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Ultra Clean Reports Second Quarter Financial Results
Published: Jul. 28, 2022 at 3:05 PM CDT|Updated: 57 minutes ago
HAYWARD, Calif., July 28, 2022 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the second quarter ended July 1, 2022.
"We continue to see solid, broad-based demand for our diverse portfolio of products and services," said Jim Scholhamer, CEO. "This diversity enhances our competitive advantage by increasing our resilience to fluctuations in any one segment. Together with our ability to partner closely with customers to respond to ever-changing market conditions, we are well positioned to continue growing our share in our served markets."
Second Quarter 2022 GAAP Financial Results
Total revenue was $608.7 million. Products contributed $532.0 million and Services added $76.7 million. Total gross margin was 19.4%, operating margin was (0.9)%, and net loss was $25.1 million or $0.56 per share. This compares to total revenue of $564.1 million, gross margin of 20.2%, operating margin of 8.1%, and net income of $27.9 million or $0.62 and $0.61 per basic and diluted share, respectively, in the prior quarter. The financial results for the second quarter include a $56.6 million pre-tax loss related to the divestiture of certain non-core subsidiary entities.
Second Quarter 2022 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was 20.3%, operating margin was 11.1%, and net income was $47.4 million or $1.04 per diluted share. This compares to gross margin of 20.5%, operating margin of 10.9%, and net income of $43.3 million or $0.95 per diluted share in the prior quarter.
Third Quarter 2022 Outlook
The Company expects revenue in the range of $585 million to $645 million and GAAP diluted net income per share to be between $0.32 and $0.55. The Company expects non-GAAP diluted net income per share to be between $0.94 and $1.18.
Conference Call
The conference call and webcast will take place on Thursday, July 28th at 1:45 p.m. PT and can be accessed by dialing 1-844-826-3034 or 1-412-317-5179. No passcode is required. A replay of the call will be available by dialing 1-877-344-7529 or 1-412-317-0088 and entering the confirmation code 6271791. The Webcast will be available on the Investor Relations section of the Company's website at http://uct.com/investors/events/.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components and parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company's operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included at the end of this press release.
The Company currently defines non-GAAP net income as net income (loss) before amortization of intangible assets, restructuring charges, executive transition costs, acquisition costs, loss on divestitures, fair value adjustments, depreciation adjustments, stock-based compensation, certain insurance proceeds, gain on sale of property, legal related costs and the tax effects of the foregoing adjustments.
A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "projection," "outlook," "forecast," "believes," "plan," "expect," "future," "intends," "may," "will," "estimates," "see," "predicts," "should" and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company's actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 31, 2021 as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless 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.kwch.com/prnewswire/2022/07/28/ultra-clean-reports-second-quarter-financial-results/ | 2022-07-28T21:02:27Z | https://www.kwch.com/prnewswire/2022/07/28/ultra-clean-reports-second-quarter-financial-results/ | false |
RIVIERA BEACH, Fla. — A back-to-school community health fair with free school supplies will be held Saturday in Riviera Beach.
The event takes place on July 30 from 9 a.m. to 2 p.m. at the Max M. Fisher Boys and Girls Club. Hosted by the T. Leroy Jefferson Medical Society, the fair will provide uninsured and low-income residents access to free healthcare services and health education.
Participants who register for a health screening will be entered into a raffle for a chance to win a smart TV.
To register, click here. | https://www.wptv.com/news/region-c-palm-beach-county/riviera-beach/back-to-school-community-health-fair-to-be-held-in-riviera-beach | 2022-07-28T21:03:03Z | https://www.wptv.com/news/region-c-palm-beach-county/riviera-beach/back-to-school-community-health-fair-to-be-held-in-riviera-beach | true |
(NEXSTAR) – Southwest Airlines announced a new policy Thursday the company hopes will help make travel more flexible amid the ongoing pandemic (and yet another surge of the coronavirus). The airline said flight credits will now be without expiration dates.
The new policy will automatically apply to flight credits issued after Thursday (July 28). Customers with existing credit on their accounts also benefit, and don’t need to do anything – the credit will automatically transition to the kind that doesn’t expire. (If you got credit for a change of plans a few years ago that went unused and expired on July 27 or earlier, you’re out of luck.)
The credit in customers’ accounts will say it expires on Dec. 31, 2040, but that’s just a “placeholder expiration date” until the airline’s systems can be upgraded, the company said in a press release.
“Beginning today, July 28, 2022, Southwest Customers will begin seeing a placeholder expiration date of December 31, 2040, on valid flight credits ahead of additional work later this year that will update technology systems to altogether remove expiration dates on flight credits.
The airline teased the policy on Twitter before making it official, saying, “One like and we’ll eliminate expiration dates on all current and future flight credits.”
Less than a minute later they made it official: “Okay fine, we were gonna do it anyway.”
Southwest said it is the only U.S. airline to introduce such a policy.
You’re eligible for credit anytime you cancel a flight more than 10 minutes before its scheduled departure, the fine print in Southwest’s announcement on flight credits reads. | https://who13.com/news/national-news/southwest-airlines-says-flight-credits-will-last-forever/ | 2022-07-28T21:03:44Z | https://who13.com/news/national-news/southwest-airlines-says-flight-credits-will-last-forever/ | false |
WASHINGTON (AP) — In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced an expansive agreement Wednesday that had eluded them for months addressing health care and climate, raising taxes on high earners and large corporations and reducing federal debt.
The two Democrats said the Senate would vote on the wide-ranging measure next week, setting up President Joe Biden and Democrats for an unexpected victory in the runup to November elections in which their congressional control is in peril. A House vote would follow, perhaps later in August, with unanimous Republican opposition in both chambers seemingly certain.
Just hours earlier, Schumer, D-N.Y., and Manchin, D-W.Va., seemed at loggerheads and headed toward a far narrower package limited — at Manchin’s insistence — to curbing pharmaceutical prices and extending federal health care subsidies. Earlier Wednesday, numerous Democrats said they were all but resigned to the more modest legislation.
The reversal was stunning, and there was no immediate explanation for Manchin’s abrupt willingness to back a bolder, broader measure. Since last year, he has used his pivotal vote in the 50-50 Senate to force Biden and Democrats to abandon far more ambitious, expensive versions. He dragged them through months of negotiations in which leaders’ concessions to shrink the legislation proved fruitless, antagonizing the White House and most congressional Democrats.
“This is the action the American people have been waiting for. This addresses the problems of today — high health care costs and overall inflation — as well as investments in our energy security for the future,” Biden said in a statement. He urged lawmakers to approve the legislation quickly.
Tellingly, Democrats called the 725-page measure “The Inflation Reduction Act of 2022” because of provisions aimed at helping Americans cope with this year’s dramatically rising consumer costs. Polls show that inflation, embodied by gasoline prices that surpassed $5 per gallon before easing, has been voters’ chief concern. For months, Manchin’s opposition to larger proposals has been partly premised on his worry that they would fuel inflation.
Besides inflation, the measure seemed to offer something for many Democratic voters.
It dangled tax hikes on the wealthy and big corporations and environmental initiatives for progressives. And Manchin, an advocate for the fossil fuels his state produces, said the bill would invest in technologies for carbon-based and clean energy while also reducing methane and carbon emissions.
“Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” Manchin said.
Schumer called the bill Congress’ “greatest pro-climate legislation.” He said it would also cut pharmaceutical prices and “ensure the wealthiest corporations and individuals pay their fair share in taxes.”
The measure would reduce carbon emissions by around 40% by 2030, Schumer and Manchin said. While that would miss Biden’s 50% goal, that reduction, the measure’s climate spending and the jobs it would create are “a big deal,” said Sen. Jeff Merkley, D-Ore., an environmental advocate who had been upset with the absence of those provisions until now.
The overall proposal is far less aspirational than the $3.5 trillion package Biden asked Democrats to push through Congress last year, and the pared-down, roughly $2 trillion version the House approved last November after Manchin insisted on shrinking it. Even then, Manchin shot down that smaller measure the following month, asserting it would fuel inflation and was loaded with budget gimmicks.
In summaries that provided scant detail, Democrats said their proposal would raise $739 billion over the decade in new revenue, including $313 billion from a 15% corporate minimum tax. They said that would affect around 200 of the country’s largest corporations, with profits exceeding $1 billion, that currently pay under the current 21% corporate rate.
The agreement also contains $288 billion the government would save from curbing pharmaceutical prices. Those provisions would also require Medicare to begin negotiating prices on a modest number of drugs, pay rebates to Medicare if their price increases exceed inflation and limit that program’s beneficiaries to $2,000 annual out-of-pocket expenses.
The deal also claims to gain $124 billion from beefing up IRS tax enforcement, and $14 billion from taxing some “carried interest” profits earned by partners in entities like private equity or hedge funds.
The measure would spend $369 billion on energy and climate change initiatives. These include consumer tax credits and rebates for buying clean-energy vehicles and encouraging home energy efficiency; tax credits for solar panel manufacturers; $30 billion in grants and loans for utilities and states to gradually convert to clean energy; and $27 billion to reduce emissions, especially in lower-income areas.
It would also aim $64 billion at extending federal subsidies for three more years for some people buying private health insurance. Those subsidies, which lower people’s premiums, would otherwise expire at year’s end.
That would leave $306 billion for debt reduction, an effort Manchin has demanded. While a substantial sum, that’s a small fraction of the trillions in cumulative deficits the government is projected to amass over the coming decade.
Sen. Kyrsten Sinema, D-Ariz., was still reviewing the agreement, said spokeswoman Hannah Hurley. Sinema backed Manchin last year in insisting on making the legislation less expensive but objected to proposals to raise tax rates, and the spokeswoman referred a reporter to her comments last year supporting a corporate minimum tax.
Sen. John Cornyn, R-Texas, said the Democratic agreement would be “devastating to American families and small businesses. Raising taxes on job creators, crushing energy producers with new regulations, and stifling innovators looking for new cures will only make this recession worse, not better.”
But if Democrats can hold their troops together, GOP opposition would not matter. Democrats can prevail if they lose no more than four votes in the House and remain solidly united in the 50-50 Senate, where Vice President Kamala Harris can cast the tie-breaking vote.
“This agreement is a victory for America’s families and for protecting our planet,” said House Speaker Nancy Pelosi, D-Calif. “In light of the discussions of the past year, this agreement is a remarkable achievement.”
The bill lacks increased tax deductions for state and local taxes, which some Democrats from high-tax states have demanded as the price for their support. A spokesperson for Rep. Josh Gottheimer, D-N.J., a leader of that group, did not immediately return a message seeking comment.
In the Senate, Democrats are using a special process that will let them pass the bill without reaching the 60 votes required for most legislation there. To use that, the chamber’s parliamentarian must verify that the bill doesn’t violate the chamber’s budget procedures, a review now underway.
Schumer and Manchin said leaders committed to revamp permitting procedures this fall to help infrastructure like pipelines and export facilities “be efficiently and responsibly built to deliver energy safely around the country and to our allies.”
Sierra Club Legislative Director Melinda Pierce said her group wanted to read the agreement’s details but was glad Biden and Schumer “remained resolute in finding a path to pass once-in-a-generation investments in our communities, our economy, and our future.”
Manchin just last week said he would only agree to far more limited legislation this month on prescription drugs and health care subsidies. He said he was open to considering a broader compromise on environment and tax issues after Congress returned from a summer recess in September, an offer that many Democrats considered dubious because of lawmakers’ abbreviated pre-election schedule.
___
AP reporters Matthew Daly, Will Weissert, Kevin Freking and Seung Min Kim contributed to this report. | https://www.localsyr.com/news/politics/manchin-says-he-has-health-energy-tax-deal-with-schumer/ | 2022-07-28T21:04:02Z | https://www.localsyr.com/news/politics/manchin-says-he-has-health-energy-tax-deal-with-schumer/ | true |
POUGHKEEPSIE, N.Y., July 28, 2022 /PRNewswire/ -- Rhinebeck Bancorp, Inc. (the "Company") (NASDAQ: RBKB), the holding company of Rhinebeck Bank (the "Bank"), reported net income for the three months ended June 30, 2022 of $2.0 million ($0.19 per basic and $0.18 per diluted share), which was $536,000, or 20.9%, less than the comparable prior year period. Net income for the six months ended June 30, 2022 of $4.1 million ($0.38 per basic and $0.37 per diluted share), was $1.8 million, or 30.6%, less than the same period last year.
The decrease in net income was primarily due to an increase in the provision for loan losses of $1.5 million and $1.8 million for the three and six months ended June 30, 2022, respectively. The Company recorded a credit to the provision for both the three and six months ended June 30, 2021 as compared to an expense for the three and six months ended June 30, 2022. For both 2022 periods, an increase in net interest income was partially offset by a decrease in non-interest income and an increase in non-interest expense. The Company's return on average assets and return on average equity were 0.63% and 7.06%, respectively, for the second quarter of 2022 as compared to 0.86% and 8.54%, respectively, for the second quarter of 2021. The Company's return on average assets and return on average equity were 0.64% and 6.86%, respectively, for the first six months of 2022 as compared to 1.01% and 9.95%, respectively, for the first six months of 2021.
President and Chief Executive Officer Michael J. Quinn said, "Our assets continued to grow with loan balances increasing by $72 million, or 8.4%, in the first six months of the year. This, combined with rising rates, produced growth in net interest income (pre-provision) of $2.1 million, or 10.9%. This helped offset rising operating costs which reflected our expansion undertakings and the impacts of increasing inflation. Our continuing challenge will be to maintain or improve this level of growth while finding ways to manage the continuing impacts of inflation on our operations."
Income Statement Analysis
Net interest income increased $1.7 million, or 19.0%, to $10.9 million for the three months ended June 30, 2022, from $9.1 million for the three months ended June 30, 2021. Year to date net interest income increased $2.1 million, or 10.9%, to $21.0 million compared to $18.9 million for the prior year six-month period. Quarter over quarter the improvement was driven by higher interest-earning asset balances, higher loan and investment yields, and lower costs for deposits and borrowings. For the three months ended June 30, 2022, the average balances of interest-earning assets grew by $78.8 million to $1.20 billion and the average yields improved by 26 basis points to 3.92%, while the costs of deposits fell by 15 basis points to 0.42%. When comparing year to date periods, the average balance of interest-earning assets grew by $95.0 million while the average yields fell slightly by 6 basis points to 3.82%. The cost of interest-bearing liabilities which fell by 20 basis points to 0.42%.
The provision for loan losses increased by $1.5 million, from a credit to the provision of $1.1 million for the quarter ended June 30, 2021 to an expense of $346,000 for the current quarter. The provision for loan losses increased by $1.8 million, from a credit to the provision of $1.2 million for the six months ended June 30, 2021 to an expense of $567,000 for the six months ended June 30, 2022. The credit to the provision for the three and six months ended June 30, 2021 was primarily attributable to a decline in loan balances, exclusive of PPP loans, a reduction in specific allocations to the allowance for loan losses and a general improvement in the economic conditions as our customers showed signs of recovering from the pandemic. An increase in indirect loan balances in 2022 was the primary factor leading to the increase in the provision.
Recoveries outpaced charge-offs, resulting in net recoveries of $123,000 and $13,000 for the quarters ended June 30, 2022 and 2021, respectively. A net recovery for the six months ended June 30, 2022 totaled $43,000 compared to a net charge-off of $290,000 for the comparable period in 2021. The year-to-date net recoveries in 2022 were primarily due to a $143,000 recovery of a residential mortgage loan, pricing gains on the sales of repossessed vehicles as used car prices have risen significantly, and an improvement in the overall economic environment. There was a general overall improvement in loan quality during the first six months of 2022 as overdue account balances fell $75,000, we had net recoveries of $43,000, and non-performing assets decreased $2.1 million.
Non-interest income totaled $1.5 million for the three months ended June 30, 2022, a decrease of $353,000, or 19.0%, from the comparable period in the prior year, due primarily to a decrease in the net gain on sales of mortgage loans as activity decreased due to the increasing interest rate environment. Gain on sales of mortgage loans decreased $325,000, or 52.6%, compared to the prior year quarter as the Company sold $7.2 million of residential mortgage loans in the second quarter of 2022 as compared to $15.3 million in the second quarter of 2021. A net realized loss on the sale of securities of $162,000 in the second quarter of 2022 also contributed to the decrease in non-interest income. These decreases were partially offset by an increase in service charges on deposit accounts of $88,000, or 14.2%, as transaction volume increased.
For the six months ended June 30, 2022, total non-interest income decreased $883,000, or 21.6%. The reduction between periods was mostly due to the decrease in the gain on the sale of mortgage loans of $984,000 or 58.7%, the 2021 one-time gain from the collection of a life insurance claim of $195,000 and a net realized loss in 2022 from the sale of securities of $162,000, partially offset by an increase in service charges on deposit accounts of $185,000, an improvement in investment advisory income of $128,000, a $64,000 increase in the cash value of life insurance, and a net improvement of $83,000 in other income items.
For the second quarter of 2022, non-interest expense totaled $9.5 million, an increase of $609,000, or 6.9%, over the comparable 2021 period. The increase was primarily due to an increase in salaries and benefits of $522,000, or 10.5%, due to the addition of new positions, annual merit increases, production incentives and employee benefit increases, as well as the competitive pressures of the current job market. For the three months ended June 30, 2022, occupancy expenses increased $161,000, or 15.5%, primarily resulting from inflationary pressures on our service contracts. Marketing expense increased by $55,000, data processing costs increased $32,000 and FDIC insurance costs increased $24,000. These increases were partially offset by decreased professional fees of $49,000 and a decrease in other non-interest expenses of $129,000, or 8.4%.
For the six months ended June 30, 2022, non-interest expense totaled $18.6 million, an increase of $1.8 million, or 10.5%, over the comparable 2021 period. The increase was primarily due to an increase in salaries and benefits of $1.4 million, or 15.1%, due to branch expansion, new position openings, annual merit increases, production incentives and employee benefit increases, as well as the competitive pressures of the current job market. For the six months ended June 30, 2022, occupancy expenses increased $305,000, or 15.3%, as a result of the additional rent, depreciation and other expenses related to branch expansion. The addition of branches was also primarily responsible for increased data processing costs of $123,000, increased marketing expense of $84,000 and increased FDIC insurance costs of $35,000. These increases were partially offset by decreased professional fees of $63,000 and a decrease in other non-interest expenses of $178,000, or 6.2%.
Balance Sheet Analysis
Total assets increased $11.6 million, or 0.9%, to $1.29 billion at June 30, 2022 from $1.28 billion at December 31, 2021. Net loans increased $72.2 million, or 8.4%, primarily due to a large increase in our indirect automobile loan portfolio. Indirect automobile loans increased $52.5 million, or 13.7%, and commercial real estate increased $26.1 million, or 8.4%, while commercial and industrial loans decreased $12.9 million, or 12.3%. Available for sale securities decreased $34.7 million, or 12.4%, primarily due to paydowns, sales, calls and maturities of $42.9 million and an increase of $20.8 million in unrealized market losses, partially offset by $29.2 million in purchases. Cash and due from banks decreased $32.2 million, or 44.6%, primarily due to a decrease in deposits held at the Federal Reserve Bank of New York. Deferred tax assets increased $4.6 million mostly in relation to the increase in unrealized losses on securities.
Past due loans remained fairly stable between December 31, 2021 and June 30, 2022, finishing at $13.4 million, or 1.5% of total loans, down from $13.5 million, or 1.6% of total loans at year-end 2021. Our allowance for loan losses as a percentage of total gross loans was 0.88% at June 30, 2022 as compared to 0.89% at December 31, 2021.
Total liabilities increased $24.3 million, or 2.1%, to $1.18 billion at June 30, 2022 from $1.16 billion at December 31, 2021. The increase was due to an increase in deposits of $10.4 million, or 1.0%. Interest bearing deposits increased $20.9 million, or 2.7%, while non-interest bearing deposits decreased $10.5 million, or 3.3%. Increases in advances from the Federal Home Loan Bank of $5.8 million, mortgagors' escrow accounts of $3.5 million, and accrued expenses and other liabilities of $4.6 million also contributed to the increase in liabilities.
Stockholders' equity decreased $12.6 million, or 10.0%, to $113.3 million at June 30, 2022, primarily due to a $16.5 million increase in accumulated other comprehensive loss on available for sale securities related to current market conditions, partially offset by net income of $4.1 million. The Company's ratio of average equity to average assets was 9.37% for the six months ended June 30, 2022 and 10.02% for the year ended December 31, 2021.
About Rhinebeck Bancorp
Rhinebeck Bancorp, Inc. is a Maryland corporation organized as the mid-tier holding company of Rhinebeck Bank and is the majority-owned subsidiary of Rhinebeck Bancorp, MHC. The Bank is a New York chartered stock savings bank, which provides a full range of banking and financial services to consumer and commercial customers through its fifteen branches and two representative offices located in Dutchess, Ulster, Orange, and Albany counties in New York State. Financial services including comprehensive brokerage, investment advisory services, financial product sales and employee benefits are offered through Rhinebeck Asset Management, a division of the Bank.
Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe", "expect", "anticipate", "estimate", "intend", "predict", "forecast", "improve", "continue", "will", "would", "should", "could", or "may". Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, general economic conditions or conditions within the securities markets, changes in asset quality, loan sale volumes, charge-offs and loan loss provisions, changes in demand for our products and services, legislative, accounting, tax and regulatory changes or a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged.
Further, given its ongoing and dynamic nature, it is difficult to predict the continuing impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy worsens, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; our wealth management revenues may decline with continuing market turmoil; our cyber security risks are increased as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experiences additional resolution costs.
Accordingly, you should not place undue reliance on forward-looking statements. Rhinebeck Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
The Company's summary consolidated statements of income and financial condition and other selected financial data follow:
_____________________
(1) Performance ratios for the three and six months ended June 30, 2022 and 2021 are annualized.
(2) Represents net income divided by average total assets.
(3) Represents net income divided by average equity.
(4) Represents net interest income as a percent of average interest-earning assets.
(5) Represents non-interest expense divided by the sum of net interest income and non-interest income.
(6) Represents average equity divided by average total assets.
(7) Capital ratios are for Rhinebeck Bank only. Rhinebeck Bancorp, Inc. is not subject to the minimum consolidated capital requirements as a small bank holding company with assets less than $3.0 billion.
(8) Represents a non-GAAP financial measure, see table below for a reconciliation of the non-GAAP financial measures.
NON-GAAP FINANCIAL INFORMATION
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). Such non-GAAP financial information includes the following measure: "tangible book value per common share." Management uses this non-GAAP measure because we believe that it may provide useful supplemental information for evaluating our operations and performance, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes this non-GAAP measure may also provide users of our financial information with a meaningful measure for assessing our financial results, as well as a comparison to financial results for prior periods. This non-GAAP measure should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included below.
Contact: Michael J. Quinn, President and Chief Executive Officer, Telephone: (845) 790-1501
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WASHINGTON (AP) — The country’s monkeypox outbreak can still be stopped, U.S. health officials said Thursday, despite rising case numbers and so-far limited vaccine supplies.
The Biden administration’s top health official pushed back against criticism about the pace of the response and worries that the U.S. has missed the window to contain the virus, which has been declared a global emergency.
“We believe we have done everything we can at the federal level to work with our state and local partners and communities affected to make sure we can stay ahead of this and end this outbreak,” Xavier Becerra, head of the Department of Health and Human Services, told reporters on a call.
But he added that local health officials “must do their part. ... We don't have the authority to tell them what to do.”
The pushback from federal leaders came as they announced distribution plans for 780,000 shots of the two-dose Jynneos vaccine. The doses will be allocated to states, cities and other localities based on their case numbers and the size of their populations that are considered high-risk for the disease.
Health departments in San Francisco; New York; Washington, D.C.; and elsewhere say they still don’t have enough shots to meet demand and have stopped scheduling appointments for second vaccine doses to stretch supplies.
Becerra said the federal government has done its job and said the onus is now on local officials to use the tools available.
“We’ve made vaccines, tests and treatments well beyond the numbers that are currently needed available to all jurisdictions,” he said.
But one representative for specialty health clinics said Becerra's comments showed a “lack of understanding for the full breadth of this crisis.”
"Clinics around the country are pleading with federal health officials for the information, supplies and staffing they need to successfully bring an end to this outbreak,” said David C. Harvey, executive director of the National Coalition of STD Directors, in a statement. The group is pressing for $100 million in emergency funding for local health departments and clinics.
There were more than 4,600 reported monkeypox cases in the U.S. as of late Wednesday, according to the CDC, and federal officials expect those numbers to rise.
More than 99% of reported cases are in men and the vast majority of those are among men who reported sexual contact with other men, though health officials have stressed that anyone can catch the virus.
The U.S. is now capable of testing 60,000 to 80,000 people per day, though Becerra said daily testing numbers are well below that.
The monkeypox virus mainly spreads through skin-on-skin contact, but it can also transmit through touching linens used by someone with the infection. People with monkeypox may experience fever, body aches, chills and fatigue. Many in the outbreak have developed sometimes-painful zit-like bumps.
The U.S. has ordered 5.5 million more vaccine doses for delivery by mid-2023 and has rights to raw ingredients that could make 11.1 million more doses. U.S. officials said a massive vaccination campaign could still be avoided if communities and individuals take measures to avoid spread.
In San Francisco, Tom Temprano had an appointment to get his second dose next week but was recently notified that it was canceled due to limited supplies. Temprano, who is the political director of San Francisco-based Equality California, said he's frustrated that health authorities have taken so long to respond.
“Especially coming out of, still, two-and-a-half years into a pandemic, it’s just a very disappointing response for the first larger-scale public health crisis we’re facing coming out of that,” he said.
He also sees parallels to the slow government response to AIDS in the 1980s.
“I’ve heard from many folks ... that this feels similar in the lack of real concern and urgency to a disease that is right now disproportionately impacting the LGBTQ+ community,” said Temprano, who is 36.
The CDC estimates about 1.5 million Americans currently meet suggested criteria for vaccination, primarily men who have sex with men.
But officials on Thursday declined to set a figure for how many vaccine doses would be needed to stop the outbreak. Nearly 340,000 vaccine doses have been distributed, but a CDC official acknowledged the federal government doesn't know how many have been administered.
The additional 780,000 shots being sent to states this week were delayed by shipping and regulatory hurdles. They sat for weeks in storage in Denmark as U.S. regulators finished inspecting and certifying the facility where they were manufactured.
California state Sen. Scott Wiener, who belongs to the California Legislative LGBTQ Caucus, called the additional vaccines “significant.” But he added: “Of course, it’s not enough, and we know that we’re going to be getting millions more doses over the remainder of this year and into next year, which is not soon enough in terms of actually containing this outbreak.”
Georgia’s health department hasn’t had to postpone any second doses, but spokeswoman Nancy Nydam said: “Demand is still very high. Every time a health department or other provider opens appointments or slots at an event, they are taken up in a matter of minutes.”
___
Associated Press writer Andrew Selsky in Salem, Oregon, and Mike Stobbe in New York contributed to this story.
___
The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content. | https://www.expressnews.com/news/article/Under-fire-US-officials-say-monkeypox-can-still-17335931.php | 2022-07-28T21:06:06Z | https://www.expressnews.com/news/article/Under-fire-US-officials-say-monkeypox-can-still-17335931.php | false |
WASHINGTON — A massive Mega Millions lottery jackpot has now soared to an estimated $1.1 billion ahead of Friday night's drawing.
Friday's top prize is now the second largest jackpot in the game's history and the third largest for any lottery game in the nation. The cash option would be $648.2 million.
Nobody won Tuesday night's $830 million Mega Millions jackpot, which initially sent the estimated jackpot for Friday to $1.02 billion, before it was announced Thursday that it had grown even higher. It's possible Friday's jackpot could grow even more with the expected surge in ticket sales.
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"
As things stand now, only a $1.537 billion jackpot has been higher for Mega Millions. That winning ticket remains the world's largest lottery prize ever won by a single ticket, according to the lottery's announcement.
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.
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.
Who decides the Mega Millions jackpot amount?
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.
What are the odds of winning the Mega Millions jackpot?
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 $1.1 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 $1.1 billion amount is for the annuity option, paid annually over 29 years. The cash option would pay $648.2 million.
The Associated Press contributed to this report. | https://www.newswest9.com/article/news/nation-world/mega-millions-jackpot-grows-higher-friday-drawing-july-29/507-3ae7a6ab-55bd-4bef-b2de-6673aaa27de1 | 2022-07-28T21:06:12Z | https://www.newswest9.com/article/news/nation-world/mega-millions-jackpot-grows-higher-friday-drawing-july-29/507-3ae7a6ab-55bd-4bef-b2de-6673aaa27de1 | true |
WASHINGTON (AP) — Cigarette maker Altria’s $13 billion investment in the troubled vaping company Juul has gone up in smoke — now worth less than 5% of its original value as U.S. regulators move to ban its e-cigarettes.
Altria slashed the value of its Juul investment by more than $1.2 billion Thursday, pegging its new value at $450 million as it reported second-quarter earnings. The Marlboro maker had recently valued its stake in the company at a vastly reduced $1.6 billion.
Despite the losses Altria said it would maintain its investment deal with Juul, including an agreement not to market or invest in competing vaping products.
“At this point in the process we’ve chosen not to make any different decisions,” Altria CEO Billy Gifford told industry analysts on a call. “We think the right decision currently is to stay under the non-compete.”
Altria, based in Richmond, Virginia, is Juul’s largest investor with a 35% stake. Altria executives signed the $12.8-billion pact in 2018, betting that Juul’s popular vaping devices presented a lucrative alternate to tobacco products.
Last month, however, the U.S. Food and Drug Administration announced plans to ban the small cartridge-based e-cigarettes, saying Juul had failed to provide key information about potentially harmful chemicals in its nicotine formula. The decision surprised industry observers and experts given that the FDA has authorized several competing e-cigarettes and Juul spent years gathering data to support its application.
In yet another twist to the company’s fortunes, the FDA reopened its review of Juul’s application earlier this month after a federal court blocked the ban from immediately taking effect. For now, Juul is able to continue selling its products while the FDA review continues.
The Juul decision is part of a sweeping FDA review of all U.S. e-cigarettes aimed at eliminating those that haven’t been shown to help smokers reduce or quit smoking.
Juul rocketed to the top of the U.S. vaping market five years ago on the popularity of flavors including mango, mint and creme brulee. But the company’s rise was fueled by underage use among teenagers who became hooked on Juul’s high-nicotine pods.
Since 2019, the company has been in retreat: halting all U.S. advertising, discontinuing most of its flavors and rebranding itself as a product for older smokers looking to switch from traditional cigarettes.
The financial hit to Juul contributed to a nearly 60% drop in Altria’s quarterly earnings of 49 cents per share.
Excluding Juul and other one-time expenses the company’s adjusted earnings were $1.26 per share, just ahead of Wall Street estimates. Six analysts surveyed by Zacks Investment Research expected earnings of $1.25 per share.
Net revenue slid nearly 6% to $6.5 billion due to lower sales of cigarettes and other core products. The company brand’s include Parliament and Marlboro cigarettes, Black and Mild cigars and Skoal chewing tobacco.
Altria, the nation’s largest cigarette maker, has been attempting to diversify its product offerings into vaping and nicotine pouches as traditional tobacco use continues to fade.
Smoking has been declining for more than five decades. Some 42% of U.S. adults smoked in the early 1960s. That was down to less than 13% in the latest report from the Centers for Disease Control and Prevention
For the full-year Altria said it expects earnings in the range of $4.79 to $4.93 per share.
Shares of Altria Group Inc. were essentially flat in early trading Thursday. | https://www.wearegreenbay.com/business/ap-business/altrias-13b-juul-investment-has-lost-95-of-its-value/ | 2022-07-28T21:06:46Z | https://www.wearegreenbay.com/business/ap-business/altrias-13b-juul-investment-has-lost-95-of-its-value/ | true |
The Palm Beach County Sheriff’s Office will continue to bar its deputies from using Narcan to revive victims of opioid overdoses.
Sheriff Ric Bradshaw’s top aide, Frank DeMario, told county commissioners at a recent budget meeting that the sheriff does not think it is necessary to equip deputies with the potentially lifesaving medication.
The sheriff's office lets Palm Beach County Fire Rescue handle the use of Narcan, claiming its crews routinely arrive at scenes ahead of deputies. In 2021, county Fire Rescue first responders administered Narcan 701 times. | https://www.wlrn.org/news/2022-07-28/palm-beach-sheriffs-office-still-wont-let-deputies-carry-narcan | 2022-07-28T21:07:14Z | https://www.wlrn.org/news/2022-07-28/palm-beach-sheriffs-office-still-wont-let-deputies-carry-narcan | true |
HOUSTON (AP) — A former NFL player was charged with murder Thursday in the killing of his girlfriend, whose remains were found months after she was reported missing last year.
Kevin Ware, who played tight end in 2003 and 2004 for Washington and San Francisco, is also charged with tampering with evidence, specifically a corpse, in the death of Taylor Pomaski. If convicted of murder, he faces up to life in prison.
Pomaski, 29, was last seen in April 2021 at a house party in the Houston suburb of Spring. Her remains were found in December.
“We encourage anyone who has knowledge about what happened between Kevin and Taylor to come forward,” said Lacy Johnson, the prosecutor with the Harris County District Attorney’s Office handling the case.
Ware, 41, has been jailed since June 2021 in neighboring Montgomery County on unrelated drug and gun charges.
Ware's attorney, Coby DuBose, didn't immediately reply to a phone message or email seeking comment. | https://www.springfieldnewssun.com/nation-world/ex-nfl-player-kevin-ware-charged-in-girlfriends-killing/TLMF2Q53PFF3LINR4QP2TSXZCU/ | 2022-07-28T21:07:20Z | https://www.springfieldnewssun.com/nation-world/ex-nfl-player-kevin-ware-charged-in-girlfriends-killing/TLMF2Q53PFF3LINR4QP2TSXZCU/ | false |
WASHINGTON (AP) — The country’s monkeypox outbreak can still be stopped, U.S. health officials said Thursday, despite rising case numbers and so-far limited vaccine supplies.
The Biden administration's top health official pushed back against criticism about the pace of the response and worries that the U.S. has missed the window to contain the virus, which has been declared a global emergency.
“We believe we have done everything we can at the federal level to work with our state and local partners and communities affected to make sure we can stay ahead of this and end this outbreak,” Xavier Becerra, head of the Department of Health and Human Services, told reporters on a call.
But he added that local health officials “must do their part. ... We don't have the authority to tell them what to do.”
The pushback from federal leaders came as they announced distribution plans for 780,000 shots of the two-dose Jynneos vaccine. The doses will be allocated to states, cities and other localities based on their case numbers and the size of their populations that are considered high-risk for the disease.
Health departments in San Francisco; New York; Washington, D.C.; and elsewhere say they still don’t have enough shots to meet demand and have stopped scheduling appointments for second vaccine doses to stretch supplies.
Becerra said the federal government has done its job and said the onus is now on local officials to use the tools available.
“We’ve made vaccines, tests and treatments well beyond the numbers that are currently needed available to all jurisdictions,” he said.
