-trades/ | 2022-07-28T12:55:32Z | https://www.wbay.com/prnewswire/2022/07/28/good-life-denver-plumber-discusses-working-trades/ | false |
A huge number of us decided to welcome new puppies into our homes in the last couple of years – Kennel Club figures show dog ownership soared by nearly 8 percent when the pandemic hit and post-lockdown demand for four-legged friends remains high.
There are a whopping 221 different breeds of pedigree dog to choose from, alongside numerous crossbreeds, so there’s plenty of thinking to do before you select your family’s latest addition.
One of the trickiest prospects for new owners is ensuring that their new pet is quickly toilet trained – knowning to go outside to relieve themselves. So, here are the 10 breeds of dog that are easiest to house train.
1. Australian Shepherd
A combination of intelligence and eagerness to please means the Australian Shepherd will quickly get to grips with popping outside.
Photo: Canva/Getty Images
2. Border Collie
It's no surprise to see the Border Collie on this list. They are the world's most intelligent breed of dog and quickly pick up the most complex of commands - making toilet training simple.
Photo: Canva/Getty Images
3. Bichon Frise
Crate training is particularly effective with the cute Bichon Frise - creating a safe space for your pup that it will want to keep dry and clean.
Photo: Canva/Getty Images
4. Boston Terrier
The Boston Terrier shouldn't take must convincing to pop out for the toilet. Any lingering stubborness can be sorted out with treats.
Photo: Canva/Getty Images | https://www.fifetoday.co.uk/lifestyle/family-and-parenting/toilet-training-dogs-these-are-the-10-breeds-of-adorable-dog-that-are-easy-to-house-train-including-the-loving-labrador-retriever-3509270 | 2022-07-28T12:56:02Z | https://www.fifetoday.co.uk/lifestyle/family-and-parenting/toilet-training-dogs-these-are-the-10-breeds-of-adorable-dog-that-are-easy-to-house-train-including-the-loving-labrador-retriever-3509270 | true |
NAIROBI, Kenya (AP) — Africa still does not have a single dose of the monkeypox vaccine even though it’s the only continent to have documented deaths from the disease that’s newly declared a global emergency, its public health agency announced Thursday.
“Let us get vaccines onto the continent,” the acting head of the Africa Centers for Disease Control and Prevention, Ahmed Ogwell, said in a weekly media briefing. He described a situation where the African continent of 1.3 billion people is again being left behind in access to doses in an uncomfortable echo of the COVID-19 pandemic.
Less than a week ago, the World Health Organization declared monkeypox an “extraordinary” situation that qualifies as a global health emergency.
To date, more than 20,000 cases have been reported in 77 countries. More than 2,100 monkeypox cases have been recorded in 11 African countries and 75 people have died, the Africa CDC director said.
Although monkeypox has been established in parts of central and west Africa for decades, it was not known to spark large outbreaks beyond the continent or to spread widely among people until May, when authorities detected dozens of epidemics in Europe, North America and elsewhere.
Now the global race is on to obtain monkeypox vaccine doses. The European Commission, the European Union’s executive arm, has secured the purchase of 160,000 doses of vaccines for the disease. On Wednesday, U.S. health regulators said nearly 800,000 doses of the monkeypox vaccine will soon be available for distribution after what they described as weeks of delays.
Such delays are far more pronounced on the African continent, where the painful disease has been endemic in some countries for years.
Ogwell said the Africa CDC has engaged with international partners in attempts to obtain vaccines, and while he said “good news” is expected in the coming days, “we cannot be able to give you a timeline.”
Even doses of the smallpox vaccine, which has shown effectiveness against monkeypox, are not available in Africa, Ogwell said.
“The solutions need to be global in nature,” he said, in a warning to the international community. “If we’re not safe, the rest of the world is not safe.”
The COVID-19 pandemic and the global hoarding of vaccine doses were a jolt to African leaders, who quickly joined together in an unprecedented effort to obtain doses and establish the production of more vaccines on the continent.
Now, to their dismay, the monkeypox outbreak is again showing how the world’s richer countries hurry to protect their own people first.
WHO has said it is creating a vaccine-sharing mechanism for protection against monkeypox, but the organization has released few details, so there’s no guarantee that African countries will get priority. No countries have yet agreed to share any vaccines with the WHO.
WHO officials have emphasized that monkeypox can infect anyone in close contact with a patient or their contaminated clothing or bedsheets. Researchers are still exploring how it spreads but believe it’s mainly through close, skin-to-skin contact and through contact with bedding and clothing that touched an infected person’s rash or body fluids.
In Africa, monkeypox mainly spreads to people by infected wild animals like rodents in limited outbreaks that typically have not crossed borders. In Europe, North America and elsewhere, however, monkeypox is spreading among people with no links to animals or recent travel to Africa.
In the U.S. and Europe, the vast majority of infections have happened in men who have sex with men, though health officials have stressed that anyone can contract the virus.
___
AP journalist Maria Cheng in London contributed. | https://www.seattletimes.com/seattle-news/health/africas-alone-in-monkeypox-deaths-but-has-no-vaccine-doses/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news | 2022-07-28T12:57:19Z | https://www.seattletimes.com/seattle-news/health/africas-alone-in-monkeypox-deaths-but-has-no-vaccine-doses/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news | true |
SHENZHEN, China, July 28, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain and cryptocurrency mining businesses, today provided updates on its blockchain and digital currency business.
As previously disclosed in a press release in December 2021, Meten Holding Group established the joint venture, Met Chain Co., Limited ("Met Chain"), specializing in the research and development ("R&D"), production, and sales of cryptocurrency mining equipment. Since its formation, Met Chain has generated revenue of approximately US$4.86 million from sales of cryptocurrency mining equipment and providing cryptocurrency mining equipment sales services, despite the tumbled prices of cryptocurrencies. The Company expects to see an increase in the orders Met Chain receives and Met Chain is expected to generate revenue exceeding US$20 million by the end of 2022.
As previously disclosed in a press release in February 2022, the Company purchased 600 XP mining machines from Bitmain Technologies Ltd. with an aggregate computing power of approximately 100PH/s. Some of these mining machines have been delivered and put into operation.
As a part of the Company's strategy to develop its metaverse business, the Company has established an NFT department to focus on NFT-related investment, strategy, and projects. The Company is current proactively seeking potential collaborations with well-known IP providers.
Mr. Jason Zhao, Chairman of Meten Holding Group, commented, "We are excited to see these achievements in this challenging market and another approach to move toward our metaverse initiative. Although the cryptocurrency market suffered from difficult microeconomic factors and tightening monetary policies, the financial results of Met Chain reflected the Company's efforts and dedication to the cryptocurrency business and our resolution to transform into a metaverse technology company thoroughly. The establishment of the NFT department is significant and complementary to the transformation. Look forward, we will continue the development in our business and look forward to growing our business further in the long term."
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an omnichannel training company headquartered in China providing language and workplace training services. In addition to its training services, Meten Holding Group actively develops metaverse, blockchain and cryptocurrency mining businesses to align with its future business development strategy. Meten Holding Group is committed to developing blockchain related businesses in North America, including cryptocurrency mining, mining farm construction, and mining pool and data center operation. Meten Holding Group actively explores metaverse business, such as Metaverse vocational education courses, with its competitive advantages and technology.
For more information, please visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the future performance of Met Chain, the joint venture company; the future development of and the Company's ability to succeed in its new line of digital currency business; the continuing impact of the COVID-19 pandemic and the emergence of new variants; the Company's ability to attract students without a significant decrease in course fees; the Company's ability to continue to hire, train and retain qualified teachers; the Company's ability to maintain and enhance our brands; the Company's ability to effectively and efficiently manage the expansion of the Company's school network and successfully execute the Company's growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training sector in China; changes in the Company's revenues and certain cost or expense items as a percentage of the Company's revenues; the expected growth of the Chinese English language training and private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd. | https://www.kxii.com/prnewswire/2022/07/28/meten-holding-group-ltd-provides-updates-its-blockchain-digital-currency-business/ | 2022-07-28T13:03:47Z | https://www.kxii.com/prnewswire/2022/07/28/meten-holding-group-ltd-provides-updates-its-blockchain-digital-currency-business/ | false |
SPOKANE, Wash., July 28, 2022 /PRNewswire/ -- EDMO Distributors, a global leader in the distribution of avionics, test equipment, and install supplies, is excited to announce the arrival of Trig Avionics' Nav/Com Radio. The release of the TX56 completes the Trig avionics stack. Pilots can get a good looking, fully featured stack that includes a TMA44 audio panel, TY96A VHF, TX56A Nav/Com and TT31 transponder.
The TX56 is a slimline unit, at only 1.3in high, making it easier to install and saves valuable space in any avionics stack. Trig CEO Andy Davis said, "Trig's Nav/Com product family has landed. We know customers are excited by the TX56's space saving form factor and its compelling list of pilot friendly features."
The TX56 uses a bright high-resolution display, with the clearest presentation of Nav and Com information. The unit has a customizable frequency database which holds over 200 com and an additional 200 nav frequencies, loaded via a USB stick. The Nav/Com includes a two-place intercom, with support for stereo music. All TX56 models have a built-in digital course deviation indicator (CDI). Trig Nav/Com's benefit from having a built in VOR/LOC converter and can also support a composite output. This ensures the widest compatibility with installed indicators. The Nav supports VFR and IFR navigation, including ILS approaches. Trig's TI106, Course Deviation Indicator is available, as the ideal panel mounted companion to any TX56 model.
The full Trig stack is a compelling package, with a good-looking harmonized design. Visit edmo.com to view the full line of Trig Avionics products and complete your avionics stack today!
Over the course of 50 years, EDMO Distributors has secured a reputation as one of the most reliable sources for aircraft electronics, test equipment, installation supplies, wire and cable, tooling, and pilot supplies. EDMO's commitment to providing the best service and the largest selection possible has made it a company that customers count on and trust. With headquarters in Spokane, WA and a warehouse in Nashville, TN, EDMO maintains a stringent quality management system and is an ISO 9001:2015/AS9120B certified company. Visit edmo.com for more information.
Trig Avionics 'Better by Design' philosophy guides the business. It results in products that are simple to use, truly innovative and provides pilots with features that really matter - with a strong commitment to helping our customers meet regulatory changes. Whether it be development of new products or existing products, the processes have the end user at the forefront. Trig is committed to providing great customer service through our Trig Service Centers in Europe, North America, and Australia—offering prompt and responsive support throughout the lifetime of every Trig product. For more information, visit www.trig-avionics.com.
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SOURCE EDMO Distributors Inc. | https://www.wagmtv.com/prnewswire/2022/07/28/available-edmo-trig-avionics-releases-tx56-navcom-radio/ | 2022-07-28T13:04:30Z | https://www.wagmtv.com/prnewswire/2022/07/28/available-edmo-trig-avionics-releases-tx56-navcom-radio/ | false |
The companies set out to advance Bobacino's technology and shape the future of the industry
EL SEGUNDO, Calif., July 28, 2022 /PRNewswire/ -- Today, Bobacino – a startup developing fully automated, small footprint boba shops – announced a new R&D partnership with Boba Guys – a San Francisco-based chain of Boba cafes offering delicious milk tea drinks and snacks – to accelerate the development of Bobacino's technology and explore future collaboration opportunities.
"Boba Guys believes that progress and innovation is often at the edges of technology, and we can think of no better partner to explore automation with than Bobacino," said Bin Chen, co-founder of Boba Guys. "The tools and technology that Bobacino provides will create something entirely new and open up markets and opportunities for the whole boba industry."
Through the partnership, Boba Guys will act as strategic advisors to Bobacino, with the goal of shaping the future of the boba industry, as well as how cafes will look and function for many years to come.
"We are extremely excited to partner with Boba Guys, a brand with a strong commitment to quality - not only in its product, but also in its service," said Darian Ahler, Chief Executive Officer of Bobacino. "As the boba market continues to quickly expand, we look forward to furthering the sector and making the boba experience even better than it is today."
Bobacino continues to see traction with investors in its crowdfunding campaign, which is currently underway on WAX. The platform gives more everyday investors an opportunity to capitalize on the global boba tea market – which is projected to exceed $4.3 billion by 2028. – invest now.
About Bobacino
Bobacino brings the unique boba tea experience to a growing audience of boba aficionados and new enthusiasts through advanced artificial intelligence, automation and robotics. Made with fresh ingredients and offering customizable and flavorful options, Bobacino delivers a memorable boba experience at first pour. With every trip to Bobacino's fully automated boba tea bar, customers get a beverage crafted to their liking, without exposure to contamination. Bobacino is backed by Wavemaker Partners, a global venture capital fund with $600M AUM, and Wavemaker Labs, an automation-focused venture studio, and Embark Ventures, a venture capital firm in Los Angeles with a strong focus on AI and Robotics. For more information, visit www.bobacino.co.