But one representative for specialty health clinics said Becerra's comments showed a “lack of understanding for the full breadth of this crisis.”
"Clinics around the country are pleading with federal health officials for the information, supplies and staffing they need to successfully bring an end to this outbreak,” said David C. Harvey, executive director of the National Coalition of STD Directors, in a statement. The group is pressing for $100 million in emergency funding for local health departments and clinics.
There were more than 4,600 reported monkeypox cases in the U.S. as of late Wednesday, according to the CDC, and federal officials expect those numbers to rise.
More than 99% of reported cases are in men and the vast majority of those are among men who reported sexual contact with other men, though health officials have stressed that anyone can catch the virus.
The U.S. is now capable of testing 60,000 to 80,000 people per day, though Becerra said daily testing numbers are well below that.
The monkeypox virus mainly spreads through skin-on-skin contact, but it can also transmit through touching linens used by someone with the infection. People with monkeypox may experience fever, body aches, chills and fatigue. Many in the outbreak have developed sometimes-painful zit-like bumps.
The U.S. has ordered 5.5 million more vaccine doses for delivery by mid-2023 and has rights to raw ingredients that could make 11.1 million more doses. U.S. officials said a massive vaccination campaign could still be avoided if communities and individuals take measures to avoid spread.
In San Francisco, Tom Temprano had an appointment to get his second dose next week but was recently notified that it was canceled due to limited supplies. Temprano, who is the political director of San Francisco-based Equality California, said he's frustrated that health authorities have taken so long to respond.
“Especially coming out of, still, two-and-a-half years into a pandemic, it’s just a very disappointing response for the first larger-scale public health crisis we’re facing coming out of that,” he said.
He also sees parallels to the slow government response to AIDS in the 1980s.
“I’ve heard from many folks ... that this feels similar in the lack of real concern and urgency to a disease that is right now disproportionately impacting the LGBTQ+ community,” said Temprano, who is 36.
The CDC estimates about 1.5 million Americans currently meet suggested criteria for vaccination, primarily men who have sex with men.
But officials on Thursday declined to set a figure for how many vaccine doses would be needed to stop the outbreak. Nearly 340,000 vaccine doses have been distributed, but a CDC official acknowledged the federal government doesn't know how many have been administered.
The additional 780,000 shots being sent to states this week were delayed by shipping and regulatory hurdles. They sat for weeks in storage in Denmark as U.S. regulators finished inspecting and certifying the facility where they were manufactured.
California state Sen. Scott Wiener, who belongs to the California Legislative LGBTQ Caucus, called the additional vaccines “significant.” But he added: “Of course, it’s not enough, and we know that we’re going to be getting millions more doses over the remainder of this year and into next year, which is not soon enough in terms of actually containing this outbreak.”
Georgia’s health department hasn’t had to postpone any second doses, but spokeswoman Nancy Nydam said: “Demand is still very high. Every time a health department or other provider opens appointments or slots at an event, they are taken up in a matter of minutes.”
___
Associated Press writer Andrew Selsky in Salem, Oregon, and Mike Stobbe in New York contributed to this story.
___
The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.
Credit: Graham Hughes
Credit: Graham Hughes | https://www.springfieldnewssun.com/nation-world/under-fire-us-officials-say-monkeypox-can-still-be-stopped/VXWL5PSUHFCS7DQMM4NJCEZEZM/ | 2022-07-28T21:07:33Z | https://www.springfieldnewssun.com/nation-world/under-fire-us-officials-say-monkeypox-can-still-be-stopped/VXWL5PSUHFCS7DQMM4NJCEZEZM/ | true |
LOS ANGELES (AP) — Two documentaries detailing the punishing effects of Russia’s war on Ukraine will air on PBS’ “Frontline” investigative series.
The specials are part of an extensive collaboration between the series and The Associated Press that includes gathering, verifying and cataloging potential war crimes and co-publishing stories and videos from AP and “Frontline” war reporting.
“Putin’s Attack on Ukraine: Documenting War Crimes,” will describe the toll of previous Russian conflicts and the invasion of Ukraine.
The film, from director Tom Jennings, producer Annie Wong and AP investigative reporter Erika Kinetz and colleagues, aims to expose “the challenges of trying to hold Russia to account,” according to the announcement Wednesday.
The second documentary, “20 Days in Mariupol,” will view Russia’s attack on the Ukrainian city through the work of AP video journalist Mstyslav Chernov. He and two colleagues were the sole international journalists who remained in Mariupol to cover the attack, which included the bombing of a maternity hospital.
The two films are set to premiere on “Frontline” when it begins a new season in September. Specific airdates were not announced.
The “Frontline” and AP initiative, which includes the War Crimes Watch Ukraine interactive experience, has documented more than 300 incidents involving potential war crimes since Russia invaded Ukraine on Feb. 24.
“We hope our collaborative reporting efforts can expose the true toll of this war and preserve this moment in history,” Raney Aronson-Rath, executive producer and editor-in-chief of ”Frontline,” said in a statement.
During a virtual panel discussion with TV critics Wednesday, Chernov was asked how he weighs his personal safety against such critically important reporting.
“There is a constant feeling of danger. It’s impossible to get used to,” he said. “But again, this is something that pushes you to work and just motivates you to continue and to try to tell more.”
Alison Kodjak, AP deputy global investigations editor, and Beatrice Dupuy, AP news verification journalist, also took part in the panel. Kodjak said the collaborative effort with “Frontline” is documenting evidence of incidents, as opposed to individual counts of criminal activity.
“We aren’t law enforcement, so we’re not in a position to determine how many crimes those incidents account for,” Kodjak said. The number of criminal charges potentially could far exceed the hundreds of incidents tracked so far, she said.
“We have been able, through the hard work of people like Beatrice, to say, ‘This video is real. It happened at the time that it was claimed happened,’” Kodjak said. “This actually was a school. This actually was a hospital. It wasn’t being used by the military at the time that it was bombed.”
Dupuy said the process of assessing each possible incident is painstaking and includes examining the “flood of posts and video and photos on social media” emerging from Ukraine, verifying key images and corroborating the findings with AP reporting and other information.
“We’re really taking the time to verify each one of them and have the evidence to show each incident and what took place as well,” she said.
In March, the International Criminal Court prosecutor in launched an investigation that could target senior officials believed responsible for war crimes, crimes against humanity or genocide during Russia’s invasion of Ukraine, which began Feb. 24. | https://www.wearegreenbay.com/business/ap-business/pbs-series-ap-detail-toll-of-russian-invasion-of-ukraine/ | 2022-07-28T21:07:47Z | https://www.wearegreenbay.com/business/ap-business/pbs-series-ap-detail-toll-of-russian-invasion-of-ukraine/ | true |
You need to enable JavaScript to run this app. | https://sportspyder.com/nhl/vancouver-canucks/articles/40211540 | 2022-07-28T21:11:26Z | https://sportspyder.com/nhl/vancouver-canucks/articles/40211540 | true |
Recession fears rise after US economy shrinks for second straight quarter
WASHINGTON - The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.
The report comes at a critical time. Consumers and businesses have been struggling under the weight of punishing inflation and higher borrowing costs. On Wednesday, the Federal Reserve raised its benchmark interest rate by a sizable three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades.
The Fed is hoping to achieve a notoriously difficult "soft landing": An economic slowdown that manages to rein in rocketing prices without triggering a recession.
RELATED: Fed hikes interest rate by 0.75 percentage points in bid to curb inflation
Fed Chair Jerome Powell and many economists have said that while the economy is showing some weakening, they doubt it’s in recession. Many of them point, in particular, to a still-robust labor market, with 11 million job openings and an uncommonly low 3.6% unemployment rate, to suggest that a recession, if one does occur, is still a ways off.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, DC, on July 27, 2022. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
Thursday’s first of three government estimates of GDP for the April-June quarter marks a drastic weakening from the 5.7% growth the economy achieved last year. That was the fastest calendar-year expansion since 1984, reflecting how vigorously the economy roared back from the brief but brutal pandemic recession of 2020.
But since then, the combination of mounting prices and higher borrowing costs have taken a toll. The Labor Department’s consumer price index skyrocketed 9.1% in June from a year earlier, a pace not matched since 1981. And despite widespread pay raises, prices are surging faster than wages. In June, average hourly earnings, after adjusting for inflation, slid 3.6% from a year earlier, the 15th straight year-over-year drop.
The inflation surge and fear of a recession have eroded consumer confidence and stirred public anxiety about the economy, which is sending frustratingly mixed signals. And with the November midterm elections nearing, Americans’ discontent has diminished President Joe Biden’s public approval ratings and increased the likelihood that the Democrats will lose control of the House and Senate.
Consumer spending is still growing. But Americans are losing confidence: Their assessment of economic conditions six months from now has reached its lowest point since 2013, according to the Conference Board, a research group.
RELATED: Nearly half of Americans will take on debt this year despite higher borrowing costs: survey
Recession risks have been growing as the Fed’s policymakers have pursued a campaign of rate hikes that will likely extend into 2023. The Fed’s hikes have already led to higher rates on credit cards and auto loans and to a doubling of the average rate on a 30-year fixed mortgage in the past year, to 5.5. Home sales, which are especially sensitive to interest rate changes, have tumbled.
A monitor displays stock market information on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022. (Photo by Michael Nagle/Xinhua via Getty Images)
Even with the economy recording a second straight quarter of negative GDP, many economists do not regard it as constituting a recession. The definition of recession that is most widely accepted is the one determined by the National Bureau of Economic Research, a group of economists whose Business Cycle Dating Committee defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months."
The committee assesses a range of factors before publicly declaring the death of an economic expansion and the birth of a recession — and it often does so well after the fact.
This week, Walmart, the nation’s largest retailer, lowered its profit outlook, saying that higher gas and food prices were forcing shoppers to spend less on many discretionary items, like new clothing.
RELATED: Despite high rent, it’s still cheaper than buying a home – except in these cities
Manufacturing is slowing, too. America’s factories have enjoyed 25 consecutive months of expansion, according to the Institute for Supply Management’s manufacturing index, though supply chain bottlenecks have made it hard for factories to fill orders.
But now, the factory boom is showing signs of strain. The ISM’s index dropped last month to its lowest level in two years. New orders declined. Factory hiring dropped for a second straight month. | https://www.fox5atlanta.com/news/us-economy-shrinks-april-june-recession-jerome-powell | 2022-07-28T21:11:56Z | https://www.fox5atlanta.com/news/us-economy-shrinks-april-june-recession-jerome-powell | true |
Community clinics offer novice drivers important tips to ensure a safe ride as they head back to school
FORT LAUDERDALE, Fla., July 28, 2022 /PRNewswire/ -- As novice teenage drivers head back to school this year to begin an exciting new chapter in their academic and social lives, particularly with a newly minted independence of a driver's license, AutoNation, Inc. (NYSE:AN), America's most admired automotive retailer, will host complimentary one-hour Teen Driver Safety Clinics at AutoNation USA stores coast to coast, to help promote a safe ride.
"The top risks for new teen drivers range from distractions from their phone to inexperience, speeding, and nighttime driving," said Marc Cannon, Executive Vice President and Chief Customer Experience Officer for AutoNation. "Education is key to helping young new drivers stay safe on the road, which is why we are partnering with local organizations to host clinics around the country that will teach teens safety skills, along with some essential car care tips. We are proud to offer this complimentary community service for the first time this year."
AutoNation's Back to School Teen Driver Safety Clinics are one hour and taught by a community expert on the topic. Driver safety curriculum includes a range of topics such as distracted and impaired driving, proper driving positioning, and seatbelt usage, as well as instruction on what to do when pulled over for a traffic violation or when faced with a field sobriety test.
A local AutoNation Service Associate will also be present at each location to share hands-on car care tips such as jumpstarting a battery, proper tire inflation, changing a flat tire, checking vehicle fluids and safety items to store in a car in case of an emergency. Students and parents who participate will have opportunities to ask questions and will receive a mini car care kit with essential items to support their safety and car care journey.
Parents and or guardians are encouraged to participate with their teen(s). Registration is required to attend. To find the nearest AutoNation USA store and register a teen for a complimentary session, visit https://www.facebook.com/pg/autonation/events/ .
About AutoNation, Inc.
AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America's most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us." AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric.
Please visit www.autonation.com, www.investors.autonation.com, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.
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SOURCE AutoNation, Inc. | https://www.wcjb.com/prnewswire/2022/07/28/autonation-usa-stores-host-back-school-teen-driver-safety-clinics-coast-coast/ | 2022-07-28T21:14:27Z | https://www.wcjb.com/prnewswire/2022/07/28/autonation-usa-stores-host-back-school-teen-driver-safety-clinics-coast-coast/ | true |
ROLLING MEADOWS, Ill., July 28, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter ended June 30, 2022. Management will host a webcast conference call to discuss these results on Thursday, July 28, 2022 at 5:15 p.m. ET/4:15 p.m. CT. To listen to the call, and for printer-friendly formats of this release and the "CFO Commentary" and "Supplemental Quarterly Data," which may also be referenced during the call, please visit ajg.com/IR. These documents contain both GAAP and non-GAAP measures. Investors and other users of this information should read carefully the section entitled "Information Regarding Non-GAAP Measures" beginning on page 9.
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"We had an excellent second quarter!" said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Our core brokerage and risk management segments combined to post 22% growth in revenue, including nearly 11% organic revenue growth and approximately $240 million of acquired rollover revenues; net earnings growth was 35%; adjusted EBITDAC growth was 23%; and adjusted EPS growth was 19%. Also during the quarter, we completed 9 new tuck-in mergers with approximately $53 million of annualized revenue.
"Overall, second quarter 2022 global P/C renewal premium increases of 10.5% were above first quarter 2022 and fourth quarter 2021 levels. Nearly all lines of coverages saw renewal premium increases equal to or higher than first quarter, with professional liability the lone exception. Additionally, second quarter mid-term policy endorsements, audits and cancellations continue to trend more favorable than a year ago. Combined with a strong labor market, which is favorably impacting our human resource and benefits consulting business and our claims management operations, we are not seeing meaningful signs of an economic slowdown.
"Most importantly, our bedrock client sales and service culture, guided by The Gallagher Way, is stronger than ever across the world. I am extremely pleased with our second quarter and first half performance and excited about our future!"
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
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Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
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Corporate Segment Reported GAAP Information (dollars in millions):
Interest and banking costs and debt - At June 30, 2022, Gallagher had $1,600.0 million of borrowings from public debt, $4,248.0 million of borrowings from private placements and $460.0 million of short-term borrowings under its line of credit facility. In addition, Gallagher had $177.2 million outstanding under a revolving loan facility that provides funding for premium finance receivables, which are fully collateralized by the underlying premiums held by insurance carriers, and as such are excluded from our debt covenant computations.
Clean energy - Consists of the operating results related to our investments in clean coal production plants and royalty income from clean coal licenses related to Chem-Mod LLC. The production of IRC Section 45 clean energy tax credits ceased in December 2021, which reduced the royalty income received by Chem-Mod LLC and net earnings generated by our investments in clean coal production plants. Additional information regarding these results is available in the "CFO Commentary" at ajg.com/IR.
Acquisition costs - Consists mostly of external professional fees and other due diligence costs related to acquisitions. On occasion, Gallagher enters into forward currency hedges for the purchase price of committed, but not yet funded, acquisitions with funding requirements in currencies other than the U.S. dollar. The gains or losses, if any, associated with these hedge transactions is also included.
Corporate - Consists of overhead allocations mostly related to corporate staff compensation, other corporate level activities, and net unrealized foreign exchange remeasurement. In addition, it includes the tax expense related to partial taxation of foreign earnings, nondeductible executive compensation and entertainment expenses and the tax benefit from vesting of employee equity awards.
Income Taxes
Gallagher allocates the provision for income taxes to its Brokerage and Risk Management segments using the local country statutory rates. Gallagher's consolidated effective tax rate for the quarters ended June 30, 2022 and 2021 were 19.1% and 9.2%, respectively. In first quarter of 2022, Gallagher increased its state effective income tax rate, which resulted in the overall U.S. effective income tax rate increasing from 25% to 26% and caused Gallagher to incur additional income tax expense during the quarter and recognized a one-time benefit related to the revaluation of certain deferred income tax assets to the higher income tax rate. In addition, the production of IRC Section 45 clean energy tax credits ceased in December 2021.
Webcast Conference Call
Gallagher will host a webcast conference call on Thursday, July 28, 2022 at 5:15 p.m. ET/4:15 p.m. CT. To listen to this call, please go to ajg.com/IR. The call will be available for replay at such website for at least 90 days.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois, Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Cautionary Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipates," "believes," "contemplates," "see," "should," "could," "will," "estimates," "expects," "intends," "plans" and variations thereof and similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding changes in our expenses in the next several quarters; anticipated future results or performance of any segment or the Company as a whole; the premium rate environment and the state of insurance markets; and the economic environment.
Gallagher's actual results may differ materially from those contemplated by the forward-looking statements. Readers are therefore cautioned against relying on any of the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
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Important factors that could cause actual results to differ materially from those in the forward-looking statements include changes in worldwide and national economic conditions, including the pace of economic recovery following COVID-19 or the onset of a recession or economic downturn; our actual acquisition opportunities; or other factors like the Ukraine/Russia conflict, trade wars or tariffs; political unrest in the U.S. or other countries around the world; changes in premium rates and in insurance markets generally; and changes in the insurance brokerage industry's competitive landscape.
In particular, the global spread of COVID-19 has created significant volatility and uncertainty and economic disruption that may impact our forward-looking statements. The extent to which the pandemic impacts our business, operations and financial results will depend on numerous evolving factors, many of which are not within our control and that we may not be able to accurately predict, including its duration and scope; governmental, business and individuals' actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response; the effect on our clients and client demand for our services; the ability of our clients to pay their insurance premiums which could impact our commission and fee revenues for our services; the number of new arising workers compensation and general liability claims; and the long-term impact of employees working from home, including increased technology costs, and employees' holistic wellbeing.
Please refer to Gallagher's filings with the SEC, including Item 1A, "Risk Factors," of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its subsequently filed Quarterly Reports on Form 10-Q for a more detailed discussion of these and other factors that could impact its forward-looking statements. The COVID-19 pandemic currently amplifies, and in the future could continue to amplify, the risks, uncertainties and assumptions, reflected in such risk factors. Any forward-looking statement made by Gallagher in this press release speaks only as of the date on which it is made. Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher's website.
Information Regarding Non-GAAP Measures
In addition to reporting financial results in accordance with GAAP, this press release provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this press release. Gallagher's management believes that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to Gallagher's results of operations and financial condition or because they provide investors with measures that our chief operating decision maker uses when reviewing the company's performance. See further below for definitions and additional reasons each of these measures is useful to investors. Gallagher's industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments. The non-GAAP information provided by Gallagher should be used in addition to, but not as a substitute for, the GAAP information provided. As disclosed in its most recent Proxy Statement, Gallagher makes determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.
Adjusted Non-GAAP presentation - Gallagher believes that the adjusted non-GAAP presentations of the current and prior period information presented in this earnings release provide stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher that may assist such persons in analyzing Gallagher's operating results as they develop a future earnings outlook for Gallagher. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period. See page 14 and 15 for a reconciliation of the adjustments made to income taxes.
- Adjusted measures - Revenues (for the Brokerage segment), revenues before reimbursements (for the Risk Management segment), net earnings, compensation expense and operating expense, respectively, each adjusted to exclude the following, as applicable:
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- Adjusted ratios - Adjusted compensation expense and adjusted operating expense, respectively, each divided by adjusted revenues.
Non-GAAP Earnings Measures
- EBITDAC and EBITDAC margin - EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables and EBITDAC margin is EBITDAC divided by total revenues (for the Brokerage segment) and revenues before reimbursements (for the Risk Management segment). These measures for the Brokerage and Risk Management segments provide a meaningful representation of Gallagher's operating performance for the overall business and provide a meaningful way to measure its financial performance on an ongoing basis.
- Adjusted EBITDAC and Adjusted EBITDAC Margin - Adjusted EBITDAC is EBITDAC adjusted to exclude net gains on divestitures, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, legal and income tax related costs and the period-over-period impact of foreign currency translation, as applicable and Adjusted EBITDAC margin is Adjusted EBITDAC divided by total adjusted revenues (defined above). These measures for the Brokerage and Risk Management segments provide a meaningful representation of Gallagher's operating performance, and are also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.
- Adjusted EPS and Adjusted Net Earnings - Adjusted net earnings have been adjusted to exclude the after-tax impact of net gains on divestitures, acquisition integration costs, the impact of foreign currency translation, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, amortization of intangible assets, legal and income tax related costs and effective income tax rate impact, as applicable. Adjusted EPS is Adjusted Net Earnings divided by diluted weighted average shares outstanding. This measure provides a meaningful representation of Gallagher's operating performance (and as such should not be used as a measure of Gallagher's liquidity), and for the overall business is also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability. This is the second quarter we have excluded amortization of intangible assets from adjusted EPS, and as such, we have provided the same adjustment for the prior period for comparability.
Organic Revenues (a non-GAAP measure) - For the Brokerage segment, organic change in base commission and fee revenues, supplemental revenues and contingent revenues exclude the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations in each year presented. These revenues are excluded from organic revenues in order to help interested persons analyze the revenue growth associated with the operations that were a part of Gallagher in both the current and prior period. In addition, organic change in base commission and fee revenues, supplemental revenues and contingent revenues excludes the period-over-period impact of foreign currency translation to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability. For the Risk Management segment, organic change in fee revenues excludes the first twelve months of fee revenues generated from acquisitions in each year presented.
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In addition, change in organic growth excludes the period-over-period impact of foreign currency translation to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.
These revenue items are excluded from organic revenues in order to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that are expected to continue in the current year and beyond. Gallagher has historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of its Brokerage and Risk Management segments. Gallagher also believes that using this non-GAAP measure allows readers of our financial statements to measure, analyze and compare the growth from its Brokerage and Risk Management segments in a meaningful and consistent manner.
Reconciliation of Non-GAAP Information Presented to GAAP Measures - This press release includes tabular reconciliations to the most comparable GAAP measures, as follows: for EBITDAC (on pages 12 and 13), for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share (on pages 1 and 2), for organic revenue measures (on pages 3 and 5, respectively, for the Brokerage and Risk Management segments), for adjusted compensation and operating expenses and adjusted EBITDAC margin (on pages 4, 5 and 6, respectively, for the Brokerage and Risk Management segments).
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Contact: Ray Iardella, Vice President - Investor Relations, 630-285-3661 or ray_iardella@ajg.com
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SOURCE Arthur J. Gallagher & Co. | https://www.wlbt.com/prnewswire/2022/07/28/arthur-j-gallagher-amp-co-announces-second-quarter-2022-financial-results/ | 2022-07-28T21:14:28Z | https://www.wlbt.com/prnewswire/2022/07/28/arthur-j-gallagher-amp-co-announces-second-quarter-2022-financial-results/ | true |
Farmers Bankshares, Inc. Reports Second Quarter and Year-to-Date Earnings
Published: Jul. 28, 2022 at 3:52 PM CDT|Updated: 26 minutes ago
WINDSOR, Va., July 28, 2022 /PRNewswire/ -- Farmers Bankshares, Inc. (OTC-PINK: FBVA) today reported unaudited earnings of $1.2 million, or $0.37 per share, for the second quarter of 2022. Excluding extraordinary items, adjusted earnings for the quarter would have been $1.4 million, or $0.46 per share, an increase over the $1.1 million in adjusted earnings for the second quarter of 20211. Net income through the six months ended June 30, 2022 amounted to $2.4 million, or $0.75 per share.
"We are pleased with our loan growth during the second quarter of 2022," said President and Chief Executive Officer Vernon M. Towler. "We are seeing real growth in our newer markets which is very rewarding. Our plan to fund disciplined loan growth with cash flow from the investment portfolio is playing out as anticipated. While the unrealized losses in our investment portfolio, due to market rate increases, have negatively affected our tangible book value like many in our industry, our balance sheet is positioned for higher profitability in a rising rate environment."
"Costs associated with the proxy contest from our former Chairman increased our operating costs again in the second quarter; excluding these costs, our performance was strong."
Consolidated Balance Sheet
Net loans increased $12.9 million, or 5.00%, as compared to December 31, 2021. Deposit balances were $520.8 million as of June 30, 2022, a decrease of $10.8 million from $531.6 million as of December 31, 2021. Non-interest bearing deposits decreased by $5.3 million and make up approximately 35.24% of total deposits. The decrease in cyclical municipal deposits contributed to a large portion of this decrease in deposits.
Capital ratios at the bank level remain well above the well-capitalized guidelines of the regulatory framework. Tangible book value continues to be negatively affected by the unrealized losses on the securities portfolio recorded in other comprehensive income due to market interest rate increases since the beginning of 2022.
Results of Operations
The continued increase in market rates and loan growth led to an 8.26% increase in net interest income in the first half of 2022 over the prior year's first half. Excluding PPP income for all quarters, net interest income increased by 14.8% for the first half of 2022 compared to the first half of 2021.
Non-interest income through the first half of 2022 was approximately $4.1 million, a decrease of 48.86% from the same period in the prior year, primarily driven by a gain from terminating an interest rate swap, gains from the sale of investments, and the sale of other real estate owned that occurred in the first half of 2021 and totaled approximately $3.8 million, pre-tax. As expected, going into 2022, with the increase in market rates, Farmers' share of our mortgage affiliate's income was decreased by 116.11% or $467 thousand.
Non-interest expense through June 30, 2022 increased 11.14% compared to the same period in 2021. The Company has invested in talent and new markets over the compared time periods. In addition, approximately $502 thousand in pre-tax expenses related to the dispute with our former Chairman, including legal, advisory, and compensation paid to former employees, were included in the first half of 2022, increasing non-interest expense in that period.
No provision for loan losses was added during the first half of 2022 or 2021. The Company considers local and national unemployment, housing and market trends when determining the estimated allowance. The allowance for loan losses was 2.18% of gross loans as of June 30, 2022.
Asset Quality
Non-performing assets, which consists of nonaccrual loans and other real estate owned remained consistent with $1.3 million at December 31, 2021 and $1.3 million at June 30, 2022. There was one loan added to nonaccrual status in the second quarter of 2022.
Loans are considered past due if the required principal and interest income have not been received as of the date such payments were due. As of June 30, 2022, loans greater than thirty days past due totaled $1.1 million, or 0.40% of total gross loans. This compared to $1.0 million, or 0.39% of total gross loans as of December 31, 2021.
About Farmers Bankshares, Inc.
Headquartered in Windsor, Virginia, Farmers Bankshares, Inc. is the holding company for Farmers Bank, Windsor, Virginia. Farmers Bank was founded in 1919 and is a community bank which operates eight branches and services areas throughout Tidewater Virginia. Additional information is available at the company's website, www.farmersbankva.com.
The common stock of Farmers Bankshares, Inc. trades on the OTC Pink Marketplace under the symbol FBVA. Any stockbroker can assist with purchase of the company's stock, as well as with sales of holdings.
1 Adjusted earnings (non-GAAP) calculated by removing gains on securities and the termination of an interest rate swap, a one-time gain on the sale of other real estate owned and the legal, advisory and compensation expenditures noted under the Results of Operations section.
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/farmers-bankshares-inc-reports-second-quarter-year-to-date-earnings/ | 2022-07-28T21:18:11Z | https://www.wlbt.com/prnewswire/2022/07/28/farmers-bankshares-inc-reports-second-quarter-year-to-date-earnings/ | false |
BOSTON, July 28, 2022 /PRNewswire/ - The John Hancock Closed-End Funds listed in the table below announced earnings1 for the three months ended June 30, 2022. The same data for the comparable three month period ended June 30, 2021 is also available below.
1 Earnings refer to net investment income, which is comprised of the Fund's interest and dividend income, less expenses. Earnings presented represent past earnings and there is no guarantee of future results.
Amounts distributed by the Funds may vary from the earnings shown above and will be announced in separate press releases. Up-to-date distribution rate information is available on John Hancock Investment Management's web site at www.jhinvestments.com by clicking on "Closed-End Funds" under the "Daily Prices" tab.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges, and expenses carefully before investing.
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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SOURCE John Hancock Investment Management | https://www.wlbt.com/prnewswire/2022/07/28/john-hancock-closed-end-funds-release-earnings-data/ | 2022-07-28T21:19:36Z | https://www.wlbt.com/prnewswire/2022/07/28/john-hancock-closed-end-funds-release-earnings-data/ | true |
Delivered $81 million Operating Profit. Extraordinary efforts partly mitigated impact from profound COVID-related disruptions
Sales recovery remains gradual and uneven as COVID outbreaks persist
Full year net new store target unchanged, powered by healthy new store performance
SHANGHAI, July 28, 2022 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2022.
Impact of COVID Outbreak and Mitigation Efforts
The most severe COVID outbreaks to date in China continued to significantly affect the restaurant industry and our operations in the second quarter. According to government statistics, the restaurant industry in China experienced a revenue decline of approximately 16% year over year in the quarter.
- Nationwide, regional COVID outbreaks impacted large portions of the country. During peak outbreak periods, hundreds of millions of people were in some type of lockdown.
- During April and May, over 2,500 of our stores in China, on average, were either temporarily closed or offered only takeaway and delivery services. Of these stores, approximately 45% were temporarily closed. Same-store sales declined by more than 20% year over year.
- Shanghai was in city-wide lockdown throughout April and May. During this period, only approximately 30% of our stores in Shanghai were open and able to offer limited services. Closed stores gradually re-opened in June with dine-in services resuming at reduced capacity in late June.
- Beijing tightened COVID control measures in May, including partial lockdowns and suspension of restaurant dine-in services. Dine-in services at reduced capacity subsequently resumed in early June.
- In June, COVID-related restrictive measures began to ease across the country. The number of stores temporarily closed or offering only takeaway and delivery services reduced to approximately 800 by the end of the month. Sales performance improved sequentially with same-store sales recording a decline of approximately high single digits year over year.
Yum China demonstrated exemplary resilience in the second quarter. In cities experiencing lockdowns, we reacted quickly by innovating and introducing initiatives to sustain operations. We immediately paused all promotional activities. Leveraging community purchasing as early as mid-March and packaged food products, we captured sharply changed consumer demand despite having a limited number of open stores and significant staff shortages. Our real-time inventory visibility from logistics centers to stores helped enable us to lessen supply disruptions with timely and accurate deployment of raw materials. We continued to rebase our cost structure to be more flexible. Across the country, we took prompt actions to rationalize advertising and promotional discounts, drive productivity gains with simplified menu offerings and shortened operating hours, as well as actively secure relief from landlords and government agencies. Through these extraordinary efforts we averted an operating loss, and delivered a profitable quarter, recording $81 million in operating profit for the period.
Entering the third quarter, we are seeing a gradual recovery. However, the COVID situation remains tenuous with potential intermittent outbreaks. We continue to expect the recovery of restaurant traffic to take time and likely be uneven and nonlinear. The number of cases has increased significantly in July, compared to June, as the highly transmissible new COVID sub-variant reached more cities. Many cities across a large swath of China have tightened COVID curbs or undergone full, partial lockdowns, or district-based control measures as new clusters have emerged. Nationwide, strict COVID-related health measures continue to restrict mobility, curtail travel and dampen consumer spending. As of the third week of July, approximately 2% of our stores remained temporarily closed or offered only delivery or takeaway services. Against this backdrop we remain committed to driving customer traffic with good food at great value. Moreover, we have developed multiple scenario-based operating plans with regional focus that are ready to be deployed. Moving forward we will be sharp-eyed in capturing consumer demand and further strengthening our business model to be more nimble and agile.
Second Quarter Highlights
- Total revenues decreased 13% year over year to $2.13 billion from $2.45 billion (an 11% decrease excluding foreign currency translation ("F/X")).
- Total system sales decreased 16% year over year, with decreases of 15% at KFC and 14% at Pizza Hut, excluding F/X, primarily due to same-store sales decline and temporary store closures.
- Same-store sales decreased 16% year over year, with decreases of 16% at KFC and 15% at Pizza Hut, excluding F/X.
- Opened 53 net new stores during the quarter; total store count reached 12,170 as of June 30, 2022.
- Restaurant margin was 12.1%, compared with 15.8% in the prior year period, primarily due to sales deleveraging resulting from the most severe COVID-related disruptions to date in the quarter.
- Operating Profit decreased 65% year over year to $81 million from $233 million (a 63% decrease excluding F/X).
- Adjusted Operating Profit decreased 65% year over year to $82 million from $237 million (a 63% decrease excluding F/X).
- Effective tax rate was 26.5%.
- Net Income decreased 54% to $83 million from $181 million in the prior year period, primarily due to the decrease in Operating Profit, partially offset by the net gain from our mark-to-market investment in Meituan Dianping.
- Adjusted Net Income decreased 55% to $84 million from $185 million in the prior year period (a 62% decrease excluding the net gains of $16 million and $5 million in the second quarter of 2022 and 2021, respectively, from our mark-to-market equity investments; a 60% decrease if further excluding F/X).
- Diluted EPS decreased 52% to $0.20 from $0.42 in the prior year period.
- Adjusted Diluted EPS decreased 52% to $0.20 from $0.42 in the prior year period (a 61% decrease excluding the net gains from our mark-to-market equity investments in the second quarter of 2022 and 2021, respectively; a 59% decrease if further excluding F/X).
- Results for the current year period include the consolidation of Hangzhou KFC.
CEO and CFO Comments
Joey Wat, CEO of Yum China, commented, "We have been battling the pandemic for the past two and a half years. The second quarter was the most challenging to date. I could not be prouder of the morale and resilience demonstrated by our employees. Our dedicated teams collaborated across brands and functions. We worked around the clock to adapt to rapidly changing market conditions and quickly came up with innovative solutions. Even in the extremely difficult operating environment, we captured new opportunities and strengthened our business along the way. In cities under lockdown, we were able to sustain operations with an extremely lean work force through community purchasing, simplified menus and packaged food products. Some of these measures helped us think outside the box and provided us ideas to further grow and improve efficiency. I am also excited by the breakthroughs our emerging brands achieved during this period. By immediately launching packaged food offerings, leveraging Yum China's infrastructure and adapting business models, Taco Bell, Lavazza and Little Sheep were able to capture meaningful sales with few stores open in Shanghai during lockdown periods. More importantly, throughout the period we have been strengthening our strong emotional connection with consumers and bringing some joy into their lives through good food and exciting marketing campaigns."
Wat added, "We continue to make strides in reinforcing our RGM (Resilience-Growth-Moat) strategic framework. Our second quarter results have demonstrated business resilience. While we slowed new store openings in the second quarter, going forward we intend to expand our store network at a robust pace by focusing on small store formats, given the healthy payback and strong new unit economics. Our leading digital capabilities, in-house and tailor-made supply chain management system as well as hybrid delivery model gave us an edge in navigating the profound disruptions. We plan on further strengthening these elements of our strategic moat. We believe that these combined efforts will help enable us to maintain market leadership, drive long-term growth, and generate shareholder value in the years ahead."
Andy Yeung, CFO of Yum China, stated "Sales in the second quarter were severely impacted by the significant disruptions brought by COVID. However, we were able to generate meaningful profit in the quarter that exceeded our expectations. We achieved that through swiftly adjusting offers and promotions as well as our tremendous efforts in driving productivity gains, securing one-time relief and rebasing the cost structure. As we look into the third quarter, we remain cautious on same-store sales, given COVID uncertainties, weakening consumer sentiment, downward economic pressure and commodity price inflation. We expect sales recovery to be gradual, uneven and potentially volatile. Our focus is to drive sales recovery through innovative products and marketing, strong value propositions and greater promotional activities. We are delighted with the better than planned cost savings in the second quarter, but we are dialing back some austerity measures to sustain long term growth and operational excellence. In addition, sales deleveraging impact will likely continue to impact our margins. Undeterred by the short-term challenges, we remain confident about our long-term prospects and will continue to invest for growth while fortifying resilience."
Share Repurchases and Dividends
- During the second quarter, we repurchased approximately 4.1 million shares of Yum China common stock for $168 million at an average price of $41.37 per share. As of June 30, 2022, approximately $1.2 billion remained available for future share repurchases under the current authorization.
- The Board of Directors declared a cash dividend of $0.12 per share on Yum China's common stock, payable on September 15, 2022 to shareholders of record as of the close of business on August 25, 2022.
Digital and Delivery
- The KFC and Pizza Hut loyalty programs exceeded 385 million members combined, as of quarter-end. Member sales accounted for approximately 62% of system sales in the second quarter of 2022.
- Delivery contributed approximately 38% of KFC and Pizza Hut's Company sales in the second quarter of 2022, an increase of approximately eight percentage points from the prior year period as a result of more severe outbreaks in the quarter which significantly impacted dine-in occasions and drove strong demand for delivery.
- Digital orders, including delivery, mobile orders and kiosk orders, accounted for approximately 89% of KFC and Pizza Hut's Company sales in the second quarter of 2022.
New-Unit Development and Asset Upgrade
- The Company opened 246 gross new stores, or 53 net new stores in the second quarter of 2022, mainly driven by development of the KFC and Pizza Hut brands.
- The Company remodeled 121 stores in the second quarter of 2022.
Restaurant Margin
- Restaurant margin was 12.1% in the second quarter of 2022, compared with 15.8% in the prior year period, primarily attributable to sales deleveraging, inflation in commodity, wage and utility costs, as well as increased rider cost associated with rising delivery volume, partially offset by higher productivity as well as temporary relief provided by landlords and government agencies.
2022 Outlook
Yum China remains focused on capturing long-term opportunities in China. The Company's fiscal year 2022 targets remain unchanged from those originally disclosed on February 8, 2022:
- To open approximately 1,000 to 1,200 net new stores.
- To make capital expenditures in the range of approximately $800 million to $1 billion.
Other Updates
- In June 2022, Yum China submitted for validation the Company's near-term science-based greenhouse gas emissions reduction targets to the Science Based Target Initiative ("SBTi"). The specific targets, in line with criteria and recommendations of SBTi, are expected to be announced before the end of 2022 following official approval from SBTi. The targets will provide a clearly defined pathway for Yum China to reach its goal of net-zero value chain GHG emissions by 2050. The Company also published its 2021 Sustainability Report and its first Task Force on Climate-Related Financial Disclosures ("TCFD") report. Both reports are accessible on the Company's website at www.yumchina.com/respIndex.
- In July 2022, Yum China announced the commencement of construction of its Jiading Supply Chain Management Center in Shanghai with a total investment of approximately $90 million. This facility is Yum China's largest greenfield supply chain center project to date and will serve as the headquarters of the Company's supply chain operations. Completion is anticipated in 2024. This latest project is part of Yum China's continued effort in expanding supply chain network to support store and portfolio growth as well as enhance intelligent supply chain operations that ensure food safety and quality management throughout the value chain.
Note on Non-GAAP Adjusted Measures
Reported GAAP results include Special Items, which are excluded from non-GAAP adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures" within this release.
Conference Call
Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Thursday, July 28, 2022 (8:00 a.m. Beijing/Hong Kong Time on Friday, July 29, 2022).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/p39fxxya.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN.
Pre-registration Link: https://s1.c-conf.com/diamondpass/10023458-dhsy7e.html
A replay of the conference call will be available one hour after the call ends until Thursday, August 4, 2022 and may be accessed by phone at the following numbers:
U.S.: 1 855 883 1031
Mainland China: 400 1209 216
Hong Kong: 800 930 639
U.K.: 0800 031 4295
Replay PIN: 10023458
Additionally, this earnings release, the accompanying slides, a live webcast and an archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including under "2022 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook", "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investment, dividend and share repurchase plans, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID-19 pandemic, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, including the COVID-19 pandemic and regional outbreaks caused by existing or new COVID-19 variants, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 12,170 restaurants in over 1,700 cities at the end of June 2022.
In 2021, Yum China was selected as a member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2022, Yum China ranked # 359 on the Fortune 500 list. The Company was also named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2022 in China by the Top Employers Institute, both for the fourth consecutive year. For more information, please visit http://ir.yumchina.com.
In this press release:
- The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
- Company sales represent revenues from Company-owned restaurants. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides non-GAAP measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, certain non-cash expenses, consisting of depreciation and amortization as well as store impairment charges, and Special Items.
The following table set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP adjusted financial measures.
Net income, along with the reconciliation to Adjusted EBITDA, is presented below:
Details of Special Items are presented below:
(1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Partner PSU Awards were granted to address increased competition for executive talent, motivate transformational performance and encourage management retention. Given the unique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance. The Company recognized share-based compensation expense of $1 million and $3 million associated with the Partner PSU Awards for the quarter and year to date ended June 30, 2022, respectively, and $4 million and $7 million for the quarter and year to date ended June 30, 2021.
(2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate.
The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. In addition, the Company provides Adjusted EBITDA because we believe that investors and analysts may find it useful in measuring operating performance without regard to items such as equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analyst may find it useful in measuring operating performance without regard to such non-cash item.
These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to their nature.
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SOURCE Yum China Holdings, Inc. | https://www.wcjb.com/prnewswire/2022/07/28/yum-china-reports-second-quarter-2022-results/ | 2022-07-28T21:23:18Z | https://www.wcjb.com/prnewswire/2022/07/28/yum-china-reports-second-quarter-2022-results/ | false |
NEW YORK, July 28, 2022 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading technology-enabled residential real estate brokerage, today announced that its second quarter 2022 financial results will be released after market close on Monday, August 15, 2022. The company will host a conference call and webcast to discuss its results that afternoon at 4:30 p.m. ET / 1:30 p.m. PT.
Call details are as follows:
The conference call will be accessible via the Internet on the Compass Investor Relations website, https://investors.compass.com.
Please register in advance to access the live conference call: Compass, Inc. 2Q22 Earnings Conference Call.
An audio recording of the conference call will be available for replay shortly after the call's completion for up to 90 days following the call. To access the replay and shareholder presentation, visit the Events and Presentations section of the Compass Investor Relations website.
About Compass
Compass, a Fortune 500 company, is the largest residential real estate brokerage in the United States. Founded in 2012 and based in New York City, the technology-enabled brokerage provides an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.
Media Contact:
Chris O'Brien
chris.obrien@compass.com
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SOURCE Compass | https://www.valleynewslive.com/prnewswire/2022/07/28/compass-announce-second-quarter-2022-results-august-15/ | 2022-07-28T21:23:59Z | https://www.valleynewslive.com/prnewswire/2022/07/28/compass-announce-second-quarter-2022-results-august-15/ | true |
MCKINNEY, Texas — A Dallas man accused of repeatedly stalking his ex-wife, including changing his appearances while he did so, was sentenced to 20 years in prison this week, prosecutors announced.
Damon White, 50, was convicted on charges of burglary, stalking, repeated violation of a protective order and criminal mischief, according to a news release from the Collin County District Attorney's Office.
The release said White stalked and harassed his wife after their 2019 divorce and then received probation. While on probation in 2021, he continued to harass his ex-wife and her family, at one point White "issued a graphic threat to kill the victim" over the phone, the release said.
Police tried to find White, but he cut off his GPS leg monitor, which was part of his probation terms.
Authorities eventually found White's vehicle in Allen, and police relocated the victim and her family to a safe area.
White was arrested on Oct. 30 on a new stalking charge. When he was taken into custody, he had changed his appearance, cutting his hair and dying his hair beard, officials said.
While White was being sentenced, prosecutors had evidence from his cell phone, which included "harassing text messages" to his ex-wife and Google searches for "spying on someone's phone" and "reverse license plate search."
Judge Angela Tucker sentenced White to 20 years in prison, the maximum allowed by law.
“This stalker used probation as an opportunity to make life hell on earth for his ex-wife," District Attorney Greg Willis said. "He inflicted years of harassment and threats and made her feel unsafe wherever she was, including in her own home." | https://www.12newsnow.com/article/news/local/a-dallas-damon-white-man-got-probation-for-stalking-his-ex-wife-then-he-dyed-his-hair-and-did-it-again-officials-say/287-2f60928a-7e28-4b07-9b14-8901e8cde6a0 | 2022-07-28T21:24:10Z | https://www.12newsnow.com/article/news/local/a-dallas-damon-white-man-got-probation-for-stalking-his-ex-wife-then-he-dyed-his-hair-and-did-it-again-officials-say/287-2f60928a-7e28-4b07-9b14-8901e8cde6a0 | true |
The history of AI computing in recent decades follows a somewhat familiar script: brief bursts of industry-shifting breakthroughs followed by months or years of smaller incremental change with a fair share of controversy peppered in between. Today’s one of those watershed moments.
Alphabet-owned Deepmind on Thursday announced it’s releasing a database of predictions for virtually every protein currently known to science, an advancement that’s expected to significantly fast-track drug development and critical advancements in new technologies. The expanded database revealed this week increases the number of known, cataloged proteins included in Deepmind’s database by over 200x, from 1 million structures to around 200 million structures.
Those predictions come via Deepmind’s AlphaFold AI software. Back in 2020, AlphaFold proved it could predict the shape of certain protein structures and create 3D models with unprecedented accuracy. Deepmind began publishing some of these structures on this open database last year, starting with the known structures of 20 species and 98% of all human proteins. Deepmind believes this week’s hefty expansion, which includes predicted structures for plants, bacteria, animals, and other organisms, could create new opportunities for scientists to advance research needed to address sustainability issues and food scarcity. Deepmind’s making all of the structures available for bulk download through Google’s Cloud Public Datasets.
Prior to AlphaFold, protein prediction reportedly involved time-consuming experimentation involving X-rays, microscopes, and other tools. In a statement, Scripps Research Translational Institute Founder and Director Eric Topol said AlphaFold has reduced the time to accurately predict the structure of a protein from months or years down to mere seconds.
The biggest of screens
This massive TV uses intelligent TV Processing thanks to a 4K HDR Proeccesor X1 to deliver unparalleled visuals for your TV shows, films, and games, has an amazing array of colors to draw from, and grants access to a bunch of streaming services thanks to Google TV and Google Assistant.
“AlphaFold has already accelerated and enabled massive discoveries, including cracking the structure of the nuclear pore complex,” Topol said. “And with this new addition of structures illuminating nearly the entire protein universe, we can expect more biological mysteries to be solved each day.”
The circles in the image below illustrate the scale of this week’s new additions. While the predicted protein structure for all of the organisms listed increased dramatically since last year, the largest chunk of data involves animals. That’s followed by plants and then shortly after by bacteria.
“This comes down to medicine, agriculture, biotech, everything,” European Bioinformatics Institute Director Emeritus Dame Janet Thornton said in a statement. “There are many applications. It’s [the database] like a shop you can go in and just get your favorite protein and look at it, instantly.”
Scientists worldwide have already begun using AlphaFold’s models to advance research in their fields. Naturally, Alphabet’s tried to get in on the action as well. Late last year, the conglomerate announced it had spun off a new company called Isomorphic Labs with the expressed purpose of taking revelations pulled from AlphaFold and using them to discover new pharmaceutical drugs. Ambitiously, Deepmind CEO Demis Hassabis claimed the project could, “reimagine the entire drug discovery process from first principles with an AI-first approach.” | https://gizmodo.com/deepmind-ai-protein-alphabet-1849344400 | 2022-07-28T21:24:20Z | https://gizmodo.com/deepmind-ai-protein-alphabet-1849344400 | false |
National Hurricane Center data show that areas in New York City where public housing exists are at risk as climate change brings more frequent and intense storms.
Copyright 2022 WNYC Radio
National Hurricane Center data show that areas in New York City where public housing exists are at risk as climate change brings more frequent and intense storms.
Copyright 2022 WNYC Radio | https://www.wbaa.org/2022-07-28/future-storms-will-put-parts-of-nyc-underwater-endangering-hundreds-of-thousands | 2022-07-28T21:24:45Z | https://www.wbaa.org/2022-07-28/future-storms-will-put-parts-of-nyc-underwater-endangering-hundreds-of-thousands | true |
IRVING, Texas (AP) _ Celanese Corporation (CE) on Thursday reported second-quarter earnings of $434 million.
On a per-share basis, the Irving, Texas-based company said it had profit of $3.98. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were $4.99 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.57 per share.
The chemical company posted revenue of $2.49 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $2.48 billion.
For the current quarter ending in October, Celanese expects its per-share earnings to range from $4 to $4.50.
Celanese shares have decreased 29% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $119.78, a fall of 22% 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 CE at https://www.zacks.com/ap/CE | https://www.mrt.com/business/article/Celanese-Q2-Earnings-Snapshot-17336409.php | 2022-07-28T21:26:41Z | https://www.mrt.com/business/article/Celanese-Q2-Earnings-Snapshot-17336409.php | true |
Wigan Warriors put a depleted Hull KR to the sword on Thursday evening, as the Cherry and Whites beat the Robins 46-4 at the DW Stadium.
Danny McGuire made five changes to the side that defeated Warrington last week with Rowan Milnes, Zach Fishwick, Phoenix Laulu-Togaga'e, and debutants Charlie Cavanaugh and Connor Moore replacing the unavailable Korbin Sims, Mikey Lewis, Ryan Hall, Greg Richards and Jimmy Keinhorst.
Rovers were always going to be up against it given they had 14 first teamers out and that was evident inside three minutes when Bevan French opened the scoring after Cade Cust found a big gap in the Rovers right-hand defence. A sloppy error from Ben Crooks shortly after led to a well-worked move from the scrum that saw Liam Marshall dive over in the corner to make it 10-0.
Read More: Wigan Warriors v Hull KR LIVE
It wasn't long before Mike Cooper opened his account for the Warriors on his home debut as the forward was the first to a Liam Marshall kick. Rovers were, as expected, done and dusted before the first quarter and it was simply a case of how many. Although the game was slipping away from the Robins, Lachlan Coote will be disappointed in how Wigan scored their fourth as the fullback misjudged a Jai Field kick to allow French his second, the host 20-0 up after 20 minutes.
Things went from bad to worse as the Hull KR injury curse stuck again as Will Dagger suffered an ankle injury after a half break, as Rovers lost another man before the interval once again.
Against the run of play, Rovers were next on the score sheet, as Phoenix Laulu-Togaga'e put the visitors on the front foot before Rowan Milnes' well-timed kick found Ethan Ryan, who finished off a spectacular Hull KR move.
To say Rovers are doing it tough would be an understatement as they suffered another injury just before the hooter, as starman Coote was forced off with a head knock, meaning the Robins had 18 first-teamers on the sidelines as Wigan led 20-4 at the break. Coote failed his HIA and will miss next week's game against Toulouse Olympique.
The Warriors started on the front foot in the second half as Kai Pearce-Paul was gifted a walk-in after some dancing feet from French found an overlap on the KR edge, taking the game away from the Robins further.
Jez Litten thought he was over shortly after, but referee Tom Grant adjudged an obstruction in the lead-up to the try, which was a hammer blow to the Robins as Marshall grabbed his second moments later as a poor read in defence allowed the winger to coast in.
French got his hattrick on the 65-minute mark as he pinned his ears back to race past three would-be Rovers defenders, Connor Moore leaving the field with a rib issue in the process.
Robust forward Patrick Mago added insult to injury when he bundled over some tired Rovers defence close to the line as Wigan hit the 40-point mark before Liam Marshall was next to pick up his hattrick as a Smith kick bounced kindly for the winger.
It was another tough night on the road for the depleted Robins, who were desperate to get through the game unscathed, but picked up another four when Charlie Cavanaugh left the field close to the end. There was plenty of heart shown, but it was pretty much an impossible task for Rovers from the start as they ended the match with 12 men.
Good Day - Wigan
It was an easy day for the Warriors who didn't get out of second gear.
Bad Day - Danny McGuire
The Rovers coach lost another two key men in Dagger and Coote as he faces more selection issues ahead of the Toulouse Olympique clash next week.
Wigan Warriors team
Jai Field, Bevan French, Sam Halsall, Kai Pearce-Paul, Liam Marshall, Cade Cust, Harry Smith, Mike Cooper, Sam Powell, Liam Bryne, Willie Isa, Liam Farrell, Morgan Smithies
Bench: Patrick Mago, Kaide Ellis, Oliver Partington, Brad O'Neill
Tries: French (3), Marshall (3), Cooper, Pearce-Paul, Mago
Conversions: Smith 5/9
Hull KR team
Lachlan Coote, Ethan Ryan, Sam Wood, Ben Crooks, Will Tate, Will Dagger, Rowan Milnes, Zach Fishwick, Matt Parcell, George King, Sam Royle, Elliot Minchella, Jez Litten
Bench: Will Maher, Phoenix Laulu-Togaga'e, Charlie Cavanaugh, Connor Moore
Tries: Ryan
Conversions: Coote 0/1
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Danny McGuire confirms Connor Moore will make Hull KR debut tomorrow night
Hull KR teenager Connor Barley is my nephew - here's my advice to him
Hull KR provide injury update as Ryan Hall and Mikey Lewis struck with damaging blows | https://www.hulldailymail.co.uk/sport/rugby-league/hull-kr-wigan-warriors-verdict-7395100 | 2022-07-28T21:27:23Z | https://www.hulldailymail.co.uk/sport/rugby-league/hull-kr-wigan-warriors-verdict-7395100 | true |
Net Income per Diluted Share was $1.53 for the Quarter and $2.84 for the Six Months of 2022
ERIE, Pa., July 28, 2022 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter and six months ending June 30, 2022. Net income was $80.1 million, or $1.53 per diluted share, in the second quarter of 2022, compared to $79.0 million, or $1.51 per diluted share, in the second quarter of 2021. Net income was $148.8 million, or $2.84 per diluted share, in the first six months of 2022, compared to $152.6 million, or $2.92 per diluted share, in the first six months of 2021.
Operating income before taxes increased $18.9 million, or 22.3 percent, in the second quarter of 2022 compared to the second quarter of 2021.
- Management fee revenue - policy issuance and renewal services increased $42.3 million, or 8.4 percent, in the second quarter of 2022 compared to the second quarter of 2021.
- Management fee revenue - administrative services decreased $0.2 million, or 1.3 percent, in the second quarter of 2022 compared to the second quarter of 2021.
- Cost of operations - policy issuance and renewal services
Loss from investments before taxes totaled $2.1 million in the second quarter of 2022 compared to income from investments before taxes of $16.4 million in the second quarter of 2021. Net investment income was $8.3 million in the second quarter of 2022 compared to $13.7 million in the second quarter of 2021. Included in net investment income is $0.3 million of limited partnership losses in the second quarter of 2022 compared to earnings of $6.2 million in the second quarter of 2021. Net realized and unrealized losses on investments were $10.3 million in the second quarter of 2022 compared to net realized and unrealized gains of $2.8 million in the second quarter of 2021.
Operating income before taxes increased $27.2 million, or 16.8 percent, in the first six months of 2022 compared to the first six months of 2021.
- Management fee revenue - policy issuance and renewal services increased $74.6 million, or 7.8 percent, in the first six months of 2022 compared to the first six months of 2021.
- Management fee revenue - administrative services decreased $0.7 million, or 2.5 percent, in the first six months of 2022 compared to the first six months of 2021.
- Cost of operations - policy issuance and renewal services
Income from investments before taxes totaled $0.9 million in the first six months of 2022 compared to $34.4 million in the first six months of 2021. Net investment income was $18.8 million in the first six months of 2022 compared to $30.7 million in the first six months of 2021. Included in net investment income is $2.5 million of limited partnership earnings in the first six months of 2022 compared to $15.2 million in the first six months of 2021. Net realized and unrealized losses on investments totaled $17.6 million in the first six months of 2022 compared to net realized and unrealized gains of $3.6 million in the first six months of 2021.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on July 29, 2022. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer in the United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in the United States based on total lines net premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force and operates in 12 states and the District of Columbia.
News releases and more information are available on ERIE's website at www.erieinsurance.com.
***
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
- dependence upon our relationship with the Erie Insurance Exchange ("Exchange") and the management fee under the agreement with the subscribers at the Exchange;
- dependence upon our relationship with the Exchange and the growth of the Exchange, including:
- dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
- costs of providing policy issuance and renewal services to the Exchange under the subscriber's agreement;
- ability to attract and retain talented management and employees;
- ability to ensure system availability and effectively manage technology initiatives;
- difficulties with technology or data security breaches, including cyber attacks;
- ability to maintain uninterrupted business operations;
- outcome of pending and potential litigation;
- factors affecting the quality and liquidity of our investment portfolio; and
- our ability to meet liquidity needs and access capital.
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
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SOURCE Erie Indemnity Company | https://www.kold.com/prnewswire/2022/07/28/erie-indemnity-reports-second-quarter-2022-results/ | 2022-07-28T21:28:07Z | https://www.kold.com/prnewswire/2022/07/28/erie-indemnity-reports-second-quarter-2022-results/ | false |
MISSISSAUGA, Ontario (AP) _ Imax Corp. (IMAX) on Thursday reported a loss of $2.9 million in its second quarter.
The Mississauga, Ontario-based company said it had a loss of 5 cents per share. Earnings, adjusted for one-time gains and costs, came to 7 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The entertainment technology company posted revenue of $74 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $75 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 IMAX at https://www.zacks.com/ap/IMAX | https://www.mrt.com/business/article/Imax-Q2-Earnings-Snapshot-17336383.php | 2022-07-28T21:29:56Z | https://www.mrt.com/business/article/Imax-Q2-Earnings-Snapshot-17336383.php | true |
MILPITAS, Calif. (AP) _ KLA Corporation (KLAC) on Thursday reported fiscal fourth-quarter profit of $805.4 million.
On a per-share basis, the Milpitas, California-based company said it had net income of $5.40. Earnings, adjusted for non-recurring costs, were $5.81 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $5.46 per share.
The maker of equipment for manufacturing semiconductors posted revenue of $2.49 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $2.42 billion.
For the current quarter ending in October, KLA expects its per-share earnings to range from $5.70 to $6.80. Analysts surveyed by Zacks had forecast adjusted earnings per share of $5.77.
The company said it expects revenue in the range of $2.48 billion to $2.73 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $2.51 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 KLAC at https://www.zacks.com/ap/KLAC | https://www.mrt.com/business/article/KLA-Fiscal-Q4-Earnings-Snapshot-17336278.php | 2022-07-28T21:30:09Z | https://www.mrt.com/business/article/KLA-Fiscal-Q4-Earnings-Snapshot-17336278.php | false |
SCRANTON, LACKAWANNA COUNTY (WBRE/WYOU) — Police say they arrested a 19-year-old for statutory sexual assault on Thursday.
According to the Scranton Police Department, they received a report on Thursday, July 21, from a parent of a 14-year-old female, who told her mother she had a sexual relationship with 19-year-old, John Olmo-Reyes, within the month of July.
Law enforcement stated that the victim was interviewed on Monday, July 25, at the Children’s Advocacy Center (CAC) of NEPA.
Detectives say, based on the interview and digital evidence collected, they were able to obtain an arrest warrant for Olmo-Reyes, for statutory sexual assault. On Thursday, around 10:45 p.m. Olmo-Reyes was taken into custody at the Lackawanna County probation office without incident.
Court papers say, during a follow-up interview with detectives, Olmo-Reyes admitted to having sex with the 14-year-old victim. | https://www.pahomepage.com/news/crime-courts/teen-arrested-for-statutory-sexual-assault-police-say/ | 2022-07-28T21:31:36Z | https://www.pahomepage.com/news/crime-courts/teen-arrested-for-statutory-sexual-assault-police-say/ | true |
WASHINGTON (WCMH) – Only President Joe Biden’s pen stands in the way of Intel’s most wanted bill for Ohio as of Thursday.
The U.S. House of Representatives voted 243-187 to pass the CHIPS and Science Act just one day after its counterpart, the Senate, passed the same legislation. Also known as CHIPS-plus or the CHIPS Act, lawmakers have modded the legislation multiple times since its inception a year ago.
The CHIPS Act had seen delays and changes all the way to July 2022. It was first introduced as a stitch in the United States Innovation and Competition Act of 2021, then stripped out as its own piece of legislation in hopes of finding better bipartisan support, then added to H.R. 4346 acting as an unrelated “legislative vehicle,” as recently as Wednesday. This will be the first time the proposals in the CHIPS Act have cleared the Legislative Branch to go before the president to sign into law.
Intel, Biden and numerous Ohio politicians have pushed for the passage of CHIPS. The semiconductor-making corporation, which plans to invest around $20 billion to build a chip fabrication plant in New Albany, would get a share of another $52 billion to supplement its Ohio project. The bill provides the money in incentives and tax credits for semiconductor manufacturing firms like Intel to build more U.S. facilities in a gamble to compete with international chip makers.
Ohio Gov. Mike DeWine gave a statement after news broke of the bill’s passage.
Intel spokeswoman Linda Qian previously shared comments from the company when the Senate passed the bill.
“We will move forward together to advance American leadership in semiconductor manufacturing and [research and development], and strengthen American national and economic security,” Qian said.
in June, Intel Corporation announced it would delay the groundbreaking ceremony for the Ohio plant because the CHIPS Act was stalled in Congress. When NBC4 asked if a new groundbreaking ceremony date would be set with CHIPS clearing the Senate, Qian said there was no date as of Wednesday. However, in a confident move, Intel sent construction crews at the beginning of July to begin early work at the New Albany site anyway. | https://www.wdtn.com/news/ohio/chips-act-passes-house-whats-next-for-ohio-and-intel/ | 2022-07-28T21:31:37Z | https://www.wdtn.com/news/ohio/chips-act-passes-house-whats-next-for-ohio-and-intel/ | true |
WASHINGTON (AP) — The country’s monkeypox outbreak can still be stopped, U.S. health officials said Thursday, despite rising case numbers and so-far limited vaccine supplies.
The Biden administration’s top health official pushed back against criticism about the pace of the response and worries that the U.S. has missed the window to contain the virus, which has been declared a global emergency.
“We believe we have done everything we can at the federal level to work with our state and local partners and communities affected to make sure we can stay ahead of this and end this outbreak,” Xavier Becerra, head of the Department of Health and Human Services, told reporters on a call.
But he added that local health officials “must do their part. … We don’t have the authority to tell them what to do.”
The pushback from federal leaders came as they announced distribution plans for 780,000 shots of the two-dose Jynneos vaccine. The doses will be allocated to states, cities and other localities based on their case numbers and the size of their populations that are considered high-risk for the disease.
Health departments in San Francisco; New York; Washington, D.C.; and elsewhere say they still don’t have enough shots to meet demand and have stopped scheduling appointments for second vaccine doses to stretch supplies.
Becerra said the federal government has done its job and said the onus is now on local officials to use the tools available.
“We’ve made vaccines, tests and treatments well beyond the numbers that are currently needed available to all jurisdictions,” he said.
But one representative for specialty health clinics said Becerra’s comments showed a “lack of understanding for the full breadth of this crisis.”
“Clinics around the country are pleading with federal health officials for the information, supplies and staffing they need to successfully bring an end to this outbreak,” said David C. Harvey, executive director of the National Coalition of STD Directors, in a statement. The group is pressing for $100 million in emergency funding for local health departments and clinics.
There were more than 4,600 reported monkeypox cases in the U.S. as of late Wednesday, according to the CDC, and federal officials expect those numbers to rise.
More than 99% of reported cases are in men and the vast majority of those are among men who reported sexual contact with other men, though health officials have stressed that anyone can catch the virus.
The U.S. is now capable of testing 60,000 to 80,000 people per day, though Becerra said daily testing numbers are well below that.
The monkeypox virus mainly spreads through skin-on-skin contact, but it can also transmit through touching linens used by someone with the infection. People with monkeypox may experience fever, body aches, chills and fatigue. Many in the outbreak have developed sometimes-painful zit-like bumps.
The U.S. has ordered 5.5 million more vaccine doses for delivery by mid-2023 and has rights to raw ingredients that could make 11.1 million more doses. U.S. officials said a massive vaccination campaign could still be avoided if communities and individuals take measures to avoid spread.
In San Francisco, Tom Temprano had an appointment to get his second dose next week but was recently notified that it was canceled due to limited supplies. Temprano, who is the political director of San Francisco-based Equality California, said he’s frustrated that health authorities have taken so long to respond.
“Especially coming out of, still, two-and-a-half years into a pandemic, it’s just a very disappointing response for the first larger-scale public health crisis we’re facing coming out of that,” he said.
He also sees parallels to the slow government response to AIDS in the 1980s.
“I’ve heard from many folks … that this feels similar in the lack of real concern and urgency to a disease that is right now disproportionately impacting the LGBTQ+ community,” said Temprano, who is 36.
The CDC estimates about 1.5 million Americans currently meet suggested criteria for vaccination, primarily men who have sex with men.
But officials on Thursday declined to set a figure for how many vaccine doses would be needed to stop the outbreak. Nearly 340,000 vaccine doses have been distributed, but a CDC official acknowledged the federal government doesn’t know how many have been administered.
The additional 780,000 shots being sent to states this week were delayed by shipping and regulatory hurdles. They sat for weeks in storage in Denmark as U.S. regulators finished inspecting and certifying the facility where they were manufactured.
California state Sen. Scott Wiener, who belongs to the California Legislative LGBTQ Caucus, called the additional vaccines “significant.” But he added: “Of course, it’s not enough, and we know that we’re going to be getting millions more doses over the remainder of this year and into next year, which is not soon enough in terms of actually containing this outbreak.”
Georgia’s health department hasn’t had to postpone any second doses, but spokeswoman Nancy Nydam said: “Demand is still very high. Every time a health department or other provider opens appointments or slots at an event, they are taken up in a matter of minutes.”
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Associated Press writer Andrew Selsky in Salem, Oregon, and Mike Stobbe in New York contributed to this story.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content. | https://www.pahomepage.com/news/national/under-fire-us-officials-say-monkeypox-can-still-be-beaten/ | 2022-07-28T21:33:45Z | https://www.pahomepage.com/news/national/under-fire-us-officials-say-monkeypox-can-still-be-beaten/ | true |
Meta Platforms says it will no longer pay U.S. news organizations to have their material appear in Facebook’s News Tab as it reallocates resources in the face of the economic downturn and changing user behavior.
The company said Thursday that most of people “do not come to Facebook for news, and as a business it doesn’t make sense to over invest in areas that don’t align with user preferences.”
Meta, then called Facebook, launched the partnerships in 2019. The “News Tab” section in the Facebook mobile app only displays headlines — and nothing else — from The Wall Street Journal, The Washington Post, BuzzFeed News, Business Insider, NBC, USA Today and the Los Angeles Times, among others. The company did not say how much it was paying the news organizations, but reports put it in the millions of dollars for large outlets such as The Wall Street Journal.
The Associated Press did not participate in the initiative.
At the time the program launched, CEO Mark Zuckerberg told the AP that he saw “an opportunity to set up new long-term, stable financial relationships with publishers.”
But Meta, which is based in Menlo Park, California, said in a statement Thursday that a “lot has changed since we signed deals three years ago to test bringing additional news links to Facebook News in the U.S.”
On Wednesday, Meta Platforms Inc. posted its first revenue decline in its history and forecast weak results for the current quarter as well.
Meta does not pay for news content that outlets post on its platform. The News Tab deals, the company said Thursday, were for “incremental content, e.g., ensuring that we had access to more of their article links and that we were including a range of topic areas at launch.”
The company said Facebook News will continue in the other countries its currently in, and the shift in the U.S. won’t change the deals in those places — the U.K., France, Germany and Australia. | https://www.pahomepage.com/news/technology/facebook-ends-funding-for-us-news-partnerships-program/ | 2022-07-28T21:35:31Z | https://www.pahomepage.com/news/technology/facebook-ends-funding-for-us-news-partnerships-program/ | false |
MINNEAPOLIS (AP) _ CVRx Inc. (CVRX) on Thursday reported a loss of $11.1 million in its second quarter.
The Minneapolis-based company said it had a loss of 54 cents per share.
The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for a loss of 54 cents per share.
The medical device company posted revenue of $5 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $4.7 million.
For the current quarter ending in October, CVRx said it expects revenue in the range of $5.5 million to $6 million.
The company expects full-year revenue in the range of $20.5 million to $23 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 CVRX at https://www.zacks.com/ap/CVRX | https://www.ourmidland.com/business/article/CVRx-Q2-Earnings-Snapshot-17336305.php | 2022-07-28T21:36:17Z | https://www.ourmidland.com/business/article/CVRx-Q2-Earnings-Snapshot-17336305.php | true |
Police have closed off a street in Liverpool following reports of a serious incident.
Merseyside Police cordoned off Gwladys Street, Walton, earlier this evening, Thursday, July 28, with the North West Ambulance Service also in attendance.
A number of Merseyside Police Matrix vans as well as police cars and an ambulance were all seen on the street with a number of officers standing guard.
READ MORE: Chilling CCTV of Rueben Murphy moments after cold-blooded killing
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Working to improve the environment by switching to hybrid vehicles
OGDEN, Utah, July 28, 2022 /PRNewswire/ -- Hawx, a national pest control company, has committed to being an industry leader in using hybrid vehicles to power its fleet. The company is previously known for its partnership with One Tree Planted in which it planted a tree for every new customer it signed in the second quarter of 2022.
With offices in 39 cities, Hawx covers a lot of ground each year while serving customers throughout the United States. Converting to a new hybrid fleet is expected to reduce the tailpipe exhaust of dangerous gasses that cause lung and heart diseases. Tailpipe gasses typically include:
- Carbon Dioxide
- Nitrous Oxides
- Hydrocarbons
- Sulfur Dioxide
- Particulate Matter
- Ozone
"33% of our current fleet of service vehicles are hybrid vehicles and should be at 66% by the end of August. Our fleet of hybrid vehicles is one of the largest by percentage among the top pest control companies," says Brad Bitts, COO of Hawx Pest Control. "This is one more step in the direction of choosing more efficient ways to accomplish our goal of elevating the customer experience with Hawx Pest Control."
The commitment to reducing tailpipe exhaust gasses coincides with the One Tree Planted initiative to make the air cleaner and healthier to breathe in the cities and municipalities the company serves. Hawx Pest Control also participates in Bayer's "Feed A Bee" program, which is designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
Hawx provides a three-part treatment plan to protect residential and commercial properties.