About Boba Guys
Boba Guys are on a mission to bridge cultures and change the way people think about boba and tea. Co-founders Andrew Chau and Bin Chen established Boba Guys in 2011 and the chain now has 24 locations in the U.S. and growing. They are a pioneer in the boba industry, having written a best-selling book The Boba Book, built a first-of-its kind boba factory, US Boba Co, and elevated what was once a popular drink in Asia to the mainstream phenomenon in the United States through brand partnerships and collaborations including Care Bears and 88rising. To learn more, visit bobaguys.com.
Bobacino Press Contact
Joey Telucci, Golin
(650) 291-0086
jtelucci@golin.com
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SOURCE Wavemaker Labs | https://www.wagmtv.com/prnewswire/2022/07/28/bobacino-announces-strategic-rampd-partnership-with-boba-guys-accelerate-development-fully-automated-robotic-boba-shops/ | 2022-07-28T13:05:16Z | https://www.wagmtv.com/prnewswire/2022/07/28/bobacino-announces-strategic-rampd-partnership-with-boba-guys-accelerate-development-fully-automated-robotic-boba-shops/ | false |
While Housing Inventory Remains Low, eLEND's Chattel Financing Allows Consumers to Enter the Factory-Built Home Market
PARSIPPANY, N.J., July 28, 2022 /PRNewswire/ -- eLEND, a consumer-facing division of American Financial Resources, Inc. (AFR) and a leading provider of home mortgage loans, is pleased to announce an expansion of its Manufactured Home Financing and Chattel Home-Only Financing program. Now available in 45 states nationwide*, the program aims to provide a financing opportunity for securing manufactured housing to traditional and first-time homebuyers searching for their dream homes. This program will still be offered under ManufacturedHome.loan, a secondary consumer-facing division of AFR specializing in manufactured home lending, and will now be able to reach so many more families.
Whether it's on private land or in a park, both eLEND and ManufacturedHome.loan can help prospective buyers obtain chattel financing for manufactured or mobile homes that are not permanently affixed to the land. Available programs may provide eligible borrowers an option for a 5% down payment and the opportunity to finance closing costs, with terms of up to 25 years for new construction and 23 years for existing homes.
"As housing inventory remains low, entering the factory-built home market is a great option to close on a brand new home," said Christopher Guerin, Executive Vice President of Origination and Business Development at eLEND's parent company, American Financial Resources. "Our mission remains to help the underserved, whether it be first-time homebuyers, veterans, or families without the budget for a hefty down payment. Without many new, budget-friendly houses on the market and with rates continuously increasing, our loan officers at eLEND and ManufacturedHome.loan are excited to offer Chattel Home-Only financing as another avenue for families to secure their dream home."
Buyers who enter the world of factory-built housing benefit from lower construction costs and accelerated timelines versus site-built homes as there are no weather-related delays or damages throughout the construction process. Factory-built homes also require multiple inspections throughout construction to ensure structural stability. With floorplan variations and amenities that look and feel like site-built homes, buyers are even able to personalize these properties the same way as any on-site new build.
The program adds to eLEND's existing land & home, or real property, financing options, which include a suite of FHA loans, VA loans, USDA loans and Conventional Loans. With an always-expanding list of products introduced based on market demand including Non-QM, VA Renovation, Down Payment-Assistance Program, One-Time Close Construction and more, eLEND has a program for everyone, cementing the company's commitment to always find the best option to serve their customers.
For additional information about eLEND's latest Chattel Home-Only Financing expansion, schedule a call with a trusted eLEND loan officer today. For more information about eLEND and its current product offerings overall, please visit www.eLEND.com.
*For available states, please contact an eLEND representative.
eLEND is one of American Financial Resources, Inc.'s Consumer Direct Divisions, offering first-time homebuyers and existing homeowners affordable mortgage options. From 30 year fixed rate mortgage programs to adjustable rate mortgages and from zero down payment options to loans for refinancing an investment property, eLEND offers mortgages for many types of property and financial situations. eLEND utilizes the latest technology to deliver educational resources to customers to simplify the mortgage process and provide consistent and dedicated service with a personal touch. Lender NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.eLEND.com.
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SOURCE eLEND | https://www.wsaz.com/prnewswire/2022/07/28/elend-expands-manufactured-home-only-financing-program/ | 2022-07-28T13:05:26Z | https://www.wsaz.com/prnewswire/2022/07/28/elend-expands-manufactured-home-only-financing-program/ | true |
Apple devices consistently score top marks in our reviews and frequently claim the top spots in our best device lists. Sleek and simple with consistently impressive performance, often the only downside to buying Apple gear is the cost of doing so. However, if you don't mind opting for a preowned device, you can save a ton of cash with sales like the one Woot is running today. Over there, you can choose from a massive selection of refurbished Apple Watches and iPhones and save hundreds compared with what it would cost you to buy from Apple directly.
All the devices you'll find at this sale are "scratch and dent"-grade refurbs. According to Woot, that means that you can expect these items to exhibit moderate signs of wear and tear, but they have all been thoroughly inspected to make sure they're in full working condition. Though none of the latest iPhone 13 or Apple Watch Series 7 models are on sale, many of these previous-generation devices are a great buy.
With 5G capabilities, an OLED display and equipped with Apple's A14 Bionic chip, the iPhone 12 is still an excellent phone that's more than sufficient for most users. It's a great value starting at just $470, which is $229 less than buying new from Apple directly. And if you want an even more affordable option, there are older models like the iPhone 8 available, with prices starting as low as $130, or you can nab the latest version of the iPhone SE for just $180.
If you're in the market for a smartwatch, the Apple Watch Series 6, which you can pick up for as low as $240, offers many of the same features as the upgraded Series 7 but will save you $159. Or, you can save on Apple's budget-friendly alternative, the Apple Watch SE. This Apple Watch "lite" isn't equipped with the same advanced health sensors as the Apple Watch Series 6, but it's still packed with plenty of impressive features and you can pick one up for as low as $190 today, which is $89 less than it would cost you from Apple directly.
These are some of the best value Apple deals you'll find right now but the sale expires tonight at 9:59 p.m. PT (12:59 a.m. ET), or when these refurbished models sell out, so we recommend acting sooner rather than later. | https://www.cnet.com/deals/woot-iphone-apple-watch-refurbished-one-day-sale/ | 2022-07-28T13:06:03Z | https://www.cnet.com/deals/woot-iphone-apple-watch-refurbished-one-day-sale/ | false |
WHO says monkeypox outbreak can be stopped if needed actions taken
BEIJING, July 28 (Xinhua) -- The rapidly spreading monkeypox outbreak can be stopped if countries, communities and individuals take the risks seriously and take needed steps to stop transmission and protect vulnerable groups, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said on Wednesday.
During the opening remarks at a media briefing, Tedros said that more than 18,000 monkeypox cases have been reported globally, with more than 70 percent from Europe, and 25 percent from the Americas. So far, there have been five deaths reported, and about 10 percent of cases are admitted to hospital for pain management caused by the disease.
The WHO declared monkeypox a public health emergency of international concern (PHEIC) last Saturday. A PHEIC is the highest level of alert that the United Nations health body can give.
At the moment the outbreak is still mostly concentrated in groups of men who have sex with men, but that is not the case everywhere, WHO Technical Lead on Monkeypox Rosamund Lewis said.
According to the WHO, monkeypox could cause a range of signs and symptoms, including painful sores. Some people developed serious symptoms that need care in a health facility. Those at higher risk of infection include pregnant women, children, and immunocompromised persons. The best way to avoid getting infected is to reduce the risk of exposure.
The WHO is working with member states and the EU on releasing vaccines and with partners to determine a global coordination mechanism. It also recommends targeted vaccination for those exposed to someone with monkeypox, and for those at high risk of exposure.
Lewis said that some 16.4 million vaccines were currently available in bulk, but needed to be finished. The countries currently producing vaccines are Denmark, Japan, and the United States. The WHO currently doesn't recommend mass vaccination against monkeypox.
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Copyright © 2022 People's Daily Online. All Rights Reserved. | http://en.people.cn/n3/2022/0728/c90000-10128682.html | 2022-07-28T13:06:50Z | http://en.people.cn/n3/2022/0728/c90000-10128682.html | false |
RED BANK, N.J., July 28, 2022 /PRNewswire/ -- Provention Bio, Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated disease, today announced that it will report its second quarter 2022 financial results on Thursday, August 4, 2022, before the opening of the U.S. financial markets. Subsequently, at 8:00 am E.T., the company will host a conference call to discuss its financial results and provide a company update.
To access the call, please dial 1-888-347-7861 (domestic) or 1-412-902-4247 (international) ten minutes prior to the start time and ask to be connected to the "Provention Bio Call." An audio webcast will also be available on the "Events and Webcasts" page of the Investors section of the Company's website, www.proventionbio.com. An archived webcast will be available on the Company's website approximately two hours after the conference call.
Provention Bio, Inc. (Nasdaq: PRVB) is a biopharmaceutical company focused on advancing the development of investigational therapies that may intercept and prevent debilitating and life-threatening immune-mediated diseases. The Biologics License Application (BLA) for teplizumab, its lead investigational drug candidate, for the delay of progression to Stage 3 clinical type 1 diabetes in at-risk individuals has been filed by the U.S. Food and Drug Administration (FDA). The Company's pipeline includes additional clinical-stage product candidates that have demonstrated in pre-clinical or clinical studies proof-of-mechanism and/or proof-of-concept in other autoimmune diseases, including celiac disease and lupus. Visit www.ProventionBio.com for more information and follow us on Twitter: @ProventionBio.
Provention Bio, Inc. uses its website, www.proventionbio.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation F.D. Such disclosures will be included on the Company's website in the "News" section. Accordingly, investors should monitor this portion of the Company's website, in addition to following its press releases, SEC filings and public conference calls and webcasts.
Investor Contact:
Robert Doody, VP, Investor Relations
rdoody@proventionbio.com
484-639-7235
Media Contact:
Kaelan Hollon, VP, Corporate Communications
khollon@proventionbio.com
202-421-4921
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BLOOMFIELD HILLS, Mich. (AP) _ TriMas Corp. (TRS) on Thursday reported profit of $19.9 million in its second quarter.
The Bloomfield Hills, Michigan-based company said it had profit of 47 cents per share. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.
The maker of packaging materials, aerospace components and other engineered parts posted revenue of $237.7 million in the period.
TriMas expects full-year earnings in the range of $2.25 to $2.35 per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRS at https://www.zacks.com/ap/TRS | https://www.sfchronicle.com/business/article/TriMas-Q2-Earnings-Snapshot-17334646.php | 2022-07-28T13:10:33Z | https://www.sfchronicle.com/business/article/TriMas-Q2-Earnings-Snapshot-17334646.php | false |
BRITISH VIRGIN ISLANDS, July 28, 2022 /PRNewswire/ -- Working from home has become a necessary normal, one that's led companies to begin exploring the benefits of workplaces in the metaverse. This is an inevitable change that may help to mitigate some of the challenges that remote working has brought to the surface. Yet, for all the positives offered by a metaverse workplace, it may only intensify certain negatives of remote work for employees.
To explore these topics further, ExpressVPN commissioned a study, in collaboration with Pollfish, surveying 1,500 employees and 1,500 employers in the United States to provide a clearer picture of how they see themselves working in the metaverse.
Technological advancements have increased productivity
As workplaces continue to move to non-office arrangements, both workers (90%) and employers (88%) agree that technological advancements have allowed them to increase productivity and improve connections with their co-workers. Employees in particular cite video conferencing (27%), and in-person meetings (19%)as the communication methods that make them feel most connected and engaged. While employers agree when it comes to video conferencing (32%), they view the metaverse (17%) as the second-best method for staying connected with co-workers versus just 9% of employees.
Employers are much more excited and curious about the metaverse
The majority of employers report feeling excited (66%) and optimistic (54%) about the future of work in the metaverse. Whereas employees report feeling higher levels of anxiety (24%), suspicion (20%) and confusion (17%), signaling an overall level of hesitation.
The metaverse creates opportunities for increased workplace surveillance, which may bring employee pushback
Employee monitoring software has become a popular way for employers to keep an eye on their employees, and the metaverse will only increase the potential for surveillance activities. When looking at existing surveillance tactics, 73% of employers admit to currently surveilling their employees.
The top concerns of employees related to workplace surveillance are the tracking of their real-time location (51%), real-time screen monitoring (50%) and time tracking (47%). Meanwhile, employers are most interested in recording workplace meetings(42%), time tracking (39%), tracking real-time location (39%) and screen monitoring (39%).
"Given the reluctance of many workers to accept further surveillance in the workplace, employers should tread carefully when planning to implement further monitoring activities in virtual workspaces and consider whether they're worth the potential loss of trust and satisfaction among their employees," says Harold Li, Vice President of ExpressVPN.
For full findings and data, please visit ExpressVPN's blog
About ExpressVPN
Founded in 2009, ExpressVPN is one of the world's largest providers of consumer privacy and security services, enabling users to protect themselves online with just a few clicks. The company's award-winning software for Windows, Mac, iOS, Android, Linux, routers, and browsers secures user information and identities with best-in-class encryption and leak proofing. With servers across 94 countries, ExpressVPN provides fast, reliable connectivity around the world. To learn more about ExpressVPN's privacy and security solutions, visit expressvpn.com.