- Inspection: A full inspection is performed on each property the company serves since each is unique and can have its own type of pest control problems. After the inspection, a specific plan is developed to address the problems.
- Targeting Nest Areas: Outside nests are targeted since this is where the pests breed and prosper. Eliminating the nests reduces the likelihood that pests will spread throughout the property.
- Establishing a Thorough Barrier: A barrier using pest control management techniques and the careful use of pesticides helps to control the movement of pests toward residential and commercial structures.
Hawx Pest Control can eliminate infestations of pests and insects such as ants, spiders, cockroaches, mosquitos, rodents, termites, ticks, wasps, bees, hornets, bed bugs, and wood-destroying insects.
While working on eliminating pests, Hawx is also committed to using environmentally friendly products designed to reduce harm to the environment. These products are applied by trained and experienced pesticide applicators certified by each state.
"Hawx is committed to having a positive impact in the communities we serve. We reaffirm our commitment through extensive training programs for our Hawx team members, our product selection, technology development, and the care that we take in providing quality pest control services for homes and businesses around the country," Pitts also stated.
Founded in 2013, Hawx is a bilingual company serving large portions of western, southeastern, and midwestern states. The company also participates in Bayer's "Feed A Bee" program designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
To learn more about Hawx Pest Control and its initiatives, please visit the company's website at Hawxpestcontrol.com.
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SOURCE Hawx Pest Control | https://www.wkyt.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | 2022-07-28T21:37:29Z | https://www.wkyt.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | false |
BUDAPEST, Hungary (AP) — Four-time Formula One champion Sebastian Vettel will retire at the end of the season to spend more time with his family, the German driver said Thursday.
Vettel won his four F1 titles from 2010-13 with the Red Bull team. His last race victory came with Ferrari in 2019.
This season with Aston Martin, he has been largely unsuccessful with a best finish of sixth place.
“The decision to retire has been a difficult one for me to take, and I have spent a lot of time thinking about it,” Vettel said. “At the end of the year I want to take some more time to reflect on what I will focus on next; it is very clear to me that, being a father, I want to spend more time with my family.”
Vettel won 53 races, the third-highest total in F1 behind Lewis Hamilton (103) and Michael Schumacher (91). He won an F1 record 13 races in 2013.
Vettel became the youngest world champion at 23 in 2010 and later became the third driver to win four consecutive championships after F1 greats Juan Miguel Fangio and Michael Schumacher. Mercedes driver Lewis Hamilton has since joined them.
“I love this sport. It has been central to my life since I can remember,” Vettel posted on his Instagram video. “But as much as there is life on track, there is my life off track, too. Being a racing driver has never been my sole identity.”
Vettel’s title bids with Ferrari were unsuccessful after promising starts were undone by driver errors under pressure. He led the standings at the midway point in 2017 and was in contention the following year, only to lose both championships to Hamilton. He crashed from pole position at the Singapore GP in 2017 and swerved off track into the barriers when comfortably leading the rain-soaked German GP the following year.
He was stunned when Ferrari did not renew his contract after he struggled to compete alongside newcomer Charles Leclerc in 2019, and again in 2020. He thought about retiring then, before joining Racing Point in 2021.
Along with Hamilton, Vettel has also been increasingly vocal about human rights conditions in countries where F1 races and environmental issues.
“I am tolerant and feel we all have the same rights to love, no what what we look like, where we come from and who we love,” he said. “I believe in change and progress and every little bit makes a difference.”
At the Austrian GP in Spielberg three weeks ago, he wore a T-shirt with “Save the Bees” written on it. At the Canadian GP in June he had the message, “Stop mining tar sands. Canada’s climate crime,” written on his race helmet.
“I feel we live in very decisive times and how we all shape these next years will determine our lives. My passion comes with certain aspects that I have learned to dislike,” Vettel said. “They might be solved in the future but the will to apply that change has to grow much, much stronger and has to be leading to action today. Talk is not enough and we cannot afford to wait. There is no alternative. The race is under way.”
Vettel’s team is sponsored by Saudi state oil firm Aramco.
Red Bull driver Sergio Perez said he understood Vettel’s decision.
“It’s extremely personal. It’s how you feel and what you want to do, and your family,” the 32-year-old Mexican driver said. “You put other priorities in place and you are not willing to pay the price of being an F1 driver. Because it has price.”
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AP Sports Writer James Ellingworth in Düsseldorf, Germany, contributed to this report.
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More AP auto racing: https://apnews.com/hub/auto-racing and https://twitter.com/AP_Sports | https://www.pahomepage.com/sports/4-time-f1-champion-vettel-to-retire-at-end-of-season/ | 2022-07-28T21:37:58Z | https://www.pahomepage.com/sports/4-time-f1-champion-vettel-to-retire-at-end-of-season/ | false |
Mike Aresco says athlete compensation, the transfer portal and conference realignment have created a perfect storm for an unsettled situation, and the American Athletic Conference commissioner believes all FBS conferences need to have a coordinated approach toward stability while finding a middle ground between an amateur model of college athletics and increasing professionalism.
“The amateur model we have embraced for decades is gone. We can’t pretend that it still exists,” he said Thursday. “But at the other end of the spectrum is pure NFL-style professionalism. Is that what we want? Is there a reasonable middle ground that retains the student-athlete experience and does not make our student-athletes employees or union members? I believe there is.”
Using prepared remarks in a nearly half-hour statement at the start of his league’s football media day, Aresco addressed key issues facing college sports. He described a pivotal moment with so many critical issues at the same time, including FBS conferences potentially splitting from the NCAA.
Aresco said football “is clearly a separate and distinct entity within the NCAA” that could benefit from its own governance structure. He said that makes sense because of the interconnection with the regular season and the College Football Playoff, but has to include all 10 FBS conferences, not only the Power Five leagues.
“The autonomy designation and conference governance model is no longer needed,” he said. “Disappearing along with it should be the Group of Five moniker. That label has been destructive. It should all be FBS, I’ve said it many times. The recent realignment of the past two years makes the autonomy concept and the accompanying Power Five media branding even less meaningful than it was before.”
While Aresco has long abhorred that G5 label, he acknowledged that reigning AAC champion Cincinnati last season becoming the first such team to make the College Football Playoff was “a singular and historic achievement.”
But the Bearcats are headed into their final AAC season before next summer joining with Houston and UCF into the Big 12. Six teams from Conference USA will move into the American at that time.
The Southeastern Conference and Big Ten are both set to expand to 16 teams. Oklahoma and Texas are going from the Big 12 to the SEC no later than the 2025 season. Southern Cal and UCLA in 2024 will leave the Pac-12 for the Big Ten, which will be a coast-to-coast conference stretching from Maryland to Southern California.
“We can lament realignment all we want, but we have to deal with it,” Aresco said. “The realignment we have seen is of course driven by money and competitive positioning. … Nevertheless, the health of our enterprise lies in the diversity of competition. We are not the NFL. We are not consolidated in one league or two leagues, regardless of that trend.”
Aresco expressed concern about a dramatic shift of conversations, which he said have been more about money and branding while the well-being of student-athletes is rarely mentioned.
“College football is entertaining and fun. Its popularity is clear and has been clear for some time,” Aresco said. “But will something irreplaceable be lost in this new world of super conferences and professionalized players?”
As for athletes being compensated for use of their names, images and likenesses, Aresco said that isn’t a bad thing if done properly.
“It wouldn’t be an issue if in fact it really was NIL. But it’s not at the current time,” he said. “We’ll have to see how the collectives that have been set up play out. Perhaps we can put some restrictions on them down the road, basically to ensure that NIL is rooted in a rational, fair-market value system. Otherwise, NIL is simply paying to entice recruits and paying to retain current roster players, regardless of their true NIL value.”
The CFP is still only four teams after a failed attempt to expand to a 12-team format before the current 12-year contract with ESPN expires after the 2025 season. But there is no playoff plan beyond that.
Aresco said it was shortsighted not to adopt a 12-team playoff that would have included the top six conference champions and six at-large teams. He said the recent realignment has only strengthened the need for that, or at least a similar model with a balanced mix of automatic spots for conference champions and at-large bids.
His ultimate goal is to get rid of the G5 label, saying the pending move for Cincinnati, Houston and UCF to the Big 12 only emphasizes that case.
“Houston and UCF were clearly playoff contenders during many of their years in our conference, as was Cincinnati, which actually made it last year,” Aresco said “Those teams were not given the respect they deserved over the years. But now that they’ve signed a piece of paper, they’re suddenly P5 and worthy of serious playoff consideration, according to various accounts I’ve read. Transformed by signing a piece of paper, it makes no sense. ”
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More AP college football: https://apnews.com/hub/college-football and https://twitter.com/AP_Top25 | https://www.pahomepage.com/sports/aac-commish-coordinated-response-needed-to-stabilize-fbs/ | 2022-07-28T21:38:05Z | https://www.pahomepage.com/sports/aac-commish-coordinated-response-needed-to-stabilize-fbs/ | false |
DENVER (AP) _ First Western Financial, Inc. (MYFW) on Thursday reported second-quarter profit of $4.5 million.
The bank, based in Denver, said it had earnings of 46 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 49 cents per share.
The company posted revenue of $28.6 million in the period. Its revenue net of interest expense was $27.1 million, which missed Street forecasts.
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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 MYFW at https://www.zacks.com/ap/MYFW | https://www.ourmidland.com/business/article/First-Western-Q2-Earnings-Snapshot-17336393.php | 2022-07-28T21:39:12Z | https://www.ourmidland.com/business/article/First-Western-Q2-Earnings-Snapshot-17336393.php | false |
(The Hill) – Comedian and former “Daily Show” host Jon Stewart slammed Republican senators Thursday after they blocked the passage of a bill that would expand health care coverage for veterans exposed to burn pits and other toxins during their service.
Speaking to a gaggle of reporters in Washington, D.C., Stewart said that veterans made the trek to the nation’s capital to see the legislation get passed.
“Yeah, just it’s — it just makes the gut punch that much more devastating is that these people all came down here so that they could finally tell the men,” Stewart said, becoming visibly emotional. “Their constituents are dying.”
All 50 Democrats and eight Republicans voted for the Sgt. 1st Class Heath Robinson Honoring Our PACT Act. However, the bill fell short of the 60 votes needed in the Senate to overcome the legislative filibuster.
Sen. Pat Toomey (R-Pa.) claimed that the bill would create $400 billion in discretionary spending, labeling it a “budgetary gimmick.”
Sen. Jon Tester (D-Mont.) hit back at Toomey, claiming that the Republican had an issue with spending money on veterans.
“If you have the guts to send somebody to war, then you better have the guts to take care of them when they get home,” Tester said.
The House passed the PACT Act earlier this month after the Senate initially passed it 84-14. The bill would add close to two dozen burn pit exposure conditions to the Department of Veterans Affairs database, and expand the coverage for 9/11 victims exposed to the pits. It would also expand care for veterans exposed to Agent Orange during service outside Vietnam.
Stewart, who has previously advocated for 9/11 first responders, said the GOP blocking the bill was a “disgrace.”
“We’re gonna get it done. … You don’t tell their cancer to take a recess, tell their cancer to stay home and go visit their families. This disgrace, if this is America first, America is f—–,” he concluded before walking away. | https://www.pahomepage.com/uncategorized/jon-stewart-blasts-gop-for-blocking-burn-pits-bill-their-constituents-are-dying/ | 2022-07-28T21:39:27Z | https://www.pahomepage.com/uncategorized/jon-stewart-blasts-gop-for-blocking-burn-pits-bill-their-constituents-are-dying/ | true |
CHICAGO (AP) _ Enova International Inc. (ENVA) on Thursday reported second-quarter earnings of $52.4 million.
On a per-share basis, the Chicago-based company said it had profit of $1.56. Earnings, adjusted for one-time gains and costs, came to $1.64 per share.
The online financial services company posted revenue of $408 million in the period.
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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 ENVA at https://www.zacks.com/ap/ENVA | https://www.beaumontenterprise.com/business/article/Enova-International-Q2-Earnings-Snapshot-17336478.php | 2022-07-28T21:39:38Z | https://www.beaumontenterprise.com/business/article/Enova-International-Q2-Earnings-Snapshot-17336478.php | true |
TROY, Pa. — A sure sign of summer in the northern tier is the Troy Fair. The fair is back for its 146th year, and people are ready to have fun.
"We are enjoying our day at the fair. The boys wanted to come to the fair. Yeah," said Sally Neal, who brought her grandsons to the fair.
"They want to win a fish and ride the rides," Neal said.
The rides are included in the price of admission, as is much of the entertainment. Newswatch 16 found a crowd gathered at the pig races.
"We go watch the piggy game and my piggy didn't win," Colten Benson said.
There are a lot more animals than that. We found people showcasing their goats and dairy cows.
"I'm showing four, and my sister is showing three, and my best friend Maura is showing two," Kathryne Kilbourn said.
It's been a busy fair week for Kathryne Kilbourn of Canton.
"Been meeting a lot of new people and catching up with friends and family who have been coming and watching us. Just having a good time," Kilbourn said.
And of course, one of the best parts is the food.
Vendors we spoke with tell Newswatch 16 it's been a good week for them so far here at the Troy Fair.
"We've been doing better than last year even. It's been pretty good," Cody Clark said.
There is something for everyone on the menu at Mazz-A-Mia's.
"Bloomin' onions, we've got tenders and fries, we've got fresh hand-dipped corn dogs. We've got tater tots. We have all of our original signature grilled cheeses that are gourmet," Clark said.
The Troy Fair runs through Saturday.
Check out WNEP’s YouTube channel. | https://www.wnep.com/article/news/local/bradford-county/its-time-for-the-troy-fair-bradford-county-food-animals-rides/523-c38e0245-7c6a-4cbc-bac5-0c24035f9ae2 | 2022-07-28T21:40:05Z | https://www.wnep.com/article/news/local/bradford-county/its-time-for-the-troy-fair-bradford-county-food-animals-rides/523-c38e0245-7c6a-4cbc-bac5-0c24035f9ae2 | false |
MADISON, Wis. (AP) _ First Business Financial Services Inc. (FBIZ) on Thursday reported second-quarter net income of $11.2 million.
The Madison, Wisconsin-based bank said it had earnings of $1.29 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The bank holding company for First Business Bank and First Business Bank-Milwaukee posted revenue of $33.9 million in the period. Its revenue net of interest expense was $30.5 million, also beating Street forecasts.
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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 FBIZ at https://www.zacks.com/ap/FBIZ | https://www.beaumontenterprise.com/business/article/First-Business-Financial-Services-Q2-Earnings-17336120.php | 2022-07-28T21:40:12Z | https://www.beaumontenterprise.com/business/article/First-Business-Financial-Services-Q2-Earnings-17336120.php | true |
Former Sedgwick County jail deputy charged with sex crimes
WICHITA, Kan. (KWCH) - A Sedgwick County detention deputy accused of failing to stop a security breach at the jail heard additional charges that have been filed against him.
Dustin Burnett, 22, appeared in court on Thursday where he was charged with four counts of unlawful sexual relations and one count of attempted unlawful sexual relations.
Last week, Burnett was charged with two counts of official misconduct related to the jail breach. The sheriff’s office said he was the on-duty detention when four inmates broke a jail window and used a sheet to smuggle in drugs and a cell phone from someone outside the jail. Authorities said Burnett failed to stop the incident and did not alert anyone to what had happened.
During the sheriff’s office investigation, two female inmates came forward to report that they had sexual relations with Burnett. The sheriff’s office interviewed a total of 14 female inmates during the investigation.
Burnett remains in the Sedgwick County jail on a $250,000 combined bond - $150,000 for the misconduct charges and $100,000 on the charges of unlawful sexual relations.
Copyright 2022 KWCH. All rights reserved. | https://www.kwch.com/2022/07/28/former-sedgwick-county-jail-deputy-charged-with-sex-crimes/ | 2022-07-28T21:41:15Z | https://www.kwch.com/2022/07/28/former-sedgwick-county-jail-deputy-charged-with-sex-crimes/ | false |
VANCOUVER, British Columbia (AP) _ Mercer International Inc. (MERC) on Thursday reported second-quarter net income of $71.4 million.
The Vancouver, British Columbia-based company said it had profit of $1.07 per share.
The pulp company posted revenue of $572.3 million in the period.
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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 MERC at https://www.zacks.com/ap/MERC | https://www.ourmidland.com/business/article/Mercer-International-Q2-Earnings-Snapshot-17336384.php | 2022-07-28T21:41:16Z | https://www.ourmidland.com/business/article/Mercer-International-Q2-Earnings-Snapshot-17336384.php | false |
FREMONT, Calif., July 28, 2022 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States ("GAAP") for the three and six months ended June 30, 2022.
Second Quarter 2022 Financial Highlights:
- Revenue increased 2% to $6.05 million, compared to $6.0 million in the prior-year quarter, and decreased by 4% sequentially compared to $6.3 million in Q1 2022.
- Gross margin was 50.2% compared with 54.7% for the prior year's quarter and 49.7% in the preceding quarter. Margins were negatively impacted by increased component and shipping costs.
- Operating expenses for the second quarter of 2022 were $2.8 million, an increase of 17% compared to operating expenses of $2.4 million in the prior year quarter, and an increase of 7% sequentially in the preceding quarter.
- Operating income was $189,000 compared to an operating income of $814,000 for the prior-year quarter, and $464,000 in the preceding quarter.
"In Q2, we experienced some strong headwinds, and our results were impacted by supply chain issues and material shortages that were outside our control. The majority of our business is driven by the deployments of App-driven mobile Point of Sale (mPOS) systems, which were greatly impacted by the shortage of hardware components such as mobile printers and cash drawers. Although we were in a position to deliver the scanners, the end customers needed components from other providers to deploy successfully. The upgrade portion of our business, where end customers add scanning after they deploy initial systems, remained strong. Our balance sheet and liquidity continue to be in a healthy position to meet the challenging environment," said Kevin Mills, president and chief executive officer.
"In Q2, we announced the launch of SocketScan S720, an upgraded version of the S700, that reads both 1D and 2D barcodes on paper and screen. S720 is a drop-in replacement for our most popular product, S700, while adding QR code functionality that has become increasingly important in today's digital-centric world. In Q3, we will launch an upgrade program to allow existing S700 customers to upgrade their existing scanners in an easy and convenient way.
"We also upgraded our CaptureSDK to include the C820, the free camera-based scanner, so our developer partners could begin the process of offering free scanning to their customers. Our upgraded SM Keyboard application in the Capture SDK enables the end users to scan using the built-in camera for free. The addition of the C820 allows our developer partners to serve all their end users, from price-sensitive to performance-sensitive with one integration.
"Another new product we introduced in Q2 is SocketScan S370 which supports both barcode scanning and Near Field Communication (NFC) Reading and Writing technologies. The S370 provides the ability to read both QR code-based and NFC-based credentials, giving our App partners the flexibility to accept multiple formats with one device. The S370 can also read credentials following ISO 18013-5, the Mobile Driver's Licenses (mDLs) standard being adopted in many states and countries.
"Looking ahead, we anticipate ongoing inflation and supply chain constraints throughout the year. We remain focused on delivering on our customer commitments and investing for the future. When the macro environment pressures subside, we are confident that our commitment to innovation and customer service will once again deliver long-term growth," concluded Mills.
Conference Call
Management of Socket Mobile will hold a conference call and webcast today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. The dial-in number to access the call is (866) 374-5140 passcode 26060302#. A live and replay audio webcast of the conference call can be accessed through a link https://onlinexperiences.com/Launch/QReg/ShowUUID=3858E4DD-C95E-42E5-8A98-C59967D4F80A&LangLocaleID=1033
About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, Twitter @socketmobile, and on our sockettalk blog.
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. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2022, Socket Mobile, Inc. All rights reserved.
– Financial tables to follow –
*Derived from audited financial statements.
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SOURCE Socket Mobile, Inc. | https://www.wafb.com/prnewswire/2022/07/28/socket-mobile-reports-second-quarter-six-months-2022-results/ | 2022-07-28T21:41:44Z | https://www.wafb.com/prnewswire/2022/07/28/socket-mobile-reports-second-quarter-six-months-2022-results/ | true |
WFO HOUSTON/GALVESTON Warnings, Watches and Advisories for Thursday, July 28, 2022
_____
SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Houston/Galveston TX
321 PM CDT Thu Jul 28 2022
...Cluster of Storms Have Developed Over Harris County...
At 318 PM CDT, Doppler radar was tracking a cluster of strong
thunderstorms along a line extending from Westbranch to near San
Jacinto State Park. Movement was north at 25 mph.
HAZARD...Winds in excess of 40 mph. Brief heavy downpours.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects.
Locations impacted include...
Northwestern Pasadena, northwestern Baytown, Deer Park, Humble,
Galena Park, Jacinto City, Jersey Village, Hunters Creek Village,
Bunker Hill Village, Piney Point Village, Midtown Houston,
Cloverleaf, Downtown Houston, Northside / Northline, Spring Branch
North, Second Ward, Greater Greenspoint, Greater Heights, Highlands
and Neartown / Montrose.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Brief heavy downpours were also occurring with these storms and may
lead to localized urban or poor drainage flooding. Do not drive your
vehicle through flooded roadways.
LAT...LON 3008 9557 2998 9501 2971 9504 2975 9555
TIME...MOT...LOC 2018Z 186DEG 21KT 2984 9556 2978 9508
MAX HAIL SIZE...0.00 IN
MAX WIND GUST...40 MPH
_____
Copyright 2022 AccuWeather | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17336210.php | 2022-07-28T21:44:26Z | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17336210.php | true |
TIVERTON, R.I. (WPRI) — A restaurant in Rhode Island continues to receive backlash after posting an offensive meme on social media last week.
The Atlantic Sports Bar and Restaurant in Tiverton has received sharp criticism since Friday, when a photo of Holocaust victim Anne Frank appeared on its Facebook account. The photo contained a caption reading, “It’s hotter than an oven out there … and I should know!” as first reported by Jessica Machado at WBSM Radio.
Machado said she called the restaurant and spoke with the owner, who allegedly told her he “Googled it” and posted it because he “thought it was funny,” according to Machado.
The post was later deleted, though screengrabs of the restaurant’s Facebook page are still circulating online.
In its place, the restaurant posted a lengthy apology and claimed there was “no excuse” for the post, as reported by The Boston Globe.
The Atlantic’s Facebook page has since been deleted entirely.
Within hours of posting the meme, the Atlantic also began receiving negative reviews on Yelp.
“This restaurant posted an offensive, distasteful and antisemitic meme recently, making light of the horrors of the Holocaust,” wrote one reviewer, who left a one-star rating.
“Your antisemitic remark is absolutely disgusting,” another Yelp user said.
As a result of increased activity on the restaurant’s Yelp page, the platform temporarily disabled comments on Wednesday afternoon.
In an alert to users, Yelp said it would be suspending reviews as they investigate the content that has caused “increased public attention.”
“While racism has no place on Yelp and we unequivocally reject racism or discrimination in any form, all reviews on Yelp must reflect an actual first-hand consumer experience (even if that means disabling the ability for users to express points of view we might agree with),” reads an alert that appears on the Atlantic’s Yelp page.
WPRI has reached out to the Atlantic for comment, but had not yet heard back as of Thursday.
Frank, a 15-year-old Jewish girl, died during the Holocaust. She and her family were captured by the Nazis after hiding inside an attic during the Nazi occupation of the Netherlands for more than two years. Frank’s diary, which she kept while in hiding, has since been published in a number of languages, including the English version, “Anne Frank: The Diary of a Young Girl.” | https://www.yourbasin.com/news/national-news/absolutely-disgusting-ri-restaurant-gets-backlash-for-sharing-offensive-anne-frank-meme/ | 2022-07-28T21:45:27Z | https://www.yourbasin.com/news/national-news/absolutely-disgusting-ri-restaurant-gets-backlash-for-sharing-offensive-anne-frank-meme/ | true |
LANSING, Mich. (AP) — Michigan Supreme Court extends state's anti-discrimination law to sexual orientation, a victory for LGBTQ.
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- In total, 16 retailers are participating in the sidewalk sale this year. | https://www.ourmidland.com/news/article/Alert-Michigan-Supreme-Court-extends-state-s-17336392.php | 2022-07-28T21:45:47Z | https://www.ourmidland.com/news/article/Alert-Michigan-Supreme-Court-extends-state-s-17336392.php | false |
HARTFORD, Conn. (AP) _ The Hartford Financial Services Group Inc. (HIG) on Thursday reported second-quarter profit of $442 million.
The Hartford, Connecticut-based company said it had net income of $1.32 per share. Earnings, adjusted for one-time gains and costs, were $2.15 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.
The insurance and financial services company posted revenue of $5.37 billion in the period. Its adjusted revenue was $3.77 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 HIG at https://www.zacks.com/ap/HIG | https://www.beaumontenterprise.com/business/article/The-Hartford-Q2-Earnings-Snapshot-17336267.php | 2022-07-28T21:45:52Z | https://www.beaumontenterprise.com/business/article/The-Hartford-Q2-Earnings-Snapshot-17336267.php | true |
BERKELEY, Calif. (AP) — Apple’s profit slipped during the past quarter, but the world’s largest technology company fared better than many of its peers.
Despite manufacturing headaches and inflation pressures that have vexed a wide range of businesses, Apple profit declined by 10% while revenue edged up 2%. Both figures were better than analysts projected.
The results for the April-June period weren’t a huge surprise. That’s because Apple had already warned that its revenue would be depressed by as much as $8 billion because of supply chain problems that have been compounded by pandemic-related shutdowns in Chinese factories that make iPhones and other Apple products.
That scenario played out as expected Apple’s fiscal third quarter. Earnings fell to $19.4 billion, or $1.20 per share, while revenue edged up to nearly $83 billion.
The positive surprise helped boost Apple's stock price by 4% in extended trading after the numbers came out.
As usual, Apple's results were propelled by the iPhone, which posted a 3% gain in sales from the same time last year. Analysts had been bracing investors for a slight decline because of the supply chain issues and the forthcoming release of a new model this fall. It marked the seventh consecutive quarter that iPhone sales have increased.
The ongoing demand for iPhones underscores the enduring appeal of a device that has helped has established Apple as the world’s most powerful tech company during the past 15 years. The device's sales climbed, despite inflation hovering at its highest rate i n more than 40 years, a development that caused consumers to rein in their spending on a variety of discretionary items such as clothing and other home goods that enjoyed an uptick in demand during the pandemic.
The troubles emerging in corporate earnings reports in the past two weeks — combined with other sobering data — have heightened worries that the Federal Reserve Bank’s inflation-fighting increase in interest rates will shove the economy into a recession. That would weigh on corporate profits and already drooping stock prices.
Tech stocks have been particularly hard hit by market jitters, with the Nasdaq composite index that is tethered to the industry’s fortunes falling by 22% so far this year. Apple had held up far better than most of its tech peers, with its stock price declining 11% this year before Thursday's rally in extended trading.. | https://www.ourmidland.com/news/article/Apple-s-3Q-profit-slips-but-results-top-analyst-17336371.php | 2022-07-28T21:45:54Z | https://www.ourmidland.com/news/article/Apple-s-3Q-profit-slips-but-results-top-analyst-17336371.php | false |
Ukraine: Putin-bashing Russian journalist has no regrets despite facing hostility from all sides
Marina Ovsyannikova has no job, she is living off the cash from selling her car and is in the middle of a fierce custody battle with her ex-husband. But it's the cross she has to bear, and she says she doesn't regret what she's done.
Thursday 28 July 2022 22:14, UK
It's been a hard couple of months for Marina Ovsyannikova.
The Russian state TV journalist burst onto an evening newscast in March holding up a banner against her nation's actions in Ukraine, telling the channel's millions of viewers that state TV was lying to them.
She has no job, she is living off the money she made from selling her car and she is in the middle of a fierce custody battle with her ex-husband who works at the Kremlin's English language channel, Russia Today.
It is an attack from all sides.
"My mum supports Putin, my son has been brainwashed by his father plus I'm being criticised by the supporters of the special military operation who troll me," she says.
"Part of the opposition troll me too. They call me a former propagandist. Plus, even the Ukrainians are speaking out against me because they believe all these fakes and conspiracy theories.
Prisoners 'forced to fight for Russia' - Ukraine news live
"They believe that the broadcast wasn't live and that I'm working for the FSB."
The FSB theory, that Maria is working for Russia's secret services, has a life of its own across Russian and Ukrainian social media.
She has continued to protest Russia's actions in Ukraine, but so far has got away relatively unscathed, with just fines on administrative charges.
Despite the fact she stood outside the Kremlin two weeks ago with a banner calling Vladimir Putin a murderer, she has yet to face any comeback for it. Others have not got off so lightly.
"It's a complete lie! How can I be an agent? I'm a normal Russian woman who expressed her position as a citizen and they are trying to discredit me from every side.
"It's good for the Kremlin to spread all kinds of conspiracy theories so that people don't believe me. That's the main point - I'm a 'fake' and they shouldn't believe me."
Ovsyannikova left for Germany shortly after her appearance on state TV. She was offered a job with the German daily Die Welt but that's come to an end and she returned to Russia when her ex-husband sued for custody of their two children.
"My daughter called me every day asking, 'when are you coming back, Mummy?' I want to see you'. My husband, who's working for the Kremlin, he was turning them against me. I realised that I'm losing contact with them and if I didn't return, I would simply lose my children.
Read more:
Russian former journalist Marina Ovsyannikova found guilty of 'discrediting' country's armed forces
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"Besides, every voice that speaks out against the war from inside Russia is much stronger than if a person protests from abroad."
She says her decision to stay with state TV as long as she did was borne from the necessity of having to look after two children after a painful divorce.
But she had hoped that more former colleagues would follow her example and quit.
"After seeing what happened to me, most of them realised that they would become enemies to everyone and that is why they lay low, they prefer not to stick their heads out or to ask any moral questions.
"They are just quietly sitting there, working for the money."
They don't like her either. Outside the courtroom, the first question she gets is hostile.
"What does it feel like to betray your motherland?"
Ovsyannikova cuts a lonely figure. But it's the cross she has to bear, and she says she doesn't regret what she's done.
"I'm holding up, because within me I know that I'm right. I have this strong core and I'm not giving up." | https://news.sky.com/story/ukraine-putin-bashing-russian-journalist-has-no-regrets-despite-facing-hostility-from-all-sides-12660927 | 2022-07-28T21:45:57Z | https://news.sky.com/story/ukraine-putin-bashing-russian-journalist-has-no-regrets-despite-facing-hostility-from-all-sides-12660927 | false |
CHARLESTON, W.Va. (AP) — The West Virginia House of Delegates on Thursday passed the Republican governor’s plan to reduce the state income tax by 10%, setting up a clash in the Senate, whose president is cold to the idea.
The GOP-controlled House supported the bill on a 78-7 vote with 15 delegates absent. The vote came without debate after several amendments offered by Democrats were rejected, including one that would have given taxpayers a $250 rebate instead of the tax cut.
The bill now goes to the Senate, where President Craig Blair prefers cuts in the state personal property and business and inventory taxes. A constitutional amendment before voters in November would allow lawmakers to adjust those taxes. Blair has said an income tax reduction alone would not aid the state economy or attract businesses and new residents.
The income tax reduction was part of Gov. Jim Justice’s special session announcement last week. The state of West Virginia ended the last fiscal year with a record $1.3 billion surplus. A 10% reduction is the maximum cut allowed while remaining in compliance with funding stipulations in the American Rescue Plan Act, Justice said.
He said West Virginians at every income level would see their taxes drop under his plan, which would be retroactive to Jan. 1 and would put $254 million back into residents’ pockets when they file their 2022 taxes.
In a statement Thursday afternoon, Justice said the Senate's personal property tax plan would favor larger companies and would put control of county budgets in legislators' hands "with no guarantee that the money will continue to flow if West Virginia sees an economic decline.
“Do we really want to play a game of chance when it comes to our schools and our police, fire, and EMS services? It’s a big spend with big risks.”
The governor’s pitch is the third attempt to cut personal state income taxes in the past year.
The West Virginia Center on Budget and Policy said the latest proposal would be ineffective when it comes to helping families and working people because it would largely benefit the wealthy.
More effective ways of using the revenue surplus, the nonprofit said, include investing in the state’s public employee insurance program, providing subsidized care to an additional 10,000 children, enacting a paid family and medical leave program for all workers, investing in workforce development, and giving all families a one-time $250 tax credit for each child.
As lawmakers started meeting Monday in special session, Justice abruptly added an abortion bill to the agenda. The session began a week after a Charleston judge barred West Virginia from enforcing an 1800s-era abortion ban, ruling it unenforceable and superseded by a slew of conflicting modern laws. Justice then called lawmakers to “clarify and modernize” the state abortion laws.
The bill on abortion, which passed the House on Wednesday, would make providing the procedure a felony punishable by up to 10 years in prison and includes exceptions for victims of rape and incest along with medical emergencies. That bill is before the Senate on third reading Friday. | https://www.beaumontenterprise.com/news/article/Income-tax-cut-passes-West-Virginia-House-heads-17336208.php | 2022-07-28T21:48:15Z | https://www.beaumontenterprise.com/news/article/Income-tax-cut-passes-West-Virginia-House-heads-17336208.php | false |
Energy firms have been accused of ripping off customers after reporting “obscene” £11billion profits amid soaring bills.
British Gas owner Centrica saw profits rise five-fold to an eye-watering £1.3bn.
And Shell’s earnings hit a record £9.5bn – doubling profits within a year.
READ MORE: UK facing September 'milk drought' as 500 animal activists plan to stop all supply
The massive sums come as annual energy bills are set to hit an eye-watering average £4,000 per home this winter.
Unions and green energy campaigners blasted the huge profits.
TUC general secretary Frances O’Grady said: “These eye-watering profits are an insult to the millions of working people struggling to get by because of soaring energy bills.
“Energy bills are rising 23 times faster than wages. We need to hold down profits and boost wages.”
Friends of the Earth energy campaigner Sana Yusuf said: “Clearly not everyone is struggling with the energy crisis.
“These bumper profits will be greeted with disbelief by the millions of people across the UK who are faced with rocketing energy prices.
“The Government must impose a tougher windfall tax on energy firms.”
Meanwhile, in a speech in Birmingham, PM Boris “Bozo” Johnson acknowledged the difficulties bill payers are facing but added: “Sometimes you’ve got to go through periods of difficulty and you’ve got to remember that they are just inevitable.”
Centrica chief executive Chris O’Shea, who earns £812,000 a year, refused to pass on profits to consumers.
He said that by running British Gas prudently he is saving customers more money.
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Yet the company said it would start paying dividends to shareholders for the first time since 2020.
Shell has continued to profit from massive energy price hikes following the Russian invasion of Ukraine.
Shell boss Ben van Beurden claims the company is using its “financial strength” to invest in secure energy supplies and to cut carbon emissions.
The government was contacted for comment last night.
Consumer champion Martin Lewis has urged Boris Johnson and the Tory leadership rivals to cut bills as energy profits soar.
The MoneySavingExpert founder said the PM’s “zombie government” is failing to address the crisis caused by energy bills.
He warned decisions on support cannot be delayed until Mr Johnson’s successor, either Rishi Sunak or Liz Truss, is in office.
Households will start receiving notice of increased bills before the Tory leadership concludes, Mr Lewis warned.
He said pledges to cut green levies or remove VAT promised by Ms Truss and Mr Sunak respectively during their leadership bids are “trivial”.
The energy price cap is expected to rise to £3,500 or more in October.
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Dad 'trapped' inside Paris airport for two weeks trying to prove he was UK resident | https://www.dailystar.co.uk/news/latest-news/greedy-british-gas-shells-sickening-27605540 | 2022-07-28T21:48:42Z | https://www.dailystar.co.uk/news/latest-news/greedy-british-gas-shells-sickening-27605540 | false |
20 years later California's Amber Alert rescues hundreds of victims
California's Amber Alert system hit a major milestone this week. Twenty years after its start, the California Highway Patrol gave KCRA 3 a rare look inside the alert center where the alerts originate.
"Every second counts when a child is abducted," said Amanda Ray, CHP commissioner.
Since July 2002, California's Amber Alert system has been activated 323 times. It resulted in the safe rescue of 376 victims.
The alert center coordinates with law enforcement and public safety groups and relies on the eyes of people to track down kidnapped children and at-risk people to get them back home.
"When a child or an at-risk individual goes missing, these are the people who work expeditiously and tirelessly behind the scenes with our law enforcement partners to find the victims," said Ray.
"Every phone call is different, you don't really know, what's going to be on the end of the line," said Mike Hamilton, CHP.
Hamilton has been with CHP for 13 years. The past three he's spent in the alert center.
"California has over 25% of alert activations nationwide with a 97% successful recovery rate," Hamilton said. "A lot of that is dependent on the public, we certainly can push the information out, but we are no one without the public's assistance – that's our main partner."
CHP also works with Caltrans to get signs posted.
"Millions of people every day can see those signs and help return, the safe return, of children back to their parents," said Tony Tavares, Caltrans.
Amber Alerts have specific criteria that have to be followed for one to be sent out.
- Confirmation that there's been an abduction, or that a child was taken.
- If the victim is 17 years or younger or is an individual with a proven mental or physical disability.
- If the victim is in imminent danger of serious bodily injury or death and there's information available that could assist in the safe recovery of the victim. | https://www.kcra.com/article/20-years-later-californias-amber-alert-rescues-hundreds-victims/40745975 | 2022-07-28T21:49:00Z | https://www.kcra.com/article/20-years-later-californias-amber-alert-rescues-hundreds-victims/40745975 | false |
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WASHINGTON (AP) — The FBI has reached out to attorneys representing Olympic gold medalist Simone Biles and other women who were sexually assaulted by Larry Nassar to begin settlement talks in the $1 billion claim they brought against the federal government, according to three people familiar with the matter.
The FBI’s general counsel contacted the lawyers for Olympic gold medalists Biles, Aly Raisman and McKayla Maroney and dozens of other women on Wednesday. The FBI’s attorneys told the lawyers for the women that they had received the legal claims and the agency was “interested” in a resolution, including discussions about a potential settlement, the people said.
The people could not discuss details of the negotiations publicly and spoke to The Associated Press on condition of anonymity.
John Manly, a lawyer who represents more than 90 victims, declined to comment when contacted earlier Thursday by the AP. The settlement talks were first reported by the Wall Street Journal.
The victims had brought claims against the FBI for failing to stop the sports doctor when the agency first received allegations against him. FBI agents in 2015 knew that Nassar was accused of assaulting gymnasts, but they failed to act, leaving him free to continue to target young women and girls for more than a year. He pleaded guilty in 2017 and is serving decades in prison.
Indianapolis-based USA Gymnastics told local agents in 2015 that three gymnasts said they were assaulted by Nassar, a team doctor. But the FBI did not open a formal investigation or inform federal or state authorities in Michigan, according to the Justice Department’s inspector general. Los Angeles agents in 2016 began a sexual tourism investigation against Nassar and interviewed several victims but also didn’t alert Michigan authorities, the inspector general said.
Nassar wasn’t arrested until the fall of 2016 during an investigation by police at Michigan State University, where he was a doctor. The Michigan attorney general’s office ultimately handled the assault charges against Nassar, while federal prosecutors in Grand Rapids, Michigan, filed a child pornography case.
The Justice Department in May said that it would not pursue criminal charges against former agents who were accused of giving inaccurate or incomplete responses during the inspector general’s investigation. At the time, Justice officials said they were “adhering to its prior decision not to bring federal criminal charges” after a “careful re-review of evidence.”
The opening of settlement talks comes as senior Justice Department officials, including Assistant Attorney General Kenneth Polite, who runs the department’s criminal division, met with members of Congress about the case on Thursday. In that meeting with several senators, Polite and others presented proposals to change the law to close what officials see as gaps in the statute that had prevented a case from being brought.
But Polite would not give the lawmakers underlying evidence they had requested.
“The FBI again refused to provide underlying information to support their assumption that a jury wouldn’t convict their agents for botching the Nassar investigation, then trying to cover their tracks,” said Sen. Chuck Grassley of Iowa, the top Republican on the Senate Judiciary Committee. “It’s the latest example of the Department of ‘Just Us’ trying to avoid accountability for its failures.”
FBI Director Christopher Wray has acknowledged major mistakes and said what happened was “inexcusable.” The FBI later fired the supervisory special agent who had interviewed Maroney in 2015. The Justice Department’s inspector general had harshly criticized that agent and his former boss — the agent in charge of the Indianapolis office — for their handling of the allegations.
“I’m especially sorry that there were people at the FBI who had their own chance to stop this monster back in 2015 and failed, and that is inexcusable,” Wray said at a September 2021 congressional hearing. “It never should have happened, and we’re doing everything in our power to make sure it never happens again.” | https://www.ourmidland.com/sports/article/FBI-open-to-settling-claims-by-gymnasts-abused-by-17336096.php | 2022-07-28T21:49:22Z | https://www.ourmidland.com/sports/article/FBI-open-to-settling-claims-by-gymnasts-abused-by-17336096.php | true |
NEW YORK, July 28, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Burlington Stores, Inc. signed a full-floor expansion lease for an additional 34,591 square feet of office space formerly under lease to Uber. With this expansion, Burlington will occupy 102,898 square feet across three full floors at 1400 Broadway.
"We value our long-standing relationship with ESRT and are pleased to continue to expand our footprint at 1400 Broadway in New York City," stated Gayle Aertker, EVP store development, Burlington Stores. "As Burlington continues to grow, we appreciate ESRT's partnership."
Located along the Broadway Pedestrian Plaza, 1400 Broadway provides convenient access to nearby transportation, dining, lodging, and entertainment. Tenants benefit from ESRT's leadership in energy efficiency and premier indoor environmental quality – which includes MERV 13 filters and active bi-polar ionization – as well as a tenants-only lounge and a new town hall assembly space to be delivered late 2022.
"ESRT provides exceptional value in healthy, modernized, energy-efficient spaces which retain high-quality tenants like Burlington," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "We continue to benefit from the market's flight to quality with our premier amenity-rich portfolio."
Alan Desino of Colliers International represented Burlington in the lease negotiations. Scott Klau, Neil Rubin, and Erik Harris represented the property owner.
More information about 1400 Broadway can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors." Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Empire State Realty Trust, Inc. | https://www.wbtv.com/prnewswire/2022/07/28/burlington-stores-inc-expands-by-34591-square-feet-occupy-total-102898-square-feet-1400-broadway/ | 2022-07-28T21:53:20Z | https://www.wbtv.com/prnewswire/2022/07/28/burlington-stores-inc-expands-by-34591-square-feet-occupy-total-102898-square-feet-1400-broadway/ | false |
BREA, Calif., July 28, 2022 /PRNewswire/ -- Envista Holdings Corporation ("Envista") announced today an extension and expansion of their commercial partnership with dentalcorp Holdings Ltd., Canada's largest DSO, network of dental practices.
Since dentalcorp's founding in 2011, Nobel Biocare, an Envista company, and dentalcorp have invested resources to expand implant treatment capabilities to each of dentalcorp's 500+ supported practices. Together, Nobel Biocare and dentalcorp have trained hundreds of clinicians and created a network that offers the latest tooth replacement solutions from Nobel Biocare. This partnership extension further strengthens dentalcorp's ability to provide the highest quality of care to its patients.
Amir Aghdaei, CEO Envista, said, "We are thrilled to be dentalcorp's preferred dental implant provider. Implants are one of the fastest growing segments in dentistry and dentalcorp is a well-respected and growing provider of dental implant treatments. We look forward to strengthening our partnership with this leading DSO. dentalcorp's focus on supporting clinicians at every step in their professional career aligns well with Envista's purpose of partnering with dental professionals to improve lives. This partnership further accelerates our journey to digitize, personalize, and democratize the dental industry.
"Patients are looking for more specialized care from their trusted oral health care provider and Nobel Biocare is a leading innovator of implant-based dental restorations," says Guy Amini, President, dentalcorp. "Our teams work every day to advance every aspect of our patients' oral health and well-being and when looking at implant partners, Nobel Biocare stood out for its delivery of next-level support with an unmatched commitment to our success."
Through this partnership, Nobel Biocare will offer unparalleled support to dentalcorp's network of over 1,500 dentists, will help enable dentalcorp's fast-paced expansion, and will improve access to best-in-class dental implant treatment services for Canadians.
Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr united by a shared purpose: to partner with professionals to improve lives. Envista helps its customers deliver the best possible patient care through industry-leading dental consumables, solutions, technology, and services. Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the aesthetics of the human smile. With a foundation comprised of the proven Envista Business System (EBS) methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, Envista is well equipped to meet the end-to-end needs of dental professionals worldwide. Envista is one of the largest global dental products companies, with significant market positions in some of the most attractive segments of the dental products industry. For more information, please visit www.envistaco.com.
About Nobel Biocare
Part of the Envista family, Nobel Biocare is a world leader in the field of innovative implant-based dental restorations. Our goal is to empower dental professionals to give quality of life back to their patients.
This philosophy is built on over 65 years of continuous innovation, all stemming from Per-Ingvar Brånemark's ground-breaking discovery of osseointegration in 1952. Since then, we've helped our customers treat millions of patients with our science-backed and forward-looking solutions. Nobel Biocare supports its customers through all phases of professional development, offering world-class training and education along with practice support and patient information materials. The company is headquartered in Zurich, Switzerland. Production takes place at four sites located in the United States, Sweden and Japan. Products and services are available in over 80 countries through subsidiaries and distributors.
Our company's portfolio offers solutions from single tooth to fully edentulous indications with dental implant systems (including key brands NobelActive and NobelParallel and ceramic implant NobelPearl*) a comprehensive range of high-precision individualized prosthetics and CAD/CAM systems (NobelProcera), digital solutions for treatment planning and guided surgery (NobelClinician and DTX Studio suite) as well as biomaterials.
About dentalcorp
dentalcorp is Canada's largest and one of North America's fastest-growing network of dental practices, committed to advancing the overall well-being of Canadians by delivering the best clinical outcomes and unforgettable experiences. dentalcorp acquires leading dental practices, uniting its network in a common goal: to be Canada's most trusted healthcare network. Leveraging its industry-leading technology, know-how and scale, dentalcorp offers professionals the unique opportunity to retain their clinical autonomy while unlocking their potential for future growth. To learn more, visit dentalcorp.ca
Contact
Stephen Keller
Vice President, Investor Relations
Envista Holdings Corporation
200 S. Kraemer Blvd., Building E
Brea, CA 92821
Telephone: (714) 817-7000
Fax: (714) 817-5450
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SOURCE Envista Holdings Corporation | https://www.kbtx.com/prnewswire/2022/07/28/envista-dentalcorp-announce-strategic-implant-partnership/ | 2022-07-28T21:53:59Z | https://www.kbtx.com/prnewswire/2022/07/28/envista-dentalcorp-announce-strategic-implant-partnership/ | false |
Love Island's Dami Hope left viewers baffled with his comment about Paige Thorne while almost in front of his partner Indiyah Polack on Thursday night.
During the latest episode, Paige got a text revealing that she and Adam Collard would be going on a romantic boat date.
Receiving a text in front of her fellow Islanders, Paige read out the message which had the pun "#perfectcatch".
Sharing his thoughts on the date, Dami told Adam as the girls excitedly went to get ready: "This is all about Paige, Adam, she's the perfect catch!"
Viewers were quick to react to the comment and taking to Twitter, one person said: "Wow not Dami calling Paige 'the perfect catch' #LoveIsland."
A different account put: "Not Dami saying that Paige is the perfect catch #LoveIsland."
Another follower wrote: "Dami calling Paige the “perfect catch” while he’s right next to Indiyah in bed… #LoveIsland."
While a different viewer added: "Instead of Dami saying Indiyah is the perfect catch he’s saying this about Paige?? #LoveIsland."
However, fans need not worry as later in the episode Dami and Indiyah went on a romantic date where he asked her to be his girlfriend in sweet scenes.
It comes after fans were convinced of a "connection" between Paige and Dami during the villa's racy Mile High-themed challenge earlier this week.
Dressed as Cabin Crew, the girls had to prep the boys for departure, give a full safety briefing and offer refreshments before joining their chosen passenger for a private Mile High Club moment.
Paige, 23, got up close and personal with Dami, 26, who looked excited, as his partner Indiyah, 23, looked visibly annoyed as she watched on with eagle eyes and gave him a slightly awkward thumbs up.
Fans took to Twitter to voice their opinions on the connection between Paige and Dami, with one person writing: "Indiyah’s reaction to Paige buckle up Dami [eye emojis] tell me there’s nothing there".
Someone else tweeted: "I think after that challenge, indiyah has finally clocked on to the fact that Dami reaaaally fancies Paige".
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With another person writing: "J me who thinks Paige has something for dami? She’s always trying to get close to dami, it can’t just be me who sees it."
While earlier this week, Love Island fans were left concerned for Indiyah after Paige's "awkward" reaction to her revealing she and Dami had exchanged the L-word with each other.
Love Island continues every night at 9pm on ITV2.
For the latest Love Island gossip and spoilers, make sure to sign up to OK!'s daily celebrity newsletter and Factor 50 – your one stop for all the latest villa news.
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Love Island's Paige reveals secret sign to show she's annoyed as Nathalia 'rattles her' | https://www.ok.co.uk/tv/love-island-dami-paige-indiyah-27605402 | 2022-07-28T21:54:05Z | https://www.ok.co.uk/tv/love-island-dami-paige-indiyah-27605402 | false |
Note: the quotes in this article are fictional.
1. Chase Elliott — Elliott finished 3rd in the M&M's Fan Appreciation 400 at Pocono, but was awarded the win when first and second place winners Denny Hamlin and Kyle Busch were disqualified.
"My goals this season are twofold," Elliott said. "First and foremost, I want to win my second Cup championship. Secondly, I want to see if I can convince fans to select me as NASCAR's most popular driver for the fifth time, even with this villainous mustache."
2. Denny Hamlin — Hamlin got past Ross Chastain on a lap 19 restart and held off Kyle Busch over the final laps to win at Pocono, his 7th career win at the Tricky Triangle. But the win was later negated when Hamlin's No. 11 car failed post-race inspection.
"This might be the biggest story in all of the sports world," Hamlin said. "I may be biased, but I think NASCAR is the greatest sport in the world. In short, NASCAR rules.
"As for Chastain, if by 'got past' you mean 'sent into the wall, then yes, that's what happened. Ross had this coming, so it was well-deserved, and well, deserved. Sending a message to Chastain was No. 1 on my list of things to do, and I obviously sent it Fed Ex Priority."
3. Kyle Busch — Busch took 2nd in the M&M's Fan Appreciation 400, but was disqualified after failing post-race inspection.
"I'm gonna plead ignorance," Busch said. "I tried that in court once for a reckless driving charge, and it didn't work.
"But if you want to hear about a real 'Tricky Triangle,' ask me about my agent, Joe Gibbs Racing, and myself in contract talks."
4. Ross Chastain — Chastain finished 34th after Denny Hamlin squeezed him into the wall on a restart with 19 laps to go. Chastain's No. 1 Chevy bounced off the wall and into the path of Kevin Harvick's No. 4 Ford.
"It's one thing to have it coming," Chastain said, "and it's another thing to see it coming. I had both."
5. Martin Truex, Jr. — Truex finished 9th at Pocono as all four Joe Gibbs Racing cars posted top-10 finishes, although Denny Hamlin and Kyle Busch were later disqualified.
"What a day for Joe Gibbs," Truex said. "Not only did JGR cars dominate, but his grandson Ty Gibbs subbed for Kurt Busch and looked strong with an 18th-place finish. It all adds up to Joe's belief that any Busch brother, Kurt or Kyle, especially, is replaceable."
6. Ryan Blaney — Blaney got loose coming out of Turn 3 and slammed the inside wall hard on lap 136. He finished 35th.
"Wow," Bell said, "I can't believe Denny Hamlin and Kyle Busch were disqualified. Those are some high profile 'DQs.' You know what else is a high profile 'DQ?' Any Dairy Queen at which Jimmy Spencer chooses to eat."
7. Christopher Bell — Bell followed up his win at New Hampshire with a solid 6th at Pocono.
"Make that a 4th," Bell said. "Denny Hamlin and Kyke Busch were disqualified for failing post-race inspection, and since I also drive for Joe Gibbs Racing, I'd like to disassociate myself from them."
8. Joey Logano — Logano finished 22nd at Pocono.
"There's gonna be a race next season in Chicago on a street circuit," Logano said. "The race is scheduled for July 2nd, 2023, and I'm expecting it to be a huge success. I mean, how can it not be great for the city? It's Chicago, for Christ's sake; having race cars flying through the streets means there won't be bullets doing the same."
9. Kyle Larson — Larson finished 3rd in the M&M's Fan Appreciation 400 at Pocono.
"First- and second-place finishers Denny Hamlin and Kyle Busch were disqualified for failing post-race inspections," Larson said. "There are words in this sport you never want to hear, and as an expert on the subject, I can tell you definitively that 'disqualification' is high on the list."
10. Kevin Harvick — Harvick finished a disappointing 29th at Pocono after suffering damage when he was collected in the Denny Hamlin-Ross Chastain incident with 19 laps to go.
"I may be one of the oldest drivers in the Cup series," Harvick said, "but I'm sick and tired of being the 'adult in the room.' I hate being collateral damage in someone else's feud. It disgusts me and leaves a bad taste in my mouth, just like Busch Light Apple." | https://www.sports-central.org/sports/2022/07/27/nascar_top_10_power_rankings_pocono.php | 2022-07-28T21:54:39Z | https://www.sports-central.org/sports/2022/07/27/nascar_top_10_power_rankings_pocono.php | true |
Farmers Bankshares, Inc. Reports Second Quarter and Year-to-Date Earnings
Published: Jul. 28, 2022 at 4:52 PM EDT|Updated: 1 hour ago
WINDSOR, Va., July 28, 2022 /PRNewswire/ -- Farmers Bankshares, Inc. (OTC-PINK: FBVA) today reported unaudited earnings of $1.2 million, or $0.37 per share, for the second quarter of 2022. Excluding extraordinary items, adjusted earnings for the quarter would have been $1.4 million, or $0.46 per share, an increase over the $1.1 million in adjusted earnings for the second quarter of 20211. Net income through the six months ended June 30, 2022 amounted to $2.4 million, or $0.75 per share.
"We are pleased with our loan growth during the second quarter of 2022," said President and Chief Executive Officer Vernon M. Towler. "We are seeing real growth in our newer markets which is very rewarding. Our plan to fund disciplined loan growth with cash flow from the investment portfolio is playing out as anticipated. While the unrealized losses in our investment portfolio, due to market rate increases, have negatively affected our tangible book value like many in our industry, our balance sheet is positioned for higher profitability in a rising rate environment."
"Costs associated with the proxy contest from our former Chairman increased our operating costs again in the second quarter; excluding these costs, our performance was strong."
Consolidated Balance Sheet
Net loans increased $12.9 million, or 5.00%, as compared to December 31, 2021. Deposit balances were $520.8 million as of June 30, 2022, a decrease of $10.8 million from $531.6 million as of December 31, 2021. Non-interest bearing deposits decreased by $5.3 million and make up approximately 35.24% of total deposits. The decrease in cyclical municipal deposits contributed to a large portion of this decrease in deposits.
Capital ratios at the bank level remain well above the well-capitalized guidelines of the regulatory framework. Tangible book value continues to be negatively affected by the unrealized losses on the securities portfolio recorded in other comprehensive income due to market interest rate increases since the beginning of 2022.
Results of Operations
The continued increase in market rates and loan growth led to an 8.26% increase in net interest income in the first half of 2022 over the prior year's first half. Excluding PPP income for all quarters, net interest income increased by 14.8% for the first half of 2022 compared to the first half of 2021.
Non-interest income through the first half of 2022 was approximately $4.1 million, a decrease of 48.86% from the same period in the prior year, primarily driven by a gain from terminating an interest rate swap, gains from the sale of investments, and the sale of other real estate owned that occurred in the first half of 2021 and totaled approximately $3.8 million, pre-tax. As expected, going into 2022, with the increase in market rates, Farmers' share of our mortgage affiliate's income was decreased by 116.11% or $467 thousand.
Non-interest expense through June 30, 2022 increased 11.14% compared to the same period in 2021. The Company has invested in talent and new markets over the compared time periods. In addition, approximately $502 thousand in pre-tax expenses related to the dispute with our former Chairman, including legal, advisory, and compensation paid to former employees, were included in the first half of 2022, increasing non-interest expense in that period.
No provision for loan losses was added during the first half of 2022 or 2021. The Company considers local and national unemployment, housing and market trends when determining the estimated allowance. The allowance for loan losses was 2.18% of gross loans as of June 30, 2022.
Asset Quality
Non-performing assets, which consists of nonaccrual loans and other real estate owned remained consistent with $1.3 million at December 31, 2021 and $1.3 million at June 30, 2022. There was one loan added to nonaccrual status in the second quarter of 2022.
Loans are considered past due if the required principal and interest income have not been received as of the date such payments were due. As of June 30, 2022, loans greater than thirty days past due totaled $1.1 million, or 0.40% of total gross loans. This compared to $1.0 million, or 0.39% of total gross loans as of December 31, 2021.
About Farmers Bankshares, Inc.
Headquartered in Windsor, Virginia, Farmers Bankshares, Inc. is the holding company for Farmers Bank, Windsor, Virginia. Farmers Bank was founded in 1919 and is a community bank which operates eight branches and services areas throughout Tidewater Virginia. Additional information is available at the company's website, www.farmersbankva.com.
The common stock of Farmers Bankshares, Inc. trades on the OTC Pink Marketplace under the symbol FBVA. Any stockbroker can assist with purchase of the company's stock, as well as with sales of holdings.
1 Adjusted earnings (non-GAAP) calculated by removing gains on securities and the termination of an interest rate swap, a one-time gain on the sale of other real estate owned and the legal, advisory and compensation expenditures noted under the Results of Operations section.
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.wbtv.com/prnewswire/2022/07/28/farmers-bankshares-inc-reports-second-quarter-year-to-date-earnings/ | 2022-07-28T21:55:21Z | https://www.wbtv.com/prnewswire/2022/07/28/farmers-bankshares-inc-reports-second-quarter-year-to-date-earnings/ | false |
NEW YORK, July 28, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Burlington Stores, Inc. signed a full-floor expansion lease for an additional 34,591 square feet of office space formerly under lease to Uber. With this expansion, Burlington will occupy 102,898 square feet across three full floors at 1400 Broadway.
"We value our long-standing relationship with ESRT and are pleased to continue to expand our footprint at 1400 Broadway in New York City," stated Gayle Aertker, EVP store development, Burlington Stores. "As Burlington continues to grow, we appreciate ESRT's partnership."
Located along the Broadway Pedestrian Plaza, 1400 Broadway provides convenient access to nearby transportation, dining, lodging, and entertainment. Tenants benefit from ESRT's leadership in energy efficiency and premier indoor environmental quality – which includes MERV 13 filters and active bi-polar ionization – as well as a tenants-only lounge and a new town hall assembly space to be delivered late 2022.
"ESRT provides exceptional value in healthy, modernized, energy-efficient spaces which retain high-quality tenants like Burlington," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "We continue to benefit from the market's flight to quality with our premier amenity-rich portfolio."
Alan Desino of Colliers International represented Burlington in the lease negotiations. Scott Klau, Neil Rubin, and Erik Harris represented the property owner.
More information about 1400 Broadway can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors." Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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IRVINE, Calif., July 28, 2022 /PRNewswire/ -- Edwards Lifesciences (NYSE: EW) today reported financial results for the quarter ended June 30, 2022.
Second Quarter Highlights and Outlook
- Q2 sales of $1.37 billion were flat versus an elevated prior year; underlying1 sales grew 5 percent
- Q2 TAVR sales grew 1 percent; underlying 5 percent
- Q2 EPS was $0.65; adjusted1 EPS was $0.63
- Lowered second half underlying sales growth outlook to approximately 10 percent
- Expect strong double-digit adjusted EPS growth in the second half
- Repurchased $355 million of stock in Q2
"We continue to expect meaningful progress in 2022 on our pursuit of innovative therapies that address significant unmet patient needs. We grew sequentially in the second quarter despite persistent disruption within the healthcare system. Although hospital staffing remains uncertain, we continue to have confidence in our longer-term outlook," said Michael A. Mussallem, chairman and CEO. "We remain aggressive investors in research and development and clinical research and we look forward to sharing new, groundbreaking clinical trial results later this year."
Transcatheter Aortic Valve Replacement (TAVR)
In the second quarter, the company reported TAVR sales of $907 million, a year-over-year increase of 1 percent, or 5 percent on an underlying basis. Sales growth was limited by ongoing U.S. hospital staffing constraints, but still represented the company's highest quarter of TAVR sales. Globally, the company's local average selling prices and market position were stable. In the U.S., Edwards' TAVR sales were approximately flat with the elevated prior year, but increased in the high-single digit range sequentially.
Outside the U.S., in the second quarter, Edwards' underlying TAVR sales grew in the mid-teens on a year-over-year basis. The company continues to see excellent opportunities for international expansion as TAVR adoption remains low.
Edwards advanced two pivotal trials in the second quarter aiming to expand TAVR indications: the EARLY TAVR trial studying the large group of patients with severe aortic stenosis (AS) and no diagnosed symptoms, and the PROGRESS trial evaluating patients with moderate AS, which represents a group that is much larger than those with severe AS. Edwards also began treating patients in the ALLIANCE pivotal trial for the company's next-generation TAVR technology, the SAPIEN X4 system.
The company continues to estimate that the global TAVR opportunity will double to $10 billion by 2028, implying a low double-digit compounded annual growth rate.
Transcatheter Mitral and Tricuspid Therapies (TMTT)
Edwards continued to progress on three key value drivers for TMTT in the second quarter: a portfolio of differentiated therapies, positive pivotal trial results to support approvals and adoption, and favorable real-world clinical outcomes.
Second quarter TMTT sales were $28 million driven by the continued adoption of the company's PASCAL platform in Europe. The company remains on track for US FDA approval and CE Mark MDR approval of PASCAL Precision by year-end. This next generation system is designed to facilitate precise navigation and an intuitive user experience, extending Edwards' differentiated platform. The company remains on track for U.S. approval late this year of the PASCAL Precision platform for patients with degenerative mitral regurgitation. In addition, Edwards continues to pursue a late 2022 approval for the EVOQUE tricuspid valve replacement system in Europe under the new MDR process.
Edwards anticipates that the global TMTT opportunity will reach $5 billion by 2028. The company remains committed to transforming the treatment of patients with mitral and tricuspid valve disease around the world.
Surgical Structural Heart and Critical Care
Surgical Structural Heart sales for the quarter were $229 million, down 4 percent compared to the second quarter of 2021, or up 2 percent on an underlying basis. Growth was driven by increased penetration of the company's premium RESILIA products. The company experienced strong adoption of the MITRIS RESILIA mitral valve in the U.S. beginning with its launch in April. Building on the commercial success of the INSPIRIS aortic valve, the MITRIS valve offers intuitive product features as well as the benefits of the innovative RESILIA tissue technology.
Critical Care sales were $211 million for the quarter, down 2 percent versus the second quarter of 2021, or up 3 percent on an underlying basis. Sales growth was driven by increased adoption of the company's Hypotension Prediction Index algorithm, and its broad portfolio of sensors.
Additional Financial Results
For the quarter, the adjusted gross profit margin was 80.5 percent, compared to 75.9 percent in the same period last year. This improvement was driven by the higher-than-expected positive impact from the company's FX program, which includes natural hedges and hedge contract gains that offset the sales impact from the weakening of the euro and yen against the dollar.
Selling, general and administrative expenses in the second quarter were $409 million, or 29.8 percent of sales, compared to $374 million in the prior year. The year-over-year increase was primarily due to a resumption of in-person commercial activities, partially offset by the weakening of the euro and yen against the dollar.
Research and development expenses in the second quarter grew 11 percent to $251 million, or 18.3 percent of sales, compared to $225 million in the prior year. This increase was primarily the result of continued investments in Edwards' transcatheter innovations, including eight currently enrolling pivotal clinical trials.
Free cash flow for the second quarter was $289 million, defined as cash flow from operating activities of $332 million, less capital spending of $43 million.
Cash, cash equivalents and short-term investments totaled $1.5 billion as of June 30, 2022. During the second quarter, shares were repurchased through a pre-established 10b5-1 program totaling $355 million. In July, the company obtained Board approval to increase the authorization under the company's share repurchase program, consistent with its long-time practice of seeking new authorizations when the prior authorization has been diminished. Edwards currently has $1.9 billion remaining under the program.
Outlook
Primarily as a result of more pronounced FX headwinds and the slower than expected improvement in COVID-related hospital staffing, the company is lowering its guidance to more accurately reflect these challenges. The company expects approximately 10 percent underlying sales growth in the second half of the year. For total Edwards, the company now expects full year 2022 sales of $5.35 to $5.55 billion. For TAVR, $3.5 to $3.7 billion; for TMTT, $110 to $140 million; for Surgical Structural Heart, $870 to $950 million; and for Critical Care, $820 to $900 million. The company now expects full year adjusted EPS guidance at the bottom end of its original guidance range of $2.50 to $2.65, representing double-digit growth over 2021.
For the third quarter of 2022, the company projects total sales to be between $1.30 and $1.37 billion, and adjusted EPS of $0.58 to $0.66.
"Our strong foundation of technology leadership, combined with a robust pipeline, positions us well for continued success," said Mussallem. "As patients and clinicians increasingly recognize the significant benefits of transcatheter-based technologies, supported by the substantial body of compelling evidence, we remain as optimistic as ever about the long-term growth opportunities."
About Edwards Lifesciences
Edwards Lifesciences is the global leader of patient-focused innovations for structural heart disease and critical care monitoring. We are driven by a passion for patients, dedicated to improving and enhancing lives through partnerships with clinicians and stakeholders across the global healthcare landscape. For more information, visit Edwards.com and follow us on Facebook, Instagram, LinkedIn, Twitter and YouTube.
Conference Call and Webcast Information
Edwards Lifesciences will be hosting a conference call today at 2:00 p.m. PT to discuss its second quarter results. To participate in the conference call, dial (877) 704-2848 or (201) 389-0893. The call will also be available live and archived on the "Investor Relations" section of the Edwards web site at ir.edwards.com or www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as "may," "will," "should," "anticipate," "believe," "plan," "project," "estimate," "potential," "predict," "early clinician feedback," "expect," "intend," "guidance," "outlook," "optimistic," "aspire," "confident" or other forms of these words or similar expressions and include, but are not limited to, statements made by Mr. Mussallem, third quarter and full year 2022 financial guidance, statements regarding the TAVR and TMTT opportunity, statements regarding the RESILIA tissue technology, and the international adoption of TAVR, the compounded annual growth rate, statements regarding transforming patient treatment, approvals, clinical outcomes, adoption, and the information in the Outlook section. No inferences or assumptions should be made from statements of past performance, efforts, or results which may not be indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain, difficult to predict, and may be outside of the company's control. The company's forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the company does update or correct one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include risk and uncertainties associated with the COVID pandemic, clinical trial or commercial results or new product approvals and therapy adoption; unpredictability of product launches; competitive dynamics; changes to reimbursement for the company's products; the company's success in developing new products and avoiding manufacturing and quality issues; the impact of currency exchange rates; the timing or results of R&D and clinical trials; unanticipated actions by the U.S. Food and Drug Administration and other regulatory agencies; unexpected litigation impacts or expenses; and other risks detailed in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2021, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and its other filings with the SEC. These filings, along with important safety information about our products, may be found at edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, ALLIANCE, EARLY TAVR, EVOQUE, INSPIRIS, MITRIS, MITRIS RESILIA, PASCAL, PASCAL Precision, PROGRESS, RESILIA, SAPIEN, and SAPIEN X4 are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners. This statement is made on behalf of Edwards Lifesciences Corporation and its subsidiaries.
EDWARDS LIFESCIENCES CORPORATION
Non-GAAP Financial Information
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations). The Company uses the term "underlying" when referring to non-GAAP sales and sales growth information, which excludes currency exchange rate fluctuations. The Company uses the term "adjusted" to also exclude intellectual property litigation expenses, amortization of intangible assets, and fair value adjustments to contingent consideration liabilities arising from acquisitions.
Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.
Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.
Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the "Reconciliation of Sales by Product Group and Region."
Guidance for sales and sales growth rates is provided on an "underlying basis," and projections for diluted earnings per share, net income and growth, gross profit margin, taxes, and free cash flow are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.
Management considers free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by business operations, after deducting payments for capital expenditures, which can then be used for strategic opportunities or other business purposes including, among others, investing in the Company's business, making strategic acquisitions, strengthening the balance sheet, and repurchasing stock.
The items described below are adjustments to the GAAP financial results in the reconciliations that follow:
Intellectual Property Litigation Expenses, net - The Company incurred net intellectual property litigation expenses of $7.1 million and $6.4 million in the first quarter of 2022 and 2021, respectively, and $6.1 million and $2.4 million in the second quarter of 2022 and 2021, respectively.
Change in Fair Value of Contingent Consideration Liabilities, net - The Company recorded gains of $2.9 million and $4.5 million in the first quarter of 2022 and 2021, respectively, and $20.9 million and $102.6 million in the second quarter of 2022 and 2021, respectively, related to changes in the fair value of its contingent consideration liabilities arising from acquisitions.
Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of $1.7 million and $1.1 million in the first quarter of 2022 and 2021, respectively, and $1.2 million and $3.3 million in the second quarter of 2022 and 2021, respectively.
Provision for Income Taxes - The income tax impact of the expenses and gains discussed above is based upon the items' forecasted effect upon the Company's full year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.
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Apple iMac desktop gets updated with Intel chips
Apple Inc., following on last week’s debut of new iPhone models, updated its lineup of iMac desktop computers with faster Intel Corp. chips and more support for flash-memory storage.