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SOURCE ExpressVPN | https://www.wagmtv.com/prnewswire/2022/07/28/new-poll-6-10-employees-are-concerned-about-being-monitored-by-their-employers-metaverse/ | 2022-07-28T13:10:39Z | https://www.wagmtv.com/prnewswire/2022/07/28/new-poll-6-10-employees-are-concerned-about-being-monitored-by-their-employers-metaverse/ | true |
HARRISBURG, Pa. (AP) — A Pennsylvania court hearing Thursday will address the fate of some 800 mail-in spring primary votes that three Republican-majority county election boards threw out over the lack of handwritten dates on their outside envelopes.
The dates aren't needed to show the ballots were mailed in time — county workers must separately verify that they were received by the time polls closed on election day — but are required by Pennsylvania election law for mail-in ballots being tallied by county election officials.
The lawsuit was filed this month against Berks, Fayette and Lancaster counties by the Pennsylvania Department of State asks Commonwealth Court to force the counties to add those votes to their final counts.
A document filed with the court Tuesday showed the decision to not count the votes involved more Democratic votes than Republican. Berks County threw out 507 Democratic and 138 Republican ballots, Fayette 45 Democratic and six Republican, and Lancaster 46 Democratic and 38 Republican.
The state Supreme Court ruled in 2020 that the date mandate did not apply for that fall's election only. This year, failed GOP Senate candidate David McCormick sought to have ballots without the date counted and won a court order that counties tally them up separately, but he withdrew his lawsuit and conceded the race. In May, the 3rd U.S. Circuit Court of Appeals said handwritten dates on exterior envelopes were not required in a 2021 Lehigh County judicial election.
The case is one of several lawsuits over mail-in voting in Pennsylvania, as Republicans have pushed to limit its use while Democrats embraced the system during the pandemic. A legal challenge to the 2019 law that greatly expanded mail-in voting in Pennsylvania is currently pending before the state Supreme Court, and another was recently filed.
The Department of State and acting Secretary of State Leigh Chapman under Democratic Gov. Tom Wolf are seeking an order to force Berks, Fayette and Lancaster to include in their primary election tallies all absentee and mail-in voters, “even if the voter failed to write a date on the declaration printed on the ballot’s return envelope.”
Recent filings by Jeffrey Bukowski, a lawyer for Berks and Lancaster, said the 3rd Circuit decision was not in effect when counties faced a deadline to report and that Chapman lacks legal authority to force counties to certify votes from the undated envelopes.
Bukowski told the court that Chapman and the Department of State were trying to make themselves “overseers of Pennsylvania elections who can enact policies outside of the legislative process that arguably favor certain candidates and dictate election results to the various county boards of elections.”
Fayette County's lawyers argued in a July 19 filing that Chapman and her agency were taking a legal position that is “breathtakingly broad and dangerous for future elections,” where they could end up as “sole auditor of elections.” | https://www.sfchronicle.com/news/article/Fate-of-800-mail-in-primary-votes-gets-1st-court-17334543.php | 2022-07-28T13:11:28Z | https://www.sfchronicle.com/news/article/Fate-of-800-mail-in-primary-votes-gets-1st-court-17334543.php | false |
SAN FRANCISCO, July 28, 2022 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) ("Prologis") today announced that its Board of Directors has called a special meeting of its stockholders to consider and vote on its proposed merger with Duke Realty Corporation ("Duke Realty"). The special meeting will be conducted via a virtual live webcast on September 28, 2022, commencing at 9:00 a.m., Pacific Time. Stockholders of record of Prologis as of the close of business on August 8, 2022, the record date for the special meeting, will be entitled to notice of and to vote at the special meeting.
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2022, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (95 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment.
About Duke Realty
Duke Realty Corporation owns and operates approximately 167.3 million rentable square feet of industrial assets in 19 major logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.
FORWARD-LOOKING STATEMENTS
The statements in this communication that are not historical facts are 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 forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and Duke Realty operate as well as beliefs and assumptions of Prologis and Duke Realty. Such statements involve uncertainties that could significantly impact Prologis' or Duke Realty's financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis or Duke Realty expects or anticipates will occur in the future — including statements relating to any possible transaction between Prologis and Duke Realty, rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where Prologis or Duke Realty operate, Prologis' and Duke Realty's respective debt, capital structure and financial position, Prologis' and Duke Realty's respective ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis and Duke Realty believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, neither Prologis nor Duke Realty can give assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) Prologis' and Duke Realty's ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary shareholder approvals and satisfaction of other closing conditions to consummate the proposed transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (iii) risks related to diverting the attention of Prologis and Duke Realty management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed transaction; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (vii) the risk that Duke Realty's business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed transaction; (ix) the effect of the announcement of the proposed transaction on the ability of Prologis and Duke Realty to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the Prologis common stock to be issued in the proposed transaction; (xi) other risks related to the completion of the proposed transaction and actions related thereto; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets, interest rates and foreign currency exchange rates; (xiv) increased or unanticipated competition for Prologis' or Duke Realty's properties; (xv) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xvii) availability of financing and capital, the levels of debt that Prologis and Duke Realty maintain and their credit ratings; (xviii) risks related to Prologis' and Duke Realty's investments in co-investment ventures, including Prologis' and Duke Realty's ability to establish new co-investment ventures; (xix) risks of doing business internationally, including currency risks; (xx) environmental uncertainties, including risks of natural disasters; (xxi) risks related to the coronavirus pandemic; and (xxii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis' and Duke Realty's respective Annual Reports on Form 10-K for the year ended December 31, 2021. Neither Prologis nor Duke Realty undertakes any duty to update any forward-looking statements appearing in this communication except as may be required by law.
Additional Information
In connection with the proposed transaction, on July 18, 2022, Prologis filed with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 ("Form S-4"), which includes a document that serves as a prospectus of Prologis and a joint proxy statement of Prologis and Duke Realty (the "joint proxy statement/prospectus"), and each party will file other documents regarding the proposed transaction with the SEC. The Form S-4 has not yet become effective. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. After the Form S-4 is effective, a definitive joint proxy statement/prospectus will be sent to Prologis' and Duke Realty's shareholders. Investors and security holders will be able to obtain the Form S-4 and the joint proxy statement/prospectus free of charge from the SEC's website or from Prologis or Duke Realty. The documents filed by Prologis with the SEC may be obtained free of charge at Prologis' website at the SEC Filings section of ir.prologis.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Prologis by requesting them from Investor Relations by mail at Pier 1, Bay 1, San Francisco, CA 94111. The documents filed by Duke Realty with the SEC may be obtained free of charge at Duke Realty's website at the SEC Filings section of http://investor.dukerealty.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Duke Realty by requesting them from Investor Relations by mail at 8711 River Crossing Blvd. Indianapolis, IN 46240.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Prologis and Duke Realty and their respective directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about Prologis' directors and executive officers is available in Prologis' Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 25, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K/A filed with the SEC on April 5, 2022. Information about Duke Realty's directors and executive officers is available in Duke Realty's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 2, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K filed with the SEC on April 27, 2022. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Prologis or Duke Realty as indicated above.
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BUCHANAN, Va., July 28, 2022 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today its unaudited financial results for the three and six months-end June 30, 2022. The Bank produced net income amounting to $1,763,000 or $0.91 per basic share in the second quarter. This amount compares to a net income of $1,582,000 or $0.83 per share, for the same period last year. For the six months-ended the Bank produced net income amounting to $3,306,000 or $1.72 per basic share. This amount compares to a net income of $3,562,000 or $1.87 per share, for the same period last year.
At June 30, 2022, select financial information and key highlights include:
- Return on average assets of 0.94%
- Return on average equity of 11.26%
- Book value of $29.86
- Total deposit growth of 9.74%
- Total asset growth of 8.09%
- Total loan growth of 1.88%
- Community Bank Leverage Ratio of 8.84%
- Strong liquidity position
- Net interest margin of 3.26% at June 30, 2022 compared to 3.03% one year prior.
As a result of the solid financial performance, the Board of Directors voted to pay the $0.185 per share quarterly dividend, or $0.74 per share annualized which is payable on August 19, 2022 to shareholders of record August 12, 2022. President & CEO, G. Lyn Hayth, III stated, "We have had a strong 2022 so far spurred by steady loan and deposit growth. This momentum has helped our bank exceed budget expectations the first six months of the year."
Results of Operations
Net income for the three months ended June 30, 2022 was $1,763,000 compared to $1,582,000 for the same period last year, representing an increase of $181,000 or 11.4%. Basic and diluted earnings per share increased $0.08 from $0.83 at June 30, 2021 to $0.91 at June 30, 2022. The increase in net income is primarily due to $301,000 increase in investment income and $74,000 increase in interchange fees, offset by $225,000 provision for loan loss.
The provision for loan losses was $225,000 for the three months ended June 30, 2022 as compared to no provision for the three months ended June 30, 2021. The increase in bad debt expense is due to an increase in the historical loss factor on loans and inflationary concerns in the economy. In determining the estimated allowance, the Bank considered national and local unemployment trends, market conditions, and customer requests for payment deferrals. Net charge-offs were $233,000 at June 30, 2022 as compared to $18,000 at June 30, 2021.
At June 30, 2022 net loans increased 1.88%. Interest and fees on loans at June 30, 2022 decreased $316,000 over the same three month time period of 2021 primarily due to a $234,000 decrease in PPP loan servicing fees. Interest expense decreased by $258,000 from $691,000 at June 30, 2021 to $433,000 at June 30, 2022. The lower interest expense is a result of lower interest rates paid on the balances of interest-bearing deposits than for the same time period of 2021.
Noninterest income increased by $442,000, or 52.6%, to $1,282,000 for the three months ended June 30, 2022 compared to $840,000 for same time period of 2021. The increase is attributable primarily to $130,000 increase in service charges on deposit accounts, $68,000 increase in fees and commissions from wealth management division, and $74,000 in interchange fees related to customer debit cards.
Noninterest expense increased $455,000 from $3,792,000 at June 30, 2021 to $4,247,000 at June 30, 2022. The increase is primarily related to an increase in salary and employee benefits expense for the quarter. The majority of the increase in salaries expense is related to the recognized deferred costs of PPP lending during the quarter.
Income tax expense for the three months ended June 30, 2022 was $452,000 compared to $410,000 one year prior. The increase in tax expense is due to higher revenue for the quarter.
Financial Condition
At June 30, 2022 total assets amounted to $717,433,000, an increase of 8.1% above total assets at December 31, 2021 of $663,766,000, an increase of $53,667,000. Total net loans increased $7,997,000 or 1.9% from $425,902,000 at December 31, 2021 to $433,899,000 at June 30, 2022. Total deposits at December 31, 2021 amounted to $598,659,000, compared to $656,985,000 at June 30, 2022, an increase of 9.7% or $58,326,000. The increase in deposits is attributable to organic growth.
Stockholders' equity totaled $57,553,000 at June 30, 2022 compared to $59,137,000 at December 31, 2021. The $1,584,000 decrease during the period is due to an increase in accumulated other comprehensive loss offset by net income for 2022, net proceeds from the issuance of common stock from the Dividend Reinvestment and Stock Purchase Plan.
Non-Performing Assets
Non-performing assets, which consist of nonaccrual loans and foreclosed properties decreased from $1,757,000 at December 31, 2021 to $1,499,000 at June 30, 2022. The decrease is attributable to the sale of a foreclosed property during the quarter with a gain on sale of approximately $21,000 and the charge-off of a consumer nonaccrual loan and payments on existing nonaccrual loans. Following the sale, no foreclosed properties remain and therefore nonaccrual loans were $1,499,000 at June 30, 2022 compared to $1,730,000 at December 31, 2021. There were no new additions to nonaccruals loans during the quarter. The decrease in nonaccrual loans is attributable to the charge-off of the aforementioned consumer loan.
A loan is considered impaired if it is probable that the Bank will be unable to collect all amounts due under the contractual terms of the loan agreement. Impaired loans amounted to $2,279,000 June 30, 2021 compared to $2,915,000 at December 31, 2020. Loss exposure on impaired loans decreased from $204,000 at December 31, 2021 to $56,000 at June 30, 2022. The decrease is attributable to the charge-off of one consumer loan with a specific reserve of $198,000, offset by the addition of a specific reserve of $50,000 for an existing nonaccrual commercial real estate owner occupied loan.
The Bank historically makes a conscious effort to attempt work-out loan scenarios with past due customers. In some cases, loan restructuring is appropriate. Bank management has procedures and processes in place to identify, monitor, and report troubled debt restructurings. At June 30, 2022, troubled debt restructurings ("TDRs") totaled $1.2 million and were spread among various loan categories. No new TDRs have been identified in 2022.
Capital Ratios
Bank of Botetourt qualified for and adopted the optional, simplified measure of capital adequacy, the community bank leverage ratio framework, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. A qualifying community banking organization is defined as having less than $10 billion in total consolidated assets, a leverage ratio greater than 9%, off-balance sheet exposures of 25% or less of total consolidated assets, and trading assets and liabilities of 5% or less of total consolidated assets. It also cannot be an advanced approaches institution. Bank of Botetourt qualified to opt-in to the Community Bank Leverage Ratio ("CBLR"). As of June 30, 2022 Bank of Botetourt reported its CBLR ratio at 8.84% which is below the required regulatory minimum ratio. This compares to a CBLR ratio of 9.14% at December 31, 2021. The Bank is provided a two-quarter grace period, starting June 30, 2022 and ending December 31, 2022 to restore its ratio to 9%. If the Bank fails to meet the community bank leverage ratio qualifying criteria after the grace period, the Bank will opt out of the CBLR with the filing of the December 31, 2022 call report.
Paycheck Protection Program
Bank of Botetourt was a participant in the Paycheck Protection Program ("PPP") initiated by the U.S. Department of the Treasury. Both rounds of PPP lending totaled $44,200,000, with $43,470,000 receiving forgiveness from the SBA through June 30, 2022. As a result, $730,000 thousand of PPP loans remain on the balance sheet at the end of the second quarter. Deferred PPP loan servicing fees totaled $92,000 at June 30, 2022 while the Bank recognized $368,000 in revenue during 2022.
Bank of Botetourt was chartered in 1899 and operates thirteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem, and the Town of Vinton, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.
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SOURCE Bank of Botetourt | https://www.cleveland19.com/prnewswire/2022/07/28/bank-botetourt-posts-profitable-second-quarter-financial-results/ | 2022-07-28T13:11:54Z | https://www.cleveland19.com/prnewswire/2022/07/28/bank-botetourt-posts-profitable-second-quarter-financial-results/ | false |
Wiseman brings extensive experience in product and digital leadership to help propel company's growth plans
Current Travel Solutions CPO Wade Jones announces plans to step away after transition period
SOUTHLAKE, Texas, July 28, 2022 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR), a leading software and technology company that powers the global travel industry, today announced that Wade Jones, EVP and chief product officer of its Travel Solutions business, has elected to depart the company. He will be succeeded by Garry Wiseman, who will join the company on August 1. Jones will remain with Sabre for a period of transition, before officially stepping away this fall.
"Wade has been a vital member of Sabre's executive leadership team over the past seven years," said Kurt Ekert, the company's president. "We appreciate his impact on our strategy and culture, especially during times of transformation, both as president of the company's distribution business and in recent years as our chief product officer in travel solutions. Wade was instrumental in building our product organization and designing an industry-leading product portfolio that will help enable Sabre to deliver on its promise for personalized travel. I am thankful for the legacy that he has created at Sabre."
Wiseman will join the company August 1 and brings over 25 years of product, technology and digital leadership experience in developing and operating large-scale platforms at some of the world's most innovative technology companies, including Dell, eBay, Microsoft, Nautilus and Salesforce.
Ekert continued, "Garry is a deeply accomplished executive with a proven track record of building and scaling high-growth products in both B2C and B2B environments. He will be an integral member of our leadership team as we further invest in our value propositions, develop cutting-edge technologies that serve new and existing customers, and execute against our vision to be the premier global technology platform in travel."
Wiseman stated, "I'm truly thrilled to be joining the global Sabre family. This is a pivotal time in the travel industry and we need to be highly innovative to meet the changing needs of our customers. This is why I'm honored to work with the teams here to define and deliver the best-in-class technologies that will elevate the end-to-end travel experience."
About Garry Wiseman
As noted above, Wiseman brings over two decades of product leadership to this role, as well as expertise in designing and implementing high scale digital experiences at some of the world's largest technology companies.
Most recently, he was senior vice president and chief digital officer at Nautilus, Inc., a role he held since 2020. Prior to that, Wiseman was senior vice president of digital customer experience for Dell Technologies. During his tenure, he led the company through a rapid digital transformation; establishing a design thinking centric, customer first focus, which led to significant year-over-year revenue increases, and enhanced customer and employee net promoter scores. Wiseman was responsible for Dell.com, The Dell Premier B2B marketplace, all offline sales systems and in-house commerce platforms, as well as leading product management, design, engineering, and content teams.
Prior to Dell, Wiseman held senior leadership roles across product management, e-commerce, and software engineering for global technology companies including Microsoft, eBay and Salesforce. Additionally, he is recognized as an author on 8 US patents.
The company also announced today that it has hired Mike Randolfi to succeed Doug Barnett as the company's next chief financial officer. Randolfi will join Sabre next month. Barnett announced his retirement today and will retire from Sabre at the end of October.
About Sabre Corporation
Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com.
SABR-F
Contacts:
Media
Kristin Hays
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Heidi Castle
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Kevin Crissey
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sabre.investorrelations@sabre.com
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Envestnet Study, Fielded in Partnership with The Center for Generational Kinetics, Reveals that Advisors who Offer Compelling Digital Services Alongside Traditional In-Person Advice are Best-Positioned For Growth
BERWYN, Pa., July 28, 2022 /PRNewswire/ -- Envestnet published findings from its first national study, "The Intelligent Financial Life: The Unexpected Intersection Between Technology, Clarity, and the Human Connection," led in partnership with The Center for Generational Kinetics, which uncovered surprising trends, attitudes and behaviors that Americans across generations have around integrating financial advisors with new technology to help reach their financial goals.
For more insights from the research and to download a copy of "The Intelligent Financial Life National Study: The Unexpected Intersection Between Technology, Clarity, and the Human Connection," please visit: https://bit.ly/3BoNRhs.
The study provides research-based insights on what is needed to help people achieve The Intelligent Financial Life™ -- Envestnet's answer to investors' stress and confusion about money, and a way to connect every facet of their finances through an ecosystem of data-driven advice, solutions, intelligence, and technology.
"At Envestnet, we are focused on supporting financial advisors with the tools and knowledge needed to guide clients on the path to living an Intelligent Financial Life," said Mary Ellen Dugan, Chief Marketing Officer of Envestnet. "The findings in this study suggest that by connecting people's daily financial lives to their long-term goals, advisors can give their clients what they are looking for—a unified and connected experience for all things money, investing, and personal finance."
This report examined the key questions facing the industry through a different lens. Rather than comparing attitudes about technology-only solutions versus working with a human advisor, the study sought to understand how investors view each path, where they constructively intersect, and what that means for the industry.
"Americans across generations have a complicated financial relationship and they receive their information from many sources – including family, financial professionals and technology," said Jason Dorsey, Generations and Behavioral Researcher and Speaker, The Center for Generational Kinetics, LLC. "All these sources matter and consumers don't want to be delivered an 'either/or' experience. They are stitching together their own experience across human and digital resources."
Study findings fell within three distinct categories, showing that U.S. investors and future investors:
- Strongly believe the human element matters in their financial wellbeing. Although digital financial tools are growing in usage and trust, the human element, financial advisors and professionals, are still a key and arguably more important factor in establishing financial knowledge and gaining financial confidence. A majority of Americans studied trust a human financial advisor over digital advising options, and interestingly Millennials report the same preference as Gen X and Baby Boomers in managing their personal financials via human interaction.
- Are confused and craving clarity in what to do when it comes to money. Americans have different behaviors when it comes to how they organize their short-term and long-term finances, and how often they review their net worth. 39% of Americans studied do not formally organize their short-term personal finances, and surprisingly, 20% of affluent Americans don't either – meaning millions of Americans are not taking action to organize their short-term personal finances. And while 51% of study participants reveal they review their total net worth quarterly, yearly, less often or never, 25% have never reviewed their total net worth!
- Are firmly entrenched in accessing money through technology at their fingertips. Americans are increasingly viewing money as something to be engaged with, managed, invested and understood with the assistance of technology. 58% of Americans studied believe that financial apps, such as investment apps, money management apps, banking apps and more, are important to achieving their financial goals. And interestingly, this number rises to 76% when looking at Americans who currently work with a financial advisor.
"What is clear is that our industry must deliver a new digital human experience – one that is a balanced combination of human-centric help through trusted financial professionals, with integrated technology engagement via financial apps and embedded finance," added Ms. Dugan. "We have an incredible opportunity to understand what investors of all ages really want, need, and expect will be provided to help guide them on their journey toward financial wellbeing – allowing them to achieve their full financial potential."
The national study included 2,158 U.S. participants ages 25-65. This included 1,038 U.S. participants representing the general population, and 1,120 U.S. participants who have an annual household income or household net worth of $100,000 or more. The sample was weighted to the 2020 U.S. Census for age, gender, geography, and ethnicity. The national study was conducted online from December 13, 2021, to January 11, 2022.
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life. More than 106,000 advisors and over 6,500 companies—including 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.
For more information, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.
Media Contact:
Dana Taormina
JConnelly for Envestnet
envestnetpr@jconnelly.com
(973) 647-4626
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PRESTONSBURG, Ky. (AP) — Heavy rains unleashed high water and people lost electricity as storms kept pounding parts of central Appalachia on Thursday.
There were reports of flash flooding, water rescues, mudslides and power outages across a mountainous area where thunderstorms have dumped several inches of rain over the past few days. Flood watches and warnings were in effect.
Poweroutage.us reported more than 20,000 power outages in eastern Kentucky, and nearly 10,000 more in southern West Virginia among the mountains of western Virginia.
Floyd County in eastern Kentucky declared a local state of emergency due to significant rainfall and flooding, Gov. Andy Beshear said. He said the Kentucky Emergency Management crews have been deployed there.
In West Virginia's Greenbrier County, firefighters pulled people from flooded homes, and five people who got stranded by high water while camping in Nicholas County were rescued by the Keslers Cross Lanes Volunteer Fire Department, WCHS-TV reported.
Roads in many areas weren’t passable after as much as 6 inches (15 cms) of rain had fallen in some areas by Thursday, and 1-3 more inches (7.5 cms) could fall, the National Weather Service said. People in low areas in Perry, Leslie and Clay counties were urged to seek higher ground after multiple swift water rescues were reported.
The Breathitt County courthouse was opened as an overnight shelter, and Emergency Management Director Chris Friley told WKYT-TV that the Old Montessori School would serve as a more permanent shelter once crews can staff it.
“It’s the worst we’ve had in quite a while,” Friley said early Thursday. “It’s county-wide again. There’s several spots that are still not accessible to rescue crews.”