The new iMacs will run fourth-generation, quad-core Intel processors and feature faster graphics, Cupertino, California-based Apple said in a statement. The computers, which go on sale today, also will work with a speedier version of the Wi-Fi connection standard and PCIe flash storage.
Apple’s wave of new products is helping assuage investor concerns that the company’s growth is slowing. The shares jumped 5 percent to $490.64 yesterday after the company said it sold 9 million iPhones in the new lineup’s debut weekend, a record. The iMac, once a top-selling product at Apple, has been eclipsed by the iPhone and iPad, though its all-in-one format remains a high-profile symbol of the company’s design.
“IMac continues to be the example that proves how beautiful, fast and fun a desktop computer can be,” Philip Schiller, Apple’s senior vice president of worldwide marketing, said in today’s statement.
Depending on the screen size, processor speed and other features, the new lineup ranges from $1,299 to $1,999, Apple said. It’s available with 21.5-inch and 27-inch screens. | https://www.newsday.com/business/technology/apple-imac-desktop-gets-updated-with-intel-chips-h44620 | 2022-07-28T21:58:49Z | https://www.newsday.com/business/technology/apple-imac-desktop-gets-updated-with-intel-chips-h44620 | true |
(WDAF/NEXSTAR) – Choco Taco fans were devastated earlier this week when Klondike announced it planned to stop selling the novelty ice cream product.
While some are scrambling to get their hands on just one more frozen summer treat, others are hoping to make some money off Klondike’s decision to discontinue the ice cream truck mainstay.
One woman, from Kansas City, Missouri, posted an ad on Airtasker. She said she would pay $150 for one of the final boxes of Choco Tacos around. They must be unopened and unmelted, and she’d also like “a box of tissues so we can cry” over the demise of the Choco Taco.
If you haven’t heard of Airtasker, it’s a website that allows people to post everyday tasks or chores. Other members then bid to complete the task and are paid for the job.
Bids have already been made on the job, with one person vowing to secure a box, “even if it takes running around the city. If there’s any left in KC, I’ll find them.”
Meantime, on auction sites like eBay, prices of Choco Tacos have reached dizzying highs.
As of Thursday, there were multiple listings of $1,000 or more for between two and 6 Choco Tacos, none of which were in their original box. For the lofty price, dry ice will be included to keep them frozen, the sellers advertised.
One listing hoped to excite the imagination with the description: “Sealed Klondike Choco Taco Shipped with Dry Ice – frozen GOLD.”
While there didn’t appear to be much interest at those valuations, a box of 22 garnered multiple bids and was already at $232.50 with seven days remaining in the auction.
While some held out hope that the loss of the Choco Taco might just be a mean-spirited publicity stunt, Klondike appears to be holding firm despite outside efforts to intervene.
The multi-millionaire co-founder of Reddit offered to buy the rights to Choco Taco, while Democratic Connecticut Senator Chris Murphy suggested using the Defense Production Act to ensure the frozen treat’s survival.
On Thursday, Klondike tweeted:
I want to address the rumors: I’m really being discontinued, it’s not a PR stunt. I knew you loved me, but not THIS much. While I reflect on this outpouring of support, we are discussing next steps, including what to do with the last 912 (we counted) tacos at HQ. Stay tuned… | https://www.localsyr.com/news/national/frozen-gold-choco-taco-prices-soar-on-resale-market/ | 2022-07-28T21:59:27Z | https://www.localsyr.com/news/national/frozen-gold-choco-taco-prices-soar-on-resale-market/ | true |
BERRYVILLE, Va., July 28, 2022 /PRNewswire/ -- Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, announced its second quarter 2022 results and quarterly dividend. On July 27, 2022, the Board of Directors announced a quarterly common stock cash dividend of $0.29 per common share, payable on August 19, 2022, to shareholders on record on August 8, 2022. Select highlights for the second quarter include:
- Net income of $4.0 million
- Return on average total assets of 1.16%
- Return on average total equity of 15.86%
- Basic and diluted earnings per share of $1.14
- Loan activity:
Brandon Lorey, President and CEO, stated, "The second quarter saw the Bank of Clarke produce outstanding loan growth coupled with very strong interest and non-interest income increases along-side continued core deposit growth. With record earnings of $4.0 million during the quarter and net loan growth just shy of $100.0 million, the Company continued its long-standing tradition of serving the community and putting the customer in the center of everything we do. Trust and Advisory services continued to provide strong results despite a tumultuous market and our marine and mortgage units delivered as promised. I am thrilled to announce a quarterly increase of $.01 in the EFSI dividend as we continue our long-standing tradition of sharing the organization's success with its shareholders. I would like to thank our staff for their tireless work in ensuring we are the trusted financial partners for all we serve in the Valley and Northern Virginia."
Income Statement Review
Net income for the quarter ended June 30, 2022 was $4.0 million reflecting an increase of 22.8% from the quarter ended March 31, 2022 and an increase of 32.9% from the quarter ended June 30, 2021. The increase from the quarters ended March 31, 2022 and June 30, 2021 was mainly driven by increased net interest income led by strong loan growth. Net income was $3.3 million for the three-month period ended March 31, 2022 and $3.0 million for the quarter ended June 30, 2021.
Net interest income for the quarters ended June 30, 2022 was $11.9 million reflecting an increase of 7.0% from the quarter ended March 31, 2022 and an increase of 19.4% from the quarter ended June 30, 2021. Net interest income was $11.1 million and $10.0 million for the quarters ended March 31, 2022 and June 30, 2021, respectively. The increase in net interest income from the quarters ended March 31, 2022 and June 30, 2021 resulted primarily from growth in the Company's loan portfolio.
Total loan interest income was $11.7 million and $10.6 million for the quarters ended June 30, 2022 and March 31, 2022, respectively. Total loan interest income was $9.7 million for the quarter ended June 30, 2021. Total loan interest income increased $1.9 million or 19.6% from the quarter ended June 30, 2021 to the quarter ended June 30, 2022. Average loans for the quarter ended June 30, 2022 were $1.07 billion compared to $875.8 million for the quarter ended June 30, 2021. The tax equivalent yield on average loans for the quarter ended June 30, 2022 was 4.36%, a decrease of 11 basis points from the 4.47% average yield for the same time period in 2021. The majority of this decrease in yield can be attributed to loans being originated at a rate lower than those that are paying off.
Interest and dividend income from the investment portfolio was $939 thousand for the quarter ended June 30, 2022 compared to $872 thousand for the quarter ended March 31, 2022. Interest income and dividend income from the investment portfolio was $649 thousand for the quarter ended June 30, 2021. The increase in interest and dividend income between the first and second quarters of 2022 resulted from the increase in yields on securities purchased during the first quarter of 2022. The increase in interest and dividend income between the quarters ended June 30, 2022 and June 30, 2021 resulted from the increase in yields on securities purchased during the first quarter of 2022 as well as the increase in the balance of the investment portfolio. Average investments for the quarter ended June 30, 2022 were $188.8 million compared to $198.0 million for the quarter ended March 31, 2022. Average investments were $175.5 million for the quarter ended June 30, 2021. The tax equivalent yield on average investments for the quarter ended June 30, 2022 was 2.04%, up 21 basis points from 1.83% for the quarter ended March 31, 2022 and up 49 basis points from 1.55% for the quarter ended June 30, 2021.
Total interest expense was $728 thousand for the three months ended June 30, 2022 and $370 thousand and $434 thousand for three months ended March 31, 2022 and June 30, 2021, respectively. The increase in interest expense resulted from the subordinated notes that the Company issued on March 31, 2022, which are currently paying a 4.5% fixed rate. The average cost of interest-bearing liabilities increased 17 and 11 basis points when comparing the quarter ended June 30, 2022 to the quarters ended March 31, 2022 and June 30, 2021, respectively. The average balance of interest-bearing liabilities increased $56.2 million from the quarter ended March 31, 2022 to the quarter ended June 30, 2022. The average balance of interest-bearing liabilities increased $138.4 million from the quarter ended June 30, 2021 to the same period in 2022.
The net interest margin was 3.70% for the quarter ended June 30, 2022. For the quarters ended March 31, 2022 and June 30, 2021, the net interest margin was 3.61% and 3.56%, respectively. The Company's net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company's net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 21%.
Noninterest income was $3.8 million for the quarter ended June 30, 2022, which represented an increase of $606 thousand or 18.7% from the $3.2 million for the three months ended March 31, 2022. The majority of this increase was due to distributions of income from investments in small business investment companies (SBICs) during the second quarter of 2022. Noninterest income for the quarter ended June 30, 2021 was $2.7 million. In addition to distributions of SBIC income, the $1.2 million increase between the quarters ended June 30, 2022 and June 30, 2021 was driven by several factors including income from fiduciary activities which increased $487 thousand or 84.7% due to an increase in assets under management.
Noninterest expense increased $605 thousand, or 6.1%, to $10.5 million for the quarter ended June 30, 2022 from $9.9 million for the quarter ended March 31, 2022. Legal expenses were higher during the second quarter of 2022 primarily from the expansion of the Bank's wealth management business line and also its build out of the marine lending division. Noninterest expense was $8.7 million for the quarter ended June 30, 2021, representing an increase of $1.8 million or 20.6% when comparing to the quarter ended June 30, 2022 to the quarter ended June 30, 2021. In addition to increased legal expenses during this period, an increase in salaries and benefits expenses was also noted between the second quarter of 2022 when compared to the same period in 2021. Annual pay increases, newly hired employees, incentive plan accruals and increased insurance costs have attributed to these increases. The number of full-time equivalent employees (FTEs) has increased from 213 at June 30, 2021, to 227 at June 30, 2022.
Asset Quality and Provision for Loan Losses
Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets decreased from $2.6 million or 0.19% of total assets at March 31, 2022 to $2.1 million or 0.15% of total assets at June 30, 2022. Nonperforming assets were $5.4 million at June 30, 2021. Total nonaccrual loans were $2.0 million at June 30, 2022 and $2.6 million at March 31, 2022. Nonaccrual loans were $4.4 million at June 30, 2021. The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans. Other real estate owned was at zero at June 30, 2022 and March 31, 2022.
The Company may, under certain circumstances, restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress. Formal, standardized loan restructuring programs are not utilized by the Company. Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision. Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans. At June 30, 2022, the Company had 21 troubled debt restructurings totaling $3.4 million. Approximately $3.2 million or 19 loans are performing loans, while the remaining loans are on non-accrual status. At March 31, 2022, the Company had 17 troubled debt restructurings totaling $2.6 million. Approximately $2.5 million or 15 loans were performing loans, while the remaining loans were on non-accrual status.
The Company realized $172 thousand in net recoveries for the quarter ended June 30, 2022 versus $12 thousand in net charge-offs for the three months ended March 31, 2022. During the three months ended June 30, 2021, $58 thousand in net recoveries were recognized. The amount of provision for loan losses reflects the results of the Bank's analysis used to determine the adequacy of the allowance for loan losses. The Company recorded a provision for loan losses of $360 thousand for the quarter ended June 30, 2022. The Company recognized provision for loan losses of $540 thousand and $284 thousand for the quarters ended March 31, 2022 and June 30, 2021, respectively. The provision for the quarters ended June 30, 2022, March 31, 2022 and June 30, 2021 resulted mostly from loan growth during the quarter. The ratio of allowance for loan losses to total loans was 0.88% at June 30, 2022 and 0.91% at March 31, 2022. The ratio of allowance for loan losses to total loans was 0.92% at June 30, 2021. Excluding outstanding PPP loans, the allowance for loan losses as a percentage of total loans was 0.88% at June 30, 2022, 0.92% at March 31, 2022 and 0.98% as June 30, 2021. The ratio of allowance for loan losses to total nonaccrual loans was 488.85% at June 30, 2022. The ratio of allowance for loan losses to total nonaccrual loans was 357.47% and 182.71% at March 31, 2022 and June 30, 2021, respectively. Management's judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower's ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects the risk inherent in the loan portfolio.
Total Consolidated Assets
Total consolidated assets of the Company at June 30, 2022 were $1.40 billion, which represented an increase of $28.2 million or 2.1% from total assets of $1.37 billion at March 31, 2022. At June 30, 2021 total consolidated assets were $1.22 billion. Total net loans increased $98.8 million from $1.01 billion at March 31, 2022 to $1.11 billion at June 30, 2022. During the quarter, $6.0 million in SBA PPP loans were forgiven or paid down and $40.7 million in loans were sold. The Company sold $5.0 million in mortgage loans on the secondary market and $35.7 million of loans from the commercial and consumer loan portfolios. These loan sales resulted in gains of $271 thousand. Total securities decreased $13.4 million from $194.6 million at March 31, 2022, to $181.2 million at June 30, 2022. At June 30, 2021 total investment securities were $177.5 million and net loans were $869.3 million. The growth in total loans and total assets was largely due to organic loan portfolio growth as the Company expands lending types and markets.
Deposits and Other Borrowings
Total deposits remained stable at $1.23 billion as of June 30, 2022 when compared to March 31, 2022. At June 30, 2021 total deposits were $1.10 billion. The growth in deposits between June 30, 2021 and June 30, 2022 was mainly organic growth as the Company continues to expand and grow into newer market areas.
The Company had no outstanding borrowings from the Federal Home Loan Bank of Atlanta at June 30, 2022, December 31, 2021 or June 30, 2021. At June 30, 2022 the Company had $28.6 million outstanding in fed funds purchased.
On March 31, 2022, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and accredited institutional investors, pursuant to which the Company issued 4.50% Fixed-to-Floating Rate Subordinated Notes due 2032, in the aggregate principal amount of $30.0 million. The Company intends to use the net issuance proceeds for general corporate purposes, including a capital contribution to its wholly owned subsidiary, Bank of Clarke County, to support its continued organic growth.
Equity
Shareholders' equity was $99.5 million and $102.1 million at June 30, 2022 and June 30, 2022, respectively. Shareholders' equity was $107.6 million at June 30, 2021. The decrease in shareholder's equity at June 30, 2022 was driven by the other comprehensive loss from the unrealized loss on available for sale securities. The book value of the Company at June 30, 2022 was $28.58 per common share. Total common shares outstanding were 3,481,188 at June 30, 2022. On July 27, 2022, the board of directors declared a $0.29 per common share cash dividend for shareholders of record as of August 8, 2022 and payable on August 19, 2022.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this discussion may include "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 relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the effects of the COVID-19 pandemic, including on the Company's credit quality and business operations, as well as its impact on general economic and financial market conditions; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company's loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; acquisitions and dispositions; the Company's ability to keep pace with new technologies; a failure in or breach of the Company's operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company's capital and liquidity requirements; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission.
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COLUMBUS, Ohio, July 28, 2022 /PRNewswire/ -- Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2022. Provided below are the highlights:
- Reported sales increased 6% compared with the prior year. In local currency, sales increased 10% in the quarter as currency reduced sales growth by 4%.
- Net earnings per diluted share as reported (EPS) were $9.29, compared with $7.85 in the prior-year period. Adjusted EPS was $9.39, an increase of 16% over the prior-year amount of $8.10. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.
Second Quarter Results
Patrick Kaltenbach, President and Chief Executive Officer, stated, "We reported strong second quarter results as our team executed very well on our growth strategies and successfully navigated global supply chain challenges. Sales growth in our Laboratory and Core Industrial businesses was robust. We are particularly pleased with our very good growth in China. Excellent sales growth combined with good margin improvement drove very strong growth in EPS despite adverse foreign currency."
GAAP Results
EPS in the quarter was $9.29, compared with the prior-year amount of $7.85.
Compared with the prior year, total reported sales increased 6% to $978.4 million. By region, reported sales increased 11% in the Americas, decreased 7% in Europe and increased 10% in Asia/Rest of World. Earnings before taxes amounted to $256.7 million, compared with $230.4 million in the prior year.
Non-GAAP Results
Adjusted EPS was $9.39, an increase of 16% over the prior-year amount of $8.10.
Compared with the prior year, total sales in local currency increased 10% as currency reduced sales growth by 4%. By region, local currency sales increased 12% in the Americas, 4% in Europe and 14% in Asia/Rest of World. Adjusted Operating Profit amounted to $285.4 million, a 12% increase from the prior-year amount of $255.3 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
Six Month Results
GAAP Results
EPS was $16.84, compared with the prior-year amount of $14.17.
Compared with the prior year, total reported sales increased 9% to $1,876.2 million. By region, reported sales increased 14% in the Americas, decreased 2% in Europe and increased 12% in Asia/Rest of World. Earnings before taxes amounted to $469.7 million, compared with $415.8 million in the prior year.
Non-GAAP Results
Adjusted EPS was $17.25, an increase of 18% over the prior-year amount of $14.66.
Compared with the prior year, total sales in local currency increased 12% as currency reduced sales growth by 3%. By region, local currency sales increased 14% in the Americas, 7% in Europe and 15% in Asia/Rest of World. Adjusted Operating Profit amounted to $526.7 million, a 13% increase from the prior-year amount of $465.9 million.
Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.
Outlook
The Company stated that forecasting continues to be challenging. Management cautions that market conditions are dynamic and changes to the business environment can happen quickly. There is uncertainty in the economic environment today including challenges in the global supply chain, inflationary pressures, unfavorable foreign currency, and the potential impacts of COVID-19 and the war in Ukraine. The estimates include uncertainty and management acknowledges that market conditions are subject to change.
The Company said that based on its assessment of market conditions today, management anticipates local currency sales growth in 2022 will be between 9% and 10%. This sales growth is expected to result in Adjusted EPS in the range of $38.85 to $39.05, which represents a growth rate of 14% to 15%. This compares with previous local currency sales guidance of approximately 8% and Adjusted EPS guidance of $38.20 to $38.50. Management notes that current foreign exchange rates represent a greater headwind to Adjusted EPS in the second half of 2022 compared with previous guidance.
Based on today's assessment of market conditions, management anticipates local currency sales growth for the third quarter of 2022 will be approximately 8%, and Adjusted EPS is forecasted to be $9.75 to $9.85, a growth rate of 12% to 13%. Included in the third quarter guidance is an estimated 6% headwind to Adjusted EPS growth due to adverse currency.
While the Company has provided an outlook for local currency sales growth and Adjusted EPS, it has not provided an outlook for reported sales growth or EPS as it would require an estimate of currency exchange fluctuations and non-recurring items, which are not yet known.
Conclusion
Kaltenbach concluded, "Our culture of agility and focused execution have allowed us to capitalize on favorable market demand and navigate challenging supply chain and inflationary conditions. We will continue to leverage our best-in-class Spinnaker sales and marketing initiatives and excellent product portfolio to identify and target profitable growth opportunities. Our sales growth combined with our margin initiatives will continue to drive margin expansion and robust earnings growth in 2022 and beyond."
Other Matters
The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, July 29) at 7:00 a.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company's website at www.mt.com/investors. The presentation referenced in the conference call will be located on the website prior to the call.
METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control and manufacturing processes for customers in a wide range of industries including life sciences, food and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.
Forward-Looking Statements Disclaimer
You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth and long-term impacts of the COVID-19 pandemic and recent developments in Ukraine. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or "continue." We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, customer demand, our competitive position, pricing, our supply chain, adequacy of our facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, planned research and development efforts and product introductions, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of the COVID-19 pandemic and recent developments in Ukraine on our businesses. Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including the uncertain duration and severity of the COVID-19 pandemic and recent developments in Ukraine. See in particular "Factors Affecting Our Future Operating Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the SEC from time to time.
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SOURCE Mettler-Toledo International Inc. | https://www.wbay.com/prnewswire/2022/07/28/mettler-toledo-international-inc-reports-second-quarter-2022-results/ | 2022-07-28T22:02:46Z | https://www.wbay.com/prnewswire/2022/07/28/mettler-toledo-international-inc-reports-second-quarter-2022-results/ | false |
NEW YORK (AP) — The New York Yankees acquired All-Star outfielder Andrew Benintendi from the Kansas City Royals for three minor league pitchers on Wednesday night in what could be the first in a flurry of moves ahead of next week’s trade deadline.
The AL East leaders sent right-handers Chandler Champlain and Beck Way to the Royals along with left-hander T.J. Sikkema.
A 28-year-old left-handed hitter, Benintendi was among 10 Royals who missed a four-game series at Toronto from July 14-17 because he was not vaccinated. Benintendi lost $186,813 of the $8.5 million salary he won in an arbitration case against the Royals.
New York believes he is amenable to getting vaccinated. No Yankees missed earlier trips to Toronto this season, and the Yankees have a three-game series there from Sept. 26-28.
Benintendi is hitting .320 with three homers, 39 RBIs and a .788 OPS. He won a Gold Glove in left field last year, and he hasn’t made an error this season, earning his first All-Star selection.
Benintendi, who is eligible for free agency after this season, gives the Yankees another outfield option alongside Aaron Judge and Aaron Hicks.
Giancarlo Stanton, who has played 38 games in the outfield. is expected to miss at least two-to-three weeks after going on the injured list this week with left Achilles tendinitis. Joey Gallo is hitting .161 with 103 strikeouts in 230 at-bats, becoming a frequent target of fan boos.
New York has increasingly used 36-year-old Matt Carpenter in the outfield, where he had not played since 2014.
Yankees manager Aaron Boone disputed the notion that the Yankees have too many power hitters in their lineup. Benintendi should improve a team that is batting .214 left-handed and .258 right-handed.
“We’ve got savages in the lineup, and really good hitters. Benitendi’s a great hitter, gets on base at a really high clip, hits from the left side, so, yeah, gives you some balance,” Boone said after Wedesday night’s 3-2 loss at the Mets and just before the trade was announced.
“So if we get him, that’s another really good big league hitter to add to the mix that’s going to lengthen out a lineup and potentially give you that balance you look for. So if we get him, I’ll be excited to write his name in,” he said.
On Wednesday, Benintendi went 1 for 4 in Kansas City’s 4-0 loss to the Angels. On Thursday night, the Royals open a series at Yankee Stadium.
Benintendi has a .261 average with seven homers and 20 RBIs in 30 games at Yankee Stadium. He finished second to Judge in 2017 AL Rookie of the Year voting and won a World Series title with Boston the following year.
“It will be definitely a big piece to what we got going on here … Any time you bring him into this type of culture we got, it’s always a plus and kind of a boost of energy,” Judge said. “Adding a guy like that will definitely give us a little pump up, that’s for sure. And I think he’s going to fit right in.”
Champlain, 23, was a ninth-round draft pick last year and was 2-5 with a 4.30 ERA in 15 starts and one relief appearance at Class A Tampa.
Sikkema, 24, was taken in competitive balance round A of the 2019 draft and was 1-1 with a 2.48 ERA in 10 starts and one relief appearance at Class A Hudson Valley.
Way, 22, was a fourth-round pick two years ago and was 5-5 with a 3.73 ERA in 15 starts at Hudson Valley.
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More AP MLB coverage: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports | https://www.kxnet.com/sports/yankees-get-of-benintendi-from-royals-for-3-minor-leaguers/ | 2022-07-28T22:05:29Z | https://www.kxnet.com/sports/yankees-get-of-benintendi-from-royals-for-3-minor-leaguers/ | false |
BUDAPEST, Hungary (AP) — Max Verstappen supports banning abusive fans from races, but the reigning Formula One champion believes drivers have limited influence in curbing the boorish behavior seen at recent events.
Verstappen called on F1 and race promoters to implement stronger deterrents to the unruliness in the grandstands.
Abusive behavior from spectators overshadowed the Austrian Grand Prix two weeks ago and fans — particularly women — used social media to make F1 aware of rampant harassment, sexism, racism, and homophobia.
Verstappen’s Red Bull teammate Sergio Perez called for lifetime bans and team principal Christian Horner agreed that a zero tolerance policy is needed. Verstappen on Thursday told The Associated Press that increased security can help.
But when asked if Verstappen could directly calm fans himself, he pushed responsibility onto F1 and called for heightened security.
“I think that also needs to be up to the F1 organization, because they are the ones hosting and working together with the promoter to allow people in,” Verstappen told AP inside Red Bull’s motorhome at the Hungarian Grand Prix.
“I’m not in control of what fans are doing. It’s the same with any sport, you’re not in control of what the fans are going to do. But if you have a lot of security around, (they) might influence what people are doing in the grandstands. This is not only up to the drivers. It’s not only Austria, I think it’s happened all over the place.”
Verstappen believes the poor behavior of late is a deeper societal problem.
“You can put a lot of things in place, but at the end of the day it all comes down to education from a younger age: where you grew up, where you went to school,” Verstappen said. “That’s where it also already starts, because I don’t think these people got motivated by what we’re doing (in F1) to do these kind of things.
“This is something which has started from a younger age, and this is what they think is fine.”
He said banning fans from attending future races is “a strong penalty and I fully agree with that. But will you fully change that person? Probably not.”
Verstappen drew a parallel with bad behavior at F1 races to rowdy soccer fans, and said social media platforms should do “a lot more” to stem online abuse.
“It’s the same in football where people get stadium bans, that doesn’t mean that someone in five years’ time won’t do it again,” said Verstappen said. “They might risk a stadium ban, (because) some people just don’t think, or just do what they like.”
There is a month-long summer break after the Hungarian Grand Prix before a doubleheader in Belgium and the Netherlands. Those two races, like Austria, will be packed with legions of orange-shirted Verstappen fans dubbed “The Orange Army.”
Verstappen was asked earlier Thursday if he was concerned it is his supporters misbehaving, but he doesn’t think the Orange Army was responsible for all the issues in Austria.
“I think in general they all behave quite well, just a few individuals didn’t,” he said.
Verstappen, winner of seven of the first 12 races this season, has a 63-point lead over Charles Leclerc of Ferrari headed into Sunday’s race. The 24-year-old has tallied 27 career victories, but with a decade or more of racing potentially in his future, he could be eyeing Lewis Hamilton’s mark of 103 victories and the record seven championships shared by Hamilton and Michael Schumacher.
“You need a bit of luck, to be at the right team at the right time for a long time to be incredibly successful,” he said. “Of course (Hamilton’s) an amazing driver, arguably one of the best ever. But you need to have the team to be that dominant.”
Verstappen’s dramatic title win last year, where he passed Hamilton on the last lap, increased his huge popularity at home. But it didn’t change how he approaches his craft, which he learned from his father, former F1 driver Jos Verstappen.
“It’s great to have that support, but I know I’ll try to do my best anyway. That’s how I grew up, that’s how my dad always worked with me,” he said. “You have to look at yourself after the race weekend: ‘Did I extract everything I could out of it?’
“It doesn’t matter if you have millions of followers or not, you have to look at yourself first. They don’t put any extra pressure on me to perform.”
___
More AP auto racing: https://apnews.com/hub/auto-racing and https://twitter.com/AP_Sports | https://www.cbs42.com/sports/ap-exclusive-verstappen-says-drivers-limited-in-taming-fans/ | 2022-07-28T22:06:10Z | https://www.cbs42.com/sports/ap-exclusive-verstappen-says-drivers-limited-in-taming-fans/ | false |
WATCH: Vets work with plumber to rescue poodle stuck in drain
FORT LAUDERDALE, Fla. (WSVN) – It’s not uncommon for dogs to hate baths, but a dog in Florida has a good reason to protest.
Rocco the poodle spent 16 hours stuck in a tub after his paw got stuck in a drain.
Rocco’s owner, Margo Blake, had given him a bath in her tub Tuesday night when he’d gotten his paw stuck in the drain.
When Blake tried to take him out of the tub, she said she couldn’t get him out.
“It was frightening, it was scary because it’s like you’re helpless,” she said, “I was calling different vets and people thought I was joking, like, ‘My dog’s paw,’ they were like ‘click.’”
But Alison Birken, a veterinarian at Victoria Park Animal Hospital, believed her.
“We said, ‘Of course, let’s get out there and see what we can do,’” she said.
Blake also called a plumber, and “Operation: Rescue Rocco” was on.
“The drain has almost like a wheel of metals, and it got stuck between almost a circular metal piece,” Birken said.
The vets gave Rocco a sedative to try to put him to sleep so they could get him out without much struggling, while the plumbers tried to go in from the side by exposing the pipes.
That unfortunately didn’t work, so they had to dig the drain out.
Vet tech supervisor Brittnne Bennett said the dog’s toes were stuck in the little ring center where the stopper goes in.
When they got Rocco’s paw removed, they still had to remove the actual piece of the drain from him.
About 16 hours after his ordeal began, Rocco was freed and recuperating.
While he relaxes, the humans are left feeling pretty good.
“Today was great. This is what I live for,” Bennett said. “It’s community. It really is community. Everybody’s intention was to rescue Rocco.”
Birken said this was the first time she helped an animal out of a drain in all of her time as a vet.
While Rocco continues his recovery, Blake’s only remaining problem is fixing her tub.
Copyright 2022 WSVN via CNN Newsource. All rights reserved. | https://www.wibw.com/2022/07/28/watch-vets-work-with-plumber-rescue-poodle-stuck-drain/ | 2022-07-28T22:06:26Z | https://www.wibw.com/2022/07/28/watch-vets-work-with-plumber-rescue-poodle-stuck-drain/ | true |
INDIANAPOLIS — On Tuesday, according to attorney Kathleen DeLaney of DeLaney & DeLaney LLC, Dr. Caitlin Bernard received six “consumer complaint” notices from Indiana Attorney General Todd Rokita (R).
Bernard is the Indianapolis-based OB-GYN who recently made headlines after reports that she provided an abortion to a 10-year-old rape victim from Ohio. She is represented by DeLaney.
On Thursday, DeLaney released the following statement about the complaints.
“On July 26, the Office of the Indiana Attorney General sent six separate letters to Dr. Bernard initiating investigations of ‘consumer complaint’ forms. Each complaint form confirms that the person had no interaction with Dr. Bernard. The six complaints came from individuals who are residents of California, Kentucky, Missouri, Ohio and Indiana. None of the complaints came from a ‘consumer’ who purchased any goods or services from Dr. Bernard or even from a person who has had direct communication with Dr. Bernard. The complaints are riddled with inaccuracies and rely on no first-hand knowledge. For example, one of the complaints lists a phone number for Dr. Bernard as 555-555-5555. At least one of the six people submitting a complaint has a significant criminal history.
“Unfortunately, Indiana Attorney General Todd Rokita continues to use his office to try and intimidate Dr. Caitlin Bernard. We urge Mr. Rokita to stop wasting taxpayer money and our time on his nonsensical campaign against Dr. Bernard for doing her job as a physician properly and in accordance with the law.”
Kathleen DeLaney
Dr. Bernard filed a Notice of Tort Claim against Rokita and the Office of the Indiana Attorney General for false and defamatory statements made against her.
According to DeLaney, her office continues to explore legal remedies to hold Rokita accountable.
TOP STORIES: Mass shooting at Greenwood Park Mall leaves multiple dead, injured | What we know about the armed civilian who killed Greenwood gunman | Married Indianapolis couple among those killed in Greenwood Park Mall mass shooting | Toddler killed in hit-and-run crash near Clearwater Village Shopping Center | Greenwood Park Mall mass shooting: First victim had a gun, no time to use it | https://www.wrtv.com/news/state-news/ag-rokita-files-consumer-complaint-notice-to-dr-caitlyn-bernard-attorney-disputes-claims | 2022-07-28T22:07:12Z | https://www.wrtv.com/news/state-news/ag-rokita-files-consumer-complaint-notice-to-dr-caitlyn-bernard-attorney-disputes-claims | true |
WASHINGTON (NEXSTAR) — A bill to expand healthcare coverage for veterans exposed to toxins and burn pits during service was stalled in the Senate. Some lawmakers and advocates are furious.
“There’s no excuse, it’s total B.S.,” Sen. Kirsten Gillibrand (D-N.Y.) said.
Frustrated by a reversal of support in the Senate, Gillibrand and activist Jon Stewart called out Republicans who stood in the way of healthcare coverage for veterans injured by burn pits.
“Boy, they haven’t met a war they won’t sign up for and they haven’t met a veteran they won’t screw over,” Stewart said.
“Senator Toomey decides he wants to rewrite the bill, change the rules, and tank it,” Gillibrand said.
Sen. Pat Toomey (R-Penn.) says he can’t support the bill.
“It’s about a budget gimmick that’s designed to allow hundreds of billions of dollars in additional unrelated spending, having nothing to do with veterans,” Toomey said.
Ultimately, 25 Republicans who supported a previous version of the bill, voted against it. But Gillibrand isn’t buying their argument.
“How does this happen? How do you change your mind right when you’re about to make a law that’s gonna save lives,” Gillibrand asked.
Eight Republicans voted in support of the legislation, including Sen. Shelley Moore Capito (R-W.Va.).
“I’m hoping that they resolve these issues and we can get this finished by the time we leave for August,” Capito said.
But until that happens, veteran’s advocates say those Republican senators aren’t being honest.
“Every single one has pictures with veterans on their Facebook pages, on their websites. Well screw that, they don’t support veterans,” Susan Zeier, Mother-In-Law to Sgt. Heath Robinson, said.
These activists are demanding the Senate delay its August recess until this bill is passed. | https://www.wearegreenbay.com/washington/washington-dc/democrats-activists-frustrated-as-25-republicans-flip-vote-for-burn-pits-bill-stalling-legislation/ | 2022-07-28T22:07:48Z | https://www.wearegreenbay.com/washington/washington-dc/democrats-activists-frustrated-as-25-republicans-flip-vote-for-burn-pits-bill-stalling-legislation/ | true |
Continuing the luxury brand's expansion in the U.S., the high-end property will debut in 2023 as Long Beach's first luxury boutique hotel, restoring one of California's most storied properties to its original grandeur
TORONTO, July 28, 2022 /PRNewswire/ -- Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Long Beach-based investment and development group Pacific6, today announced the redevelopment of the iconic Breakers Hotel in Long Beach, California. A timeless feature of the Long Beach skyline, Fairmont The Breakers, Long Beach has a character and soul all its own. Originally opened in the roaring twenties as a lavish hotel on the waterfront, The Breakers was a sought-after destination for celebrities and dignitaries, including Elizabeth Taylor, Cary Grant, Babe Ruth and Clark Gable, among other Hollywood stars. The historic property is currently undergoing a significant restoration and redevelopment, and is slated to reopen in 2023 as Long Beach's first luxury boutique hotel.
The reimagined Fairmont The Breakers, Long Beach will feature high-end accommodations and amenities, including 185 boutique hotel rooms and suites; a rooftop pool and terrace overlooking the Terrace Theater Plaza; an open-air rooftop lounge and bar with 360-degree views of the Pacific Ocean and Los Angeles basin; a lavish two-story spa, wellness and fitness center; a live jazz club and music lounge; and more than 12,000 square feet of flexible indoor and outdoor meeting and function space. The hotel's culinary program will include five innovative food & beverage venues, including the reopening of the famed Sky Room restaurant.
"We are honored to play a role in the exciting redevelopment of Fairmont The Breakers, Long Beach. Fairmont and Accor are committed to growing our unique collection of hotels in the region, and we are thrilled to add this landmark property to our North American portfolio," said Heather McCrory, CEO, Accor North & Central America. "Fairmont is renowned for the brand's iconic, history-making properties, and The Breakers now becomes a part of that global legacy. The project will set the standard for luxury hospitality in Long Beach, bringing to life a vibrant and thriving destination appealing to locals and visitors alike. The timing is also ideal to add a third standout Fairmont property in Los Angeles, in advance of the FIFA World Cup in 2026 and Summer Olympics in 2028."