Perry County dispatchers told WKYT-TV that floodwaters washed out roads and bridges and knocked homes off of their foundations. The city of Hazard posted on Facebook that crews were out all night helping people. The city urged drivers to stay off roads and to “pray for a break in the rain.” | https://www.sfgate.com/news/article/Heavy-rains-cause-flooding-power-outages-in-17334614.php | 2022-07-28T13:15:03Z | https://www.sfgate.com/news/article/Heavy-rains-cause-flooding-power-outages-in-17334614.php | false |
The 71-key Parkview Moxiefusion Guest Apts hotel, located in Noida ,is centripetal in concept where a well curated menu combines deejahying and good hospitality is given. The concept at park view fusion revolvs on the philosophy if its being in the midst of green. Flavored cuisies and a chloro bifle chinese cuines the kitchen which makes in all it stands as in hotel of quality ▶ Watch Video: AR-15-style gun sales topped $1B in 10 years, report finds An investigation by the House Oversight and Reform Committee found that manufacturers of the firearms used in some of the nation’s deadliest mass shootings have made over $1 billion in revenue from military-style assault-rifles in the past decade. The committee said the industry reaped those profits in part through marketing and sales tactics aimed at enticing civilians into purchasing military-style weapons — especially targeting younger men with opportunities to purchase expensive firearms on credit, and by subtly referencing extremist groups, for instance invoking imagery identified with these groups. The findings were published ahead of an Oversight Committee hearing on Capitol Hill Wednesday on the marketing practices and the profits of the country’s top five gun manufacturers. Committee Chairwoman Carolyn Maloney said the companies market the weapons “to children, preying on young men’s insecurities, and even appealing to violent white supremacists.” During the hearing, the committee heard from the CEOs of two of those manufacturers, Christopher Killoy, president and chief executive of Sturm, Ruger & Co, and Marty Daniel, CEO of Daniel Defense. A rifle used in the recent mass shooting at Robb Elementary School in Uvalde, Texas, that was used to kill 21 students and teachers was made by Daniel Defense. Smith & Wesson, President and CEO, Mark P. Smith was invited to testify but ultimately did not appear at the hearing. The committee announced it will be subpoenaing the company for documents. “A firearm, any firearm, can be used for good or for evil. The difference is in the intent of the individual possessing it, which we respectfully submit should be the focus of any investigation into the root causes of criminal violence involving firearms,” Killoy told the committee in his opening statement. “ The committee, which was led by the Democratic lawmakers, produced an investigation into Smith & Wesson, Bushmaster, Ruger, Daniel Defense and Sig Sauer that alleged that the manufacturers engaged in “disturbing sales tactics” that targeted young men as a means to “prove their manliness,” according to the report. The committee also noted that despite the rise in gun violence and the pervasiveness of mass shootings, that rifle sales have continued to increase. Smith & Wesson, the manufacturer of the firearms used at the massacres in Highland Park, Parkland, and San Bernardino, has made at least $695 million in revenue from AR-1-style rifle sales alone in the past decade. Between 2019 and 2021, its revenues more than doubled from all long guns, from $108 million to $253 million. Daniel Defense tripled its revenues of its AR-15-style rifles from $40 million in 2019 to over $120 million in 2021. Since 2012 Daniel Defense has made $528 Million from AR-15 style rifles. Ruger’s earnings followed a similar trend, tripling from $39 million in 2019 to over $103 million in 2021. Over the past decade its AR-15-style firearm revenue totaled $514 million. Ruger’s weapons were used in the massacres at Sutherland Springs that left 25 dead, and Boulder, Colorado, resulting in the deaths of 10 people. Sig Sauer refused to provide the committee with figures that would detail the revenues from AR-15 style rifles. Its firearms were used in the mass shootings at the Pulse Nightclub in Orlando, which killed 49 people, and at a Las Vegas music festival where 60 died. Bushmaster only provided the committee with revenue figures for 2021, citing its recent acquisition by another company, and disclosed that it had earned $2.9 million from the sales of AR-15-style rifles. Bushmaster firearms were used in the racially motivated shooting in Buffalo, New York that killed 10 people, and in the 2012 mass shooting at Sandy Hook Elementary school in Newtown, Connecticut, where 27 died. Maloney, said the committee found the manufacturers had engaged in “dangerous marketing tactics” as part of their efforts to sell assault weapons. “None of these companies take even basic steps to monitor the deaths and injuries caused by their products,” Maloney said. “That is beyond irresponsible.” She asked the CEOs of Ruger and Daniel Defense whether they would accept responsibiity for their companies’ roles in mass murders that took place in places like Southerland Springs, Highland Park and Uvalde, and whether they would apologize to victims and their families. “Chairwoman Maloney, these acts are committed by murderers. The murderers are responsible,” Daniel replied. “Congresswoman, with all due respect, while I grieve like all Americans at these tragic incidents,” Killoy said. “To blame the firearm is [to blame] an inanimate object.” Earlier this month, advocates from Everytown for Gun Safety filed a complaint with the Federal Trade Commission, asking it to investigate the marketing practices of Daniel Defense, alleging the manufacturer violates the law by “marketing assault weapons to the civilian market with violent and militaristic imagery” and “appealing particularly to the thrill-seeking and impulsive tendencies of susceptible teens and young men who are attracted to violence and military fantasies.” The FTC declined to comment regarding investigation requests but told CBS News it has not taken any legal action against gun manufacturers. CBS News has reviewed similar complaints against gun manufacturers brought to the FTC since 1996 but has not found any evidence that the agency has ever taken any action against the industry for its marketing practices. Daniel Defense’s marketing has drawn particular scrutiny since the Uvalde shooting for targeting “at-risk young men.” Its Instagram account features photos of members of the military holding its weapons, as well as celebrities such as actor Josh Brolin in “Sicario 2” and Post Malone wielding its products. Promotional videos from the manufacturer also feature dramatizations of law enforcement and military drills using their weapons. The committee’s report cites Palmetto State Armory’s “Big Igloo Aloha” AK-47-style assault rifle which is designed with a floral pattern, a reference to the Boogaloo movement, a violent far right, anti-government group which is often associated with wearing floral-print shirts. The committee found that Daniel Defense posted an Instagram photo in June 2021 of its M4A1 assault rifle that had been accessorized with a similar floral pattern. The committee began investigating the manufacturers in May after the mass shootings in Uvalde and Buffalo. None of the five manufacturers immediately responded to CBS News’ request for comment. The House is scheduled to vote on Friday on the first assault weapons ban proposed since 1994. | https://www.wsgw.com/report-says-gunmakers-made-1-billion-in-assault-weapon-sales-in-past-decade/ | 2022-07-28T13:15:05Z | https://www.wsgw.com/report-says-gunmakers-made-1-billion-in-assault-weapon-sales-in-past-decade/ | false |
ATLANTA, July 28, 2022 /PRNewswire/ -- The Home Depot reduced its combined Scope 1 and 2 carbon emissions by approximately 172,000 metric tons in 2021, equivalent to taking more than 37,000 cars off the road for a year. The company reduced its electricity consumption by approximately 11 percent year-over-year in U.S. stores – while at the same time opening five new stores – and cut U.S. store electricity usage by 50 percent since 2010.
These and other highlights are included in The Home Depot's 2022 ESG Report, which provides updates on the company's progress centered around three environmental, social and governance (ESG) pillars: focusing on our people, operating sustainably, and strengthening our communities.
The Home Depot paid record Fiscal 2021 Success Sharing bonuses to non-management associates of approximately $739 million. The company's U.S. associate base was once again more ethnically diverse than the U.S. working population; approximately 36 percent of its new hires were women, and more than 57 percent were ethnically diverse in 2021. The Home Depot spent $3.3 billion with Tier I diverse suppliers in 2021 and announced a goal to spend $5 billion annually by 2025.
The Home Depot Foundation crossed a milestone of more than $400 million contributed to veterans' causes since 2011, while also making meaningful progress on its skilled trades training initiatives and responding to communities struck by natural disasters during the year.
"Our team knows that an effective ESG strategy works best when we all work together – our associates, nonprofit partners and supplier partners – to generate the most positive impact possible," said Ted Decker, CEO and president of The Home Depot. "The progress we've made in focusing on our people, operating sustainably and strengthening our communities is a testament to the hard work and dedication of our associates. I want to thank them and all our partners for their commitment to helping us do our part to take care of our customers, communities and each other."
Additional Fiscal 2021 highlights around The Home Depot's three ESG pillars include:
Focusing on People
- Awarded approximately $230 million in grants to approximately 164,000 associates since 1999 through its internal associate support program, The Homer Fund
- Completed its goal to launch a Tier II supplier diversity program to encourage its suppliers to spend more with diverse businesses
- Increased the representation of female and underrepresented minority groups across its managers and above population in the U.S.
- Approximately 90 percent of U.S. store leaders started as hourly associates
Operating Sustainably
- In 2021, The Home Depot estimates that customer purchases of Energy Star products helped reduce annual electricity use by 7 billion kilowatt hours, saving $950 million on energy costs, and lowering carbon emissions by 4.9 million metric tons
- The company estimates that water-saving products sold at The Home Depot helped customers reduce consumption by over 66 billion gallons in 2021
- Eliminated 1.1 million square feet of PVC film by redesigning its private label packaging in Fiscal 2021 – enough to cover 19 football fields
- Completed a multi-year project to convert U.S. stores to LED overhead lighting
- Committed to participating in the CDP Forests Questionnaire
Strengthening Communities
- The Home Depot Foundation achieved the milestone of 10 years of its commitment to support the U.S. military veteran community, while also surpassing $400 million contributed to veterans' causes
- In 2021, approximately 14,000 associates volunteered in communities across 150 cities nationwide through Team Depot, The Home Depot's associate volunteer force
- Since 2011, Team Depot has volunteered more than 1.25 million service hours to veterans' causes
- The Home Depot Foundation committed more than $7 million in 2021 to help communities impacted by natural disasters
- Since 2009, the company's "Retool Your School" grant program has helped fund more than 100 campus beautification projects benefitting 65 percent of historically black colleges and universities (HBCU's)
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer. At the end of the first quarter, the company operated a total of 2,316 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs approximately 500,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. The Home Depot is #17 on the 2022 Fortune 500.
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among other things, our goals, commitments and programs, and projections of future results, including our ability to meet our goals; the impact on our business, operations and financial results of the COVID-19 pandemic and the related recovery; our business plans, strategies, initiatives and objectives and their expected execution and impact; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; international trade disputes, natural disasters, climate change, public health issues (including pandemics and quarantines, related shut-downs and other governmental orders, and similar restrictions, as well as subsequent re-openings), cybersecurity events, military conflicts or acts of war, and other business interruptions that could disrupt operation of our facilities, our ability to operate or access communications, financial or banking systems, or supply or delivery of, or demand for, the Company's products or services; the impact of regulatory changes; the impact of acquired companies on our organization; and our assumptions, expectations and projections regarding any of the foregoing.
Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. They are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, those described in the "Risk Factors" section and elsewhere in our most recently filed Annual Report on Form 10-K, and also in future reports we file with the Securities and Exchange Commission. We encourage you to review these filings. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
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66% of SAP users say the biggest hurdle is aligning business, project, and IT teams
BONN, Germany and BOSTON, July 28, 2022 /PRNewswire/ -- LeanIX, a leading platform enabling continuous transformation of corporate and product IT, today announced the findings of its SAP S/4HANA 2022 Survey. The report reveals that organizations need to view the SAP S/4HANA transformation as more than a technical upgrade — it is a business imperative. The report also found that the inherent complexity of the ERP landscape and its connection to the broader IT landscape complicates and slows down the transformation process. As a result, many organizations have barely started the transformation — and time is running out.
The survey looked at the challenges companies face in the transformation process, the primary drivers of SAP S/4HANA transformation, the phases and timing of SAP S/4HANA transformation, the levels of customization in existing ERP systems, the state of collaboration between SAP & EA teams, and the appropriate involvement of EAs in the transformation process.
Key findings from the report include:
- Over half the respondents (54%) see the move to S/4HANA as a business transformation, not a technical upgrade. Respondents also identified enterprise architect management and business process modeling as the disciplines most critical to the process.
- When it comes to ERP, companies face a lot of complexity. Over 70% of companies run more than one ERP system and more than half of the companies surveyed use ERP systems from more than one vendor.
- About half of the respondents said both identifying interdependencies between ERP and non-ERP landscapes and defining the target architecture as the top challenges faced in in their SAP S/4HANA transformation. These challenges arise in part from the fact that fewer than 20% of respondents can establish an overview of their entire software landscape in under a month.
- To complete a successful transformation, collaboration is essential. The biggest obstacle to transformation? Aligning business, project, and IT teams, say two-thirds of those surveyed. Less than half (38%) of EAs describe their involvement in the SAP S/4HANA transformation as sufficient, which represents a drop from the level of involvement reported in last year's LeanIX SAP S/4HANA survey (47%).
"Time is running out for organizations that plan on moving to SAP S/4HANA," said André Christ, CEO and Co-Founder of LeanIX. "With only a third of those surveyed saying they will complete their transformation within the planned timeframe, organizations need to focus on actions that will accelerate the process. Enabling effective collaboration between business, project, and IT teams is the critical step they need to take. This will not only speed things up, but will also ensure that the transformation delivers lasting business value."
For more information about LeanIX, visit www.leanix.net
Survey Methodology
In April and May 2022, 100 IT experts from international enterprises participated in an online survey conducted by LeanIX and focused on the transformation process, ERP systems, the importance of collaboration and the challenges faced. For readability, the results in this report are presented as rounded percentages.
About LeanIX
LeanIX's Continuous Transformation Platform® is trusted by Corporate IT and Product IT to achieve comprehensive visibility and superior governance. Global customers organize, plan and manage IT landscapes with LeanIX's automated and data-driven approach. Offering Enterprise Architecture, SaaS Management, and Value Stream Management, LeanIX helps organizations make sound decisions and accelerate transformation journeys. LeanIX has hundreds of customers globally, including Adidas, Atlassian, Bosch, Dropbox, Santander and Workday. The company is headquartered in Bonn, Germany, with offices in Boston and around the world.
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SOURCE LeanIX | https://www.cleveland19.com/prnewswire/2022/07/28/leanix-survey-reveals-only-12-sap-users-have-finished-sap-s4hana-transformation/ | 2022-07-28T13:16:31Z | https://www.cleveland19.com/prnewswire/2022/07/28/leanix-survey-reveals-only-12-sap-users-have-finished-sap-s4hana-transformation/ | true |
Out-of-home advertising leader marks monumental innovation, partnerships & growth
LOS ANGELES, July 28, 2022 /PRNewswire/ -- AdQuick.com, the top out-of-home (OOH) advertising marketplace in the world, today announced its momentous mid-year achievements as the company continues to reshape and redefine the OOH planning and buying experience. AdQuick's upward trajectory is being fueled by its industry-leading product innovation, strategic international partnerships, expanded global footprint and massive performance growth.
"This year, we've continued to focus our internal product innovation and external partnership building in areas where we can inspire brands and agency advertisers to engage consumers with OOH," said Matthew O'Connor, chief executive officer of AdQuick. "I'm incredibly proud of our team's drive and commitment to realize exceptional change in the advertising space and deliver cutting-edge OOH solutions to advertisers across the globe."
Here's a deeper look at how AdQuick is powering its momentum through 2022.
In the first half of the year, AdQuick has delivered a number of new product innovations and resources to enhance OOH planning, buying and measurement experiences.
- AdQuick launched audience-based buying capabilities this spring, enabling users to purchase OOH media based solely on target audiences. Audience-based buying allows advertisers to automate their OOH inventory selection process to secure the best ad units across markets based on reaching their desired demographics.
- AdQuick debuted its new dynamic ad creative feature, which gives outdoor advertisers the ability to launch personalized and contextually relevant ads by leveraging real-time data feeds on weather changes, traffic patterns, sports scores, time of day, and more.
- In June, AdQuick's Analytics Cloud became the first-ever "analytics as a service" for OOH, and allows OOH marketers, agencies, and media owners to understand and optimize the effectiveness of their campaigns in near real-time.
- In advance of November's U.S. midterms, AdQuick released its Out-of-Home Toolkit for Political Advertisers, a free collection of media planning tools designed to help campaigns capitalize on the trustworthiness, reach, and efficiency of OOH to reach voters.
AdQuick has secured strategic partnerships that take product capabilities to the next level, enabling advertisers to diversify and scale their media mix, while boosting the effectiveness of their campaigns. Select capabilities include:
- Direct Mail Retargeting - Through a partnership with Lob, the leading direct mail automation platform, AdQuick now provides cross-channel retargeting so advertisers can easily and effectively deliver direct mail advertising to audiences previously reached by outdoor ads.
- 1st Party Data Targeting & Measurement - By partnering with LiveRamp, a leading data enablement platform, AdQuick now enables first-party data targeting and closed-loop measurement for both traditional and digital OOH ads.
- Real-time Inventory Availability - Through a direct integration with Clear Channel Outdoor Americas, one of the world's largest OOH advertising companies, AdQuick customers now have access to real-time OOH inventory availability data, enabling enhanced automation for both printed and digital OOH campaigns.
AdQuick is on track to grow its international bookings two-fold from 2021 thanks to its record media partnerships across the U.K., Canada, Europe and Japan. These partnerships include: JCDecaux, a leading global OOH media owner; VIOOH, offering seamless access to JCDecaux's international inventory; Global, boasting a broad and diverse inventory across the U.K and Europe and its SSP Dax; Clear Channel Outdoor France and Clear Channel Outdoor UK, arms of the world's largest OOH advertising business, Outfront Canada, the nation's leading full-service OOH; as well as Pattison Outdoor Advertising and Astral Out of Home in Canada, Kesion Group and Liveboard in Japan, and Elonex and London City Airport in the U.K.
Adding these leading global vendors to its more than 1,400 media partners in the U.S. – which account for over 98% of all available outdoor advertising inventory – AdQuick now provides its customers with unmatched access to global OOH assets, even greater reach and the ability to launch, manage, and measure campaigns in the U.S. and abroad from one, easy-to-use platform.
AdQuick will further expand its product development and services while forging new media and technology partnerships throughout the remainder of 2022. To learn more about unleashing the power of OOH advertising, visit www.adquick.com.
Founded in Los Angeles in 2016, AdQuick.com is the leading out-of-home (OOH) advertising platform that makes it easy to plan, buy, and measure every kind of outdoor advertising. With over 1100 media partners spanning all types of OOH media, AdQuick connects advertisers and agencies to OOH media owners anywhere in the U.S. and abroad, including the UK, Canada, Germany, France, and 13 other countries.
AdQuick enables data-led OOH media planning powered by robust datasets and proprietary tools, facilitates fast and efficient campaign execution, and provides accurate measurement across every brand objective and campaign KPI. AdQuick was named in the top ten Best Places to Work in 2020 by Los Angeles Business Journal, recognized as the 74th fastest growing company in Inc. 5000 Regionals, and was honored as one of the Inc 5000 fastest growing companies in 2021. To learn more please visit www.adquick.com or follow us on Twitter and LinkedIn.
Contact
Kristin Hege
kristin@conveycommsagency.com
480.540.6496
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CHICAGO, July 28, 2022 /PRNewswire/ -- Forward Solutions, a portfolio company of Osceola Capital, announced the acquisition of Utility Sales Associates, a leading provider of outsourced sales services for utilities and telecommunications equipment manufacturers.
Utility Sales Associates, headquartered in Chicago, IL, further expands Forward Solutions' existing coverage areas into the highly strategic utilities and telecommunications sectors, while strengthening the company's geographic footprint in the Central United States. Utility Sales Associates' product offering includes network testing equipment, cables, transformers, grips, switches, personal tools, safety products, and cable installation, repair, identification and locating equipment, among others. Utility Sales Associates will represent a new, standalone go-to-market brand within Forward Solutions' portfolio focused on the utility and telecom industry.
Joe Orednick, CEO of Forward Solutions, noted "The addition of Utility Sales Associates represents an exciting new strategy within the Forward Solutions platform. Not only does this addition to our service portfolio expand our channel expertise, it also provides Utility Sales Associates additional resources to grow and serve their manufacturing partners."
Patrick Watkins, Principal at Osceola Capital, said, "We continue to partner with the best B2B service companies in the US. We are excited about the continued organic and acquisition growth of Forward Solutions as they broaden their expertise."
About Forward Solutions
Forward Solutions provides advanced services for evolving markets. The company's portfolio includes Avision, Curate, OneSolution™, and Utility Sales Associates. Each of these divisions offer outsourced sales, marketing, and customer support services for manufacturers who want to grow their businesses more effectively. Allynt Solutions and C3Consulting™ offer consulting services for manufacturers, distributors, and commercial end-users. Forward Solutions brings focused expertise to facility maintenance, cleaning, hygiene, food service disposables, food service equipment, industrial/MRO, safety, construction, power utility, telecommunications, and packaging supply channels. For more information, please email gina.tsiropoulos@forward-solutions.com
About Osceola Capital
Headquartered in Tampa, FL, Osceola Capital is a lower-middle market private equity fund. Osceola partners with growing high-quality companies in the business services, healthcare services, tech-enabled services, and industrial services space. Osceola seeks to bring value-added expertise in M&A, operations, strategy, and finance to small companies and together help the company achieve their full potential. Target investments include control positions in entrepreneur and family-owned businesses with revenue between $5 million and $75 million or EBITDA between $2 million and $10 million. For more information, please visit www.osceola.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
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SANDUSKY, Ohio, July 28, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced its unaudited financial results for the three and six month periods ending June 30, 2022.
Second quarter and year-to-date 2022 highlights:
- Net income of $7.7 million, or $0.53 per diluted share, for the second quarter of 2022, compared to $9.2 million, or $0.59 per diluted share, for the second quarter of 2021.
- Net income of $16.2 million, or $1.10 per diluted share, compared to $19.9 million, or $1.27 per diluted share, for the six months ended June 30, 2022 and 2021, respectively.
- COVID–19 loan deferrals decreased to $2.7 million, or 0.13% of total loans at period end, compared to 21.3% at the June 30, 2020 high point.
- Paycheck Protection Program loans are down to $3.7 million.
- Based on the June 30, 2022 market close share price of $21.26, the $0.14 second quarter dividend is equivalent to an annualized yield of 2.63% and a dividend payout ratio of 26.42%.
- On July 1, 2022, we consummated the merger of Comunibanc Corp. with and into Civista and Henry County Bank, a wholly owned subsidiary of Comunibanc, with and into Civista Bank.
- On June 27, 2022 we opened a branch office in Gahanna, Ohio.
"We turned in another solid Civista quarter highlighted by loan growth. We closed the merger of Comunibanc Corp. and The Henry County Bank ("HCB") into Civista Bancshares, Inc. and Civista Bank effective July 1st and did incur some additional expenses related to the acquisition that negatively impacted our noninterest expense. This had an adverse impact to our earnings of approximately $0.02 per share for the quarter. The integration and conversion of HCB's systems remain on schedule to be concluded in late October. HCB's employees are working hard with our folks toward those goals. We welcome these new employees to the Civista family" said Dennis G. Shaffer, CEO and President of Civista.
Results of Operations:
For the three-month period ended June 30, 2022 and 2021
Net interest income increased $427 thousand, or 1.8%, for the second quarter of 2022 compared to the same period of 2021, due to an increase in interest income partially offset by an increase in interest expense. Accretion of PPP fees was $423 thousand during the second quarter 2022 compared to $2.8 million for the same period in 2021.
Net interest margin decreased 10 basis points to 3.43% for the second quarter of 2022, compared to 3.53% for the same period a year ago. The decrease in margin is primarily due to the reduction in PPP fees in 2022.
The decrease in interest income was due to a $2.9 million decrease in PPP interest and fees and a $200 thousand decrease in accretion income related to loan portfolios acquired through acquisitions. Average earning assets increased $90.2 million, partially offset by a 10 basis point decrease in the yield. The decrease in yield is primarily due to the reduction in PPP fees in 2022. During the three-month period, the Bank had average PPP Loans totaling $10.3 million compared to $207.5 million for the same period last year. For the three months ended June 30, 2022, these loans had an average yield of 17.52% including the amortization of PPP fees, which increased the margin by 9 basis points.
Interest expense increased $139 thousand, or 8.4%, for the second quarter of 2022, compared to the same period last year. The average rate paid on interest-bearing liabilities increased 1 basis point, while average interest-bearing liabilities increased $92.2 million. The increase in the rate is primarily due to the addition of the subordinated debt, partially offset by lower deposit costs. The increase in market rates for us, and the industry, have not yet translated to significant increases in deposit costs.
For the six-month period ended June 30, 2022 and 2021
Net interest income decreased $469 thousand, or 1.0%, compared to the same period in 2021.
Interest income decreased $494 thousand, or 1.0%, for the first six months of 2022. Although average earning assets decreased $50.1 million, interest income increased $1.5 million due to a shift in the asset mix away from cash toward investment securities. Average yields decreased 1 basis point which resulted in a $2.0 million decrease in interest income. During the six-month period, the Bank had average PPP Loans totaling $19.5 million compared to $228.1 million for the same period last year. For the six months ended June 30, 2022, these loans had an average yield of 17.58% including the amortization of PPP fees, which increased the margin by 9 basis points.
Interest expense decreased $25 thousand, or 0.7%, for the first six months of 2022 compared to the same period of 2021. Average rates decreased 2 basis points, resulting in a $799 thousand decrease in interest expense. Average interest-bearing liabilities increased $101.0 million which led to an increase in interest expense of $774 thousand.
Net interest margin decreased 1 basis point to 3.40% for the first six months of 2022, compared to 3.41% for the same period a year ago.
Provision for loan losses was $400 thousand for the second quarter of 2022 while nothing was provided in the second quarter of 2021. Provision for loan losses was $700 thousand for the first six months of 2022 compared to $830 thousand for the first six months of 2021. The reserve ratio was 1.33% at both June 30, 2022 and December 31, 2021.
For the second quarter of 2022, noninterest income totaled $5.6 million, a decrease of $3.4 million, or 37.6%, compared to the prior year's second quarter.
Service charges increased due to a $222 thousand increase in overdraft fees.
Net gain on sale of securities decreased due to the $1.8 million gain on the sale of Visa Class B shares in 2021.
Net gain on sale of loans decreased primarily because of a decrease in volume of loans sold, which was primarily driven by increased market rates. Proceeds from the sale of loans sold totaled $35.5 million and $69.2 million during the three months ended June 30, 2022 and 2021, respectively.
Other income decreased as result of an increase in insurance loss reserves from Civista's reinsurance subsidiary.
For the six months ended June 30, 2022, noninterest income totaled $13.3 million, a decrease of $4.9 million, or 27.1%, compared to the same period in the prior year.
Service charges increased due to a $445 thousand increase overdraft fees and a $101 thousand increase in service charges.
Net gain on sale of securities decreased due to the $1.8 million gain on the sale of Visa Class B shares in 2021.
Net gain on sale of loans decreased primarily because of a decrease in volume of loans sold, which was primarily driven by increased market rates. Proceeds from the sale of loans sold totaled $73.7 million and $147.8 million during the six months ended June 30, 2022 and 2021, respectively.
Wealth management fees increased due to an increase in the average rate earned on the assets in 2022.
Other income decreased as result of an increase in insurance loss reserves from Civista's reinsurance subsidiary.
For the second quarter of 2022, noninterest expense totaled $20.4 million, a decrease of $1.9 million, or 8.5%, compared to the prior year's second quarter.
Compensation expense increased primarily due to annual salary increases, which occur every year in April, and commission expense. Salaries, Overtime and Temp fees increased $348.7 thousand, or 5.2%. Commissions increased $141.2 thousand, or 7.8%.
Taxes and assessments increased as Franchise tax expense increased due to an increase in equity capital, which is the basis of the Ohio Financial Institutions tax. This was partially offset by a decrease in FDIC assessments due to lower assessment multipliers charged to Civista.
Professional services primarily increased due to a $236 thousand increase in consulting fees and a $118 thousand increase in merger related legal and audit.
The quarter-over-quarter decrease in ATM/Interchange expense is primarily the result of a $94 thousand decrease in billings from MasterCard.
The increase in Software maintenance expense is due to both increases in software maintenance contracts as well as the implementation of the new digital banking platform.
The decrease in other operating expense is primarily due to a prepayment fee paid in the second quarter of 2021 related to the prepayment of an FHLB long-term advance.
The efficiency ratio was 67.0% for the quarter ended June 30, 2022 compared to 66.9% for the quarter ended June 30, 2021. The change in the efficiency ratio is primarily due to a decrease in noninterest interest income.
Civista's effective income tax rate for the second quarter 2022 was 15.6% compared to 13.6% in 2021.