With more than 80 locations around the globe, and a record-breaking pipeline under development, Fairmont boasts some of the most renowned hotel addresses in the world, including The Plaza in New York City and The Savoy in London, both Fairmont managed hotels. Fairmont The Breakers, Long Beach joins a growing collection of luxury properties in California, including the recently reimagined Fairmont Century Plaza in Los Angeles; seaside standout Fairmont Miramar in Santa Monica; Forbes 5-star triple threat Fairmont Grand Del Mar in San Diego; historic Bay icon Claremont Club & Spa, A Fairmont Hotel; and the brand's original hotel, flagship Fairmont San Francisco. Other notable properties that will soon join the exceptional Fairmont brand portfolio include Fairmont La Paz Puerta Cortés Resort and Residences in Mexico, Fairmont Phoenix and Fairmont Orlando. Fairmont hotels are a place of occasion, offering world-class dining, luxurious rooms, thoughtful service and unforgettable experiences in beautiful locations.
"The Breakers is an iconic piece of our city's history and I couldn't be more excited to see it restored to a world-class hotel," said Long Beach Mayor Robert Garcia. "Having a company and brand like Fairmont Hotels in Long Beach speaks to the strength of our local economy and I'm looking forward to the opportunities this partnership will bring to the city."
"Pacific6 invested in The Breakers out of love and a desire to restore one of Long Beach's most storied properties to its original grandeur, and a drive to create the most memorable, high-end luxury hotel in one of the city's most sought-after locations," said John Molina, Founding Partner of Pacific6. "Fairmont has a long and successful history in operating luxury hotels and is the perfect partner to bring The Breakers, Long Beach to life. We are excited to work together as we return this historic landmark to its former glory."
Fairmont The Breakers, Long Beach is located on Ocean Boulevard in the city of Long Beach, which serves as a major destination for tourism and other leisure travel as well as a hub for regional commercial activity. The area is known for its waterfront attractions, such as the RMS Queen Mary and the Aquarium of the Pacific, and boasts cultural charms such as Restaurant Row on Pine Avenue and the East Village Arts District. The hotel is adjacent to the Long Beach Convention Center and is a short walk from the Metro Blue Line station, which connects downtown Long Beach to downtown Los Angeles via rail.
"Fairmont's presence in Long Beach allows us to grow both our convention and pleasure travel markets. Previously, certain conventions were not able to choose our destination because we were unable to offer a luxury boutique hotel. In addition, today's travel segment of people looking for unique, intimate, luxury experiences has also grown dramatically," said Steve Goodling, President & CEO of the Long Beach Convention & Visitors Bureau. "Fairmont answers the needs of both of these sectors for us and will help Long Beach continue to grow in its tourism marketing and sales."
The project will bring together a world-class team of architects and designers to develop a stunning luxury hotel. The property's renovation will be a major economic benefit to Long Beach, providing employment opportunities to more than 1,500 during the redevelopment, and more than 230 hospitality jobs upon reopening.
Fairmont is part of Accor, the second largest operator of luxury hotels in the world. Additional luxury brands in the Accor portfolio include Raffles, Orient Express, Sofitel, and many more. Upon its opening, Fairmont The Breakers, Long Beach will join ALL - Accor Live Limitless, Accor's award-winning lifestyle loyalty program.
About Fairmont
Fairmont Hotels & Resorts is where the intimate equally coexists with the infinite–an unrivaled portfolio of more than 80 extraordinary hotels where grand moments of life, heartfelt pleasures and personal milestones are celebrated and remembered long after any visit. Since 1907, Fairmont has created magnificent, meaningful and unforgettable hotels, rich with character and deeply connected to the history, culture and community of its destinations–places such as The Plaza in New York City, The Savoy in London, Fairmont San Francisco, Fairmont Banff Springs in Canada, Fairmont Peace Hotel in Shanghai, and Fairmont The Palm in Dubai. Famous for its engaging service, awe-inspiring public spaces, locally inspired cuisine, and iconic bars and lounges, Fairmont also takes great pride in its pioneering approach to hospitality and leadership in sustainability and responsible tourism practices. Fairmont is part of Accor, a world leading hospitality group counting over 5,300 properties throughout more than 110 countries, and a participating brand in ALL – Accor Live Limitless – a lifestyle loyalty program providing access to a wide variety of rewards, services and experiences.
fairmont.com | all.accor.com | group.accor.com
About Pacific6 Enterprises
Pacific6 is a Long Beach, California-based investment and development partnership, capitalized at $200 million, that seeks projects offering unique potential for economic and social advancement, and which will have a positive and lasting impact on people and their communities. Since its founding, the company has invested its resources in numerous socially conscious projects, including the renovation and revitalization of historic landmark properties, green initiatives to address climate change, aquaculture ventures to sustainably feed future generations, medical technologies to assist with current and future pandemics, independent media agencies to provide hyperlocal journalism, and more.
Media Relations Contacts
Brandon Dowling
Pacific6 Enterprises
Phone: 661.435.9062
Email: brandon.dowling@pacificsix.com
Samantha Mehlinger
Long Beach Convention & Visitors Bureau
Phone: 562.896.3290
Email: SamanthaM@longbeachcvb.org
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SOURCE Long Beach Convention & Visitors Bureau; Fairmont Hotels & Resorts; Pacific 6 Enterprises | https://www.wibw.com/prnewswire/2022/07/28/fairmont-hotels-amp-resorts-announces-signing-fairmont-breakers-long-beach/ | 2022-07-28T22:08:21Z | https://www.wibw.com/prnewswire/2022/07/28/fairmont-hotels-amp-resorts-announces-signing-fairmont-breakers-long-beach/ | true |
WARSAW, July 29 — Iga Swiatek’s victorious homecoming continued with a 6-3, 6-2 defeat of lucky loser Gabriela Lee to reach the Poland Open quarter-finals on Thursday.
The world number one defeated her 146th-ranked Romanian opponent to extend her clay run to 18 wins, and putting her overall record for 2022 at 48-4.
French Open champion Swiatek has not lost a match on clay since the 2021 Roland Garros quarter-finals.
Swiatek broke in the seventh game for 4-3, taking advantage of a double fault from Lee with the Romanian failing to make the most of her break point chance when trailing 4-1 in the second set.
Swiatek hit 25 winners to three for her rival and will next face fifth seed Caroline Garcia for a place in the semi-finals.
The Frenchwoman defeated Elisabetta Cocciaretto 6-3, 7-5 having also eliminated the Italian in Palermo last week.
Ukraine’s Kateryna Baindl advanced after Italy’s Sara Errani retired trailing 6-2, 3-0 with a back problem and will meet Brazil’s Laura Pigossi. — AFP | https://www.malaymail.com/news/sports/2022/07/29/swiatek-powers-past-lee-into-warsaw-quarter-finals/19900 | 2022-07-28T22:09:13Z | https://www.malaymail.com/news/sports/2022/07/29/swiatek-powers-past-lee-into-warsaw-quarter-finals/19900 | false |
In 2012, seven members of a Sikh temple in Oak Creek, Wis., were killed by an avowed white supremacist. As the community prepares for the anniversary, members describe how they've moved forward.
Copyright 2022 Wisconsin Public Radio
In 2012, seven members of a Sikh temple in Oak Creek, Wis., were killed by an avowed white supremacist. As the community prepares for the anniversary, members describe how they've moved forward.
Copyright 2022 Wisconsin Public Radio | https://www.nprillinois.org/2022-07-28/wisconsins-sikh-community-a-decade-after-fatal-temple-shooting | 2022-07-28T22:09:37Z | https://www.nprillinois.org/2022-07-28/wisconsins-sikh-community-a-decade-after-fatal-temple-shooting | true |
MONROVIA, Calif., July 28, 2022 /PRNewswire/ -- Trader Joe's offers its Crew Members a package of pay, benefits, and working conditions that is among the best in the grocery business. Despite this, employees in our Hadley, MA store recently voted to be represented by a union. We are prepared to immediately begin discussions with union representatives for the employees at this store to negotiate a contract. We are willing to use any current union contract for a multi-state grocery company with stores in the area, selected by the union representatives, as a template to negotiate a new structure for the employees in this store; including pay, retirement, healthcare, and working conditions such as scheduling and job flexibility.
Trader Joe's began in 1967 in the Los Angeles area and has since expanded to more than 535 stores in 42 states and Washington, D.C. • Learn more at www.traderjoes.com.
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SOURCE Trader Joe's | https://www.wibw.com/prnewswire/2022/07/28/trader-joes-crew-members-vote-union-election/ | 2022-07-28T22:11:41Z | https://www.wibw.com/prnewswire/2022/07/28/trader-joes-crew-members-vote-union-election/ | false |
Chaka Khan is offering a poignant message for young females today with her brand new single, "Woman Like Me."
In an exclusive interview with ET's Kevin Frazier, the 69-year-old icon says the anthemic song touts connection over competition between women.
"Its always been crucial for women to connect with one another. And we often have in the wrong ways," she says, referencing a biological drive to compete for available partners dating back to the dawn of time, while calling the current era of online commentary among women "bizarre."
"When I go online and I look at what some of the girls are saying, and I look at what some of the girls are singing about, and look at some of the girls are presenting themselves," she explains, "and I look at what is beauty today. It saddens me."
In stumbling upon inspiration for her own next musical chapter, Khan says she went down an internet rabbit hole of modern music -- and didn't love what she was finding.
"I was online looking at something and I got looking at young women singing today, you know, a lot of the girls that are singing and doing videos, and I was looking at a lot of crazy s**t," she says. "I gotta just say it like that, 'cause that's what I was seeing. I was seeing some crazy stuff up there and I mean, I'm an open minded, modern woman. I can take a lot, but I couldn't take a lot of what I was watching and a lot of what I was hearing. I was hearing not enough self-respect at all.
"I just felt like somebody needs to talk to them," she continues. "Someone needs to be a voice that they can listen to and maybe see life differently and see themselves differently -- or see themselves for what they really and truly are, not some warped sense of who knows what wants them to be."
Sneak a peek at the song and her message below.
"Woman Like Me" was written by Gregg Pagani, Francesca Richard, and Jeffrey Anderson and produced by Pagani.
"By the grace of God, the music comes to me," Khan tells ET. "Either I write it or I don't, or someone plays a song for me that I feel like I should have written or could have written. I feel that kind of connection with the song."
"The words were really what moved me," she says of "Woman." "So It was it was that easy, I was in the studio the next week recording."
The "I Am Every Woman" singer says fans can expect more new -- or maybe not so new -- music in the next year.
"I'm feeling like I shouldn't have to go to the studio and sing a damn thing, I mean, I have lots of stuff no one's heard yet," she says. "I think I might just pull all this stuff together and just put it out there and see how I fly, because it's good music. I have a lot of good stuff, a lot of little hidden pearls that can put out there -- or maybe a Greatest Hits might be in order."
"Woman Like Me" will be available to stream and download on Friday, July 29.
RELATED CONTENT: | https://www.wzzm13.com/article/entertainment/entertainment-tonight/chaka-khan-reveals-the-inspiration-behind-anthemic-new-single-woman-like-me-exclusive/603-eed1eddb-3731-4d89-a389-0aed260189d0 | 2022-07-28T22:11:42Z | https://www.wzzm13.com/article/entertainment/entertainment-tonight/chaka-khan-reveals-the-inspiration-behind-anthemic-new-single-woman-like-me-exclusive/603-eed1eddb-3731-4d89-a389-0aed260189d0 | true |
UK heatwave was made 10 times more likely by climate change and hundreds may have died - study
Of the places the group analysed, temperatures recorded at two of them would have been "statistically impossible" if the world hadn't warmed by about 1.2C since the late 1800s, analysis of July's heatwave suggests.
Thursday 28 July 2022 23:10, UK
Last week's record-breaking heatwave in the UK was made at least 10 times more likely by climate change, according to a new study.
Hundreds of people are expected to have died during the scorching weather, though official figures are yet to emerge, the rapid analysis by the World Weather Attribution group (WWA) said.
There have been estimates of more than 840 extra deaths in England and Wales on 18 and 19 July.
The extreme weather caused widespread disruption to transport networks and hundreds of fires, including devastating blazes that destroyed homes.
During the heatwave, a new record temperature for the country of 40.3C was set at Coningsby, Lincolnshire, on 19 July - 1.6C hotter than the previous mark set just three years ago.
The impacts of heatwaves are often "very unequally distributed across demographics", with poorer neighbourhoods frequently lacking green space, shade, and water, said Emmanuel Raju, from Copenhagen University's Copenhagen Centre for Disaster Research.
The heatwave swept across much of Europe this month.
But the group chose the UK for their latest analysis because the country is "particularly unaccustomed to very high temperatures as the ones that we have seen last week," added Friederike Otto, senior climate science lecturer at Imperial College London.
Of the places the group analysed, temperatures recorded at two of them would have been "statistically impossible" if the world hadn't warmed by about 1.2C since the late 1800s, the paper said.
The international network is at the forefront of the science of quickly quantifying the role of climate change in recent extreme weather events.
The 21 researchers involved in this study compared the global climate as it is today, after 1.2C of warming, with analysis of historical weather records.
While the computer simulations suggest climate change had increased temperatures in the heatwave by 2C, analysis of historical records indicated it would be around 4C cooler in pre-industrial times, before global warming started to drive up temperatures.
The 10-fold increase in the chances of such extreme heat hitting the UK due to climate change is a "conservative estimate", because "extreme temperatures" have climbed more than climate models estimate, the authors said.
This also suggests the consequences of the climate crisis for heatwaves could be even worse than previously thought.
"There must be something in the climate system that has a stronger influence here... that is just not captured in the models," for western Europe yet, Dr Otto explained.
Two years ago, Met Office scientists found the chance of seeing 40C in the UK was now one in 100 in any given year, up from one in 1,000 in an unchanged climate.
"It's been sobering to see such an event happen so soon after that study, to see the raw data coming back from our weather stations," said Fraser Lott, attribution scientist at the Met Office Hadley Centre, who also worked on the paper.
Professor Tim Palmer, Royal Society Research Professor at Oxford University, said the group should have included error margins on their estimates, given the challenges of current climate models.
Watch the Daily Climate Show at 3.30pm Monday to Friday, and The Climate Show with Tom Heap on Saturday and Sunday at 3.30pm and 7.30pm.
All on Sky News, on the Sky News website and app, on YouTube and Twitter.
The show investigates how global warming is changing our landscape and highlights solutions to the crisis. | https://news.sky.com/story/uk-heatwave-was-made-10-times-more-likely-by-climate-change-and-hundreds-may-have-died-study-12660683 | 2022-07-28T22:12:06Z | https://news.sky.com/story/uk-heatwave-was-made-10-times-more-likely-by-climate-change-and-hundreds-may-have-died-study-12660683 | false |
New USPS election division will oversee mail-in ballots
WASHINGTON (AP) — The United States Postal Service is creating a division to handle election mail issues as part of an effort to ensure swift and secure delivery of ballots for the 2022 midterm election, officials said Wednesday.
The idea behind the creation of the Election and Government Mail Services is to have a permanent division dedicated to dealing with election matters, instead of handling issues one at a time as in the past.
Adrienne Marshall, executive director of the division, said Wednesday that the services will oversee “election mail strike teams” in every local and district community to address any problems that might arise.
“We are fully committed to the secure and timely delivery of the nation’s election mail,” she said.
The Postal Service was dogged by backlogs and questions ahead of the 2020 presidential election, in which more than 135 million ballots were delivered to and from voters.
Despite the pandemic, the Postal Service said it delivered 97.9% of ballots from voters to election officials within three days, and 99.89% of ballots were delivered within seven days, in the 2020 election.
The Postal Service is sending guidance letters to election officials in each state and territory this week.
Postal workers are already hard at work delivering ballots this year. So far, nearly 40 million ballots have been mailed to and from voters during primary elections, officials said.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wsaz.com/2022/07/28/new-usps-election-division-will-oversee-mail-in-ballots/ | 2022-07-28T22:12:56Z | https://www.wsaz.com/2022/07/28/new-usps-election-division-will-oversee-mail-in-ballots/ | false |
Memre enables 1PL8 learning subscribers to more effectively retain health and food information and provide improved impact of content for better bodily health.
SAN FRANCISCO, July 28, 2022 /PRNewswire/ -- Memre, the world's leading provider of AI-based learning and memory technologies, has been selected by 1PL8 as the platform to build its new subscription-based learning program targeting the nation's obesity problem.
The United States is suffering from an obesity epidemic. Weights and poor health have climbed in recent years spurred by a number of factors. According to the CDC, from 1999–2000 through 2017–March 2020, US obesity prevalence increased from 30.5% to 41.9%. First is the increasing reliance on packaged foods which can include a lot of non-natural preservatives, sugars, and other substances. Second is the growth of fast food. In a 2015-2018 study, the CDC discovered that the percentage of calories from fast food in children and adolescents decreased from 14.1% in 2003–2004 to 10.6% in 2009–2010, and then increased to 14.4% in 2017–2018.
To rectify those alarming trends, 1PL8 believes that a comprehensive culinary and food health and wellness education program can help change people's behavior and their relationship with food.
"People have been so focused on diet trends, magic pills, or quick fixes, that they have lost sight of the importance of good, quality food," says Rich Rosado, CEO and Executive Chef at 1PL8. "1PL8 has designed a curriculum that identifies the causes of health and wellness struggles. 1PL8 subscribers will learn how to use food and culinary techniques as well as psychology and behavioral change factors that cause certain triggers and barriers in relation to food."
By using Memre,the industry-leading, AI-powered learning platform, 1PL8 can provide users with more effective learning, recommending specific days and times to take courses, and applying learning concepts for optimal retention and impact. In addition to improving retention, Memre can also help 1PL8 students track their progress, identify areas where they need more education, and ultimately improve the success rate of long-term health and weight improvement.
"Customers like 1PL8 demonstrate how Memre can enable companies to power, enhance, and create subscription-based learning offerings," says Jon-David Hague at Memre. "They can develop content entirely through the Memre platform and take advantage of the powerful AI-based technologies that help to optimize and personalize the learning experience for each subscriber."
Customers like 1PL8 can employ the Memre learning management system to develop engaging and interactive online courses which can be offered through a subscription-based platform. Many of Memre's powerful AI-based features can be accessed programmatically. Enterprises and other learning management systems can employ a suite of APIs to integrate Memre into their employee portals or course-building platforms.
Memre is an adaptive learning platform that uses artificial intelligence and machine learning to scale proven cognitive science and make learning possible for anyone. The proprietary learning engine at the heart of the platform continuously adapts and enhances the learning experience to meet every individual's needs, while predictive analytics deliver actionable data to educators and managers. By improving the learning experience, Memre aims to unlock the promise of education and training, ultimately helping people reach their full potential. For more information about Memre visit: www.memre.ai
The 1PL8 Culinary Health and Wellness™ program allows consumers to personalize their wellness and weightloss journey. As professional chefs and skilled educators, 1PL8 differentiates itself from other wellness-focused organizations by focusing on healthy cooking techniques and food substitutions, rather than gimmicky diet programs, as well as help manage emotions while identifying and preventing personal triggers that foster a poor relationship with food, 1PL8 is the best program for consumers to get healthy and lose weight in an easy, sustainable, and culturally respectful manner. For more information about 1PL8, visit: www.1pl8.com.
Bonyetta Brison-Kitts
The Brison Group, Inc.
(912) 689-4242
bonyetta@thebrisongroup.com
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SOURCE Memre | https://www.wsaz.com/prnewswire/2022/07/28/1pl8-employs-memre-launch-its-innovative-health-wellness-learning-program/ | 2022-07-28T22:13:14Z | https://www.wsaz.com/prnewswire/2022/07/28/1pl8-employs-memre-launch-its-innovative-health-wellness-learning-program/ | false |
Working to improve the environment by switching to hybrid vehicles
OGDEN, Utah, July 28, 2022 /PRNewswire/ -- Hawx, a national pest control company, has committed to being an industry leader in using hybrid vehicles to power its fleet. The company is previously known for its partnership with One Tree Planted in which it planted a tree for every new customer it signed in the second quarter of 2022.
With offices in 39 cities, Hawx covers a lot of ground each year while serving customers throughout the United States. Converting to a new hybrid fleet is expected to reduce the tailpipe exhaust of dangerous gasses that cause lung and heart diseases. Tailpipe gasses typically include:
- Carbon Dioxide
- Nitrous Oxides
- Hydrocarbons
- Sulfur Dioxide
- Particulate Matter
- Ozone
"33% of our current fleet of service vehicles are hybrid vehicles and should be at 66% by the end of August. Our fleet of hybrid vehicles is one of the largest by percentage among the top pest control companies," says Brad Bitts, COO of Hawx Pest Control. "This is one more step in the direction of choosing more efficient ways to accomplish our goal of elevating the customer experience with Hawx Pest Control."
The commitment to reducing tailpipe exhaust gasses coincides with the One Tree Planted initiative to make the air cleaner and healthier to breathe in the cities and municipalities the company serves. Hawx Pest Control also participates in Bayer's "Feed A Bee" program, which is designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
Hawx provides a three-part treatment plan to protect residential and commercial properties.
- Inspection: A full inspection is performed on each property the company serves since each is unique and can have its own type of pest control problems. After the inspection, a specific plan is developed to address the problems.
- Targeting Nest Areas: Outside nests are targeted since this is where the pests breed and prosper. Eliminating the nests reduces the likelihood that pests will spread throughout the property.
- Establishing a Thorough Barrier: A barrier using pest control management techniques and the careful use of pesticides helps to control the movement of pests toward residential and commercial structures.
Hawx Pest Control can eliminate infestations of pests and insects such as ants, spiders, cockroaches, mosquitos, rodents, termites, ticks, wasps, bees, hornets, bed bugs, and wood-destroying insects.
While working on eliminating pests, Hawx is also committed to using environmentally friendly products designed to reduce harm to the environment. These products are applied by trained and experienced pesticide applicators certified by each state.
"Hawx is committed to having a positive impact in the communities we serve. We reaffirm our commitment through extensive training programs for our Hawx team members, our product selection, technology development, and the care that we take in providing quality pest control services for homes and businesses around the country," Pitts also stated.
Founded in 2013, Hawx is a bilingual company serving large portions of western, southeastern, and midwestern states. The company also participates in Bayer's "Feed A Bee" program designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
To learn more about Hawx Pest Control and its initiatives, please visit the company's website at Hawxpestcontrol.com.
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SOURCE Hawx Pest Control | https://www.wsaz.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | 2022-07-28T22:15:39Z | https://www.wsaz.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | true |
Confidential Douglas & London client settles lawsuit with New York City Hotel Group which alleged they turned a blind eye to Sex Trafficking in favor of repeated business
NEW YORK, July 28, 2022 /PRNewswire/ -- The attorneys of Douglas & London are at the forefront of fighting businesses who turn a blind eye to cases of human sex trafficking. Hotels and other businesses benefit from repeated business from human sex traffickers and will either assist to make access easier for sex traffickers or neglect safety measures which would help the victims. These alleged events took place in the boroughs of Manhattan and Queens in New York City.
Human Sex Trafficking is an epidemic in America is happening in plain sight. Globally, Human Trafficking is estimated to bring in profits of about $150 billion – an estimated two-thirds of which is from sexual exploitation. Hotels, motels, and truck stops are popular venues for sex trafficking business operations due to easy access, lack of security, willingness to accept cash, and lack of intervention.
Douglas & London is on the frontlines of fighting those who profit from human trafficking by perpetuating the issue at the expense of sex trafficking victims. As part of the settlement agreement, the hotels, victim, and settlement amount are confidential, but cases and victims remain in New York City and all across the United States. The client was represented by Randolph Janis and Virginia E. Anello.
Since opening in 2002, Douglas & London has recovered over $1 billion on behalf of thousands of clients. Their team of attorneys and support staff work tirelessly for those who have been victimized or neglected, which has earned the firm national acclaim and recognition including awards from Best Lawyers in America, The National Trial Lawyers, Super Lawyers, New York Magazine, and more!
More information on the firm can be obtained at www.douglasandlondon.com.
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SOURCE Douglas & London | https://www.wsaz.com/prnewswire/2022/07/28/human-sex-trafficking-victim-settles-lawsuit-with-new-york-city-hotels/ | 2022-07-28T22:15:45Z | https://www.wsaz.com/prnewswire/2022/07/28/human-sex-trafficking-victim-settles-lawsuit-with-new-york-city-hotels/ | false |
CHARLOTTESVILLE, Va., July 28, 2022 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association ("Blue Ridge Bank") and BRB Financial Group, Inc. ("BRB Financial Group"), announced today financial results for the quarter and year-to-date periods ended June 30, 2022. For the second quarter of 2022, the Company reported net income from continuing operations of $1.1 million, or $0.06 earnings per diluted common share, compared to $17.4 million, or $0.93 earnings per diluted common share, for the first quarter of 2022, and $28.7 million, or $1.54 earnings per diluted common share, for the second quarter of 2021. For the six months ended June 30, 2022, the Company reported net income from continuing operations of $18.5 million, or $0.99 earnings per diluted common share, compared to $32.9 million, or $1.95 earnings per diluted common share, for the same period of 2021. Net income in the second quarter of 2021 included an after-tax gain of $19.2 million resulting from the sale of Paycheck Protection Program ("PPP") loans.
Net income from continuing operations before income taxes and provision for loan losses was $9.0 million for the second quarter of 2022 compared to $25.1 million for the first quarter of 2022. The decrease in these amounts for the consecutive quarter periods was primarily due to $9.4 million of fair value adjustments related to the Company's equity investments in certain fintech companies recorded in the first quarter of 2022 and the decline in income from the Company's mortgage division, which was $3.6 million less in the second quarter period.
The Company reported total assets of $2.80 billion as of June 30, 2022, an increase from $2.67 billion as of December 31, 2021, while reported loans held for investment, excluding PPP loans, grew $271.2 million in the first half of 2022, an annualized growth rate of 30.5%. Of this loan growth, $205.0 million occurred in the second quarter.
In the first quarter of 2022, the Company sold its majority interest in MoneyWise Payroll Solutions, Inc. ("MoneyWise") to the holder of the minority interest in MoneyWise. Asset and liability balances and income statement amounts related to MoneyWise are reported as discontinued operations for all periods presented.
The Company completed the merger of Bay Banks of Virginia, Inc. ("Bay Banks"), the holding company of Virginia Commonwealth Bank, into the Company on January 31, 2021. Immediately following the completion of the merger, Virginia Commonwealth Bank was merged into Blue Ridge Bank. Earnings for the first quarter and year-to-date periods ended June 30, 2021, included the earnings of Bay Banks from the effective date of the merger.
"The Company continues to experience strong loan demand, as evidenced by the year-to-date growth in the held-for-investment loan portfolio of 15%", said Brian K. Plum, President and Chief Executive Officer of the Company. "Over half of 2022 second quarter loan growth occurred in the last two weeks in the quarter, so the Company recorded additional provision funding without experiencing the full related interest income lift in the quarter. This impact, combined with expenses associated with building our middle market team and adding to our fintech operational, risk, and compliance teams, had a negative impact on this quarter's earnings."
"We remain mindful of macroeconomic headwinds and the impacts of a potential slowdown," Plum continued. "Our team is working hard to generate quality relationships with loan and deposit pricing that incorporates rate increases and the current yield curve environment."
Fintech Business
The Company's fintech partnerships include Unit, Flexible Finance, Increase, Upgrade, Kashable, Jaris, Grow Credit, MentorWorks, Aeldra, and Marlette. Deposits related to fintech relationships were approximately $395 million as of June 30, 2022, up from approximately $189 million as of December 31, 2021. Loans held for sale and loans held for investment related to fintech relationships totaled $25.6 million and $24.1 million as of June 30, 2022 and December 31, 2021, respectively. Interest and fee income related to fintech partnerships represented approximately $1.8 million and $1.3 million of revenue for the Company for the second and first quarters of 2022, respectively. The Company's fintech relationships also generated assets under management of $55.9 million in BRB Financial Group's Trust Division as of June 30, 2022. The Company continues to grow its infrastructure to support the expansion of its fintech partners.
Mortgage Division
The Company's mortgage division, which consists of a retail division operating as Monarch Mortgage and a wholesale division operating as LenderSelect Mortgage Group, reported net income of $406 thousand and $2.3 million for the second and first quarters of 2022, respectively. Income attributable to mortgage servicing rights was $1.6 million for the second quarter of 2022 compared to $6.7 million for the first quarter of 2022. Higher income from mortgage servicing rights in the first quarter of 2022 was primarily due to the impact of greater longer-term interest rate increases in this period. Mortgage servicing rights income in the second and first quarters of 2022 was attributable to fair value adjustments of $(229) thousand and $3.8 million, respectively, and new servicing rights retained of $1.8 million and $2.9 million, respectively. Residential mortgage banking income increased by $1.6 million in the second quarter of 2022 when compared to the first quarter of 2022, primarily due to the impact of hedging activities as production slowed in the first quarter of 2022. Quarterly mortgage volumes declined to $117.8 million for the second quarter of 2022 compared to $151.4 million for the first quarter of 2022, primarily attributable to declining demand in the increasing interest rate environment. Noninterest expenses reported for the Company's mortgage division were $5.7 million and $6.9 million for the second and first quarters of 2022, respectively. The Company reduced mortgage personnel beginning in the fourth quarter of 2021 and throughout the first half of 2022, resulting in total annualized noninterest expense savings of approximately $2.0 million, the full benefit of which is expected to begin in the second half of 2022.
Income Statement
Net Interest Income
Net interest income was $24.1 million for the second quarter of 2022 compared to $23.7 million for the first quarter of 2021 and $30.5 million for the second quarter of 2021, while accretion of acquired loan discounts included in interest income was $1.3 million, $2.7 million, and $865 thousand for the same respective periods. Amortization of purchase accounting adjustments on assumed time deposits and borrowings, which reduced interest expense, was $499 thousand, $502 thousand, and $1.0 million for the same respective periods. Interest income in the second quarter of 2022, excluding accretion, benefited from higher yields on loans held for investment, while deposit costs decreased slightly compared to the first quarter of 2022.
Included in interest income for the second and first quarters of 2022 and the second quarter of 2021 were $64 thousand, $393 thousand, and $11.7 million, respectively, of PPP loan interest income and fees, net of costs. PPP loans were partially funded through the PPP Liquidity Facility ("PPPLF"), offered by the Federal Reserve Banks to fund PPP loans, and interest expense incurred for the PPPLF was $100 thousand, $14 thousand, and $382 thousand for the second and first quarters of 2022 and the second quarter of 2021, respectively. Cost of funds was 0.36% for both the second and first quarters of 2022 and 0.43% for the second quarter of 2021, while cost of deposits was 0.26%, 0.27%, and 0.29% for the same respective periods.
Net interest margin for the second and first quarters of 2022 was 3.89% and 3.88%, respectively, compared to 3.82% for second quarter of 2021. Accretion and amortization of purchase accounting adjustments had a 29, 53, and 22 basis point positive effect on net interest margin for the same respective periods. In addition, interest and fee income from PPP loans, including the corresponding funding, had a 4, 2, and 55 basis point positive effect on net interest margin for the second and first quarters of 2022 and the second quarter of 2021, respectively.
Net interest income was $47.8 million and $50.5 million for the first halves of 2022 and 2021, respectively, while net interest margin was 3.88% and 3.66% for the same respective periods. Accretion and amortization of purchase accounting adjustments and the contributions from PPP loans, including the corresponding funding, had a cumulative 40 and 56 basis point positive effect on net interest margin for the six months ended June 30, 2022 and 2021, respectively.
Provision for Loan Losses
The Company recorded a provision for loan losses of $7.5 million in the second quarter of 2022 compared to $2.5 million first quarter of 2022 and no provision in the second quarter of 2021. Provision for loan losses for the first halves of 2022 and 2021 was $10.0 million and $0, respectively. Provision for loan losses in the 2022 periods was primarily attributable to reserves for significant loan growth, greater qualitative factor adjustments due to changes in economic conditions, and higher specific reserves for impaired loans.
Noninterest Income
Noninterest income for the second and first quarters of 2022 was $10.2 million and $24.1 million, respectively, compared to $36.2 million for the second quarter of 2021. Noninterest income for the first quarter of 2022 included $9.4 million of fair value adjustments for the Company's equity investments, primarily in certain fintech companies, while noninterest income in the second quarter of 2021 included a $24.3 million net gain on the sale of PPP loans. Mortgage banking income, including mortgage servicing rights, contributed $6.0 million, $9.6 million, and $9.0 million of noninterest income in the second and first quarters of 2022 and the second quarter of 2021, respectively.
Noninterest income for the first halves of 2022 and 2021 was $34.3 million and $51.8 million, respectively. Excluding the fair value adjustments for the Company's equity investments in the first half of 2022 and the net gain on the sale of the PPP loans in the first half of 2021, noninterest income for the respective periods was $25.0 million and $27.4 million, a decline of $2.4 million. This decline was primarily attributable to lower mortgage banking income, including mortgage servicing rights, of $6.1 million, partially offset by a higher gain on sales of government guaranteed loans, higher fee income related to the Company's fintech partnerships, and a net gain on the sale of a former branch location in the first quarter of 2022.
Noninterest Expense
Noninterest expense for the second and first quarters of 2022 was $25.3 million and $22.7 million, respectively, compared to $30.3 million for the second quarter of 2021. Salaries and employee benefit expenses increased $1.8 million in the second quarter of 2022 from the first quarter of 2022, primarily due to the addition of commercial lenders and personnel to support the fintech business, partially offset by lower expenses attributable to the mortgage division. Noninterest expenses in the second quarter of 2021 included greater incentive expense attributable to the PPP loan program and merger-related expenses of $1.2 million compared to $0 and $50 thousand for the second and first quarters of 2022, respectively.
Noninterest expense for the first halves of 2022 and 2021 was $48.0 million and $60.6 million, respectively. Excluding merger-related expenses, noninterest expense was $48.0 million and $50.3 million for the same respective periods.
Balance Sheet
Loans held for investment, excluding PPP loans, increased $271.2 million to $2.05 billion at June 30, 2022, from $1.78 billion at December 31, 2021, an annualized growth rate of 30.5%. Of this first half 2022 growth, $205.0 million occurred in the second quarter. The Company's middle market and specialized lending teams, which began building in the first quarter of 2022, contributed to this second quarter loan growth.
Loans held for sale, which was comprised primarily of residential mortgages, decreased $89.2 million to $32.8 million at June 30, 2022, from $121.9 million at December 31, 2021, primarily attributable to lower mortgage activity, due to the reasons noted previously.
Total deposits at June 30, 2022, were $2.34 billion, an increase of $37.9 million from December 31, 2021. Noninterest-bearing demand deposit growth was $80.0 million in the first half of 2022, primarily due to the Company's fintech partnerships. Noninterest-bearing demand deposit accounts represented 33.6% and 30.7% of total deposits as of June 30, 2022 and December 31, 2021, respectively.