For the six months ended June 30, 2022, noninterest expense totaled $40.6 million, a decrease of $815 thousand, or 2.0%, compared to the same period in the prior year.
The increase in compensation expense was due to increased payroll, 401k expenses, payroll taxes and commission and incentive-based costs. Payroll and payroll related expenses increased due to annual pay increases.
Contracted data processing fees increased due to merger related system deconversion fees of $234, offset by a decrease in computer processing fees.
The decrease in ATM/Interchange expense is the result of a decrease in billings from MasterCard 2022 and lower processing fees.
Professional services primarily increased due to a $428 thousand increase in merger related legal and audit and a $240 thousand increase in consulting fees.
The increase in software maintenance expense is due to both increases in software maintenance contracts as well as the implementation of the new digital banking platform.
The decrease in other expense is due to the 2021 prepayment penalty of $3.7 million related to the early payoff of an FHLB long-term advance. This was partially offset by a $393 thousand credit valuation adjustment to mortgage servicing rights.
The efficiency ratio was 66.1% for the six months ended June 30, 2022 compared to 62.1% for the six months ended June 30, 2021. The change in the efficiency ratio is primarily due to a decrease in noninterest interest income.
Civista's effective income tax rate for the first six months of 2022 was 15.5% compared to 15.6% in same period in 2021.
Balance Sheet
Total assets increased $26.2 million, or 0.9%, from December 31, 2021 to June 30, 2022, primarily due to an increase in the loan portfolio of $66.3 million, or 3.3%. This increase was partially offset by a $31.0 million, or 11.7%, decrease in cash and a $29.1 million, or 5.2%, decrease in the investment portfolio.
Loan balances increased $66.3 million, or 3.3% in the first half of 2022, including the PPP balance decline. Removing the effect of the PPP loans, the loan portfolio increased $105.8 million or 5.4%. Commercial Real Estate continued to grow due to consistent demand in both the Non-owner Occupied and Owner Occupied categories. Residential Real Estate has grown due to residential construction loans rolling into the portfolio as well as demand for Jumbo Loans and for our Community View CRA product. Commercial and Agriculture loans continue to grow as we successfully onboard new clients aided by our upgrade in both our Treasury Management suite of products and digital banking. Real Estate Construction continues to increase as the construction season is at its peak in the Midwest. Construction demand remains strong and construction availability continues to be at all-time highs.
Paycheck Protection Program
In total, we processed over 3,600 loans totaling $399.4 million of PPP loans. Of the total PPP loans we have originated, $395.7 million have been forgiven or have paid off. We recognized $424 thousand of PPP fees in income during the quarter and $1.6 million of PPP fees in income during the six months ended June 30, 2022. As of June 30, 2022, $160 thousand of unearned PPP fees remain.
Deposits
Total deposits increased $38.8 million, or 1.6%, from December 31, 2021 to June 30, 2022.
The increase in noninterest-bearing demand of $53.6 million was primarily due to a $39.5 million increase in balances related to the tax refund processing program, which is a seasonal increase. Public fund demand accounts also increased $14.3 million. Interest-bearing demand deposits decreased due to a $29.7 million decrease in business demand accounts, partially offset by a $20.0 million increase in public fund demand accounts. The increase in savings and money market was primarily due to a $27.9 million increase in statement savings, a $16.0 million increase in personal money markets, and a $9.4 million increase in public fund money markets. These increases were partially offset by decreases of $19.0 million in brokered money market accounts and $19.2 million in business money market accounts. Time deposits, both under $100 thousand and over $100 thousand, have decreased.
FHLB advances totaled $75.0 million at June 30, 2022, unchanged from December 31, 2021.
Stock Repurchase Program
During the first six months of 2022, Civista repurchased 448,199 shares for $10.5 million at a weighted average price of $23.40 per share, including 392,847 shares repurchased under the previous authorization for $9.3 million. We have approximately $12.3 million remaining of the current $13.5 million repurchase authorization, which was approved in April 2022. In addition, Civista liquidated 5,403 shares held by employees, at $24.66 per share, to satisfy tax obligations stemming from vesting of restricted shares.
Shareholders' Equity
Total shareholders' equity decreased $53.2 million from December 31, 2021 to June 30, 2022, primarily due to a $55.1 million decrease in accumulated other comprehensive income(loss). The decrease in other comprehensive income(loss) does not impact our capital adequacy ratios. Shareholders' equity also decreased due to a $10.6 million repurchase of treasury shares. Retained earnings increased $12.0 million.
Asset Quality
Civista recorded net recoveries of $94 thousand for the six months of 2022 compared to net recoveries of $399 thousand for the same period of 2021. The allowance for loan losses to loans was 1.33% at June 30, 2022 and 1.33% at December 31, 2021.
Non-performing assets at June 30, 2022 were $4.8 million, a 10.8% decrease from December 31, 2021. The non-performing assets to assets ratio decreased to 0.16% from 0.18% at December 31, 2021. The allowance for loan losses to non-performing loans increased to 572.78% from 496.10% at December 31, 2021.
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the second quarter of 2022 at 1:00 p.m. ET on Thursday, July 28, 2022. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 855-238-2712 and ask to be joined into the Civista Bancshares, Inc. second quarter 2022 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.
An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Civista Bancshares, Inc. is a $3.0 billion financial holding company headquartered in Sandusky, Ohio. Prior to the merger, Civista's banking subsidiary, Civista Bank, operated 36 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Upon completion of the merger, Civista will be an approximately $3.3 billion financial holding company, and Civista Bank will operate an additional seven locations in Northwestern Ohio. Additional information on Civista may be accessed at www.civb.com, but information at that website is not part of this press release nor is it part of any filing by Civista with the Securities and Exchange Commission. Civista's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".
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‘Vikrant Rona’ movie review: Kichcha Sudeep’s latest is marred by logical loopholes and a faulty narrative
The film fails to connect with the audience, despite the presence of Kichcha Sudeep, his actions, punchy dialogues, and the imposing visuals of a tropical rain forest
Vikrant Rona, a 3D action-adventure mystery thriller, and one of the highly anticipated films in Kannada after KGF: Chapter 2, is a disappointing affair, even forardent Kichcha Sudeep fans. Originally titled Phantom, the film helmed by Anup Bhandari (of Rangitaranga fame) had created a huge buzz in South India through its chilling teasers.
However, the film fails to connect with the audience, despite the presence of Kichcha Sudeep, his actions, punchy dialogues, and the imposing visuals of a tropical rain forest that create an eerie ambience for the film. This is because of the loosely-knitted storyline and faulty narrative technique adopted by the director. It seems like Anup Bhandari could not come out of Rangitaranga’s influence, even seven years since its release.
Though both the films have no direct connection, they resemble each others in terms of the narrative technique. Both stories are based on unusual deaths in the dense forests of the Dakshina Kannada region. While in Rangitaranga, the victims are pregnant women, Vikrant Rona deals with the deaths of little children whose bodies are found hanging from trees.
For those who wouldn’t mind a middling horror-mystery that is high on drama and low on logic, Vikrant Rona might just do. It appears that Anup tried his best to realise Sudeep’s dream of making a movie along the lines of Jumanji and Indiana Jones. But in doing so, the filmmaker has failed miserably to connect with the audience.
Moreover, he borrows so much from the mystery films of the 80s’, that issues like superstitions, deaths, poverty, smuggling and the victimisation of lower castes seem forced into the narrative. If that’s not all, the film is also riddled with logical loopholes.
Firstly, a story such as this doesn’t warrant a 3D experience. The film opens with a scene that is straight out of Rangitaranga. The film is set in a time period from half a century ago, at a remote village in a rain forest. Here, fear is rooted to the core, with inexplicable occurrences often attributed to a higher supernatural power. Things change with the sudden entry of Vikrant Rona, a daring police inspector, culminating in a fiery finale.
Before its release, Vikrant Rona was termed the biggest entertainer in the history of Kannada cinema, only next to KGF: Chapter 2. It is no doubt a visual spectacle, and it does entertain the audiences sporadically. However, Anup’s attempts to blend in the commercial elements to engage the audience fails.
While the first half of the film is wasted in character introductions, the second half moves at a snail’s pace. The filmmaker also misses out on using the kids in the film as the narrators, which could have attracted children to the theatre.
Through his Indiana Jones-esque entry on a ship, his iconic whistling, swinging from the trees, and what not, Sudeep offers his fans something to cheer for. Nirup Bhandari surprises the audience with his performance as the prodigal son who returns to Kamarottu. Neeta Ashok essays her character, Aparna, to the best of her abilities. Nothing much caan be said about the role of Jacqueline Fernandez, whose existence makes little difference to the storyline. Her dance number Ra Ra Rakkamma is the only solace for young souls.
The efforts of art director Shivakumar towards creating a realistic illusion of a rain forest through his magnificent sets fail to uplift the film, while Ajneesh B Lokanath, who previously worked with Anup Bhandari in Rangitharanga, has done his best to entertain Sudeep’s enormous fan base through the film’s music.
Vikrant Rona is currently running in theatres
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CHEYENNE, Wyo. (AP) — Abortion bans set to take effect this week in Wyoming and North Dakota have been temporarily blocked by judges in those states amid lawsuits arguing that the bans violate their state constitutions.
A judge in Wyoming on Wednesday sided with a firebombed women’s health clinic and others who argued the ban would harm health care workers and their patients, while a North Dakota judge sided with the state’s only abortion clinic, Red River Women’s Clinic in Fargo.
The Wyoming law was set to take effect Wednesday. The North Dakota law was set to take effect Thursday.
Meanwhile, West Virginia lawmakers moved ahead with a ban amid protests and dozens speaking against the measure.
During hours of debate leading up to the 69-23 vote in the Republican-dominated House of Delegates in West Virginia, the sound of screams and chants from protesters standing outside the chamber rang through the room.
“Face us,” the crowd yelled.
The latest court action in North Dakota and Wyoming put them among several states including Kentucky, Louisiana and Utah where judges have temporarily blocked implementation of “trigger laws” while lawsuits play out.
Attorneys arguing before Teton County District Judge Melissa Owens, in Jackson, Wyoming, disagreed over whether the state constitution provided a right to abortion that would nullify the state’s abortion “trigger” law that took effect Wednesday.
Owens proved most sympathetic, though, with arguments that the ban left pregnant patients with dangerous complications and their doctors in a difficult position as they balanced serious medical risks against the possibility of prosecution.
“That is a possible irreparable injury to the plaintiffs. They are left with no guidance,” Owens said.
Several states including Wyoming recently passed abortion “trigger” bans should the U.S. Supreme Court overturn Roe v. Wade, which happened June 24. The U.S. Supreme Court formally issued its judgment Tuesday.
After a more than three-week review, Gov. Mark Gordon, a Republican, last week gave the go-ahead for the Wyoming abortion ban he signed into law in March to take effect Wednesday but it is instead on hold after the ruling.
The Wyoming law would outlaw abortions except in cases of rape or incest or to protect the mother’s life or health, not including psychological conditions. Doctors and others who provide illegal abortions under Wyoming’s new law could get up to 14 years in prison.
The four Wyoming women and two nonprofits that sued Monday to contest the new law claim it violates several rights guaranteed by the state constitution. Wyoming Special Assistant Attorney General Jay Jerde was skeptical, saying the state constitution neither explicitly nor implicitly allowed abortion.
“No such right exists. You can’t infringe what isn’t there,” Jerde told Owens.
The lawsuit claims the abortion ban will harm the women — two obstetricians, a pregnant nurse and a University of Wyoming law student — by outlawing potentially life-saving treatment options for their patients or themselves.
Those suing include a nonprofit opening a Casper women’s and LGBTQ health clinic, Wellspring Health Access, that would have offered abortions. A May arson attack has set back the clinic’s opening from mid-June until at least the end of this year.
In North Dakota, Burleigh County District Judge Bruce Romanick sided with the state’s only abortion clinic that the state had moved fast to let the law take effect. The clinic had argued that a 30-day clock should not have started until the U.S. Supreme Court issued its certified judgment on Tuesday.
The ruling will give the Red River clinic more time to relocate a few miles away to Moorhead, Minnesota, where abortion remains legal. North Dakota’s law would make abortion illegal in the state except in cases of rape, incest and the life of the mother.
Meetra Mehdizadeh, attorney for the Center for Reproductive Rights, which is helping the clinic with the suit, said the plaintiffs “will do everything in our power to fight this ban and keep abortion accessible in North Dakota for as long as possible.”
In West Virginia, meanwhile, lawmakers on Wednesday debated a sweeping abortion ban bill on the House floor that would make providing the procedure a felony punishable by up to 10 years in prison. The bill makes exceptions for rape or incest up to 14 weeks of gestation and for certain medical complications.
“What’s ringing in my ears is not the noise of the people here,” said one of the bill’s supporters, Republican Del. Brandon Steele of Raleigh County. “It’s the cries of the unborn, tens of thousands of unborn children that are dead today.”
The bill now heads to the Senate for consideration.
After the Supreme Court overturned Roe v. Wade, West Virginia Attorney General Patrick Morrisey said a 19th century law banned abortion in the state. Last week, a state judge barred the state from enforcing that ban, saying it was superseded by conflicting, newer laws.
Hundreds of people descended on the state Capitol for the debate. Many stood outside the House chamber and Speaker Roger Hanshaw’s office chanting and holding signs reading “we will not go quietly” and “stop stealing our health care.” Security officers escorted some from the House chambers.
Dozens spoke against the bill on the House floor including Katie Quiñonez, executive director of the Women’s Health Center of West Virginia, who was cut off and asked to step down as she started to talk about the abortion she got when she was 17.
“I chose life,” she said, raising her voice to speak over the interruption. “I chose my life, because my life is sacred.”
___
Associated Press reporter Dave Kolpack contributed to this report from Fargo, North Dakota. Willingham reported from Charleston, West Virginia. Follow Mead Gruver on Twitter at https://twitter.com/meadgruver. | https://www.wearegreenbay.com/news/ap-top-headlines/judges-block-abortion-bans-in-wyoming-north-dakota/ | 2022-07-28T13:18:13Z | https://www.wearegreenbay.com/news/ap-top-headlines/judges-block-abortion-bans-in-wyoming-north-dakota/ | false |
MIAMI, July 28, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported second quarter 2022 net loss of $(0.5) billion and loss per share of $(2.05). Second quarter results were meaningfully ahead of the company's expectations driven by accelerating and strong close-in demand, further improvement in onboard revenue and better cost performance. Operating cash flow and EBITDA were positive for the quarter.
"We reached two important milestones in our recovery this quarter – returning our entire global fleet back to operations and delivering positive operating cash flow and EBITDA," said Jason Liberty, president and chief executive officer of Royal Caribbean Group. "Consumers' propensity to travel and cruise remains strong. We continue to see a robust and accelerating demand environment for cruising and on-board spend. Cruising remains a very attractive value proposition for vacationers, and today we have an opportunity to further close the value gap to other land-based vacation offerings," added Liberty. "Our liquidity position remains strong, and we are generating positive operating cash flow and EBITDA. With the fleet back in service, we have the full strength of our platform as we continue to execute on our recovery and build on our capabilities for long-term success."
- In June, the Group completed the return of its global fleet to operations across key destinations.
- Load factors in the second quarter were 82% overall, with June sailings reaching almost 90%.
- Based on the continued strength in consumer demand, the company expects load factors will average approximately 95% in the third quarter and increase to triple digits by year-end.
- Booking volumes received in the second quarter for the back half of 2022 sailings remained significantly higher than booking volumes received in the second quarter of 2019 for the back half of 2019.
- The second half of 2022 is booked below historical ranges but at higher prices than 2019, with and without future cruise credits (FCCs).
- For 2023, all quarters are currently booked within historical ranges at record pricing.
- For the third quarter of 2022 and based on current currency exchange rates, fuel rates and interest rates, the company expects to generate approximately $2.9 billion - $3.0 billion in Total Revenues, Adjusted EBITDA of $700 million - $750 million and Adjusted Earnings Per Share of $0.05 - $0.25.
The company reported Net Loss for the second quarter of 2022 of $(0.5) billion or $(2.05) per share compared to Net Loss of $(1.3) billion or $(5.29) per share in the prior year. The company also reported Adjusted Net Loss of $(0.5) billion or $(2.08) per share for the second quarter of 2022 compared to Adjusted Net Loss of $(1.3) billion or $(5.06) per share in the prior year. The Net Loss and Adjusted Net Loss for the quarter are primarily the result of the impact of the COVID-19 pandemic on the business.
Second quarter results exceeded the company's expectations driven by better revenue and cost performance. Second quarter load factors were 82%. Load factors increased to almost 90% in June, with Caribbean itineraries averaging over 100%. Total revenues per passenger cruise day were at record levels and up 4% as reported and 5% in constant currency versus the second quarter of 2019.
Gross Cruise Costs per APCD improved 2.4% as reported and 1.9% in constant currency, compared to the first quarter 2022. Net Cruise Costs (NCC), excluding fuel, per APCD improved 16.5% as reported and 16.2% in constant currency, compared to the first quarter of 2022. Gross Cruise Costs per APCD and NCC per APCD for the second quarter included $7.75 per APCD related to enhanced health protocols and one-time costs to return ships and crew back to operations.
The Group continues to benefit from the delivery of new, more efficient ships and past sales of less efficient ships, as well as actions taken to improve operating costs and margins that continue to materialize as operations ramp up.
The Group is now offering cruises in all of its key destinations with the exception of China. China remains closed to cruising due to the ongoing pandemic related lockdowns. While the Group remains optimistic to capture long-term growth opportunities in that market, ships planned for China have been temporarily redeployed to meet the demand in other markets.
"Since our return to service last year, we have seen more than 3 million guests enjoy cruise vacations responsibly, under an evolving operating environment," said Liberty. "Last week, the CDC ended its COVID-19 Program for Cruise Ships. Based on this change, we are continuing to adapt our protocols to align more closely with how the rest of society and other travel and leisure businesses are operating. This means that we're transitioning to the point where everyone will be able to vacation with us while always working with our destination partners to meet their regulations. Starting Aug. 8, testing will be required for unvaccinated guests on all voyages and for vaccinated guests only on voyages that are six nights or longer. "
The Group expects to operate approximately 11.6 million APCDs for the third quarter and 11.5 million APCDs for the fourth quarter. Third quarter load factors are expected to average approximately 95%, with itineraries in North America (including the Caribbean, Alaska, Bermuda, West Coast, and Canada) averaging about 100%.
NCC, excluding fuel, per APCD is expected to significantly improve in the second half of the year compared to the first half of 2022 and be higher for the second half of 2022 by mid-single digits compared to the second half of 2019 all on a constant currency basis. The improvement in costs from earlier in the year is expected to be driven by lower expenses related to returning ships and crew to operations, easing health protocols, and accelerating benefit from actions taken to improve margin. Some of the improvement is partially offset by inflationary and supply chain challenges, mainly related to fuel and food costs.
Booking volumes received in the second quarter for 2022 sailings averaged 30% above 2019 booking volumes for 2019 sailings in the corresponding period in the second quarter with even greater strength in July. Guests are still booking their cruises closer-in compared to prior years, contributing to the better-than-expected load factors in the second quarter. In addition, cancellation activity has now returned to pre-COVID levels. As expected, load factors for sailings in the second half of 2022 remain below historical levels and are expected to finish at approximately 95% in the third quarter and reach triple digits by the end of the year. Second half 2022 sailings are booked at higher prices than 2019, both including and excluding FCCs.
While demand for the critical Europe season has been strong over the past three months, the combination of COVID-19 and the Russia-Ukraine war, has set back load factor recovery, particularly for the third quarter of 2022, where European itineraries account for about a third of overall capacity. Because European itineraries generate higher than average pricing, the lower load factors are expected to negatively impact the comparison of fleetwide revenue per passenger cruise day in the third quarter when compared to the third quarter of 2019.
Booking volumes for 2023 have shown consistent improvement week over week and have been accelerating over the last several weeks. Pre-cruise onboard purchases continue to exceed prior years at higher prices, indicating quality and healthy future demand. As a result, all quarters are currently booked within historical ranges at record pricing.
As of June 30, 2022, the Group's customer deposit balance was $4.2 billion, a record high for the company. This represents an increase of about $600 million over the previous quarter despite the significant quarter-over-quarter increase in revenue recognition. In the second quarter, approximately 90% of total bookings were new versus FCC redemptions. Now that the full fleet has returned to service and load factors are nearly 90%, the company expects customer deposits to return to typical seasonality. Approximately 20% of the customer deposit balance as of the end of the second quarter is related to FCCs. Approximately 60% of the FCC balance accumulated since the start of the pandemic has been redeemed. Of the redeemed FCCs, about half have already sailed resulting in revenue being recognized. For new bookings, the Group has returned to typical booking and cancellation policies, which were relaxed during the pandemic.
As of June 30, 2022, the Group's liquidity position was $3.3 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility. During the second quarter, the Group generated operating cash flow of approximately $0.5 billion. The scheduled debt maturities for the remainder of 2022 are $1.6 billion.
"Our liquidity position remains strong as we execute on our return to service, and our operations generate positive cash flow again," said Naftali Holtz, chief financial officer, Royal Caribbean Group. "We have taken and will continue to take proactive actions to improve our cash flow, balance sheet and methodically address near-term maturities."
Bunker pricing, net of hedging, for the second quarter was $721 per metric ton and consumption was 382,000 metric tons.
As of the date of this release, fuel consumption is 56% hedged via swaps for the remainder of 2022 and 36% hedged for 2023 below market prices. For the remainder of 2022 and all of 2023, the annual average cost per metric ton of the fuel swap portfolio is approximately $473 and $575, respectively.
In July, the Group acquired an ultra-luxury expedition cruise ship that was originally delivered in 2021. The ship has been renamed Silver Endeavour and joined the Silversea fleet on July 21. The purchase price for the vessel was $275 million, significantly below its estimated original cost. The transaction is fully financed through a 15-year unsecured term loan, guaranteed by the German export credit agency, Euler Hermes, and has no amortization payments in the first two years. The transaction is expected to be immediately accretive to earnings, cash flow and return on invested capital. Silver Endeavour is scheduled to begin service winter 2022, spending its inaugural season in Antarctica starting November 2022.
Capital expenditures for the remainder of 2022 are expected to be approximately $0.5 billion, excluding the acquisition of Silver Endeavour.
The company expects to operate 11.6 million APCDs in the third quarter and generate approximately $2.9 billion - $3.0 billion in Total Revenue, based on current currency exchange rates.
The company does not forecast fuel rates, and fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on current fuel rates, the company expects approximately $319 million of fuel expense in the third quarter 2022, at an average pricing of $794 per metric ton, net of hedging.
Based on current currency exchange rates and fuel rates, the company expects Adjusted EBITDA of $700 million - $750 million in the third quarter.
Depreciation and amortization expenses for the third quarter of 2022 are expected to be approximately $360 million.
Net interest expense for the third quarter of 2022, based on current interest rates, is expected to be in the range of $310 million - $320 million. Approximately 70% of the company's debt is tied to fixed interest rates.
The Group expects a Net Loss in the second half of 2022 due to increases in fuel rates, interest rates and foreign exchange rates. Based on current currency exchange rates, fuel rates and interest rates, the Group expects Adjusted Earnings Per Share for the third quarter of $0.05 - $0.25.
The company has scheduled a conference call at 10:00 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's Investor Relations website at www.rclinvestor.com.
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of June 30, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2022 and beyond. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the global incidence and continued spread of COVID-19, which has had and will continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; our COVID-19 protocols and any other health protocols we may develop in response to infectious diseases may be costly and less effective than we expect in reducing the risk of infection and spread of such disease on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.
In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.
More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent current report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Selected Operational and Financial Metrics
Adjusted EBITDA
Adjusted EBITDA represents EBITDA (as defined below) excluding (i) other income; (ii) impairment and credit losses (recoveries); (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; and (vi) the net gain recognized in 2021 in relation to the sale of the Azamara brand. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.
Adjusted (Loss) Earnings per Share ("Adjusted EPS")
Represents Adjusted Net (Loss) Income divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.
Adjusted Net (Loss) Income
Adjusted Net (Loss) Income represents Net (Loss) Income excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the 2022 and 2021 periods presented, these items included (i) impairment and credit losses (recoveries); (ii) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition in 2018; (iv) the amortization of non-cash debt discount on our convertible notes; (v) the estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization in 2020; (vi) gain on the extinguishment of debt; (vii) equity investment asset impairments; (viii) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; and (ix) the net gain recognized in 2021 in relation to the sale of the Azamara brand.
Available Passenger Cruise Days ("APCD")
APCD is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.
Constant-Currency
A significant portion of our revenues and expenses are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant-Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. For the 2022 periods presented, we calculate "Constant-Currency" by applying the average 2019 or Q1 2022 period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant-Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.
EBITDA
EBITDA represents Net (Loss) Income excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.
Occupancy ("Load Factor")
Occupancy, in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.
Passenger Cruise Days
Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.
Gross Cruise Costs
Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.
Net Cruise Costs ("NCC") and NCC excluding Fuel
Net Cruise Costs represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. For the 2022 and 2019 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; (ii) the transaction costs related to the Silversea Cruises acquisition; and (iii) the costs, net of insurance recoveries, related to the Grand Bahama drydock structure incident involving Oasis of the Seas. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our performance.
For additional information see "Adjusted Measures of Financial Performance" below.
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.
The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.
A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.
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SOURCE Royal Caribbean Group | https://www.cleveland19.com/prnewswire/2022/07/28/royal-caribbean-group-reports-second-quarter-2022-results-highlighted-by-return-its-full-fleet-back-service-positive-operating-cash-flow/ | 2022-07-28T13:19:08Z | https://www.cleveland19.com/prnewswire/2022/07/28/royal-caribbean-group-reports-second-quarter-2022-results-highlighted-by-return-its-full-fleet-back-service-positive-operating-cash-flow/ | false |
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