Asset Quality
Nonperforming loans, which include nonaccrual loans and loans 90 days or more past due and accruing interest1, totaled $12.2 million at June 30, 2022 and $16.1 million at December 31, 2021. The ratio of nonperforming loans to total assets was 0.44% and 0.60% at June 30, 2022, and December 31, 2021, respectively. The Company's allowance for loan losses was $17.2 million at June 30, 2022, or 0.84% as a percentage of gross loans held for investment, excluding PPP loans2, compared to 0.68% at December 31, 2021, and 0.76% at June 30, 2021. The increase in this ratio from December 31, 2021 to June 30, 2022, was primarily attributable to additional allowance for loan growth in the first half of 2022 and greater qualitative factor adjustments, as noted previously. Remaining acquired loan discounts related to loans acquired in the Company's completed mergers were $12.2 million as of June 30, 2022, and $16.2 million as of December 31, 2021.
1 Excludes purchased credit-impaired loans.
2 The Company holds no allowance for loan losses on PPP loans as they are fully guaranteed by the U.S. government.
Capital
The Company previously announced that on July 7, 2022, its board of directors declared a $0.1225 per common share quarterly dividend, payable July 29, 2022, to shareholders of record as of July 18, 2022. Tangible book value per share, a non-GAAP (defined below) measure, was $12.21 and $13.01 as of June 30, 2022 and December 31, 2021, respectively, while book value per share was $13.95 and $14.76 as of the same respective periods.
Primarily as a result of an increase in market interest rates in the first half of 2022, the fair value of the Company's portfolio of securities available for sale declined approximately $42.8 million, resulting in an after-tax decline in stockholders' equity of $33.8 million for the six months ended June 30, 2022. The accumulated other comprehensive loss ("AOCL") attributable to this securities portfolio as of June 30, 2022, was $37.5 million, or $2.00 in book value per share, compared to a $3.6 million AOCL, or $0.19 in book value per share, as of December 31, 2021.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements
This release of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: (i) the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; (ii) geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (iii) the effects of the COVID-19 pandemic, including the adverse impact on the Company's business and operations and on the Company's customers which may result, among other things, in increased delinquencies, defaults, foreclosures and losses on loans; (iv) the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues, and other catastrophic events; (v) the Company's management of risks inherent in its real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company's collateral and its ability to sell collateral upon any foreclosure; (vi) changes in consumer spending and savings habits; (vii) technological and social media changes; (viii) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; (ix) changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Company's subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; (xi) the impact of changes in laws, regulations and policies affecting the real estate industry; (xii) the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the "SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; (xiii) the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; (xiv) the willingness of users to substitute competitors' products and services for the Company's products and services; (xv) the outcome of any legal proceedings that may be instituted against the Company; (xvi) reputational risk and potential adverse reactions of the Company's customers, suppliers, employees or other business partners; (xvii) the effects of acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such transactions; (xviii) changes in the level of the Company's nonperforming assets and charge-offs; (xix) the Company's involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; (xx) potential exposure to fraud, negligence, computer theft and cyber-crime; (xxi) the Company's ability to pay dividends; (xxii) the Company's involvement as a participating lender in the PPP as administered through the U.S. Small Business Administration; and (xiii) other risks and factors identified in the "Risk Factors" sections and elsewhere in documents the Company files from time to time with the SEC.
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SOURCE Blue Ridge Bankshares, Inc. | https://www.dakotanewsnow.com/prnewswire/2022/07/28/blue-ridge-bankshares-inc-announces-second-quarter-first-half-2022-results/ | 2022-07-28T22:15:59Z | https://www.dakotanewsnow.com/prnewswire/2022/07/28/blue-ridge-bankshares-inc-announces-second-quarter-first-half-2022-results/ | false |
FARMINGTON, Conn., July 28, 2022 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.29 per share of Otis' common stock. The dividend will be payable on September 10, 2022, to shareholders of record at the close of business on August 19, 2022.
About Otis
Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain more than 2.1 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 70,000 people strong, include 41,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.
Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties. Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues (including COVID-19 and variants thereof and the ongoing economic recovery therefrom and their effects on, among other things, global supply, demand and distribution), natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations and political conditions in countries in which we operate, including the effect of the ongoing conflict between Russia and Ukraine, and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE Otis Worldwide Corporation | https://www.wsaz.com/prnewswire/2022/07/28/otis-declares-quarterly-dividend-029-per-share/ | 2022-07-28T22:16:36Z | https://www.wsaz.com/prnewswire/2022/07/28/otis-declares-quarterly-dividend-029-per-share/ | true |
TYLER, Texas — The East Texas Food Bank is kicking off construction for two new facilities that will help residents find food assistance, healthy options and social service benefits.
On Wednesday, food bank officials celebrated with a groundbreaking ceremony for a new Tyler Resource Center and Fresh Produce Processing Center. These additions are a part of an overall strategic plan aimed at expanding programs, distributing more food and serving more people.
“We are excited today to move forward with our plans to build a new food pantry in Tyler at our distribution center,” said Dennis Cullinane, CEO of the East Texas Food Bank. “The 2,500 square foot Tyler Resource Center will be located in close proximity to low-income neighborhoods, in a census tract where 34% of the population lives below the poverty line. This is the first time in our history to operate a food pantry onsite at our facility to help close the hunger gap.”
The new buildings along with other infrastructure items cost $7 million and are funded by gifts from philanthropist Mackenzie Scott and federal COVID-19 funding.
Construction should be completed by summer of 2023.
According to the food bank, the resource center will have a “Healthy Food Pantry” to give nutritious food using a client-choice distribution model. The center will be open several days a week along with some evenings and weekends to increase access to food assistance.
Using the Benefits Assistance Program, clients can also apply for SNAP and other social service benefits, the ETFB statement read.
“We currently estimate that ETFB will serve 500 Smith County households each week and provide 756,000 meals annually with our new Tyler Resource Center,” Cullinane said.
The Fresh Produce Processing Center will be 9,000 square foot space and provide an area for the food bank to collect, store, repackage and distribute fresh fruits and vegetables more efficiently across its 26-county region, the ETFB statement read.
“Our goal is to sustain our fresh produce distribution at 14 million pounds or 50% of ETFB’s total food distribution by 2025,” Cullinane said. “We distribute boxes of produce each month at multiple locations in East Texas through our mobile pantries. Fresh fruits and vegetables are an important part of a healthy diet yet many of our clients are unable to buy produce because of the expense.” | https://www.cbs19.tv/article/news/local/east-texas-food-bank-breaks-ground-new-tyler-resource-center-fresh-produce-processing-center/501-a3071ba9-13db-4b53-9d4a-4391f171d860 | 2022-07-28T22:16:47Z | https://www.cbs19.tv/article/news/local/east-texas-food-bank-breaks-ground-new-tyler-resource-center-fresh-produce-processing-center/501-a3071ba9-13db-4b53-9d4a-4391f171d860 | true |
HOUSTON (AP) _ CBTX Inc. (CBTX) on Thursday reported second-quarter net income of $11.7 million.
The bank, based in Houston, said it had earnings of 48 cents per share.
The bank holding company posted revenue of $39.6 million in the period. Its revenue net of interest expense was $38.4 million, missing Street forecasts.
CBTX shares have risen roughly 4% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $30.09, a rise of almost 9% 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 CBTX at https://www.zacks.com/ap/CBTX | https://www.sfchronicle.com/business/article/CBTX-Q2-Earnings-Snapshot-17336471.php | 2022-07-28T22:17:52Z | https://www.sfchronicle.com/business/article/CBTX-Q2-Earnings-Snapshot-17336471.php | false |
Working to improve the environment by switching to hybrid vehicles
OGDEN, Utah, July 28, 2022 /PRNewswire/ -- Hawx, a national pest control company, has committed to being an industry leader in using hybrid vehicles to power its fleet. The company is previously known for its partnership with One Tree Planted in which it planted a tree for every new customer it signed in the second quarter of 2022.
With offices in 39 cities, Hawx covers a lot of ground each year while serving customers throughout the United States. Converting to a new hybrid fleet is expected to reduce the tailpipe exhaust of dangerous gasses that cause lung and heart diseases. Tailpipe gasses typically include:
- Carbon Dioxide
- Nitrous Oxides
- Hydrocarbons
- Sulfur Dioxide
- Particulate Matter
- Ozone
"33% of our current fleet of service vehicles are hybrid vehicles and should be at 66% by the end of August. Our fleet of hybrid vehicles is one of the largest by percentage among the top pest control companies," says Brad Bitts, COO of Hawx Pest Control. "This is one more step in the direction of choosing more efficient ways to accomplish our goal of elevating the customer experience with Hawx Pest Control."
The commitment to reducing tailpipe exhaust gasses coincides with the One Tree Planted initiative to make the air cleaner and healthier to breathe in the cities and municipalities the company serves. Hawx Pest Control also participates in Bayer's "Feed A Bee" program, which is designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
Hawx provides a three-part treatment plan to protect residential and commercial properties.
- Inspection: A full inspection is performed on each property the company serves since each is unique and can have its own type of pest control problems. After the inspection, a specific plan is developed to address the problems.
- Targeting Nest Areas: Outside nests are targeted since this is where the pests breed and prosper. Eliminating the nests reduces the likelihood that pests will spread throughout the property.
- Establishing a Thorough Barrier: A barrier using pest control management techniques and the careful use of pesticides helps to control the movement of pests toward residential and commercial structures.
Hawx Pest Control can eliminate infestations of pests and insects such as ants, spiders, cockroaches, mosquitos, rodents, termites, ticks, wasps, bees, hornets, bed bugs, and wood-destroying insects.
While working on eliminating pests, Hawx is also committed to using environmentally friendly products designed to reduce harm to the environment. These products are applied by trained and experienced pesticide applicators certified by each state.
"Hawx is committed to having a positive impact in the communities we serve. We reaffirm our commitment through extensive training programs for our Hawx team members, our product selection, technology development, and the care that we take in providing quality pest control services for homes and businesses around the country," Pitts also stated.
Founded in 2013, Hawx is a bilingual company serving large portions of western, southeastern, and midwestern states. The company also participates in Bayer's "Feed A Bee" program designed to increase the forage and habitats bees need to survive. Bees are essential in pollinating plants necessary for human survival.
To learn more about Hawx Pest Control and its initiatives, please visit the company's website at Hawxpestcontrol.com.
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SOURCE Hawx Pest Control | https://www.wagmtv.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | 2022-07-28T22:17:51Z | https://www.wagmtv.com/prnewswire/2022/07/28/hawx-pest-control-expands-green-smart-program/ | true |
DENVER, July 28, 2022 /PRNewswire/ - Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) ("Schwazze" or the "Company"), announces that it will host a second quarter 2022 conference call and webcast on August 11, 2022 at 5:00 pm ET.
Investors and stakeholders may participate in the conference call by dialing 416 764 8650 or by dialing North American toll free 1-888-664-6383 or listen to the webcast from the Company's website at https://ir.schwazze.com . The webcast will be available on the Company's website and on replay until August 18, 2022, and may be accessed by dialing 1-888-390-0541 / # 575833
Following their prepared remarks, Chief Executive Officer, Justin Dye and Chief Financial Officer, Nancy Huber will answer investor questions. Investors may submit questions in advance or during the conference call itself through the weblink: https://app.webinar.net/lwXbZbBZmKN This weblink has been posted to the Company's website and will be archived on the website. All Company SEC filings can also be accessed on the Company website at https://ir.schwazze.com/sec-filings
Schwazze (OTCQX: SHWZ; NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high- performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company's leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was Schwazze's former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.
This press release contains "forward-looking statements." Such statements may be preceded by the words "may," "estimates", "predicts," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the actual revenues derived from the Company's Star Buds assets, * the Company's actual revenue and adjusted EBITDA for 2021, (xi) the Company's ability to generate positive cash flow for the rest of 2021 (xii) the ongoing COVID-19 pandemic, (xiii) the timing and extent of governmental stimulus programs, and (xiv) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
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(The Hill) – Former President Trump defended the Saudi-backed LIV Golf tournament planned for his National Golf Club Bedminster against calls from families of 9/11 terror attack victims to back out.
“Nobody’s gotten to the bottom of 9/11, unfortunately,” Trump told ESPN Thursday.
“They should have, as to the maniacs that did that horrible thing, to our city, to our country, to the world. So nobody’s really been there. But I can tell you that there are a lot of really great people that are out here today. And we’re gonna have a lot of fun and we’re going to celebrate.”
Families of victims who died in the Sept. 11, 2001, terrorist attacks condemned Trump for hosting the tournament, slated for July 29-31 at Trump’s club in New Jersey, due to Saudi ties to the tragedy. The tournament will take place about an hour’s drive from Ground Zero.
“The evidence, Mr. Trump, is more clear than ever. The Saudi nation is largely responsible for the death of our loved ones and for this horrific attack on America. And you know it,” the grassroots group 9/11 Justice wrote in a letter to Trump earlier this month.
The families implored the former president to “cease further business with the regime that was complicit in the murder of our loved ones.”
9/11 Justice also accused golfers of taking “blood money” by participating.
But Trump called the tournament a “great thing” for Saudi Arabia.
He said on ESPN Thursday that “I’ve known these people for a long time, in Saudi Arabia, and they’ve been friends of mine for a long time. They’ve invested in many American companies… and frankly, what they’re doing for golf is so great.” | https://www.ksn.com/news/politics/trump-defends-hosting-saudi-golf-tournament-nobodys-gotten-to-the-bottom-of-9-11/ | 2022-07-28T22:20:12Z | https://www.ksn.com/news/politics/trump-defends-hosting-saudi-golf-tournament-nobodys-gotten-to-the-bottom-of-9-11/ | true |
HOUSTON (AP) _ Pros Holdings Inc. (PRO) on Thursday reported a loss of $22.4 million in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 50 cents. Losses, adjusted for stock option expense and amortization costs, came to 14 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.
The pricing and revenue-management software maker posted revenue of $68.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $66.7 million.
For the current quarter ending in October, Pros Holdings expects its results to range from a loss of 18 cents per share to a loss of 15 cents per share.
The company said it expects revenue in the range of $68 million to $69 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $67.6 million.
Pros Holdings expects full-year revenue in the range of $270.5 million to $272.5 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 PRO at https://www.zacks.com/ap/PRO | https://www.seattlepi.com/business/article/Pros-Holdings-Q2-Earnings-Snapshot-17336352.php | 2022-07-28T22:21:43Z | https://www.seattlepi.com/business/article/Pros-Holdings-Q2-Earnings-Snapshot-17336352.php | true |
HOUSTON (AP) _ Pros Holdings Inc. (PRO) on Thursday reported a loss of $22.4 million in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 50 cents. Losses, adjusted for stock option expense and amortization costs, came to 14 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.
The pricing and revenue-management software maker posted revenue of $68.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $66.7 million.
For the current quarter ending in October, Pros Holdings expects its results to range from a loss of 18 cents per share to a loss of 15 cents per share.
The company said it expects revenue in the range of $68 million to $69 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $67.6 million.
Pros Holdings expects full-year revenue in the range of $270.5 million to $272.5 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 PRO at https://www.zacks.com/ap/PRO | https://www.sfchronicle.com/business/article/Pros-Holdings-Q2-Earnings-Snapshot-17336352.php | 2022-07-28T22:22:32Z | https://www.sfchronicle.com/business/article/Pros-Holdings-Q2-Earnings-Snapshot-17336352.php | true |
NPR's Juana Summers speaks with Sarah Kate Ellis, the president and CEO of GLAAD, about the organization working in partnership with the White House on the response to and messaging around monkeypox.
Copyright 2022 NPR
NPR's Juana Summers speaks with Sarah Kate Ellis, the president and CEO of GLAAD, about the organization working in partnership with the White House on the response to and messaging around monkeypox.
Copyright 2022 NPR | https://www.knau.org/2022-07-28/glaad-president-on-fighting-monkeypox-stigma | 2022-07-28T22:24:24Z | https://www.knau.org/2022-07-28/glaad-president-on-fighting-monkeypox-stigma | true |
San Francisco officials declare state of emergency as monkeypox spreads
San Francisco officials declared a state of emergency Thursday as the number of monkeypox cases hit 281 and continued to spread across the city.
Mayor London Breed and the city’s Department of Public Heath made the declaration, which will allow officials to mobilize additional resources and to accelerate funding and emergency planning to combat the outbreak of the virus that is spreading almost exclusively among among gay and bisexual men and transgender and nonbinary people.
LGBTQ activists and health leaders have been sounding the alarm about monkeypox for weeks, saying they were inadequately prepared and overlooked by public health officials. Now, many state and local officials are joining the call for a better response to the outbreak — especially, efforts to get more vaccines.
As of Wednesday, the city health department reported 39 more monkeypox cases, including probable cases and those identified by the Centers for Disease Control and Prevention, bringing the total number of cases in the city to 281.
“We know that this virus impacts everyone equally — but we also know that those in our LGBTQ community are at greater risk right now,” Breed said in a statement.” Many people in our LGBTQ community are scared and frustrated. This local emergency will allow us to continue to support our most at-risk, while also better preparing for what’s to come.”
Monkeypox cases have continued to rise since late June in Los Angeles and San Francisco, coinciding with Pride weekends. Los Angeles reported 279 total cases as of Thursday. There are 799 total cases in California and more than 4,600 cases across the U.S., according to the CDC.
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You may occasionally receive promotional content from the Los Angeles Times. | https://www.latimes.com/california/story/2022-07-28/san-francisco-officials-declare-state-of-emergency-due-to-monkeypox | 2022-07-28T22:25:52Z | https://www.latimes.com/california/story/2022-07-28/san-francisco-officials-declare-state-of-emergency-due-to-monkeypox | true |
MIAMI (AP) _ World Fuel Services Corp. (INT) on Thursday reported second-quarter earnings of $24.4 million.
On a per-share basis, the Miami-based company said it had net income of 39 cents. Earnings, adjusted for one-time gains and costs, were 41 cents per share.
The company that services ships, jets and trucks posted revenue of $17.12 billion in the period.
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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 INT at https://www.zacks.com/ap/INT | https://www.sfgate.com/business/article/World-Fuel-Services-Q2-Earnings-Snapshot-17336506.php | 2022-07-28T22:27:41Z | https://www.sfgate.com/business/article/World-Fuel-Services-Q2-Earnings-Snapshot-17336506.php | true |
Brooke Shields says women over 40 are 'unrepresented' in her career: 'You’re put out to pasture'
Brooke Shields has spoken out about ageism in Hollywood in the past
Brooke Shields has accomplished a lot in her career, but she’s not slowing down anytime soon.
In a clip shared on Instagram, Shields, 57, teased an upcoming interview with Gayle King for "Oprah Daily" in which she discussed aging in Hollywood, her career and her online platform "Beginning is Now."
"I'm still in a career, I'm still working, I'm here and I was shocked by how unrepresented I was," Shields said to King. "You're either [in your] 20s and sexy and fabulous or you're in Depends and you've got dentures."
Shields noted that she believes "from 40 on we start living in our lives," but society doesn’t seem to agree.
"We're not marketed to!" Shields said. "Once you're over, you stop working; you're, like, put out to pasture. I was incensed by that."
The "Blue Lagoon" star dove into her women-driven lifestyle brand in the interview. "When I think about beginnings, I feel like it's now," she said. "I wanted women to be able to feel that."
"We're not asking for permission," she said before encouraging all women to "try new things, to say look how long I've lived and look how much more I have."
King and Shields' interview is set to air Thursday at 8:00 p.m. ET.
In June, the actress appeared on the "Verywell Mind" podcast and spoke to host and licensed therapist Amy Morin about her experience aging in the public eye.
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"I've been fighting ageism in Hollywood probably since I was about 7," said the 57-year-old. "It starts then in Hollywood, but it really… sexiness doesn't have to just be a young person's reality, the commodity of being sexy and being vibrant and not being burdened by so many of the things that burden you, whether it's your biological clock, or the way things are laid out for you, because that's what traditionally has done."
"All those burdens really do shift… They take on a different look and a different meaning really when it starts in your 40s," she shared. "That's when I started to just really not waste time on things that didn't serve me or make me feel good about myself."
The "Endless Love" actress spoke to Fox News Digital in 2020 on how she’s leaving her coveted Calvin Klein jeans behind.
"I can get into them, but it looks painful," Shields said at the time. "I recently found them, [but] I think the last time I fit into them comfortably was probably while I was in ‘Wonderful Town’ on Broadway [back in 2004]. They’re so high-waisted."
"When I was that age, I was built like a little boy," the star continued. "I don’t have any desire to fit back into them. I’ve had two children and I’ve grown into a more womanly shape that I feel comfortable in and that I’m proud of.
"I’m celebrating who I am now, not trying to get the body I had when I was 15. One of the messages I want to share with other women is to celebrate yourself. Own your curves and strengths, rather than trying to look like somebody else or be skinny. I'd rather be strong and fit than anything else."
Fox News' Stephanie Nolasco contributed to this report. | https://www.foxnews.com/entertainment/brooke-shields-women-over-40-unrepresented-career-put-out-pasture | 2022-07-28T22:28:54Z | https://www.foxnews.com/entertainment/brooke-shields-women-over-40-unrepresented-career-put-out-pasture | false |
Several women being held at a jail in southern Indiana have filed a federal lawsuit against corrections officers there, alleging they allowed a group of men in custody to rape, assault, threaten and harass the women.
Eight women listed as plaintiffs say Clark County Jail Officer David Lowe gave the men keys to the women's cells in exchange for $1,000 on the night of Oct. 23, 2021.
"Numerous male detainees" allegedly stayed in the women's pods for more than two hours, into the early morning of Oct. 24, according to the suit, which was filed Monday.
In those hours, the men covered their faces while verbally and sexually assaulting the women, and threatened to harm them further if they pressed the emergency call button, the suit says.
At least two women were raped, it says.
"Plaintiffs were injured and suffered serious bodily injuries, some of
which are permanent, pain and suffering, shock, extreme emotional distress, and humiliation," according to the complaint, which was filed in the U.S. District Court for the Southern District of Indiana.
Lowe was arrested on Oct. 25 on charges of felony aiding, inducing, or causing escape; one count of felony official misconduct; and one count of misdemeanor trafficking with an inmate, according to the complaint.
He was immediately fired, Larry Wilder, the lawyer representing the Clark County Sheriff's Office said.
Sheriff's office blames a "rogue corrections officer"
In a statement to NPR, Wilder said, "The events of October 23rd were the result of the unforeseeable criminal actions of a rogue corrections officer. The individual in question chose to abandon his training, ethics, and morals and made the unilateral decision to mortgage his career and future by allowing inmates access to the jail keys."
The complaint also alleges that no officers on duty during the incident intervened, despite surveillance cameras that showed the men accessing the women's cell area.
The complaint says that instead of administering aid, officers punished the women. Officers allegedly revoked the women's "dark privileges" by leaving lights on for 72 hours, placed them on lockdown and confiscated their pillows, blankets and personal hygiene items.
Additionally, the missing keys were never found and the locks on the cells were not changed, causing the women to fear for their safety, according to the complaint.
Jail staff found out about the incident from a lawyer for one of the women in custody at Clark County Jail the next morning, Wilder said.
An investigation began immediately, in which security footage was reviewed, and interviews were conducted with corrections officers, male detainees and over 40 women incarcerated at the facility, Wilder said.
After Lowe's arrest, the Sheriff's Detective Division continued its investigation and found that "these interviews have yielded information that is in direct opposition to the allegations made in the civil lawsuit," Wilder said.
He added that "the investigation seems to indicate that there was a systematic plan by individuals who were incarcerated that evening to develop the narrative that makes up the crux of the claims in the civil case."
The lawsuit also blames the sheriff for the incident
Clark County Sheriff Jamey Noel is also listed as a defendant.
"The violation of the plaintiffs' constitutional rights was the result not only of a single bad actor, Lowe, but also due to a systemic failure on behalf of the Clark County Sheriff who failed to properly staff the jail, train the jail officers, and supervise the jail officers to make sure they maintained adequate security at the jail," the lawsuit says.
The women are suing for compensatory and punitive damages, as well as seeking a jury trial.
Wilder said the Clark County Sheriff's Office is taking the claims seriously and continues to investigate, while making physical changes to the facility and reviewing current procedures.
"This investigation is not over and the sheriff is committed to [ensuring] that nothing of this magnitude or scope [ever] occurs again," Wilder said. "However, the sheriff is equally committed to debunking those untruths that have been alleged by those who are attempting to reap financial gain from the crimes of David Lowe."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wesa.fm/2022-07-28/female-inmates-allege-they-were-raped-after-a-guard-sold-cell-access-for-1-000 | 2022-07-28T22:28:57Z | https://www.wesa.fm/2022-07-28/female-inmates-allege-they-were-raped-after-a-guard-sold-cell-access-for-1-000 | false |
WASHINGTON (AP) — Twitter warned Thursday that governments around the globe are asking the company to remove content or snoop on private details of user accounts at an alarming rate.
The social media company revealed in a new report that it fielded a record number of legal demands — nearly 60,000 during a six-month period last year —- from local, state or national governments that wanted Twitter to remove content from accounts or reveal confidential information such as direct messages or user locations.
“We’re seeing governments become more aggressive in how they try to use legal tactics to unmask the people using our service, collect information about account owners and also using legal demands as a way to try and silence people,” Yoel Roth, the head of Twitter's safety and integrity, said in a conversation broadcast on the site Thursday.
The U.S. makes up the majority of demands for account information, accounting for 20% of the requests. India follows closely behind. Twitter says it complied fully with roughly 40% of all asks for information on user accounts.
Japan, which is also a frequent requestor for account information, makes the most requests of Twitter to take down content from accounts. Japan made more than 23,000 requests — half of all requests — for content to be removed. Russia followed closely behind on its takedown asks.
Meta, which owns Facebook and Instagram, also reported an increase in government asks for private user data during the same timeframe.
Twitter also reported a huge spike in requests from governments that targeted verified journalists and news outlets during the last half of 2021.
Governments also made a record number of legal demands on 349 accounts of verified journalists or news outlets around the globe between July and December of last year — a 103% increase.
Twitter did not provide a breakdown of which countries made those requests on journalists' accounts or how many of the asks they complied with.
Governments are using the social media companies to silence critics and censor journalists, Rob Mahoney, the executive director of the Committee to Protect Journalists, said in an emailed statement to The Associated Press.
“This surge in government demands for content takedowns and information on journalists is part of a global trend of increasing censorship and manipulation of information," Mahoney said. “Social media platforms are vital for reporters and they must do more to resist government attempts to silence critical voices.” | https://www.sfgate.com/news/article/Governments-ramp-up-demands-for-user-info-17336011.php | 2022-07-28T22:29:13Z | https://www.sfgate.com/news/article/Governments-ramp-up-demands-for-user-info-17336011.php | false |
WASHINGTON — President Joe Biden and his administration went all out Thursday to play down a troubling new economic report that added to the evidence of a recession, trying to pull focus instead to major legislative progress on measures to tame inflation, reduce debt and preserve America’s competitive edge.
Thursday reflected the constant push-and-pull that has defined the Biden administration, in which any triumph can be overshadowed by a setback and the news cycle moves at a faster pace than victory laps. This created dueling narratives about where the country is.
Republicans said the report showing the economy shrank for the second consecutive quarter was evidence of a “Biden recession” at a time when inflation is at a four-decade high.
Biden, in turn, cited near-record-low unemployment and signs of continued business investment in the economy. He declared, “That doesn’t sound like recession to me.”
The president celebrated congressional passage of a $280 billion bipartisan package to boost the U.S. semiconductor industry and the sudden resurrection of a Democrats-only proposal to lower prescription drug costs, tackle climate change, fund the IRS, establish a minimum corporate tax and cut the deficit.
Other White House officials took Biden’s cue and shrugged off the gross domestic product report showing the economy shrank at an annual rate of 0.9%.
“Where we are right now is we’re on the cusp of doing really historic things that would help move the ball forward on the economy,” Brian Deese, director of the White House National Economic Council, told The Associated Press when asked about the troubling GDP report. “That’s our focus.”
In a rare press conference, Treasury Secretary Janet Yellen allowed that Americans are fundamentally concerned about inflation, not the back-and-forth between Democrats and Republicans about whether the GDP report shows that the economy has slid into a recession.
“We should avoid a semantic battle,” Yellen told reporters, adding that Americans’ “biggest concern is with inflation” and that they generally feel good about their ability to find a job and stay employed.
Still, the treasury secretary deployed some rhetoric of her own by saying that growth was “slowing,” when the GDP report showed that the economy has shrunk in size over the past six months.
The ultimate arbiter of whether the country is in a recession is the National Bureau of Economic Research, which might not make its determination for some time.
Yellen portrayed the slowdown as positive for an economy returning to normal after the pandemic, a contrast to the Republicans’ argument that it was an unabashed failure caused by Democratic policies rather than a world’s complicated attempt to re-emerge from the coronavirus pandemic.
This debate trickled down to the semiconductor bill now awaiting Biden’s signature and new climate and drug pricing legislation that Democrats have dubbed the “Inflation Reduction Act of 2022.” The administration says both bills would combat inflation, while Republican opponents argue they will push prices higher.
“This morning the government announced what every American has been feeling for nearly a year — we are in a recession,” House Republican Minority Leader Kevin McCarthy said in a floor speech. “Democrat spending caused this inflation. And now, they are doubling down on the same failed strategy.”
Other Republicans moved quickly to capitalize on the report, with the Republican National Committee declaring it indicative of “Biden’s Recession.”
Even the White House acknowledges that the legislative proposals won’t have an immediate effect on consumer prices or economic output, but it believes voters will reward Biden and Democrats for being seen as proposing solutions to the challenges affecting households’ bottom lines.
Biden told The Associated Press in an interview earlier this year that he sees his mission as giving Americans a renewed sense of confidence, yet the faith he seeks to keep and spread is constantly getting eroded because the losses are lingering in people’s memories and the wins are easily forgotten.
Even if a U.S. recession is an open question for economists, the matter of the economy’s health is largely settled among voters.
Nearly 8 in 10 Americans described the U.S. economy as poor and roughly 7 in 10 disapproved of Biden’s economic leadership, according to a June survey by AP-NORC Center for Public Affairs Research. Consumer sentiment as measured by the University of Michigan began to decline as inflation persisted as a threat, with confidence among Democrats relatively weak.
The Federal Reserve, which on Wednesday moved sharply to raise interest rates to further slow the economy in an effort to bring down inflation, signaled that more hikes are on the horizon in a sign that the battle against inflation — and the political skirmishes that follow — could continue well into this year’s November elections. | https://www.washingtonpost.com/politics/biden-shrugs-off-recession-talk-talks-up-fighting-inflation/2022/07/28/81535000-0ebf-11ed-88e8-c58dc3dbaee2_story.html | 2022-07-28T22:30:00Z | https://www.washingtonpost.com/politics/biden-shrugs-off-recession-talk-talks-up-fighting-inflation/2022/07/28/81535000-0ebf-11ed-88e8-c58dc3dbaee2_story.html | true |
MEXICO CITY (AP) — Authorities in Mexico said Thursday that at least 94 migrants had to bash their way out of a suffocating freight trailer abandoned on a highway in the steamy Gulf coast state of Veracruz.
Carlos Enrique Escalante, the head of the state migrant attention office, said migrants had to break holes in the freight container to get out, some apparently through the roof.
Some were injured when they leapt from the roof of the trailer, but their injuries did not include any broken bones and were not considered life-threatening.
Escalante said local residents near the town of Acayucan heard the noise, and helped open the freight container.
A much larger number of migrants were believed to have been aboard and fled after escaping.
But the 94 migrants from Guatemala, Honduras and El Salvador were turned over to immigration authorities.
The discovery of the trailer Wednesday recalled the tragedy in San Antonio, Texas on June 27, when 53 migrants died because they had been left in a sweltering freight truck.
In the southern Mexico state of Chiapas, which borders Guatemala, yet another group of migrants continued walking north and west from the city of Tapachula. The migrants are demanding temporary visas, saying they can’t wait months for slow immigration paperwork in Tapachula. | https://www.seattletimes.com/nation-world/world/94-migrants-escape-suffocation-in-truck-in-mexico/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_world | 2022-07-28T22:30:20Z | https://www.seattletimes.com/nation-world/world/94-migrants-escape-suffocation-in-truck-in-mexico/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_world | false |
SAN JOSE, Calif. (AP) _ Heritage Commerce Corp. (HTBK) on Thursday reported second-quarter net income of $14.8 million.
The San Jose, California-based bank said it had earnings of 24 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 24 cents per share.
The holding company for Heritage Bank of Commerce posted revenue of $45.7 million in the period. Its revenue net of interest expense was $44 million, beating Street forecasts. Three analysts surveyed by Zacks expected $42.6 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 HTBK at https://www.zacks.com/ap/HTBK | https://www.expressnews.com/business/article/Heritage-Commerce-Q2-Earnings-Snapshot-17336572.php | 2022-07-28T22:32:04Z | https://www.expressnews.com/business/article/Heritage-Commerce-Q2-Earnings-Snapshot-17336572.php | true |
WFO EUREKA Warnings, Watches and Advisories for Friday, July 29, 2022
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EXCESSIVE HEAT WARNING
URGENT - WEATHER MESSAGE
National Weather Service Eureka CA
252 PM PDT Thu Jul 28 2022
...EXCESSIVE HEAT WARNING REMAINS IN EFFECT UNTIL 9 PM PDT
FRIDAY...
* WHAT...Dangerously hot conditions with temperatures up to 115
expected.
* WHERE...Trinity County.
* WHEN...From noon today to 9 PM Friday.
* IMPACTS...Extreme heat will significantly increase the
potential for heat related illnesses, particularly for those
working or participating in outdoor activities.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Drink plenty of fluids, stay in an air-conditioned room, stay out
of the sun, and check up on relatives and neighbors. Young
children and pets should never be left unattended in vehicles
under any circumstances.
Take extra precautions if you work or spend time outside. When
possible reschedule strenuous activities to early morning or
evening. Know the signs and symptoms of heat exhaustion and heat
stroke. Wear lightweight and loose fitting clothing when
possible. To reduce risk during outdoor work, the Occupational
Safety and Health Administration recommends scheduling frequent
rest breaks in shaded or air conditioned environments. Anyone
overcome by heat should be moved to a cool and shaded location.
Heat stroke is an emergency! Call 9 1 1.
...EXCESSIVE HEAT WARNING REMAINS IN EFFECT FROM NOON TO 9 PM PDT
* WHAT...Dangerously hot conditions with temperatures up to 109
* WHERE...Northeastern Mendocino Interior County.
* WHEN...From noon to 9 PM Friday.
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Copyright 2022 AccuWeather | https://www.sfgate.com/weather/article/CA-WFO-EUREKA-Warnings-Watches-and-Advisories-17336633.php | 2022-07-28T22:32:14Z | https://www.sfgate.com/weather/article/CA-WFO-EUREKA-Warnings-Watches-and-Advisories-17336633.php | true |
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